On November 13, 2024, United States Antimony Corp (UAMY, Financial) released its 8-K filing detailing the financial results for the third quarter and nine months ended September 30, 2024. The company, a fully integrated mining, transportation, milling, smelting, and selling entity, operates in four segments: United States Antimony, Mexican antimony, zeolite, and Precious metals. Its primary revenue source is the United States, with operations also in Canada and Mexico.
Performance Overview
United States Antimony Corp reported sales of $8.1 million for the first nine months of 2024, marking a 23% increase from the previous year. This growth was driven by higher antimony sales volume and increased demand, alongside a rise in zeolite sales volume and prices. Gross profit surged by 107% to $2.2 million, attributed to improved operational efficiencies despite increased maintenance costs in the zeolite segment.
Operational Challenges
The company faced several challenges, including a two-month shutdown of its antimony supplier's plant, which impacted third-quarter sales and average sales prices. Additionally, the closure of operations in Mexico resulted in a $195,000 loss, despite generating $1.2 million in revenue from antimony inventory sales.
Financial Achievements
Despite these hurdles, United States Antimony Corp achieved significant financial milestones. The antimony business saw a 24% increase in sales, with gross profit more than doubling compared to the previous year. The average antimony sales price per pound was $4.73, influenced by tolling processes and supplier shutdowns.
Income Statement and Balance Sheet Insights
Operating expenses rose to $3.3 million, up by $1.8 million from 2023, due to non-cash stock compensation, project costs, and increased salary and board fees. The company's cash and cash equivalents stood at $12.97 million as of September 30, 2024, reflecting a $1.1 million increase from the end of 2023.
Strategic Initiatives and Future Outlook
United States Antimony Corp is actively pursuing strategic initiatives, including purchasing mineral claims in Canada and Alaska and enhancing its zeolite operations. The company is also exploring new markets and potential acquisitions to expand its sales and operational capabilities.
Gary C. Evans, Co-CEO & Chairman, stated, "We have planted the seeds for the future growth of this company that's going to be exponential... This needs to be a billion-dollar company and our goal is to grow it rapidly."
Overall, United States Antimony Corp's financial performance reflects its strategic focus on expanding its market presence and operational efficiency, despite facing significant industry challenges. The company's efforts to secure additional antimony supply and enhance its zeolite business are crucial for sustaining growth in the competitive metals and mining sector.
Explore the complete 8-K earnings release (here) from United States Antimony Corp for further details.
