United States Antimony said first-quarter 2026 sales were $6.8 million, essentially flat from $7.0 million a year earlier, even as the company pushed spending and inventory higher ahead of a broader production ramp.
Gross profit fell by $1.3 million from the prior-year quarter, with management pointing to higher labor, factory and freight costs. The company posted a net loss of $11.3 million, driven in part by $4.8 million of stock compensation expense and a $4.1 million unrealized loss on Larvotto equity securities.
Cash and liquid investments totaled $60.2 million at quarter-end. Inventory rose to $22.0 million from $12.5 million at the end of 2025, an increase of $9.5 million. Debt remained minimal at $162,000.
Antimony segment sales declined 2% from last year’s first quarter, while zeolite sales fell 7%. But management said March zeolite sales were up about 60% from March 2025, helped by the company’s push into cattle nutrition.
The company also said it received $12.8 million in April from a $27 million U.S. government grant, and that it later raised $48.6 million in gross proceeds from a stock sale.
On the operating side, United States Antimony said it expects to mine antimony in the U.S. in 2026, with stronger output anticipated in Montana and Alaska than in 2025. It said 800 tons of stibnite grading 10% antimony were hauled to the Radersburg mill in late October and early November last year, and it expects steady production once mining resumes.
In Canada, the company said work at its Fostung tungsten project resumed after weather-related disruptions. It cited an inferred resource of 14.62 million metric tons grading 0.17% WO3, containing 53.595 million pounds of WO3. Management said that at a tungsten price of $3,300 per metric ton unit, the gross value before mining and processing would be $9.3 billion.
In Alaska, the company said it plans to resume work at Ester Dome before month end, has scheduled a late-summer drill program at its Maclaren River copper prospect, and intends to launch an extensive exploration program at the Nolan Creek antimony-gold deposit. For Nolan Creek, management cited a reported resource of 42,412 tons grading 28% antimony and 0.408 ounces of gold per ton, with gross value estimated at more than $460 million at current prices. Following these announcements, the company's shares moved -9.09%, and are now trading at a price of $8.70. Check out the company's full 8-K submission here.
