United States Antimony said first-quarter 2026 sales were $6.8 million, down slightly from $7.0 million a year earlier. Antimony segment sales fell 2%, while zeolite sales dropped 7%.
The company’s gross profit declined by $1.3 million from the prior-year quarter, with management pointing to higher labor, factory and freight costs tied to building capacity for a larger production ramp later this year.
Net loss widened to $11.3 million, driven mainly by $4.8 million of stock-compensation expense, a $4.1 million unrealized loss on Larvotto equity securities, and the higher cost of goods sold.
Cash and liquid investments totaled $60.2 million at March 31. After quarter-end, the company received $12.8 million from a U.S. expansion grant and $48.6 million in gross proceeds from a stock sale.
Inventory rose to $22.0 million from $12.5 million at the end of 2025, an increase of $9.5 million. Debt remained low at $162,000.
On the operating side, management said it mined 800 tons of stibnite grading 10% antimony in late October and early November last year, and expects to resume Montana mining within two weeks once state permission is granted. In Alaska, work at Ester Dome is set to restart before month-end, while a drill program is planned for late summer at the Maclaren River copper prospect.
At the Nolan Creek antimony-gold deposit in Alaska, management cited a resource of 42,412 tons grading 28% antimony and 0.408 ounces of gold per ton. The company said the gross value at current prices exceeds $460 million.
For its Canadian tungsten project, management said the SRK report outlined an inferred resource of 14.62 million metric tons grading 0.17% WO3, containing 53.595 million pounds of WO3. Using a tungsten price of $3,300 per metric ton unit, the company said the gross value would be $9.3 billion.
In zeolite, management said March 2026 sales were up about 60% from March 2025, driven by cattle-feed demand. The company also said it has expanded logistics, inventory and staffing ahead of multi-shift operations. The market has reacted to these announcements by moving the company's shares -10.03% to a price of $8.61. For more information, read the company's full 8-K submission here.
