NYSE:UAMY
UNITED STATES ANTIMONY CORP
A niche minerals producer leveraging substantial cash reserves to navigate a volatile commodity market while targeting growth in high-tech supply chains.
Key Metrics
Investment Thesis
Bull Case
UAMY presents a compelling turnaround opportunity for investors with a strong balance sheet featuring $18M+ in cash and negligible debt. The company's focus on antimony addresses a strategic supply gap in the global electronics sector, offering significant upside potential as demand from renewable energy and defense applications expands. With positive operating cash flow now generated, the firm has the liquidity to fund growth initiatives or return capital if market conditions improve.
Bear Case
The company is currently unprofitable with a net loss of $1.7M and a substantial retained earnings deficit, signaling ongoing operational challenges that have not yet been resolved. Revenue volatility over the last three years demonstrates a lack of stable cash generation, which poses a risk to shareholder value in the absence of immediate earnings growth. Investors should be cautious given the high capital expenditures required to extract minerals from these assets without guaranteed long-term demand contracts.
About UNITED STATES ANTIMONY CORP
United States Antimony Corp (UAMY) is a specialized materials company focused on the exploration, production, and processing of antimony and related minerals. The company primarily serves global markets in the semiconductor, electronics, flame retardant, and alloy industries where high-purity antimony is critical. With operations supported by significant cash reserves and strategic asset holdings, UAMY aims to capitalize on growing demand for essential base metals in advanced manufacturing sectors.
Analysis
Management Discussion
While the company reported a net loss of $1.7M in 2024, operational cash flow turned positive at $2.2M, indicating improving efficiency in converting resources to revenue. Management successfully maintained a robust balance sheet with ending cash of $18.3M and minimal debt obligations, providing a buffer against industry downturns. The resurgence in revenue suggests that recent exploration efforts or market timing may be yielding results, though the path to consistent profitability remains critical.
Industry Overview
The antimony industry is a critical but fragmented niche within the global metals sector, characterized by low supply concentration and high barriers to entry due to environmental regulations. Demand is increasingly driven by the need for flame retardants in plastics, lead-acid batteries for EVs, and specialized semiconductors, making it a strategic commodity for national security and tech manufacturing. Companies in this space face significant geopolitical risks as production is heavily concentrated in specific regions like China.
Financial Statements
Income Statement
Balance Sheet
Cash Flow
| Metric | 2022 | 2023 | 2024 |
|---|---|---|---|
| Revenue | $11.0M | $8.7M | $14.9M |
| Cost of Revenue | $9.0M | $12.0M | $11.5M |
| Gross Profit | $2.0M | $-3.3M | $3.5M |
| Operating Expenses | $1.6M | $3.7M | $5.9M |
| Operating Income | $348.2K | $-7.1M | $-2.4M |
| G&A | $658.2K | $1.6M | $2.1M |
| Stock-Based Comp | — | — | $568.6K |
| D&A | $909.2K | $959.4K | $1.1M |
| Other OpEx | $989.7K | $2.1M | $3.8M |
| Non-Operating Income | $96.5K | $720.7K | $660.4K |
| Interest Expense | $15.1K | — | — |
| Interest Income | $65.9K | $618.8K | $668.5K |
| Pre-Tax Income | $444.7K | $-6.3M | $-1.7M |
| Income Tax | $-16.1K | $0 | $0 |
| Continuing Ops | $460.8K | $-6.3M | $-1.7M |
| Discontinued Ops | $-32.1K | $0 | $0 |
| Net Income | $428.7K | $-6.3M | $-1.7M |
| Minority Interest | $0 | $0 | $0 |
| Net to Common | $428.7K | $-6.3M | $-1.7M |
| Metric | 2022 | 2023 | 2024 |
|---|---|---|---|
| Current Assets | $21.6M | $14.1M | $20.7M |
| Cash & Equivalents | $19.1M | $11.9M | $18.2M |
| Accounts Receivable | $784.5K | $625.3K | $1.2M |
| Inventory | $1.4M | $1.4M | $1.2M |
| Prepaid Expenses | $137.6K | $92.4K | $104.2K |
| Other Current Assets | $259.9K | $72.9K | $0 |
| Long-Term Assets | $13.1M | $14.0M | $14.0M |
| PP&E (Net) | $12.1M | $13.5M | $12.9M |
| Operating Leases | — | — | $565.3K |
| Other LT Assets | $955.0K | $564.3K | $507.3K |
| Total Assets | $34.7M | $28.1M | $34.6M |
| Current Liabilities | $2.2M | $897.5K | $4.0M |
| Accounts Payable | $628.8K | $456.9K | $1.5M |
| Current Debt | $94.2K | $28.4K | $132.3K |
| Current Leases | — | — | $626.6K |
| Other Current Liab | $508.0K | $278.2K | $274.7K |
| Long-Term Liabilities | $611.3K | $1.7M | $2.0M |
| Long-Term Debt | $312.0K | $0 | $195.4K |
| LT Operating Leases | — | — | $129.0K |
| Other LT Liab | $299.3K | $1.7M | $1.7M |
| Total Liabilities | $2.8M | $2.6M | $6.0M |
| Shareholders' Equity | $31.9M | $25.5M | $28.6M |
| Paid-In Capital | $64.1M | $63.9M | $68.6M |
| Retained Earnings | $-33.1M | $-39.4M | $-41.1M |
| Treasury Stock | $203.0K | $0 | — |
| Total L&E | $34.7M | $28.1M | $34.6M |
| Metric | 2022 | 2023 | 2024 |
|---|---|---|---|
| Net Income (CFO) | $428.7K | $-6.3M | $-1.7M |
| Non-Cash Adjustments | $1.1M | $4.5M | $1.5M |
| Working Capital Changes | $-1.8M | $-2.9M | $2.4M |
| Cash from Operations | $-249.3K | $-4.8M | $2.2M |
| Capital Expenditures | $1.7M | $1.5M | $430.6K |
| Cash from Investing | $-1.8M | $-1.3M | $-42.1K |
| Debt Repayments | — | $283.6K | $103.5K |
| Share Buybacks | $203.0K | $0 | — |
| Dividends Paid | — | $787.7K | $0 |
| Cash from Financing | $-267.7K | $-1.1M | $4.1M |
| FX Effect | $0 | $0 | $0 |
| Net Change in Cash | $-2.3M | $-7.2M | $6.3M |
| Beginning Cash | $21.4M | $19.1M | $12.0M |
| Ending Cash | $19.1M | $12.0M | $18.3M |
Frequently Asked Questions
How does UNITED STATES ANTIMONY CORP make money?
Primary revenue generation comes from the sale of antimony concentrate and refined products derived from mineral exploration projects. Additional streams include the potential licensing of proprietary extraction technologies and the sale of byproduct materials generated during processing operations.
What are the main risks for UAMY?
Operating losses of $1.7M in 2024 highlight the risk of high fixed costs relative to current revenue levels if commodity prices do not recover. The company's recent revenue decline from $11.0M in 2022 to $8.7M in 2023 before a partial rebound indicates vulnerability to market demand fluctuations and pricing volatility. A persistent retained earnings deficit of over $41 million suggests ongoing capital burn that could constrain future growth if profitability is not achieved quickly.
What is UAMY's competitive advantage?
The company holds strategic equity positions in high-potential mining assets that provide long-term resource security independent of immediate operational output. Significant cash on hand totaling over $18 million offers exceptional financial flexibility for capital expenditures, exploration drilling, or potential strategic acquisitions without debt financing. A lean cost structure with minimal current liabilities allows for rapid scaling during commodity price cycles.
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Not financial advice. All content is for informational purposes only. Data may contain errors. Consult a qualified financial advisor before making investment decisions.