United States Antimony Soars 11% While Rare Earth Peers Retreat; USA Rare Earth Drops 3%, Critical Metals Falls 4%

Antimony is trading on its own story as the critical minerals complex splits in two. United States Antimony (NYSEAMERICAN:UAMY) shares are up 11% to $3.18, breaking clearly from the rare earth names around it.

Meanwhile, USA Rare Earth (NASDAQ:USAR) stock is down 3% to $10.22, moving opposite United States Antimony shares. Critical Metals (NASDAQ:CRML) shares are down 4%, a slightly steeper decline than USA Rare Earth stock.

Even after the jump, United States Antimony stock is down 37% year to date (YTD), so the rally starts from a depressed base.

Defense Deliveries Set Antimony Apart

United States Antimony is the sole Western Hemisphere producer of military-specification antimony ingots under a long-term Defense Logistics Agency supply contract. The company reported increased Q3 2026 deliveries under that contract. That sole-source agreement is worth $245 million, with $57.3 million in cumulative orders awarded so far.

Those ingots exceed 99.5% purity, and United States Antimony processes the metal at facilities in Thompson Falls, Montana, and Madero, Mexico. Management built inventory to $21.6 million to support the contract deliveries.

United States Antimony’s recently started smelter expansion at Thompson Falls is ramping, and mining at Nolan Creek, Alaska, is tentatively planned to begin by year-end. Bolivia’s hydrometallurgical facility, whose first shipment is already on the water, is expected to run at 150 tons per month.

The margin math favors United States Antimony, which secures antimony at $4 to $6 per pound and sells at premium pricing under the contract. However, the company cut its full-year revenue guidance to $60 million to $75 million. Executives expect antimony to stay in the $10-per-pound range for the rest of the year.

Rare Earth Names Slip as the S&P 500 Climbs

Both USA Rare Earth and Critical Metals focus on rare earth elements. USA Rare Earth is building a neodymium-iron-boron magnet supply chain centered on by its Stillwater, Oklahoma, facility and backed by up to $1.6 billion in CHIPS Act funding. Critical Metals is a pre-revenue developer behind the Tanbreez rare earths project in Greenland and the Wolfsberg lithium project in Austria.

USA Rare Earth keeps expanding upstream. Deal activity includes a $2.8 billion agreement to acquire Serra Verde Group and a second U.S. magnet facility planned for Blacksburg, South Carolina. An amended Tanbreez agreement would lift Critical Metals’ ownership from 42% to 92.5%, pending Greenland government approval.

The VanEck Rare Earth and Strategic Metals ETF (NYSEARCA:REMX) is down 0.9%, a far milder slip than USA Rare Earth and Critical Metals shares. That fund held United States Antimony shares at 1.5% of net assets as of June 30.

For a broad-market check, the SPDR S&P 500 ETF Trust (NYSEARCA:SPY) is up 0.8%. Meanwhile, USA Rare Earth and Critical Metals shares are falling against a rising market. United States Antimony is far outpacing the SPY ETF, pointing to a company-specific move.

Antimony Charts Its Own Course

United States Antimony still needs to show its deliveries to the Defense Logistics Agency keep rising. Four pending grant applications with the Departments of Energy and War, worth $275 million, could add funding. Spot pricing remains the swing factor for United States Antimony margins after a 52% year-over-year drop in average selling prices.

United States Antimony’s institutional ownership grew to 57% from 42%, and federal support for domestic critical mineral mining adds a boost.

Rising deliveries could help United States Antimony offset weaker spot prices, but sharp rallies in smaller critical minerals stocks can reverse quickly. Keeping UAMY share position sizes modest makes sense until the antimony delivery ramp resolves.

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