USAC is a publicly traded (NYSE: UAMY) natural resource company and the only significant antimony producer in the United States — vertically integrated across mining, milling, smelting, and sales.
United States Antimony Corporation (“USAC”), is a publicly traded (NYSE: UAMY), rapidly growing natural resource company that is increasing its raw material supply of antimony from third parties around the world, along with staking its own claims for over 32,000 acres to reactivate U.S. historical antimony deposits, to secure a fully domestic antimony supply chain. USAC has produced various antimony products since 1969 and is a fully integrated mining, transportation, milling, smelting, and selling company. USAC operates the only significant antimony smelter in the United States and it is in a “sold out” condition. The Company has proven experience in underground and open pit mining, flotation and gravimetric milling, crushing and screening, dry grinding, cyanide leaching, precious metal refining, pyro-metallurgy, and marketing.
Operations include a smelter and a precious metal refinery in Montana, and a smelter and three mills in Mexico.
Mining was suspended in December 1983, because antimony could be purchased more economically from foreign sources.
For 2019, and since 1983, we relied on foreign sources for raw materials, and there are risks of interruption in procurement from these sources and/or volatile changes in world market prices for these materials that are not controllable by us. We have sources of antimony in Mexico but we are still depending on foreign companies for raw material in the future. We expect to receive raw materials from our owned and leased properties for 2019 and later years. We continue working with suppliers in North America, Central America, Europe, Australia, and South America.
We currently own 100% of the common stock, equipment, and the leases on real property of United States Antimony, Mexico S.A. de C.V. or “USAMSA”, which was formed in April 1998. We currently own 100% of the stock in Antimony de Mexico SA de CV (AM) which owns the San Miguel concession of the Los Juarez property.
USAMSA has three divisions, (1) the Madero smelter in Coahuila, (2) the Puerto Blanco flotation mill and oxide circuit in Guanajuato that is ramping up for 2020, and (3) the Los Juarez mineral deposit with concessions in Queretaro and the Wadley mining concession in San Luis Potosi.
In our existing operations in Montana, we produce antimony oxide, sodium antimonate, antimony metal, and precious metals. Antimony oxide is a fine, white powder that is used primarily in conjunction with a halogen to form a synergistic flame retardant system for plastics, rubber, fiberglass, textile goods, paints, coatings and paper. Antimony oxide is also used as a color fastener in paint, as a catalyst for production of polyester resins for fibers and film, as a catalyst for production of polyethylene pthalate in plastic bottles, as a phosphorescent agent in fluorescent light bulbs, and as an opacifier for porcelains. Sodium antimonate is primarily used as a fining agent (degasser) for glass in cathode ray tubes and as a flame retardant. We also sell antimony metal for use in bearings, storage batteries and ordnance.
We estimate (but have not independently confirmed) that our present share of the domestic market and international market for antimony oxide products is approximately 4% and less than 1%, respectively.
We own 100% of Bear River Zeolite Company, (BRZ an Idaho corporation) that was incorporated on June 1, 2000. BRZ has a lease with Webster Farm, L.L.C. that entitles BRZ to surface mine and process zeolite on property located near Preston, Idaho, in exchange for a royalty payment. In 2010 the royalty was adjusted to $10 per ton sold. The current minimum annual royalty is $60,000. In addition, BRZ has more zeolite on U.S. Bureau of Land Management land. The Company pays various royalties on the sale of zeolite products. William Raymond and Nancy Couse are paid a royalty that varies from $1 to $5 per ton. On a combined basis, royalties vary from 8%-13%. BRZ has constructed a processing plant on the property and has improved its productive capacity. We constructed a new warehouse in 2018 to expedite our shipping and packaging for customers.
We have no “proven reserves” or “probable reserves” of zeolite, as these terms are defined by the Securities and Exchange Commission.
“Zeolite” refers to a group of industrial minerals that consist of hydrated aluminosilicates that hold cations such as calcium, sodium, ammonium, various heavy metals, and potassium in their crystal lattice. Water is loosely held in cavities in the lattice. BRZ zeolite is regarded as one of the best zeolites in the world due to its high CEC of approximately 180-220 meq/100 gr., its hardness and high clinoptilolite content, its absence of clay minerals, and its low sodium content.
USAC began mining antimony at the Stibnite Hill Mine near Thompson Falls, Montana in 1969. Mining was from 23 different drifts using room and pillar methods, slushers, jack-leg drills, and electric trammers. A heavy media separator (HMS) plant and flotation mill were installed. Initial concentrates were sold to smelters until 1971.
From 1971 until 1976 the concentrates were converted to metal first using the English precipitation method and the using an electro-winning plant. From 1977 until 1983 the concentrates were converted to sodium antimonite hexa-hydrate and sold to the television industry as a fining agent for television bulbs. Thereafter, antimony metal, primarily from China, and metal converted from third party sodium antimonite to metal, was sold as metal or converted to oxide and sold fumed.
Mining operations in Montana were curtailed in 1983 due to low prices. During a three-year period, the Company, operating as a Mexican Subsidiary named USAMSA, mined antimony at Sierra Guadalupe in Zacetecas, Mexico and smelted at Madero in Coahuila, Mexico. Buying Chinese metal became uneconomic and USAC relied on smelter byproduct feed from Canada. When prices strengthened again in the early 2000’s, we returned to Mexico to begin operations to enhance our raw material supply.
In December of 2024, the antimony market shifted dramatically from a ban on antimony exports from China, leading to commodity prices reaching record highs. As the only stibnite/antimony processor in North America, USAC’s business model and associated cost/price metrics shifted. USAC began to move quickly to scale, upgrade, enhance, and innovate its processing facilities and ore sourcing capacities to capture these new market conditions and to begin more in-depth talks with U.S. Government departments to help develop a domestic supply chain for antimony sourcing and processing.
Gary C. Evans began serving as CEO of United States Antimony Corporation in December of 2024 after serving as Co-CEO since March of 2024. Evans joined the Board of Directors of United States Antimony Corporation in November of 2022. Mr. Evans is a transformational leader, a serial entrepreneur, and throughout his career, he has taken three separate energy companies public on the NYSE. At present, he serves as Chairman of the Board, Chief Executive Officer, and is the largest shareholder of Evergreen Sustainable Enterprises, Inc. (“Evergreen”) Mr. Evans launched Evergreen as an evolution from his hemp company, Generation Hemp, Inc, while developing diversified green energy plants designed to use hemp biomass as biofuel to generate power to mine Bitcoin. Throughout his career, Mr. Evans has raised various forms of capital on Wall Street that have exceeded $8 Billion. Mr. Evans has previously served for 24 years as a Director of Novavax Inc., a NASDAQ listed (“NVAX”) clinical-stage vaccine biotechnology company (Covid-19 Vaccine) which achieved a market capitalization in excess of $20 Billion during the pandemic, where he also previously served as Chairman, CEO and Lead Director.
Lloyd Joseph Bardswich began serving as EVP and Chief Mining Officer of United States Antimony Corporation in December 2024 after serving as Co-CEO. Mr. Bardswich joined the board of directors of United States Antimony Corp. on February 9, 2021 and has extensive experience in mining, mining engineering, management, drilling, metallurgy and plant design. He is a registered professional mining engineer, can served as a QP (qualified person) regarding reporting to NI43-101 standards and has worked as a Shift Boss, Mine Safety Engineer, Mine Foreman, Mine Manager, and Mining Consultant.
Mr. Gustavsen graduated from Rutgers University in 1970 with a BS in chemistry and started work for Harshaw Chemical Company’s plant in Gloucester City, NJ (purchased by Amspec Chemical Corporation in 1983), a major producer of antimony trioxide. Mr. Gustavsen took engineering courses at Drexel University from 1976 through 1980, and became president and treasurer of the company in 1983. He attended several accounting and financial seminars, took Chinese and Japanese language courses at the University of Pennsylvania, and was promoted to CEO in 1990. Mr. Gustavsen designed a new type of production furnace for antimony trioxide that eventually produced 20 million pounds of antimony trioxide per year. Mr. Gustavsen is conversant in Spanish, and other languages, and travelled to many countries as part of his duties as CEO/President of Amspec Chemical Corporation. Mr. Gustavsen came to work at United States Antimony Corporation in October of 2011. On March 11, Mr. Gustavsen was appointed President of the Company’s Antimony Division, and he has relinquished his title as CEO of U.S. Antimony Corporation.
Shawn Winkler is a finance executive with more than two decades of experience in corporate finance, capital markets, and executive leadership across the energy and natural resources sectors. He most recently served as Chief Financial Officer of Burrow Global, a Texas-based full-service engineering, procurement, and construction firm serving the energy industry.
Earlier in his career, Shawn spent 15 years as an investment banker at BMO Capital Markets and Deutsche Bank Securities, advising public and private clients in the natural resources sector on more than $10 billion of M&A transactions. He has led capital raises across the full capital structure, including IPOs, follow-on equity, high-yield and convertible notes, bank and institutional loans, and acquisition financing.
Shawn holds an MBA from Rice University’s Jones Graduate School of Management, where he was named a Jones Scholar, and a Bachelor of Arts in Economics and Managerial Studies from Rice University. He is based in Houston, Texas.
Aaron Tenesch has primarily worked as a consultant in the mining industry in the area of project development. He has served as Process Manager for both custom gravity and flotation mills where he has specialized in flotation optimization. He previously served as Director of Plant and Milling Operations for ISR Capital from 2013 to 2015. Mr. Tenesch managed the processing of the Brucejack bulk sample for Pretium Corp which led to their final capital raise and buildout of the Brucejack mine and mill. Mr. Tenesch was Corporate Manager of three operating facilities where he supported engineering and design of novel systems associated with copper and lead recoveries. From 2010 to 2013, he served as Mill Superintendent and Metallurgist at Drumlummon Gold Corporation. From 2008 to 2010, he worked as Laboratory Production Technician & Crew Lead at Stillwater Mining. From 2002 to 2007, Mr. Tenesch was a research Assistant/Lab Manager for NASA Astrobiology Institute, NASA Exobiology Resource Group and National Science Foundation at the University of Montana. Mr. Tenesch graduated with a M.Sc. in Geosciences (geochemistry) from the University of Montana in 2009 and he also holds a B.S. Geosciences degree, also from the University of Montana. He has authored a number of publications during his academic career and was nominated as NASA McNair Scholar for outstanding research in 2003 to 2005.
Jonathan Miller brings a wealth of experience from his tenure as Vice President of Sales and Business Development at SRAX, Inc., a publicly traded SaaS & DaaS technology company. At SRAX, he led significant revenue-driving initiatives, such as the go-to-market strategy and early revenue for the BigToken data platform, and the acquisition of numerous new key business deals for the SEQUIRE SaaS platform. His expertise in securing strategic partnerships, achieving significant revenue growth, and engaging high-profile clients through innovative marketing strategies will be invaluable as he takes on the responsibilities of scaling USAC’s business and enhancing its investor relations.
Mr. Miller holds a Bachelor of Science in Interpersonal Organizational Business Communications from the University of Central Florida. His strong educational background, combined with his practical experience and proven track record of success in various sales and business development roles, positions him well to effectively communicate USAC’s financial turnaround and growth trajectory to the investment community.
Mr. Rodney (Rod) Blakestad is the Vice President of the United States Antimony Corporation Mining Division. Mr. Blakestad is an economic geologist with a B.Sc. in Geology from the University of Alaska (1973) and a Juris Doctor in environmental and natural resources law from the University of Denver (1989). With over 45 years of experience in the hard rock mining space, he has played a key role in mineral exploration and development – including project funding, acquisitions, and management of open-pit gold and copper mines. His expertise spans porphyry systems, gold deposits, volcanic massive sulfides, PGM deposits, and brine systems, contributing to major discoveries such as Fort Knox in Alaska. Recognized as a Qualified Person under Canadian NI 43-101 and a Certified Professional Geologist, he continues to lead and advance mineral projects with a strong technical and regulatory foundation.
Rod Blakestad brings to U.S. Antimony decades of experience in resource development and strategic growth initiatives. Mr. Blakestad oversees the Company’s mining operations in the state of Alaska. His expertise in mineral exploration and regulatory compliance plays a key role in advancing the Company’s long-term development plans in sourcing critical minerals. Mr. Blakestad’s extensive background in hard rock mineral development, especially in Alaska, makes him an excellent part our leadership team. His leadership is critical in optimizing our operations and ensuring we remain at the forefront of the domestic antimony market with our own ability to supply existing downstream operating facilities.
Rebecca Gower brings over two decades of international mineral exploration experience to the U.S. Antimony Corporation team. She holds a B.S. in Geology from Lake Superior State University, a M.P.S. in Mineral Exploration from the Colorado School of Mines and is recognized as a P.Geo under the Canadian NI 43-101. Her career has taken her across diverse geological terrains in the United States, Canada, Uruguay, and Australia.
Rebecca has been involved in every stage of the exploration lifecycle—from grassroots reconnaissance and target generation to advanced-stage resource definition and evaluation. Her technical expertise spans a wide range of commodities, including Gold, Copper, Nickel, PGE’s, and Antimony. With her experience in junior exploration companies and mid-tier mining companies, she demonstrates a strong ability to integrate data with operations to guide successful exploration programs.
Rebecca’s broad geological knowledge, combined with a hands-on approach to project development and her commitment to safety and sustainability, makes her a valuable asset to USAC’s exploration efforts in Alaska by supporting efforts to expand domestic production capabilities and enhance resource development strategies.
