UAMY · CIK 0000101538
What United States Antimony Corp. told the SEC could break it.
U.S. Antimony is pinched at both ends of a thin supply line. On the demand side its revenue is highly concentrated — its three largest customers accounted for 80% of 2025 revenue, and not all of them buy every year. On the supply side, its Montana facility has historically gotten most of its antimony ore from a single supplier in Canada, so a cut or price hike from that one source would materially hurt it (it is now diversifying to other international suppliers). Squeezing that channel further are forces it doesn't control: volatile world-market antimony prices — its average selling price swung from $7.61 to $25.12 per pound between 2024 and 2025 — and U.S. tariffs on imports from Canada and Mexico, which could raise the cost of the ore it imports and the products it sells.
4 self-disclosed vulnerabilities, pulled from its own filings — each in the company’s words, with the source. This is the risk register almost nobody reads.
In its own words
What could break it.
Customer concentration
- three largest customers = 80% of revenue (A ~33%, B ~24%, C ~23%, unnamed)high
USAC's revenue is highly concentrated — its three largest (unnamed) customers accounted for 80% of consolidated 2025 revenue (Customer A $12.85M, B $9.33M, C $9.22M of $39.26M total), and not all customers buy every year.
“In 2025, our three largest customers accounted for 80% of our consolidated revenues. Additionally, not all our customers make purchases every year.”
SEC filing →As of 2026
Sole-source dependency
- most antimony ore historically from a single (unnamed) supplier in Canadahigh
USAC's Montana facility has historically obtained most of its antimony ore from a single supplier in Canada; a decrease in that supplier's ore or a price increase would materially harm the business, though the company is diversifying to new international suppliers.
“While we have sourced ore from various international suppliers, we have historically received most of our ore supply for antimony from one supplier in Canada. Because of this concentration of supply with one supplier, a decrease in ore from this supplier or an increase in the cost of this supplier's ore could have a material adverse effect on our business, results of operations, and cash flow.”
Commodity & input dependence
- antimony world-market price volatility (critical mineral)medium
USAC is exposed to volatile world-market prices for antimony and related critical minerals beyond its control; its average antimony selling price swung from $7.61/lb in 2024 to $25.12/lb in 2025.
“volatile changes in world market prices for these materials that are not controllable by us.”
SEC filing →As of 2026
Regulatory & policy
- U.S. tariffs on Canada/Mexico imports (ore inputs & products)medium
Tariffs on imports from Canada, Mexico or other countries, and reciprocal tariffs, could significantly raise USAC's product costs (it imports ore from Canada and operates in Mexico) and reduce sales if customers won't absorb higher prices.
“Tariffs imposed on imports into the United States from Canada, Mexico, or other countries, and reciprocal tariffs, could significantly increase the cost of our products, which could significantly lower our sales if our customers are unable or unwilling to purchase our products at a higher price, which could have a material adverse impact on our results and financial condition.”
SEC filing →As of 2026
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