United States Antimony Stock Earnings Reports

Key points for investors: United States Antimony reported Q1 2026 sales of $6.8M (roughly flat year-over-year) and a net loss of $11.3M driven primarily by noncash stock compensation ($4.8M), an unrealized mark-to-market loss on Larvotto equity ($4.1M), and higher labor, factory and freight costs tied to front‑loaded investments. Balance sheet and liquidity: cash, U.S. treasuries and equity securities totaled $60.2M at quarter end; subsequent to quarter end the company received $12.8M of a $27M government expansion grant and raised $48.6M gross from equity sales, leaving the company well funded for near-term expansion plans. Operations and growth initiatives: Thompson Falls smelter expansion is being commissioned in stages with three furnace lines operable and a target of ~80% capacity by mid‑to‑late July and full commissioning thereafter; inventory increased to $22M from $12.5M year‑end 2025 to support the ramp. Strategic M&A and assets: acquired the Radersburg flotation mill (Jan 2026) and are building an on‑site lab to speed assays and support exploration; Fostung tungsten resource report (Ontario) indicates an inferred resource with a quoted gross in‑ground value (~$9.3B using a cited tungsten price), and the company plans bulk sampling and further test work. Hydromet strategy and partnerships: joint venture with Americas Gold & Silver advancing a hydromet processing strategy (demonstration/operation in Bolivia; planned 120,000 sq ft hydromet plant in Idaho targeting ~1,000 tons/month of 99.9% antimony by 2028), intended to broaden feedstock acceptance and diversify into other critical minerals. Zeolite (BRZ) business: record monthly shipments in March and April, ramping into cattle nutrition market with higher freight and front‑loaded costs but accelerating demand that outpaces current capacity and requires phased automation and logistics upgrades. Government support & contracts: awarded a $27M DoD/related grant (partial payments received), has DLA federal antimony orders (first two orders in inspection), and has submitted multiple federal grant applications (totaling roughly $274M across various projects). Guidance and outlook: management reiterates a 2026 revenue target of $125M and expects $75M–$95M of that to be federal antimony shipments; management emphasizes near‑term production ramping, multiple active projects (antimony, tungsten, cobalt, gold, zeolite), strong institutional engagement, and significant post‑quarter funding to execute expansion plans.