Group 1 - The article discusses a bullish outlook on United States Antimony Corporation (NYSE: UAMY) published in 2019, which was considered "being right too early" as the share prices did not perform as expected [1] - The author, Harrison, has over a decade of experience in the market and has been writing on Seeking Alpha since 2018, with a background in private equity, real estate, and economic research [1] Group 2 - There is a potential for the author to initiate a beneficial long position in UAMY through stock purchases or call options within the next 72 hours [2] - The article expresses the author's own opinions and is not influenced by any compensation from companies mentioned [2]

Company Overview & Strategy - United States Antimony Corporation (USAC) focuses on extracting, processing, and selling antimony and zeolite hard minerals[8] - The company aims to secure domestic supply chains for critical minerals by 2027, reducing reliance on foreign sources[32] - USAC is expanding its antimony processing footprint to increase production and sales in Montana and Mexico[130] - The company is evaluating strategic acquisition and additional mining lease opportunities in the US and Canada[133] Antimony Market & Operations - Antimony has seen over a 500% price increase recently[27, 56] - China controls over 60% of world antimony ore[55] and has cut off the global supply of antimony[29] - USAC owns and operates the only two North American antimony smelters[26, 28] - The Thompson Falls smelter is expanding to a capacity of 300 tons per month or 11 tons per day[33] - The Madero smelter in Mexico has restarted operations with a capacity of 200 tons per month or 7 tons per day[41, 43, 47] Zeolite Operations - Bear River Zeolite mine experienced a 9% increase in tons sold in fiscal year 2024[111] - The company launched a new in-house product line for cattle feed called CattlePrime™[112, 115] Financial Performance & Outlook - The company's 2024 revenues were the highest since going public in 2012[123] - USAC maintained a high cash balance of $182 million as of December 31, 2024[123] - The company projects consolidated revenues of $40 - $50 million for 2025[136]

Core Viewpoint - Transition Metals Corp. and 1930153 ON Ltd. have sold their 50% interests in the Fostung Tungsten Property to UAMY Cobalt Corporation for US$5,000,000 in cash and a 0.5% Net Smelter Return royalty, highlighting the strategic importance of tungsten and the value of their mineral exploration portfolio [1][2][3]. Transaction Summary - UAMY acquired a 100% interest in the Fostung Property for US$5,000,000 (approximately C$7.0 million) and a 0.5% NSR royalty [2]. - The proceeds from the sale will be split equally between Transition and 1930153 ON, with each receiving US$2,500,000 and a 0.25% NSR [2]. - The transaction is classified as an arm's length transaction, with no finders' fees involved [2]. Company Insights - Transition Metals Corp. has a diverse portfolio of 18 projects, which includes mineral exploration projects, royalties, and marketable securities, allowing for non-dilutive cash generation [3]. - 1930153 ON Ltd. focuses on advancing mineral projects in Ontario using modern extraction and processing technologies [11]. Property Details - The Fostung Property consists of 50 mining claims covering approximately 1,114 hectares, located in Foster Township, Ontario, about 8 kilometers southeast of Espanola [4]. - The property has a historic inferred mineral resource estimated at 12.4 million tonnes grading 0.213% WO₃, based on data from 44 diamond drill holes totaling 9,185 meters [5]. Industry Context - China controls over 80% of the world's tungsten production, making the Fostung deposit significant for North America as a critical mineral resource [3]. - UAMY is positioned as a leader in the mining and processing of critical minerals, which is essential for sustainable development in the industry [3].

Summary of United States Antimony Corporation Conference Call Company Overview - **Company Name**: United States Antimony Corporation (UAMY) - **Founded**: 1968, went public in February 2012 - **Current CEO**: Gary Evans, appointed after the founder's passing four years ago [4][5] Key Industry Insights - **Critical Mineral**: Antimony is classified as a critical mineral by the Department of Defense, with significant applications in military and industrial sectors [8][16] - **Market Control**: Historically, the antimony market has been dominated by China, which has shifted from being a net producer to a net importer due to resource depletion [13][24] - **U.S. Supply Chain**: The U.S. Department of Defense is seeking to source critical minerals domestically by 2027, creating opportunities for UAMY [16][52] Financial Performance - **Revenue Growth**: UAMY reported revenues of approximately $7 million in 2023, nearly doubling to $15 million in 2024, with guidance of $40 to $50 million for the current year [50][55] - **Cash Position**: The company has about $18 million in cash and minimal debt of around $250,000 [51] Operational Developments - **Management Changes**: A complete overhaul of management and board has been implemented to drive new strategies and growth [5][49] - **Expansion Plans**: The company is expanding its operations in Montana and has plans to process material from Alaska, which will significantly improve margins [18][30][31] - **Processing Capacity**: The Madero smelter in Mexico has an engineered capacity of 200 tons per month, currently operating at 70 to 100 tons [20] Market Dynamics - **Price Surge**: The price of antimony has surged nearly 700% since China's supply cut announcement, rising from $5 to approximately $30 per pound [24][27] - **Competitive Landscape**: UAMY is positioned as the only vertically integrated antimony producer in the Western Hemisphere, with two permitted smelters [15][54] Strategic Initiatives - **Geological Claims**: UAMY has staked claims in Alaska and Ontario, focusing on antimony and other critical minerals like cobalt [6][33] - **Government Relations**: The company has engaged with the Department of Defense and other government agencies to secure funding and support for its operations [17][52] Additional Insights - **Zeolite Business**: UAMY is also involved in zeolite production, which has various applications including water filtration and agriculture [35][39] - **Environmental Considerations**: The company is exploring low-carbon concrete alternatives using zeolite, aligning with industry trends towards sustainability [40][41] Conclusion - **Future Outlook**: UAMY is optimistic about its growth trajectory, driven by domestic demand for antimony and strategic government partnerships, with expectations to meet and exceed revenue guidance [61][62]

Core Viewpoint - United States Antimony Corporation (NYSE: UAMY) has released its Q1 results, which are considered interesting and noteworthy for investors looking for trades with a 2-3 year time horizon [1]. Group 1 - The company has been under coverage for a couple of months, indicating ongoing interest and analysis in its performance [1]. - The Q1 results provide valuable insights into the company's financial health and operational performance [1].

Group 1 - United States Antimony Corporation (USAC) is participating in the Centurion One Capital 6th Annual LA Summit from June 2 to June 6, 2025, at the Beverly Hills Hotel [1][3] - Gary C. Evans, Chairman and CEO of USAC, will deliver a corporate presentation on June 5, 2025, and will also engage in one-on-one investor meetings and a panel discussion during the conference [2] - The LA Summit will feature presentations, panel discussions, and investor meetings, scheduled from 12:00 PM EDT to 8:00 PM EDT on June 4 and 5, 2025 [3] Group 2 - Centurion One Capital is an independent investment banking firm focused on supporting the growth of companies in North America, providing financial solutions and strategic guidance [4][5] - The firm employs a team of experienced professionals with extensive financial expertise and sector knowledge, aiming to develop tailored strategies for clients [5] Group 3 - USAC operates in the U.S., Mexico, and Canada, selling antimony, zeolite, and precious metals, primarily processing third-party ore into various antimony products and precious metals [6][7] - The company’s antimony oxide is utilized in flame-retardant systems for various materials, while antimony metal is used in bearings and batteries [6] - USAC also mines and processes zeolite at its Bear River Zeolite facility in Idaho, which has applications in environmental cleanup and agriculture [7]

[Q1 2025 Financial and Operational Results](index=1&type=section&id=United%20States%20Antimony%20Corporation%20Reports%20Record%20First%20Quarter%202025) [Financial Performance Summary](index=1&type=section&id=Financial%20Performance%20Summary) United States Antimony Corporation achieved record Q1 2025 financial results, marked by substantial revenue and gross profit growth, a shift to net income, and a strengthened cash position Financial Performance Overview | Financial Metric | Q1 2025 (USD) | Q1 2024 (USD) | Change (USD) | % Change | | :--- | :--- | :--- | :--- | :--- | | Revenues | $7.0 million | $3.1 million | +$3.9 million | +128% | | Gross Profit | $2.4 million | $0.6 million | +$1.8 million | +302% | | Net Income | $0.55 million | ($0.32 million) | +$0.87 million | +269% | - The cash position improved to **$18.7 million** as of March 31, 2025, an increase of **$0.57 million** from the end of 2024 and **$6.8 million** from March 31, 2024[5](index=5&type=chunk) - The CEO anticipates continued improvement in financial and operational results for the remainder of 2025, driven by increased shipments, higher pricing for both antimony and zeolite, and enhanced operating efficiencies[6](index=6&type=chunk) [Segment Performance & Operational Updates](index=1&type=section&id=Segment%20Performance%20%26%20Operational%20Updates) Strong financial results were driven by growth in both antimony and zeolite divisions, complemented by strategic operational expansions including smelter restarts and capacity increases - Antimony sales reached **$5.9 million**, a **140%** increase year-over-year, primarily due to higher average sales prices, despite lower sales volume due to resolved contract and logistics delays[4](index=4&type=chunk) - The zeolite division (BRZ) experienced improved operating results with increased volumes, higher pricing, and reduced maintenance costs[6](index=6&type=chunk) - Key strategic initiatives for 2025 include: - Restarting the Madero Antimony Smelter in Mexico in late April 2025 - Expanding the Montana antimony smelter to increase throughput capacity by **more than six times**, fueled by feedstock from Alaska - Finalizing the permitting phase in Alaska to begin gathering antimony concentrate[6](index=6&type=chunk) [Condensed Consolidated Financial Statements (Unaudited)](index=2&type=section&id=Condensed%20Consolidated%20Financial%20Statements) [Statement of Operations](index=2&type=section&id=CONDENSED%20CONSOLIDATED%20STATEMENTS%20OF%20OPERATIONS) The company transitioned from an operating loss to an operating income in Q1 2025, achieving net income compared to a net loss in the prior-year period Condensed Consolidated Statements of Operations | Metric | Q1 2025 (USD) | Q1 2024 (USD) | | :--- | :--- | :--- | | **Revenues** | $7,000,005 | $3,072,067 | | **Gross Profit** | $2,371,730 | $589,485 | | **Income (Loss) from Operations** | $357,992 | ($470,454) | | **Net Income (Loss)** | $546,524 | ($322,768) | [Balance Sheet](index=2&type=section&id=CONDENSED%20CONSOLIDATED%20BALANCE%20SHEETS) Total assets and stockholders' equity significantly increased as of March 31, 2025, primarily driven by growth in cash, accounts receivable, and inventories Condensed Consolidated Balance Sheets | Metric | March 31, 2025 (USD) | Dec 31, 2024 (USD) | | :--- | :--- | :--- | | **Total Current Assets** | $24,838,415 | $20,678,569 | | **Total Assets** | $39,496,778 | $34,642,602 | | **Total Liabilities** | $6,905,442 | $6,041,929 | | **Total Stockholders' Equity** | $32,591,336 | $28,600,673 | - Inventories increased significantly to **$4.0 million** from **$1.2 million** at the end of 2024, reflecting the antimony ore supply on hand at quarter-end[4](index=4&type=chunk)[9](index=9&type=chunk) [Statement of Cash Flows](index=3&type=section&id=CONDENSED%20CONSOLIDATED%20STATEMENTS%20OF%20CASH%20FLOWS) Q1 2025 saw cash used in operations due to inventory increases, offset by strong cash generation from financing activities, resulting in a net cash increase Condensed Consolidated Statements of Cash Flows | Metric | Q1 2025 (USD) | Q1 2024 (USD) | | :--- | :--- | :--- | | **Net Cash (Used in) Provided by Operating Activities** | ($1,729,291) | $65,027 | | **Net Cash Used in Investing Activities** | ($862,011) | ($2,031) | | **Net Cash Provided by (Used in) Financing Activities** | $3,166,123 | ($21,273) | | **Net Increase in Cash** | $574,821 | $41,723 | - Financing activities provided **$3.2 million** in cash, consisting of **$2.4 million** from the issuance of common stock and **$0.8 million** from the exercise of warrants[12](index=12&type=chunk) [Company Overview](index=4&type=section&id=About%20USAC) United States Antimony Corporation (USAC) is a diversified mining and processing company operating in the U.S., Mexico, and Canada, focusing on antimony, zeolite, and precious metals - USAC's main business lines include: - **Antimony:** Processed into oxide, metal, and trisulfide for use in flame retardants, plastics, paints, batteries, and ordnance - **Zeolite:** Mined and processed for applications such as water filtration, environmental cleanup, animal nutrition, and soil amendment - **Precious Metals:** Recovery of primarily gold and silver from third-party ore[13](index=13&type=chunk)

Financial Data and Key Metrics Changes - Revenues increased by 128% year over year, reaching $7 million in Q1 2025, which is almost 50% of the total revenue reported for the entire fiscal year 2024 [3][4] - Gross profit rose by 302% year over year to $2.4 million, with gross margin improving from 19% to 34% [3][5] - Net income reported was over $5 million, up 269% year over year [3] Business Line Data and Key Metrics Changes - Antimony sales were $5.9 million in Q1 2025, an increase of 140% year over year, primarily due to higher average sales prices [7][8] - Zeolite sales reached $1.1 million, up 82% year over year, with a 67% increase in sales volume quarter over quarter [10] - Antimony income from operations increased by $900,000 to $1.1 million for Q1 2025 [8] Market Data and Key Metrics Changes - The antimony business experienced strong demand, driven by the need for critical minerals across various industries, including government demand [9] - The zeolite business improved operational efficiency, leading to reduced losses from operations, which improved by $350,000 year over year [10] Company Strategy and Development Direction - The company is focused on expanding its antimony operations in Alaska and Canada, with plans to source antimony ore from new suppliers and expand processing capabilities [6][9] - The strategy includes improving operational efficiency and capitalizing on the current demand for critical minerals [6][12] - The company aims to vertically integrate by securing its own supply of antimony, reducing reliance on international sources [28][41] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the future, highlighting the potential for increased revenues and improved margins as operations expand [12][43] - The company anticipates a revenue guidance tightening to $40 million to $50 million for the fiscal year 2025 [44] - Management emphasized the importance of securing a domestic supply of antimony to enhance operational stability and pricing power [28][66] Other Important Information - The company has engaged new geological experts to enhance exploration efforts in Alaska and Ontario [14][15] - The company is actively pursuing digital marketing strategies to broaden its investor base and increase visibility [35][36] - BlackRock has increased its position in the company to 5.1%, indicating strong institutional interest [38] Q&A Session Summary Question: How are you able to complete the 6X expansion plans for Thompson Falls by the end of the year? - Management confirmed plans to complete the expansion by year-end, potentially ahead of schedule, without affecting existing operations [46][47] Question: Can you comment on the permitting timeline for ore from Alaska? - Management expects permits to be approved within a couple of weeks, with ore potentially being trucked to Montana by August or September [49][50] Question: Will you take on refining from other mining operations? - Management indicated that increased refining capacity would allow for future partnerships, but current operations are focused on their own supply [71] Question: What is the company's acquisition strategy? - The company is looking for opportunities that can be accessed quickly, focusing on critical minerals that align with their operational capabilities [60][62] Question: Can you share progress on the cobalt play in Canada? - Management noted high-grade cobalt and nickel findings, with plans for further exploration and potential partnerships [76][79]

Financial Data and Key Metrics Changes - Revenues increased by 128% year over year, reaching $7 million in Q1 2025, which is almost 50% of the total revenue reported for the entire fiscal year 2024 [2][3] - Gross profit rose by 302% year over year to $2.4 million, with gross margin improving from 19% to 34% [2][4] - Net income reported was over $5 million, up 269% year over year [2] Business Line Data and Key Metrics Changes - Antimony sales were $5.9 million in Q1 2025, an increase of 140% year over year, primarily due to higher average sales prices [6] - Zeolite sales reached $1.1 million, up 82% year over year, with a 67% increase in sales volume quarter over quarter [9] Market Data and Key Metrics Changes - The antimony business saw a significant increase in demand, driven by the need for critical minerals across various industries, including government contracts [7] - The zeolite business improved due to operational efficiencies and increased sales volume, despite previous maintenance issues [10] Company Strategy and Development Direction - The company is focused on expanding its antimony operations in Alaska and Canada, with plans to source antimony ore from new suppliers and expand processing capabilities [5][8] - The strategy includes improving operational efficiency and capitalizing on the growing demand for critical minerals [12] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the future, highlighting the potential for increased revenues and improved margins as operations expand [11][39] - The company anticipates a revenue guidance tightening to $40 million to $50 million for 2025, reflecting confidence in operational improvements [41] Other Important Information - The company has engaged new geological experts to enhance exploration efforts in Alaska and Ontario [13][14] - The company is actively working on its marketing and investor relations strategy to attract long-term institutional capital [28][30] Q&A Session Summary Question: How will the 6X expansion plans for Thompson Falls be completed by the end of the year? - Management confirmed that the expansion is on track to be completed by the end of the year without affecting existing operations [44][46] Question: Can you comment on the permitting timeline for ore from Alaska? - The company expects to begin trucking ore into Montana by August or September, pending permit approval [47][49] Question: What are the implications if the Tick Red's dog zinc mine faces tariff issues? - Antimony is exempt from tariffs, and the company does not foresee issues affecting their operations [51] Question: Are there competing US-based companies nearing smelting capabilities? - Management indicated that while there are companies exploring this, the challenges of securing supply make it difficult for new entrants [52][53] Question: What is the company's acquisition strategy? - The company is focused on quick-access projects and is looking for opportunities that can be developed rapidly [58][60] Question: What are the expectations for the zeolite business in 2025? - The company plans to maintain its zeolite operations while focusing on expanding sales in various markets [79]

PART I [Financial Statements](index=2&type=section&id=ITEM%201.%20FINANCIAL%20STATEMENTS) For the first quarter of 2025, United States Antimony Corporation reported a significant financial turnaround, shifting from a net loss to a net income of $546,524, driven by a 128% year-over-year revenue increase to $7.0 million [Condensed Consolidated Balance Sheets](index=2&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) As of March 31, 2025, total assets increased to $39.5 million from $34.6 million at year-end 2024, primarily due to growth in cash, accounts receivable, and a significant rise in inventories Balance Sheet Highlights | Balance Sheet Highlights | March 31, 2025 | December 31, 2024 | | :--- | :--- | :--- | | **Total Current Assets** | $24,838,415 | $20,678,569 | | Inventories | $3,991,111 | $1,245,724 | | **Total Assets** | **$39,496,778** | **$34,642,602** | | **Total Current Liabilities** | $4,718,226 | $4,006,389 | | **Total Liabilities** | $6,905,442 | $6,041,929 | | **Total Stockholders' Equity** | **$32,591,336** | **$28,600,673** | [Condensed Consolidated Statements of Operations](index=3&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations) The company achieved a significant turnaround in Q1 2025, reporting a net income of $546,524, compared to a net loss of $322,768 in Q1 2024, driven by a 128% surge in revenues to $7.0 million and a 302% increase in gross profit to $2.4 million Income Statement Highlights | Income Statement Highlights | Q1 2025 | Q1 2024 | | :--- | :--- | :--- | | **Revenues** | $7,000,005 | $3,072,067 | | **Gross Profit** | $2,371,730 | $589,485 | | **Income (Loss) from Operations** | $357,992 | ($470,454) | | **Net Income (Loss)** | **$546,524** | **($322,768)** | [Condensed Consolidated Statements of Cash Flows](index=4&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) In Q1 2025, the company experienced a net cash usage of $1.7 million from operating activities, largely due to a $2.7 million increase in inventories, offset by a strong inflow of $3.2 million from financing activities, resulting in a net increase in cash of $0.6 million Cash Flow Summary | Cash Flow Summary | Q1 2025 | Q1 2024 | | :--- | :--- | :--- | | Net Cash (Used in) Provided by Operating Activities | ($1,729,291) | $65,027 | | Net Cash Used in Investing Activities | ($862,011) | ($2,031) | | Net Cash Provided by (Used in) Financing Activities | $3,166,123 | ($21,273) | | **Net Increase in Cash** | **$574,821** | **$41,723** | [Notes to Condensed Consolidated Financial Statements](index=5&type=section&id=Notes%20to%20Condensed%20Consolidated%20Financial%20Statements) The notes detail the company's operations, accounting policies, and key financial components, highlighting significant revenue growth, inventory build-up, strategic acquisitions, and substantial financing activities including a new line of credit and expansion plans - The company sells antimony, zeolite, and precious metals, expanding its portfolio in 2024 and 2025 by acquiring mining claims in Alaska and Ontario, Canada, and leasing a metals concentration facility in Montana[13](index=13&type=chunk) Revenue by Product (Q1 2025 vs Q1 2024) | Revenue by Product (Q1 2025 vs Q1 2024) | Q1 2025 | Q1 2024 | | :--- | :--- | :--- | | Antimony | $5,925,848 | $2,469,062 | | Zeolite | $1,094,696 | $603,005 | | **Total Revenues** | **$7,000,005** | **$3,072,067** | - In Q1 2025, the company raised capital through the sale of **1,107,923 shares** in an "at the market offering" for gross proceeds of **$2.44 million** and issued **948,750 shares** from warrant exercises for proceeds of **$806,438**[53](index=53&type=chunk)[65](index=65&type=chunk) - Subsequent to quarter-end, in April 2025, the company secured a **$5 million** line of credit and executed a contract with WSP USA Inc. for the expansion of its Thompson Falls, Montana smelting operations, with estimated capital expenditures under **$15 million**[73](index=73&type=chunk)[75](index=75&type=chunk) [Management's Discussion and Analysis (MD&A)](index=16&type=section&id=ITEM%202.%20MANAGEMENT%27S%20DISCUSSION%20AND%20ANALYSIS%20AND%20PLAN%20OF%20OPERATION.) Management attributes the strong Q1 2025 performance to a significant increase in the average sales price for antimony and higher sales volume for zeolite, with $18.7 million in cash and equivalents supporting liquidity and growth initiatives [Results of Operations](index=20&type=section&id=Results%20of%20Operations) The company's operational performance improved dramatically in Q1 2025, with Antimony segment revenue increasing by 140% to $5.9 million due to a 232% rise in average sales price, and Zeolite segment revenue growing 82% to $1.1 million from increased volume and price Antimony Segment Performance | Antimony Segment Performance | Q1 2025 | Q1 2024 | % Change | | :--- | :--- | :--- | :--- | | Revenue | $5,925,848 | $2,469,062 | 140% | | Gross Profit | $2,423,616 | $907,978 | 167% | | Pounds Sold | 362,647 | 502,046 | (28%) | | Avg. Sales Price / lb | $16.34 | $4.92 | 232% | Zeolite Segment Performance | Zeolite Segment Performance | Q1 2025 | Q1 2024 | % Change | | :--- | :--- | :--- | :--- | | Revenue | $1,094,696 | $603,005 | 82% | | Gross Profit (Loss) | $179,086 | ($292,833) | 161% | | Tons Sold | 3,802 | 2,273 | 67% | | Avg. Sales Price / ton | $288 | $265 | 9% | [Capital Resources and Liquidity](index=21&type=section&id=Capital%20Resources%20and%20Liquidity) The company's liquidity position strengthened, with working capital increasing to $20.1 million, supported by $3.2 million in financing activities, and management believes its $18.7 million in cash and equivalents is sufficient for the next 12 months - Working capital increased to **$20.1 million** at March 31, 2025, from **$16.7 million** at December 31, 2024[111](index=111&type=chunk) - Net cash from financing activities in Q1 2025 was **$3,166,123**, driven by proceeds from stock sales (**$2,392,317**) and warrant exercises (**$806,438**)[113](index=113&type=chunk) - The company had cash and cash equivalents of **$18,746,429** as of March 31, 2025, and believes these funds are sufficient to cover requirements for the next 12 months[117](index=117&type=chunk) [Controls and Procedures](index=22&type=section&id=ITEM%204.%20CONTROLS%20AND%20PROCEDURES) Management concluded that the company's disclosure controls and procedures were not effective as of the end of the quarter due to material weaknesses from the small accounting staff, with remediation efforts underway including new management hires - Management concluded that disclosure controls and procedures were not effective as of March 31, 2025[119](index=119&type=chunk) - The ineffectiveness is attributed to material weaknesses due to the small size of the accounting staff[120](index=120&type=chunk) - Remediation efforts include hiring a management-level employee for Sarbanes-Oxley compliance and another for SEC reporting in April 2025[120](index=120&type=chunk) PART II [Risk Factors](index=23&type=section&id=ITEM%201A.RISK%20FACTORS.) The company highlights several key risks, including potential adverse impacts from U.S. trade policy changes, the economic viability of mining exploration given properties lack defined mineral reserves, and the risk that processing ore from new sources may not be profitable - Changes in U.S. trade policies, including tariffs, could adversely impact the business by increasing costs and reducing demand[132](index=132&type=chunk) - A significant risk is that the company's properties do not contain mineral reserves as defined by S-K 1300, which increases the uncertainty and risk of economic and technical failure[132](index=132&type=chunk) - The company faces the risk that processing and selling ore from new suppliers and its own internal sources may not be economically viable[132](index=132&type=chunk) [Other Information Items (Legal, Securities, Mine Safety)](index=22&type=section&id=Other%20Information%20Items) The company confirms it is not a party to any material legal proceedings, reports no recent sales of unregistered securities or defaults on senior securities, and provides mine safety disclosures in Exhibit 95 of the report - The company is not a party to any material legal proceedings[123](index=123&type=chunk) - There were no recent sales of unregistered securities or defaults upon senior securities[126](index=126&type=chunk)[127](index=127&type=chunk) - Mine safety disclosures required by the Dodd-Frank Act are included in Exhibit 95 to the report[128](index=128&type=chunk)