Shares of United States Antimony surged +10.4% to $3.15 after the company filed an SEC-compliant technical report valuing measured and indicated gold-antimony resources at its Nolan Creek, Alaska property above $314 million — a figure that, on paper, dwarfs the company's entire market capitalization of roughly $430–470 million.

  • A Big Number With Big Asterisks. The $314 million covers measured and indicated resources, while an additional $125 million in inferred resources brings the headline total to $439 million. But the fine print matters: the report includes no mineral reserves, no mining methods, no cost estimates, and no economic analysis.

The valuations use commodity-price assumptions of $4,000/oz for gold and $8.30/lb for antimony. Recent U.S. antimony spot prices sit around $12–$14/lb, meaning the antimony assumption is actually conservative — but extraction, transport from remote northern Alaska, and processing costs are entirely unaccounted for. The $314 million is a "what's in the ground" number, not a "what you can sell profitably" number.

  • Mining Has Started, but It's Still a Trial Run. Mining began in October with excavation of an approximately 1,000-ton exploration bulk sample, which a transportation contractor will deliver to the company's Radersburg, Montana mill.

USAC plans processing for November and December sales and aims to demonstrate in the first half of 2027 that Nolan Creek can fully supply the mill's rated feed capacity. A 1,000-ton test from a 53,616-ton measured-and-indicated deposit is less than 2% of the resource — enough to check grades and recovery rates, not enough to prove commercial viability.

  • The Underlying Business Is Under Pressure. Q2 revenue fell 25% year-over-year to $7.9 million as antimony prices dropped 52% to $13.70/lb, despite 26% volume growth.

EBIT margin sits deep in the red around -66%, and profit margin is about -45%.

The balance sheet holds roughly $42.3 million in cash with essentially no long-term debt , giving UAMY runway — but losses are consuming that cushion.

  • The Stock Has Already Given Back Most of Its Hype. UAMY traded as high as $14.13 over the past 52 weeks and now sits near its $2.64 low. Analysts at Texas Capital initiated coverage with a Buy and a $9.50 target; H.C. Wainwright cut its target to $9.25 from $11.75. Even the lower target implies nearly triple today's price — but that gap only widens the question of whether Nolan Creek's geology can translate into cash flow before the market's patience runs out.