UAMY

UAMY is riding the U.S. critical-minerals narrative — antimony, tungsten, domestic vertical integration — and the market is paying a heroic 24.6x trailing sales ($965M cap on $39.3M of FY2025 revenue) for a business that lost $4.34M and burned $9.69M of operating cash last year. Revenue did triple (+162.8% YoY) off a tiny base, but gross margin is only 25.2% and operating margin is -21.5%, so growth is not translating into profit. Net income deteriorated 150.8% YoY and ROE is -3.1% against an accumulated deficit of -$45.5M — this is not a compounder, it is a turnaround speculation.

The filing language reinforces that this is a build-out, not a harvest. Management spent $27.8M in capex (a 6,358% jump) acquiring claims in Alaska, Ontario (Fostung tungsten, $5.0M), Fairbanks property, Thompson Falls housing, and the Radersburg flotation facility in January 2026 ($4.8M + a budgeted $2.0M to modernize). The 10-K explicitly states 'no mineral reserves or resources have been established yet for these mining claims' at Los Juarez, Ontario, Alaska or Thompson Falls, and that Stibnite Hill produced just 840 tons in a 'mechanized bulk sampling program' before mining 'ceased in November 2025' due to weather. The February 2026 hydromet JV with Americas Gold and Silver leaves UAMY as the 49% minority partner — they will manage it, but Americas owns the upside.