United States Antimony Corp (UAMY)

[jrf30]

From William Blair

Joint Venture Signifies Exciting Antimony Processing Upside

This morning, US Antimony and Americas Gold and Silver (USAS $8.00) announced a joint venture (JV) to process the antimony produced at Americas’ Galena Complex in Idaho, which produced >250 MT of antimony in 2025. Importantly, US Antimony is optimistic that the processing facility will receive government funding, as the project directly aligns with the interests and objectives of several federal agencies. The JV will also provide an early look of upside potential around US Antimony's proprietary processing technology.

Just the Beginning for Hydromet. We expect the company to use its new modular hydrometallurgical (hydromet) process in the JV, giving the company the opportunity to scale its Bolivian pilot project in the U.S. Worth noting, the hydromet process boosts furnace efficiency, reduces downtime, and could potentially be used to process other critical minerals. We believe the company has a high likelihood of receiving government funding for this agreement, as well as future hydromet ventures down the line.

Joint Venture Agreement Details

US Antimony will hold 49% in the JV, with Americas holding 51%, with US Antimony operating the mine-to-antimony chain

Capital contributions will be made according to ownership levels, with construction expected to take 18 months (after budget is approved)

The JV will be governed through a six-member committee (three from each company), with Americas chairing the management committee

Americas will contribute the site at its Galena Complex in Idaho and will sell antimony feed to the JV on “fair market value”, with the potential to process from other mines

Valuation. We model UAMY shares to trade at a 9.3x EV/EBITDAX multiple on our $104 million 2030 EBITDAX estimate, versus the group average of 9.0x. We see potential for a 20x multiple based on peer valuations, suggesting a fair value of $16 per share, or 94% upside. This supports our continued Outperform rating.
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They have moved their fair evaluation up from $9.30 to $16 per share. That's pretty good.