Core Thesis - United States Antimony Corporation (UAMY) is positioned to benefit significantly from structural supply constraints in the antimony market due to China's export restrictions, making it a strategic asset for investors [2][5]. Company Positioning - UAMY operates the only primary antimony smelter in the U.S., located in Thompson Falls, Montana, which grants it a domestic-processing monopoly as the U.S. is approximately 80% import-dependent [3]. - The company is set to capture a disproportionate share of U.S. demand for antimony at attractive margins due to its unique market position [3]. Strategic Partnerships - UAMY is collaborating with Perpetua Resources on metallurgical testing to utilize antimony as a byproduct from gold mining, which could supply approximately 35% of U.S. demand in the early years [4]. - This partnership aligns UAMY with strategic national priorities, enhancing its long-term growth and pricing power [5]. Market Dynamics - The collapse of Western supply of antimony, driven by China's export restrictions, has led to increased demand for UAMY's products as buyers seek alternatives [2]. - UAMY is viewed as an underappreciated asset with significant upside potential due to the current market dynamics and its strategic positioning [5].

Core Viewpoint - Nova Minerals has received $43.4 million from the US Department of War to support antimony trisulfide production at its Estelle project in Alaska, significantly boosting its stock price [1][10]. Group 1: Project Overview - The Estelle project is located 150 km northwest of Anchorage and spans a 35-km mineralized corridor with 20 identified gold prospects, including four large near-surface gold deposits, holding nearly 10 million ounces of resources [2]. - The property covers 514 km² within the Tintina gold belt, known for over 220 million ounces of documented gold endowment and significant gold mines [3]. Group 2: Antimony Significance - The Tintina belt also contains significant antimony deposits, historically supplying the North American market, particularly during wartime [4]. - Antimony is critical to national and economic security, with high usage in defense and high-tech applications; however, the US has not produced it commercially since 2016 [5]. Group 3: Development Plans - Nova has discovered antimony alongside gold in surface sampling across the Estelle claims and plans to publish a resource estimate for antimony this year [6]. - The DoW funding will enable the development of a fully integrated US supply chain for extracting, concentrating, and refining stibnite to produce military-grade antimony trisulfide [7]. Group 4: Strategic Importance - The partnership aims to support the establishment of a domestic supply chain for munitions and other defense products, as well as for high-tech applications like semiconductors and energy systems [8]. - The funding will be used for the initial phase of a state-of-the-art antimony mining and refining hub in Alaska [9]. Group 5: Market Reaction - Following the announcement, shares of Nova Minerals surged by up to 20%, reaching a 52-week high of $20.87, with a market capitalization of approximately $130 million [10].

Core Viewpoint - Nova Minerals Limited's U.S. subsidiary, Alaska Range Resources, LLC, has been awarded US$43.4 million in funding to produce antimony trisulfide, enhancing the U.S. defense supply chain [1][2][4]. Group 1: Funding and Project Development - The funding will accelerate the development of a fully integrated U.S. antimony supply chain to produce military-grade antimony trisulfide [2]. - This award will support the initial phase of establishing a state-of-the-art antimony mining and refining hub in Alaska [4]. Group 2: Strategic Importance - The project aims to secure a domestic supply chain for munitions and other defense products, contributing to national security [3]. - The Estelle Project is positioned to play a central role in supplying critical materials, with support from various local and state leaders [5]. Group 3: Project Overview - The Estelle Project encompasses 514 km of mining claims in Alaska, featuring multiple advanced gold and antimony prospects [6]. - The project is located in the Tintina Gold Belt, known for its significant gold and antimony deposits, and historical production [6].

Core Viewpoint - Perpetua Resources Corp. is advancing efforts to secure the American antimony supply chain through the Stibnite Gold Project, which is the only domestic reserve of antimony in the U.S. The company is preparing to issue a Request for Proposal (RFP) to explore off-site processing arrangements for commercial-grade antimony [1][2][3]. Group 1: Project Overview - The Stibnite Gold Project is the only domestic source of antimony in the United States, with a reserve of 148 million pounds designated for commercial purposes [2][5]. - The project aims to restore an abandoned mine site while producing both gold and antimony, which is crucial for U.S. defense needs [5]. Group 2: RFP Process - The RFP will assess the technical and economic feasibility of potential off-site processing facilities, focusing on factors such as production capacity, environmental track record, and creditworthiness [1][2]. - The final selection of a processing partner is expected to occur in the fourth quarter of 2025, following a due diligence review [4]. Group 3: Strategic Partnerships - The company has engaged in discussions with various parties, including Clarios, Glencore, Nyrstar, Sunshine Silver, and Trafigura, to secure processing arrangements that maximize shareholder value [3]. - The ongoing collaboration with the U.S. Army aims to secure the domestic supply chain of mil-spec antimony trisulfide, with the company awarded up to $22.4 million under an Ordnance Technology Initiative Agreement [2][3].