US Antimony’s $314 Million Resource Figure Is Not a Mine Valuation

United States Antimony’s new Nolan Creek technical report estimates more than $314 million of contained metal value in measured and indicated resources, plus more than $125 million in inferred resources. Those figures sound large beside the company’s $1.3 million purchase price for the claims, but they are not a mine valuation, revenue forecast or statement of profit.

The report covers the company’s wholly owned Nolan Creek property in northern Alaska. According to the SEC filing, the technical report had an original effective date of July 29, 2008 and was amended as of September 15, 2026. The company acquired 13 federal lode claims and 23 placer claims at a public trustee sale on January 30, 2026, then added surrounding state claims.

For the Workman’s Bench area, the filing reports 53,616 tons of measured and indicated material grading 26.27% antimony and 0.372 ounces of gold per ton. United States Antimony calculated $233.9 million of antimony value and $79.9 million of gold value using assumed prices of $8.30 per pound for antimony and $4,000 per ounce for gold. Together, those inputs produce the headline value above $314 million.

Contained-metal value ignores several costs between rock and cash. It does not deduct mining, transport, processing, recovery losses, royalties, taxes, sustaining capital or initial development spending. It also changes directly with metal prices. A resource can therefore carry a high gross value while producing a much lower project value, or no economic reserve at all.

Resource classification adds another distinction. Measured and indicated resources have more geological confidence than inferred resources, but none should be treated automatically as proven or probable reserves. Converting resources into reserves normally requires engineering, metallurgy, cost estimates, permitting and an economic analysis showing that extraction is viable.

United States Antimony has started a practical test. A contractor is extracting an exploratory bulk sample of about 1,000 tons for processing at the company’s flotation mill in Radersburg, Montana. Management targets its first Alaska antimony sales in November and December 2026 and wants to demonstrate mill capacity during the first half of 2027.

The bulk sample can answer questions the headline valuation cannot. Recovery rates will show how much antimony and gold the mill captures. Mining and transport data will reveal the cost of moving ore from a remote Alaskan site to Montana. Product quality and customer acceptance will determine whether the material earns the assumed market price.

The stock rose more than 2% overnight after the announcement, while the source notes that shares remained down 43% for the year. That reaction reflects the project’s optionality, not proof of economic production.

Nolan Creek is a meaningful development because United States Antimony owns processing infrastructure and has begun extracting material rather than merely staking claims. The next evidence should come from recovered grades, operating costs, shipment volume and customer receipts. Until those figures are available, $314 million is best understood as a gross metal-content estimate, not cash the company can count.