A Thousand Tons Leave Alaska in November
US Antimony is trucking its first self-mined Alaskan ore to its Montana flotation mill this quarter, with sales booked for November and December. The press release prices the rock at $438.9m. The number that decides whether your 2027 oxide gets cheaper is the one the release leaves out.
A contractor is working two shifts a day underground, 175 miles north of Fairbanks, in late October.
A local Alaskan trucking company has been hired to move what comes out, in winter, to a flotation mill in Radersburg, Montana. The load is about 1,000 tons of lode ore, and United States Antimony says it is booking the sales against it in November and December.
That is the whole event, and it filed on Monday as Exhibit 99.2 to an 8-K.
The rest of the filing is a resource report, and the resource report is what the market read. We think the market read the wrong half.
What the $438.9 Million Actually Says
USAC put a Technical Report Summary on its Nolan Creek property into the record on October 26, prepared under subpart 1300 of Regulation S-K by Thomas K. Bundtzen of Pacific Rim Geological Consulting. Original effective date 2008, amended as of September 15 this year. The company bought the claims at a trustee's sale on the courthouse steps on January 30, 2026, then bought Alaskan State claims around them.
The headline is $313.7m of Measured and Indicated in-situ value and $125.2m inferred, $438.9m all in, at the company's own stated prices of $8.30/lb antimony and $4,000/oz gold, and explicitly before mining, transport, processing and recovery.
Split it by metal and the property stops being a gold story (chart below). Antimony is 74.5% of the Measured and Indicated value and 71.1% of the grand total.
The gold is the by-product.
Now divide the company's dollars by the company's own prices, which nobody seems to have bothered to do.
$233,877,400 at $8.30/lb is 28.2 million pounds, or 12,781 t of contained antimony in the Measured and Indicated. Inferred adds 4,271 t. Call it 17,053 t in the ground across both classes, before anybody recovers a kilogram of it.
A bit of an oversimplification for time: in-situ contained metal is not production, and the release is careful to say so twice in its own footnotes. Still, it is the only unit in which this property means anything to you.
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