↑ | TSX: USA | NYSE American: USAS Americas Gold and Silver Scaling High-Grade Silver & Antimony Production in Idaho's Silver Valley March 2026 Forward-Looking Statements Safe Harbor & Other Disclosures This presentation contains "forward-looking information" within the meaning of applicable securities laws. Often, but not always, forward-looking information on be identil forward-looking words such as "ontlicipate", "telieve", "expect", "gosl", "plan", "intend", "testimate", "may", "tssume" and "will" or si ...

Group 1 - United States Antimony stock (UAMY) is experiencing significant upward momentum, driven by factors that may alleviate inflation concerns and increase interest in precious metals [1][4] - UAMY shares rose by 11.64% to $9.11 at the time of publication, indicating strong market interest [4] Group 2 - The Federal Open Market Committee maintained interest rates between 3.5% and 3.75% as inflation remains persistent, impacting the attractiveness of non-yielding assets like gold [4] - The 10-year Treasury yield increased to 4.41%, further influencing the investment landscape for precious metals [4]

Core Viewpoint - United States Antimony Corporation (NYSE:UAMY) is positioned as a strategic supplier in critical minerals, benefiting from government funding and partnerships to enhance domestic production capabilities [1][4]. Group 1: Funding and Expansion - On March 5, UAMY secured $27 million in funding under the Defense Production Act to expand domestic production and processing capabilities for critical minerals [1]. - The investment will support modernization efforts in Montana and the development of new extraction operations in Alaska, strengthening the company's vertically integrated supply chain [1]. Group 2: Market Position and Strategic Initiatives - UAMY operates the only significant antimony smelter in the United States and has been producing various antimony products since 1969 [4]. - The company is well-positioned to benefit from the global push for secure supply chains due to increasing government support and strategic partnerships [4]. Group 3: Analyst Ratings and Growth Potential - On February 24, B. Riley raised its price target on UAMY to $11 from $9 while maintaining a Buy rating, citing a joint venture with Americas Gold and Silver to develop a commercial-scale processing facility in Idaho [3]. - The project is expected to improve recovery rates and reduce costs, providing additional growth catalysts through permitting progress and international expansion initiatives [3].

Core Insights - The company reported a significant increase in sales and gross profit for fiscal 2025, but net loss widened due to non-cash expenses related to stock compensation [1][6][20] Financial Performance - Fiscal 2025 sales reached $39.3 million, a 163% increase from the previous year, attributed to rising antimony prices and growth in the zeolite business [2][6] - Gross profit increased sharply, while the cost of sales rose by 156%, which was below the revenue growth rate [2][6] - The company ended fiscal 2025 with $91.3 million in cash and investments, a substantial increase from $18.2 million at the end of 2024 [7][20] Operational Developments - The company is expanding its supply and processing capacity, including a significant expansion of the Thompson Falls smelter and a new hydrometallurgical plant [4][8] - Two multi-year antimony contracts were secured, including a $248 million deal with the Defense Logistics Agency and a $106.7 million industrial contract [5][9] Mining and Exploration Activities - Mining activities are ramping up in Montana and Alaska, with a shift to surface excavation methods at Stibnite Hill [10][11] - The company acquired the Nolan Creek property, which has an estimated in-situ value of approximately $297 million [14] - In Canada, the Fostung tungsten deposit has an inferred mineral resource valued at around $4.6 billion based on recent tungsten pricing [15] Zeolite Business Strategy - The company is focusing on water treatment and agriculture, with water treatment accounting for about 75% of revenue [17][19] - Efforts are underway to secure long-term supply contracts and improve operational capabilities in the zeolite market [18][19] Capital Markets and Future Outlook - The company's share price increased by 182% in 2025, and market capitalization grew by 250% [20] - Fiscal 2026 results may experience volatility, but management maintains a revenue guidance of $125 million [20][21]

Financial Data and Key Metrics Changes - Revenues for fiscal year 2025 were $39.3 million, representing a 163% increase compared to the previous year [8] - Gross profit increased by 185%, amounting to a growth of $6.4 million, with gross margin rising from 23% to 25% year-over-year [9] - Net loss increased from $1.7 million in 2024 to $4.3 million in 2025, influenced by $6.7 million in non-cash expenses [9][10] - Cash position rose significantly to $91.3 million at the end of 2025, compared to $18.2 million at the end of 2024 [10] - Working capital increased by $27.9 million to $44.6 million, primarily due to cash, inventory, and U.S. Treasury securities [10] Business Line Data and Key Metrics Changes - Antimony sales increased primarily due to price hikes, while zeolite sales rose due to both price and volume increases [8] - Antimony inventory grew from 78 tons at the end of 2024 to 465 tons at the end of 2025, with 17% sourced from the company-owned mine in Montana [10] Market Data and Key Metrics Changes - The company announced a $248 million contract with the U.S. government for antimony ingots, expected to deliver approximately $75 million in fiscal 2026 [4] - A new $106.7 million industrial antimony contract was secured, with deliveries starting in mid-2025 [4] Company Strategy and Development Direction - The company aims to maintain a solid financial footing with minimal debt and a strong cash position, focusing on government funding for projects [60][62] - Expansion plans include increasing processing capacity at the Thompson Falls smelter and developing a new Hydromet facility in Idaho [12][70] - The company is pursuing growth in critical minerals, particularly antimony and tungsten, with a focus on rapid project execution [29][68] Management's Comments on Operating Environment and Future Outlook - Management acknowledged the volatility in the antimony market but expressed confidence in meeting government contracts and future growth [65][66] - The company anticipates a bumpy financial year in 2026 but maintains a revenue guidance of $125 million based on existing contracts [66] Other Important Information - The company has expanded its mining claims in Alaska, viewing it as a key area for future operations [14] - A new independent board member was added, enhancing the company's governance and strategic direction [5] Q&A Session Summary Question: How do you see the production mix evolving over the next 12-18 months? - The company aims to mine its own antimony, which is the cheapest source, and expects to ramp up production from both Montana and Alaska [76][77] Question: Are you able to switch vendors to avoid equipment delays? - Unfortunately, the specialized equipment ordered cannot be sourced from other vendors, and the company must wait for delivery [79] Question: Can you provide an update on ore shipments from Alaska? - The geologist estimates a potential output of 1,000 tons a month, but the company is cautiously optimistic and will have more clarity by summer [80][81] Question: Have there been talks with defense firms about replenishing munitions supplies? - The company is already supporting the U.S. government through a $248 million contract and maintains ongoing discussions regarding additional needs [84]

Financial Data and Key Metrics Changes - Revenues for fiscal year 2025 were $39.3 million, up 163% compared to the previous year [8] - Gross profit increased by 185%, amounting to a growth of $6.4 million, with gross margin rising from 23% to 25% year-over-year [9] - Net loss increased from $1.7 million in 2024 to $4.3 million in 2025, influenced by $6.7 million of non-cash expenses in 2025 [9] - Cash position rose significantly to $91.3 million at the end of 2025, compared to $18.2 million at the end of 2024 [10] - Working capital increased by $27.9 million to $44.6 million at the end of 2025 [10] Business Line Data and Key Metrics Changes - Antimony sales increased primarily due to price hikes, while zeolite sales rose due to both price and volume increases [8] - Antimony inventory grew from 78 tons at the end of 2024 to 465 tons at the end of 2025, with 17% sourced from the company-owned mine in Montana [10] Market Data and Key Metrics Changes - The company announced a new $248 million contract with the U.S. government for antimony ingots, expected to deliver approximately $75 million in fiscal 2026 [4] - A new $106.7 million industrial antimony contract was also secured, with deliveries starting in mid-2025 [4] Company Strategy and Development Direction - The company aims to maintain a solid financial footing with minimal debt and increased cash reserves, focusing on government funding for future projects [60][62] - Expansion plans include increasing processing capacity at the Thompson Falls smelter and developing a new Hydromet facility in Idaho [12][70] - The company is pursuing growth in critical minerals, particularly antimony and tungsten, with a focus on rapid project execution [29][68] Management's Comments on Operating Environment and Future Outlook - Management acknowledged the volatility in the antimony market but expressed confidence in meeting government contracts and future growth [65][66] - The company anticipates a bumpy financial year in 2026, with fluctuations in quarterly performance but a firm guidance of $125 million in revenue [66] Other Important Information - The company has expanded its mining claims in Alaska, viewing it as a key area for future operations [14] - A significant acquisition of a gold-antimony mine in Australia was completed for $37.2 million [6] Q&A Session Summary Question: How do you see the production mix evolving over the next 12-18 months? - The company aims to mine its own antimony, which is the cheapest source, and expects to ramp up production from both Montana and Alaska [76] Question: Are you able to switch vendors to avoid equipment delays? - Unfortunately, the specialized equipment ordered cannot be sourced from other vendors, and the company must wait for delivery [79] Question: Can you provide an update on ore shipments from Alaska? - The geologist estimates a potential output of 1,000 tons a month, but the company is cautiously optimistic and will have more clarity by summer [80] Question: Have there been talks with defense firms about replenishing munitions supplies? - The company is already supporting the U.S. government with a $248 million contract and maintains ongoing discussions regarding additional needs [84]

Financial Data and Key Metrics Changes - Revenues for 2025 were $39.3 million, up 163% from the previous year, driven by price increases in antimony and zeolite sales [9] - Gross profit increased by $6.4 million or 185% year-over-year, with gross margin growing from 23% to 25% [10] - Net loss increased from $1.7 million in 2024 to $4.3 million in 2025, including $6.7 million of non-cash expenses [10] - Cash position rose to $91.3 million at the end of 2025, compared to $18.2 million at the end of 2024 [11] - Working capital increased by $27.9 million to $44.6 million, primarily due to increases in cash, inventory, and U.S. Treasury securities [11] Business Line Data and Key Metrics Changes - Antimony sales increased significantly due to price hikes, while zeolite sales rose from both price and volume increases [9] - The company became fully vertically integrated in its antimony division in 2025, enhancing procurement and processing capabilities [12] - The antimony inventory grew from 78 tons at the end of 2024 to 465 tons at the end of 2025, with 17% sourced from the company-owned mine [11] Market Data and Key Metrics Changes - The company announced a $248 million contract with the U.S. government for antimony ingots, expected to deliver approximately $75 million in fiscal 2026 [4] - A new $106.7 million industrial antimony contract was secured, enhancing the company's market position [4] Company Strategy and Development Direction - The company is focusing on growth, diversification, and sustainability, with plans to expand its operations in critical minerals [13] - A new hydromet facility is being constructed in Idaho to process antimony, with funding support from the U.S. Department of Defense [13] - The company aims to leverage its mining claims in Alaska as a central part of its future operations [15] Management's Comments on Operating Environment and Future Outlook - Management acknowledged the volatility in the antimony market but expressed confidence in meeting contractual obligations due to increased inventory [66] - The company anticipates a bumpy financial year in 2026 but maintains a revenue guidance of $125 million based on existing contracts [66] - There is a strong focus on securing additional government funding for various projects, reflecting the company's strategic alignment with national security priorities [62] Other Important Information - The company has dual-listed its securities on both the NYSE American and the NYSE Texas, enhancing visibility and credibility [54] - Institutional ownership has grown significantly, with 222 institutional holders now, up from 48 in Q4 2024 [56] Q&A Session Summary Question: How do you see the production mix evolving over the next 12-18 months? - The company aims to mine its own antimony, which is cheaper than purchasing from external sources, enhancing profit margins and reliability [78] Question: Are you able to switch vendors to avoid equipment delays? - Unfortunately, the specialized equipment ordered cannot be sourced from other vendors, necessitating patience for delivery [81] Question: Can you provide an update on ore shipments from Alaska? - The geologist estimates a potential output of 1,000 tons a month, but the company is cautiously optimistic and will have clearer insights by summer [82] Question: Have there been talks with defense firms about replenishing munitions supplies? - The company is already supporting the U.S. government through a $248 million contract and maintains ongoing discussions regarding additional needs [88] Question: What is the progress at Thompson Falls regarding the expansion? - The expansion is delayed until May due to third-party supplier issues, but the company is actively working on it and expects to see results in the future [63][64]

Core Viewpoint - Antimony Resources Corp. is advancing towards establishing a Maiden Mineral Resource Estimate (MRE) for the Bald Hill Antimony Deposit in New Brunswick, Canada, through a structured drilling program and expert consultation [1][5]. Group 1: Drilling Program - The company is conducting a 10,000-meter definition drilling program on the Main Zone, aiming for approximately 50 meters spacing between drill intersections to ensure sufficient detail for resource estimation [2][3]. - Currently, three drills are operational on-site, with about 5,000 meters of drilling completed, and the program is expected to finish by the end of April [3]. - Final assays from the definition drilling are anticipated to be received 3 to 4 weeks post-drilling completion [3]. Group 2: Consulting and Expertise - Antimony Resources has contracted SRK Consultants from Toronto to assist in the MRE process, leveraging their experience with similar antimony deposits [5]. - SRK Consultants are recognized for their impartiality and independence, providing expertise in mineral resource estimation [5]. Group 3: 3-D Modeling - A 3-D model of mineralization is being developed to assist in MRE determination and to guide drilling targets, with updates occurring as new mineralization intersections are recorded [6]. - The model builds upon previous work initiated by Orix, allowing geology staff to focus drilling efforts in data-deficient areas [6]. Group 4: Project Highlights - The Bald Hill Antimony Deposit is a high-grade deposit with a length of over 700 meters and a depth of at least 350 meters, with mineralization widths averaging 3 to 4 meters and grades between 3% and 4% antimony [8]. - The property now spans over 2,000 hectares, following the addition of new claims, and at least three additional occurrences of stibnite have been identified outside the Main Zone [8]. Group 5: Technical Report - The estimated potential quantity and grade of the drilled area is approximately 2.7 million tonnes with a grade between 3% and 4% antimony, as reported in the 2025 Technical Report [12].

Core Insights - American Antimony Corporation, operating as Xtra Energy Corp., reported significant test results from the Antimony King Mine, achieving a 30.3% average head grade and producing a 63% antimony concentrate with a recovery rate of 97% [1] Company Overview - American Antimony Corporation is focused on advancing high-grade antimony assets in the U.S. to ensure a secure domestic supply of this critical industrial mineral, which is utilized in flame retardants, batteries, defense alloys, and emerging energy applications [1] - The company's flagship project, the American Antimony Project, includes approximately 201 claims covering 4,153 acres in the Bernice Canyon district of Nevada, which has a history of high-grade antimony production [1] Test Results - The test work conducted by ALS Metallurgy involved a bulk sample of approximately 400 kilograms, resulting in a high-grade antimony concentrate of about 63% antimony and a recovery rate exceeding 96% [1] - The flotation process used was simple, involving grinding the material to approximately 75 microns and conditioning the slurry with flotation activators and collectors [1] Mineral Composition - The bulk sample analysis revealed a mineral composition of 41.8% stibnite, 0.8% antimony oxides, and 47.8% quartz, among other minerals [1] - The overall metallurgical balance indicated that the antimony concentrate weighed 45.4 kg with an assay of 62.6% antimony [1] Strategic Development - The results from the test work provide a strong technical foundation for scalable concentrate production pathways, enhancing the company's confidence in the Antimony King system as it progresses through staged development [1] - The CEO highlighted the importance of converting high head grades into premium-grade concentrates at high recovery rates, emphasizing the project's potential for production [1]

Core Viewpoint - Locksley Resources Limited has initiated diamond drilling at the high-grade Desert Antimony Mine, part of its Mojave Project in California, indicating a significant step in resource exploration and development [1] Group 1 - The company is focused on the Desert Antimony Mine, which is recognized for its high-grade resources [1] - The drilling activity is part of the broader Mojave Project, highlighting the company's commitment to advancing its mining operations in California [1]