United States Antimony Corporation (UAMY) Stock Analysis

United States Antimony Corporation’s principal competitive advantage is its status as the only fully integrated, permitted antimony processor and smelter in the United States, and one of only two operating smelters in North America. This unique position is reinforced by a sole-source, five-year $245 million contract with the U.S. Defense Logistics Agency, reflecting both technical capability and regulatory barriers that rivals have not overcome. The company’s vertical integration—from mining to processing to sales—enables rapid fulfillment and quality control, reducing lead times for domestic customers.

Globally, China dominates antimony supply, controlling roughly 65% of mining and 90% of refining capacity. UAMY’s domestic operations offer a strategic alternative for U.S. customers seeking supply chain security, particularly in defense and critical infrastructure. No other U.S. company currently matches UAMY’s scale or regulatory standing; most North American competitors are either non-operational or lack permitted facilities.

Recent expansion into Alaska and Montana further strengthens ore security and production flexibility. The company’s reputation for timely delivery and quality, as well as its ability to secure long-term industrial contracts (e.g., a $106.7 million supply agreement with a U.S. manufacturer), suggests high customer satisfaction and entrenched relationships. However, UAMY’s market share remains modest—approximately 4% domestically and less than 1% internationally—leaving it exposed to global price volatility and dependent on continued execution.