US Antimony Firm Wins Supply Contract from DOD
Research Report

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Disclosures for Alliance Global Partners, United States Antimony Corp., September 24, 2025

Disclosures "Firm" used in the this section of the report entitled "Disclosures" refers to A.G.P. / Alliance Global Partners or Euro Pacific Capital, a division of A.G.P. / Alliance Global Partners. The Firm expects to receive or intends to seek compensation for investment banking services from all companies under research coverage within the next three months. The Firm or its officers, employees or affiliates, other than the research analyst authoring this report and his/her supervisor, may execute transactions in securities mentioned in this report that may not be consistent with the report’s conclusions. Sources referenced in this report: The information and statistics in this report have been obtained from sources we believe are reliable but we do not warrant their accurance or completeness. Acted as Sales Agent for At-the-Market Offering Disclosure - The Firm or its affiliates served as sales agent in an At-theMarket offering to raise capital for United States Antimony within the last 12 months. As such, the Firm or its affiliates have received compensation for these "investment banking services" in the last twelve months. Acted as Placement Agent Disclosure - The Firm or its affiliates served as placement agent in a financing to raise capital for United States Antimony within the last 12 months. As such, the Firm or its affiliates have received compensation for these "investment banking services" in the last twelve months. Regulation Analyst Certification ("Reg AC") — The views expressed in this report (which include the actual rating assigned to the company as well as the analytical substance and tone of the report) accurately reflect the personal views of the analyst(s) covering the subject securities. 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United States Antimony Corp. (UAMY:NYSEAMERICAN) received a US$245 million (US$245M), five-year antimony ingot supply contract from the U.S. Defense Logistics Agency (DLA), reported Alliance Global Partners Analyst Jake Sekelsky in a Sept. 24 research note.

The investment and advisory firm raised its target price on the Montana-based mining company by 86%.

"We view the supply agreement as an inflection point for UAMY as expansionary ambitions come into focus," Sekelsky wrote.

34% Upside in Target

Previously US$5.25 per share, Alliance Global's revised price target on the miner is US$9.75. The target mostly is based on a lower discount rate of 8% (previously 10%) applied to Alliance's net asset value (NAV) analysis and the introduction of a 1.2x NAV multiple, Sekelsky explained..

"The lower discount rate and newly introduced NAV multiple are justified following the derisking provided by the defense supply contract coupled with UAMY's strengthening position as the sole source of domestic antimony production in the United States," the analyst added.

Compared to the new US$9.75 per share target, United States Antimony was trading at about US$7.30 per share at the time of Sekelsky's report. The difference between these two prices implies a potential return for investors of 34%.

The antimony producer remains a Buy. As for other stock data, the company has 128.73 million shares outstanding. Its market cap is US$949M. Its 52-week range is US$0.49–US$6.68 per share.

Replenishing the Stockpile

The DLA contract is a significant milestone for United States Antimony because the U.S. desperately needs antimony and this domestic company is able to provide it, Sekelsky highlighted. With its existing facilities, the UAMY can start producing and delivering on-spec antimony ingots soon.

Antimony in the U.S. National Defense Stockpile is nearly depleted. Reportedly what remained in recent quarters was only about 5% of annual supply requirements. This is significant because antimony is a critical mineral, required for various defense applications., and the U.S.' major supplier in recent years, China, curtailed exports to the States in late 2024. What's more, this East Asian country controls most of the world's antimony supply.

What the DLA contract aims to do, build up the U.S.' inventory of antimony, is a matter of national security that must be addressed immediately, the analyst wrote.

"This as a strategic (and necessary) step by the U.S. Department of Defense to secure a domestic critical minerals supply chain," wrote Sekelsky.

Alliance believes additional governmental funding might become available to United States Antimony to accelerate its expansion and vertical integration efforts, noted the analyst, particularly as it ramps up production to meet future supply contract requirements.

Has Funds to Expand

UAMY is well-positioned financially to grow, highlighted Sekelsky. The company generated US$18M in gross proceeds from its equity raise this quarter, involving one institutional investor. This took United States Antimony's cash balance to more than US$33M. This cash on hand along with access to a US$65M at-the-market facility should be more than enough working capital for the company to finish its planned expansion to 300 tons per month at its smelter in Thompson Falls, Mont.

Also, United States Antimony began sourcing fresh ore from wholly owned projects in Q3/25. These strategic efforts should pay off materially with expanded margins in the coming quarters.

"We are staunch supporters of these vertical integration plans as we believe reducing reliance on third-party ore suppliers should further strengthen the company's position as a stable supplier of antimony in the United States—effectively controlling a complete antimony supply chain from the mine through refining operations," Sekelsky commented.

Alliance Global believes that the Trump Administration will remain focused on securing domestic supply chains of critical minerals, a tailwind to U.S. Antimony's near-term growth plans, added the analyst.