Summary of United States Antimony Corporation (UAMY) Q1 2026 Earnings Call

1Key Financial Results and Metrics

Sales:: $6.8 million, down slightly from $7 million in Q1 2025.

Gross Profit:: Decreased by $1.3 million due to higher labor, factory, import, and freight costs.

Net Loss:: $11.3 million, largely attributed to a noncash stock compensation expense of $4.8 million and an unrealized loss of $4.1 million on Larvotto equity securities.

Cash Position:: $60.2 million at the end of Q1, bolstered by a $12.8 million government grant and $48.6 million from stock sales post-March 31.

Inventory:: Increased by $9.5 million to $22 million compared to the end of 2025.

Debt:: Remained low at $162,000.

2Strategic Updates and Business Highlights

Diversification:: UAMY is expanding beyond antimony to include cobalt, gold, tungsten, and zeolite, with significant progress reported in all areas.

Antimony Infrastructure:: Plans to ramp up U.S. antimony mining in 2026, with contracts signed for monthly deliveries to smelters in Montana and Mexico.

Zeolite Sales:: A 60% increase in zeolite sales in March 2026 compared to March 2025, driven by efforts in the cattle feed industry.

Fostung Tungsten Project:: A significant resource report indicates a potential gross value of $9.3 billion based on current tungsten prices.

Hydromet Facility:: A joint venture with Americas Gold and Silver to build a hydromet facility in Idaho is underway, expected to process a broader range of antimony-bearing materials.

3Forward Guidance and Outlook

Revenue Target:: UAMY is maintaining a revenue guidance of $125 million for 2026, with expectations of $75 million to $95 million from federal government shipments of antimony ingots.

Operational Expansion:: The Thompson Falls facility is expected to reach 80% capacity by mid-July 2026, with full capacity anticipated later in the year.

Government Grants:: UAMY has received $12 million of a $27 million grant, with expectations for further disbursements contingent on meeting specific milestones.

4Bad News, Challenges, or Points of Concern

Net Loss:: The significant net loss indicates ongoing financial challenges, primarily driven by noncash expenses and unrealized losses.

Cost Increases:: Rising labor and operational costs are impacting gross profit margins.

Regulatory Delays:: Environmental regulations in Alaska could delay the receipt of grant funds and operational progress.

Larvotto Investment:: The company is frustrated with the management of Larvotto Resources and is considering selling its shares due to lack of progress.

5Notable Q&A Insights

Larvotto Resources:: The investment has seen a significant mark-to-market loss, with management expressing dissatisfaction over the lack of communication and progress.

Strategic Partnerships:: UAMY is open to forming additional partnerships similar to the one with Americas Gold and Silver, focusing on refining capabilities.

Tungsten Production:: While initial sales in tungsten may be limited, the company is preparing for bulk sampling and potential future production.

Government Demand:: The ongoing geopolitical tensions are increasing government demand for antimony, positioning UAMY favorably in the market.

Cobalt Prospects:: UAMY is exploring new cobalt opportunities, though details remain under wraps for competitive reasons. This summary encapsulates the key financial metrics, strategic developments, future outlook, challenges, and insights from the Q&A session, providing a comprehensive overview of UAMY's current standing and future direction.