Antimony has become one of the world's most critical and constrained resources, gaining importance across energy, electronics, and defense industries.
Once rarely mentioned outside mining circles, the silver-grey metal is now a strategic concern for governments and manufacturers alike.
Strategic Role and Price Surges
Antimony plays a vital role in flame-retardant fabrics, semiconductors, night-vision sensors, solar panels, and batteries. According to the 2025 Antimony Outlook from Carbon Credits, the U.S. Department of Defense uses antimony in over 200 types of ammunition, including percussion primers and armor-piercing rounds. It is also essential for the durability of lead-acid batteries and the thermal stability of perovskite solar cells.
The United States, which consumes approximately 25,000 tonnes of antimony annually, currently relies almost entirely on imports. Domestic mining halted in 2020 due to environmental and economic challenges, leaving recycling from lead-acid batteries to supply just 18% of national demand.
Global antimony production dropped to 83,000 tonnes in 2023, with China supplying around 40,000 tonnes. China's production has sharply declined due to stricter environmental regulations and mine closures in major producing provinces like Hunan and Guizhou. Russia and Myanmar, both key sources, have also seen output drop due to sanctions and political instability.
These constraints have caused historic price spikes. Prices surged to US$51,500 per tonne in 2025, with Fastmarkets previously reporting a 54% increase in 2024. Military Metals Corp CEO Scott Eldridge stated, "The antimony spot price has yet again achieved a new all-time high, now trading at US$51,500 per ton."
New Partnerships and Shifting Supply Chains
In response to this growing crisis, countries are establishing new supply partnerships. According to a September 9 report from Times of India, US Strategic Metals signed a US$500 million deal with Pakistan to export critical minerals including antimony, copper, gold, tungsten, and rare earth elements. The agreement, supported by Pakistan's Frontier Works Organization, aims to establish a poly-metallic refinery and begin immediate exports. Times of India also cited a statement from the Pakistani Prime Minister's office confirming that "the partnership will begin immediately with the export of readily available minerals from Pakistan, including antimony." Tajikistan has emerged as a rising supplier, accounting for 21,000 tonnes or 26% of global production in 2023.
According to Fortune Business Insights, the global antimony market was valued at US$1.08 billion in 2024 and is projected to reach US$1.78 billion by 2032, growing at a compound annual rate of 6.5%. Asia Pacific led the global market in 2023 with a 64.36% share, driven largely by production in China and demand in the polymer and electronics sectors.
Fortune Business Insights further noted that flame retardants represented the largest application segment, particularly in the United States, where Occupational Safety and Health Administration (OSHA) regulations such as standard 1910.269 mandate fire-resistant clothing in the utility and electrical sectors. The report projected that the U.S. antimony market alone will reach US$106.57 million by 2032.
Western Production Expands
Western producers are beginning to scale up operations to meet demand. According to a September 11 article from Proactive, Alkane Resources' Costerfield mine in Victoria, Australia, is expected to produce between 800 and 900 tonnes of antimony in fiscal 2026, alongside high-grade gold output. Proactive noted that Costerfield is now "one of the world's highest-grade gold-antimony mines," and described Alkane as "the largest Western producer of the mineral."
As demand continues to grow across renewable energy, military, and industrial sectors, the antimony supply chain remains under pressure. With limited producers outside of China and rising geopolitical tensions, attention is turning to the few U.S.-based companies working to reestablish domestic and allied production.
These firms are stepping into a critical gap, aiming to reduce reliance on foreign sources and support national security, energy, and manufacturing priorities. Below are two such companies positioned to play a growing role in the antimony supply chain.
Armory Mining Corp.
Armory Mining Corp. (ARMY:CSE; RMRYF:OTC; J2S:FRA) is a North and South America-focused explorer developing critical mineral and precious metals assets, with an emphasis on antimony's role in national security and industrial supply chains.
Streetwise Ownership Overview*
Armory Mining Corp. (ARMY:CSE; RMRYF:OTC; J2S:FRA)
On September 11, the company amended its option agreement to acquire 100% of the Ammo antimony-gold property in Nova Scotia. The final payment will now be made in shares — 384,615 common shares in place of a US$25,000 cash payment, bringing Armory's total consideration to US$25,000 and 1.13 million shares since the original October 2024 agreement.
CEO Alex Klenman said the move "accelerates the acquisition for Armory" and gives the company full control of the project. The share issuance is expected within five business days of Canadian Securities Exchange acceptance.
The Ammo property covers 3,092 hectares adjacent to the historic West Gore antimony-gold mine, about 45 kilometers from Halifax. The site features existing infrastructure, historic mine shafts, and over 70 drill holes, yet remains largely unexplored outside the main deposit area.
Armory plans a 2025 exploration program including geophysics, prospecting, and sampling. The project supports the company's broader strategy to secure domestic sources of antimony and expand its critical mineral portfolio. With assets in Canada and Argentina, Armory is positioning itself as an early mover in North American antimony development at a time when global supply concerns are intensifying.
According to Refinitiv, 0.65% of Armory Mining is held by management and insiders. The rest is retail.
Armory Mining has 50.51 million free float shares, a market capitalization of CA$2.75 million. As of September 12, 2025, the 52-week range is CA$0.0000 - CA$0.2700.
United States Antimony Corp.
United States Antimony Corp. (UAMY:NYSE) is a significant domestic producer of antimony products and operates North America's only two antimony smelters — in Montana and Mexico. With a vertically integrated model and growing global supply agreements, the company is positioning itself at the center of the U.S. critical minerals strategy.
Streetwise Ownership Overview*
United States Antimony Corp. (UAMY:NYSE)
On September 30, the company announced it had received a US$10 million initial delivery order under a 5-year, US$245 million sole-source contract with the U.S. Defense Logistics Agency (DLA). The agreement is part of a broader effort to replenish the nearly depleted National Defense Stockpile of antimony. "We are anxious to begin deliveries of antimony ingots to the government over the next few months," said Chairman and CEO Gary C. Evans.
This contract followed a series of operational milestones for USAC, including the restart of its Madero Smelter in Mexico, expansion of its Thompson Falls facility in Montana to 300 tons per month, and the approval of new mining permits in Alaska.
The company processes antimony into a variety of end products, including oxide, metal, and trisulfide for use in flame retardants, batteries, and ammunition. According to USAC's investor presentation, China and Russia control over 60% of the global supply, with China cutting exports in 2024. USAC is the only U.S. producer able to supply military-grade antimony products.
Analysts view the DLA contract as a turning point. Jake Sekelsky of Alliance Global Partners wrote on September 24 that the contract "further secures the company's position as the leading antimony supplier in North America" and increased their price target on UAMY stock to US$9.75. Sekelsky noted "In our view, the Chinese antimony export ban announced in late 2024 coupled with dwindling U.S. strategic stockpiles created a perfect storm for UAMY to step up to the plate for a key role as the sole supplier of antimony in the United States."
According to Refinitv, 16.63% of UAMY is held by management and insiders. Of those Lydia Dugan holds 6.32%, followed by Russell Lawrence at 5.25%, and Gary Evans with 1.58%. Institutions hold 26,61% with BlackRock Institutional Trust holding the most at 4.74%. The rest is retail.
United States Antimony has 128.33 million outstanding shares, 106.99 million free float shares, and a market capitalization of US$820.01 million. The 52 week range of their stock is US$0.49 to $8.17.
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Important Disclosures:
- Armory Mining Corp. has a consulting relationship with Street Smart an affiliate of Streetwise Reports. Street Smart Clients pay a monthly consulting fee between US$8,000 and US$20,000.
- As of the date of this article, officers and/or employees of Streetwise Reports LLC (including members of their household) own securities of Armory Mining Corp.
- James Guttman wrote this article for Streetwise Reports LLC and provides services to Streetwise Reports as an employee.
- This article does not constitute investment advice and is not a solicitation for any investment. Streetwise Reports does not render general or specific investment advice and the information on Streetwise Reports should not be considered a recommendation to buy or sell any security. Each reader is encouraged to consult with his or her personal financial adviser and perform their own comprehensive investment research. By opening this page, each reader accepts and agrees to Streetwise Reports' terms of use and full legal disclaimer. Streetwise Reports does not endorse or recommend the business, products, services or securities of any company.
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