# United States Antimony Corporation (UAMY)

> Source: Nexqual · https://nexqual.com/UAMY · data as of 2026-10-23 13:31 UTC · cite as "Nexqual, United States Antimony Corporation (UAMY), nexqual.com/UAMY" · informational, not investment advice.

**Price:** USD 3.1 (-0.40% today) · US market open, as of October 23, 2026 at 13:31 UTC; quotes may be delayed. Prev close 3.11 · day 3.08–3.12 · 52w 2.64–12.64 · market cap $463M · NYQ

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $36.4M, net income -$16.3M (-44.6% margin), free cash flow -$71.3M (SEC filings).
- Insider open-market purchases, last ~7 months: 5 Form 4 filings, $392K; 1 by opportunistic insiders, 0 by routine insiders.
- Analysts: Buy (mean 2.00 on a 1–5 scale) (4 analysts), mean target USD 10.92 (range 9.25–13.5).
- Total return with dividends: 1Y -73.6% vs S&P 500 +14.9%; 5Y +251.7% vs S&P 500 +80.3%.
- Next earnings: 2026-11-16, EPS estimate USD -0.02, revenue estimate $16.7M.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $7.7M | $11.0M | $8.7M | $14.9M | $39.3M | $36.4M |
| Gross profit | $839K | $2.0M | -$3.3M | $3.5M | $9.9M | — |
| Operating income | -$660K | $348K | -$7.1M | -$2.4M | -$8.5M | -$23.3M |
| Net income | -$60K | $429K | -$6.3M | -$1.7M | -$4.3M | -$16.3M |
| EPS (diluted) | — | — | -$0.06 | -$0.02 | -$0.04 | — |
| Free cash flow | -$3.1M | -$2.0M | -$6.3M | $1.8M | -$37.5M | -$71.3M |
| Gross margin | 10.8% | 18.1% | -38.5% | 23.2% | 25.2% | — |
| Operating margin | -8.5% | 3.2% | -81.3% | -16.0% | -21.5% | -64.0% |
| Net margin | -0.8% | 3.9% | -73.0% | -11.6% | -11.1% | -44.6% |
| Revenue growth | +48.0% | +42.6% | -21.3% | +71.8% | +162.8% | — |
| Cash + short-term investments | $21.4M | $19.1M | $18.1M | — | — | — |
| Total debt | $228K | $312K | $28K | $328K | $195K | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/S 12.7x · EV/Sales 11.6x · P/B 2.6x · FCF yield -15.39% · Earnings yield -3.51% · Net cash $41.9M · EV $421M

## Insider purchases (SEC Form 4, open-market, last ~7 months)
5 purchases, $392K. Private placements, offerings, dividend reinvestment and employee stock purchase plan buys are excluded.
| Trade date | Insider | Role | Shares | Value | Avg price | Insider type |
|---|---|---|---|---|---|---|
| 2026-09-01 | Bardswich Lloyd | Dir, EVP & Chief Mining Eng | 20,000 | $93K | 4.63 | Too little history (no open-market trades in 2024 or 2025) |
| 2026-09-01 | Carrabba Joseph A | Director | 21,300 | $101K | 4.72 | Too little history (no open-market trades in 2023–2025) |
| 2026-08-31 | Aguirre Blaise A. | Director | 1,400 | $7K | 5.04 | Too little history (no open-market trades in 2023–2025) |
| 2026-08-28 | Evans Gary C | Chairman & CEO | 20,000 | $98K | 4.92 | Opportunistic (traded every year 2023–2025, no repeating month) |
| 2026-06-15 | Marinelli Jon R | Director | 12,500 | $93K | 7.45 | Too little history (no open-market trades in 2023–2025) |
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Analysts
Consensus Buy (mean 2.00 on a 1–5 scale), 4 analysts; mean target USD 10.92 (low 9.25, high 13.5).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-08-12 | HC Wainwright & Co. | Target lowered | Buy | $11.75 → $9.25 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-25) |
|---|---|---|
| Total return | -73.6% | +251.7% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | -73.6% | +28.6% |
| Volatility (annualized) | 118.9% | 96.5% |
| Max drawdown | -78.0% (May 2026→Oct 2026) | -76.7% (Oct 2025→Oct 2026) |

## Peers (Other Industrial Metals & Mining)
NEXA (Nexa Resources S.A.) USD 11.28 +1.08% · SSMR (Sunshine Silver Mining & Refini) USD 13.17 -0.83% · ALM (Almonty Industries Inc.) USD 8.62 -1.49% · USAR (USA Rare Earth, Inc.) USD 9.49 -1.45% · SKE (Skeena Resources Limited) USD 28.54 -0.70% · MTRN (Materion Corporation) USD 217.53 -0.73%

## More
Full page: https://nexqual.com/UAMY · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)

Named in UAMY's own 10-K filed 2026-03-19 (https://www.sec.gov/Archives/edgar/data/101538/000110465926032049/uamy-20251231x10k.htm):

| Relationship | Company | Sentence in the filing |
|---|---|---|
| Supplier | Mexico | "The Company contracted with new ore suppliers in 2025 to provide antimony ore to our Madero facility in Mexico." |

## Revenue by business segment (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY | Operating income | Op. margin |
|---|---|---|---|---|---|
| Antimony | $6.1M | 76.5% | -37.1% | -$4.5M | -74.9% |
| Zeolite | $1.9M | 23.5% | +109.5% | -$421,286 | -22.6% |
| Total revenue | $7.9M | 100% | — | -$7.0M | -88.1% |

## Revenue by product line (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Antimony | $5.9M | 74.0% | -39.1% |
| Zeolite | $1.9M | 23.5% | +109.5% |
| Precious Metals | $196,980 | 2.5% | — |
| Total revenue | $7.9M | 100% | — |

## Revenue by region (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| United States | $7.6M | 95.5% | -26.8% |
| Canada | $354,228 | 4.5% | +96.6% |
| Total revenue | $7.9M | 100% | — |

## Company outlook (8-K filed 2026-08-17)

- "The increase primarily reflects higher non-cash share-based compensation expense, increased salaries and employee benefits associated with the company's expanded leadership team and operational infrastructure to match the growth projections we have in the back half of the year into 2027 and higher professional fees supporting several growth initiatives."
- "Based on our current production and delivery schedule, we anticipate completing our first delivery order of $9.9 million nearly one year ahead of schedule."
- "We expect to deliver our third and fourth truckloads of antimony ingots next week, which are anticipated to generate an additional $2.6 million in revenue for the third quarter."
- "In addition, the company is currently testing truckloads five, six, and seven of antimony ingots totaling more than 120,000 pounds for anticipated shipment in the next few weeks."

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $-0.01 | $0.03 | -150.0% | $16.7M | 2 |
| Next quarter (ends 2026-12-31) | $0.01 | $0.06 | -83.3% | $34.0M | 2 |
| Current fiscal year (ends 2026-12-31) | $-0.07 | $0.10 | -177.2% | $64.9M | 3 |
| Next fiscal year (ends 2027-12-31) | $0.10 | $0.34 | -69.1% | $201.8M | 2 |

## Options: expected move (Cboe, 15-min delayed)

Expected move by 2026-11-20 (includes earnings 2026-11-16): ±20.7%; earnings reaction alone ±3.6%; last 8 reports averaged ±12.8%.

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-10-30 | 7 | 90.4% | ±11.1% |
| 2026-11-06 | 14 | 87.1% | ±14.3% |
| 2026-11-13 | 21 | 93.7% | ±18.3% |
| 2026-11-20 | 28 | 92.9% | ±20.7% |
| 2026-11-27 | 35 | 94.5% | ±23.1% |
| 2026-12-04 | 42 | 94.8% | ±25.5% |
| 2026-12-18 | 56 | 84.0% | ±29.5% |
| 2027-01-15 | 84 | 90.5% | ±35.0% |