By Penny Laneford
THOMPSON FALLS, MT : United States Antimony Corp (NYSE American: UAMY) announced Thursday that it has officially resumed mining operations at its Stibnite Hill properties in Montana, signaling an earlier-than-anticipated end to a five-month seasonal hiatus. The restart marks a pivotal moment in the domestic effort to secure a stable supply of antimony, a critical mineral that has become a flashpoint in the growing geopolitical rift between Western powers and the China-Russia axis.
Shares of the company advanced 4.5% following the news, as investors reacted to the prospect of the first fully integrated antimony operation outside of Chinese and Russian control.
The restart at Thompson Falls comes at a time when the United States is racing to rebuild its mineral independence. For more than a century, publications like Skillings Mining Review have chronicled the ebb and flow of American extraction; today’s development represents one of the most significant “re-shoring” events in the critical minerals sector this decade.
Ending the Winter Hibernation Ahead of Schedule
Typically, the harsh winters of western Montana force a suspension of surface activities at Stibnite Hill from late autumn through early spring. However, favorable late-season weather patterns and a prioritized mobilization plan allowed UAMY to return to the mountain weeks earlier than the 2025 campaign.
The operation is focused on a five-acre permit area adjacent to the company’s existing smelter. This proximity provides a logistical advantage that is rare in the modern mining landscape: the ability to move raw ore from the mine face to a processing unit in a matter of minutes.
According to company filings, the geological team identified three primary vein systems during the 2025 exploration phase that contain sufficient quantities of antimony to support both current underground activities and potential future surface expansion. By the end of the previous season in October 2025, UAMY had already extracted approximately 800 tons of raw ore. With the early restart, the company is positioned to significantly exceed those volumes in 2026.
Why Antimony Matters: The Defense and Tech Nexus
Antimony is often described as the “greatest mineral you’ve never heard of,” yet it is indispensable to modern warfare and green energy. It is a primary component in lead-acid batteries, semiconductors, and flame retardants. Most critically for the Department of Defense, antimony is essential for the production of armor-piercing ammunition, night-vision goggles, and infrared sensors.
The urgency of the Montana restart is underscored by the current global supply crunch. For years, China has dominated the market, accounting for nearly 80% of global processing capacity. In 2024 and 2025, Beijing implemented increasingly restrictive export quotas and “security reviews” on antimony shipments, a move widely interpreted as a response to U.S. technology sanctions.
“We are moving toward a period where mineral sovereignty is synonymous with national security,” said one industry analyst. “You cannot have a credible defense posture if your ammunition supply chain begins in an adversarial capital.”
Readers interested in the broader implications of these shortages can explore why everyone is talking about the antimony supply crunch.
The Integrated Advantage: Mining to Metal
The standout feature of the Montana operations is its integration. While other North American projects are currently in the permitting or development phase, U.S. Antimony already possesses an active smelting facility.
The company is currently executing a $15 million expansion of its Thompson Falls smelter, aimed at increasing throughput by 500%. Once fully optimized, the facility is expected to produce up to 5 million pounds of antimony metal and oxide annually. This “pit-to-product” model eliminates the need to ship concentrates overseas for refining: a process that currently leaves many Western miners beholden to Chinese smelters.
The integrated model also offers a hedge against the price volatility seen in 2025, when antimony ore prices surged following Chinese embargoes. By controlling the feed and the furnace, UAMY aims to provide a reliable, “Made in USA” price point for domestic defense contractors and battery manufacturers.
Regional Context: The Idaho and Montana Revival
The Montana restart does not exist in a vacuum. It is part of a broader “Antimony Belt” revival stretching into Idaho. The Stibnite Gold Project, managed by Perpetua Resources, received significant federal backing and permitting milestones under recent administrations, eyeing one of the largest reserves in the world. Similarly, the historic Sunshine Mine in Idaho is undergoing its own feasibility studies to contribute to the domestic pool.
However, U.S. Antimony’s Montana site is the “first mover” in this race. While larger projects in Idaho may produce higher volumes in the late 2020s, the Thompson Falls operation is providing the immediate bridge needed to reduce total import reliance today.
Data Points: Antimony Supply and Demand 2026
To understand the scale of the challenge, consider the following supply-demand metrics currently circulating in the market:
| Metric | 2024 Actual | 2026 Forecast (Est.) | Change |
|---|---|---|---|
| Global Antimony Demand | 165,000 Tonnes | 182,000 Tonnes | +10.3% |
| U.S. Secondary Production (Recycling) | 4,200 Tonnes | 4,500 Tonnes | +7.1% |
| U.S. Primary Production (Mining) | ~0 Tonnes | 1,200 Tonnes | N/A |
| Average Price (Per Tonne) | $22,500 | $31,000 | +37.7% |
The data highlights a “scarcity premium” that is beginning to define the critical minerals market. As documented in our analysis of the copper infrastructure-driven super-cycle, investors are increasingly looking for assets that offer immediate production rather than decade-long development timelines.
The Skillings Legacy and the Future of Montana Mining
The resurgence of mining in the Thompson Falls area is a callback to the heritage of the American West. For over 114 years, Skillings Mining Review has tracked the evolution of the industry from the iron ranges of Minnesota to the silver veins of the Coeur d’Alene.
The move by U.S. Antimony to restart Stibnite Hill is more than just a corporate milestone; it is a validation of the 100+ year legacy of American mining expertise. By combining historical geological data with modern environmental safeguards: overseen by the Montana Department of Environmental Quality: the company is proving that high-stakes mining can coexist with 21st-century standards.
Risks and Outlook
Despite the optimistic restart, challenges remain. The company must navigate the continued inflationary pressures on labor and equipment. Furthermore, while the current administration has been supportive of critical mineral projects, regulatory shifts always remain a risk for operators in the Western United States.
However, the “China Chokehold” has created a rare bipartisan consensus in Washington. The 2026 Critical Minerals Ministerial recently emphasized that projects like Stibnite Hill are no longer optional: they are essential infrastructure.
For investors, the 4.5% share jump reflects a growing confidence that U.S. Antimony is transitioning from a “potential” producer to a “proven” one. As the 2026 mining season kicks into high gear, all eyes will be on the Thompson Falls smelter to see if it can meet its ambitious 5-million-pound production target.
For more deep-dives into the metals shaping the global economy, including our Gold Price Forecast 2026, stay tuned to Skillings.net.
