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, 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 Viewpoint - Campine NV anticipates significantly higher profits for 2025 due to increased demand for its antimony products, driven by export restrictions in China since late 2024 [1][2]. Group 1: Demand and Sales Performance - The company has experienced a 35% average increase in global sales volumes of antimony trioxide, with overseas sales more than doubling due to reduced demand in Europe [2]. - Campine has secured orders from new customers worldwide, indicating a strong market response to its products [2]. Group 2: Financial Forecast - For the first half of 2025, Campine forecasts sales revenue of approximately €380 million and an EBITDA of at least €50 million, a significant increase from €169 million in sales and €19.7 million in EBITDA for the same period in 2024 [3]. - Antimony metal prices have reached a record level of $60,000 per ton, contributing to expectations of higher sales revenue and profits [2]. Group 3: Market Volatility and Future Outlook - The company notes that it is too early to predict full-year performance due to current market volatility and typically lower demand during summer months [4]. - Recent stabilization of antimony prices may reduce the positive impact of increased business volumes and stock value augmentations in the second half of the year [4].