Is UAMY Becoming America's Most Strategic Mineral Supplier?

United States Antimony Corporation’s UAMY latest earnings call reflects an impact larger than quarterly margins. The company is carving out a pivotal role in America’s mineral security strategy, emerging as the only vertically integrated antimony supplier in North America — and among the few that operate outside China and Russia. In an era of rising geopolitical strain and intensifying pressure on U.S. supply chains, that differentiation is becoming strategically priceless.

Antimony is a small-volume mineral with an outsized national-security footprint. It hardens ammunition, enables ignition systems, and underpins night-vision, infrared sensors, drones, and other advanced defense electronics. CEO Gary Evans repeatedly emphasized this point — the “unknown” mineral is essential to modern warfare and industrial stability. With China producing 60 times the U.S. output and controlling up to 90% of global refining capacity, Washington faces a critical dependency it can no longer accept.

This explains why federal agencies, especially the Defense Logistics Agency (“DLA”), are turning to UAMY. The company is already executing a $245 million DLA contract for defense-grade metallic antimony and has become the sole approved North American supplier for military-spec antimony trisulfide used in ammunition primers. Analysts often speak about reshoring, but this time it’s real — UAMY has revived the first U.S. antimony mine in decades and is building a fully integrated supply chain from ore to finished product.

Beyond defense, UAMY’s relevance is widening. Antimony’s role in solar glass, where China just improved efficiency using antimony-rich designs, and its foundational use in electronics, batteries, and flame retardants further cement demand from strategic U.S. industries. The convergence of military, clean-energy, and industrial priorities is transforming the company from a niche miner to a national-interest asset.

With geopolitical tensions rising, China tightening export controls, and U.S. stockpiles covering only weeks of demand, UAMY is no longer just a supplier — it is becoming a strategic safeguard. For Washington, the U.S. industrial base, and investors at the crossroads of minerals and national security, UAMY is emerging as the common meeting point.

Peer Updates

Coeur Mining’s CDE third-quarter results underscore a company executing a disciplined, multi-asset growth strategy grounded in operational optimization and targeted mine-site reinvestment. Management highlighted record free cash flow, a rapidly strengthening balance sheet, and the success of strategic initiatives such as the integration of Las Chispas and the multi-year underground development at Kensington — all of which are now translating into higher-grade mining, improved recoveries and tighter cost control.

Coeur’s investment in Rochester’s three-stage crusher corridor is central to unlocking the mine’s long-term value, with incremental modifications steadily reducing particle size and improving recoveries. Coeur is capitalizing on exploration, throughput gains, and targeted mine sequencing across Las Chispas, Palmarejo, Wharf and Rochester to make 2026 a breakout year for production.

Lundin Mining’s LUNMF third-quarter earnings call emphasized a portfolio-wide push toward scale, cost efficiency, and future-ready copper growth, with strategic initiatives centered on Latin America. The company raised copper guidance, mainly driven by Caserones, where hydrometallurgical improvements, better leach-pad management, and tighter geological control are enabling a step-change in cathode output, supporting long-term plans for a 35,000-ton annual capacity.

At the district level, Lundin is advancing the transformational Vicuña project toward an integrated technical report in early 2026, positioning it as a future top-10 global copper producer. Near-mine expansion opportunities like Chapada’s Saúva project further reinforce a disciplined, multi-phase growth pipeline underpinned by strong cash flow and a rapidly deleveraging balance sheet.

UAMY’s Price Performance, Valuation and Estimates

Shares of UAMY have surged 330.5% in the year-to-date period compared to 28.5% increase for the industry.

From a valuation standpoint, UAMY trades at a forward price-to-sales ratio of 9.59, above the industry average. It trades higher than its five-year median of 4.75. UAMY carries a Value Score of F.

The Zacks Consensus Estimate for United States Antimony Corporation’s 2025 earnings implies a 300% rise from the year-ago period’s level.

The stock currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

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This article originally published on Zacks Investment Research (zacks.com).

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