United States Antimony (NYSEAM:UAMY) Conference February 25, 2026 08:30 AM ET Speaker1Our next presenter this morning is U.S. Antimony Corp, an integrated miner and refiner of antimony products in North America. Today, we are very pleased to be joined by CEO and Chairman of U.S. Antimony Corp, Gary Evans.Speaker0Good morning. Thank you for joining us, our presentation this bright and early morning. This company is an old company, been around since the late sixties, publicly traded since 2012. You need to lo ...

Core Viewpoint - Core Critical Metals intends to acquire an 80% stake in the Lucky Mike silver-copper-tungsten property, pending approval from the TSX Venture Exchange [1] Group 1: Property Details - The Lucky Mike property consists of 37 claims over approximately 7,675 hectares located between Kamloops and Merritt in British Columbia [1] - The site is strategically positioned in BC's copper porphyry and gold mining region, adjacent to Teck's Highland Valley Copper Mine, which has extended its operational life to 2046 following a significant investment of $2.1 billion (C$2.87 billion) [2] - The property has a historical resource estimate of 73.5 million tonnes with a copper equivalent grade of 0.27%, translating to around 402 million pounds of contained copper [2] Group 2: Historical Exploration and Infrastructure - In 1943, the Strategic Metals Committee drilled 14 diamond drill-holes along a 100m strike length, with eight holes showing a weighted average of 0.312% tungsten trioxide across an average width of 25ft [3] - The property is fully permitted and ready for drilling, with new high-priority targets identified through AI analysis [3] - The site benefits from excellent infrastructure access, being close to logging roads, power sources, and local labor in the Nicola Mining District [4] Group 3: Joint Venture and Financial Terms - Under the option agreement, Core Critical Metals may earn its 80% interest by fulfilling specific payments and expenditures [4] - The property is currently subject to a 2% net smelter return royalty [4] - Core Critical Metals will fully fund all expenditures approved in the annual work program until a feasibility study is delivered, during which First Atlantic Nickel's participation will not be subject to dilution [5]

Core Viewpoint - Canstar Resources Inc. has finalized a joint venture agreement with VMS Mining Corporation to advance the Mary March VMS project in Newfoundland, which is expected to enhance exploration efforts and funding for the upcoming drill program in 2026 [1][15]. Financial Aspects - Canstar will receive an immediate non-dilutive cash payment of C$1.0 million to support the winter technical program and prepare for the 2026 field season [2]. - The joint venture anticipates a subsequent investment of C$4.0 million by VMS Mining Corporation, which is expected to align with the planned 2026 drill campaign [3][13]. - The joint venture structure allows VMS Mining Corporation to earn up to a 60% interest by investing a total of C$11.5 million in exploration expenditures, structured in three phases [16][28]. Technical Leadership and Expertise - Dr. Harold Gibson, a leading authority on VMS systems, is guiding the exploration at Mary March, supported by Dr. Rodney Allen, a recognized VMS specialist [4][5]. - The exploration strategy integrates modern geological methods, including lithogeochemistry and geophysical reprocessing, to define drill targets within the Buchans volcanic package [5][10]. Project Context and Potential - The Mary March project is located near the historic Buchans mining camp, known for high-grade VMS deposits, yet remains underexplored with modern techniques [6][10]. - Historical production in the Buchans camp includes over 700,000 ounces of gold and 60 million ounces of silver, indicating the potential for significant mineralization at Mary March [6][10]. Strategic Positioning - Canstar's combination of a high-grade district, a robust exploration model, non-dilutive funding, and a strong leadership team positions the joint venture favorably for the upcoming exploration program [7][13]. - The leadership team at VMS Mining Corporation has a proven track record, having been involved in over US$8 billion in corporate transactions and significant gold discoveries globally [8][9].

Core Viewpoint - Kato Works is establishing a joint venture with Action Construction Equipment in India, focusing on manufacturing heavy cranes to meet both domestic and international demand [1][2][3]. Group 1: Joint Venture Details - Kato Works will invest Rs1.0 billion ($11 million) into the joint venture, named ACE KATO, which has a total capital of Rs2.0 billion, with both companies holding a 50% stake [1][2]. - The joint venture is set to begin operations in April 2026, following the execution of investment and shareholder agreements in March 2026 [2]. - The facility will be located in Haryana, India, and will produce truck cranes, crawler cranes, and rough terrain cranes [2]. Group 2: Strategic Goals - Kato Works aims to drive growth through effective investment and expand overseas sales as part of its three-year mid-term management plan starting from the fiscal year ending March 31, 2026 [3]. - Establishing a presence in India aligns with Kato Works' strategy due to the significant demand in the region [3]. Group 3: Technology and Market Expansion - The company plans to transfer proprietary technologies to the joint venture to enhance product competitiveness and expand into new markets such as Asia and the Middle East [4]. - Kato Works is committed to building a solid business foundation for the joint venture as a key driver of medium- to long-term earnings [5]. Group 4: Financial Impact - Kato Works anticipates that the impact on its consolidated financial results will be minimal, but will disclose any significant effects as necessary [6].

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Core Viewpoint - Americas Gold and Silver has entered into a joint venture with United States Antimony to build an antimony processing plant in Silver Valley, Idaho, aimed at boosting domestic antimony production, which is critical for national security [1]. Group 1: Joint Venture Details - The joint venture will have Americas Gold and Silver holding a 51% stake and US Antimony holding 49% [1]. - The processing facility will be located on permitted land at Americas' Galena Complex, with Americas supplying antimony feedstock from its operations and the option to process material from other sources [2]. Group 2: Strategic Importance - The joint venture allows Americas to leverage its position as the largest antimony producer in the US, aiming to become a significant player in the downstream antimony market and capture value currently left unrealized under existing offtake terms [3]. - Once operational, the JV facility will enable Americas to be compensated for mined antimony at market terms [3]. Group 3: Profit Sharing and Governance - Americas will capture 51% of the profits from the processing side of the joint venture, enhancing shareholder exposure to downstream profits from antimony production [4]. - The governance structure includes a six-member management committee, equally divided between both companies, with US Antimony overseeing operations [4]. Group 4: Partnership Terms - The partnership includes provisions for either company to buy or sell interests after an 18-month construction period, with specific conditions for valuation [5]. - US Antimony has the right to sell its interests to Americas at either fair market value or 100% of its capital contributions, whichever is greater [6].

Financial Data and Key Metrics Changes - For the quarter ended December 31, Core Net Investment Income was $0.27 per share, consistent with GAAP net investment income [5][14] - Net realized and unrealized change on investments resulted in a loss of $30 million, with NAV decreasing to $10.49 per share, down 3.1% from the previous quarter [14] - Debt-to-equity ratio was 1.57 times as of December 31, which was reduced to 1.5 times after subsequent asset sales [15] Business Line Data and Key Metrics Changes - The new joint venture, PSSL Two, invested $197 million during the quarter and an additional $133 million after the quarter end, with a total portfolio of $326 million [5][6] - The portfolio remains well-diversified, comprising 160 companies across 50 industries, with a weighted average yield on debt investments of 9.9% [15][16] - PIK interest represented only 2.5% of total interest income, indicating a conservative portfolio structure [7][16] Market Data and Key Metrics Changes - An increase in M&A transaction activity in the private Middle Market is noted, expanding the pipeline of new investment opportunities [6][7] - The pricing on high-quality first lien term loans remains attractive, typically ranging from SOFR plus 475-525 basis points [7] Company Strategy and Development Direction - The company aims to scale PSSL Two to over $1 billion in assets, consistent with existing joint ventures, focusing on generating a steady dividend stream while preserving capital [6][13] - The strategy emphasizes strong private equity sponsor relationships and disciplined underwriting, which are seen as competitive advantages [7][11] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the current market environment, anticipating that increased M&A activity will drive repayments of existing portfolio investments [6][25] - The company is well-positioned to cover dividends with projected run rate NII as the new joint venture ramps up [25] Other Important Information - The company has invested $8.7 billion in 545 companies, with a loss ratio on invested capital of only 13 basis points annually [12] - The focus remains on core Middle Market companies, typically those with $10-50 million of EBITDA, which operate below the threshold of broadly syndicated loans [11] Q&A Session Summary Question: Why is software such a low exposure within the portfolio? - Management indicated that the low exposure is a strategic decision to focus on cash flow loans at reasonable multiples, avoiding high-leverage, covenant-lite loans prevalent in the software sector [19][21] Question: Does the expectation to cover the dividend assume full optimization of the new joint venture? - Management confirmed that the expectation is based on ramping the joint venture to about $1 billion, with M&A activity expected to populate the JV and facilitate equity rotation [22][25] Question: What are the drivers of the unrealized marks in the quarter? - Management noted that most markdowns are related to the 2021 vintage, with some specific companies experiencing softness, but they do not foresee significant additional markdowns in the near term [41][45]

Commodity trading house Trafigura is in talks with Chinese supply chain conglomerate ITG to form a joint venture to finance commodity deals https://t.co/FPn2rKtkKP ...

Financial Data and Key Metrics Changes - First quarter revenue of Griffon Corporation was $649 million, reflecting a 3% increase compared to the prior year quarter [11] - Adjusted EBITDA before unallocated amounts was $145 million, consistent with the prior year, resulting in an EBITDA margin of 22.3% [11] - GAAP net income for the first quarter was $64 million, or $1.41 per share, compared to $71 million, or $1.49 per share in the prior year [12] Business Line Data and Key Metrics Changes - Home and Building Products (HBP) revenue increased by 3% year-over-year, with an EBITDA margin of 30.1% [3][14] - Consumer and Professional Products (CPP) revenue rose by 2% to $241 million, with a 19% increase in EBITDA to $22 million [4][15] Market Data and Key Metrics Changes - HBP revenue growth was driven by a 7% increase in price and mix, partially offset by a 4% reduction in residential volumes [14] - CPP experienced increased volume in Australia and Canada, but was offset by reduced volume in the U.S. due to soft consumer demand [4] Company Strategy and Development Direction - The company announced a joint venture with ONCAP to create a leading global provider of hand tools and home organizational solutions, enhancing its competitive position [7][8] - Strategic actions include a comprehensive review of alternatives for AMES Australia and the U.K., and the combination of Hunter Fan with the HBP segment, aiming to streamline operations and enhance shareholder value [9][10] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about a recovery in the residential and commercial markets, anticipating substantial leverage as activity improves [19] - The company remains committed to a capital allocation strategy focused on organic growth, share repurchases, dividends, and debt reduction [19] Other Important Information - The company repurchased $18 million of its stock during the first quarter, with a total of $578 million repurchased since April 2023 [5] - A quarterly dividend of $0.22 per share was authorized, marking the 58th consecutive quarterly dividend [6] Q&A Session Summary Question: What was the thought process behind the timing of the joint venture? - Management noted a disconnect between market value and intrinsic value, believing the joint venture would unlock value and strengthen consumer businesses [26][27] Question: What is the expected contribution from the joint venture? - The second lien debt from the joint venture is at a 10% PIK rate, but net income from the joint venture is not expected to be material due to its private company status [29] Question: What is the revenue contribution from Hunter Fan? - Hunter Fan had $211 million in revenue for fiscal 2025, and margins are expected to remain above 30% after combining with HBP [35] Question: What is the outlook for the HBP business? - Management expects continued pressure on residential volume but remains optimistic about the recovery in the housing market, particularly in the premium segment [49][50]

Core Insights - CPE has invested $350 million in primary capital to expand Burger King China, aiming to grow the restaurant count to over 4,000 by 2035 [1][3] - The joint venture between CPE and Restaurant Brands International (RBI) combines Burger King's brand strength with CPE's local market expertise, positioning the business for accelerated growth [2][3] - The partnership includes a 20-year master development agreement, granting exclusive rights to develop the Burger King brand in China [3] Company Overview - Restaurant Brands International Inc. (RBI) is a major player in the quick service restaurant sector, with over $45 billion in annual system-wide sales and more than 32,000 restaurants globally [4] - RBI owns several prominent brands, including Burger King, and is focused on sustainable practices through its Restaurant Brands for Good framework [4] - CPE is a leading alternative asset manager in Asia, managing approximately $22 billion in assets and pursuing a long-term value investment strategy across various sectors [5]