United States Antimony (NYSEAM:UAMY) Q4 2025 Earnings call March 19, 2026 04:15 PM ET Company ParticipantsGary C. Evans - Chairman and CEOJoe Bardswich - Board Member, EVP, and Chief Mining EngineerJonathan Miller - VP of Investor RelationsMelissa Pagen - President and COORichard Isaak - SVP and CFOOperatorGreetings. Welcome to the U.S. Antimony Corporation Fiscal Year 2025 Financial and Operating Results Conference Call. At this time, all participants are in a listen-only mode. A question and answer sessio ...

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]