Market Trends & Geopolitics - Traders increase bets on a rate cut by the Fed next month [1][48] - Marco Rubio says talks with U S -backed peace plans with Russia could extend past Trump's deadline [1][48] - There is considerable pressure coming through on Ukraine from the United States [9] - European leaders surprised by the 28 point plan on Ukraine that the U S put out [52] - Lithuania has accused Russia of violating its airspace and sabotaging Poland's railway [84] - The U S government accuses the group whose name translates are being led by Venezuelan President Nicolas Maduro [60] Company & Industry Dynamics - BHP backs off from another attempt to take over Anglo American [2][48] - Mining industry will continue to look at opportunities to acquire copper assets [29] - U K 's CEOs are bracing for a Chancellor Rachel Reeves to pop costs on their businesses in the budget [31] - Private credit has fundamentally changed to the structure of credit markets [39] - HSBC is active in lending to SMEs [45] Financial Markets & Investments - S&P futures are up 0 7% in anticipation of a Fed pivot with dovish commentary [2] - Germany's business confidence index at 88 1 versus estimates of 88 5% [3] - Defense stocks have been darling trades [14] - Defense segment of the market trading at 32 times forward 12 month multiple to about 10 for banks [17] - Banks are at the center of the region in the big wave of savers moving into investments, we talk about 14 trillion waiting to be deployed [19] - Gold has been a massive outperformer, up around 50% this year [63] - Alamos Gold CEO sees gold ultimately trading substantially higher than what it is today, potentially reaching $5,000 an ounce by 2026 [69][75]

Government Policy & Supply Chain - British Prime Minister Keir Starmer 推出战略，旨在国内生产关键矿物，减少对脆弱的全球供应链的依赖 [1]

Core Insights - Energy Fuels Inc. and Cameco Corporation are significant players in the uranium industry, positioned to support the global nuclear energy supply chain [2] - Uranium prices have recently decreased to $77 per pound from a 14-month high of $84, reflecting a 3% decline over the past year, but the long-term outlook remains strong due to the clean energy push [3] - Energy Fuels has seen a substantial increase in revenues, while Cameco has faced revenue declines, highlighting differing performance trajectories [12][15] Energy Fuels Overview - Energy Fuels is the leading U.S. producer of natural uranium concentrate, accounting for two-thirds of domestic production since 2017 [5] - The company mined approximately 465,000 pounds of uranium in the third quarter, totaling about 1,245,000 pounds for the year [6] - For 2025, Energy Fuels expects to mine between 875,000 and 1,435,000 pounds of uranium, with potential finished production reaching up to 1,000,000 pounds [7] - In Q3, Energy Fuels sold 240,000 pounds of uranium at an average price of $72.38, generating $17.4 million in revenues, a 337.6% year-over-year increase [8] - The company ended Q3 with $298.5 million in working capital, including $94 million in cash and no debt [9] - Energy Fuels is also advancing heavy rare earth element (HREE) separation, with commercial output expected in 2026 [11] Cameco Overview - Cameco accounted for 16% of global uranium output in 2024 and operates across the entire nuclear fuel cycle [14] - The company reported a 2% increase in uranium production to 4.4 million pounds in Q3 2025, but total revenues fell 14.7% year-over-year to CAD 615 million ($446 million) [15][16] - Cameco revised its full-year target for uranium deliveries to 32–34 million pounds, with expectations to exceed production targets at Cigar Lake [18] - At the end of Q3, Cameco had C$779 million ($565 million) in cash and C$1 billion ($725 million) in long-term debt [19] Financial Performance Comparison - Energy Fuels stock has appreciated 157.5% this year, outperforming Cameco's 59.6% gain [26] - Energy Fuels trades at a forward price-to-sales multiple of 36.86X, while Cameco's multiple is 14.29X [26] - The Zacks Consensus Estimate for Energy Fuels indicates a revenue drop of 39.8% in 2025, while Cameco's estimates imply a 6.2% growth [21][22] Conclusion - Both companies face short-term revenue challenges due to volatile uranium prices, but Energy Fuels is better positioned for growth with a debt-free balance sheet and strong liquidity [27] - Energy Fuels' diversified asset base and advancing REE projects enhance its long-term potential compared to Cameco [27][28]

Core Viewpoint - Larvotto Resources is advancing its Hillgrove project in New South Wales, focusing on the viability of tungsten as a byproduct, with plans for commercial production by Q2 2026 [1][2]. Company Overview - Larvotto Resources aims to produce 5,400 metric tons of antimony annually at Hillgrove, which would account for 7% of global production [7]. - The company signed a binding offtake agreement with Wogen Resources for the first seven years of antimony output [5]. - Larvotto's stock has increased by 123% over the past year, reflecting strong market interest [7]. Project Details - The Hillgrove project has a Mineral Resource Estimate (MRE) of 8,766 kt at 4.0 g/t gold and 1.1% antimony, with a gold equivalent grade of 7.2 g/t [3]. - Recent metallurgical tests showed a 90% tungsten recovery and a 16X increase in feed grade, indicating a cost-effective processing circuit for tungsten concentrate [2]. Market Context - Antimony is classified as a critical mineral by the US Department of the Interior, essential for various applications including military uses and solar panels [4]. - The global antimony market is heavily influenced by China, which dominates production and refining [4][12]. - Current demand for antimony is driven by its use in solar panels (30% to 40%) and military applications [9]. Strategic Positioning - The Hillgrove project is considered a strategic asset due to its position among the world's top 10 antimony deposits, especially following China's export limits on antimony [3]. - The project is expected to fill a gap in the market as Western production has decreased significantly while demand continues to rise [11]. Production and Refining Challenges - The US lacks sufficient refining capacity for antimony, with the only significant smelter being outdated and at full capacity [13]. - Larvotto's concentrate will be sold to Wogan, which will distribute it to smelters in Asia and Europe, avoiding the Chinese market due to its artificial pricing issues [12][14].

The G-20 calls for protection of critical minerals against unilateral trade curbs, an allusion to the trade war this year between the US and China https://t.co/kKx6w3LBOQ ...

The European Union is weighing direct investments in Australian mining firms to secure supplies of critical minerals including rare earths, the bloc’s Commissioner for Trade and Economic Security Maros Sefcovic says https://t.co/ifzHniEE7V ...

Summary of United States Antimony FY Conference Call Company Overview - **Company Name**: United States Antimony Corporation (NYSEAM:UAMY) - **Headquarters**: Dallas, Texas - **Founded**: 1968, publicly traded since 2012 - **Market Cap Growth**: From $20 million to approximately $1.1 billion, with stock price increasing from $0.20 to around $7 per share [1][2] Industry Context - **Core Product**: Antimony, a critical mineral essential for military applications and various industries, including fire retardants and AI technology [1][3] - **Market Control**: China controls about 65% of the global antimony supply and 90% of refining capacity, posing a significant competitive challenge [3][9] Financial Performance - **Revenue Growth**: - 2021: $8 million - 2022: $15 million - 2023 Guidance: $40-$43 million - 2024 Guidance: $125 million, with expectations of exceeding $150 million [4][18] - **Gross Margin Improvement**: Increased from 26% to 30%, with projections to exceed 50% due to sourcing own material [17][18] Key Contracts and Government Relations - **Recent Contracts**: - $104 million contract for fire retardants for roofing materials [2] - $245 million government contract with the Defense Logistics Agency (DLA) [6] - **Government Support**: Executive orders mandate that military supplies must come from U.S. companies, enhancing demand for domestic antimony [5][6] Production and Expansion Plans - **Refinery Expansion**: - Montana facility expansion from 100 tons to 500 tons per month, costing $22 million [4] - Mexican facility expected to produce 200 tons per month by year-end [4] - **New Mining Operations**: - Recently opened a mine in Montana, with plans to source antimony from Alaska [17][12] - Exploring cobalt and tungsten mining opportunities in Canada [13][14] Market Dynamics and Challenges - **Price Fluctuations**: Antimony prices have increased from $5 to around $19-$20 per pound over the past year and a half [10] - **Supply Chain Issues**: Challenges in sourcing antimony from various countries due to competition with China and logistical issues [10][32] Strategic Vision - **Future Goals**: Aim to build a multi-billion dollar company by expanding operations and securing government contracts [23] - **Public Awareness**: Efforts to educate the public and government officials about the importance of antimony and the company's role in the supply chain [22] Miscellaneous Insights - **Employee Challenges**: Difficulty in hiring due to local demographics and immigration issues [30][31] - **Stock Volatility**: Recent stock price fluctuations attributed to broader market trends rather than company-specific issues [27][28] Conclusion - United States Antimony is positioned for significant growth in the critical minerals sector, particularly in light of increasing military demand and government support for domestic sourcing. The company is actively expanding its production capabilities and exploring new mineral opportunities while navigating competitive challenges from China.

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Core Insights - The United States has added 10 minerals, including uranium, to its critical list, prompting global investments of $6.4 billion across 26 strategic projects to secure supply chains [1][2] - The critical minerals sector is projected to grow from $328 billion in 2024 to $586 billion by 2032, indicating significant market potential [3][4] Company Developments - Homeland Uranium Corp. has completed the acquisition of the Skull Creek Project in Colorado, enhancing its control over the Cross Bones Uranium Deposit and its existing Coyote Basin Project [3][4] - The Coyote Basin Project has shown promising results, with a Phase I program confirming a 14-kilometer uranium strike length, situated in a historically productive region [5] - The company has received necessary permits to commence drilling at Coyote Basin and has filed for exploration work at Skull Creek, positioning itself for rapid advancement [4][9] Strategic Positioning - Homeland Uranium aims to leverage its strategic location in Colorado, which has favorable mining regulations, to enhance operational synergies between its projects [4][8] - The company is focused on acquiring quality assets, obtaining drilling permits, and upgrading historical resource estimates to modern standards [8][9] - With rising uranium prices and increasing support for nuclear energy, Homeland is well-positioned to address domestic supply chain concerns [7][9]

Vancouver, British Columbia, Nov. 19, 2025 (GLOBE NEWSWIRE) -- First American Uranium Inc. (CSE: NIOB) (FSE: IOR) (OTCQB: NIOMF) (“First American Uranium” or the “Company”) is pleased to announce the appointment of Clyde McMillan, P.Geo., as Vice President of Exploration (VP of Exploration). Mr. McMillan is a Professional geologist with 10 years of mineral exploration experience, with expertise across Quebec’s most prolific mining districts. His industry background includes roles at Azimut Exploration and O ...