Will UAMY's $352M Contract Lead to a New Critical Mineral Powerhouse?

United States Antimony Corp. UAMY may have just crossed the most important inflection point in its history. After decades as a niche, thinly capitalized miner-smelter, the company is suddenly staring at a $352 million revenue pipeline — more than 20 times last year’s $15 million sales base — thanks to two transformative long-term contracts.

The first is the headline-grabber — a five-year, $245 million Defense Logistics Agency (DLA) award for domestically sourced metallic antimony ingots, a material essential for ammunition, sensors, and other defense technologies. The second, announced just a day before the company’s third-quarter call, is a $107 million commercial contract for antimony trioxide, a key input in flame retardants, solar glass and industrial systems. Together, these deals mark the first time in UAMY’s modern history that multi-year revenue visibility extends beyond a single fiscal period — let alone half a decade.

Much of this momentum is tied to Executive Order 14017, which mandates secure, U.S.-aligned supply chains for critical minerals. With China controlling up to 90% of global antimony refining capacity, UAMY’s status as the only vertically integrated antimony producer in North America makes it a strategic asset — and now, an increasingly funded one.

Management reported a sharp ramp-up at its Montana and Mexico smelters, with October sales nearly matching third-quarter totals. Inventory buildup, global feedstock agreements, and domestic mining restarts position UAMY to scale from roughly “100 tons per month to 500-600 tons” as early as 2026, underpinned by its ongoing plant expansion.

But risks remain. Antimony prices have already tightened margins in the fourth quarter, and UAMY’s production ramp hinges on weather-sensitive U.S. mining, variable foreign ore quality, and logistical complexities that management admits can “get bumpy.”

Still, with Washington actively reshaping critical mineral supply chains, UAMY’s dual contract wins don’t just fortify revenues — they signal its emergence as a strategically indispensable U.S. supplier at a time when domestic capacity is nearly nonexistent.

If execution holds, this could be the quarter when UAMY shifted from a microcap miner to a rising critical-minerals powerhouse.

Peer Updates

Centrus Energy LEU is positioning itself as the anchor of America’s enriched uranium supply chain, and LEU’s third-quarter transcript highlights a major strategic pivot toward domestic enrichment capacity. LEU continues advancing its HALEU and LEU enrichment programs, leaning on more than 3.9 million machine hours of proven centrifuge technology. Centrus Energy is also accelerating readiness at Piketon, including large-scale hiring and supply-chain preparations ahead of DOE task orders.

By targeting multi-million-SWU capacity and advancing public-private partnerships, LEU is effectively transitioning from a broker-trader to a vertically integrated enrichment company.

Energy Fuels UUUU reinforced its identity as the leading U.S. uranium miner, with its third-quarter update spotlighting aggressive mine-site expansion and capital deployment. Energy Fuels ramped up high-grade production at Pinyon Plain, one of the richest uranium mines in U.S. history, while reactivating the LaSalle Complex and lifting ore shipments to the White Mesa Mill.

UUUU is also scaling rare-earth mining, advancing its Donald JV in Australia and heavy-mineral-sands strategy in Madagascar. With uranium output expected to exceed 2 million lbs/year and margins rising as costs fall, Energy Fuels is executing a multi-commodity mining growth plan anchored in critical minerals.

UAMY’s Price Performance, Valuation and Estimates

Shares of UAMY have surged 287% in the year-to-date period compared with 23% growth for the industry.

From a valuation standpoint, UAMY trades at a forward price-to-sales ratio of 8.93, above the industry average. It trades higher than its five-year median of 4.77. UAMY carries a Value Score of F.

The Zacks Consensus Estimate for United States Antimony’s 2025 earnings implies a 150% 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.

Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report

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

Zacks Investment Research