United States Antimony Corporation — Third Quarter 2026 Earnings Summary

Financial Performance:

• Q3 2026 revenue increased 16% year-over-year to $10.1 million from $8.7 million in Q3 2025; nine-month revenue was $24.8 million compared to $26.2 million in the prior-year period.
• Gross profit surged 113% to $4.3 million in Q3 2026 from $2.0 million in Q3 2025, with gross margin expanding to 42% from 23%.
• Antimony gross profit increased 85% to $4.0 million, with antimony gross margin rising to 46% from 27%.
• Net loss for Q3 2026 was $9.5 million, compared to $4.8 million in Q3 2025; the loss included $2.1 million in non-cash stock-based compensation, $0.8 million in depreciation and amortization, and a $3.8 million unrealized loss on the investment in Larvotto Resources Limited.
• Operating loss for Q3 2026 was $6.0 million, compared to $4.9 million in Q3 2025.
• Average antimony price per pound declined 34% to $18.83 in Q3 2026 from $28.72 in Q3 2025, while average cost per pound dropped 51% to $10.19 from $20.89.
• Inventory increased to $28.1 million as of September 30, 2026, from $12.5 million at December 31, 2025.
• Cash and U.S. Treasury securities totaled $51.0 million as of September 30, 2026, compared to $50.8 million at year-end 2025.
• Working capital was approximately $56.2 million as of September 30, 2026, with no borrowings outstanding on the $19.0 million margin credit line.

Guidance and Future Outlook:

• Full-year 2026 antimony sales volume guidance is 1.68–1.81 million pounds, representing a ~24% increase from 2025; the company withdrew its prior revenue guidance of $60–$75 million.
• Guidance includes 275,688–355,615 pounds of DLA antimony metal ingots and 1.40–1.45 million pounds of industrial antimony products.
• Full-year 2026 zeolite sales guidance is 17,500–18,500 tons.
• DLA delivery orders total approximately $57.3 million, with $8.7 million accepted and paid through October 2026; remaining orders carry performance periods through 2029.
• The company expects DLA cycle times to continue improving as the process becomes more routine in fiscal year 2027.
• Management anticipates further expansion of antimony product volumes to government and industrial customers in 2027 and beyond as Thompson Falls capacity utilization increases.

Business Segments and Product Lines:

• Antimony segment revenue was $8.8 million in Q3 2026, up from $8.0 million in Q3 2025, driven by a 68% increase in pounds sold to 468,842 pounds.
• DLA shipments accounted for 162,327 pounds of antimony metal ingots accepted in Q3 2026, generating $5.1 million in revenue.
• Industrial antimony sales (excluding DLA) increased 10% year-over-year to 306,515 pounds, primarily antimony trioxide (ATO) sold to flame-retardant and specialty-chemical markets.
• Zeolite segment revenue grew 55% year-over-year to $1.0 million, with tons sold increasing 54% to 3,824 tons.
• The Radersburg processing plant commenced start-up in Q3 2026, processing mined volumes from the Stibnite Hill location.
• A new state-of-the-art metallurgical laboratory became fully operational in Q3 2026.
• The Company published an Initial Assessment-level Technical Report Summary for the Nolan Creek project in October 2026, reporting measured and indicated resources exceeding $314 million and inferred resources exceeding $125 million.
• Bulk sampling commenced at the Fostung tungsten project in Ontario in Q3 2026.
• Planning continues for a 49%-owned hydrometallurgical joint venture with Americas Gold and Silver Corporation in Idaho.

Market and Competitive Landscape:

• The Company is the only fully integrated antimony company in the world outside of China and Russia.
• Worldwide antimony market prices declined significantly, with the Argus Antimony Regulus grade II price falling approximately 63% from late October 2025 to November 5, 2026.
• Industrial demand for ATO remains steady despite lower market prices, supported by a five-year sales agreement with fixed monthly delivery schedules through December 2026.
• Underlying government and industry demand for domestically sourced antimony remains robust.

Risks and Challenges:

• Revenue recognition timing is dependent on DLA acceptance processes, which are outside the Company's control; delays in sampling, inspection, or acceptance can shift revenue to future periods.
• The DLA contract is an indefinite-delivery, indefinite-quantity agreement that does not guarantee minimum purchase volumes and is subject to modification, delay, reduction, or termination by the U.S. government.
• Fluctuations in market prices for antimony and zeolite impact revenue and margins.
• The Company faces risks related to the availability, quality, and cost of third-party antimony feedstock.
• Volatility in the market value of the investment in Larvotto Resources Limited and currency exposure to the Australian dollar are potential risks.
• Operational risks include delays in capital projects, permitting issues, and geological or metallurgical conditions.

Management Commentary and Tone:

• Chairman and CEO Gary C. Evans stated that progress across operations translated into stronger financial results, noting DLA cycle times improved from 124 days to approximately 70 days.
• Management expressed confidence in the Radersburg facility's role in strengthening vertical integration and reducing reliance on third-party mills.
• The Company is moving to volume-based guidance to better reflect controllable operational performance amidst price volatility.
• Management emphasized maintaining high liquidity as paramount to success, citing $51.0 million in cash and Treasuries despite expanded capital expenditures.
• Long-term goals include building a fully vertically integrated U.S. antimony and critical minerals supply chain.

Other Key Points:

• In August 2026, the Board authorized a $100 million share repurchase program; the Company repurchased 368,640 shares for $1.7 million in Q3 2026 and an additional 404,397 shares for $1.4 million in October 2026.
• Capital expenditures for the first nine months of 2026 totaled $28.4 million, primarily for the Thompson Falls smelter expansion, Radersburg flotation facility acquisition, and mining claims in Montana and Alaska.
• The Department of War modified the Company's Defense Production Act award, increasing the amount authorized for payment to $20.3 million from $16.2 million; $12.8 million has been received to date.
• An additional $7.5 million in grant funding is authorized for payment upon achievement of specified milestones.
• The Company received notice of an intention to prepay a $4.0 million convertible note receivable from a Bolivian supplier, subject to final negotiation.
• The Company generated $41.8 million of net cash from financing activities in the first nine months of 2026, primarily from "at-the-market" equity offerings.