US Antimony Smelter Expansion Delay Tests Domestic Antimony Supply Strategy

USAC

US Antimony smelter expansion delays are testing the pace of America’s effort to rebuild domestic antimony processing capacity. US Antimony expects completion of the Thompson Falls smelter expansion in Montana to be delayed after supplier and third-party setbacks affected construction work.

The delay matters because Thompson Falls is the only antimony smelter in the US. It is also one of only two North American antimony smelting assets operated by the company, alongside the Madero smelter in Mexico.

US Antimony smelter expansion plans are designed to lift Thompson Falls capacity to more than 500 tonnes per month. That added capacity is central to the company’s 2026 revenue outlook and its ability to serve government and commercial contracts.

Thompson Falls Capacity Is Critical for US Defense Supply

Antimony is a strategic mineral used in flame retardants, alloys, ammunition, defense applications, batteries, and other industrial products. The Thompson Falls expansion therefore carries national security significance beyond ordinary smelter growth.

US Antimony has secured a five-year fixed-price contract worth up to $245 million to supply antimony ingots to the US Defense Logistics Agency for the national defense stockpile. The company expects to deliver its first $75 million of antimony ingots in 2026.

The company ended 2025 with a record 465 tonnes of processed and unprocessed antimony inventory, up from 78 tonnes a year earlier. Part of that inventory will support its DLA obligations while the company works to expand processing capacity.

Imported Feedstock Still Defines Near-Term Antimony Risk

US Antimony currently sources all of its antimony from international suppliers. That dependence shows why domestic mining claims in Montana and Alaska are strategically important to the company’s long-term supply position.

The company reacquired mining claims adjacent to its Montana smelting operations in July and also acquired claims in Alaska in January 2025. However, Alaska operations have faced delays from permitting issues and weather conditions.

Revenue more than doubled to $39.3 million in 2025 from $14.9 million in 2024, but losses widened to $4.3 million. This shows that growth is accelerating, but execution costs, expansion delays, and feedstock security remain key risks.

The Metalnomist Commentary

US Antimony smelter expansion is a test case for whether the US can convert critical mineral policy into real processing capacity. The company has the contracts and strategic relevance, but execution speed and domestic feedstock development will decide how much supply security it can actually deliver.

SPMP Oman Antimony Smelter Sale Could Reshape Non-China Supply Options

SPMP

SPMP Oman antimony smelter ownership could change as Strategic & Precious Metals Processing seeks either a buyer for the Sohar asset or an operator to manage production. The move comes as antimony buyers look for secure processing capacity outside China.

SPMP Oman antimony smelter capacity is strategically important because the plant can produce around 20,000 t/yr of metallurgical and trioxide-grade antimony. This includes up to 10,000 t/yr of antimony trioxide.

SPMP Oman antimony smelter operations have been idled since the start of 2024. The shutdown removed a major alternative supply source from a market already facing tight concentrate availability and stronger strategic demand.

At full utilisation, the Sohar plant could account for roughly 12% of global antimony metal production. That gives any restart, sale or operating partnership clear market significance.

Feedstock Security Will Decide Restart Potential

The main challenge for SPMP is not only ownership. It is feedstock security.

The company does not own an antimony mine, so any sustainable restart will depend on securing a steady flow of concentrate. This is difficult in a market where concentrate supply is tight and producers are increasingly cautious about origin, pricing and long-term availability.

The Sohar roaster was designed as a major non-China processing hub. But without reliable feedstock, nameplate capacity alone cannot support the market.

SPMP initially idled the plant as a temporary measure, but operations did not resume. A global concentrate shortage made the restart path more difficult.

The plant also has capacity to produce 50,000 oz/yr of gold doré, adding by-product value if feedstock and operating economics can be stabilised.

The asset was established in 2014 as a joint venture involving Omani state interests, Tri-Star Resources and Dubai-based DNR Industries. After restructuring and financing changes, Tri-Star Resources and the Oman Investment Authority remain key stakeholders.

Antimony Processing Gains Strategic Value Outside China

The possible sale or operating partnership comes at a sensitive time for antimony markets. Chinese export controls have tightened access to refined material and increased interest in alternative processing hubs.

Antimony is used in flame retardants, ammunition, lead alloys, batteries, solar glass and defence-related applications. Its strategic importance has risen as governments reassess supply chains for critical minerals and dual-use materials.

A functioning Sohar plant would give buyers another route outside China. That matters because the number of large-scale alternative antimony processing centres remains limited.

However, the market has changed since SPMP stopped production. Southeast Asian processing capacity has expanded quickly over the past year in response to global tightness.

That new competition could affect the value of the Oman asset. A buyer or operator would need to secure concentrate, manage costs and compete with newer regional processing routes.

Still, Sohar has a strategic advantage. It is an established plant with significant nameplate capacity in a geopolitically important logistics location.

For antimony buyers, the key issue will be whether SPMP’s asset can return as a reliable supply source. If it does, it could reduce some dependence on Chinese-controlled flows and improve optionality for western and regional customers.

The Metalnomist Commentary

The SPMP Oman antimony smelter is valuable because processing capacity outside China is scarce. But the asset’s real worth depends on concentrate access, not nameplate capacity; without feedstock, even a strategically located smelter remains idle metal infrastructure.

US Antimony Restarts Madero Smelter to Resume Antimony Processing

US Antimony

Focus Keyphrase: US Antimony Madero smelter

US Antimony Madero smelter operations have officially resumed after a year-long shutdown, signaling renewed momentum in the North American antimony supply chain. The Montana-based company began processing imported antimony ore at its facility in Coahuila, Mexico, following delays at customs.

The restarted Madero smelter received its first shipment of ore from international sources in late March. Despite a two-week customs delay, processing is now underway, with additional shipments scheduled to arrive in the coming weeks.

Restart Follows Year of Operational Suspension

US Antimony halted operations at the smelter in March 2024 due to financial and operational challenges. These included underperformance, negative cash flow, and logistical issues related to sourcing and processing ore.

The current restart suggests improved market conditions and a revised operational strategy to better align with commercial goals. This could help the company meet growing demand for antimony, a critical mineral used in flame retardants, batteries, and defense applications.

Antimony Supply Chain Gaining Renewed Focus

The US Antimony Madero smelter restart aligns with wider efforts to strengthen North American supply chains for critical minerals. Antimony, included in the U.S. critical minerals list, faces limited domestic production and high import dependence.

By reactivating its smelting capabilities, US Antimony may help diversify supply while contributing to national resource security. The next shipments and consistent throughput will be key indicators of long-term viability for the restarted facility.

The Metalnomist Commentary

The Madero smelter restart is a noteworthy move toward restoring regional refining capacity for antimony. If operational consistency is maintained, US Antimony could play a key role in mitigating reliance on foreign antimony supplies.

US Antimony Montana Smelter Expansion to Boost Domestic Critical Mineral Processing

US Antimony

Capacity to Increase Six-Fold Amid Strategic Demand for Antimony

The US Antimony Montana smelter expansion marks a significant step in strengthening America’s domestic critical mineral infrastructure. US Antimony announced plans to increase capacity six-fold to 300 tons/month, reinforcing its role as the only operational antimony smelter in the United States. The $15 million project will support growing demand across flame retardants, defense applications, and lead-alloy battery manufacturing.

Domestic Processing Capabilities Get a Strategic Boost

The US Antimony Montana smelter expansion is particularly timely, given rising geopolitical interest in critical mineral self-sufficiency. Antimony plays a key role in military-grade materials and energy storage, making local refining capacity strategically vital. The company also restarted its Madero smelter in Mexico earlier this month, signaling broader regional efforts to scale up antimony processing in North America.

Investment Reflects Long-Term Critical Mineral Prioritization

The Montana expansion supports U.S. government goals under the Defense Production Act and various critical minerals strategies aimed at reducing import dependence. As China dominates global antimony supply chains, initiatives like the US Antimony Montana smelter expansion enhance national resilience while meeting industrial and defense-related demand.

The Metalnomist Commentary

The US Antimony Montana smelter expansion underscores a pivotal reshoring trend in the U.S. critical minerals sector. As antimony remains essential for both civilian and military supply chains, expanding domestic smelting capacity is a strategic and economic imperative.

US Antimony DLA contract strengthens US strategic antimony supply

US Antimony

US Antimony DLA contract marks a major step in rebuilding North America’s antimony supply chain and defense resilience. The five-year, fixed-price US Antimony DLA contract is worth up to $245mn and targets nearly 6.7mn lbs of metal. As a result, the US Antimony DLA contract positions the company as the core domestic supplier for this critical mineral.

DLA moves to secure domestic antimony for the stockpile

The US Defense Logistics Agency awarded US Antimony a contract to supply ingots for the National Defense Stockpile. Deliveries will go to the Scotia Depot in New York, with first shipments expected this week under the multi-year framework. The tender directly cited US Antimony as the only source of qualifying domestic-grade material, underscoring its unique position.

US Antimony operates the only two antimony smelters in North America, in Montana and at Madero in Mexico. The Madero smelter reopened in April, restoring additional regional capacity for processed antimony products. Together, these assets give the company integrated upstream and midstream control from ore to ingot.

Antimony’s role in defense and critical minerals strategy

Antimony is a core ingredient in many strategic and military applications, especially for alloys and flame retardants. It is used in batteries, cables and specialized defense components, making secure supply a national priority. Therefore, the contract fits into Washington’s broader push to rebuild domestic and allied capacity for critical minerals.

The DLA has expanded its National Defense Stockpile purchases across several critical minerals this year. Recent tenders and RFIs have targeted cobalt, bismuth, high-purity aluminum, scandium flake, niobium and ferro-niobium. This portfolio approach aims to reduce dependence on unstable or adversarial foreign sources.

Market implications for antimony and strategic metals

The US Antimony DLA contract sends a strong demand signal to antimony markets and potential investors. Long-term, fixed-price offtake can support capital spending, operational stability and potential future expansions. Meanwhile, the contract highlights the value of having permitted, operating smelter capacity in politically stable jurisdictions.

Global antimony supply remains concentrated, with China still dominating mine output and processing. As a result, Western buyers increasingly seek diversified supply chains, including North American and allied producers. US Antimony’s position as the only North American smelter operator makes it a central part of this shift.

The Metalnomist Commentary

This deal effectively transforms US Antimony from a niche smelter into a strategic asset for US defense planners. For the broader critical minerals sector, it signals that long-dated government offtake contracts may become a key financing tool for non-Chinese supply.

US Antimony Bolivia Processing Facility Expands the Western Antimony Supply Chain

US Antimony, Bolivia plant

The US Antimony Bolivia processing facility could strengthen one of the West’s most constrained critical mineral chains. US Antimony said it helped develop a hydrometallurgical facility in Bolivia to refine antimony and other critical minerals at commercial scale. The company will be the sole recipient of processed antimony flake from the site. As a result, the US Antimony Bolivia processing facility may become an important upstream support point for western antimony supply.

This development matters because antimony remains strategically sensitive and commercially tight. US Antimony expects the higher-quality flake from Bolivia to raise throughput at its Thompson Falls smelter in Montana. The company plans to receive an initial 150-metric-tonne shipment in February or March. Therefore, the US Antimony Bolivia processing facility is not just a technology project. It is already linking directly to near-term metal and trioxide production.

The agreement also gives US Antimony more than supply access. The company secured the exclusive right to duplicate the Bolivian hydrometallurgical process in North America and Australia. That means the US Antimony Bolivia processing facility could serve as a template for wider regional expansion. Consequently, the project may help create a more scalable western antimony processing model.

Hydrometallurgical Antimony Processing Offers a Faster Route to Capacity Growth

Hydrometallurgical antimony processing is becoming the most important strategic feature of this deal. US Antimony said the Bolivian facility expanded output 15-fold since it began funding the site in mid-2025. That rise suggests the processing route can scale quickly when supported with capital and feedstock. As a result, hydrometallurgical antimony processing may offer a more flexible alternative to slower traditional capacity build-outs.

The feedstock base also supports the project’s commercial relevance. The facility uses stibnite concentrate or tetrahedrite concentrate to produce antimony. That flexibility matters because diversified feed options can improve plant utilisation and reduce procurement risk. Meanwhile, the company noted that similar methods and equipment could also refine other critical minerals. Therefore, the process may carry broader value beyond antimony alone.

This model fits the current strategic environment in critical minerals. Governments and processors increasingly want smaller, faster, and more adaptable refining assets. Large mining projects still matter, but midstream processing gaps often create the real bottlenecks. Consequently, hydrometallurgical antimony processing may attract stronger attention from both policymakers and investors.

Western Antimony Supply Chain Ambitions Are Moving Toward Domestic Replication

Western antimony supply chain strategy now appears to be shifting from dependence toward duplication. US Antimony said it expects to develop one or more hydrometallurgical facilities in the United States in the near future. Those sites would likely be located in the western continental US and or Alaska. Therefore, the company is clearly aiming to regionalise the process rather than rely on Bolivia alone.

Funding plans reinforce that ambition. US Antimony requested $44mn from the US Department of Energy for a US hydrometallurgical facility. It also plans to seek Department of Defense support for another location near Montana. That combination suggests the company sees antimony as both a commercial opportunity and a strategic materials priority. As a result, the western antimony supply chain could gain a stronger domestic processing base if funding is secured.

The broader implication is significant for critical minerals markets. Antimony has often been discussed as a supply risk, but less often as a processing challenge. This project changes that framing by focusing on conversion capacity and material quality. If US Antimony can replicate the Bolivian model successfully, it may move from being a niche processor to a more important builder of western antimony supply resilience.

The Metalnomist Commentary

This story matters because it is about process control as much as metal supply. US Antimony is trying to turn one successful hydrometallurgical model into a repeatable western platform. If that strategy works, antimony could become a rare example of a critical mineral chain that improves through midstream replication rather than waiting for major new mines.

USAC Boosts Antimony Supply Chain with Australian Ore for Mexico Smelter

US Antimony

Texas-based US Antimony (USAC) has announced a strategic move to secure antimony (Sb) ore shipments from Australia, aiming to revitalize its Madero Antimony Smelter in Mexico. This initiative comes as the smelter plans to restart operations in March 2025, following a closure since March this year.

Strategic Import to Overcome Supply Challenges

The first batch of antimony ore sourced from Australia is scheduled to arrive at the west coast port of Manzanillo, Mexico, in March 2025. While USAC has not disclosed the initial volume or the supplier, the company anticipates a steady import rate of 300 tonnes per month as it familiarizes itself with the ore's chemical and metallurgical properties.

This import strategy is part of USAC's broader effort to diversify its supply sources. Historically reliant on imports due to the lack of domestic antimony mining, USAC's move is timely, especially following China's recent suspension of antimony exports to the US, a decision that has significantly impacted global supply chains.

Revitalizing Operations Amid Market Shifts

The decision to restart the Madero Smelter is a turnaround from March, when USAC had discontinued its operations in Mexico due to financial underperformance and ongoing negative cash flows. However, with antimony fundamentals strengthening and the necessity to secure non-Chinese antimony sources, USAC is positioning itself to capitalize on these new market dynamics.

USAC remains the only company in the US that produces primary antimony using imported feedstock, a critical factor given the recent geopolitical tensions affecting metal imports. The US heavily relies on imported antimony, with significant quantities previously sourced from China. According to Global Trade Tracker data, the US imported 15,665 tonnes of antimony metal from China from January 2022 to October this year, which accounted for 22% of US imports over the period, while antimony trioxide imports from China totalled 55,506 tonnes, making up 69% of the total.

US Antimony capital raise funds growth in critical minerals

US Antimony

US Antimony capital raise plans signal an aggressive push into the US critical minerals supply chain. The company aims to secure $25mn by selling around 2.4mn shares to a mutual fund, adding to substantial capital injections in August and earlier this month. As a result, the US Antimony capital raise will underpin inventory expansion, smelting upgrades and potential acquisitions at a pivotal moment for US defence-focused metals.

US Antimony capital raise supports defence stockpile and smelter expansion

The US Antimony capital raise directly supports its five-year, fixed-price contract with the US Defense Logistics Agency. The firm plans to use proceeds to acquire additional antimony inventory and expand existing leaseholds in Alaska and Montana, reinforcing upstream security of supply. At the same time, management will expand the Madero smelter in Mexico and evaluate acquisitions of other critical minerals companies. Together, these steps align with Washington’s push to localise and friend-shore strategic metal supply chains.

Meanwhile, the latest equity deal follows roughly $18mn raised in August and nearly $26.3mn earlier this month. This rapid sequence of financings shows investors are willing to back a scale-up strategy anchored by long-term government demand. It also gives US Antimony flexibility to deploy capital across mining, processing and potential M&A rather than relying on a single asset bet.

Building a vertically aligned US antimony supply chain

US Antimony has positioned itself at the heart of efforts to rebuild a fully integrated US antimony supply chain. The DLA contract, worth up to $245mn over five years, provides predictable offtake for antimony ingots headed into the national defence stockpile. Therefore, the US Antimony capital raise can be viewed as growth equity tied to a visible revenue base rather than speculative greenfield risk.

However, execution risks remain around smelter expansion, permitting and integrating any acquired critical minerals businesses. The company must also navigate volatile antimony prices and competing capital needs across Alaska, Montana and Mexico. Even so, a reinforced balance sheet and contracted government demand leave US Antimony better placed than many peers to weather market cycles.

The Metalnomist Commentary

US Antimony’s latest capital raise underlines how defence-linked offtake can unlock substantial private funding for critical minerals. If management successfully converts this cash into reliable mine-to-ingot capacity, the company could become a cornerstone of US antimony security. For other strategic metals developers, the model highlights the value of long-dated government contracts in de-risking large equity raises.

US Antimony to Source Ore from Alaska to Strengthen Domestic Supply Chain

US Antimony Corporation (USAC)

US Antimony’s move to tap Alaskan antimony ore marks a significant step toward reducing reliance on foreign sources.

US Antimony Corporation (USAC) is making a strategic move to strengthen its domestic supply chain by sourcing antimony ore from its Alaskan mining claims. Starting in the second quarter, USAC will supply its Montana smelter with ore extracted from its newly acquired properties in Alaska. This marks the first time the Texas-based company has utilized domestically sourced feedstock for its operations, positioning it to reduce its dependency on foreign antimony supplies.

Strategic Move to Alaska

Over the past year, USAC purchased more than 210 mining claims covering approximately 33,000 acres in Alaska. These properties are known to contain significant antimony deposits, though past mining efforts in the region have focused primarily on gold, silver, and other metals. By tapping into these lesser-exploited deposits, USAC plans to support its smelting operations, primarily at its Thompson Falls facility in Montana. The proximity of these mining sites to existing infrastructure, including active mines, will facilitate a faster and more efficient supply chain for the company.

Implications for US Supply Chain and Onshoring Efforts

This move aligns with broader efforts by the US government to reduce reliance on foreign critical minerals, particularly from China. In January, President Donald Trump signed an executive order aimed at accelerating the permitting process for mining projects in Alaska. The strategic importance of reducing dependency on foreign sources of critical minerals, such as antimony, has been underscored by recent global supply chain disruptions, including China’s decision to restrict its antimony exports.

USAC’s plan includes gradually ramping up its ore extraction, eventually reaching 1,000 metric tonnes per month. This volume would supply both the Thompson Falls smelter and the company’s Madero smelter in Mexico. However, initial shipments from Alaska are expected to be modest, with volumes ranging from 100 to 200 tonnes per month until USAC can expand its Montana smelting capacity. The company is also awaiting a grant from the Department of Defense to support this expansion.

Impact of China’s Antimony Export Restrictions

USAC’s push to source antimony ore domestically is further fueled by China’s decision to impose export bans on antimony and restrict shipments to other global markets. In 2024, China accounted for 63% of all antimony shipments to the US, as per the US Geological Survey. These restrictions have created a more favorable market for USAC and other domestic companies looking to meet the growing demand for antimony. The company anticipates that high prices for antimony will persist due to the global shortage of this critical mineral, compounded by efforts to onshore mineral supplies to the US and other Western nations.

Conclusion

USAC’s decision to source antimony ore from its Alaskan mining claims represents a critical step in securing a reliable and domestically sourced supply of this vital mineral. As the US government continues to prioritize onshoring efforts and reduce its dependence on foreign critical minerals, USAC’s move sets an important precedent for the future of the domestic antimony market. With global supply chain disruptions highlighting the need for self-sufficiency, USAC is positioning itself as a key player in the race to secure critical mineral resources.

Australia zinc and lead smelter rescue package targets critical minerals pivot

Australia Mine

Australia zinc and lead smelter rescue package will keep two plants running and upgrade capacity. The Australia zinc and lead smelter rescue package totals A$135mn to support Nyrstar’s Hobart and Port Pirie sites. As a result, the Australia zinc and lead smelter rescue package aims to secure jobs and add critical minerals output.

Funding breakdown and immediate impact

Canberra, Tasmania, and South Australia will jointly fund the program. The federal share is A$57.5mn, with SA at A$55mn and Tasmania at A$22.5mn. Authorities intend to stabilize operations after zinc prices pressured smelter margins. Nyrstar cut Hobart output by a quarter in March. The package supports engineering studies to modernize both facilities. It also funds feasibility work on “world-leading” critical metals production.

Port Pirie antimony plan and supply chain context

Port Pirie will host an antimony pilot plant with an eye to domestic supply. If successful, Australia gains its first antimony metal producer. Meanwhile, China’s Weiying began a 10,000 t/yr antimony project in Guangdong. Chinese sodium pyroantimonate output reached 50,000–60,000 t last year. That stream consumed 25,000–30,000 t of antimony metal. However, China’s antimony ore imports fell 36pc in the first half. Weak solar glass prices also curb demand for antimony chemicals.

Australia seeks to diversify critical minerals processing beyond alumina and lithium. The Solar Sunshot program backs local solar manufacturing. Therefore, policy now links energy transition manufacturing with metallurgical upgrades. The package could reposition legacy smelters into value-added hubs.

The Australia zinc and lead smelter rescue package also addresses regional competitiveness. Hobart and Port Pirie face high energy and maintenance costs. Modernization can improve environmental performance and metal recoveries. In turn, Nyrstar could lift cash flow resilience through by-product streams. Antimony and specialty alloys offer new revenue paths.

The Metalnomist Commentary

This package buys time and sets a direction: upgrade or exit. Antimony trials at Port Pirie are the swing factor; commercial success would anchor new cash flows. Execution risk remains high, but coordinated state-federal funding improves bankability for deeper refurbishments.

Nyrstar Smelter Funding Secures Australian Zinc, Lead and Antimony Supply

Nyrstar

Nyrstar smelter funding will receive another A$105mn from Australia's federal and state governments to keep the company's Port Pirie lead and Hobart zinc operations running through at least the end of 2026.

Nyrstar smelter funding is strategically important because the two facilities support several interconnected supply chains. Port Pirie produces lead and antimony, while Hobart supplies zinc and sulphuric acid used by Tasmania's fertilizer industry.

Nyrstar smelter funding also reflects growing government concern over the loss of domestic metals processing capacity. Trafigura-owned Nyrstar had warned that both plants could face closure or curtailment without additional financial support.

The new package follows an earlier A$135mn rescue programme and comes after Trafigura recorded a $241mn impairment against the two Australian smelters.

Port Pirie Could Expand Antimony Output to 5,000 t/yr

Port Pirie has lead smelting capacity of 160,000 t/yr and produces antimony as a byproduct. The new government package will fund continued operations as well as pre-feasibility and feasibility studies for further expansion.

Nyrstar expects antimony output to reach 2,000 t/yr by the end of 2026. Production could rise to 5,000 t/yr by 2028 if the expansion proceeds.

That gives Port Pirie growing strategic importance. Antimony is used in defence, flame retardants, lead alloys, batteries and other industrial applications, while global processing capacity remains concentrated.

Nyrstar shipped 1t of antimony from Port Pirie to an Australian manufacturer in February under commitments linked to the earlier rescue package.

The planned expansion illustrates how existing metallurgical infrastructure can be repurposed to increase critical mineral production without developing an entirely new mine or processing complex.

For Australia, preserving Port Pirie therefore supports both traditional lead production and the country's broader critical minerals strategy.

Hobart Zinc Smelter Supports Fertilizer and Industrial Supply

The Hobart facility has zinc smelting capacity of 280,000 t/yr, making it an important part of Australia's refined zinc supply.

Its role extends beyond zinc because the smelting process also produces sulphuric acid. Impact Fertilizers relies on this local supply to manufacture single super-phosphate at its nearby 170,000 t/yr Hobart plant.

Closure of the smelter would therefore affect both metals and agriculture. The fertilizer producer would need to import sulphuric acid or bring in sulphur and establish alternative processing arrangements.

This demonstrates the broader industrial value of smelters. Byproducts such as sulphuric acid can support neighboring manufacturing operations and create regional industrial ecosystems that are difficult to replace once lost.

However, the repeated need for public funding highlights the underlying competitiveness problem. High energy and operating costs continue to pressure Nyrstar's Australian assets.

Government support can preserve strategic capacity in the short term, but the longer-term solution will require lower operating costs, improved efficiency and stronger economics for zinc, lead and byproduct production.

The Metalnomist Commentary

Australia is effectively paying to preserve industrial capability that would be costly to rebuild once closed. The strongest strategic case lies in Port Pirie's antimony potential and Hobart's link to fertilizer production, but long-term viability still requires a sustainable cost structure.

Nyrstar Smelter Funding Secures Australian Zinc, Lead and Antimony Supply

Nyrstar

Nyrstar smelter funding will receive another A$105mn from Australia's federal and state governments to keep the company's Port Pirie lead and Hobart zinc operations running through at least the end of 2026.

Nyrstar smelter funding is strategically important because the two facilities support several interconnected supply chains. Port Pirie produces lead and antimony, while Hobart supplies zinc and sulphuric acid used by Tasmania's fertilizer industry.

Nyrstar smelter funding also reflects growing government concern over the loss of domestic metals processing capacity. Nyrstar had warned that both plants could face closure or curtailment without additional financial support.

The new package follows an earlier A$135mn rescue programme and comes after parent company Trafigura recorded a $241mn impairment against the two Australian smelters.

Port Pirie Could Expand Antimony Output to 5,000 t/yr

Port Pirie has lead smelting capacity of 160,000 t/yr and produces antimony as a byproduct. The new government package will fund continued operations as well as pre-feasibility and feasibility studies for further expansion.

Nyrstar expects antimony output to reach 2,000 t/yr by the end of 2026. Production could rise to 5,000 t/yr by 2028 if the expansion proceeds.

That gives Port Pirie growing strategic importance. Antimony is used in defence, flame retardants, lead alloys, batteries and other industrial applications, while global processing capacity remains highly concentrated.

Nyrstar shipped 1t of antimony from Port Pirie to an Australian manufacturer in February under commitments linked to the earlier rescue package.

The planned expansion illustrates how existing metallurgical infrastructure can be used to increase critical mineral production without developing an entirely new mine or processing complex.

For Australia, preserving Port Pirie therefore supports both conventional lead production and the country's wider critical minerals strategy.

Hobart Zinc Smelter Protects Fertilizer and Acid Supply

The Hobart facility has zinc smelting capacity of 280,000 t/yr, making it an important part of Australia's refined zinc supply.

Its industrial role extends beyond zinc because the smelting process also produces sulphuric acid. Impact Fertilizers relies on this local supply to manufacture single super-phosphate at its nearby 170,000 t/yr Hobart plant.

Closure of the smelter would therefore affect both metals and agriculture. Impact would need to import sulphuric acid or import and burn sulphur to replace the local supply.

That risk has become more significant because sulphuric acid prices have surged. Prices in northeast Asia recently reached around $355/t, up 158% from levels before the US-Iran war.

This demonstrates the broader industrial value of smelters. Byproducts such as sulphuric acid can support neighbouring manufacturing operations and create regional industrial ecosystems that are expensive to replace once lost.

However, repeated government support also exposes the underlying competitiveness problem. High energy and operating costs continue to pressure Nyrstar's Australian assets, meaning long-term viability will require more than public funding.

The Metalnomist Commentary

Australia is effectively paying to preserve industrial infrastructure that would be difficult and expensive to rebuild once closed. Port Pirie's antimony potential and Hobart's link to fertilizer production make the two smelters strategically more valuable than their zinc and lead output alone suggests.

US Antimony Secures Antimony Ore Supply from Thailand for Mexico Smelter Restart

USAC

US Antimony (USAC) has secured a new antimony ore supply agreement with a supplier in Thailand to support the restart of its Madero smelter in Mexico. The Texas-based company announced that the first shipments, totaling 50 wet metric tonnes (wmt), will arrive at Manzanillo port on Mexico’s west coast in March 2025. This deal is part of USAC’s broader strategy to re-establish its Mexican operations after shutting them down in early 2024 due to profitability concerns.

USAC’s Expansion Amid Rising Demand for Non-China Antimony

USAC’s agreement with Thailand marks its second antimony supply deal this month, as the company works to secure alternative sources of the critical metal. The firm has not disclosed the total contract volumes or the identity of its supplier but has indicated that ore shipments are expected to increase significantly in the coming months.

The timing of USAC’s expansion coincides with rising market demand for antimony sourced outside of China. China, the dominant supplier of the metal, recently suspended exports of antimony to the US, prompting companies to seek alternative sources. As a result, USAC has accelerated plans to restart its Madero smelter, which is currently undergoing maintenance and refractory lining replacements.

Market conditions have also been favorable for USAC’s decision. Antimony prices have surged, with 99.65% antimony recently assessed at $18.10-$18.30 per pound CIF US, representing an astonishing 256% increase compared to the previous year.

USAC Strengthens Financial Position with $100 Million Shelf Offering

To support its expansion efforts, USAC has also filed for a $100 million shelf offering, which will provide liquidity flexibility over the next three years. This move, pending regulatory approval, will allow the company to sell securities to raise capital when needed, ensuring it has the financial resources to scale up operations and secure long-term supply agreements.

Conclusion

As China’s export restrictions on antimony continue to reshape global supply chains, USAC is positioning itself as a key supplier by sourcing antimony ore from Thailand and restarting its Madero smelter. With stronger market demand, soaring antimony prices, and a new financing strategy, USAC is well-placed to capitalize on the shifting dynamics of the antimony market.

US Antimony Montana mining advances with new claims and smelter expansion

US Antimony Montana Mining

US Antimony Montana mining accelerates as the company reacquires claims near its Montana smelter. It will start mining immediately on five acres. It will seek federal and state permits to expand exploration. The move aligns mining with adjacent midstream capacity.

Permits, smelters, and production scale

The company operates North America’s only two antimony smelters. It restarted the Madero smelter in April. It plans to expand the Montana smelter six-fold to 300 t per month. These steps strengthen feed-to-smelter integration.

Supply security and market backdrop

US Antimony aims to secure domestic stibnite ore and reduce import risk. China recently blocked a stibnite shipment from Australia. Therefore, the firm is reshoring supply to support its Mexican and US smelters. This strategy improves control across midstream and downstream steps.

Meanwhile, new Montana claims complement operations in Alaska acquired in February. The portfolio now spans mining, smelting, and processing. US Antimony Montana mining thus underpins a broader North American network. That network targets defense, flame retardants, and lead-acid batteries.

The Metalnomist Commentary

If the Montana expansion delivers, domestic supply security will improve across North America. Watch permit timing, mine productivity, and smelter bottlenecks as capacity scales.

US Antimony Furnace Ramp-Up Targets Higher Thompson Falls Output

US Antimony

US Antimony furnace ramp-up is accelerating at the company’s newly commissioned Thompson Falls smelter, with all nine furnaces expected to be operating by the end of June. The expansion is intended to raise domestic antimony processing capacity as US demand remains firm.

US Antimony furnace ramp-up began with the first new furnace starting in May. Five furnaces are expected to be operating by the end of this week, while additional heat exchangers and components are scheduled to arrive in the coming weeks.

US Antimony furnace ramp-up is strategically significant because antimony remains an important input for flame retardants, lead alloys, batteries and defence-related applications. Increasing domestic smelting capacity can reduce exposure to constrained overseas supply chains.

The company has also decided to delay maintenance at its older smelter until 2027, allowing both existing and expanded capacity to contribute more output this year.

Thompson Falls Expansion Raises Domestic Processing Capacity

The Thompson Falls expansion has nameplate capacity of 230 t/month, significantly increasing USAC’s processing potential when fully operational.

The company had previously targeted reaching nearly 80% of that capacity by the end of July. Bringing all nine furnaces online by the end of June suggests the physical ramp-up is progressing faster than that earlier operating milestone implied.

However, commissioning remains dependent on supporting equipment. Delayed delivery of heat exchangers and other components has already affected the project schedule.

The expansion was originally expected to be completed in January. Supplier delays, building construction and other third-party issues pushed the project behind schedule.

These delays illustrate a broader challenge for critical minerals projects. Adding processing capacity often depends on specialised equipment, construction contractors and technical commissioning rather than simply installing furnace shells.

For USAC, the immediate priority is converting installed furnace capacity into reliable sustained production.

Older Smelter Stays Online to Maximise 2026 Antimony Supply

USAC had planned to shut its older 75 t/month smelter for four to eight weeks once the expansion was operating. The maintenance work was intended to bring the facility into compliance with updated emissions requirements.

That shutdown has now been postponed until 2027.

The decision reflects strong product demand and the company’s desire to maximise total production during 2026. Keeping the older unit operating alongside the new furnaces could materially increase near-term output.

This strategy also highlights the value of existing processing assets. In tight specialty metal markets, even older capacity can remain commercially important when new production is still ramping up.

For the US antimony supply chain, the combined operation of both facilities could provide greater short-term resilience.

The longer-term challenge will be maintaining higher production while completing emissions-related upgrades and ensuring stable raw material supply.

The Metalnomist Commentary

USAC’s decision to run both old and new capacity shows how tight antimony supply remains. The key test now is whether Thompson Falls can sustain higher output without creating new bottlenecks in equipment, feedstock or compliance.

US Antimony Q2 Revenue Nearly Triples as Smelter Ramp Advances

US Antimony

US Antimony Q2 revenue nearly tripled to $10.5mn, but profit slipped 11%. The company cited higher sales and ramp costs. US Antimony Q2 revenue included $9.66mn from antimony product sales. Management accelerated feedstock diversification and smelter utilization. US Antimony Q2 revenue growth contrasts with margin compression from operating frictions.

Smelter ramp and sourcing reshape operational risk

The firm pushes both smelters toward capacity this year. Thompson Falls expansion should finish before year-end. Madero in Mexico restarted during the quarter. New domestic claims support longer-term ore security. However, permit delays persist in Alaska. The company sources smaller lots from multiple countries. New feedstock will ship from Bolivia, Chad, and Peru. That strategy spreads supply risk but raises logistics complexity.

Regulatory and quality challenges pressured near-term margins. Chinese customs blocked a 50t stibnite cargo for 82 days. Authorities returned the shipment to Australia. Material from Mandalay carried high arsenic and iron impurities. The company may not process that source going forward. These events raised costs and strained cash flow. Management still explores a third smelter but has no firm plan.

The Metalnomist Commentary

US Antimony pairs growth with tougher execution realities. Ramping smelters without stable, clean feedstock caps profitability. Watch Thompson Falls completion, Madero throughput, and impurity management for margin recovery.

US Antimony feedstock sourcing expands to secure smelter supply

US Antimony feedstock

US Antimony feedstock sourcing broadened across the US and overseas to stabilize operations. The company moved to secure inputs for its Montana and Mexico smelters. As a result, it advanced domestic mining claims and lined up new international suppliers. However, it also flagged issues with Australian material quality and logistics.

Domestic expansion: Alaska and Montana

US Antimony feedstock sourcing grew with new Alaska claims, including a 150-acre site near Fairbanks. The firm expects faster permitting since the land is neither federal nor state. Meanwhile, reacquired claims beside its Montana smelter should deliver stibnite within months. Therefore, domestic ore should lower supply risk and trucking distances.

International diversification: Bolivia and Chad

Bolivia will supply up to 150 t/month of antimony flake starting in early 2026. A 10 t pilot shipment arrives at the Montana smelter in August. Additionally, two sources in Chad will feed the Madero smelter, starting with 80 t. Subsequent deliveries should reach 100 t/month to support steady throughput. Canada also lifted feedstock to 857 t year-to-date, up 121 percent.

Australian sourcing faces setbacks following a 50 t shipment held 82 days by Chinese customs. Concurrently, incoming ore showed elevated arsenic and iron, pressuring processing costs. However, broader sourcing and scrap blending can offset penalties and maintain recoveries. Therefore, the portfolio approach underpins more reliable antimony supply for strategic markets.

The Metalnomist Commentary

Diversification is the right hedge as geopolitics and impurities raise feedstock risk. Watch ramp discipline in Bolivia and Chad and impurity management in Montana. If logistics hold, US Antimony can claw back margin despite uneven market conditions.

Nyrstar produces first antimony at South Australia plant as non-China supply grows

Nyrstar

Nyrstar produces first antimony at South Australia plant, marking a new step for non-China antimony supply. Nyrstar, owned by Trafigura, produced its first antimony metal at the Port Pirie pilot facility. Nyrstar produces first antimony at South Australia plant with exports expected in the first half of next year. Therefore, buyers tracking antimony supply outside China now have a new potential source.

Nyrstar aims to reach 2,000 tonnes per year of antimony output by the end of next year. Meanwhile, the company says the site could reach 5,000 tonnes per year by 2028 with further upgrade investment. The pilot plant relies on Port Pirie’s 160,000 t/yr lead smelter, where antimony emerges as a by-product. As a result, operational stability at the lead circuit will shape antimony availability and quality.

Port Pirie financing links industrial rescue funding and export credit support

Australia provided an $87mn rescue package in August for two smelters, including Port Pirie. The support followed a period of weaker prices and financial pressure on operations. Meanwhile, Export Finance Australia issued a non-binding conditional support letter for the pilot plant. That letter followed the US–Australia critical minerals deal and still depends on commercial terms and due diligence. Therefore, Nyrstar produces first antimony at South Australia plant while it builds a financing bridge to scale.

This structure shows how critical mineral policy is shifting toward existing industrial assets. It also shows how by-product metals can scale faster than greenfield mines. However, the ramp still needs capital discipline and clear product qualification. As a result, pilot performance metrics will matter as much as headline capacity.

Antimony prices stay elevated as new capacity emerges outside China

Antimony prices surged to record levels this year after shortages and China’s export controls tightened supply. Prices reached about $60,400–61,500 per tonne on a Rotterdam basis in June. Meanwhile, prices fell around 31% to $41,000–43,000 per tonne by 18 November. The market expects further easing as more smelting capacity starts outside China. However, prices remain far above the 10-year average of $11,533 per tonne, so supply security still carries a premium.

Nyrstar is also evaluating production of bismuth and tellurium at the site. China added both materials to its export-controlled dual-use list earlier this year. Therefore, Port Pirie could evolve from an antimony pilot into a broader critical metals platform if upgrades proceed.

The Metalnomist Commentary

By-product antimony can scale quickly, but it depends on lead smelter uptime and feed chemistry. Meanwhile, price declines may cool investment appetite, even as security concerns rise. Therefore, Port Pirie’s real value will be reliable tonnes with verified specifications, not peak-nameplate targets.

US Antimony Revenue Doubles as Critical Mineral Demand Surges

US Antimony

US Antimony Corporation achieved remarkable financial performance in the first quarter, with revenue more than doubling to $7 million compared to the same period last year. The mining and processing company's impressive growth reflects surging antimony prices and significant operational improvements across its North American facilities.

Strong Financial Performance Driven by Strategic Market Position

Antimony sales dominated the company's revenue stream, generating $5.9 million and accounting for approximately 84% of total quarterly revenue. This substantial increase transformed the company's financial outlook dramatically. Net income reached $546,524, a striking turnaround from the $322,768 loss recorded in the first quarter of 2023.

The company's success stems from its unique market position as the operator of North America's only two antimony smelters. This exclusive status provides US Antimony with significant competitive advantages in a market where antimony serves critical applications including flame retardants, military equipment, and lead-antimony alloys for batteries and cables.

Expansion Plans Signal Continued Growth Trajectory

US Antimony expects second quarter revenue to climb further following the April restart of its Madero smelter in Mexico. Meanwhile, the company announced ambitious expansion plans for its Montana facility, targeting a six-fold capacity increase to 300 tons per month. These operational enhancements position the company to capitalize on growing demand for this critical mineral.

Therefore, the company's strategic acquisitions continue to strengthen its supply chain. US Antimony plans to begin sourcing antimony ore from Alaska in the second quarter, following its $5.25 million acquisition of additional antimony mining claims in Alaska during January. This vertical integration strategy reduces supply chain risks while expanding production capabilities.

However, the company's smaller zeolite division remains a minor revenue contributor compared to its core antimony operations. As a result, US Antimony's growth strategy focuses primarily on expanding antimony production capacity and securing additional ore sources.

The Metalnomist Commentary

US Antimony's exceptional Q1 performance underscores the critical importance of domestic mineral processing capabilities amid global supply chain uncertainties. The company's monopolistic position in North American antimony smelting, combined with strategic capacity expansions, positions it to capitalize on sustained demand for this essential defense and industrial mineral.

USAC Antimony Expansion Targets July Start for US Defense Stockpile Supply

USAC Antimony

USAC antimony expansion at Thompson Falls in Montana is expected to be fully online by mid-July, strengthening US domestic supply of a critical defense metal. The company has started commissioning the smelter expansion and plans to bring operations online in phases.

USAC antimony expansion will add capacity at a time when Washington is trying to secure antimony ingots for the national defense stockpile. Antimony is used in ammunition, flame retardants, alloys and other defense-related applications.

USAC antimony expansion depends on the arrival of furnace parts expected in the last week of May. The company plans to start one to two furnaces each week until all nine furnaces are operating around mid-July.

By the end of July, US Antimony expects the expansion to produce at nearly 80% of its 230 t/month capacity. The company then plans to temporarily shut its older 75 t/month plant for four to eight weeks for maintenance and emissions upgrades.

Montana Capacity Supports Fixed-Price DLA Contract

The Thompson Falls expansion is directly tied to US Antimony’s five-year fixed-price contract with the Defense Logistics Agency. The contract covers 6.7mn lb, or 3,039t, of antimony ingots for the national defense stockpile and is worth up to $245mn.

USAC has received $12mn in DLA sales orders to date. It has also received the first two delivery notices for finished antimony ingots to the Department of Defense.

The federal contract will become a major revenue driver. USAC expects $75mn-95mn of its estimated $125mn revenue in 2026 to come from shipments to the US government.

That structure makes the Montana expansion strategically important. The project is not only a capacity increase; it is part of a government-backed supply chain for a material with limited domestic production.

USAC’s antimony inventories also increased sharply. Inventories reached $21.7mn at the end of the first quarter, up from $12mn at the end of 2025.

However, execution has not been smooth. The expansion was initially expected to be completed in January but was delayed by supplier and third-party issues involving concrete pads, building construction and heat exchangers.

Federal Funding Pushes US Antimony Beyond Thompson Falls

The Department of Defense awarded USAC $27mn in Defense Production Act Title III funds in February to expand antimony production and refining capacity in Montana and Alaska. The company received $12.8mn of that grant in April.

This funding shows that US antimony supply is now a defense industrial priority. China’s dominant role in antimony processing has made domestic and allied capacity more strategically valuable.

USAC is also pursuing a larger hydrometallurgical processing project in Idaho with Canadian miner Americas Gold and Silver. The joint venture was established in February.

The partners expect to complete construction of the Idaho facility in 2028. The project is targeting capacity of up to 1,000 t/month of 99.9% pure antimony.

USAC has applied for more than $274mn in federal grants across several projects. These include the hydromet facility and tungsten exploration at the Fostung site in Canada.

The company’s financial results still show the strain of expansion. USAC reported an $11.3mn first-quarter loss, compared with a $0.5mn profit a year earlier, while revenue fell by 3% to $6.8mn.

The near-term challenge is therefore operational execution. USAC must bring the Montana furnaces online, meet emissions requirements, deliver to the DLA and convert federal support into reliable production.

The Metalnomist Commentary

USAC’s Montana expansion shows how the US is trying to rebuild antimony capacity through defense contracts, stockpiles and public funding. The strategic risk is execution: domestic supply security depends on furnaces actually running, not only grants and offtake contracts.