William Blair initiated coverage on United States Antimony Corp. (NYSE: UAMY) with an Outperform rating, arguing the company sat at the intersection of critical mineral supply and U.S. national security needs following a recent Defense Logistics Agency (DLA) award.
The firm said timing looked favorable as antimony prices had roughly quadrupled over the past year to above $55,000 per ton. It added that US Antimony owned a contract mill capable of handling significant ore volumes and controlled a portfolio of higher-value assets, including large mining and surface rights in Alaska, cobalt and tungsten claims in Canada, and a zeolite operation in Idaho. William Blair’s “hot take” suggested the U.S. government could ultimately take a notable stake in the company.
At Thompson Falls, Montana, management was nearing completion of an expansion that would lift throughput by sixfold, the note said. The upsized plant was expected to support a five-year, sole-source, $245 million DLA contract to supply antimony metal ingots. The analyst also pointed to an adjacent flotation facility and US Antimony’s Madero, Mexico site, both expected to sustain steady processing activity.
Near-term feedstock appeared ample, with seven international supply contracts from non-Chinese sources, each with antimony grades above 50%, the report said. Progress continued on a mining permit and Department of Defense approvals tied to 30,000 acres of Alaskan mining and surface rights, with operations potentially starting next year.
Beyond antimony, the company held 455 claims for cobalt in Ontario’s Sudbury Basin and recently acquired 100% of the Fostung tungsten properties in southwestern Ontario. The Preston, Idaho deposit remained the only domestic zeolite source—used in water filtration and animal feed—according to the firm.
