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UNITED STATES ANTIMONY CORP (UAMY)·Q2 2025 Earnings Summary

Executive Summary

  • Q2 revenue rose 187% YoY to $10.53M, exceeding consensus by ~$0.59M (+6%)*; gross profit was $2.84M and net income was $0.18M (vs $0.20M in Q2’24). Management reiterated FY’25 revenue guidance of $40–$50M and said Thompson Falls’ six‑fold capacity expansion remains on schedule for year‑end .
  • Antimony fundamentals drove pricing power: average realized price was $28.32/lb in Q2 (up 307% YoY), though volumes fell 11% YoY to 340,305 lbs; zeolite remained steady with 3,084 tons sold and improved unit economics .
  • Operational cadence: record antimony inventories (201 tons as of 6/30, valued at ~$10.4M at Rotterdam pricing) set up 2H sell‑through; four Thompson Falls furnaces were refurbished and staffing issues addressed to raise throughput .
  • Risks and near‑term timing: Alaska ore shipments slipped about a month (now likely September) on state permitting delays; Australian Mandalay feed contained out‑of‑spec arsenic and one shipment was returned—management is diversifying supply and deemphasizing Mandalay .
  • Potential stock catalysts: possible DLA/DoD award (none awarded yet), Alaska ore arrivals, and completion of Thompson Falls expansion; management reiterated it “remains on track” for FY’25 revenue guidance .

What Went Well and What Went Wrong

What Went Well

  • Strong top‑line and gross profit: Q2 revenue $10.53M (+187% YoY); YTD gross margin expanded to 30% (vs 27% YTD last year), supported by robust antimony pricing and improved zeolite operations .
  • Execution on capacity and readiness: four furnaces at Thompson Falls refurbished (~$300K) and new operators hired; plan to complete a six‑fold throughput expansion by year‑end remains on schedule .
  • Capital markets traction: management engaged >120 funds; institutional ownership reached ~24% of float (121 accounts); average daily volume rose to 4.8M shares; dual‑listed on NYSE Texas .
    • Quote: “We continue to remain on track for our previous revenue guidance of 40 million to 50 million for fiscal 2025.” — CEO Gary Evans .

What Went Wrong

  • Product/Logistics headwinds in Q2: “suboptimum” Australian ore plus a Chinese embargo impacted materials destined for Madero; issues are now resolved per management .
  • Supplier quality risk: Mandalay (Australia) concentrate above contracted arsenic specs; a 55‑ton shipment held in China since May was returned to Australia; UAMY is not counting on Mandalay going forward .
  • Alaska permitting delay: state‑level process and local objections (Save Our Domes) pushed first shipments by ~one month to September (vs late summer) .

Financial Results

Headline financials (older → newer)

MetricQ2 2024Q1 2025Q2 2025
Revenue ($)$3,662,977 ~$7,000,000 $10,525,123
Net Income ($)$202,792 $546,524 $181,555
Gross Profit ($)$1,250,223 ~$2,400,000 $2,837,545
Diluted EPS ($)nil n/anil

Year‑to‑date comparison

Metric1H 20241H 2025
Revenues ($)$6,735,044 $17,525,128
Gross Profit ($)$1,839,708 $5,209,275
Gross Margin (%)27% 30%
Net Income ($)($119,976) $728,079
Diluted EPS ($)n/a$0.01

Segment/Revenue mix (Q2)

SegmentQ2 2024Q2 2025
Antimony Revenue ($)$2,663,975 $9,636,842
Zeolite Revenue ($)$994,386 $888,281

Operating KPIs (Q2)

KPIQ2 2024Q2 2025
Antimony pounds sold382,769 lbs 340,305 lbs
Antimony avg price$6.96/lb $28.32/lb
Antimony avg cost$3.72/lb $19.85/lb
Zeolite tons sold3,735 tons 3,084 tons
Zeolite avg price$266/ton $288/ton
Zeolite avg cost$253/ton $248/ton

Results vs S&P Global Consensus (Q2 2025)

MetricConsensusActualSurprise
Revenue ($)$9,930,870*$10,525,123 +$594,253 / +6.0%*
Primary EPS ($)$0.0167*nil Below*
EBITDA ($)$900,000*$317,046*Below*

Values marked with * retrieved from S&P Global.

Guidance Changes

MetricPeriodPrevious GuidanceCurrent GuidanceChange
RevenueFY 2025$40–$50M (tightened from $35–$50M on Mar 20; reaffirmed May 8) $40–$50M (maintained) Maintained
Thompson Falls throughputYE 2025 targetFinish 6× expansion by YE’25 On schedule; furnaces refurbished; staff added On track
Alaska ore start2H 2025“Late summer” start Likely September (≈1‑mo delay) Delayed

Earnings Call Themes & Trends

TopicPrevious Mentions (Q4’24 and Q1’25)Current Period (Q2’25)Trend
DoD/DLA engagement“Quiet period” on grants; pursuing exemptions; added as Russell 2000 catalyst No award yet; active discussions with DLA/DIBC; one $240M antimony solicitation closed Aug 12; awaiting outcome Building, potential catalyst
Supply chain diversificationReopened Madero; new suppliers lined up; antimony scarcity vs China Updates on Bolivia, Chad, Mexico, Peru shipments; deemphasizing Mandalay due to arsenic Broadening sources
Alaska programTargeted “late summer” shipments; 35k+ acres under claims State permits slower; private land acquired to proceed; first ore likely September Slight delay, still advancing
Thompson Falls expansion6× expansion planned by YE’25; contractor selected Four furnaces refurbished; staffing added; YE timeline intact On schedule
Zeolite operations2024 turnaround; uptime and capacity improved; sales hires On‑time/in‑full delivery, capacity to grow; 2 salespeople added Operationally stronger
Tariffs/macroAntimony exempt; engaging policymakers Continued engagement; Alaska objections from local group (Save Our Domes) Monitoring
Tungsten (Fostung)Acquisition strategy discussed $5M Ontario property closed; evaluating gravity upgrade; potential Strathcona tolling Early de‑risking

Management Commentary

  • Strategic posture: “We continue to remain on track for our previous revenue guidance of 40 million to 50 million for fiscal 2025.” — Gary Evans, CEO .
  • Government engagement: “No award has yet been officially made to USAC… should any award officially be made, we will make all required announcements.” — Melissa Pagen, SVP .
  • Capacity and inventory: “We successfully retrofitted four existing furnaces… This will enable us to begin doubling production output… Construction is on schedule… by year‑end.” — CEO .
  • Supply quality risk: “Two 55 ton loads from Mandalay were out‑of‑spec due to arsenic… the third load… returned to Australia… we are not counting on future material from Mandalay.” — CEO .
  • Market context: “There is a worldwide shortage of antimony… supply will be an assembly of lots of different smaller quantities of ore from different places.” — CEO .

Q&A Highlights

  • Domestic supply: No meaningful third‑party U.S. antimony sources expected near‑term; UAMY expects Alaska and Montana internal ore to be primary domestic sources .
  • DLA solicitation: A $240M antimony procurement closed Aug 12; company awaiting process steps/outcome .
  • Alaska update: Leasehold now ~23k–30k acres; private land acquired to proceed ahead of some state permits; first shipments likely September .
  • Thompson Falls expansion: Still targeted for YE’25; expansion won’t disrupt current operations .
  • Tungsten path: Fostung is low‑grade/open‑pittable; plan gravity upgrade onsite, then potential toll milling at Strathcona; start 4‑season environmental survey .

Estimates Context

  • Revenue beat; EPS and EBITDA misses: Q2 revenue $10.53M vs $9.93M consensus (+6%); EPS actual “nil” vs $0.017; EBITDA $0.317M (actual) vs $0.9M consensus* .
  • Street adjustments: With stronger realized antimony pricing, record inventories, and on‑schedule capacity increases, revenue estimates for 2H may drift higher; however, EBITDA expectations may need recalibration until mix, throughput, and ore quality normalize, and Alaska feed starts flowing .

Values marked with * retrieved from S&P Global.

Key Takeaways for Investors

  • Top‑line momentum is intact (Q2 revenue +187% YoY) and FY’25 revenue guidance of $40–$50M is reiterated; capacity and inventory position set up 2H volume .
  • Antimony pricing power (Q2 avg $28.32/lb) outweighed lower volumes; diversified sourcing (Bolivia/Chad/Mexico/Peru) reduces reliance on problematic feed like Mandalay .
  • Near‑term catalysts: possible DLA/DOD action (no award yet), first Alaska shipments (likely September), and YE Thompson Falls expansion completion .
  • Watch profitability bridging: EBITDA missed consensus; throughput ramp, inventory monetization and Alaska ore cost advantages (management cites potential cost cut vs Rotterdam) will be key to margin recovery .
  • Balance sheet remains serviceable: cash/HTM securities totaled ~$15.8M at 6/30, with minimal long‑term debt and a $5M undrawn LOC; capex weighted to expansion and Fostung .
  • Execution risks: state permitting in Alaska, supplier quality variability, and internal control remediation (disclosure controls not effective) warrant monitoring .
  • Trading lens: news on DLA/DOD, Alaska ore arrivals, and completion milestones are likely to drive sentiment more than quarterly EPS prints near‑term .