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.

Core Insights - Shares of United States Antimony Corporation (UAMY) have increased by 68.4% over the past three months due to significant operational transformations, including a global procurement network for antimony and increased domestic mining activities [1][2] - UAMY has secured long-term contracts worth nearly $352 million, which is a substantial increase compared to last year's revenues of only $15 million [7][8] - The company is also making early moves into tungsten, aiming to become the first domestic supplier in the U.S. as there are currently no active tungsten mines in the country [10][11] Antimony Supply and Mining Operations - Antimony is central to UAMY's growth strategy, with a reported 203% year-over-year increase in antimony revenues in Q2, driven by higher pricing and expanded ore deliveries [5][6] - UAMY has executed over 15 supply agreements across 10 countries, with material sourced from regions including Bolivia, Chad, and Mexico [6] - The company has received approximately 330 tons of antimony feedstock in Mexico, with another 295 tons en route [6] Long-term Contracts and Revenue Growth - The long-term contracts secured include a $245 million award from the Defense Logistics Agency and a $107 million commercial contract for antimony trioxide, representing a significant demand increase [7][8] - UAMY's domestic production revival has yielded 560 tons of stibnite ore in Montana, with expected grades exceeding 10% antimony [9] Challenges in the Market - UAMY faces challenges from China's dominance in the antimony market, controlling 60 times the mining capacity of other countries and 85-90% of global smelting and refining capacity [14] - Regulatory delays in Alaska and environmental objections have hindered progress in one of UAMY's promising regions, pushing timelines into 2026 [14][15] - An acquisition attempt in Australia was rejected, although UAMY remains the largest shareholder with a 10% stake valued at approximately $40 million [15] Valuation and Market Position - UAMY's shares currently trade at a forward price-to-sales ratio of 9.59X, significantly higher than the industry average of 3.73X, indicating a premium valuation [16] - Despite the positive operational developments, analysts have revised earnings per share estimates downward, reflecting potential near-term challenges [12][19] Conclusion - UAMY's strategy for 2025 focuses on aggressive expansion in ore procurement, domestic mining, and early-stage tungsten development, while navigating significant market challenges [17]

Core Insights - Alkane Resources Limited reported significant financial results for Q1 2026, highlighting a successful merger with Mandalay Resources and strong production figures [4][7][25]. Financial Performance - The company generated consolidated revenue of AUD 147.2 million in Q1 2026, an increase of AUD 85 million from AUD 62.3 million in Q1 2025, driven by increased production and higher gold prices [6][8]. - Adjusted EBITDA for the quarter was AUD 36.9 million, up from AUD 22.2 million in the previous year [10]. - The company reported a consolidated net loss of AUD 2.7 million for Q1 2026, compared to a profit of AUD 11.3 million in Q1 2025 [10][8]. - Cash, bullion, and liquid investments totaled AUD 191 million at the end of the quarter, after repaying AUD 45 million in debt and incurring one-off costs of AUD 25 million related to the merger [11][7]. Production and Operations - Alkane produced a total of 30,511 gold equivalent ounces in Q1 2026, compared to 18,418 ounces in Q1 2025, reflecting the addition of production from Costerfield and Björkdal [14][12]. - The company’s three operating mines produced 29,965 ounces of gold and 124 tonnes of antimony during the quarter [4]. - Tomingley produced 18,335 ounces of gold, while Costerfield and Björkdal contributed 6,189 and 5,987 ounces of gold equivalent, respectively [12][23][21]. Cost Analysis - The consolidated cash operating cost per ounce of gold equivalent produced was AUD 2,215 in Q1 2026, up from AUD 1,819 in Q1 2025 [15][16]. - All-in sustaining costs per ounce of gold equivalent increased to AUD 2,988 in Q1 2026 from AUD 2,157 in Q1 2025 [16][15]. - Tomingley's cash operating costs were AUD 2,120 per ounce, reflecting a 17% increase due to higher processing costs [15][18]. Strategic Developments - The merger with Mandalay Resources was completed in early August 2025, enhancing Alkane's operational capacity and market position [4][7]. - The company was admitted to the ASX 300 during the quarter, indicating a strengthened market presence [7]. Operational Highlights - Costerfield maintained strong mining productivity and implemented improvement programs to enhance ore quality and recovery [19][20]. - Björkdal achieved solid ore production despite facing external interruptions, with ongoing efforts to optimize processing performance [22].

Financial Data and Key Metrics Changes - Sales for the first nine months of 2025 were $26.2 million, up $16.9 million, or 182% over the prior year, primarily due to price increases and some volume increase in the zeolite business [6][7] - Gross margin increased by 4 percentage points from 24% last year to 28% this year, although there will be pressure on gross margins in the fourth quarter due to declining antimony market prices [6][7] - Consolidated net loss was $4.1 million for the first nine months, including $5.2 million of non-cash expenses, but operating activities generated positive cash flow when excluding working capital changes [7][8] Business Line Data and Key Metrics Changes - Antimony sales volume increased in October, with consolidated sales of $5.6 million for the month compared to third quarter sales of $8.7 million [6][7] - The company secured a three-year supply agreement for antimony ore and a five-year sole source sales contract with the DLA, enhancing sales capabilities [9][10] Market Data and Key Metrics Changes - The company has developed and executed over 15 separate supply contracts for materials sourced from 10 different countries, with ongoing negotiations with over 30 other parties [28] - Approximately 330 tons of antimony feedstock were received at the smelter in Mexico, with additional shipments expected to ramp up significantly [28][30] Company Strategy and Development Direction - The company aims to be the preferred provider of critical minerals, focusing on growth, diversification, and sustainability [9][10] - Plans include expanding the processing facility in Montana and exploring opportunities in cobalt and tungsten, with a focus on securing government contracts similar to the DLA contract [24][41] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism for 2026, anticipating a significant increase in production capacity from 100 tons to 500-600 tons per month [32][60] - The company is focused on overcoming challenges related to material quality and supply chain issues, with expectations of improved efficiency and throughput as new materials are integrated [65][66] Other Important Information - The company reported a significant increase in share price, climbing from about $3.08 to $7.62 per share, marking the best-performing quarter in its history [35][36] - Institutional ownership has increased from almost zero to about 30% over the past year and a half, indicating growing investor interest [36][37] Q&A Session Summary Question: What is the difference between the two types of antimony in the contracts? - The DLA contract is for metallic antimony in ingot form, while the commercial supply contract is for antimony trioxide, which is a white powder [54][55] Question: Is management considering building an additional smelter or processing facility? - The current expansion in Thompson Falls is the maximum possible due to land constraints, but there is potential for expansion in Mexico [56][58] Question: What is the expected production volume ramp for Montana and Mexico? - Production is expected to ramp up significantly in 2026, with a goal of reaching 500-plus tons a month, although the process may be bumpy [60] Question: Can you quantify efficiencies or technological improvements in processing? - There will be some mechanical efficiencies with the expansion, but the type of feed material will also significantly impact efficiency [64] Question: How close are current smelting operations to running at full capacity? - Montana is running close to capacity, but quality issues with material have been a challenge, which the company is addressing [65][66]

Financial Data and Key Metrics Changes - Sales for the first nine months of 2025 were $26.2 million, up $16.9 million, or 182% over the prior year, primarily due to price increases and some volume increase in the zeolite business [6][7] - Gross margin increased by 4 percentage points from 24% last year to 28% this year, although there will be pressure on gross margins in the fourth quarter due to declining antimony market prices [6][7] - Consolidated net loss was $4.1 million for the first nine months, including $5.2 million of non-cash expenses, but operating activities generated positive cash flow when excluding working capital changes [7][8] Business Line Data and Key Metrics Changes - Antimony sales volume increased in October, with consolidated sales of $5.6 million for the month compared to third quarter sales of $8.7 million [6][7] - The company secured a three-year supply agreement for antimony ore and a five-year sole source sales contract with the DLA, enhancing sales capabilities [9][10] Market Data and Key Metrics Changes - The company has developed and executed over 15 separate supply contracts for materials sourced from 10 different countries, with significant developments in Bolivia and Chad expected to support antimony production [28][29] - The market cap expanded almost fourfold from around $200 million to more than $1 billion since the start of 2025, with a significant increase in institutional ownership [35][36] Company Strategy and Development Direction - The company aims to be the preferred provider of critical minerals, focusing on growth, diversification, and sustainability [9][10] - Plans to duplicate antimony success in tungsten and cobalt, with ongoing discussions with the U.S. government for potential funding and support [24][30] - The company is expanding its processing facility in Montana, with completion expected in January 2026, which will significantly increase production capacity [32][44] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism for 2026, anticipating a ramp-up in production from 100 tons to 500-600 tons per month, driven by new supply contracts and operational improvements [32][60] - The company highlighted the strategic importance of domestic antimony production in light of geopolitical tensions and reliance on foreign sources, particularly China [49][50] Other Important Information - The company has made significant progress in securing long-term sales agreements, totaling $352 million, which is a substantial increase compared to previous revenues [41][42] - The company is the only vertically integrated antimony supplier outside of China and Russia, positioning itself uniquely in the market [43] Q&A Session Summary Question: What is the difference between the two types of antimony? - The DLA contract is for metallic antimony in ingot form, while the commercial supply contract is for antimony trioxide, a white powder [51][54] Question: Is management considering building an additional smelter or processing facility? - The current expansion in Thompson Falls is the maximum possible due to land constraints, but there is potential for expansion in Mexico [56][58] Question: What is the expected production volume ramp for Montana and Mexico? - Production is expected to ramp up significantly in 2026, with a goal of reaching 500 tons per month, although there may be challenges along the way [59][60] Question: Can you quantify efficiencies or technological improvements in processing? - The expansion will include larger equipment and improved technologies, which should enhance efficiency, but the quality of feed material will also play a crucial role [61][64] Question: How close are current smelting operations to running at full capacity? - Montana operations are running near capacity, but quality issues with material from Madero have been a challenge [65][66] Question: What has been spent on expanding capacity at smelting operations? - Total CapEx is around $22 million, with approximately $12-13 million already spent [67][68]

Financial Data and Key Metrics Changes - Sales for the first nine months of 2025 were $26.2 million, an increase of $16.9 million, or 182% compared to the previous year [6] - Gross margin increased by 4 percentage points from 24% last year to 28% this year [7] - Consolidated net loss was $4.1 million for the first nine months, including $5.2 million of non-cash expenses [8] - Cash investments at the end of Q3 2025 were $38.5 million, an increase of $20 million from the previous year [9] Business Line Data and Key Metrics Changes - Antimony sales volume increased in October, contributing to a consolidated sales figure of $5.6 million for that month [7] - The company secured a three-year supply agreement for antimony ore and a five-year sole source sales contract with the Defense Logistics Agency [10] Market Data and Key Metrics Changes - The company reported a significant increase in market capitalization, rising from around $200 million to over $1 billion since the start of 2025 [36] - The share price climbed from about $3.08 to $6.20 during Q3 2025, marking a more than 100% increase [36] Company Strategy and Development Direction - The company aims to become a preferred provider of critical minerals, focusing on growth, diversification, and sustainability [10] - Plans include expanding mining operations in Montana, Alaska, and Ontario, with a focus on antimony and other critical minerals [12][20] - The company is exploring opportunities in Bolivia and Chad to diversify its supply chain [30] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism for 2026, anticipating a significant ramp-up in production capacity from 100 tons to 500-600 tons per month [34][61] - The company is focused on generating positive cash flow and creating a solid foundation for future growth [10] - The strategic importance of domestic antimony production was emphasized, particularly in light of geopolitical tensions and supply chain security [50] Other Important Information - The company has engaged in significant investor relations activities, resulting in increased institutional ownership from almost zero to about 30% [36] - The company is the only vertically integrated antimony supplier outside of China and Russia, with no direct competition in North America [44][45] Q&A Session Summary Question: What is the difference between the two types of antimony in the contracts? - The DLA contract is for metallic antimony in ingot form, while the commercial supply contract is for antimony trioxide, a white powder [54] Question: Is management considering building an additional smelter or processing facility? - Current expansion efforts in Thompson Falls are maxed out due to land constraints, but there is potential for expansion in Mexico [56][58] Question: What is the expected production volume ramp for Montana and Mexico? - Anticipated ramp-up to 500-plus tons a month by the end of 2026, with challenges in material quality affecting output [60][61] Question: Can you quantify efficiencies or technological improvements in processing? - There will be some mechanical efficiencies with new equipment, but the quality of feed material will significantly impact overall efficiency [62] Question: How close are current smelting operations to running at full capacity? - Montana operations are running near capacity, but quality issues with material from Madero have been a bottleneck [65]

Core Insights - GLOBEX MINING ENTERPRISES INC. announced that Antimony Resources Corp. has filed a NI 43-101 Technical Report on the Bald Hill Antimony Project in New Brunswick, Canada, indicating a significant development in the project [1] - The report suggests a potential of 2.7 million tonnes of antimony at a grade of 3% to 4%, which could yield between 81,000 and 108,000 tonnes of contained antimony, doubling the previous estimate from 2014 [2] - Antimony Resources Corp. is conducting an additional 6,000 metre drill program, bringing the total to 15,000 metres, aimed at extending the mineralized zone and potentially preparing a maiden resource estimate [3] Project Details - The NI 43-101 Technical Report provides detailed summaries of past work and the Phase One Drilling Program completed by Antimony Resources Corp. [2] - The potential resource indicated in the report is conceptual and not yet proven to be economic [2] - The report was prepared by John Langton, M.Sc., P. Geo., and is accessible for shareholders seeking more detailed information [4]

Core Viewpoint - United States Antimony Corporation (USAC) has raised its fiscal 2026 revenue guidance by 25% due to successful mining activities at the Stibnite Hill antimony mine in Montana, indicating a significant operational breakthrough for the company [1][10]. Operational Updates - USAC has commenced exploration and bulk sampling at the Stibnite Hill mine, which previously operated from the late 1960s to early 80s, following state approval [1]. - The material mined from Stibnite Hill has high enough grades for profitable operations without extensive lead times or large capital investments [2]. - Over 250 tonnes of antimony ore have been transported to a flotation mill for processing, with preliminary tests suggesting the material can meet military specifications [3]. - USAC is currently the only North American company approved as a sole-source supplier of antimony trisulphide to the Defense Logistics Agency [4]. Financial Performance - The company anticipates profit margins from mining its own antimony material to be approximately three times greater than purchasing from third parties [5]. - USAC has increased its revenue guidance by $25 million to a total of $125 million for the fiscal year 2026 [10]. Production Capacity - The Thompson Falls smelter can produce approximately 15 million pounds of antimony oxide or 5 million pounds of antimony metal annually, with an expansion underway to increase production capacity [7]. - The company plans to have new furnaces operational by January 2026, enhancing its production capabilities [8]. Strategic Moves - USAC has decided not to pursue further discussions regarding its proposed takeover of Larvotto Resources after its offer was rejected, citing increased antimony supply as a key factor [11]. - The integration of Larvotto's future production with USAC's established smelting capabilities is viewed as a strategic move to strengthen the supply chain for critical minerals in the Western world [12].

Operations - Alkane Resources Limited completed a significant merger with Mandalay Resources, enhancing its operational capacity with three operating mines [4][6] - The company achieved a record quarterly production of 30,511 gold equivalent ounces at an All-In Sustaining Cost (AISC) of A$2,988 per ounce during Q1 FY26 [5][11] - Total production for the full quarter reached 36,407 gold equivalent ounces, with a full-year guidance set for 160,000 to 175,000 ounces at an AISC of A$2,600 to A$2,900 per ounce [6][10] Financial Performance - Alkane reported revenue of A$147 million from gold equivalent sales of 30,010 ounces, with an average gold price of A$4,896 per ounce and an average antimony price of A$35,646 per tonne [10][16] - The company closed the quarter with a strong balance sheet, holding A$191 million in cash, bullion, and listed investments after repaying A$45 million in debt and incurring one-off merger costs of A$25 million [4][16] - Consolidated operating cash costs were A$2,215 per gold equivalent ounce, with an AISC of A$2,988 per ounce for the quarter [11][14] Exploration and Projects - Significant exploration activities were reported, including high-grade gold intercepts at the True Blue site and El Paso within the Tomingley operation [6][31] - The company is advancing resource expansion drilling at Tomingley and Costerfield, with ongoing exploration aimed at extending reserves and resources [21][35] - The Northern Molong Porphyry Project showed promising results with significant gold-copper mineralization identified during reconnaissance drilling [38] Corporate Developments - Alkane was admitted to the ASX 300 index following the merger, reflecting its enhanced market position [4] - The company is focused on maintaining a solid operational performance while pursuing growth opportunities through exploration and development projects [52][54]

Core Viewpoint - United States Antimony Corp. has initiated exploration and bulk sampling at the Stibnite Hill mine in Montana, having received necessary permits from the Department of Environmental Quality, marking a significant step in its operations [1][4][7]. Company Operations - The Stibnite Hill mine is adjacent to USAC's Thompson Falls smelter, which processes third-party ore into antimony products and precious metals, making it one of only two smelters in North America owned by the company [2]. - The Thompson Falls smelter has a production capacity of approximately 15 million pounds of antimony oxide or 5 million pounds of antimony metal annually, with ongoing expansion efforts to increase this capacity [3]. Mining Activities - With DEQ approvals, USAC can now process its own mined material, having already transported several loads of antimony ore to a flotation mill for crushing and sampling [4][6]. - The commencement of mining at Stibnite Hill establishes Montana as the base for USAC's first fully integrated antimony operation, with the company acquiring mineral leases and properties in the area [6][7]. Market Performance - Despite the positive developments, USAC's shares fell over 10% amid a broader market selloff, bringing the stock price down to $10.95 and the market capitalization to $1.52 billion [5]. Future Prospects - USAC had initially anticipated its first product from Alaska operations, which cover over 35,000 acres with 120 mining claims, but faced a five-month delay in state permit approvals [8]. - The company secured a $245 million contract from the US Defense Logistics Agency for the supply of antimony metal ingots for the national defense stockpile, indicating strong demand for its products [8].