Q3 2023 United States Antimony Corp Earnings Call

Speaker 1: you

Speaker 2: Greetings. Welcome to United States Antimony Corporation third quarter financial review and investor update webcast. At this time, all participants run a listen-only mode.

Greetings and welcome to United States, Antimony Corporation third quarter Financial review and Investor update webcast at.

Greetings and welcome to United States, Antimony Corporation third quarter Financial review and Investor update webcast at.

At this time all participants are in a listen only mode.

At this time all participants are in a listen only mode.

And answer session will follow the formal presentation.

And answer session will follow the formal presentation.

Speaker 2: If anyone should require operator assistance during the conference, please press star zero on your telephone keypad. Please note that...

If anyone should require operator assistance during the conference. Please press star zero on your telephone keypad.

If anyone should require operator assistance during the conference. Please press star zero on your telephone keypad.

Please note this conference is being recorded.

Please note this conference is being recorded.

Speaker 2: I will now turn the conference over to your host, Jerry Evans, Chairman of the Board. You may begin.

I'll now turn the conference over to your host Gary Evans Chairman of the Board you may begin.

I'll now turn the conference over to your host Gary Evans Chairman of the Board you may begin.

Speaker 3: Thank you, Matthew, and appreciate everybody on this Friday afternoon joining our third quarter.

Thank you Matthew and I appreciate everybody on this Friday afternoon, joining our third quarter.

Thank you Matthew and I appreciate everybody on this Friday afternoon, joining our third quarter.

Financial statement review as well as the Investor update call almost on the conference call today, we have.

Speaker 3: financial statement review as well as investor update call. On the conference call today, we have four other people. John Gustafson, who's the company's chief executive officer. Joe Bargewood, which is one of the company's directors. And Rick Isaac, who is our CFO that joined us three and a half months ago and is the one responsible for getting all our cues caught up in this one timely file. So, um.

Financial statement review as well as the Investor update call almost on the conference call today, we have.

For other people.

For other people.

John Gustafson, Who's the company's Chief Executive Officer.

John Gustafson, who is the company's Chief Executive Officer.

Joe barge with which is one of the company's directors and Rick Isaac who is our CFO joins us three and a half months ago, one responsible for getting all of our Qs caught up in this one time, we follow so.

Joe barge with which is one of the company's directors and Rick Isaac who is our CFO joins us three and a half months ago, one responsible for getting all of our Qs caught up in this one timely fault so.

Speaker 3: Melissa Pagan is also on the call. She'll be helping in the Q&A session and helped arrange this call today. So I'd like to thank you for joining us today.

Most of pagan is also on the call she will be helping in the Q&A session and helped arrange this call today.

Most of pagan is also on the call she will be helping in the Q&A session and helped arrange this call today.

So I'd like to just.

So I'd like to just.

We've kind of divided up the conference call today, among the participants and I'm not going to say a whole lot upfront, but I wanted to let you know that we did file our proxy statement. This morning.

Speaker 3: We've kind of divided up the conference call today among the participants.

We've kind of divided up the conference call today, among the participants and I'm not going to say a whole lot upfront, but I wanted to let you know that we did file our proxy statement. This morning.

Speaker 3: I'm not going to say a whole lot up front, but I wanted to let you know that we did file our proxy statement this morning In that proxy, we've set a date for our annual meeting for calendar year.

In that proxy we've set a date for our annual meeting for calendar year, where physical year 2023.

In that proxy we've set a date for our annual meeting for calendar year, where physical year 2023.

Speaker 3: physical year 2023 for December 29th.

For December 29.

For December 29.

Speaker 3: And there will be three items on the agenda for the annual meeting.

And there will be three items on the agenda for the annual meeting, which is the election of our four existing directors.

And there will be three items on the agenda for the annual meeting, which is the election of our four existing directors.

Speaker 3: which is the election of our four existing directors. We've implemented a equity incentive plan, which has not been the case for a while, to incentivize existing and new management that may be hired, as well as board members.

Lamented a equity incentive plan, which has not been the case for a while.

Lamented a equity incentive plan, which has not been the case for a while.

To incentivize existing and new management that may be hard as well as board members.

To incentivize existing and new management that may be hard as well as board members.

Speaker 3: And then the third item is to ratify our existing accounting firm, a sewer CPA that has been doing the audits for the company's books for a number of years now.

And then the third item is to ratify our existing accounting firm a sewer CPA that has been doing the audits for the company's books for a number of years now so I just wanted to alert you to that.

And then the third item is to ratify our existing accounting firm a sewer CPA that has been doing the audits for the company's books for a number of years now so I just wanted to alert you to that.

Speaker 3: So I just wanted to alert you to that. You'll be receiving information as a shareholder electronically and the meeting will be held virtually as well. There will not be a physical meeting, especially because of the date between the meeting and

You'll be receiving information as a shareholder electronically in the meeting will be held virtually as well there will not be a physical meeting, especially because of the day between.

You'll be receiving information as a shareholder electronically in the meeting will be held virtually as well there will not be a physical meeting, especially because of the day between.

Speaker 3: of the Christmas and New Year's. We didn't choose that date for any other reason other than that was we had to get this done before the end of the year and we didn't want to have an annual shareholder meeting without getting all our financial statements current which are all current now.

The Christmas and new year's.

The Christmas and new year's.

We didn't choose that day for any other reason other than that was we had to get this done before the end of the year and we didn't want to have our.

We didn't choose that day for any other reason other than that was we had to get this done before the end of the year and we didn't want to have our annual shareholder meeting without getting all of our financial statements, which are all currently now so.

Annual shareholder meeting without getting all of our financial statements, which are all current now so.

Speaker 3: That's why we have so many days ahead of time that we have to give notice. So that was why that date was chosen.

That's why we have so many days ahead of time that we have to give notice. So that was why that date was chosen I'd like to let Rick B first year and give a financial overview of the third quarter.

That's why we have so many days ahead of time that we have to give notice. So that was why that date was chosen.

Speaker 3: I'd like to let Rick be first here and give a financial overview of the third quarter. And the nine months ended September 30. And he will now take over the floor. Rick. Rick

I'd like to let Rick B first year and give a financial overview of the third quarter.

In the nine months ended September 30.

In the nine months ended September 30, and he will now take over the floor Rick.

And he will now take over the floor Rick.

Thanks, Gary.

Thanks, Gary.

Speaker 4: The third quarter was a rough quarter financially, but we made some operational improvements.

The third quarter was a rough quarter financially, but we made some operational improvements.

The third quarter was a rough quarter financially, but we made some operational improvements.

Speaker 4: And operational improvements have been and will continue to be one of our focus areas going forward.

And operational improvements have been and will continue to be one of our focus areas going forward.

Operational improvements have been and will continue to be one of our focus areas going forward.

Speaker 4: First, looking at the income statement, sales decreased 6% for the third quarter of 2023 compared to 2022, and 27% for the first three quarters of 2023 compared to 2022.

First looking at the income statement.

First looking at the income statement sales.

Sales decreased 6% for the third quarter of 2023 compared to 2022.

Sales decreased 6% for the third quarter of 2023 compared to 2022.

27% for the third for the first three quarters of 2023 compared to 2022.

27% for the third for the first three quarters of 2023 compared to 2022.

Speaker 4: Gross profit and net income decreased as well for the third quarter and year-to-date time periods of 2023 versus 2022.

Gross profit and net income decreased as well for the third quarter and year to date time periods of 2023 versus 2022.

Gross profit and net income decreased as well for the third quarter and year to date time periods of 2023 versus 2022.

Speaker 4: These decreases came from each of our businesses other than precious metals.

These decreases came from each of our businesses other than precious metals.

These decreases came from each of our businesses other than precious metals.

First our Zyla life business.

First our Zyla life business.

Speaker 4: zeolite sales decreased 15% and 22% for the third quarter and year-to-date time periods in 2023 versus 2022.

<unk> sales decreased 15% and 22% for the third quarter and year to date time periods in 2023 versus 2022.

<unk> sales decreased 15% and 22% for the third quarter and year to date time periods in 2023 versus 2022.

Speaker 4: This was primarily due to equipment failure causing production downtime for about five weeks during the third quarter and 14 weeks during the year-to-date time periods of 2023.

This was primarily due to the equipment failure, causing production downtime for about five weeks during the third quarter.

This was primarily due to equipment failure, causing production downtime for about five weeks during the third quarter and.

In 2014 weeks during the year to date time periods of 2023.

In 2014 weeks during the year to date time periods of 2023.

Speaker 4: This downtime caused more variation in our average sales price per ton metrics during quarters.

This downtime caused more variation in our average sales price per ton metrics during quarters.

This downtime caused more variation in our average sales price per ton metrics during quarters.

Speaker 4: The year-to-date average sales price per ton comparison is fairly similar in 2023 versus 2022 and is more representative of our trend and more in line with our expectations.

The year to date average sales price per ton comparison is fairly similar in 2023 versus 2022.

The year to date average sales price per ton comparison is fairly similar in 2023 versus 2022.

And as more representative of our trend and more.

And as more representative of our trend and more.

More in line with our expectations.

More in line with our expectations.

Speaker 4: With the failure of the cone crusher in 2023, we purchased a new cone that has better performance monitoring features and can increase our production.

With the failure of the cone crusher in 2023, we purchased a new code that has better performance monitoring features and can increase our production.

With the failure of the cone crusher in 2023, we purchased a new code that has better performance monitoring features and can increase our production.

Speaker 4: Zeolite grows profit decrease primarily due to increased maintenance costs.

[noise] zeolite gross profit decreased primarily due to increased maintenance costs.

[noise] zeolite gross profit decreased primarily due to increased maintenance costs.

Speaker 4: and equipment and facility related labor costs during production down.

And equipment and facility related labor cost during production downtime.

And equipment and facility related labor cost during production downtime.

Speaker 4: The goal with our maintenance has been to strengthen our production process to prevent issues and to store more products so we can fill customer orders quicker.

The goal with our maintenance has been to strengthen our production process to.

The goal with our maintenance has been to strengthen our production process to prevent issues and to store more products. So we can fill customer orders quicker.

Prevent issues and at store more products. So we can fill customer orders quicker.

Speaker 4: An example of this occurred in October 2023 when we had some production downtime, but we were able to fill customer orders with the production we had stored.

An example of this occurred in October 2023 when.

An example of this occurred in October 2023 when.

Well, we had some production downtime, but we were able to fill customer orders with the production we had stored.

Well, we had some production downtime, but we were able to fill customer orders with the production we had stored.

Speaker 4: Next are our antimony business. Antimony sales decreased 2% and 31% for the third quarter and year-to-date time periods in 2023 versus 2022.

Next our antimony business antimony sales decreased 2% and 31% for the third quarter and year to date time periods in 2023 versus 2022.

Next our antimony business antimony sales decreased 2% and 31% for the third quarter and year to date time periods in 2023 versus 2022.

Speaker 4: This was predominantly due to the lower sales price per pound.

This was predominantly due to the lower sales price per pound.

This was predominantly due to the lower sales price per pound.

Speaker 4: which was consistent with the decline in market rates for antifreeze.

Which was consistent with the decline in market rates for antimony.

Which was consistent with the decline in market rates for antimony.

Speaker 4: Antimony gross profit decreased primarily due to the lower sales price per pound, as well as the processing of antimony ore containing a low percentage of antimony.

And pneumonia gross profit decreased primarily due to the lower sales price per pound as well as the processing of antimony ore containing a low percentage of antimony.

And pneumonia gross profit decreased primarily due to the lower sales price per pound as well as the processing of antimony ore containing a low percentage of antimony.

Moving to the cash flow statement.

Moving to the cash flow statement.

Speaker 4: Cash decreased during the first nine months of 2023. I wanna highlight two of the components of this decrease. First, we incurred a net loss of

Cash decrease during the night during the first nine months of 2023 I want to highlight two of the components of this decrease.

Cash decrease during the night during the first nine months of 2023 I want to highlight two of the components of this decrease.

First we incurred a net loss of $2 8 million.

First we incurred a net loss of $2 8 million.

Speaker 4: even after adding back the non-cash charges in the P&L. This was still a drain on cash.

Even after adding back the noncash charges in the P&L. This was still a drain on cash.

Even after adding back the noncash charges in the P&L. This was still a drain on cash.

Speaker 4: However, if you exclude the loss from our Mexico operation.

However, if you exclude the loss from our Mexico operations.

However, if you exclude the loss from our Mexico operations.

Speaker 4: we would have had a slight profit. The Mexico loss from operations is included in our segment footnote.

We would've had a slight profit but.

We would've had a slight profit the.

The Mexico loss from operations is included in our segment footnote.

The Mexico loss from operations is included in our segment footnote.

Speaker 4: We made some improvements in our Mexico operations in the third quarter with better inventory purchasing and some personnel downsizing, to name a couple.

We made some improvements in our Mexico operations in the third quarter with better inventory purchasing and some personnel downsizing to name a couple.

We made some improvements in our Mexico operations in the third quarter with better inventory purchasing and some personnel downsizing to name a couple.

Speaker 4: Based on the results of these changes, we may make additional changes in the fourth quarter.

Based on the results of these changes when they make additional changes in the fourth quarter.

Based on the results of these changes when they make additional changes in the fourth quarter.

Speaker 4: Second, we spent $1.5 million on capital items, much of which was spent on our zeolite business, which again, was done to strengthen our production process to prevent issues and to store more products so we can fill customer orders quicker. A couple of examples of these improvements are the cone for our cone crusher, the salt sheds that we built to store zeolite ore to eliminate production interruptions during winter and wet season. The

Deca, we spent 1.5 million on capital items much of which was spent our zeolite business, which again was done to strengthen our production process to prevent issues and the store more product. So we can fill customer orders quicker.

Second we spent 1.5 million on capital items much of which was spent our zeolite business, which again was done to strengthen our production process to prevent issues and the store more product. So we can fill customer orders quicker.

Couple of examples of these improvements are the cone for a cone crusher.

Couple of examples of these improvements are the cone for a cone crusher.

The salt judge that we built to store zeolite or to eliminate production interruptions during winter and wet seasons.

The salt judge that we built to store zeolite or to eliminate production interruptions during winter and wet seasons.

Speaker 4: and additional warehouse space to store Z-Lite product to fill customer orders quicker.

An additional warehouse space to store zeolite product to fill customer orders quicker.

An additional warehouse space to store zeolite product to fill customer orders quicker.

Speaker 4: These improvements build on the improvements made in 2022. I'll pass it back to you, Gary.

These improvements build on the improvements made in 2022.

These improvements build on the improvements made in 2022.

I'll pass it back to you Gary.

I'll pass it back to you Gary.

Thank you Rick.

Thank you Rick.

Speaker 3: We'll now turn the call over to Gus Gustafson, our CEO . Gus.

We'll now turn the call over to <unk>.

We'll now turn the call over to <unk>.

Gus Gustafson our CEO.

Gus Gustafson our CEO.

Yes.

Yes.

Speaker 5: Hi, Gary. I was

Alright, Gary.

Hi, Gary.

Oh I was asked to talk a little bit about the.

Oh I was asked to talk a little bit about the.

Speaker 5: I have to talk a little bit about the animaning market and the pricing and.

Antimony market in animal any pricing.

Antimony market in the animal any pricing.

Speaker 5: The antimony world price has been on a decline now for 16 or 18 months. It kind of peaked in May of 2022.

The other money world price that had been on a decline now for Oh, 16, or 18 months. It kind of peaked in may of 2022.

The other money world price that had been on a decline now for Oh, 16, or 18 months. It kind of peaked in may of 2022.

Speaker 5: at $1450 per metric ton or $6.55 a pound of animal money.

That 1400.

At 1400.

$450 per metric ton or $6.55 a pound of antimony.

$450 per metric ton or $6.55 a pound of antimony.

Some.

Some.

Speaker 6: important things have happened since then have weighed heavily on the market. One is a complete collapse in the Chinese real estate sector, which is threatening actually to adversely affect the entire economy of China. Two is the end of

Important things that have happened since then have weighed heavily on the market.

Important things that have happened since then have weighed heavily on the market.

One is a complete collapse in the Chinese Villa story real estate sector.

One is a complete collapse in the Chinese Villa story real estate sector.

<unk>, which is threatening actually to.

<unk>, which is threatening actually to.

Adversely affect the entire world economy of China.

Adversely affect the entire world.

The economy of China.

But towards the end of pandemic spending.

But towards the end of pandemic spending.

Speaker 6: in the U.S. During the pandemic, a lot of people outfitted offices in their homes and bought additional furniture and all of that. All of that stuff has to be flame retorted. As you know, those incentives have stopped and that spending spree has stopped.

And your glass.

In the U S.

During the pandemic a lot of people outbid.

During the pandemic a lot of people outbid.

Our offices in their homes and bought additional furniture and all of that all of that stuff has to be clean recorded as you know those incentives have stopped and that spending spree has stopped.

Offices in their homes and bought additional furniture and all of that all of that stuff has to be clean recorded as you know those incentives have stopped and that spending spree has stopped.

Speaker 6: The Ukraine war has had a terrible effect on Ukraine, of course, and on the European economy.

Okay.

Yeah.

Ukraine War has had a terrible effect on Ukraine of course I handle in your opinion the economy.

Ukraine War has had a terrible effect on Ukraine of course I handle in your opinion the economy.

Russian natural gas.

Russian natural gas.

Speaker 6: got very expensive last winter, probably will again this winter, and had a terrible impact especially on Germany's economy, but the rest of Europe as well.

Got very expensive last winter it probably will again this winter and had a terrible impact, especially on Germany's econ.

<unk> got very expensive last winter it probably will again this winter.

Had a terrible impact, especially on Germany's econ.

Economy, but the rest of Europe as well.

Economy, but the rest of Europe as well.

Speaker 6: The Israeli-Hamas war has basically the entire Israeli economy shut down.

The Israeli Hamas War.

The Israeli Hamas War.

It has basically the entire Israeli economy shut down.

It has basically the entire Israeli economy shut down.

Speaker 6: The current or the just-ended UAW strike here in the U.S. greatly impacts

The current or the just ended UAW strike here in the U S are greatly impacts.

The current or the just ended UAW strike here in the U S are greatly impacts.

Speaker 6: flame-retardant and lead-antimony alloy.

Flame retardant and led antimony alloy.

Flame retardant and led antimony alloy.

Speaker 6: for cars, the flame retardant for wiring cable and upholstery, the antimony for the lead acid battery.

<unk> cars, the flame retardant for wire and cable in upholstery.

For our cars the flame retardant for wire and cable in upholstery.

Antimony for the lead acid batteries.

Antimony for the lead acid batteries.

Speaker 6: On the upside, continuing raw material shortages in China are supporting the price.

On the upside.

On the upside.

Continuing raw material shortages in China.

Continuing raw material shortages in China.

We're supporting the price.

We're supporting the price.

Speaker 6: considerably in normal times with regular supply of raw material this anomone price would have fallen quite a bit more.

Considerably.

Considerably Ah.

In normal times with regular supply of raw material. This antimony price would've fallen quite a bit more.

In normal times with regular supply of raw material. This antimony price would've fallen quite a bit more.

Speaker 6: On the horizon we've got perpetual who may become a large producer of antimony for a few years. They could potentially have a large negative impact on global pricing of antimony.

Oh on the Horizon, we got Perpetua, who may.

Oh on the Horizon, we got Perpetua, who may.

You called a large producer of antimony for a few years, they could potentially have a large negative impact on global pricing of antimony.

You called a large producer of antimony for a few years, they could potentially have a large negative impact on global pricing of antimony.

Speaker 6: All that being said, we do keep ourselves in a sold-out position. We are able to compete with the Chinese prices. Just for example, back at the peak in May of 2022, we were selling anemone for $6.55 pounds FOB Montana in truckload quantities.

All that being said, we we do keep ourselves in a sold out position, but we are able to compete with the Chinese prices.

All that being said, we we do keep ourselves in a sold out position, but we are able to compete with the Chinese prices.

For example back at the peak in May of 2022.

So for example back at the peak in May of 2022.

We were selling antimony for $6.55, a pound F O b, Montana in truckload quantities.

We were selling antimony for $6.55, a pound F O b, Montana and truckload quantities.

Speaker 6: Today the price is $4.52 a pound FOB Thompson Falls in Truckload, Gwinnett.

Today, the prices $4.52, a pound F O b.

Today, the prices $4.52, a pound F O b.

Thompson falls in truckload quantities.

Thompson falls and truckload quantities.

Alright, that's it for the man of Antimony market Oh, Gary.

Speaker 6: Uh, that's it for the mana and money market, uh, Gary.

Alright, that's it for the man antimony market Oh, Gary.

Speaker 3: All right, thank you guys. That was very insightful. I'd like to turn the call over now to Joe Bargewitz. One of our directors has been on the board for a number of years. This is the half overweight waist.

Alright. Thank you. So it was very insightful I'd like to turn the call over now to Joe barge Westwood One one of our directors has been on the board for a number of years ago.

Alright. Thank you. So it was very insightful I'd like to turn the call over now to Joe barge Westwood One one of our directors has been on the board for a number of years ago.

Speaker 7: Thank you and I was asked to comment about the Los Juarez property in Mexico. There's a lot of fanfare upon its acquisition several years years ago and and a lot of people feel that it hasn't lived up to that initial fanfare.

Thank you.

Thank you.

The comment about a lot.

The comment about <unk>.

As far as property in Mexico.

As far as property in Mexico.

A lot of fanfare upon its acquisition several years years ago, and a lot of people.

A lot of fanfare upon its acquisition several years years ago, and a lot of people.

But that hasn't lived up to that initial fanfare.

Deal with that hasn't lived up to that initial fanfare.

Speaker 8: Some work was done, including mining and milling of small quantities, et cetera, but no resource or reserve was calculated. A lot of that due to the lack of sufficient work to establish continuity between drill

But.

But.

Some work was done including mining at millions of of small quantities et cetera, but no resource or reserve was calculated.

Some work was done including mining at millions of of small quantities et cetera, but no resource or reserve was calculated.

Part of that due to the lack of sufficient work to it to establish.

Part of that due to the lack of sufficient work to it to establish.

Continuity.

Cogs annuity.

No.

Okay.

Yeah.

Yeah.

Drill holes.

Drill holes.

Okay.

Okay.

Okay.

Okay.

Our resource.

Our resource.

The.

The.

Speaker 7: Dr. Betis, the former director, was very high on this property. Before he left, he engaged a firm that is very proficient in...

Doctor basis.

Doctor basis.

Former director with very high on this property.

Former director with very high on this property.

Before he left.

Before he left.

Engaged.

Engaged.

Firm that is.

Firm that has a very proficient at it.

Very proficient at it.

Speaker 7: Leapfrog technology, which is a 3D software package to assess exploration results.

Leapfrog technology, which of the three D.

Leapfrog technology, which of the three D.

Software package too.

Software package too.

Yes.

Yes.

Exploration results.

Exploration results.

But.

But.

Speaker 7: 3D data compilation and technical review.

PD data compilation and technical review.

Three D data compilation and technical review.

Uh huh.

Okay.

Speaker 7: was made available to the directors and portions of it are intended to be put up on the websites so that everybody can see them.

Well.

Well it was made available to the directors and portions of it are intended to be.

Made available to the directors and portions of it are intended to be.

Put up on the website, so that everybody can see them.

Put up on the website, so that everybody can see them.

Speaker 7: That study recommends continued exploration at those forests, including RC reverse circulation and core drilling or diamond drilling programs to follow up on the anomalously high gold values that were detailed in the soil and rock chip geochemical surveys that were completed over the last couple of years by the company.

That study recommends continued exploration of those floors.

That study recommends continued exploration of those floors.

Including.

Including.

RC reverse circulation.

RC reverse circulation.

The core core drilling or diamond drilling program.

The core core drilling or diamond drilling program.

Follow up on the enormously by gold values.

Follow up on the enormously by gold values.

Were detailed in the soil and rock chip Geo.

Were detailed in the soil and rock chip Geo.

Chemical surveys that were completed over the last couple of years by the company.

Chemical surveys that were completed over the last couple of years by the company.

Speaker 7: A detailed geophysical program utilizing more modern, deep penetrating instruments than were used in our previously completed geophysics program has been advised prior to doing any drilling.

A detailed geophysical program.

A detailed geophysical program.

Utilizing more modern the penetrating instruments.

Utilizing more modern the penetrating instruments.

That were used in our previously completed.

That were used in our previously completed.

Geophysics program had been advised prior to doing any drilling.

Geophysics program had been advised prior to doing any drilling.

Speaker 7: It's believed that these additional geophysics will enhance drill hole selection parameters such as location, the azimuth, and the dip of the holes and save on drilling costs.

It's believed that these additional geophysics will enhance drill hole selection parameters such as location the asthma the depth of the hole and sevan drilling costs.

It's believed that these additional geophysics will enhance drill hole selection parameters such as location the asthma the depth of the hole and sevan drilling costs.

Speaker 7: The report also recommends a higher level of quality assurance, quality control in the collection and recording of exploration data to meet the upgraded industry reporting standards now required by the FCC.

The report also recommend as a higher level of quality assurance quality control and the collection recording exploration data to meet the upgraded industry reporting standards.

The report also recommend as a higher level of quality assurance quality control and the collection recording exploration data to meet the upgraded industry reporting standards.

Now required by the FCC.

Now required by the FCC.

Basically I'm alright, hi on the property, but it's there's still a long ways to go.

Speaker 7: basically I'm high on the property but it's still a long ways away from delineating an ore reserve or even an ore resource.

Basically I'm quite high on the property, but it's there's still a long ways to go.

Away from from.

Away from from.

Or is there or even an or for resource.

Or is there or even an or for resource.

Ill turn it back to you Gary.

Ill turn it back to you Gary.

Speaker 3: All right, thank you, Joe. Maybe I'll make a couple comments about Los Juarez. As Joe mentioned, once

Alright, Thank you Joe.

Alright, Thank you Joe.

Maybe I'll make a couple of comments.

Maybe I'll make a couple of comments.

About Los Juarez.

About Los Juarez.

As Joe mentioned.

As Joe mentioned.

<unk>.

<unk>.

Speaker 3: management board kind of got on on top

Our management and board kind of got on.

Our management and board kind of got on.

Top of the company, we we recognize that there is a study that has the joey's outlined it was pretty important and we've we've all taken a hard look at it.

Top of the company, we we recognize that there is a study that has the joey's outlined it was pretty important and we've we've all taken a hard look at it.

Speaker 3: We recognize that this study that Joe has outlined was pretty important, and we've all taken a hard look at it.

Speaker 3: And it's encouraging to us that there is some potential here. It's still not quantifiable.

And itching.

And its.

It is encouraging to us that there is some potential here.

It is encouraging to us that there is some potential here.

It's still not quantifiable, they're still more testing as Joe mentioned needs to be done, but it is definitely when we look at the various properties in Mexico, where b.

It's still not quantifiable, they're still more testing as Joe mentioned needs to be done, but it is definitely when we look at the various properties in Mexico, where b particle Blanco Maduro smelter or all the other properties we have.

Speaker 3: There's still more testing as Joe mentioned needs to be done, but it is definitely when we look at the various

Speaker 3: in Mexico, whether it be Puerto Blanco, Madera smelter, or all the other properties we have.

Blanco Maduro smelter or all the other properties we have.

Speaker 3: From my perspective, and I think this is shared by management of the board, this particular property, Los Juarez, has the most potential.

From my perspective, and I think.

From my perspective, and I think.

This is Sharon.

This is Sharon.

Management the board this particular property loss.

Management the board this particular property loss.

Los Juarez has the most potential.

Los Juarez has the most potential.

Speaker 3: So with that, we're trying to concentrate our efforts on better understanding it, delineating the potential, and hopefully finding a possible joint venture partner. There is activity going on on adjacent properties down there and all of that is interesting.

So with that we're just we're trying to concentrate our efforts on better understanding at delineating the potential and hopefully finding a possible joint venture partner.

So with that.

To concentrate our efforts on better understanding at delineating the potential and hopefully finding a possible joint venture partner.

Activity going on on adjacent properties down there and all.

Activity going on on adjacent properties down there and.

All of that is.

All of that.

<unk> is interesting I know in the past there was a lot of talk about gold and silver.

<unk> is interesting I know in the past there was a lot of talk about gold and silver.

Speaker 3: I know in the past there was a lot of talk about gold and silver and we can confirm that there is quite a bit of potential there, but there's also a lot of antimony potential. So it is a property that definitely warrants more work and your management board is going to address that.

And we can confirm that there are is quite a bit of potential there, but there's also a lot of antimony potentials. So it is a.

And we can confirm that there are is quite a bit of potential there, but there's also a lot of antimony potentials. So it is a.

Property that definitely warrants more work and your management board is going to address that.

Property that definitely warrants more work and your management board is going to address that.

With that I think we've kind of summarize the quarter and the nine months and Matthew I would let you.

Speaker 3: With that, I think we've kind of summarized the quarter and the nine months. And Matthew, I would let you talk to our listeners about how they might ask questions to this group.

With that I think we've kind of summarize the quarter and the nine months and Matthew I would let you.

Talk to our listeners about how they might ask questions to this group.

Talk to our listeners about how they might ask questions to this group.

Speaker 2: Certainly. At this time we'll be conducting a question and answer session. If you'd like to ask a question, click on the Ask a Question box on the left of your screen. Type in your question.

Certainly at this time, we'll be conducting a question and answer session. If you'd like to ask a question click on the ask a question box on the left of your screen.

Certainly at this time, we'll be conducting a question and answer session. If you'd like to ask a question click on the ask a question box on the left of your screen.

Typing your question in hits and.

Typing your question in hits and.

Speaker 2: We do ask that each participant please limit to one question when submitting. One moment, please.

We do ask that each participant please limit to one question when submitting.

We do ask that each participant please limit to one question when submitting.

One moment, please while we poll for questions.

One moment, please while we poll for questions.

Okay.

Okay.

Yeah.

Yeah.

Yeah.

Yeah.

Okay. I'll go ahead and read the questions. We have a few questions I'm going to go ahead and consolidate and today's first question.

Speaker 9: Okay, I'll go ahead and read the questions. We have a few questions. I'm going to go ahead and consolidate into this first question. First of all, thank you to all management who are working hard at making USAC a prominent and notable company with an exciting future. The question is, is Zeolite the main focus right now and are there any tangible prospects with reference to deals or companies interested working with USAC?

Okay. I'll go ahead and read the questions. We had a few questions I'm going to go ahead and consolidate and today's first question.

First of all thank you to all management, who are working hard at making new stack a prominent inevitable company with an exciting future question. It is zero light. The main focus right now and are there any tangible prospects with reference to deals where companies interested.

First of all thank you to all management, who are working hard at making new stack a prominent inevitable company with an exciting future question. It is zero light. The main focus right now and are there any tangible prospects with reference to deals where companies interested.

With U S S E T.

With U S S E T.

Speaker 3: Okay, Melissa, this is Gary. I will try to respond to that question. I think we've

Okay. Melissa this is Gary I'll try to respond to that question I think we've.

Okay. Melissa this is Gary I'll try to respond to that question I think we've sort of mentioned in some prior calls that we felt like zeolite had a very bright future with respect to the company and.

Speaker 3: sort of mentioned in some prior calls that we felt like zeolite had a very bright future with respect to the company. And if you'll note the capital we spent in 2023, it's predominantly been catered around the zeolite property, the BRZ property up in Preston, Idaho.

Sort of mentioned in some prior calls that we felt like zeolite had a very bright future with respect to the company.

And.

If you'll note the capital we spent in 2023, it's predominantly been catered around the zeolite property to be our Z property up in Preston Idaho.

If you'll note the capital we spent in 2023, it's predominantly been catered around the zeolite property to be our Z property up in Preston Idaho.

Speaker 3: So we continue to believe that there can be improvements made there. We've obviously had an inordinate amount of downtime this year that we have attempted to repair. A lot of that's due to poor maintenance in the past.

So we.

So we.

We continue to believe that there can be improvements made there. We've obviously had an inordinate amount of downtime.

We continue to believe that there can be improvements made there. We've obviously had an inordinate amount of downtime.

This year that we have attempted to do repair a lot of that's due to poor maintenance in the past and poor.

This year that we have attempted to do repair a lot of that's due to poor maintenance in the past and poor.

Speaker 3: and four decisions that were made regarding this property. But this property, I think, has a great potential.

<unk> that were made regarding this property, but this property I think has a great potential and we are continuing to look at additional acquisition opportunities in the zeolite space and.

<unk> that were made regarding this property, but this property I think has a great potential and we are continuing to look at additional acquisition opportunities in the zeolite space and.

Speaker 3: And we are continuing to look at additional acquisition opportunities in the zeolite space.

Speaker 3: And we've been working a couple different potential acquisitions and we aren't obviously at liberty to talk about where they stand, but we think that that is an area that the company should focus on in the future. And so with that, I think we can ask the next question, Melissa.

We've been working a couple of different potential acquisitions, and we are obviously at Liberty to talk about where they stand, but we think that that is an area that the company should focus on in the future and so.

We've been working a couple of different potential acquisitions, and we are obviously at Liberty to talk about where they stand, but we think that that is an area that the company should focus on in the future and so.

With that I think we can ask the next question Melissa.

With that I think we can ask the next question Melissa.

Speaker 1: Okay, most of the questions were covering the zeolite segment. So, I think that what you just said pretty much covers those questions.

I think a nice quick questions, we're covering the DLA segment. So I think that what you just said pretty much covers the question.

I think a nice quick questions, we're covering the DLA segment. So I think that what you just said pretty much covers the question.

Okay.

Okay.

Yeah.

Yeah.

Anything else coming.

Anything else coming.

Okay.

Okay.

I think that wraps it up.

I think that wraps it up.

Oh here so hold on please hold on to.

Oh here so hold on please hold on to.

One moment really powerful.

One moment really powerful.

Yeah.

Yeah.

Hum.

Hum.

Oh, that's a good question.

Oh, that's a good question.

Speaker 3: That's a good question. I can I can repeat that if you want.

How can I can repeat that if you want Melissa.

How can I can repeat that if you want Melissa.

Speaker 3: Since U.S. antimony has met mil-spec requirements, are you currently selling antimony trisulfide to the Department of Defense?

Since U S. Antimony has met 1000 spec requirements.

Since U S. Antimony has met 1000 spec requirements.

Are you currently selling the antimony trisulfide to department of Defense.

Are you currently selling the antimony trisulfide to department of Defense.

Speaker 3: And with that, I think Gus is best to answer this question. And Gus, would you also maybe talk about our Montana operations and how we work up there?

And with that I'll, let I think Gus is best to answer this question and Gus would you also maybe talk about are.

And with that I'll, let I think Gus is best to answer this question and Gus would you also maybe talk about are.

Montana operations, and how we work up there.

Montana operations, and how we work up there.

Okay sure Gary.

Okay sure Gary.

Yeah.

Yeah.

Let's see I'm not reading the same question you read I guess, but.

Speaker 5: Let's see. I'm not reading the same question you read, I guess, but we have met the Mil-Spec.

Let's see I'm not reading the same question you read I guess, but.

We have met.

We have met.

The 1000 spec.

The mills back up.

Speaker 6: It's an old, old speck that goes back many, many years, and we have...

Or is it all rolls back it goes back many many years and we have.

It's in all of those that goes back many many years and we have.

Speaker 6: I got approval from GLA that that material can be sold for the military. Can also be sold to the recreational market, which surprisingly is much larger than the military market.

Got an approval from G. L. A that that material can be sold for the military.

We got an approval from D. L. A that that material can be sold for the military.

It can also be sold to the recreational market, which surprisingly is much larger than the military market.

It can also be sold to the recreational market.

Which.

Surprisingly is much larger than the military market.

Speaker 6: At any rate, we do not sell directly to the Department of Defense nor the DLA.

At any rate, we do not sell directly to the department of defense, nor the D. L. A.

At any rate, we do not sell directly to the department of defense, nor the D. L. A.

Speaker 6: We sell material to a company that grinds it.

We saw material to a company that grinds it.

We saw material to a company that grinds it.

Speaker 6: and sits it to the proper size, and they package it and sell it to the Department of Defense. So we're in a loose partnership with them. We are the sole

And sits it to the proper size and they package it and sell it to the department of defense. So we're in a loose partnership with them.

And sits it to the proper size and they package it and sell it to the department of defense. So we're in a loose partnership with them.

We are the sole.

We are the sole.

Speaker 6: sole company that has the blessing of the DLA to do this. That's the way we're doing it now. We have a stockpile of material from that company that they have accumulated over the years. When they size it, they have stuff that's oversized and stuff that's undersized that cannot go into primers. They sent that out to us. We are currently reworking that material.

So a company that has the blessing of the D. L. A to do this so.

So a company.

That has the blessing of the D L. A to do this so.

It.

That's the way we're doing it now we have a stockpile of material from that company.

That's the way we're doing it now we have a stockpile of material from that company.

They have accumulated over the years when they size that they have stuff, that's oversize and sepsis undersize that cannot go into primers and they sent that out to US. We are currently reworking that material.

They have accumulated over the years when they size that they have stuff, that's oversize and sepsis undersize that cannot go into primers and they sent that out to US. We are currently reworking that material.

Speaker 6: We have a proprietary electric furnace where we melt that at a certain temperature for a certain period of time, and we pour it out into a big furnace.

We have a pretty tough proprietary electric furnace, where we meltdown at a certain temperature for a certain period of time and report out into a big.

We have a pretty tough proprietary electric furnace, where we meltdown at a certain temperature for a certain period of time and report out into a big.

Ingot, if you will.

Ingot, if you will.

Speaker 6: We break it out of the ingot and we send old baseball-sized chunks of this anemone trisulfide to be ground.

We break it out of the Haynesville and we send old baseball sized chunks of this antimony trisulfide to be ground.

We break it out of the Haynesville and we send old baseball sized chunks of this antimony trisulfide to be ground.

Speaker 7: We do have a stockpile of.

We do have a stockpile of.

We do have a stockpile of.

Emily.

Emily.

Speaker 6: sulfide concentrate mined from one of our properties in Mexico. And we are currently producing more of that at our Puerto Blanco mill. We've got about 18 tons at Montana. We have converted

Sulfide concentrate mining from one of our properties in Mexico.

Sulfide concentrate mining from one of our properties in Mexico.

And we are currently producing more of that in our square to a Bronco mill, we've got about 18 tons at Montana, we have converted.

And we are currently producing more of that at all.

Our square to a Bronco mill, we've got about 18 tons at Montana, we have converted.

Speaker 7: owe two and a half tons of that successfully to acceptable antimony trisulfide. And we hope that we can continue getting that material to supply us in the future.

Oh, two and a half tons of that successfully to acceptable antimony trisulfide.

So two and a half tons of that successfully to acceptable antimony trisulfide and we.

And we we hope that we can continue getting that material to suppliers in the future.

We hope that we can continue getting that material to suppliers in the future.

Speaker 3: Back to you, Gary. Very good. Thank you, Gus. Thank you, Gus.

Back to their very good thank you guys.

Back to you there.

Good. Thank you guys. Thank.

Thank you guys.

Thank you guys.

Speaker 9: So, for the next question, yes, will you need to raise additional funds?

Unless you go to the next question will you need to raise additional funds.

Unless you go to the next question yes.

Will you need to raise additional funds.

So the answer to that question is only if we have a significant acquisition and.

Speaker 3: So the answer to that question is only if we have a significant acquisition and I would say based on everything I know, the answer is no. Our goal is to try

So the answer to that question is only if we have a significant acquisition and.

I would say based on everything I know the answer is no.

I would say based on everything I know the answer is no.

Our goal is to try to mitigate the cash outlay, which is dominantly Ben in Mexico. We've done most of the capital spending we need up at the B R. Z mined this year already.

Our goal is to try to mitigate the cash outlay, which is dominantly Ben in Mexico. We've done most of the capital spending we need up at the BRZ mined this year already.

Speaker 3: Mitigate the cash outlay which has predominantly been in Mexico We've done most of the capital spending we need up at the BRZ mine this year already

Speaker 3: and the intent is to live within the means that we have.

And.

And.

The intent is to live within the means that we have.

The intent is to live within the means that we have.

Speaker 3: I think at the end of the third quarter, you correct me if I'm wrong, Rick, we're around $13 million of cash, is that correct?

I think at the end of the third quarter and you correct me if I'm wrong, Rick were around $13 million of cash is that correct.

I think at the end of the third quarter and you correct me if I'm wrong, Rick were around $13 million of cash is that correct.

Yes, yes.

Yes, yes.

Speaker 3: So if we can continue to reduce our expenditures in Mexico with a combination of headcount and making sure that we're buying products at the proper price and selling them at the proper price, we should be in a position that no funds will be wasted.

So.

So.

If we can continue to.

If we can continue to.

Reduce our expenditures in Mexico.

Reduce our expenditures in Mexico.

With a combination of head count and making sure that we're buying products at the proper price and selling them at the proper price, we should be in a position that.

With a combination of head count and making sure that we're buying products at the proper price and selling them at the proper price, we should be in a position that.

That no funds will be needed to be raised.

That no funds will be needed to be raised.

Speaker 9: Okay, for the next question, we have, thank you for all the efforts. Can you speak to the zeolite production rate versus prior to repairs and upgrades? Also, you mentioned improved packaging in the past. Is that completed or still in the future?

Okay for the next question, we have and thank you for all of the efforts can you speak to the zeolite production rate versus prior to repairs and upgrades also you mentioned them.

Okay for the next question, we have and thank you for all of the efforts can you speak to the zeolite production rate versus prior to repairs and upgrades also you mentioned them.

The packaging in the past is that completed or still in the future.

The packaging in the past is that completed or still in the future.

Rick why don't you answer that question.

Rick why don't you answer that question.

Speaker 4: Okay. The second part to that, the packaging.

Okay. The second part to that the packaging.

Okay. The second part to that the packaging.

Speaker 4: We are still in the process of looking at the packaging to get automation into that packaging line, so that is still in process.

We are still in the process of looking at the packaging to get automation into the packaging line. So that is still.

We are still in the process of looking at the packaging to get automation into the packaging line. So that is still.

In process.

In process.

Speaker 4: And with the first part of that, with the raid.

And with the first part of that with the rates.

And with the first part of that with the rates.

Speaker 4: The new cone is able to produce product at a faster rate, and I think the production downtime has hurt trying to kind of get a good sense of how fast that can produce. I think before we were

The the new cone.

The the new cone.

Is able to produce.

Is able to produce.

At a faster rate and.

At a faster rate and.

I think the.

I think the.

The.

The.

The production downtime has has hurt I'm trying to kind of get a.

The production downtime has has hurt I'm trying to kind of get a.

Good sense of how fast that can can produce I think before we were.

Good sense of how fast that can can produce I think before we were.

Speaker 4: producing at around 5 tons per hour, and I think we will produce at a faster rate. But I think that's yet to be seen given, you know, the production downtime that we had.

Producing at around five tons per hour and I think we will produce at.

Producing at around five tons per hour and I think we will produce at a.

Fast rate.

Fast rate.

But I think that's yet to be seen given the production downtime that we had.

But I think that's yet to be seen given the production downtime that we had.

Speaker 4: in July and early August and then again somewhat in October .

In July and early August and then again somewhat in October.

In July and early August and then again somewhat in October.

Speaker 4: But I think the maintenance that we're doing, as well as the improvements throughout that line with the Cone Crusher and the Hammer Mills and the SWACO with the new screen that we got, our intention, obviously, is to produce product at a faster rate and get more production out of the line.

But I think the the maintenance that we're doing as.

But I think the the maintenance that we're doing as.

As well as the improvements throughout that line with.

As well as the improvements throughout that line with.

The cone crusher, and the Hammer mills and endless Waco with the new screen that we got that.

The cone crusher, and the Hammer mills and endless Waco with the new screen that we got that.

Our our intention obviously is to <unk>.

Our our intention obviously is to.

Produce product at a at a faster rate and get more production out of that out of the line.

It is product that are at a faster rate and get more production out.

Out of that out of the line.

Speaker 7: Rick, can I just add on there that that new screen, you bumped it up from, I think it was a 30-inch or to a 60-inch, or I guess it was 36-inch to 60-inch, which certainly should increase production, and then you were able to

Rick.

Rick.

I would just add on there that that screen.

I would just add on there that that screen.

Hugh you bumped it up from I think it was a.

You bumped it up from I think it was a.

38, you through 60 inch.

38, you through 60 inch or I guess with 36% to.

With 36 to <unk>.

The 60 inch which certainly should increase production and then your.

The insurance certainly should increase production and then your.

You were able to take.

You were able to.

Speaker 8: take the old screen and put it on the hammer mill line. So I think that accounted also the installation of those screens for some of the downtime, but I certainly expect that with that much greater surface of screening area that that's going to have a very positive effect on your production as well. Yeah, I agree.

They take the old screen and put it on the Hammer Mill line. So I think that accounted also the installation of those screens for some of the downtime.

They take the old screen and put it on the Hammer Mill line. So I think that accounted also.

Installation of those screens with some of the downtime.

Certainly, we expect that with that much greater surface of screening area.

Certainly we expect that with that much greater surface of screening area, that's going to have a very positive effect on your production as well.

Going to have a very positive effect on your production as well.

Yeah, I agree with <unk>.

Yeah, I agree mentioned one other thing.

One other thing.

Speaker 3: We actually have engaged a headhunting firm to find a new seasoned general manager for the BRZ.

We actually have engaged a headhunting firm to find a new seasoned general manager for the B R E.

We actually have engaged a headhunting firm to find a new seasoned general manager for the BRZ.

Our production facility up in Preston, Idaho, and I just received an email today that you know we've got two or three candidates to start looking at so it is our goal hopefully within the next 60 days to have someone.

Speaker 3: Production facility up in Preston, Idaho, and I just received an email today that you know We got two or three candidates to start looking at so it is our goal Hopefully within the next 60 days to have someone You know identified interviewed by all management and board and hired so that we can

<unk> facility up in Preston, Idaho, and I just received an email today that we got two or three candidates to start looking at so it is our goal hopefully within the next 60 days to have someone.

You know identified interviewed by all management and board and hard so that we can.

You know identified interviewed by all management and board and hard so that we can.

Speaker 3: you know, continue to improve our operations at BRZ.

Continue to improve our operations at <unk>.

You know continue to improve our operations BRZ.

Next question.

Next question.

Speaker 9: Okay, this question is related and a little drilled down a little bit more on that same topic. With the equipment installed and running without any more unforeseen downtime, should USAC return to profitability under current market conditions?

Yes.

Okay. This question is related and a little drill down a little bit more on that same topic with the equipment installed and running without any more unforeseen downtime should use Jack returned to profitability under current market conditions.

Okay. This question is related and a little drill down a little bit more on that same topic with the equipment installed and running without any more unforeseen downtime should use Jack returned to profitability under current market conditions.

Rick do you want to respond.

Rick do you want to respond.

Speaker 4: So, I'm, I guess, I'm not sure if the USAC terminology refers to the company overall. I'm going to.

So.

So.

I guess I'm not sure if they use that terminology refers to the company overall.

I'm not sure if they use that terminology refers to the company overall and I'm going to.

I'm going to.

Speaker 4: I think that it just refers to BRZ, since that was the comments that were made. Yes. Okay, so, you know, yes, I do.

I think that it just refers to be our Z since that was the comments that were made yes.

Think that it just refers to be our Z since that was the comments that were made yes.

Okay.

Okay. So.

No.

Yes, I do think that.

Yes, I do think that.

Speaker 4: with the downtime and with, you know, not being able to have production flowing, it has hurt BRZ. And if you look back at previous quarters,

With the downtime and with.

With the downtime and with a you know now.

Not being able.

Being able.

To have production flowing.

To have production flowing.

It has it has hurt our theater Zane if you look back at previous quarters.

It has it has hurt.

Dr. Zane if you look back at previous quarters.

Speaker 4: um you know there were profitable quarters. I think uh this this stint that uh you know has has caused a lot more maintenance costs.

You know there there were profitable quarters I think.

You know there there were profitable quarters I think.

This the stent that.

The stent that.

Has has caused a lot more maintenance costs.

Has has caused a lot more maintenance costs.

Speaker 4: And just disruption in the line that causes inefficiencies, you know, whether it's materials or labor.

And just disruption in the line that causes inefficiencies.

And just disruption in the line that causes inefficiencies.

Whether it's.

It's.

Materials or labor.

Materials or labor.

Speaker 4: So yeah, you can kind of see that in the P&L for the third quarter. And the expectation is that we'll, with the improvements we've made, that should turn around.

So yeah, no that you can kind of see that in the P&L for the third quarter and our expectation is that will with the improvements we've made.

So yeah, no that you can kind of see that in the P&L for the third quarter.

You know the expectation is that will with the improvements we've made.

That should should turn around.

That should should turn around.

Yeah.

Next question.

Next question.

Okay.

Speaker 9: Okay, does demand currently outstrip your supply of zeolite and do you anticipate being able to meet all future demand?

Okay.

Again demand currently outstrip your supply of zeolite and do you anticipate being able to meet all future demand.

Again demand currently outstrip your supply of zeolite and do you anticipate being able to meet all future demand.

Speaker 3: I'll try to answer that and Rick can jump in if need be.

I'll try to answer that and then Rick and jump in if need be.

I'll try to answer that and then Rick and jump in if need be.

So.

So.

One of the things that we.

One of the things.

We.

Speaker 3: began to change at this BRZ mine was

But again should change this BRZ mine was.

But again should change this BRZ mine.

Was.

Speaker 3: Attempt to have greater inventory so that when we do have downtime like we've had in calendar 2023 and we actually had it in 2022 as well We can meet

Attempt to have greater inventory so that when we do have downtime like we've had in calendar 2023, and we actually got it in 2022 as well.

Attempt to have greater inventory so that when we do have downtime like we've had in calendar 2023, and we actually got it in 2022 as well.

We can meet supply so I'm sorry, we can meet demand. So the idea is to have inventory of supply available and also winter conditions in the past have prohibited.

We can meet supply so I'm sorry, we can meet demand. So the idea is to have inventory of supply available and also winter conditions in the past have prohibited.

Speaker 3: So, I'm sorry, we can meet demand. So the idea is to have inventory of supply available and also winter conditions in the past have prohibited some of the mining operations. So there was some storage bins.

Some of the mining operations so.

Some of the mining operations so.

There was some storage.

There was some storage.

Speaker 3: really large outdoor storage units where you could put inventory, this is unprocessed inventory. And those were being filled at least the last time I was up there that was happening.

Turns are really large.

Turns are really large.

Outdoor storage units, where you could put a inventory.

Outdoor storage units, where you could put a inventory.

This is unprocessed inventory.

This is unprocessed inventory.

And that was those were being feel at least last time I was up there.

And that was those were being feel at least last time I was up there.

That was happening.

That was happening.

And.

And.

Speaker 3: Rick has made some changes regarding some silos that were not being utilized properly so that we could have finished product available in inventory. So, I think making some.

Rick has made some changes regarding some silos that were not being utilized properly. So that we could have finished product available in inventory. So.

Rick has made some changes regarding some silos that were not being utilized properly. So that we could have finished product available in inventory. So.

I think making some hard management decisions on unprocessed and processed inventory of zeolite.

I think making some hard management decisions on unprocessed and processed inventory of zeolite.

Speaker 3: hard management decisions on unprocessed and processed inventory of zeolite at BRZ is allowing us to meet the demand when the demand comes. And so, to answer your question, we have been able to meet demand. Now, we did lose a contract just in the last month and a half.

<unk> is allowing us to meet the demand when the demand comps and so answer your question, we have been able to meet demand we did lose a contract.

<unk> is allowing us to meet the demand when the demand comps and so answer your question, we have been able to meet demand we did lose a contract.

Just in the last month and a half.

Just in the last month and a half but the only reason we lost it is that the customer wanted delivery quicker than we could deliver it and it was a large order on one of our competitors got it but we want to be in a position where that doesn't happen again, we're trying our best to.

Speaker 3: But the only reason we lost it is that the customer wanted delivery quicker than we could deliver it. And it was a large order and one of our competitors got it.

But the only reason we lost it is that the customer wanted delivery quicker than we could deliver it and it was a large order on one of our competitors got it but we want to be in a position where that doesn't happen again, we're trying our best to improve daily production.

Speaker 3: But we want to be in a position where that doesn't happen again. We're trying our best to improve daily production, all the things that both Joe and Rick mentioned concerning the screens, concerning the cone crusher. We're trying to be better. And that also leads to why we're trying to find a new general manager to manage this property in a better way. So

Improved daily production all the things.

All the things.

That both Joe.

Both.

And Rick mentioned.

Joe and Rick mentioned.

Concerning the screens concerning the cone crusher, we're trying to be better and in lateral also leased a while we're trying to find a new general manager to manage this property in a better way so.

Turning to screens concerning the cone crusher, we're trying to be better and in lateral also leased a while we're trying to find a new general manager to manage this property in a better way so.

Speaker 3: At present, we're able to meet demand, and that's got a large part or reason for that has been the inventory builds that we've been working on all year long. And you'll see those inventory builds in the financial statements. You'll see the inventories have gone up, you know, a fair amount.

At present, we're able to meet demand and that's got a large large part a reason for that has been the inventory builds that we've been working on all year long and Youll see those inventory builds in the financial statements.

At present, we're able to meet demand and that's got a large large part a reason for that has been the inventory builds that we've been working on all year long and Youll see those inventory builds in the financial statements.

You'll see the inventories have gone up a.

You'll see the inventories have gone up.

A fair amount.

A fair amount.

Next question.

Next question.

Speaker 1: Next question, are we still in talks to supply Ambry?

Next question are we still in talks to supply Andrey.

Next question are we still in talks to supply Andrey.

Yes.

Yes.

I don't know.

I don't know.

I don't I'm not familiar with that guests are you.

I'm not familiar with that guests are you.

Henry.

Yeah Andrew.

Sorry.

Speaker 7: is a company based in Cambridge, Massachusetts, who invented a battery that uses a calcium or magnesium electrode at one end and molten antimony at the other end. They have great hopes.

As a company based in Cambridge, Massachusetts.

As a company based in Cambridge, Massachusetts.

Who invented a.

Who invented a.

Batteries or use as a.

Batteries or use as a.

Allison we're magnesium.

Allison we're magnesium.

Electrode at one end and molten antimony at the other end.

Electrode at one end and molten antimony at the other end.

They.

They.

I have great hopes of being a major.

I have great hopes of being a major.

Speaker 7: supplier of storage for the electrical net. In other words, a place to store electricity from wind engines when the wind is blowing and from solar energy when the sun is shining. Because right now, a lot of that energy is just wasted. There's no room on the electrical grid to transmit it. So, a lot of stuff just goes to waste. We have been talking with Ambrey.

Supplier of storage for the net.

Supplier of storage for the net.

For the electrical net in other words, a place to store the electricity from wind engines, when the Windows Boeing and from solar energy when the when the Sun is shining.

For the electrical net in other words, a place to store the electricity from wind engines, when the Windows Boeing and from solar energy when the when the Sun is shining.

Because right now a lot of that energy is just wasted there's no room on the electrical grid to transmit so a lot of such as it goes to waste.

Because right now a lot of that energy is just wasted there's no room on the electrical grid to transmit so a lot of such as it goes to waste.

We have been talking with Ambry.

We have been talking with Ambry.

Yeah.

Okay.

Speaker 6: oh, maybe for 10 years. We have a very good relationship with them. We are not only talking to them about supply, we are supplying them antimony.

So maybe for 10 years, we have very good relationship with them. We are not only talking to them about supply we are supplying them antimony.

So maybe for 10 years, we have very good relationship with them. We are not only talking to them about supply we are supplying them antimony.

Speaker 7: and we have been for three or four years now. It increases in quantity every year.

And we have been for three or four years now.

And we have been for three or four years now.

The increases in quantity every year not as.

The increases in quantity every year not as.

Speaker 6: as large as they had hoped to. They hoped to be very much bigger by now, but there are some competing technologies out there using vanadium solutions and whatnot. But at any rate, we were very close with Embry.

As large as they had hoped to.

As large as they had hoped to.

I hope to be very much bigger by now, but there are some competing technology.

I hope to be very much bigger by now, but there are some competing.

Technologies out there using vanadium solutions and whatnot, but at any rate we were we were.

Technologies out there using.

Vanadium solutions and whatnot, but at any rate we were we were.

Very close with Ambry.

Very close with Ambry.

Speaker 9: Okay, next question. Is your North American supplier fully back online sending feedstock? It was mentioned that you are getting better ore in Mexico. What has changed in the buying of ore to make sure it stays better quality?

The next question.

The next question.

Is your north American supplier fully back online sending feedstock. It was mentioned that you are getting better or in Mexico, what has changed and the buying of or to make sure it stays better quality.

Is your north American supplier fully back online sending feedstock. It was mentioned that you are getting better or in Mexico, what has changed and the buying of or to make sure it stays better quality.

Uh huh.

Rick do you want to respond to this.

Rick do you want to respond to this.

Speaker 4: Yeah, so, yes, the American supplier is back up, sending us feedstock. And that's been a very good relationship that I know Gus can talk quite a bit about as well for U.S. antimony. The better ore from Mexico,

Yeah. So yes, the American supplier is is back up.

So yes, the American supplier is is back up.

Sending us a feedstock.

Sending us a feedstock.

And you.

And.

You know that that's been a very good relationship that I know Gus can talk quite a bit about as well for previous antimony.

You know that that's been a very good relationship that I know Gus can talk quite a bit about as well for previous antimony.

You know the better or.

You know the better or.

For Mexico.

For Mexico.

No.

Is basically.

Is basically.

Speaker 4: two things. One, they are good at producing ingots or metal, and so they've focused on that side of the production, which gets the antimony in a state that is pretty much ready to be sold to a customer. The antimony ore and concentrate they were buying...

Two things one you know they are.

Two things one you know they are.

Good at producing ingots of metal and so they've stayed focused on on that side of the production.

Good at producing ingots of metal and so they've stayed focused on on that side of the production.

Which gets the antimony in a state that is.

Which gets the antimony in a state that is.

Is pretty much ready to be sold to a customer.

Pretty much ready to be sold to a customer.

The antimony ore and concentrate they were buying.

The antimony ore and concentrate they were buying.

Speaker 4: What we're doing is basically having them...

What we try to what we're doing is basically having then.

What we try to what we're doing is basically having then.

Speaker 4: make sure only to purchase antimony at a certain price per pound or less and with a certain percentage of antimony or higher. And, you know, it allows them to

Make sure only to purchase the antimony.

Make sure only to purchase the antimony.

Certain price per pound or less and with it.

Certain price per pound or less and with a certain percentage of antimony.

A certain percentage of antimony ore or higher end.

Or or higher end.

It allows them to.

It allows them to.

Speaker 4: process anemone at a better rate that can

Process antimony at a better rate.

Process antimony at a better rate.

That can.

That can.

Speaker 4: hopefully be at a rate where it's lower

Hopefully be at a rate, where it's lower than the sales price.

Hopefully be at a rate, where it's lower than the sales price.

I don't know if you want to.

I don't know if you want to.

Talk more about.

Talk more about.

The North American supplier.

The North American supplier.

They do have an extended breakdown are early in the summer.

Speaker 7: They do have an extended breakdown early in the summer.

They do have an extended breakdown.

Early in the summer.

Hmm.

Speaker 7: unexpected, actually. They will probably go down for a maintenance shutdown in December or January . But other than that, they're keeping up with very regular shipments, even with the interruption in supply.

Unexpected actually they will probably go down for a maintenance shutdown in December or January.

Unexpected actually they will probably go down for a maintenance shutdown in December or January.

Other than that they're keeping up with very regular shipments are even with the interruption in supply.

Other than that they're keeping up with very regular shipments are even with the interruption in supply.

Speaker 8: early in the summer, by the end of the year we will have received the same amount as we did last year and the year before.

Early in the summer by the end of the year. We will have received the same amount as we did last year and the year before.

Early in the summer by the end of the year. We will have received the same amount as we did last year and the year before.

So we're in good shape with them.

So we're in good shape with them.

Okay next question.

Okay next question.

Yeah.

Okay.

Melissa.

Melissa.

Speaker 9: Sorry. Are there any thoughts on a reverse split or can the stock climb back up without the need for that?

Alright are there any thoughts on a reverse split or Ken stock climbed back up without the need for that.

Alright are there any thoughts on a reverse split or Ken stock climbed back up without the need for that.

I'll answer that question.

I'll answer that question.

I think everybody, especially investors.

Speaker 3: I think everybody, especially investors, on this call today, know that a reverse stock split can be a...

I think everybody, especially investors.

On this call today.

On this call today.

Know that a reverse stock split can be a double edged sword.

Know that a reverse stock split can be a double edged sword.

Speaker 3: Let's look at the positives. The positive is a reverse stock split. Get your stock over $5 and allow institutional ownership. If you look at our shareholder mix today, it is 98%.

Let's look at the positives the positive is a reverse stock split.

Let's look at the positives the positive is a reverse stock split.

Get your stock over $5 and allow institutional ownership. If you look at our shareholder mix today. It is 90.

Get your stock over $5 and allow institutional ownership. If you look at our shareholder mix today. It is 90.

8% retail based there's nothing wrong with that but institutions is what moves stock historically.

8% retail based there's nothing wrong with that but institutions is what moves stock historically.

Speaker 3: There's nothing wrong with that, but institutions is what moves stock historically.

So.

So.

Speaker 3: I'm a big believer, though, that you don't do a reverse stock split just to be doing a reverse stock split. It needs to be done in conjunction with either an acquisition, an equity offering, something that's material and beneficial to the shareholders.

I'm, a big believer, though that you don't do a reverse stock split just to be doing a reverse stock split and needs to be done in conjunction with either an acquisition and equity offering something that's material and beneficial to shareholders. So.

I'm, a big believer, though that you don't do a reverse stock split just to be doing a reverse stock split and needs to be done in conjunction with either an acquisition and equity offering something that's material and beneficial to shareholders. So.

I think you will see in our proxy statement next year approval to have the ability to do a reverse stock split if and when needed but we are not at this point.

Speaker 3: I think you will see in our proxy statement next year approval to have the ability to do a reverse stock split if and when needed. We are not at this point.

I think you will see in our proxy statement next year approval to have the ability to do a reverse stock split if and when needed but we are not at this point.

Speaker 3: mandating that that's necessary. We think that we can get this company turned around, be profitable, allow the stock to move back up to where it needs to be, and then maybe entertain it at that time. So at this point, it is not on the table.

Man dating that that's this necessary and we think that we can get this company turned around and be profitable allowed to start to move back up to where it needs to be and then maybe entertain it at that time. So at this point it is not on the table.

Man dating that that's this necessary and we think that we can get this company turned around and be profitable.

<unk> allowed to start to move back up to where it needs to be and then maybe entertain it at that time. So at this point it is not on the table.

Next question.

Next question.

Speaker 3: Is management able to buy in the open market at this time or are they limited due to the possible zeolite acquisitions being negotiated? I cannot answer that question.

Is management able to buy in the open market at this time or are they limited due to the possible via light acquisition being negotiated.

Is management able to buy in the open market at this time or are they limited due to the possible via light acquisition being negotiated.

I cannot answer that question that as I can.

I cannot answer that question that as I can.

I would.

I would.

That question can be answered.

That question can be answered.

Next question.

Next question.

Speaker 9: Next question. In the future, will modernization at BRZ change the zeolite product mix to higher average price zeolite sales?

Next question.

Question in the future well modernization at BRD change Disney'll light product mix to higher average price zeolite sales.

Future well modernization at BRD change Disney'll light product mix to higher average price zeolite sales.

Yes.

Yeah.

Speaker 4: Rick, you want to kind of jump on that? Yeah, I can start that.

Hi, Ricky.

Ricky.

Yeah, I can start that.

Yeah, I can start that.

Speaker 4: So, you know, the goal with BRZ.

So you know the goal with BRZ.

So you know the goal.

With B R E.

Speaker 4: is to get the production line stabilized, secure.

Is to get the production lines stabilize secure.

Is to get the production lines stabilize secure.

Speaker 4: get the production at the level that we want, and we are really blessed with having employees that are knowledgeable and know how to run that when the machines are running, and also with customers that are requesting from us as much as we can make, and I think in talking to several of the customers.

Get the production at the level that we want.

Get the production at the level that we want.

And we are really blessed with having our.

And we are really blessed with having our.

Employees that are knowledgeable and know how to run that when the machines are running.

Employees that are knowledgeable and know how to run that when the machines are running.

And also with customers.

And also with customers.

Yeah.

Yeah.

R R.

Our are requesting from us.

Questing from us.

As we could make and.

As we could make and.

I think in talking to several of the customers.

I think in talking to several of the customers.

Speaker 4: They're very good partners and they

They're very good partners and they are.

They're very good partners and they are.

Speaker 4: you know, they want good things out of us as well. And I think once we have that production flowing and store the product.

They want good things out of us as well and I think.

They want good things out of us as well and I think.

Once we have that production.

Once we have that production.

Flowing in in store the product.

Flowing in in store the product.

Speaker 4: We will be needing to kind of go through what other opportunities there are and I think we'll grow sales that way. I think we can also go into other areas that maybe haven't been as strong and start to get additional sales in other areas that Zeolite is used for.

We will be needing to kind of go through what other opportunities there are.

We will be needing to kind of go through what other opportunities there are.

And I think we'll grow gross sales that way I think we can also go into other areas that are.

And I think we'll grow gross sales that way I think we can also go into other areas that are.

Whether they haven't been as strong.

Whether they haven't been as strong.

And start start to get additional sales.

And start start to get additional sales.

In other areas the zeolite is used for.

In other areas the zeolite is used for.

Speaker 4: You know, is there going to be a higher average sales price?

You know as deep as theyre going to be a higher average sales price.

Is the is there going to be a higher average sales price.

Speaker 4: Possibly, there's a lot there, you know, it, I think the.

So Blake it Theres a lot there you know at a I think the.

So Blake it Theres a lot there you know at a I think the.

The important part is.

The important part is.

Speaker 4: gross profit and bottom line.

Gross profit and bottom line and.

Gross profit and bottom line and.

Speaker 8: That's where our focus in that financial aspect of it. Gary, anything to add there?

That that's where our.

That that's where our.

Kind of focused in that debt.

Kind of focused in that debt.

Financial aspect of it.

Financial aspect of it.

Gary any anything to add there.

Gary any anything to add there.

I think that's got a Rick let's go to next question.

I think that's got a Rick let's go to next question.

Speaker 9: Next question, would you comment on any potential collaboration with perpetual resources since they are likely to start mining next year?

Next question would you comment on any potential collaboration with perpetual resources since they are likely to start mining next Gary.

Next question would you comment on any potential collaboration with perpetual resources since they are likely to start mining next Gary.

Speaker 3: Okay, I'm going to say a little bit here and then I'm going to let Joe respond. He knows this better than me, but we have talked about this quite a bit within the company and they will not be mining next year. We believe a minimum of two years and possibly three.

Okay, I'm going to say a little bit here, and then I'll, let Joe respond.

Okay, I'm going to say a little bit here, and then I'll, let Joe respond.

He knows us better than me, but we have talked about this quite a bit within the company and.

He knows us better than me, but we have talked about this quite a bit within the company and.

They will not be mining next year, we believe a minimum of two years and possibly three.

They will not be mining next year, we believe a minimum of two years and possibly three.

Speaker 3: Um, so, um, uh, we have done some work with perpetual Gus and Joe can comment on that further, but we presently are not doing anything with the firm.

So.

So.

We have done some work with perpetual Augusta and Joe can comment on that further but we presently are not doing anything with the firm.

We have done some work with perpetual Augusta and Joe can comment on that further but we presently are not doing anything with the firm.

Joe or Gus.

Joe or Gus.

Speaker 7: Just to elaborate on that, when are they going to start mining? They still do not have their permit, which is a reflection on how difficult it is to mine anywhere on federal land in the U.S. And if you look at their feasibility study, there's a two-year ramp-up for construction before they start any mining. So,

Just elaborate on that.

Just elaborate on that.

Are they going to start mining that they still do not have their permit.

Are they going to start mining that they still do not have their permit.

Which are the reflection on our.

Which are the reflection on our.

Difficult it is to mind anywhere.

Difficult it is to mind anywhere.

On federal land in the U S.

On federal land in the U S.

And if you look at their feasibility study.

And if you look at their feasibility study.

There is a two year ramp up our construction before they start any mining so.

There is a two year ramp up our construction before they start any mining so.

Speaker 7: There's still quite a ways out there, and I'll let Gus talk about the relationship and the work we've done for them in the past.

Sure.

Sure.

Still quite a ways out there.

Still quite a ways out there.

I'll, let rod talk about.

I'll, let rod talk about.

Relationship with the work we've done for them in the past.

Relationship with the work we've done for them in the past.

Yeah.

Yeah.

Speaker 7: This is Gus. I can tell you that we have been in conversations with Perpetua even back when it was minus gold. We don't have any official

But this is of course I can tell you that we have been in conversations with perpetual even back when it was minus goals.

But this is of course I can tell you that we have been in conversations with perpetual.

Even back when it was minus goals.

We don't have any official.

We don't have any official.

Speaker 6: collaborative agreement in place, but we are in communication quite frequently.

Collaborative agreement in place, but we are in communication quite frequently.

Collaborative agreement in place, but we are in communication quite frequently.

Great. Thank you next question.

Great. Thank you next question.

Speaker 10: Next question, what are some ways to incorporate antimony into more mainstream uses?

Next question what are some ways to incorporate antimony into more mainstream use it.

Next question what are some ways to incorporate antimony into more mainstream use it.

Okay.

Yeah.

Gus or Joe you guys get any thoughts there.

Gus or Joe you guys get any thoughts there.

Oh, yes.

Oh, yes.

Go ahead Joe.

Go ahead Joe.

Speaker 6: Oh, I was going to say, you're the expert on that. Oh, OK. You've got a lifetime of expertise. The uses of anemone are very, very well-known and have been well-known for a long time. New uses for anemone are very, very few and far between. One bright spot we just spoke about a little while ago was the AMBRI technology for storage batteries.

Oh, I was going to say, you're the expert on that okay.

Oh, I was going to say you're the expert on that.

Yeah great.

Yeah great.

The the uses of antimony are very very well known and had been well known for a long time, new uses for antimony or very very few and far between one bright spot. We just spoke about a little bit a little while ago was the ambry.

The the uses of antimony are very very well known and had been well known for a long time new uses for antimony.

Very very few and far between one bright spot.

You spoke about a little bit a little while ago was the Ambry tech.

<unk> technologies for storage batteries.

Technologies for storage batteries.

Speaker 8: These storage batteries, by the way, are the size of rail containers. They're huge, and they store a huge amount of electricity.

These storage batteries by the way are the size of our rail containers there they're huge.

These storage batteries by the way are the size of our rail containers or they're huge.

And they they store a huge amount of electricity.

They store a huge amount of electricity.

Speaker 8: But as far as being mainstream, there's virtually nothing you can touch.

But as far as being mainstream there's virtually nothing you can touch.

But as far as being mainstream there's virtually nothing you can touch.

Speaker 8: in a hotel that you go to visit that doesn't have antimony in it as a flame retardant. It's used in car batteries, it's used in submarine batteries, used in hardening the lead for bullets.

And a hotel that you go to visit that doesn't have antimony in it.

In a hotel that you go to visit that doesn't have antimony in it.

As the flame retardant.

As the flame retardant.

You know as he was in car batteries as soon as it goes in submarine batteries used in hardening the lead for bullets.

You know as he was in car batteries as soon as it goes in submarine batteries used in hardening the lead for bullets.

Letters used for piping and cable sheathing and all of that all of that led has antimony in it so that the users are or actually quite mainstream and as I say, new ones or are few and far between.

Speaker 8: Lead is used for piping and cable sheathing and all of that, all that lead has antimony in it. So, the uses are actually quite mainstream, and as I say, new ones are few and far between.

Letters used for piping and cable sheathing and all of that all of that led has antimony in it so that the users are or actually quite mainstream and as I say, new ones or are few and far between.

Thanks.

Thanks.

Gary next question.

Gary next question.

Speaker 9: Next question. With an increased effort into Zeolite, would you consider rebranding the company to U.S. Antimony and Zeolite Corporation?

Hmm.

Hmm.

Next question with an increased effort into zeolite would you consider rebranding the company to U S antimony in real Life Corporation.

Next question with an increased effort into zeolite would you consider rebranding the company to U S antimony in real Life Corporation.

Well, we have obviously if we.

Well, we have obviously if we.

Speaker 3: get out of antimony in a large way in mexico which is a real possibility uh...

Get out of antimony in a large way in Mexico, which is a real possibility you know.

Get out of antimony in a large way in Mexico, which is a real possibility you know.

Speaker 3: I hate defining any company with a specific term or mineral, and so my vote would be U.S. Mineral Corporation or something. If we decide that we do Los Juarez and we're mining gold and silver, I don't want to be stuck with a zeolite name. So anyway, that's just my two cents. It would be a board decision or a shareholder decision.

I hate I hate defining any company with a specific term or mineral and so you know my view would be.

I hate I hate defining any company with a specific.

Term or mineral and so you know my view would be you.

U S mineral corporation or something I mean.

U S mineral corporation or something I mean.

We don't want to if we decide that we do loss, whereas we're mining gold and silver I won't be stuck with the zeolite name. So anyway. That's just my two cents would be a board decision not a shareholder decision but.

We don't want to you know if we decide that we do loss, whereas we're mining gold and silver I won't be stuck with the zeolite name. So anyway. That's just my two cents would be a board decision not a shareholder decision but.

Speaker 3: Obviously if we if antimony becomes a much smaller part of the company's overall business, then there's no reason to have it in the name next question

Obviously, if we if antimony becomes a much smaller part of the company's overall business and Theres No reason to have it in the name.

Obviously, if we if antimony becomes a much smaller part of the company's overall business and Theres No reason to have it in the name.

Next question.

Next question.

What is the Max capacity at BRD.

What is the Max capacity at BRZ.

Speaker 4: Well, Rick, you want to kind of talk about that? Yeah, no, I mean, that is a.

Well, Rick do you want to kind of talk about that [laughter], yeah, no I mean that is a.

Well, Rick do you want to kind of talk about that.

Yeah, No I mean that is a.

Speaker 4: A question probably not answerable.

Hey, a question probably not answerable.

Hey, a question probably not answerable.

Yeah.

Yeah.

I think.

I think.

Speaker 4: whenever we get to that max capacity, we will increase that capacity. Zeolite, as you know, is used in a lot of areas, a lot of different industries.

Whenever we get to that Max capacity, we will increase that capacity.

Whenever we get to that Max capacity, we will increase that capacity zeolite as you know is used and in a lot of.

The light as you know is used and in a lot of.

Areas a lot of different industries.

Areas a lot of different industries.

Speaker 4: And we would definitely love to sell more into each of those areas and industries. So, we will continue to push hard to increase sales, to increase production, and.

And we would definitely love to sell more.

And we would definitely love to sell more into each of those areas and industries. So.

Into each of those areas and industries. So.

We'll continue to push hard to to increase sales to increase production and.

We'll continue to push hard to to increase sales to increase production and.

Speaker 4: As we need it, we will increase our capacity at BRZ.

As we need it we will increase our capacity at theaters.

As we need it we will increase our capacity at theaters.

Next question.

Next question.

Speaker 9: Are there any new equipment purchases or new technologies available that may help the company?

Are there any new equipment purchases or new technologies available that may help the company.

Are there any new equipment purchases or new technologies available that may help the company.

The answer is yes, and we're continuing to look at those technology, we've actually had a number of companies.

Speaker 3: The answer is yes, and we're continuing to look at those technologies. We've actually had a number of companies

The answer is yes, and we're continuing to look at those technology, we've actually had a number of companies.

Speaker 3: in particular come out to BRZ. We've talked about automation and other things. So the answer is yes. Obviously capital is required to buy new equipment or

In particular come out to be ours, the we've talked about Ottoman organization.

In particular come out to be ours, the we've talked about Ottoman organization.

And other things so the answer is yes, obviously capital.

And other things so the answer is yes, obviously capital.

As required to.

As required to.

Buying new equipment or new technology.

Speaker 3: Unquestionably, this company has run in the past on used equipment, bailing wire, and

Unquestionably. This company is run in the past on you know used equipment bailing wire and Bandaids and we're paying that price today, but that's the way the company was developed and because it didn't have any capital. So we're trying our best to preserve the capital we have making proofs.

Unquestionably. This company is run in the past on you know used equipment bailing wire and Bandaids and we're paying that price today, but that's the way the company was developed and because it didn't have any capital. So we're trying our best to preserve the capital we have making proofs.

Speaker 3: We're paying that price today, but that's the way the company was developed because it didn't have any capital. So we're trying our best to preserve the capital we have.

Speaker 3: make improvements as we deem we can afford to make those improvements to enhance production. So the things we've done in 2023 can have a meaningful effect on production especially at BRZ and we're gonna when we get our new general manager in there we hope that person can help us continue to evaluate that possibility. Next question.

<unk> says, we deem we can afford to make those improvements to enhance production. So the things. We've done in 2023 can have a meaningful effect on production, especially at VR and AR.

<unk> says, we deem we can afford to make those improvements to enhance production. So the things. We've done in 2023 can have a meaningful effect on production, especially at VR and AR.

We're gonna when do we get our new general manager there, we hope that person can help us continue to evaluate that possibility next question.

We're gonna when do we get our new general manager there, we hope that person can help us continue to evaluate that possibility next question.

Speaker 9: Next question, who are our primary competitors for antimony?

Next question, who are our primary competitors for antimony.

Next question, who are our primary competitors for antimony.

Speaker 3: I'm gonna say one thing real quick and I'll let Gus jump in. Remember, 92% of worldwide antimony is controlled by China. So that's our competitor. And then with that, I'll let Gus jump in.

I'm going to say one thing real quick and I'll, let Gus jump in remember 92% of worldwide antimony is controlled by China. So that's our competitor and then with that I'll, let <unk> jump in.

I'm going to say one thing real quick and I'll, let Gus jump in remember 92% of worldwide antimony is controlled by China. So that's our competitor and then with that I'll, let <unk> jump in.

Speaker 8: Well, Gary, that's exactly correct. The competitor is China. And China is not a market economy. So they're not, they don't think profit and loss the same way that, for example, the American capitalist

Well, Gary that's exactly correct.

Well, Gary that's exactly correct.

The competitor is China.

The competitor is China.

Uh huh.

Uh huh.

China is not a market economy.

China is not a market economy.

So they're not they don't think profit and loss the same way that.

So they're not they don't think profit and loss the same way that.

For example, the American capital of this Company Award.

For example, the American capital of this Company Award.

Speaker 8: So yeah, they're the biggest competitor, they control 90-92% of the world's antimony. They determine the price and we have to compete with it.

So yes, they are the biggest competitor.

So yes, they are the biggest competitor.

Controlling 90, 92% of the world's antimony.

Troll 90, 92% of the world's antimony.

They they determine the price and we have to compete with it.

They they determine the price and we have to compete with it.

Speaker 6: with our raw material base from North America. Oftentimes, we are able to compete with the Chinese very handily and make money when other companies probably could not. I will say, when I started in the antimony business in 1974, there were seven antimony oxide manufacturers in the United States. U.S. antimony is the only one left.

With our raw material base from North America, often times, we are you able to compete with your Chinese very handily and make money when other companies probably could not I will say when I started in antimony business in 1974.

With our raw material base from North America, often times, we are you able to compete with your Chinese very handily and make money when other companies probably could not I will say when I started in antimony business in 1974.

There were seven and a morning oxide manufacturers in the United States.

There were seven in the morning oxide manufacturers in the United States.

U S. Antimony is the only one left.

U S. Antimony is the only one left.

All the rest lost their business to Chinese.

All the rest lost their business to Chinese.

Speaker 9: So, next question. Yeah, Melissa, why don't you ask the question about the D, the last one, do you anticipate reshoring? Okay, do you anticipate with reshoring and potential D-links from China that the demand will increase? Yes.

So next question Melissa.

So next question.

I wanted to ask the question about the D and the last one do you anticipate reassuring.

Most of the ones you asked the question about the D and the last one do you anticipate reassuring.

Do you anticipate with reassuring and potential D link from China that the demand will increase.

Do you anticipate with reassuring and potential D link from China that the demand will increase.

Yes.

Yes.

I'm not saying it could you read that again Melissa.

I'm not saying it could you read that again Melissa.

Speaker 9: Sure. Do you anticipate with the reshoring and potential de-link from China that the demand will increase?

Sure do you anticipate with the re shoring and potential D link from China that the demand will increase.

Sure do you anticipate with the re shoring and potential D link from China that the demand will increase.

Speaker 8: The demand will stay the same. It grows very slowly. The world economy right now is slowing down so the market is actually shrinking. Whether we're linked with China or not, the market will be there.

The demand will stay the same it grows very slowly.

The demand will stay the same it grows very slowly.

The World economy, right now is slowing down so as the market exactly shrinking whether we're linked with China or not the market will be there.

World economy, right now is slowing down so as the market exactly shrinking whether we're linked with China or not the market will be there.

Speaker 7: I hope that answers the question. Yeah. Yeah. Next question.

I hope that answers the question Yeah, Yeah next question Melissa.

I hope that answers the question Yeah, Yeah next question Melissa.

Speaker 9: Has any thought been given into splitting the company into two distinct entities with Zeolite as its own listed entity and Antimony as its own listed entity in a way to unlock value? I'm assuming Zeolite on its own would be nicely profitable and command a better market cap. Antimony could be treated more like a speculative mining play.

Has any thought been given in just splitting the company into two distinct entities with your light as its own listed entity and antimony at its own listed.

Has any thought been given in just splitting the company into two distinct entities with zeolite as its own listed entity and antimony as its own listed.

Entity and a way to unlock value I'm, assuming you light on its own would be nicely profitable and command a better market cap antimony can be treated more like a speculative mining play.

Entity and a way to unlock value I'm, assuming you light on its own would be nicely profitable and command a better market cap antimony can be treated more like a speculative mining play.

Speaker 3: This would be a great question if we were five to 10 times larger, but the company in its current size and market cap, it is not prudent at all to split the company up in two entities. And we really don't know what we're gonna be doing on the antimony side, you know, going forward. We're still, as we've said, are analyzing that. So answer to that question.

This would be a great.

This would be a great.

Question, if we were five to 10 times larger, but the company and its current size and market cap. It is not prudent at all to split the company up in two entities and we really don't know what we're gonna be doing on the antimony side, you know going forward, we're still as we've said.

Question, if we were five to 10 times larger, but the company and its current size and market cap. It is not prudent at all to split the company up in two entities and we really don't know what we're gonna be doing on the antimony side, you know going forward, we're still as we've said.

Our analyzing that so answer to that question is no.

Our analyzing that so answer to that question is no.

Speaker 9: Next question, does BRZ operate 24-7 or what are the production hours today?

Next question does BRG operate 24, seven or what other production hours today.

Next question does BRZ operate 24, seven or what other production hours today.

They are they have to two shifts and the overlap right around four P M everyday Monday to Friday.

Speaker 4: They have two shifts and they overlap right around 4 p.m. every day, Monday to Friday.

They are they have to two shifts and the overlap right around four P M everyday Monday to Friday.

Okay.

Okay.

Speaker 11: Any more questions gentlemen? Yeah there's a couple more.

Any more questions gentlemen, yeah, there's a couple more there.

Any more questions gentlemen, yeah, there's a couple more there.

Speaker 9: Next question. How has inflation impacted U.S. antimony?

Next to that wasn't how go ahead, how has inflation impacted U S antimony.

Next to that wasn't how go ahead, how has inflation impacted U S antimony.

Yeah.

Okay.

Speaker 4: It has impacted like all other companies, I'm sure, whether it's supplies or fuel or propane. We've seen the prices go up, even pallets. Pallet price doubled over the past two years. What we have been doing over the past couple of months is

It's a it has impacted like all.

It's a it has impacted like all.

All other companies I'm sure, whether its supplies or fuel or propane.

All other companies I'm sure, whether its supplies or fuel or propane.

We've seen the prices go up even pallets Pell.

We've seen the prices go up even pallets Pell.

Pellet price doubled over the past two years.

Pellet price doubled over the past two years.

What we have been doing over the past couple of months is.

What we have been doing over the past couple of months is.

Speaker 4: Going back to our suppliers, seeing where there's opportunities, we've had good luck.

Oh going back to our suppliers thing where there's opportunities.

Oh going back to our suppliers thing where there's opportunities.

We've had good luck at.

We've had good luck at.

Speaker 4: getting product that's still, you know, supplies that are still usable, still quality, at a lower price. And we'll continue, you know, to work that side of it as well.

Getting <unk>.

Getting <unk>.

Product, that's still supplies that are still.

Product, that's still supplies that are still.

Usable still quality.

Usable still the quality.

At a lower price and we'll continue.

At a lower price and we'll continue.

To work that side of it as well it's.

To work that side of it as well it's.

Speaker 4: all areas of the P&L that, you know, in this environment that you have to work on, growing sales, controlling your costs, all kind of add up to the bottom line. And just to add on the technologies, we do get either calls or we reach out on new technology.

All areas of the P&L that are you.

All areas of the P&L that are you.

You know in this environment that you have to work on our growing sales controlling your cost of kind of add up to the bottom line and just to add on the technologies, we do get a either calls or we reach out on new technology.

You know in this environment that you have to work on our growing sales controlling your cost of kind of add up to the bottom line and just to add on the technologies we.

We do get a either calls or we reach out on new technology.

Speaker 4: It's always out there, trying to sift through to see what might work.

It's always.

It's always.

Out there trying to sift through to see what might work.

Out there trying to sift through to see what might work.

Speaker 4: We do always look to make sure that if we are going to do something that we have a good return on it.

We do always look to make sure that if we are going to do something that we we have a good return on it.

We do always look to make sure that if we are going to do something that we we have a good return on it.

Let me just make a couple of comments there.

Speaker 3: Let me just make a couple comments there. Everybody needs to remember, this is something Gus made a great point on.

Let me just make a couple of comments there.

Everybody needs to remember this is something Gus made a great point on.

Everybody needs to remember this is something Gus made a great point on.

Speaker 3: This time, or May of last year, antimony prices were $6.55 a pound.

This time or may of last year antimony prices were $6.55 a pound.

This time or may of last year antimony prices were $6.55 a pound.

Speaker 3: Now they're $4.52 a pound. So there's a $2.

Now there are $4 52, a pound so there was a $2.

Now there are $4 52, a pound so there was a $2.

Speaker 3: drop in price of our main commodity we've been selling.

Drop in price of our main commodity we've been selling.

Drop in price of our main commodity we've been selling.

Speaker 3: At the same time, inflation has gone up.

At the same time.

At the same time.

Inflation has gone up tremendously as you all know when you go to the grocery store the gas station or whatever so we've experienced inflation with respect to repairs and maintenance and equipment.

Inflation has gone up tremendously as you all know when you go to the grocery store the gas station or whatever so we've experienced inflation with respect to repairs and maintenance and equipment.

Speaker 3: Tremendously as you all know when you go to the grocery store or the gas station or whatever so we've experienced inflation with respect to repairs and maintenance and equipment

Speaker 3: and we've experienced deflation, if you will, on the price of the product. So, hence, that's why we are doing our best to button down the hatches, cut costs, and to improve efficiencies. Next question.

And we've experienced deflation if you will on the price of the product. So hence that's why we are doing our best to button down the hatches cut cost and to improve efficiencies next question.

And we've experienced deflation if you will on the price of the product. So hence that's why we are doing our best to button down the hatches cut cost and to improve efficiencies next question.

Next question.

Next question.

Speaker 9: Have there been any thoughts of sharing resources with other mining companies such as Tesco Mines or others?

Have there been any thoughts of sharing resources with other mining companies such as Tusky go mines or others.

Have there been any thoughts of sharing resources with other mining companies such as Tusky go mines or others.

Just to you is that something you could address.

Just to you is that something you could address.

Speaker 8: Well, I think what we have here is we said that we're looking for potential JV for the Los Juarez mining project.

Well I think.

Well I think.

I think what we have here is we're starting you know we have said that we're looking for potential Jay Z for the Los Juarez.

I think what we have here is we're starting you know we have said that we're looking for potential Jay Z for the Los Juarez.

Mining project.

Mining project.

Speaker 8: Other than that, I'm not sure there's anything else we could share or jayvee with. Yeah, I would agree with that.

Other than that I'm not sure there's anything else we could.

Other than that I'm not sure there's anything else we could.

Sure or JV with yes, I would agree with that.

Sure or JV with yes, I would agree with that.

Last question there.

Last question there.

Yes.

Yes.

Speaker 9: Last question. Will this Q&A be available as a recording? I can answer that question. Yes, it will.

Last question, where are with Q&A be available as a recording I can answer that question, yes, well.

Last question, where are with Q&A be available as a recording I can answer that question, yes, well.

Speaker 3: OK, it's been right at an hour, so we appreciate everybody participating. And we think this has been a good dialogue. And feel free to reach out to us either by email or phone if you have additional questions outside of this call. And everybody have a great weekend and wonderful Thanksgiving. Thank you for your time.

Okay. That's been run in an hour. So we appreciate everybody participating.

Okay. That's been run in an hour. So we appreciate everybody participating.

Uh huh.

Uh huh.

We think it's been a good dialogue and a.

We think it's been a good dialogue and a.

Feel free to reach out to us either by email or phone. If you have additional questions outside of this call and everybody have a great weekend and a wonderful Thanksgiving. Thank you for your time.

Feel free to reach out to us either by email or phone. If you have additional questions outside of this call and everybody have a great weekend and a wonderful Thanksgiving. Thank you for your time.

Speaker 2: Everyone, this concludes today's conference, and you may disconnect your lines at this time. Thank you for your participation.

Everyone. This concludes today's conference and you may disconnect your lines at this time.

Everyone. This concludes today's conference and you may disconnect your lines at this time.

Thank you for your participation.

Thank you for your participation.