Bloomberg Businessweek Podcast Summary

Episode: US Antimony, Americas Gold and Silver to Work on New Processing Site
Air Date: February 11, 2026
Hosts: Carol Massar & Tim Stenovec
Guests:

• Gary Evans, Chairman & CEO, United States Antimony Corporation
• Paul Andre Hewitt, Chairman & CEO, Americas Gold and Silver Corporation

Overview

This episode explores a significant new joint venture between United States Antimony Corporation (US Antimony) and Americas Gold and Silver Corporation, aiming to build a new antimony processing plant in Idaho. The discussion contextualizes the strategic importance of domestic critical mineral production, particularly antimony, amid mounting US concerns about reliance on China and global supply chain risks. The guests analyze the deal’s impact on the US mining sector, national security, the government’s Project Vault stockpile initiative, and ongoing efforts to stabilize the antimony market against foreign shocks.

Key Discussion Points & Insights

1. Background and Rationale for the Joint Venture

• Strategic Context: Growing US efforts to insulate manufacturers from supply shocks and reduce dependency on Chinese-sourced critical minerals. (00:45)
• Deal Structure:
  • 51% owned by Americas Gold and Silver (Americas G&S)
  • 49% owned by US Antimony
  • Plant to be located in Idaho’s Silver Valley (01:05)
• Rationale: Collaboration brings together Americas G&S’s mines and supplies with US Antimony’s processing technology and expertise. (02:16)

2. Scope and Capabilities of the New Facility

• Production Goals:
  • US needs ~50 million pounds of antimony per year but is far short of that; the new plant will “start chewing away” at this domestic deficit. (02:16)
  • “This deal is very important … for us miners and to the US as a whole…” — Paul Andre Hewitt (02:42)
• Timeline:
  • Engineering and construction to start within 90 days, up and running within a year. (05:25)
  • Notably speedy: The last US facility (in Silver Valley, 1942) was constructed in six months; comparable timeline expected. (05:34)
• Synergy: US Antimony brings patented hydrometallurgical tech (developed and proven at their new Bolivian plant) and regulatory expertise, while Americas G&S brings in mine resources and permitting. (03:56, 04:31)

3. Critical Minerals, National Security, and Supply Chain Resilience

• Supply Sources:
  • US Antimony currently relies on imported ore from countries like Chad, Peru, Bolivia, Australia, Chile, and Mexico. (03:56)
  • The partnership represents a move toward “homegrown antimony.” (03:56)
• Government Contracts:
  • US Antimony holds a Department of Defense contract to deliver antimony ingots for the government’s stockpile—“We are the stockpiler for the government...” — Gary Evans (06:19)
  • Filing additional white papers and grant requests to DoE and DoD for growth capital. (07:12)
• National Security Imperative:
  • Antimony’s critical role in military tech (ammunition, missiles, electronics), with US government now proactive in supporting domestic producers. (09:57, 10:36)
  • "You can't fire a bullet without antimony." — Gary Evans (10:37)

4. Market Dynamics and the China Factor

• Price Volatility and Strategic Response:
  • Talk of Project Vault (White House initiative): $12 billion to create a stockpile and stabilize markets. (00:45, 06:02)
  • Importance of a price floor: “Something in the $20 per pound range would be a great floor, price floor that protects us.” — Gary Evans (08:56)
• China’s Market Dominance:
  • China recently ceased all antimony exports (Sept 2024), severely impacting global supply (09:57)
  • Stockpiling, black market dynamics, and China’s long-term strategic planning highlighted (08:56–11:02)
  • “China has a hundred year plan. We’ve been sitting behind the eight ball for 25 years…” — Gary Evans (08:56)

5. International Cooperation and Allied Demand

• Beyond US Borders:
  • White House has impressed on CEOs the need to secure not only US supply but also supply for allies—NATO & others. (11:02–11:29)
  • Total estimated need: US ~50M lbs/year, allies an additional ~40M lbs/year.
  • “Change your pitch … you don’t just need 50 million pounds for the US, you need another 80% on top of that for our allies…” — Paul Andre Hewitt (11:29)

Notable Quotes & Memorable Moments

• On the origin of the JV:
  “We met about a month ago. Both teams assembled at the mine site in Idaho. … We were signing documents late last night with our legal teams, both of us, at 10:30 at night finalizing this. And this is a transformational deal actually.” — Paul Andre Hewitt (02:16)

• On strategic impact:
  “So it was a marriage made in heaven.” — Gary Evans, on the synergy between the two companies (04:31)

• On US government support:
  “We are the stockpiler for the government and we're the only approved company. … In fact, when it went out to gov.com it said United States Antimony Corporation is the only company capable of bidding on this contract.” — Gary Evans (06:19)

• On military applications:
  “You can't fire a bullet without antimony. Laser guided missiles, night vision cameras, night vision binoculars. I mean, it's in everything you can imagine in the military.” — Gary Evans (10:37)

• On the need for international cooperation:
  “Change your pitch … you don’t just need 50 million pounds for the US, you need another 80% on top of that for our allies who we have to make sure in NATO that we protect along the way.” — Paul Andre Hewitt (11:29)

Timestamps for Key Segments

• 00:45–01:29: Introduction to the joint venture and deal particulars
• 02:16–03:45: Rationale, scope, and America's Gold and Silver’s perspective
• 03:56–05:02: US Antimony’s perspective and technical angles
• 05:13–05:34: Construction timeline and historical precedent
• 06:02–07:12: Project Vault, government contracts, and financing
• 07:41–08:35: Significance of federal support and submission for capital
• 08:56–09:29: Price floor necessity and China’s market manipulation
• 09:57–11:02: China’s supply cutoff and repercussions for US military supply
• 11:02–12:06: Allied demand, the expanded scope of the supply challenge

Tone and Style

• The conversation is practical, urgent, and focused on the business and national security stakes.
• Both executives emphasize candid, first-hand accounts; government and industry cooperation is characterized as unprecedented and transformative.
• Hosts push for specifics—timelines, price points, geopolitical context—with guests delivering detailed, insider views.

For Listeners:

This episode is essential listening for anyone interested in critical mineral supply chains, US manufacturing policy, and how public-private ventures are re-shaping the future of strategic industries in the face of global competition and national security imperatives.