Financial Performance - Revenues increased by 26% to 1.7 million, attributed to improved efficiencies in the antimony business despite increased costs in the zeolite segment[4]. - Antimony sales increased by 36% year-over-year, with an average sales price of 10.64 per pound[5][6]. - Zeolite sales grew by 26%, but gross profit decreased by 540,000[6]. - Cash and cash equivalents increased by 12.4 million as of June 30, 2024, indicating a focus on improving business operations[9]. - The company reported profitability in the last quarter, with a capital improvement expenditure of 501,000, a significant increase from $51,000 in the first quarter, reflecting investment in operational improvements[11]. - The company is preparing a mineral resource study for its zeolite business, expected to be completed by year-end 2024[4]. - The company has the only smelter operating in the U.S. and is working on enhancing its supply chain for antimony, aiming to attract government interest[24]. Market Opportunities and Product Development - The company has identified a significant growth opportunity in the zeolite market, noting that only 5% of cattle in the U.S. currently use fed zeolite[31]. - The company is developing new zeolite products and has engaged a lobbying firm to promote zeolite's benefits for nuclear waste cleanup and water treatment[13][15]. - The company is exploring the use of zeolite in mining for air filtration and has a sales presence in Canada to grow this business[33]. Team and Management Restructuring - The antimony division has strengthened its team by hiring a geochemist to enhance mineral processing capabilities[19]. - The company is restructuring its management and operations teams to enhance profitability and market presence in the antimony and zeolite sectors[29]. - The team has expanded with new members bringing valuable knowledge and experience[41]. Strategic Initiatives and Future Plans - The company is actively seeking sources of antimony and other critical minerals on non-federal lands in the U.S. and Canada due to lengthy permitting processes on federal lands[22]. - The company is in standby mode regarding a potential acquisition, having set conditions for the seller that must be met to proceed[35]. - The company is planning to announce a new venture within the next 10 days, which has already been approved by the Board of Directors[30]. - The company is preparing to announce a new direction soon, indicating a shift in strategy[41]. - The company is enhancing its marketing efforts through social media and investor relations initiatives to attract institutional investors[29]. - The company is confident in its ability to meet military specifications for antimony products and is seeking alternative sources to enhance reliability[39]. - The company has resolved its cash flow issues and is now treating its cash with high importance[41]. - The company is positioned to showcase exciting future opportunities in the near future[41].
United States Antimony (UAMY) - 2024 Q2 - Quarterly Results