Episode 524: US Antimony CEO Gary Evans on Rebuilding U.S. Critical Minerals Supply Chain

Why It Matters

Domestic antimony and tungsten production reduces U.S. reliance on China, bolsters defense readiness, and creates lucrative investment opportunities in critical‑mineral markets.

Key Takeaways

• Antimony is top critical mineral for defense and tech.
• US supply collapsed; China controls 80‑90% causing price spike.
• US Antimony’s domestic mining cuts costs 50‑70% versus imports.
• Ontario tungsten project forecasts $4.6 billion net revenue potential.
• New electro‑smelting partnership targets commercial antimony flake scale.

Summary

In this Inside the Ice House episode, Gary Evans, chairman and CEO of US Antimony Corp., outlines the company’s mission to rebuild America’s critical‑minerals supply chain, beginning with antimony—a material that ranks #1 on the U.S. Department of Defense’s critical‑mineral list and is essential for everything from military ammunition to smartphone glass. Evans explains how decades of Chinese dominance left the United States with only two smelters, driving antimony prices from $4‑$5 per pound to $30 per pound after China cut off exports in September 2024.

The interview highlights several strategic advantages of a fully integrated domestic operation. By mining in Montana and leasing acreage in Alaska, US Antimony can produce antimony at 50‑70% lower cost than imported material and avoid the quality‑control headaches of foreign ores laden with arsenic, lead, or sulfur. Evans also details the logistical nightmare of sourcing from abroad—citing a three‑month shipment that was held in Chinese customs for six months—underscoring the working‑capital and security risks of overseas supply. The company’s recent resource study on the Fost tungsten project in Ontario projects $4.6 billion in net revenue, adding a second critical mineral to its portfolio alongside cobalt and upcoming U.S. projects.

Notable moments include Evans’ description of antimony’s role in night‑vision equipment, fire‑retardant roofing for AI data centers, and lead‑acid batteries, as well as the dramatic price surge that sparked the company’s growth. He also discusses a joint venture with America’s Gold and Silver to commercialize a novel electro‑smelting process—Hydromeat—that produces 90% pure antimony flake at scale, a technology previously limited to pilot plants in Bolivia.

The broader implication is clear: a domestic, vertically integrated supply chain can safeguard national defense, reduce exposure to geopolitical leverage, and open new revenue streams for investors. With government interest and potential funding for critical‑mineral projects, US Antimony is positioning itself as a cornerstone of America’s strategic materials independence.

Original Description

US Antimony chairman and CEO Gary Evans joins Inside the ICE House to discuss why antimony has become a strategically critical mineral for U.S. defense, manufacturing, and technology. Evans explains how global supply concentration has created vulnerabilities and how US Antimony is rebuilding domestic mining and processing capacity while expanding into other critical minerals like tungsten. The conversation also explores government collaboration, supply‑chain resilience, and how new technologies, including AI, could shape the future of critical minerals production.