Monitor the processing results of the initial 1,000-ton bulk sample at the Radersburg mill, expected in late 2026, to validate metallurgical recoveries and economics. The company's ability to successfully transport and process Alaskan ore through its Montana facility during winter conditions will be a key operational milestone.
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Executive Summary
USAC filed an 8-K announcing the completion of a new SEC S-K 1300 Technical Report Summary on its Nolan Creek, Alaska antimony-gold property. The report, prepared by an independent Qualified Person, defines Measured and Indicated lode resources of 53,616 short tons grading 26.27% antimony and 0.372 oz/ton gold, and Inferred lode resources of 32,459 short tons grading 14.29% antimony and 0.362 oz/ton gold. Mining operations by a third-party contractor began in October 2026, with an initial bulk sample of approximately 1,000 tons being extracted and planned for processing at USAC's Montana mill.
Key Facts
- Measured and Indicated lode antimony-gold resources: 53,616 short tons at 26.27% Sb and 0.372 oz/ton Au, containing 14,089 tons Sb and 19,968 oz Au.
- Total Inferred lode resources: 32,459 short tons at 14.29% Sb and 0.362 oz/ton Au, containing 4,640.8 tons Sb and 11,752.5 oz Au.
- Indicated placer gold resources: 66,800 cubic yards at 0.095 oz/cu yd Au, containing 6,250 oz Au.
- Property acquired at public auction on January 30, 2026 for $1,300,000.
- A third-party mining contractor has been selected and mining operations began in October 2026, with an initial bulk sample of approximately 1,000 tons being extracted.
- The bulk sample is planned to be transported to USAC's flotation mill in Radersburg, Montana for processing.
- The Technical Report was prepared by Thomas K. Bundtzen, an independent Qualified Person, in compliance with SEC S-K 1300 regulations.
- No mineral reserves, capital costs, operating costs, or economic analysis are included in the Technical Report.
Financial Impact
Measured and Indicated lode resources have an estimated in-situ value of $313.7 million using $8.30/lb antimony and $4,000/oz gold (before mining, processing, and recovery costs). Inferred lode resources have an estimated in-situ value of $125.2 million.
Risk Factors
- Camp infrastructure at Nolan Creek is in a state of disrepair and cannot be used, requiring new investment or alternative lodging arrangements.
- The property is remote (175 miles north of Fairbanks) with a harsh Arctic climate (record low of -82°F), creating significant operational and logistical challenges.
- Mineral resources are not mineral reserves and do not have demonstrated economic viability; no economic analysis has been completed.
- Mixed federal and state land ownership requires multiple permits from various agencies (BLM, ADNR, ADEC, ADF&G, USACE) before full-scale operations can commence.
- Inflationary costs for fuel, equipment, labor, and supplies have increased significantly since the last reserve study in 2011.
- Acid Rock Drainage (ARD) potential exists due to sulfide content in wall rocks; environmental baseline studies initiated in 2008 were never completed.
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 7 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001104659-26-118600 |
| Document: tm2628217d1_8k.htm | 0001104659-26-118600 |
| Document: tm2628217d1_ex99-2.htm | 0001104659-26-118600 |
| Document: tm2628217d1_ex23-1.htm | 0001104659-26-118600 |
| Document: 0001104659-26-118600-index-headers.html | 0001104659-26-118600 |
| Document: 0001104659-26-118600-index.html | 0001104659-26-118600 |
| Document: 0001104659-26-118600.txt | 0001104659-26-118600 |
Track record builds as more directional reports settle.
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 26, 2026 1d ago | 8-K | $3.08 | awaiting T+20 | — | $3.21 (+4.38%) |
Oct 2, 2026 25d ago | 8-K | $3.99 | awaiting T+20 | — | $3.21 (−19.42%) |
Oct 2, 2026 25d ago | 8-K | $3.99 | awaiting T+20 | — | $3.21 (−19.42%) |
Sep 2, 2026 7w ago | Insider Cluster | $5.29 $4.13 | ▼ −21.93% | ▼ −21.78% | $3.21 (−39.22%) |
Sep 1, 2026 7w ago | Insider Cluster | $5.29 $4.13 | ▼ −21.93% | ▼ −22.02% | $3.21 (−39.22%) |
Aug 31, 2026 8w ago | Insider Cluster | $4.68 $4.17 | ▼ −10.90% | ▼ −11.01% | $3.21 (−31.30%) |
Aug 25, 2026 9w ago | 8-K | $5.20 $4.60 | ▼ −11.54% | ▼ −11.79% | $3.21 (−38.17%) |
Aug 19, 2026 9w ago | 8-K | $5.73 $4.61 | ▼ −19.55% | ▼ −18.71% | $3.21 (−43.89%) |
Aug 11, 2026 10w ago | 8-K | $4.97 $4.93 | ▲ +0.80% | ▼ −1.09% | $3.21 (+35.31%) |
Jun 11, 2026 19w ago | Institutional Cluster | $7.33 $6.62 | ▼ −9.69% | ▼ −11.58% | $3.21 (−56.14%) |
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