United States Antimony Corporation (NYSE: UAMY) announced on Tuesday that it has secured a sole-source supply contract with the U.S. Defense Logistics Agency, valued at up to $245 million. The news drove the company’s stock price up 17.8% that day, pushing its market capitalization close to the $1 billion mark.
Analysts suggest the move highlights the U.S. government’s urgent focus on securing domestic supply chains for strategic metals.
As the world’s largest producer of antimony, China dominates the global supply chain with abundant reserves and processing capacity, significantly influencing pricing and availability. In contrast, the United States did not mine any antimony for commercial sale in 2024, relying mainly on imports and recycled materials—with recycled antimony accounting for about 15% of domestic consumption. The geopolitics surrounding antimony production and refining underscore Western vulnerabilities and the pressing need to diversify supply chains and reduce dependence on China.
Though not a rare earth element, antimony is widely used in defense and high-tech applications such as flame retardants, certain semiconductors, ammunition primers, and super-hard alloys. It has been designated by the U.S. government as a critical mineral vital to national and economic security. According to the U.S. Geological Survey, American manufacturers consume more than 50 million pounds of antimony annually. As a result, the U.S. government and military are actively promoting the domestic production of this key resource.
United States Antimony confirmed on Tuesday that it signed a five-year exclusive supply agreement with the Defense Logistics Agency to provide antimony ingots for the National Defense Stockpile. The contract, worth up to $245 million, is equivalent to 17 times the company’s 2024 revenue of $14.9 million. Chairman and CEO Gary C. Evans stated that the sole-source award underscores the company’s unique position as the only fully integrated antimony producer outside of China.
The company currently operates the only two smelters in North America with long-term antimony processing capabilities. Its facility in Montana processes ore into antimony oxide, antimony metal, and antimony trisulfide. The company emphasized that both plants are capable of producing military-specification ingots, with the first delivery expected this week. To strengthen raw material autonomy, United States Antimony has begun mining operations in Alaska, where initial exploration has revealed high-grade deposits. Development plans for its Montana site are also advancing.
