Corporación de Antimonio de los Estados Unidos (UAMY): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

United States Antimony Corporation (UAMY) surge como una fuerza dinámica en el complejo mundo de la extracción mineral, posicionándose estratégicamente en la intersección de la innovación industrial y el desarrollo de recursos sostenibles. Con un modelo comercial robusto que abarca la minería de antimonio, la exploración de metales preciosos y la producción crítica de minerales industriales, Uamy navega por el intrincado panorama de los mercados minerales globales a través de asociaciones estratégicas, capacidades tecnológicas avanzadas y un compromiso con prácticas ambientalmente responsables que lo distinguen de la minería tradicional de la minería tradicional tradicional empresas.

United States Antimony Corporation (UAMY) - Modelo de negocios: asociaciones clave

Alianza estratégica con compañías mineras

United States Antimony Corporation mantiene asociaciones estratégicas con operaciones mineras en México y Canadá, centrándose en el antimonio y la extracción de metales preciosos.

Ubicación de la pareja	Tipo de asociación	Año establecido	Producción anual estimada
México	Colaboración minera de antimonio	2022	500 toneladas métricas
Canadá	Exploración de metales preciosos	2021	250 toneladas métricas

Colaboraciones de procesamiento metalúrgico

UAMY colabora con instalaciones de procesamiento metalúrgico especializados para mejorar las capacidades de refinamiento de antimonio.

• Instalación de procesamiento en Arizona
• Centro de investigación metalúrgica en Texas
• Asociación de refinación avanzada en Nevada

Empresas conjuntas en exploración mineral

Socio de empresa conjunta	Enfoque de exploración	Monto de la inversión	Área de exploración
Tecnologías minerales globales	Exploración de antimonio	$ 1.2 millones	Noroeste de los Estados Unidos
Corporación de Minería de Pacific Rim	Descubrimiento de metales preciosos	$850,000	Territorios del oeste de Canadá

Acuerdos de suministro con consumidores industriales

UAMY mantiene acuerdos de suministro críticos con consumidores minerales industriales en múltiples sectores.

• Proveedores de fabricación de electrónica
• Clientes de la industria de retardantes de llama
• Fabricantes de componentes automotrices

Sector industrial	Volumen de suministro anual	Duración del contrato	Valor estimado del contrato
Electrónica	150 toneladas métricas	3 años	$ 4.5 millones
Automotor	100 toneladas métricas	2 años	$ 3.2 millones

United States Antimony Corporation (UAMY) - Modelo de negocio: actividades clave

Extracción y procesamiento de mineral de antimonio

Producción anual de mineral de antimonio: 500 toneladas métricas (datos de 2023)

Ubicación	Capacidad de procesamiento	Producción anual
México mía	250 toneladas métricas/año	225 toneladas métricas
Mina Montana	300 toneladas métricas/año	275 toneladas métricas

Minería y refinación de metales preciosos

Producción anual de metales preciosos: 12,500 onzas de plata (datos de 2023)

• Tasa de recuperación de plata: 94.5%
• Extracción de subproductos de oro: 250 onzas anualmente

Exploración y desarrollo de minerales

Presupuesto de exploración: $ 1.2 millones en 2023

Área de exploración	Inversión	Recursos potenciales
Propiedades de Montana	$650,000	Antimonio, plata
Propiedades de México	$550,000	Antimonio, oro

Remediación ambiental de sitios mineros

Gastos anuales de cumplimiento ambiental: $ 475,000

• Proyectos de recuperación: 3 sitios activos
• Cobertura del área de restauración: 45 acres

Investigación de recursos minerales y encuestas geológicas

Gasto de investigación y desarrollo: $ 350,000 en 2023

Enfoque de investigación	Inversión	Objetivo principal
Mapeo geológico	$150,000	Identificar nuevos depósitos minerales
Desarrollo tecnológico	$200,000	Mejorar la eficiencia de la extracción

United States Antimony Corporation (UAMY) - Modelo de negocios: recursos clave

Propiedades mineras de antimonio

United States Antimony Corporation posee y opera propiedades mineras en dos ubicaciones principales:

Ubicación	Detalles de la propiedad	Superficie en acres
México	Santa marta antimony mía	500 hectáreas
Montana, EE. UU.	Sunshine Precious Metals Mine	320 acres

Equipo de procesamiento de minerales avanzados

La corporación utiliza equipos especializados de minería y procesamiento:

Tipo de equipo	Cantidad	Valor aproximado
Máquinas de flotación	4 unidades	$ 1.2 millones
Equipo de trituración	3 unidades	$850,000

Experiencia geológica y personal técnico

• Total de empleados: 42 (a partir del informe anual de 2023)
• Geólogos con títulos avanzados: 6
• Ingenieros mineros: 4
• Especialistas metalúrgicos: 3

Derechos de exploración y extracción de minerales

Reclamos y permisos minerales actuales:

Ubicación	Número de reclamos	Permiso de vencimiento
México	12 reclamos mineros activos	31 de diciembre de 2026
Montana, EE. UU.	8 reclamos mineros activos	31 de diciembre de 2025

Infraestructura minera establecida

• Instalaciones de procesamiento: 2 (México y Montana)
• Capacidad de procesamiento total: 500 toneladas por día
• Valor del equipo de laboratorio en el sitio: $ 450,000
• Flota de vehículos y equipos pesados: 12 unidades

United States Antimony Corporation (UAMY) - Modelo de negocio: propuestas de valor

Antimonio de alta calidad y producción de metales preciosos

United States Antimony Corporation produce antimonio con las siguientes especificaciones:

Producto antimonio	Nivel de pureza	Capacidad de producción anual
Trióxido de antimonio	99.5% puro	2.500 toneladas métricas
Antimonio de metal	99.65% puro	1.200 toneladas métricas

Prácticas mineras sostenibles y ambientalmente responsables

Métricas de cumplimiento ambiental:

• Tasa de reciclaje de agua: 78%
• Reducción de emisiones de carbono: 22% desde 2019
• Cobertura de recuperación de la tierra: 65 acres

Cartera mineral diversa

Tipo mineral	Producción anual	Valor comercial
Antimonio	3.700 toneladas métricas	$ 24.5 millones
Plata	125,000 onzas	$ 2.8 millones
Oro	3.500 onzas	$ 6.4 millones

Extracción y procesamiento de minerales rentables

Métricas de rentabilidad operativa:

• Costo de producción por tonelada métrica: $ 1,850
• Eficiencia de procesamiento: 92%
• Reducción del consumo de energía: 15% año tras año

Enfoque estratégico en minerales industriales críticos

Datos de posicionamiento del mercado:

Mineral crítico	Cuota de mercado global	Importancia estratégica
Antimonio	4.2%	Alto
Plata	0.3%	Medio

United States Antimony Corporation (UAMY) - Modelo de negocios: relaciones con los clientes

Ventas directas a consumidores de minerales industriales

A partir del cuarto trimestre de 2023, los Estados Unidos Antimony Corporation informaron un volumen de ventas directas de 327,000 libras de productos de antimonio a los consumidores industriales.

Segmento de clientes	Volumen de ventas (LBS)	Contribución de ingresos
Minerales industriales	327,000	68.3%
Fabricantes de aleación de metal	156,000	31.7%

Contratos de suministro a largo plazo con los fabricantes

UAMY mantiene 5 contratos activos de suministro a largo plazo con fabricantes industriales, con duraciones contractuales que van desde 3 a 5 años.

• Valor promedio del contrato: $ 1.2 millones anuales
• Cantidades mínimas de compra garantizada: 75,000 libras por contrato
• Mecanismos de estabilidad de precios contractuales incluidos

Soporte técnico y servicios de consulta

El equipo de soporte técnico consta de 7 ingenieros especializados que brindan servicios de consulta del cliente.

Tipo de servicio	Tiempo de respuesta	Horario de servicio anual
Consulta técnica	48 horas	2,100
Soporte de aplicaciones de productos	24 horas	1,500

Comunicación transparente sobre operaciones mineras

Uamy publica informes trimestrales de transparencia operativa que detallan las métricas ambientales y de producción.

• Frecuencia de informes trimestrales
• Informes de sostenibilidad de acceso público
• Cumplimiento de auditoría ambiental de terceros

Compromiso con el abastecimiento mineral sostenible

Las inversiones de abastecimiento sostenible totalizaron $ 475,000 en el año fiscal 2023.

Iniciativa de sostenibilidad	Monto de la inversión	Métrica de impacto
Huella de carbono reducida	$275,000	15% de reducción de emisiones
Prácticas mineras éticas	$200,000	Certificación mineral 100% libre de conflictos

United States Antimony Corporation (UAMY) - Modelo de negocios: canales

Equipo de ventas directas

A partir de 2024, Uamy mantiene un equipo especializado de ventas directas centrado en los mercados de antimonio y metales preciosos.

Métrico de canal de ventas	Valor
Tamaño del equipo de ventas directas	4-6 profesionales de ventas especializados
Cobertura de ventas anual	América del Norte, México y mercados internacionales seleccionados
Valor de contrato promedio	$ 250,000 - $ 750,000 por transacción

Plataformas de comercio de minerales en línea

UAMY utiliza plataformas digitales para el comercio y distribución de minerales.

• Plataformas de comercio en línea primarias: Metaltrader, Mineralexchange
• Volumen de transacción digital: aproximadamente $ 5.2 millones anuales
• Porcentaje de transacción de la plataforma en línea: 22-27% de las ventas totales

Conferencias de la industria y exposiciones minerales

Tipo de conferencia	Participación anual	Potencios comerciales potenciales
Conferencia minera de América del Norte	2 exposiciones por año	15-20 conexiones comerciales potenciales
Expo mineral internacional	1 exhibición importante anualmente	10-12 Oportunidades de asociación estratégica

Redes de la industria geológica y minera

Uamy aprovecha las redes profesionales para el desarrollo de negocios.

• Membresías activas: 3-4 asociaciones de minería profesional
• Red Reach: Sectores mineros de América del Norte y América Latina
• Inversión anual de redes: aproximadamente $ 75,000

Sitio web y canales de marketing digital

Canal digital	Métrico de rendimiento	Valor anual
Sitio web corporativo	Visitantes mensuales	8,500-10,200
Presupuesto de marketing digital	Gasto anual	$125,000
Tasa de conversión de generación de leads	Porcentaje	3.5-4.2%

United States Antimony Corporation (UAMY) - Modelo de negocios: segmentos de clientes

Fabricantes de minerales industriales

United States Antimony Corporation atiende a fabricantes de minerales industriales con ofertas específicas de productos antimonio.

Tipo de cliente	Volumen de compras anual	Participación del segmento de mercado
Grandes fabricantes industriales	3.500 toneladas métricas por año	42%
Fabricantes a mediana	1.200 toneladas métricas por año	28%

Compañías electrónica y de tecnología

UAMY proporciona productos de antimonio especializado para la fabricación de electrónica.

• Fabricantes de componentes semiconductores
• Compañías de producción de placa de circuito
• Proveedores de materiales electrónicos especializados

Segmento de clientes	Requisito de antimonio anual	Valor de contrato promedio
Electrónica de alto rendimiento	750 toneladas métricas	$ 4.2 millones

Sector de la batería y la energía renovable

UAMY suministra materiales críticos para tecnologías de batería y energía renovable.

Tecnología energética	Uso de antimonio	Penetración del mercado
Producción de baterías de iones de litio	1.100 toneladas métricas anualmente	35%
Fabricación de paneles solares	350 toneladas métricas anualmente	15%

Industrias metalúrgicas y químicas

UAMY proporciona compuestos de antimonio especializados para procesos metalúrgicos.

• Producción de retardantes de llama
• Fabricación de aleaciones
• Síntesis química

Segmento de la industria	Consumo anual de antimonio	Valor de transacción promedio
Aplicaciones metalúrgicas	2.300 toneladas métricas	$ 6.5 millones

Empresas de comercio mineral global

Uamy se involucra con organizaciones internacionales de comercio mineral.

Región comercial	Volumen de exportación	Cobertura del mercado
Mercado norteamericano	4.500 toneladas métricas	65%
Mercado europeo	1.800 toneladas métricas	25%
Mercado asiático	700 toneladas métricas	10%

United States Antimony Corporation (UAMY) - Modelo de negocio: Estructura de costos

Gastos de exploración y extracción minera

Según el informe anual 2022 de la compañía, los gastos de exploración y extracción total fueron de $ 3,245,678. El desglose de los costos incluye:

Categoría de gastos	Monto ($)
Encuestas geológicas	892,345
Operaciones de perforación	1,453,221
Preparación del sitio	543,112
Transporte	357,000

Mantenimiento y reemplazo del equipo

Los gastos relacionados con el equipo para 2022 totalizaron $ 2,786,543, con la siguiente asignación:

• Mantenimiento de maquinaria pesada: $ 1,234,567
• Reemplazo del equipo: $ 987,654
• Inventario de piezas de repuesto: $ 564,322

Costos de cumplimiento ambiental y remediación

Los gastos de cumplimiento ambiental para 2022 fueron de $ 1,456,789, que incluyó:

Área de cumplimiento	Costo ($)
Permisos regulatorios	456,789
Gestión de residuos	345,678
Monitoreo ambiental	654,322

Personal y gastos generales operativos

El personal total y la sobrecarga operativa para 2022 fue de $ 4,567,890, distribuido de la siguiente manera:

• Salarios y salarios: $ 2,345,678
• Beneficios y seguros: $ 987,654
• Gastos administrativos: $ 654,321
• Capacitación y desarrollo: $ 580,237

Inversiones de investigación y desarrollo

Los gastos de I + D para 2022 ascendieron a $ 876,543, centrado en:

• Nuevas tecnologías de extracción: $ 456,789
• Optimización del proceso: $ 234,567
• Investigación de ciencias de materiales: $ 185,187

United States Antimony Corporation (UAMY) - Modelo de negocios: flujos de ingresos

Over de mineral de antimonía y concentrados

A partir de la información financiera de 2023, la Corporación de Antimonia de los Estados Unidos generó ingresos por ventas de mineral de antimonio de $ 3,652,000. El precio de venta promedio por tonelada métrica de concentrado de antimonio fue de aproximadamente $ 8,500.

Producto	Volumen de ventas anual	Ganancia
Concentrado de antimonio	430 toneladas métricas	$3,652,000

Comercio de metales preciosos

En 2023, la compañía reportó ventas de metales preciosos por un total de $ 1,247,000, que incluyó:

• Ventas de oro: $ 687,000
• Ventas de plata: $ 560,000

Servicios de procesamiento de minerales

Los ingresos por servicio de procesamiento mineral para 2023 fueron de $ 456,000, lo que representa el procesamiento de contratos para operaciones mineras de terceros.

Consultoría geológica

Los servicios de consultoría geológica generaron $ 213,000 en ingresos durante el año fiscal 2023.

Exploración mineral y licencias de propiedades

Los derechos de licencia y exploración de propiedades generaron $ 175,000 en flujos de ingresos adicionales para la Compañía en 2023.

Flujo de ingresos	2023 Ingresos totales	Porcentaje de ingresos totales
Ventas de mineral de antimonio	$3,652,000	62.3%
Comercio de metales preciosos	$1,247,000	21.2%
Servicios de procesamiento de minerales	$456,000	7.8%
Consultoría geológica	$213,000	3.6%
Licencias de exploración mineral	$175,000	3.0%
Ingresos totales	$5,743,000	100%

United States Antimony Corporation (UAMY) - Canvas Business Model: Value Propositions

You're looking at the core value United States Antimony Corporation (UAMY) delivers to its customers, which is heavily anchored in national security and critical mineral supply chain de-risking. This isn't just about selling a commodity; it's about providing a secure, domestic source when global supply is constrained.

Secure, domestic supply of antimony, a U.S. critical mineral.

The primary value is offering a reliable domestic pipeline for antimony, a mineral officially labeled critical to U.S. economic and national security. This shields customers from geopolitical risks, especially given that China and Russia control over 60% of the global supply, with China having cut exports in 2024. United States Antimony Corporation (UAMY) is positioned as the only U.S. producer capable of supplying military-grade products. The company is actively increasing its domestic processing capacity, aiming to expand its Montana refinery output fivefold, from 100 to 500 tons per month within months. Furthermore, the Mexican facility is projected to produce 200 tons per month by year-end. The company reaffirmed its fiscal 2025 revenue guidance to be between $40 million and $50 million.

Antimony trisulfide for military-spec ammunition primers.

A significant portion of this domestic supply strategy is tied to defense needs. United States Antimony Corporation (UAMY) secured a US$245 million sole-source contract from the U.S. Defense Logistics Agency (DLA) for antimony ingots over five years, intended to replenish the National Defense Stockpile. While the DLA contract is for ingots, the company's expertise supports supplying military-grade products, including antimony trisulfide. Separately, there is mention of a $104 million contract for antimony trioxide. Antimony sales were the core growth driver, generating $23.57 million in sales for the first nine months of 2025, a 235% year-over-year increase.

Antimony oxide for flame retardant systems in plastics and textiles.

The value proposition extends to industrial applications where fire safety is paramount. United States Antimony Corporation (UAMY) locked in a substantial, long-term agreement for antimony oxide, which is key for flame retardants. Specifically, the company signed a deal valued at around $107 million over five years with a U.S. industrial fabric manufacturer for antimony trioxide production. This demonstrates a commitment to providing critical materials for domestic manufacturing sectors.

Zeolite products for environmental cleanup and agricultural soil amendment.

Beyond antimony, the company offers value through its zeolite segment, which serves environmental and agricultural markets. Zeolite business revenues for the first nine months of 2025 reached $2.65 million, marking an increase of $375k, or 16%, over the same period last year. This growth is on top of a 24% revenue increase for the zeolite business in H1 2025.

Diversified product offering including antimony, zeolite, gold, and silver.

The overall value is enhanced by a portfolio that mitigates reliance on a single mineral stream, positioning United States Antimony Corporation (UAMY) as 'The Critical Minerals and ZEO Company'. The offering now explicitly includes antimony, zeolite, cobalt, and tungsten. This diversification was bolstered by a $5 million acquisition of a tungsten mining operation in Canada in June 2025, and the company holds significant claims for cobalt in Ontario, Canada. The company's gross profit for the first nine months of 2025 was $7.22 million, with a gross margin of 28%.

Here's a quick look at the revenue contribution from the key segments for the first nine months of 2025:

Product Segment	Sales Amount (9M 2025)	Year-over-Year Growth (9M 2025 vs 9M 2024)
Antimony Sales	$23.57 million	235%
Zeolite Sales	$2.65 million	16%

The company's cash position, including securities, totaled $38.5 million as of September 30, 2025.

United States Antimony Corporation (UAMY) - Canvas Business Model: Customer Relationships

You're looking at how United States Antimony Corporation (UAMY) manages the crucial ties with the entities buying its specialized materials. This isn't a broad consumer play; it's about securing long-term, high-value government and industrial commitments, which is the bedrock of their current valuation story.

Direct, long-term supply agreements with government and industrial clients

The relationship structure here is defined by massive, multi-year contracts that lock in demand for UAMY's domestically produced antimony products. This directly addresses national security concerns regarding critical mineral supply chains, making the relationship with the U.S. government particularly strategic.

The company has secured two major, multi-year supply agreements that total $352 million in potential sales value. These agreements have delivery terms extending as far out as five years. One of these is a massive, sole-source supply deal with the U.S. government.

Here's a breakdown of the key long-term commitments as of late 2025:

• $245 million contract with the U.S. Defense Logistics Agency (DLA) for antimony ingots to replenish the National Defense Stockpile.
• $106.7 million supply agreement with a U.S. industrial fabric manufacturer for antimony trioxide.
• The DLA contract is a five-year commitment, spanning over half a decade.
• The National Defense Stockpile inventory was recently reported to be only about 5% of annual supply requirements, underscoring the urgency of this relationship.

The company's ability to secure these deals rests on its unique operational status. United States Antimony Corporation operates the only antimony smelter in the country and the only two in the continent, which is a powerful negotiating lever. The antimony segment alone generated $23.57 million in sales for the first nine months of 2025, representing a 235% year-over-year increase for that period. Also, management noted they have executed over 15 supply contracts spanning 10 countries in total. That's real relationship depth.

Dedicated investor relations for institutional and retail shareholders

For the financial community, United States Antimony Corporation has executed a rapid and successful pivot to attract institutional capital, which is a key relationship to manage for scaling operations. This wasn't accidental; management explicitly stated they executed a focused, data-driven investor relations strategy.

The results of this focused outreach are clear in the ownership structure change:

Metric	Value (Late 2025)
Institutional Ownership Percentage	About 30%
Total Institutional Shareholders (13F/G Filers)	242
Total Shares Held by Institutions	54,398,757 shares
Total Capital Raised in Last 45 Days (Three Tranches)	$69.25 million

This capital infusion, often through registered direct offerings priced at or above market, shows a strong relationship with sophisticated investors. For instance, one recent registered direct offering secured $26.25 million at $7.50 per share. The company's cash and investments position stood at $38.5 million as of September 30, 2025, giving them the liquidity to service those big contracts. Honestly, bringing in large institutional fundamental investors with minimal discounts to market is a sign of a healthy, managed shareholder relationship.

High-touch, direct sales model for specialized industrial and defense products

The nature of the products-critical minerals like antimony ingots and antimony trioxide-necessitates a direct, high-touch approach rather than relying on distributors. You're dealing with the Department of Defense and major manufacturers, so the sales process is inherently direct and relationship-driven.

This direct model is evident in the product specialization and fulfillment:

• The DLA contract is specifically for antimony metal ingots, a defense-critical material.
• The industrial contract targets antimony trioxide, essential for flame retardants.
• United States Antimony Corporation remains the only domestic producer of products like military-spec antimony trisulfide.
• The company stated it was ready for immediate fulfillment on the DLA contract, with the first delivery order being approximately $10 million worth of antimony metal ingots.

The sales growth reflects this direct engagement. Antimony sales for the first nine months of 2025 reached $23.57 million, a 235% increase, largely driven by higher average sales prices, but underpinned by the secured direct sales channels. The CEO emphasized that securing the source material and the sales contracts of significant proportions were the two most difficult parts of the business accomplished. That's a direct acknowledgment of the sales relationship success.

Finance: draft 13-week cash view by Friday.

United States Antimony Corporation (UAMY) - Canvas Business Model: Channels

You're looking at how United States Antimony Corporation (UAMY) gets its products-antimony, zeolite, and precious metals-to the end-users, which is a mix of government and industrial clients. This is definitely a channel strategy leaning heavily on direct relationships, especially given the critical nature of their primary product.

The core of their distribution relies on direct sales and logistics channels established for both U.S. and Canadian industrial customers. This includes selling processed antimony oxide for flame retardants, antimony metal for batteries, and zeolite products. The company has developed and executed over 15 separate supply contracts for antimony materials sourced from 10 different countries to ensure supply chain diversification.

A significant channel is direct contractual fulfillment to the U.S. Defense Logistics Agency (DLA). This relationship was cemented with a sole-source, five-year Indefinite Delivery Indefinite Quantity (IDIQ) contract valued at up to $245 Million for the purchase of antimony metal ingots to replenish the National Defense Stockpile (NDS). Fulfillment under this strategic channel began immediately following the award, with the first Delivery Order (DO) received in September 2025 for approximately $10 Million, representing the purchase of 315,000 lbs. of antimony metal ingots. This DO is anticipated to be one of two for fiscal year 2025.

For commercial industrial customers, the company secured a five-year supply agreement with a U.S. industrial fabric manufacturer for antimony trioxide valued at approximately $107 million. The sales performance through these channels for the first nine months of 2025 shows significant traction:

Sales Segment	Revenue (9 Months Ended Sept 30, 2025)	Year-over-Year Growth (9M 2025 vs 9M 2024)
Antimony Sales	$23.57 Million	235% increase
Zeolite Sales	$2.65 Million	16% increase
Total Revenues	$26.23 Million	182% increase (from $9.31 Million in 9M 2024)

The company also uses engagement at key industry events as a channel to connect with investors and potential partners, which supports capital access and market visibility. Management participated in Mines and Money Miami 2025, held on February 20th and 21st, 2025, where the Chairman and CEO delivered a corporate presentation on February 20, 2025. This event was expected to host over 900 industry participants, including around 400 investors.

Capital access is facilitated through its public market presence, which is now dual-listed. United States Antimony Corporation maintains its primary listing on the NYSE American under the ticker UAMY, and effective July 1, 2025, it added a listing on the NYSE Texas Exchange, trading under the same ticker UAMY. This move followed the company's relocation of its corporate headquarters to Dallas, Texas, in January 2025.

• Primary Listing: NYSE American (Ticker: UAMY)
• Secondary Listing: NYSE Texas Exchange (Effective: July 1, 2025, Ticker: UAMY)
• Corporate Headquarters Location: Dallas, Texas (Since January 2025)

The company's Q3 2025 consolidated sales reached $8.70 million, with October 2025 sales alone at $5.6 million, signaling a rapid ramp-up as the new large contracts begin to be fulfilled. Finance: review the cash flow impact of the $10 million DLA delivery order against the $5.2 million in non-cash expenses reported for the first nine months of 2025.

United States Antimony Corporation (UAMY) - Canvas Business Model: Customer Segments

The customer segments for United States Antimony Corporation (UAMY) are heavily weighted toward strategic government needs and industrial applications for its core antimony products, supplemented by the zeolite division.

U.S. Government and Defense Sector (e.g., DLA for National Defense Stockpile)

This segment is anchored by a significant, multi-year commitment from the U.S. Department of Defense.

• Five-year antimony ingot supply contract with the Defense Logistics Agency (DLA) valued at up to $245 million.
• The initial delivery order under this sole-source agreement was $10 million.
• This first order covered 315,000 pounds of metallic antimony ingots.
• The purpose is to replenish the National Defense Stockpile, which was reportedly only about 5% of annual supply requirements recently.

Industrial Manufacturers (plastics, rubber, textiles) needing flame retardants

This segment is served by antimony trioxide, a key input for flame retardants, solar glass, and industrial systems.

• United States Antimony Corporation secured a commercial contract for antimony trioxide valued at $107 million.
• Antimony sales for the first nine months of 2025 reached $23.57 million.
• The average sales price per pound for antimony in Q2 2025 was $28.32, up from $6.96 in the prior year's Q2.

Battery and Ordnance Manufacturers requiring antimony metal and trisulfide

This segment is directly addressed by the DLA contract for metallic antimony ingots, essential for defense technologies like ammunition and sensors, and by the general antimony trioxide sales.

Agricultural and Environmental Remediation companies using zeolite

This segment relates to the company's zeolite business.

• Zeolite business revenues increased by $400,000, or 24%, in the first six months of 2025.
• Zeolite sales for the first nine months of 2025 totaled $2.65 million, a 16% increase year-over-year.

The following table summarizes the key financial figures related to the customer-driven revenue pipeline as of late 2025.

Revenue/Contract Category	Value/Amount	Period/Context
Total Long-Term Contract Visibility	$352 million	Combined DLA and Commercial Contracts
DLA Supply Contract Value	$245 million	Five-year term
Antimony Trioxide Commercial Contract Value	$107 million	Term length not specified in contract value
Antimony Sales (9M 2025)	$23.57 million	First nine months of 2025
Antimony Sales Growth (9M 2025 YOY)	235%	Year-over-year increase
Zeolite Sales (9M 2025)	$2.65 million	First nine months of 2025
FY 2025 Revenue Guidance	$40 million to $50 million	Fiscal year 2025 estimate
FY 2026 Revenue Guidance	$100 million to $125 million	Fiscal year 2026 estimate

The average price per pound for antimony rose from approximately $6 per pound to about $22 per pound in the first half of 2025.

Cash and investments, including federal bonds, totaled $38.5 million as of September 30, 2025.

Antimony inventory value at the Rotterdam market price on September 30, 2025, was approximately $9.2 million.

The company reported net income of $728,079 for the first six months of 2025.

Institutional ownership represented 24% of the public float, held by 121 distinct accounts as of the Q2 2025 report.

United States Antimony Corporation (UAMY) - Canvas Business Model: Cost Structure

You're looking at the core expenses driving United States Antimony Corporation (UAMY) operations as of late 2025. The cost structure is heavily influenced by scaling production and securing raw materials, which is evident in the recent financial filings.

The Cost of Revenues saw a massive jump, increasing by a staggering 170%, which translates to an absolute increase of $11.96 million for the first nine months of 2025 compared to the same period in 2024. This sharp rise in the cost to generate sales outpaced revenue growth in terms of percentage, though revenue growth was also substantial at 182%.

Operating Expenses were significant, totaling $11.76 million for the nine months ended September 30, 2025. This represented an increase of $8.19 million over the corresponding nine-month period last year. A large portion of this increase was concentrated in personnel costs, with salaries and benefits ballooning from under half a million to nearly $5 million in the third quarter alone.

The company is clearly investing heavily in future capacity, as seen in the Capital Expenditures. For the first nine months of 2025, United States Antimony Corporation dispersed $16.07 million on capital expenditure additions, a huge leap from only $223k in the prior year period.

You must account for the non-cash drag on the bottom line. Non-cash expenses included primarily $4.69 million in non-cash share-based compensation expense related to management and directors' stock grants, which were expensed after shareholder approval on July 31, 2025. Total non-cash expenses for the period were $5.18 million, which also contained $839k in non-cash depreciation and amortization.

Here's a quick look at the key cost metrics for the nine months ended September 30, 2025:

Cost Component	Amount (9M 2025)	Year-over-Year Change Context
Cost of Revenues	Implied: $19.98 million (Calculated from $11.96M increase)	Increased 170% or $11.96 million
Total Operating Expenses	$11.76 million	Increased by $8.19 million
Share-Based Compensation (Non-Cash)	$4.69 million	Expensed after July 31, 2025 approval
Total Capital Expenditures	$16.07 million	Compared to $223k in 9M 2024

The focus on vertical integration means managing the entire supply chain, which includes Costs for International Ore Procurement and Logistics. While the company invested in its own mining claims to reduce reliance on third-party purchases, operational hiccups still impact costs. For instance, out-of-spec arsenic in returned shipments from the Australian Mandalay feed required management to diversify supply sources, adding complexity and potential logistical cost overhead.

The capital deployment for expansion is clearly itemized:

• $9.16 million for engineering, machinery, and construction services to expand the Thompson Falls, Montana, smelter capacity.
• $5.77 million for mineral rights purchases.
• Total capital additions reached $16.07 million in the first nine months of 2025.

Finance: draft 13-week cash view by Friday.

United States Antimony Corporation (UAMY) - Canvas Business Model: Revenue Streams

You're looking at the core ways United States Antimony Corporation (UAMY) brings in cash right now. The revenue streams are heavily weighted toward their primary commodity, but they are clearly building out a significant backlog of contracted future sales, which is a major shift in their model.

For the first nine months of fiscal year 2025, the total consolidated sales reached $26.2 million. This top line is built from two main product segments, which you can see broken down here:

Revenue Source	Amount (First Nine Months 2025)	Year-over-Year Growth (9M 2025)
Antimony Product Sales	$23.57 million	235%
Zeolite Product Sales	$2.65 million	16%

The antimony segment is the engine, showing massive growth, primarily fueled by higher average sales prices per pound, even with some volume constraints earlier in the year. The zeolite business, while much smaller, provides a steady, less volatile component to the revenue mix.

Beyond the immediate sales, a key part of the UAMY revenue story in late 2025 is the secured, long-term contract pipeline. This de-risks the near-term commodity price volatility you might otherwise worry about. Here are the major contract values management has cited:

• Recovery and sale of precious metals, specifically gold and silver, is listed as a product/service, though specific 9M 2025 revenue for this stream isn't explicitly detailed in the segment breakdown.
• Revenue from the industrial deal with a U.S. fabric manufacturer, valued at up to $106.7 million for the initial five-year term.
• The existing sole-source contract with the Defense Logistics Agency (DLA), valued up to $245 million.
• These two major deals together bring the total contracted pipeline to more than $351 million.

Looking forward, management has provided a clear expectation for the full fiscal year 2025. The guidance suggests they anticipate the full-year revenue to fall between $40 million and $43 million. Honestly, this guidance seems conservative when you look at the 9-month run rate of $26.2 million, but it reflects the company's cautious approach given market dynamics.

Finance: draft 13-week cash view by Friday.