United States Antimony Corporation

Second-quarter 2026 revenue was about $7.9 million, down from $10.5 million in Q2 2025 and up from $6.8 million in Q1 2026. Gross profit was $600 thousand, or about 7% gross margin, versus $2.8 million and 27% margin in the prior-year quarter. Antimony revenue was $5.9 million versus $9.6 million last year; average selling price fell 52% to $13.70 per pound while average cost per pound fell 33% to $13.34. Zeolite revenue increased 110% year over year to $1.9 million, with gross profit of about $1.1 million. Operating loss was about $7 million, and reported net income was about $100 thousand versus $200 thousand a year ago, helped by a $6.8 million unrealized gain from Larvotto and $400 thousand of interest and investment income. Cash and cash equivalents were $41.4 million at June 30, and total liquidity was $62.2 million including $20.7 million in U.S. Treasuries held to maturity; cash, investments, and marketable securities including the Larvotto stake totaled $105 million. For 2026, management lowered revenue guidance to $60 million to $75 million, saying the cut reflects lower antimony pricing. They said they still intend to complete the $57.3 million DLA order in 2026 if possible, but timing depends on government approval and pricing. They also said the first two DLA ingot shipments totaling about 82 thousand pounds were delivered in June but will not show up in revenue until Q3 because acceptance came in July.

Gary Evans focused on execution, saying the company is building a faster-moving portfolio of high-grade properties and has already advanced Stibnite Hill, Nolan Creek, and Fostung within about a year. He was upbeat about the new U.S. policy environment for mining, describing it as unusually supportive and saying the company is getting helpful government contacts. He also said the company may ultimately walk away from the Larvotto takeover effort, which could create a liquidity event, and emphasized that second-half results should improve as DLA shipments scale, even if quarterly results remain bumpy.

Shawn Winkler emphasized the quarter’s financial compression from antimony pricing, but noted operational volume gains: antimony pounds sold rose 26% year over year to 428 thousand and zeolite revenue rose 110%. He highlighted a strong balance sheet with $41.4 million of cash, $62.2 million of liquidity including Treasuries, and working capital of $70 million, while noting inventory rose to $21.6 million as an intentional feedstock build for DLA and other demand. He also detailed $22.8 million of gross capex in the first half for Thompson Falls, Vadersburg, Alaska, Montana, and other strategic projects, partially offset by a $12.8 million DPA milestone payment.

Analysts focused on second-half delivery volumes, full-year guidance, antimony pricing, government grants, and Alaska production. Management said the original revenue outlook was lowered to $60 million to $75 million because antimony prices weakened, not because of delivery delays, and they expect prices to remain around the $10 per pound range for the rest of 2026. On grants, management said timing is entirely up to the government; on Alaska, they said there is currently no antimony production there yet, with Stibnite Hill still the only producing source. They also said they aim to complete the $57.3 million DLA order in 2026 and that the first two June shipments were delivered before acceptance, so revenue recognition will occur in Q3.