Core Insights - Campine NV is making a strategic investment in the third generation of its proprietary antimony recycling technology, which will enhance its production capacity by an additional 800 to 1,000 tonnes per year of commercial-grade antimony metal from various industrial waste streams [2][4] - The company is transitioning its shares to the Euronext Brussels continuous market, reflecting increased trading activity and demand for its shares [5][6][7] - Campine expects exceptional profitability for 2025, with an EBITDA exceeding EUR 80 million, more than doubling the result achieved in 2024 [11] Investment in Antimony Recycling Technology - The investment in the third generation of antimony recycling technology amounts to approximately EUR 7 million, with the new installation expected to be operational by mid-2027 [4] - Previous generations of technology focused on recycling waste into antimony trioxide, while the new technology will allow for the commercialization of recycled antimony metal to third parties in Europe [3] Market Transition and Trading Activity - Campine's shares have recorded over 10,000 transactions in 2025, prompting the decision to move to the continuous market, which allows for more flexible trading [5][6] - The transition is expected to improve the visibility of Campine's shares and lead to a modest increase in liquidity [7] Antimony Market Update - The antimony market has cooled off, with prices dropping from approximately USD 60,000 per tonne to below USD 40,000 per tonne [7][8] - Demand for antimony is gradually recovering, although prices may ease further due to restored supply from new smelters in Southeast Asia [8] Business Performance and Outlook - Campine maintains a global leadership position in the antimony trioxide market, with integration of acquired Ecobat sites progressing as planned [9] - The company confirms its operational outlook for 2025, expecting record profitability, but acknowledges that sustaining such results may be challenging in 2026 due to market volatility [11][12]

Core Insights - Campine NV is making a strategic investment in the third generation of its proprietary antimony recycling technology, which will enhance its production capacity by an additional 800 to 1,000 tonnes per year of commercial-grade antimony metal from various industrial waste streams [2][4]. Group 1: Investment in Antimony Recycling Technology - The investment amounts to approximately EUR 7 million, with the new installation expected to become operational by mid-2027 [4]. - Previous generations of Campine's technology focused on recycling waste streams into antimony trioxide, while the new technology will allow for the commercialization of recycled antimony metal to third parties in Europe [3]. Group 2: Transition to Euronext Brussels Continuous Market - Campine's shares will transition from the Euronext Brussels double fixing market to the continuous market due to increased trading activity, with over 10,000 transactions recorded in 2025 [5][6]. - The transition is expected to improve accessibility and trading flexibility for shareholders, potentially increasing the visibility and liquidity of Campine's shares [7]. Group 3: Market Conditions and Business Update - The antimony market has cooled off, with prices dropping from approximately USD 60,000 per tonne to below USD 40,000 per tonne [7][8]. - Despite the price correction, demand for antimony is gradually recovering, and Campine maintains a global leadership position in the antimony trioxide market [8][9]. Group 4: 2025 Financial Outlook - Campine expects an EBITDA exceeding EUR 80 million for 2025, which would represent a record, more than doubling the result achieved in 2024 [11]. - The consolidation of the Ecobat plants' Q4 2025 results is anticipated to further enhance profitability, although sustaining such exceptional results may be challenging in 2026 due to market volatility [11][12].

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]

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]