8-K: US Antimony Secures $25M Direct Offering for Growth

United States Antimony Corporation announced a $25 million registered direct offering of common stock to an institutional investor, priced at $10.50 per share, to fund strategic growth initiatives.

Summary

• United States Antimony Corporation (UAMY) entered into a Securities Purchase Agreement on October 10, 2025, with an institutional investor for a registered direct offering.
• The company agreed to sell 2,377,657 shares of common stock at a purchase price of $10.50 per share.
• This offering is expected to generate aggregate gross proceeds of approximately $25 million.
• Net proceeds to the company, after deducting placement agent commissions and reimbursable expenses, are estimated to be $24,431,090.53.
• The offering is expected to close on or about October 14, 2025, subject to customary closing conditions.
• Titan Partners Group LLC acted as the exclusive placement agent, receiving a commission of 7% of gross proceeds minus a credit.
• The company intends to use the net proceeds for working capital, acquiring additional antimony and other critical mineral inventory, expanding leasehold mineral positions in Alaska and Montana, potentially increasing capacity at the Madero Smelter in Mexico, and pursuing acquisitions of other critical mineral companies.
• The company also reduced its At-The-Market (ATM) Prospectus Supplement from $65,000,000 to $39,885,000, and as a result of this offering, cannot make further sales under the current ATM Prospectus Supplement without filing a new one and a new registration statement.

Sentiment

Score: 8

Explanation: The sentiment is highly positive due to a significant capital raise at favorable terms (above market price, minimal discount) from an institutional investor. The funds are strategically allocated for growth, expansion, and potential acquisitions in the critical minerals sector, indicating strong future prospects despite the inherent dilution.

Positives

• Successfully secured approximately $25 million in gross proceeds through a registered direct offering, strengthening the company's financial position.
• The offering was priced at $10.50 per share, which was stated as 'above market under NYSE rules' and with 'minimal or no discounts to market,' indicating favorable terms for existing shareholders.
• The capital raise attracted a 'leading long-only mutual fund,' bringing a significant institutional fundamental investor into the company's shareholder base.
• The company has now raised a total of $69.25 million in three separate tranches over the last 45 days, demonstrating consistent access to capital.
• Proceeds are earmarked for strategic growth initiatives, including acquiring critical mineral inventory, expanding mineral leasehold positions in Alaska and Montana, potential Madero Smelter capacity increase, and pursuing acquisitions of other critical mineral companies.

Negatives

• The issuance of 2,377,657 new shares of common stock will result in dilution for existing shareholders.
• The company's ATM Prospectus Supplement capacity was reduced from $65,000,000 to $39,885,000, and no further sales can be made under it without new filings, limiting immediate flexible capital access.

Risks

• Forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially, as detailed in the company's Annual Report on Form 10-K for the year ended December 31, 2024, and subsequent SEC filings.
• The company acknowledges that the issuance of the Securities may result in substantial dilution of the outstanding shares of Common Stock under certain market conditions.

Future Outlook

The company plans to utilize the net proceeds from this offering to acquire additional antimony and other critical mineral inventory, expand its existing leasehold mineral positions in Alaska and Montana, potentially increase the capacity of its Madero Smelter in Mexico beyond its 200 tons per month nameplate capacity, and pursue potential acquisitions of other critical mineral companies or specific properties currently under negotiation.

Management Comments

• "We have now raised a total of $69.25 million in three separate tranches with two large institutions over the last 45 days at increasingly higher share prices."
• "While we have not solicited these institutions, we have attempted to take advantage of the opportunity in the best way possible for the benefit of our shareholders."
• "These capital raises have been completed with minimal or no discounts to market. This practice has allowed us to strategically bring large institutional fundamental investors into our Company's shareholder base."

Industry Context

This capital raise positions United States Antimony Corporation to capitalize on the growing demand for critical minerals, including antimony and zeolite. The strategic use of funds for inventory acquisition, mineral position expansion, and potential acquisitions aligns with broader industry trends of securing supply chains and consolidating assets in the critical minerals sector, which is vital for various industrial and technological applications.

Stakeholder Impact

• Shareholders will experience dilution from the issuance of new shares but benefit from the strengthened financial position and strategic growth initiatives funded by the offering.
• Employees may see increased job security and potential for growth opportunities as the company expands its operations and pursues acquisitions.
• Customers and suppliers could benefit from increased production capacity, expanded inventory, and a more robust supply chain for critical minerals.

Next Steps

• The offering is expected to close on or about October 14, 2025, subject to satisfaction of customary closing conditions.
• The company will file a final prospectus supplement and accompanying prospectus with the SEC.
• The company will apply to list all of the newly issued shares on its principal Trading Market.
• Future sales under the ATM sales agreement will require a new prospectus supplement and a new registration statement.

Key Dates

Recommendation

The company successfully executed a significant capital raise at favorable terms (above market pricing, minimal discount) from a leading institutional investor. The proceeds are strategically allocated to fuel substantial growth initiatives, including expanding critical mineral inventory, increasing mineral leasehold positions, enhancing processing capacity, and pursuing strategic acquisitions. This strong financial backing and clear growth strategy in the vital critical minerals sector present a compelling investment opportunity for long-term growth.

Keywords

Antimony, Critical Minerals, Zeolite, Registered Direct Offering, Capital Raise, UAMY, Mining, Alaska, Montana, Mexico, Madero Smelter