8-K: US Antimony Corp. Fostung Project Update

United States Antimony Corporation provided an operational update on its Fostung Tungsten Project in Ontario, Canada, releasing a Technical Report Summary with an effective date of January 31, 2026.

Summary

• United States Antimony Corporation (USAC) has released an operational update regarding its Fostung Tungsten Project in Ontario, Canada.
• The update includes a Technical Report Summary (TRS) prepared by SRK Consulting (Canada) Inc., with an effective date of January 31, 2026.
• The Fostung Project is an intermediate-stage tungsten exploration asset comprising 50 contiguous mining claims covering 1,109 hectares.
• The project hosts a skarn-type tungsten deposit (scheelite) with associated molybdenum, copper, and silver mineralization.
• The TRS estimates Inferred Mineral Resources of 14,707,000 tonnes grading 0.17% WO3, containing 54,005,000 lbs of WO3.
• SRK Consulting recommends a US$4 million work program to advance the project, including drilling, sampling, and metallurgical testing.
• The company acquired the project on June 27, 2025, for US$5 million cash plus royalties.

Sentiment

Score: 6

Explanation: StockSavvy.ai views this as a moderately positive development, as it provides a detailed technical update and resource estimate for a key project, but significant risks related to data quality and metallurgical certainty remain.

Positives

• The Fostung Project hosts a significant Inferred Mineral Resource of 14,707,000 tonnes at 0.17% WO3.
• The project has potential for expansion, with geophysical anomalies suggesting further mineralization to the southwest.
• Recent drilling by Transition Metals in 2021 generally confirmed historical data, indicating continuity of mineralization.
• Preliminary metallurgical testing shows potential for upgrading Fostung material using sensor sorting technology.
• The project is located in a region with established infrastructure and access to skilled labor.

Negatives

• Significant uncertainties exist regarding the accuracy of historical data due to limited quality control and sample security issues.
• The availability of drill cores for validation is limited, with recent core storage being vandalized.
• Metallurgical recovery assumptions are not well-supported by specific Fostung sample testwork, relying on external references.
• The economic viability of the project is sensitive to tungsten price volatility and the unproven ability to produce a saleable concentrate.
• Only Inferred Mineral Resources have been estimated, which are considered too speculative for economic viability assessment.

Risks

• Historical data quality is a concern due to limited quality control and potential inaccuracies in sample locations.
• The lack of available drill core for verification poses a risk to data validation.
• Metallurgical recovery assumptions are based on external references and require further testing for confirmation.
• Tungsten price volatility and the unproven ability to produce a saleable concentrate present economic risks.
• The project's Inferred Mineral Resource classification indicates a high level of geological uncertainty.

Future Outlook

The company is focused on advancing the Fostung Project to a preliminary economic assessment (PEA) level, which requires a substantial technical work program including further drilling, sampling, and metallurgical testing. The success of this advancement is contingent on addressing data quality concerns and confirming metallurgical recovery assumptions.

Management Comments

• The Qualified Persons consider that, aside from the identified technical risks, there are no other significant factors that would affect access, title, or the ability to conduct this work, and that the project merits continued exploration and study.
• The authors, as Qualified Persons, have examined the historical data for the Fostung Project provided by UAMY and previous owners, and has relied upon that basic data to support the statements and opinions presented in this Technical Report.
• SRK relied upon a market study provided by Fastmarkets to support pricing for cut-off grade assumptions and pit optimization scenarios.

Industry Context

StockSavvy.ai notes that this filing provides a crucial update on the Fostung Tungsten Project, a key asset for United States Antimony Corporation. The detailed technical report summary, prepared in accordance with SEC S-K regulations, highlights the project's Inferred Mineral Resources and outlines a path forward for development. The company's focus on tungsten aligns with a market that has seen recent supply disruptions and increased strategic interest in critical minerals.

Comparison to Industry Standards

• The mineral resource estimation was conducted in accordance with SEC S-K regulations and CIM Estimation of Mineral Resource and Mineral Reserves Best Practices Guidelines.
• The technical report summary was prepared by SRK Consulting (Canada) Inc., a recognized expert in the field.
• The project's Inferred Mineral Resource classification is consistent with early-stage exploration projects where detailed economic viability has not yet been established.
• The recommended work program costs and scope are typical for advancing an exploration-stage mineral project towards a Preliminary Economic Assessment (PEA).

Stakeholder Impact

• Shareholders can expect a clearer picture of the Fostung Project's potential, albeit with acknowledged risks and the need for further investment.
• Potential investors will have access to detailed technical data to assess the project's viability.
• Suppliers and contractors may benefit from the recommended US$4 million work program if the company proceeds with exploration activities.

Next Steps

• Conduct trenching and systematic mapping and sampling.
• Conduct infill, definition, and step-out drilling to expand the current Mineral Resource.
• Twin at least 25% of historical drillholes (approximately 2,500 m).
• Carry out additional in-fill drilling of 3,000 m.
• Continue regional exploration to test geophysical anomalies.
• Collect basic geotechnical information.
• Implement best practice guidelines in all aspects of drilling/exploration data generation.
• Conduct metallurgical testwork including sensor sorting, comminution, flotation, and gravity recovery.

Key Dates

Recommendation

The filing provides a detailed technical update and resource estimate for the Fostung Tungsten Project, which is a positive step. However, significant risks related to historical data quality, metallurgical uncertainties, and the classification of resources as 'Inferred' warrant a cautious approach. Further de-risking through the recommended work program is necessary before a stronger recommendation can be made.

Keywords

Fostung Tungsten Project, United States Antimony Corporation, Tungsten Mineral Resource, SRK Consulting, Ontario, Skarn Deposit, Scheelite, Exploration Update