UAMY Q1 2026 Profits Name Transcript

DATE

Thursday, Might 14, 2026 at 4:15 p.m. ET

CALL PARTICIPANTS

• Leader Govt Officer — Gary C. Evans
• Senior Vice President and Leader Monetary Officer — Richard Isaak
• Period in-between Leader Monetary Officer — Shawn Winkler
• Director, Govt Vice President, and Leader Mining Engineer — Joe Bardswich
• President and Leader Working Officer, Undergo River Zeolite Department — Melissa Pagen
• Vice President, Antimony Department — Jeff Fink
• Vice President, Antimony Department — Aaron Tenesch
• Vice President, Investor Members of the family — Jonathan Miller

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TAKEAWAYS

• Income — $6.8 million, a slight lower from $7 million 12 months over 12 months; Antimony phase gross sales declined 2%, and Zeolite phase gross sales declined 7%.
• Gross Benefit — Diminished by means of $1.3 million in comparison to the prior 12 months, basically because of upper hard work, manufacturing facility, and logistics prices wanted for expected manufacturing ramp-up.
• Internet Loss — $11.3 million, essentially from $4.8 million in noncash inventory reimbursement and a $4.1 million unrealized loss on Larvotto fairness holdings, in conjunction with upper price of products bought.
• Money and Equivalents — $60.2 million as of quarter finish, together with U.S. treasury and fairness securities; next to quarter shut, an extra $61.4 million in money was once gained from a U.S. authorities grant ($12.8 million) and fairness sale proceeds ($48.6 million).
• Stock Ranges — Rose by means of $9.5 million to $22 million, up from $12.5 million at prior year-end.
• General Debt — Stays low at $162,000.
• Zeolite Trade Phase — Accomplished report zeolite shipments in March and April, with March volumes up 42% above objectives and April volumes up 66% above objectives; call for is outpacing infrastructure, consistent with President Pagen.
• Antimony Operations — Ongoing per thirty days contract deliveries to U.S. and Mexico smelters; reasonable of 225 heaps per 30 days of feedstock secured, leading to corporate stock greater than doubling 12 months over 12 months.
• Thompson Falls Smelter Growth — New furnaces anticipated to be 80% operational by means of mid-July, supporting a capability of about 230 heaps/month throughout 9 strains; previous facility scheduled for brief shutdown (4-8 weeks) for emission upgrades thereafter.
• Fostung Tungsten Deposit — SRK Consulting Canada, Inc. record filed with the SEC estimates an inferred 14.62 million metric heaps grading 0.17% WO3, equating to 53.6 million kilos contained WO3; Evans and Bardswich state its gross in-situ price is $9.3 billion at present costs.
• Hydromet Facility JV — Joint challenge in Idaho with Americas Gold and Silver will goal 1,000 heaps/month of 99.9% natural antimony manufacturing; deliberate of entirety is 2028.
• Federal Investment — Awarded a $27 million Division of Conflict grant, with $12.8 million gained so far; moreover, $274 million in federal grant packages pending for minerals projects, together with $105 million for tungsten and $44 million for hydromet processing.
• Fairness Issuance — $48.6 million raised from new inventory at a mean value of $11.57 according to proportion.
• Uplisting — Corporate finished uplisting from NYSE American to NYSE Vintage Board and venerated with a ring-the-bell rite on March 11, 2026.
• Institutional Possession — Drawing near 50%, reflecting an important transition from predominantly retail investor base.
• Income Steerage for 2026 — Maintained at $125 million, of which $75 million-$95 million is concentrated from federal authorities gross sales of antimony ingots.
• Larvotto Assets Funding — Mark-to-market unrealized lack of $4.1 million recorded for the quarter; CEO Evans shared present frustrations with Larvotto’s control and highlighted a $14 million sure swing in valuation since quarter finish if marked to present value.
• Govt Contracts — $12 million in antimony ingot gross sales orders below a DLA contract, with first two deliveries notified to the government.

SUMMARY

United States Antimony Company (UAMY 11.08%) reported minimum 12 months over 12 months top-line contraction however highlighted tough ongoing operational transformation, authorities partnerships, and capability upgrades throughout all primary segments. The corporate showed that more than one manufacturing growth tasks—together with the Thompson Falls smelter and Idaho hydrometallurgical JV—are on near-term schedules, with staged ramp-up projected to force long run volumes and reinforce huge federal contracts. Significantly, strategic advertising and marketing, institutional investor engagement, and authorities grant momentum are accelerating, with control confirming large distribution of fairness and grant inflows to operational upgrades, mineral exploration, and marketplace projects.

• President Pagen reported that zeolite call for is these days exceeding the company’s infrastructure, underscoring operational upgrades as very important to assembly ongoing gross sales expansion.
• Vice President Fink showed staged activation of recent Thompson Falls furnaces and expected near-80% plant usage by means of mid-July.
• Leader Mining Engineer Bardswich disclosed technical milestones throughout U.S. and Canadian mining property, together with an SEC-filed Fostung tungsten useful resource and growth towards inaugural North American manufacturing in many years.
• CEO Evans mentioned, “We’re a singular corporate in that we’re offering precisely what the federal government is looking for,” bringing up primary antimony, tungsten, and cobalt projects aligned with U.S. federal essential mineral priorities.
• Vice President Tenesch highlighted the of entirety of provide chain reliability enhancements, with antimony feedstock deliveries securing constant high quality and output for each U.S. and Mexican operations.
• Vice President Miller described institutional possession drawing near 50%, reflecting “a persevered transition from essentially retail consciousness towards a deeper and tougher institutional following.”
• The corporate introduced ongoing and pending grant packages totaling $274 million for expanded mineral construction and processing features.

INDUSTRY GLOSSARY

• Stibnite: Number one mineral ore of antimony (Sb2S3), key enter for antimony manufacturing.
• Hydromet Facility: Hydrometallurgical plant used for setting apart and refining metals the usage of aqueous chemistry, focused by means of UAMY for antimony and different essential minerals.
• DLA: Protection Logistics Company; procurement arm of the U.S. Division of Protection for strategic fabrics and merchandise.
• WO3: Tungsten trioxide, the predominant chemical compound of tungsten measured for useful resource estimation.

Complete Convention Name Transcript

Gary Evans: Thanks, Paul, and welcome to our listeners. The inside track liberate on our profits must be out any second now. It was once taking slightly bit longer to get out, however as — it must be out inside a minute or 2. First, I would like to begin by means of introducing different contributors of the corporate’s control crew who has joined me nowadays in this name. We now have 7 audio system from control who’ll be speaking about their respective divisions as a result of we have now so much to mention, fairly frankly.

So the ones events are as follows: Rick Isaak, Senior Vice President and Leader Monetary Officer; Shawn Winkler, our Period in-between Leader Monetary Officer; Joe Bardswich, our Director and Govt Vice President; and our Leader Mining Engineer; Melissa Pagen, President and Leader Working Officer of our Undergo River Zeolite department; Jeff Fink, Vice President of our Antimony department up in Thompson Falls; Aaron Tenesch, who is Vice President of our Antimony Department, predominantly desirous about procurements in addition to Radersburg; after which Jonathan Miller, who is Vice President of our Investor Members of the family.

So earlier than I flip over the convention name nowadays to Rick and Shawn to speak about our monetary record, I first need to say that I’ve by no means been extra enthusiastic about the place this corporate goes. In case you are as an investor, knew most effective part up to I do nowadays, you would additionally really feel the joy. That is not simply an antimony corporate. Learn the heading of our press liberate nowadays. It says antimony, cobalt, gold, tungsten, and zeolite. We are making vital growth on all of those mineral traits, as you are going to listen nowadays from our seasoned control crew as they move over what all we are as much as.

Rick, you are up and allow us to listen concerning the first quarter profits.

Richard Isaak: Thank you, Gary. As introduced in a previous press liberate, I took a go away of absence a few weeks in the past to handle some private issues. It was once lucky that we have got been running with an excessively proficient monetary consumer, Shawn Winkler, who may step in as period in-between CFO. Shawn’s enjoy over the prior 20-plus years comprises company finance, capital markets, and government management. He not too long ago served as CFO of a full-service engineering, procurement, and development company within the power business and was once an funding banker for over 15 years. Shawn has been running on monetary tasks for the corporate since past due final 12 months and is aware of the control and finance groups smartly. So this was once a very easy transition. K.

Subsequent, I’m going to supply some feedback on our consolidated effects. Gross sales for the primary quarter of 2026 was once $6.8 million, just about related to final 12 months’s gross sales of $7 million. Antimony phase gross sales have been down 2% and Zeolite phase gross sales have been down 7%. Gross benefit for the primary quarter of 2026 diminished $1.3 million in comparison to final 12 months’s first quarter. The vast majority of this lower was once because of upper hard work, manufacturing facility, and import, and freight prices. Those price will increase have been wanted more or less like Gary was once pronouncing, to get the skill, manufacturing facility, and stock we’d like for the predicted ramp-up in manufacturing for the rest of this 12 months. We think those prices to reinforce with economies of scale as gross sales building up.

Internet loss for the primary quarter of 2026 was once $11.3 million, which was once essentially because of noncash inventory reimbursement expense of $4.8 million and an unrealized loss on our funding in our Larvotto fairness securities of $4.1 million, in conjunction with the upper price of products bought I discussed simply previous. Operating capital and different steadiness sheet metrics stay sturdy. Our money place, together with our U.S. treasury securities and fairness securities totaled $60.2 million on the finish of the primary quarter of 2026. As well as, next to March 31, 2026, we gained $12.8 million of money from our growth grant from the U.S. authorities and $48.6 million of gross proceeds from the sale of our inventory.

Additionally, stock higher by means of $9.5 million to $22 million on the finish of the primary quarter of 2026 in comparison to $12.5 million on the finish of 2025. As well as, we proceed to handle an excessively low quantity of debt on our books, $162,000 on the finish of the primary quarter. At the operations aspect, we proceed our technique to, as Gary was once bringing up, briefly broaden our antimony provide infrastructure the place little existed earlier than. And this comprises each inner and exterior infrastructure. First, at the inner infrastructure aspect, plans are in position to mine antimony within the U.S. in 2026. We mined antimony in 2025 and our expectancies are a lot upper in 2026 for each Montana and Alaska.

2d, at the exterior infrastructure aspect, contracts were signed for per thirty days deliveries of antimony to our smelters in each Montana and Mexico, and our factories, our amenities are in a position for this higher inner and exterior provide. Additionally, we proceed to discover our mining websites in U.S. and Canada in 2026 for different essential minerals wanted for the U.S. authorities and an business, very similar to what Gary once more was once bringing up at first right here. As well as, we noticed an building up in zeolite gross sales of about 60% in March of 2026 in comparison to March of 2025 from our efforts to extend zeolite gross sales within the animal feed business, predominantly farm animals.

This antimony and zeolite mining and processing infrastructure is being constructed briefly to reinforce our expansion plans, and we think to look the result of our projects within the again part of this 12 months. The U.S. authorities acknowledges the importance of our projects and granted us $27 million to help with those projects. As I up to now discussed, in April of 2026, we gained $12.8 million of this $27 million grant. General, we aggressively proceed to put in force our technique of expansion, diversification and sustainability in 2026 for our corporate, our buyers, and our nation. I’m going to cross it again over to you, Gary.

Gary Evans: K. Thank you, Rick. Shawn, do you need to introduce everyone to — about your self and your involvement with the corporate?

Shawn Winkler: Sure. Excited to be right here. Thank you, Gary. Rick more or less went via my background, not too long ago joined — a CFO of a 500-person engineering EPC corporate primarily based out of Houston. Prior to that, I spent about 15 years as an funding banker advising firms, [ Glenn and Gary ], and former iterations on M&A and capital elevating, anything else from secured debt to public fairness. Actually excited to enroll in this crew at this essential degree with the worldwide intersection, sure, of essential mineral call for and provide chain safety wishes and accelerating international dynamics with China limiting exports. I feel that is an incredible time to be becoming a member of a in reality rising corporate with a large number of expansion possible.

So excited to be right here, Gary.

Gary Evans: Neatly, thanks. We are satisfied to have you ever on board, Shawn, and you have got already accomplished so much simply in a brief time frame you have got been right here. So tremendous. We would love to now flip the decision over to Joe Bardswich. When you would please replace everybody on all our essential mineral box actions, Joe?

Lloyd Bardswich: Thanks, Gary. I’m going to beginning with Stibnite Hill in Montana, supply of the antimony that we mined final October, November. An early spring enabled our crews to get admission to the mountain. On the other hand, the Montana DEQ asked leach take a look at of the stibnite ore to resolve the prospective leaching of antimony into the surroundings from the bedrock. U.S. Antimony has submitted an offer to comprise imaginable leaching using a neighborhood to be had clay as an impermeable quilt. Permission to continue with our mining plans of the stibnite and hauling it to the Radersburg Mill is predicted throughout the subsequent 2 weeks. 800 heaps of stibnite grading 10% antimony was once hauled to the mill in most effective 4 weeks all the way through past due October, early November.

We think that when we get going, we will have secure manufacturing till iciness close us down. Switching to tungsten is the Fostung deposit, Ontario, Canada. Report snowstorm this previous iciness, mixed with a heat spring snow soften led to regional flooding inflicting sporadic ultimate of each the TransCanada freeway and the get admission to roads at Fostung. The roads are actually open and our staff has resumed paintings, together with the number of a bulk pattern of standard mineralized subject material for added metallurgical take a look at paintings on the Lakefield Analysis Labs in Ontario. Discussions with running flotation turbines within the area are proceeding in regards to the processing of a big bulk pattern within the house of 20,000 to 50,000 heaps.

This would be the first tungsten mined in North The usa in many years. The corporate has filed a technical record authored by means of SRK Consulting Canada, Inc., an unbiased mineral consulting company, that was once filed with the SEC. The record calculated an inferred useful resource of 14.62 million metric heaps, grading 0.17% WO3, that is tungsten trioxide, containing 53.595 million kilos of WO3. Switching to Alaska and antimony. We labored at Ester Dome final 12 months. That paintings will resume earlier than month’s finish with the investigation of antimony soil anomalies by means of each trenching the bedrock and the drilling of percussion holes during the overburden with the number of rock cuttings for exam and assay research.

The target being to spot stibnite deposits that may be despatched to Montana for bulk checking out on the corporate’s Radersburg mill. Additionally in Alaska, the Maclaren River Okay-M copper challenge. An Alaskan state geological survey within the house a 12 months in the past has reported number of samples from our Okay-M declare. The assay effects indicated very high-grade copper values with minor gold and silver. We now have scheduled a drill program for past due summer season to check continuity of the vein-to-depth. This is able to be USAC’s first copper challenge. Additionally in Alaska, the Nolan Creek antimony-gold deposit. This assets was once got via a trustee sale by means of public public sale previous this 12 months.

Our score of the exploration possible of the valuables could be very excessive and an in depth exploration program will likely be carried out this summer season. The up to now advanced underground workings in a single house give get admission to to three parallel veins of antimony and gold. A technical record by means of certified consumer, [indiscernible] right here , to be had to the general public, has reported a useful resource of 42,412 heaps, grading 28% stibnite — excuse me, 28% antimony and nil.408 oz. of gold according to ton. That labored out to a gross price in way over $460 million at nowadays’s costs. The corporate intends to improve the underground get admission to ramp to fulfill MSHA rules and start mining of this high-grade ore.

The ore could be trucked to our Radersburg gravity and flotation milling facility. Again to you, Gary.

Gary Evans: Joe, earlier than I can help you move, referring to our Fostung tungsten mine up in Canada, which I do know the marketplace simply has no longer but discovered how precious we imagine this is. If we have been to use nowadays’s tungsten value to what this third-party record, this useful resource record that we were given previous this 12 months that we filed with the SEC, which states our possible reserves, what would that price be, once more, in response to nowadays’s tungsten value?

Lloyd Bardswich: The final value I’ve for tungsten could be $3,300 according to metric ton unit. The use of that value, the gross price earlier than mining, processing, et cetera, the gross price could be $9.3 billion.

Gary Evans: $9.3 billion. And once more, Fostung tungsten is an open pit. You are shifting — you have got already moved subject material now to be — to visit the lab. And we are hoping to be doing a lot more lively operations there later this 12 months. As you stated, climate has harm us somewhat at the roads. Is that proper?

Lloyd Bardswich: That is right kind. And the native First International locations, the Whitefish River First International locations have agreed to accomplish a blessing rite to begin us off, and we are having a look ahead to getting that began and bringing one of the crucial advantages of that deposit to the advantage of the First International locations other folks.

Gary Evans: And I do not believe any tungsten has been mined in both america or Canada. And I do know no less than 10 years, possibly twenty years. So this will be the first lively tungsten mine, which we are appearing slightly below $10 billion of long run price mined within the U.S. And so we have now — in order that everyone is aware of, now we have made formal packages with the government for grant cash related to this tungsten discovery. Thank you, Joe. Recognize it. And we will now bounce the decision over to Melissa Pagen. Melissa is President and Leader Working Officer of our BRZ department, which is our zeolite subsidiary.

And she or he’s made me promise to not scouse borrow her thunder, which I may not, even if I need to. However — so I can let Melissa take over the decision.

Melissa Pagen: K. Thanks, Gary. Within the first quarter, our center of attention has been to execute at the priorities we defined to start with of the 12 months, particularly strengthening the operational features required to reinforce strategic expansion in our goal markets, particularly farm animals diet. Chances are you’ll recall, our farm animals diet industry phase introduced in February. This industry phase required a number of front-loaded prices to determine the operational features had to reinforce it and to create a basis for scaling it. Those prices have been intentional. All the way through the quarter, we expanded logistics features. We higher stock to reinforce bulk supply, and we added staffing forward of complete usage as we get ready for multi-shift operations.

In parallel, now we have persevered to broaden key infrastructure and automation projects to reinforce upper throughput expectancies and reinforce long-term potency. Those projects are nonetheless in procedure and can proceed into the second one quarter and feature persevered in the second one quarter. However we think the ones to materially building up throughput capability, reinforce price potency, and allow extra constant, scalable operations over the years. We now have additionally been running in a better price freight atmosphere, in particular with the price of diesel, as we scale supply to fulfill call for.

Freight is a — freight in its present shape for us is an entire new issue now that we are providing delivered pricing for the primary time in corporate’s historical past with a view to serve and compete within the farm animals diet area. And once more, to perform on this area, that degree of carrier and supporting infrastructure don’t seem to be non-compulsory. They’re required. And as discussed at first of the 12 months, now we have additionally begun actively taking part in farm animals business meetings, the place now we have made sturdy growth getting our identify and merchandise in entrance of key decision-makers. And I am glad to record we proceed to make very — be really well gained, and that higher visibility is constant to translate into new buyer engagement.

So as to add an exclamation level right here, as contemporary because the previous 2 weeks, now we have introduced on 2 new farm animals diet consumers and are in discussions with others, none of which have been even on our radar all the way through our final replace name. So — and this is my favourite section that Gary was once speaking about. In March, we accomplished a report choice of heaps of zeolite shipped, exceeding our per thirty days goal by means of roughly 42% and that momentum persevered into April, the place shipments higher additional to more or less 66% above goal. I am hoping I am ok to discuss April. Once more, each March and April broke all-time information for heaps — general heaps of zeolite shipped.

And what is key in all of that is that call for is now outpacing our current infrastructure and the phased upgrades underway are very important to stay alongside of volumes which are persistently expanding. So whilst the primary quarter effects start to mirror our in advance funding required to construct our total capability, the trajectory exiting the quarter is certainly one of accelerating call for, expanding usage, and a transparent trail towards advanced running efficiency. And genuine fast, Gary, I had some comments final time that I went slightly too into the weeds of farm animals lingo. So confidently, I stored that reeled on this time. And that’s the reason all I were given. Thanks.

Gary Evans: So simply to more or less refresh everyone concerning the BRZ Zeolite subsidiary. Once I first got here on board 3 years in the past, one of the most first issues I attacked was once getting this facility up and operating, and that was once the results of Jeff Fink being employed, who — he will communicate right here in a 2d. He was once the mechanical engineer that in reality did the arduous paintings there within the box. So we’re extraordinarily excited after Joe Bardswich made the verdict that, “Whats up, we want to do a useful resource record in this assets,” which we did. And that record confirmed over a 400-year provide of zeolite. Now clearly, a 400-year provide does not do any people any just right.

So we need to get that right down to not up to 100 years or not up to 50 years as a result of none people are going to be round 400 years from now. So that is what Melissa and her crew are doing. They are using gross sales. This corporate by no means did any advertising and marketing in its 30-plus 12 months historical past, by no means did any advertising and marketing of zeolite. And we have salespeople which are extremely certified within the box that may communicate the language to the cattleman. We are going to meetings, and we are seeing speedy effects as a result of we all know we have now the very best quality zeolite of any mine on this planet, and now we have now an enormous provide.

So we want to double, triple, quadruple gross sales, and that is the reason what we are making an attempt to do. And the result of Melissa’s crew and their arduous paintings are appearing now. You will not — you did not in reality see a lot of it within the first quarter. You can see a large number of it in the second one quarter. And now now we have were given to make some capital enhancements. We now have were given so that you can meet the call for of those new consumers. In order that’s a just right drawback to have, and it is not a big expenditure. There are automation issues that we will do so that you can expedite shifting this subject material. So very excited of the place BRZ goes.

And I’ll now flip the decision over to Jeff Fink. I do know all of you need to listen to what’s the standing of your growth in Thompson Falls, and Jeff goes to offer us a perfect replace. Jeff?

Jeff Fink: All proper. Thanks, Gary. The Thompson Falls growth is getting very just about changing into operational, which will likely be accomplished in phases. Now we have all of the warmth exchanger our bodies on website online and in position, however we nonetheless want one set of portions to cause them to useful. We did fabricate our personal for three of them, which must let us run the ones 3 at 50% of capability. The OEM portions must beginning arriving within the final week of Might was once sufficient to get 1 to two further furnaces operating every week, and we must have most of these portions and they’re going to run all 9 furnaces close to mid-July. We began commissioning actions in Thompson Falls at first of Might.

This time, we have now sufficient methods operating for three useful furnace strains that may run manually. Controls and techniques to load the furnaces are nonetheless pending, must be resolved within the subsequent week or 2. As with all commissioning actions, sudden issues are anticipated and we will remedy them as they arrive about. Despite the fact that the brand new plant apparatus is able to run at complete capability, the fabric dealing with and running the plant will likely be a studying curve for the workers and a ramp-up will start. I would no longer be expecting complete nameplate capability for the plant proper on the finish of July, however I am hoping to be close to 80%.

When we’re in a strong operation with the brand new plant, which has a capability of about 230 heaps a month, with all 9 furnaces operating, we will then close down the previous plant, with a couple of 75 ton per 30 days capability, to exchange the mud creditors within the electric methods to fulfill our new emission requirements that we want to hit below the higher manufacturing ranges of our present allow emission limits. This shutdown must take 4 to eight weeks. Whilst it is a longer agenda than at first projected after we have been beginning the engineering, remember the fact that we are nonetheless only one 12 months and 1 week after beginning engineering for this challenge.

After we began this undertaking, whilst we have been reasonably certain of the quantity of presidency investment we are going to download, we have been a lot much less certain of the precise scope just for engineering, which persevered smartly into development as a result of we all know the whole scope of the challenge to hit our manufacturing objectives. On height of this and the huge delays from the warmth exchanger deliveries from the third-party leads to this agenda, which continues to be a perfect fulfillment for what would most likely take a regular corporate 3 or extra years to finish. Thanks. Again to Gary.

Gary Evans: Thanks, Jeff, and we are all very excited to get those new furnaces fired up as a result of we proceed to construct our stock, which Aaron goes to discuss right here subsequent. 2025 was once a length the place we have been purchasing from international assets from 5 to six other international locations. Via that effort, we realized the place the most efficient antimony was once with admire to availability, and we considering that. And Aaron goes to discuss how we are proceeding to extend our throughput of acquire of uncooked ore, which now will be capable to be processed within the expanded Thompson Falls facility in addition to down in Mexico. So Aaron?

Aaron Tenesch: Thanks, Gary. I wish to first supply an replace on our Madero smelter adopted by means of Thompson Falls, Montana Processing Middle, and a few hydromet updates, after which the essential mineral mill situated at Radersburg, Montana got at first of 2026. The primary quarter of 2026 noticed a consolidated — consolidation and higher reliability in provide contracts, offering constant feed for the Madero smelter in Mexico all the way through 2026. Those similar contracts must proceed to roll over and supply enough reinforce to permit for constant long-term manufacturing. A median of 225 heaps of high quality feedstock is being delivered each month now. That is mirrored in our stock numbers reported nowadays, which might be two times what they have been final 12 months.

Via this reliability in subject material and provide, constant operations were learned, permitting consistent manufacturing and product high quality. The strengthening of global relationships in those provide contracts would possibly result in different essential mineral assets that can supply long run traits. Specialised strategies to take away the standard contaminants of arsenic and iron were advanced on the Madero smelter, ensuing within the manufacturing of very blank antimony ingots, assembly stringent specs and gratifying most popular gross sales contracts. The Thompson Falls processing middle continues with constant manufacturing whilst running with 2 new feed assets in preparation for the whole commissioning of the growth. New midstream feed assets proceed to be advanced.

Regardless of delays in essential apparatus supply and standard start-up problems, our running spouse in Bolivia started generating metal antimony flake in March and hosted a excursion for U.S. antimony and our three way partnership spouse, Americas Gold and Silver senior control in early April. Preliminary shipments to Thompson Falls have commenced. The hydromet machine to be inbuilt three way partnership with Americas Gold and Silver will likely be extra advanced than the machine we assisted in construction in Bolivia however is the same procedure. The product can be a metal antimony flake that will likely be dropped at Thompson Falls for ultimate product conversion. An additional replace on Bolivia.

We’re glad to record that our running spouse there has commissioned their processing circuits totally and has ready the primary cargo. That cargo has passed through third-party sampling and sealing with delivery now totally booked from door-to-door. The USA Antimony essential mineral mill situated in Radersburg, Montana was once bought in early January of this 12 months. Very mild construction and machine improve paintings has been finished and the usual crushing, grinding, gravity, and flotation methods are in a position for operations. Additional upgrades will upload capability, flexibility, and normal capacity in recuperating quite a lot of mineral merchandise. Whilst the processing circuit required minimum upgrades, there was once no longer a useful laboratory. A brand new construction has been built and new laboratory apparatus is these days being put in.

The lab may have whole pattern preparation, hearth assay, rainy chemistry, and XRF research spaces. Enough bag properties and fume hoods were dropped at reinforce well being and protection in conjunction with normal cleanliness. A contemporary XRF machine that includes a 3-kilowatt XRF is within the strategy of being put in. Those various analytical features will reinforce the restoration of antimony and different essential minerals. Take a look at paintings carried out at the Stibnite Hill ore is just about whole and contours a number of other reagent mixtures and intensive optimization paintings. Preliminary checks reported antimony grades in way over 60% in flotation concentrates, and we are hoping extra subtle checking out and plant manufacturing will reinforce even upper grade concentrates.

We’re enthusiastic about this subsequent section of USAC growth and stay up for processing mined fabrics from Montana, Alaska, and probably, different places. Thanks. And again to you, Gary.

Gary Evans: Earlier than I can help you move, Aaron, there may be 2 issues I would love to elaborate on slightly additional for our listeners. The primary is, why is it so necessary having our personal laboratory up in Radersburg for our long run operations? I do not believe other folks know the way vital that development and of entirety is to our corporate. Quantity two, how can our hydromet processing generation help in dealing with possibly different essential minerals outdoor of antimony? I do know we mentioned that after we have been down in Bolivia, however how can that procedure in reality start serving to us as we begin to in all probability set up silver, or copper, or different essential minerals. Are you able to elaborate on the ones 2 questions?

Aaron Tenesch: I will. We will beginning with the laboratory as a result of that one is slightly more straightforward, possibly. Actually, a flotation mill or any concentrating machine like this is matter to the range within the ore and within the feed. And it in truth wishes a lot faster research and extra to be had data than different forms of methods. So subsequently, you in reality need a laboratory to be to be had that produces leads to not up to 24 hours. So you may have real-time effects on what the machine is doing at that second. There is a couple extra causes that we do want our personal lab there. Actually, to reinforce different exploration and our in reality various mineral portfolio, we’d like faster effects for the ones efforts as smartly.

Present lead instances in maximum nationwide labs are past a month and a few are drawing near 2 months to get effects, and that simply does not reinforce an excellent box program for exploration. So having our personal talent to research many of those other components will in reality assist reinforce the ones efforts. And past all of that, antimony isn’t an excessively repeatedly pursued mineral and so there in reality are not any labs focusing on the research of antimony and particularly within the high-grade merchandise that we will be able to produce there with the flotation listen. So for the ones causes, we in reality want our personal lab that has those various features.

Now at the hydromet entrance, there may be some common apparatus there, possibly no longer fairly as common as flotation ideas within the mill, however a large number of those minerals cross via necessarily the similar apparatus. The chemistry is also slightly other, however the cars are very an identical. So we can adapt or enlarge upon our hydromet features in kind of a construction block method with those applied sciences. The opposite explanation why we’re shifting no less than a part of our center of attention to those applied sciences is its flexibility and diversification with dealing with contaminants and neutralizing the ones in slightly bit extra direct means than one of the crucial different conventional applied sciences.

Gary Evans: Tremendous. Thanks, Aaron, and it is thrilling. I do know you are, I feel, having a grand opening of your Radersburg facility, what? In July. Is that right kind, for the governor?

Aaron Tenesch: Sure. We will be able to be there July 7, I imagine, the governor, and I feel possibly certainly one of our senators.

Gary Evans: Very good. K. Let’s now flip over the decision to Jonathan Miller, who is going to replace us on all of the advertising and marketing actions that he and I’ve labored on because the starting of the 12 months. Jonathan?

Jonathan Miller: Thanks, Gary, and just right afternoon, everybody. Our first quarter was once some other bolt-on length for United States Antimony Company. It mirrored the acceleration of our technique, the growth of our current platform, and the rising reputation that antimony is not a distinct segment commercial enter. This can be a strategic mineral tied at once to nationwide protection, power safety, commercial resilience, and the reindustrialization of a essential provide chain in america. Over the last a number of months, the sector has persevered to get up to what we have now been construction for the final a number of years. Antimony provide stays considerably constrained. Western processing capability stays restricted. China has change into a web importer amid tightening uncooked subject material availability and processing disruptions.

Call for is more and more tied to strategic packages the place high quality assurance, high quality keep an eye on, reliability, and traceability are very important and the place this rising antimony marketplace is missing. In that atmosphere, United States antimony is situated on the middle of a essential home provide chain in North The usa that only a few firms extremely cope with. All the way through the primary quarter on my own, Gary and I held greater than 200 conferences and introductions with new finances, establishments, circle of relatives workplaces, and strategic buyers. We finished 6 non-deal roadshows throughout key monetary facilities, together with Minneapolis, Chicago, Boston, and New York. We additionally participated in 5 investor meetings, each digital and in consumer, achieving 1000’s of extra buyers via conferences, streaming platforms, and social media distribution.

This degree of engagement displays a planned technique to increase our shareholder base, expanding institutional consciousness, and teach the marketplace on each United States Antimony and the wider essential mineral panorama. We’re seeing that technique translate into possession. Public possession information confirmed expanding participation from international index managers, small-cap expansion finances, herbal useful resource finances, infrastructure-oriented methods, and international metals and mining finances. A number of huge finances initiated or higher positions all the way through the quarter, reflecting what we imagine is a persevered transition from essentially retail consciousness towards a deeper and tougher institutional following. Our institutional possession is now drawing near 50%.

On the similar time, we proceed to keep up a correspondence persistently with shareholders via social media, press releases, tv interviews, podcasts, and ads masking corporate traits, the antimony marketplace, and the wider essential minerals atmosphere. Q1 additionally integrated a number of primary company milestones. Nowadays, we’re excited to release our new company web page, which is now are living and higher displays the corporate we’re changing into: higher, extra visual, extra institutional and more and more central to The usa’s essential minerals long run. So if you are experiencing issue getting access to our web page presently, please permit 48 hours for all of the information to switch servers. Now earlier than discussing the quarter’s strategic milestones, I need to floor the tale in a couple of arduous basics.

UAMY started the 12 months at $5.93 according to proportion and ended Q1 at $8.30 according to proportion, representing an building up of roughly 40% or 1.4x transfer all the way through the quarter. We started the 12 months with an approximate marketplace cap of $830.4 million on January 2, 2026, and ended the quarter at roughly $1.19 billion. That represents roughly 43.4% marketplace cap expansion or 1.43x building up from the beginning of the 12 months. We ended the quarter with roughly $118.9 million in money, U.S. treasury securities and marketable fairness securities, giving the corporate flexibility to fund expansion projects.

We additionally proceed to business with increased liquidity with present information appearing reasonable day by day quantity within the more or less 12 million-plus proportion vary with plenty of days drawing near 20 million stocks in quantity. Now let’s flip again to our milestones. First, we have been awarded a $27 million authorities grant from the Division of Conflict, a procedure that started in December 2024 and displays the expanding strategic significance of home antimony manufacturing and processing capability. This award represents greater than capital. It represents validation. It reinforces our challenge and the function United States Antimony can play in strengthening The usa’s essential mineral independence. 2d, we finished our uplisting from the NYSE American to the NYSE Vintage Board.

On March 11, 2026, our crew had the glory of ringing the hole bell on the New York Inventory Trade. That second represented greater than symbolism. It marked the following degree of our evolution, better visibility, a broader institutional platform, and a more potent place within the public markets. 3rd, we launched our episodic corporate docu sequence throughout our web page and social media channels. The purpose was once no longer most effective to inform our tale, however to coach the general public on why antimony issues, why home processing issues, and why essential mineral reindustrialization is very important to The usa’s long run.

We additionally introduced a countrywide tv industrial marketing campaign throughout main industry, cable, and streaming platforms to carry america Antimony tale past the investor group and into the wider public dialog. Crucial minerals are not only a marketplace matter. They’re a countrywide matter, an commercial matter, and a protection matter, and we intend to assist lead that dialog. Gary additionally remained a visual public voice for the corporate and the business. All the way through the quarter, he made 8 public appearances, together with interviews on Fox Trade, Bloomberg, and NYSE TV, in conjunction with a number of notable investor podcasts. Those appearances assist increase consciousness and enhance the corporate’s function within the home antimony provide chain.

Operationally and strategically, one of the crucial necessary traits of the quarter was once the strengthening of our dating with Americas Gold and Silver. Senior control, together with the CEOs from each firms, traveled to Bolivia, the place we met with our hydrometallurgical spouse and toured the operation firsthand. After a number of days of technical discussions, website online visits and collaboration amongst our chemists and engineers, we got here away more and more assured within the trail forward. Our yet-to-be-built 120,000 sq. foot hydromet facility in Idaho is designed to be cutting-edge and the primary of its type for home antimony manufacturing with a goal purpose of one,000 heaps per 30 days of 99.9% natural antimony, which is more or less part of all the U.S. marketplace.

When finished in 2028, hydromet processing may meaningfully enlarge the variety of antimony-bearing subject material we’re ready to procedure, together with the vast majority of subject material traditionally now we have rejected on account of low stibnite grade or excessive impurity ranges. That issues as it adjustments the dimensions of the chance. We don’t seem to be merely construction capability for nowadays’s feedstock. We’re construction a processing platform for the following technology of home and allied antimony provide. We imagine this platform has the prospective to put United States Antimony because the home hub for antimony processing in america with further strategic relevance in Australia, the place we additionally hang licensing rights. And antimony is solely Segment 1.

Stages 2 and three come with silver, copper, and gold. The larger image is that this. Q1 was once 1 / 4 of acceleration. We expanded institutional engagement. We broadened public consciousness. We reinforced strategic relationships. We complex government-supported projects. We increased our list profile. We higher visibility throughout nationwide media, and we persevered construction the root for a vertically built-in antimony platform at a time when the sector urgently wishes safe Western-aligned provide. United States Antimony is not simply telling the marketplace what we intend to construct. We’re demonstrating it quarter-by-quarter, milestone by means of milestone, dating by means of dating. We imagine the corporate has entered a brand new section, one outlined by means of scale, institutional reputation, strategic relevance, and most significantly, execution.

There stays vital paintings forward, however the trajectory is apparent. The marketplace is shifting towards us. The coverage atmosphere is shifting towards us. The strategic want is shifting towards us, and United States Antimony is shifting with urgency to fulfill that second. Within the close to long run, we’re scheduled to take part in different key meetings and roadshows, together with B. Riley at Marina del Rey on the finish of this month, Lytham Companions Digital Convention, William Blair’s Enlargement Inventory Convention in Chicago, StoneX’s Herbal Useful resource Summit in New York, the Beaver Creek Valuable Metals Summit in Colorado and their Zurich Summit, and a Europe non-deal roadshow in addition to further occasions to be introduced as global reputation continues to develop.

I wish to shut by means of sharing our respectable corporate objective remark, which is to change into the premier provider of essential minerals to america of The usa. Again to you, Gary.

Gary Evans: Thanks, Jonathan. I did not understand we have been so busy. I assume I do. Let’s — earlier than we flip over the decision to the listeners, I wish to conclude with an finishing remark. Between our Thompson Falls growth coming on-line in phases over the following couple of weeks, as Jeff has indicated, — our a success acquisition of Radersburg flotation mill, and by means of the way in which, I were negotiating that acquisition for smartly over 1 12 months when the unique house owners sought after just about $10 million, and we purchased it for $4.3 million. So more than pleased that we were given one thing that have compatibility us at a great time.

Our new hydromet three way partnership with Americas Gold and Silver that we introduced a couple of months in the past that is going to be built in Idaho. We gained now $12 million in gross sales orders below our DLA contract for antimony ingots with 2 preliminary orders spotted to the government. So we’re making vital growth there. Our Fostung mining operations up in Canada with really extensive new useful resource record that Joe described, which is filed with the SEC appearing — with the SEC appearing now just about $9 billion of price. We now have raised $48.6 million of recent fairness at a mean price of $11.57 according to proportion.

And in spite of everything, federal grant packages of recent finances totaling $274 million for our quite a lot of tasks, and I’m going to describe what the ones packages are. Division of Power for hydromet is $44 million. That was once filed in January. We must have a solution within the subsequent 45 to 60 days. The DIBC, which is the Division of Conflict, a tungsten exploration grant for $5 million, some other tungsten using hydromet, reestablishing a home provide for $105 million, and a hydromet concentrator for essential minerals of $119 million. There are further packages that arise each week. We evaluation them, and I will promise you, we will be making further packages for federal grant cash.

We’re a singular corporate in that we’re offering precisely what the federal government is looking for. They would like extra antimony, they would like extra tungsten, and we are running on cobalt feverishly. So the ones are 3 essential minerals which are the quantity — height quantity essential minerals at the federal authorities listing, and we are making an attempt our easiest to make that occur. No one, as I stated previous, has been ready to mine tungsten in just about twenty years in North The usa. We are doing it presently. We now have already moved bulk samples and getting them assayed, and we are extremely inspired about what we see.

So this isn’t most effective an antimony corporate, as I first mentioned all the way through the decision, we’re desirous about cobalt, gold, tungsten, and zeolite, no longer antimony most effective. And in order we proceed to make the investments and growth in those quite a lot of different essential minerals and with our zeolite gross sales rising, we are hoping to have some superb effects. I have seemed very arduous at our $125 million earnings steerage for this 12 months. I am satisfied we will do it. And you are seeing that happening now with deliveries to the government. I might say $75 million to $95 million of the $125 million will likely be federal authorities shipments of antimony ingots by means of the top of the 12 months.

And with the ramp-up that is happening now, with the extra stock we constructed with further antimony provides coming in, I am extremely assured that we will make the ones numbers. So we are all running arduous that can assist you see the result of our efforts. So with that, operator, let’s flip it over to our listeners for any questions they’ll have.

Operator: [Operator Instructions]

Jonathan Miller: All proper, Gary, the primary query is, the corporate has a considerable funding in Larvotto Assets in Australia. What’s the standing? Additionally, Larvotto closed at AUD 1.58, U.S. an identical of $1.14. What’s present price as opposed to what we paid?

Gary Evans: K. Just right query. You noticed within the first quarter, we had a noncash mark-to-market lack of $4.1 million, which associated with the worth of Larvotto inventory on the finish of the quarter. When you have been to do this similar calculation nowadays, in response to the place Larvotto simply final closed, that building up could be $10.1 million. So a large swing there of $14 million. So I want I may logically reply the query about what’s going on with Larvotto. We now have gotten completely nowhere with the control crew, which turns out in our minds to be entrenched. All people have one easy purpose, each their control in addition to U.S.

Antimony’s control, and that’s to maximise the go back to our shareholders. That is our process. That is what we receives a commission to do. At this level, and not using a credible discussion with control at Larvotto and even their advisers, we would possibly merely simply promote our possession place and, confidently, make some cash on it. I simply do not know. It is unhappy as a result of we have now a recreation plan for Larvotto. We needed to position a hydromet facility there. We needed to assist out the rustic. It is unlucky that 10% of that corporate is owned by means of the Chinese language. It is unlucky they’ve signed a advertising and marketing settlement with the Chinese language. I will’t imagine Australia goes to permit this to occur.

However at this level, we are lovely disgusted with how issues have long past with Larvotto. I will’t reply the query of the place we will be, however we’re actively having a look on the imaginable sale of our stocks within the open marketplace or to a purchaser. Subsequent query.

Jonathan Miller: Subsequent query. You had a mutually really useful maintain Americas Gold and Silver. I sought after to look if there may be different possible agreements like that with different companies within the pipeline? And if this is the case, are you able to possibly give somewhat of a imaginative and prescient of your new view associated with partnering up, particularly given the huge achieve that you just now have with regards to quite a lot of components that can be extra sexy than it was once up to now, no?

Gary Evans: Sure. I might say that the majority upstream miners in reality wouldn’t have a want to be a refiner. And that was once the similar means within the oil and gasoline industry that I labored in for 38 years. Both we are an oil and gasoline driller, you will have midstream, which is processing or pipelines, however I do not know of any oil and gasoline corporate that was once a refiner. Neatly, right here, we are a refiner going upstream. And so we all know the refining industry really well. We now have confirmed that. We are the sole supply provider of antimony to the U.S. authorities.

And we have now now taken the chance of creating a hydromet facility in Bolivia that we are going to reproduction in Idaho with Americas Gold and Silver. The chance to take that generation and transfer it into different essential minerals undoubtedly exists. It is not precisely duplicative. Issues need to be modified from a mechanical and generation viewpoint, however we predict we have now the folk and the expertise to do this. So no query that us entering hydromet procedure. And I do not want other folks to suppose that now we have invented this. Hydromet has been round for 40 years. It is been used.

And so what now we have accomplished, despite the fact that, with our companions, have advanced it and fine-tuned it to in reality maintain antimony in some way that is by no means been accomplished earlier than. As I feel Aaron mentioned in his remark, we will now take, as soon as the hydromet facility is up and operating, a wide variety of grades of antimony, which we can not take nowadays in our gas-fired furnaces. We will be able to take impurities that nowadays we can not soak up our gas-fired furnaces. So what it does is it opens up the door for a lot of alternative antimony provide that sits around the globe that we have got noticed and attempted to procedure and may no longer. That was once what we did in 2025.

Now we have homed in on the very best quality antimony round, and that is the reason what we are processing. So no query, when we introduced the Americas Gold and Silver alternative, we were given known as from plenty of firms that, “Whats up, we do not need to do what you do. Are we able to carry our antimony to you?” So we’re targeted in this facility, no longer simply dealing with Americas Gold and Silver, however different third-party providers of antimony, some within the normal house of the place we will be construction this plant in Idaho. Subsequent query?

Jonathan Miller: Does the corporate be expecting to mine or promote any tungsten in calendar 12 months 2026? And if this is the case, what is the goal month for first earnings?

Gary Evans: That is a in reality just right query that I must defer to Joe with. I feel the possibilities of us promoting any magnitude of tungsten are small. I feel the possibilities of us figuring out what we have now as commercially operational are excellent. Joe, would you — how would you reply to that?

Lloyd Bardswich: I feel that is right kind. I would like to look us put out 20,000 to 50,000 ton bulk pattern, put that via one of the most native turbines within the Sudbury house and truck that listen right down to Pennsylvania or another processor to make that into ammonium paratungstate. Complete manufacturing, no, there’d be fairly somewhat of allowing to get to that complete manufacturing degree. As it’s in Ontario, the potential of generating a bulk pattern as much as 50,000 heaps is roofed at this degree we’re within the allowing. Again to you, Gary.

Gary Evans: Sure, thanks. Subsequent query, Jonathan?

Jonathan Miller: How is UAMY positioning itself as a strategic participant to decouple our nationwide reliance on Chinese language provide strains?

Gary Evans: Neatly, I feel the entirety we are doing is solutions that query. I imply, the truth that the federal government has given us cash to enlarge our facility in Thompson Falls, which is what Jeff has been running on for a 12 months. The truth that we have now an important authorities contract that, I will promise you, they would like stuffed sooner than we’re succesful presently, however we are getting there in no time. Our first 2 orders were notified to the federal government. They are examining them now. And we are entering the mode of getting this persistently accomplished each month. We now have were given a perfect provide. We now have were given our methods operating proper. Our new smelter will likely be operating.

So the ones volumes will move up incrementally over every month. So I feel the truth that we have now received those awards, we have now the brand new awards we are in search of, that we have got a perfect discussion with the federal government. Normal Keane has been extraordinarily useful on our Board in serving to us navigate the forms that our authorities has. And I feel that we are completely situated. We were given concerned with tungsten on the authorities’s request. This wasn’t one thing that we simply determined to do. We were given desirous about cobalt on the authorities’s request. We want cobalt, we’d like tungsten, we will fund you. That is why we are doing what we are doing.

So I feel the truth that we’re acting, we are turning in, we are doing what we are meant to be doing, and we are doing it appropriately, provides us super credibility with the government.

Jonathan Miller: Subsequent query. Given the $27 million in DoD grants, how a lot of that capital is already deployed? And what’s the particular time line for the following tranche of investment in response to your milestones?

Gary Evans: Neatly, now we have gained fee of $12 million of the $27 million. The — take into account that $27 million is damaged up $20 million for Thompson Falls, $7 million for Alaska. I imagine the remainder $20 million, which is, what? $8 million, will receives a commission this 12 months as Jeff is in a position to get the furnaces and all commissioned and operating. There are specific particular milestones of liberate of that last $8 million. The $7 million for Alaska, I do not imagine we will see any this 12 months. I imagine we will see maximum of that during 2027.

The cause of this is that positive issues the federal government has required for that $7 million would obstruct our velocity that we are shifting at in Alaska to do positive issues. And so a large number of it has to do with some environmental crimson tape, and we choose to attend to get that $7 million till we are accomplished with all the summer season length of Alaska. The most important unfavourable for Alaska is the running length. We aren’t in reality beginning till now, right here in Might, and we run till possibly September, October, after which that is accomplished. So all the way through that iciness period of time, we will be doing the paintings vital for the remainder $7 million grant.

Jonathan Miller: And I feel we may have already addressed this query when Jeff was once talking, but if will the growth of the smelter be finished?

Gary Evans: Neatly, it is getting into levels. As Jeff discussed, he will be firing up furnaces right here over the following 10 days to two weeks. It’ll be accomplished. 80%, he mentioned will likely be operating by means of confidently mid-July, finish of July with the remainder 100% approaching because the months move. In order that will — that is a large building up of the place we’re nowadays. We are going to lengthen shutting down the primary workforce of furnaces, the previous facility, so long as imaginable to make certain all of the kinks are out they usually weren’t lacking anything else. Clearly, there may be an worker rely concerned as smartly.

You’ll have take note, we purchased a housing construction in Thompson Falls past due final 12 months to accommodate those that could not have — could not discover a position to are living. So we are doing it in an excessively managed method that makes certain that we do not lose manufacturing. We need to building up manufacturing and lengthen every other issues so long as imaginable in order that we will meet our goal of $125 million.

Jonathan Miller: Subsequent query. You have been very assured in shifting your 2026 earnings expectancies up from $100 million to $125 million. Are you continue to assured with that quantity for the 12 months?

Gary Evans: I am nonetheless assured that we will ship, as I stated previous, $75 million to $95 million of antimony ingots to the government. Call for isn’t the issue. It is simply ensuring we will procedure it and ship it on the velocity that the federal government needs. And so getting Mexico’s kinks out, which now we have accomplished, getting the brand new smelter operational, which we will be doing within the subsequent couple of weeks and having the constant high quality provide of subject material coming in conjunction with the Bolivian antimony flake lets in us to really feel relaxed holding that $125 million quantity.

Jonathan Miller: Subsequent query. Any new cobalt potentialities?

Gary Evans: We do have some negotiations happening with Cobalt. I will’t in reality move into element with that. I do know Joe may be doing a little further paintings round our cobalt assets up in Canada. I do not in reality need to touch upon that but both for aggressive causes. So we’re nonetheless considering cobalt, and now we have realized so much in regards to the assets we these days personal and the place we need to be and what we’d like. And so there was one occasion I have been speaking to for nearly a 12 months on some other cobalt refining procedure, and we are making growth.

Jonathan Miller: Subsequent query seems to be find it irresistible may well be for Amanda. Is BRZ — or Melissa, excuse me, is BRZ pursuing soil modification and filtration markets?

Melissa Pagen: Thank you, Jonathan. Sure, [ Kevin ], thanks for that query. We’re — we will be able to pursue each marketplace imaginable that involves us. However as you realize, BRZ is a gorgeous small crew and a small corporate. In order we began off the 12 months, we identified the want to center of attention on a few markets that shall we tackle ourselves. And the way in which that we are getting on the soil modification and filtration markets is we are seeking to leverage our greatest consumers and long-standing relationships via their distribution.

So one of the most issues we discovered after we first — I feel it was once 2023 after we got here out of the gate, weapons a-blazing pronouncing, “We are going to move after each direct buyer.” However what we discovered is with a view to marketplace in all of those areas which are in reality extremely large areas just like the water filtration marketplace, you need to put a large number of manpower there. It’s a must to put some huge cash into the promoting.

So we’re seeing techniques to leverage those relationships with a view to — which are already status, that with a view to get to those different markets whilst we center of attention on farm animals diet as a result of, once more, the capital expenditures required for all of those other areas are vital. So now we have selected to concentrate on farm animals diet and leverage those long-standing buyer relationships via their distribution. And we are within the strategy of formalizing the ones relationships and that distribution for filtration. And those consumers also are having a look into soil modification.

Gary Evans: [ Adding, Melissa ]. So simply to practice up on that, Melissa. Numerous other folks do not understand that pork costs are at all-time highs nowadays. And so cattlemen are in search of each method to get additional poundage out in their farm animals earlier than slaughter. That is what zeolite is completely geared for. And we are making such nice headway within the farm animals marketplace that we need to keep targeted, however we’re having a look at diet. Actually, now we have had a few firms come to us for unique contracts. We are nonetheless deciding whether or not we are going to do this or no longer. However it’s a space we undoubtedly need to pursue, however like we are hitting the freshest iron presently, which is farm animals.

Jonathan Miller: Subsequent query. Does the Iran war at once have an effect on authorities calls for for antimony?

Gary Evans: Completely. Each and every war the federal government is desirous about, whether or not it’s Venezuela, Iran, or whether or not it’s Israel and Lebanon, or whether or not it’s Ukraine and Russia. You can’t hearth a bullet with out antimony, you want antimony for laser-guided missiles and drones. And as you realize, our — the drone industry nowadays is so much larger than it was once 6 months or a 12 months or 2 years in the past. So sure, now we have heard it loud and transparent from the representatives of the federal government we maintain, that they would like extra antimony like the day past. And so we are running very, very arduous in seeking to meet that call for and that purpose. We will take yet one more query, Jonathan.

Another query, then we will shut up.

Jonathan Miller: Positive. Again in 2024, PPTA and UAMY have been in cooperation with every different. Are we having a look at them as a imaginable three way partnership like we have now with Americas Gold and Silver?

Gary Evans: You would need to ask that query to them. I do know there may be been some conversations with the CEO of Americas Gold and Silver and Perpetua. We now have no longer had any direct conversations with them within the higher a part of a 12 months. So I can’t reply that query.

Jonathan Miller: And Gary, there is only one extra query, which is a query we do get requested lovely ceaselessly. The present U.S. management has proven a just right urge for food for taking stakes in firms. If this ramped up and Donald Trump got interested in mineral firms like UAMY, would UAMY dilute inventory to offer the federal government a stake?

Gary Evans: Neatly, I inform everyone that I choose no longer. When you take a look at what the federal government has accomplished with the quite a lot of essential and uncommon earth firms that they have invested in, the ones are usually embryonic firms that haven’t any get admission to to capital. They are firms that they want the federal government so that you can do what they are doing as a result of they are 3, 4, 5 years clear of in truth producing any revenues. We are clearly no longer in that place. We are a lot better fitted to receiving authorities grants for the reason that authorities grants are patently non-dilutive, however they expedite us shifting faster to fulfill the calls for that the federal government wishes and the hydromet generation that now we have advanced with our companions in Bolivia is an ideal instance of that.

So a large number of the cash, this cash that I discussed that we are in search of from the federal government of totaling $274 million, a large bite of this is hydromet. It is new generation, and it is techniques to do issues higher, sooner, extra financial than we are doing up to now. That is what the federal government is in search of. They are seeking to carry the refining capability again to america, however do it in a wiser means. And that’s the reason what we are enthusiastic about because it pertains to Hydromet, and that is the reason why now we have been ready to do the three way partnership. So I feel as we make additional growth construction out our hydromet generation that the industry will come for sure.

And I am not excited about that in any respect. I do know of no antimony processing facility these days being pondered in North The usa, 0. We are it. So we need to keep being it, and we need to proceed being the — forward of the curve with generation, and that is the reason what we are seeking to do.

Jonathan Miller: You are completely proper. The home call for is already there. Thanks, Gary. I’ll flip it again over to the operator for ultimate statements.

Operator: We now have reached the top of the question-and-answer consultation. And I can now flip the decision over to Gary C. Evans for ultimate remarks.

Gary Evans: I simply need to thank all of you for listening in nowadays. I do know the quarter 1 is not precisely what you anticipated, however please have slightly persistence. As I discussed, at year-end, we are going to have some bumpy quarters. However all in all, the consequences are going to be out of the ordinary. And we are on recreation plan. We are carrying out all of the objectives and targets that now we have defined to every of you, and we are enthusiastic about the place we’re and the place we are going. So glance ahead to a couple extra further sure press releases and feedback popping out. We are seeking to proceed to coach the federal government as to who we’re and what we are doing.

Whilst the government has were given a just right maintain on it, now we have were given Area contributors and senators within the quite a lot of states which are having to be trained. So we need to be the essential mineral corporate the U.S. authorities thinks of first, and we are making an attempt our easiest to be in that place. So thanks on your time, and hope you may have a just right remainder of your week.

Operator: This concludes nowadays’s webcast, and you’ll disconnect your strains right now. Thanks on your participation.