Q4 2023 United States Antimony Corp Earnings Call
Greetings and welcome to the United States Antimony Corporation calendar year 2023 results webcast. At this time all participants are in a listen only mode.
<unk> and answer session will follow the formal presentation.
One should require operator assistance during the conference. Please press Star zero on your telephone keypad. Please note. This conference is being recorded I will now turn the conference over to your host Gary. She Evans you may begin.
Gary C. Evans: Hello, Thank you operator, and thank all of you for dialing in this.
Gary C. Evans: Afternoon, and we look forward to updating you on the activities that U S. Antimony I have with me today are Joe bars, which he was a board member and a co CEO with me.
As well as Rick Isaac Who's our senior VP and Chief Financial Officer. So let me three of US today participating in this call from the management and the board.
Gary C. Evans: Let me first start out by gelling.
Gary C. Evans: Telling everyone. You know 2023 was truly a year of transition.
Gary C. Evans: To give you and just a few high points here, we added two new board members to our corporate Board, Mike Mcmanus and Joe Carrabba.
Gary C. Evans: We also had four board members resigned.
Gary C. Evans: Russ large the former President heart betas.
Gary C. Evans: Hospira and Gus Gustafson so.
Gary C. Evans: Theres been a major shift and the board that occurred last year during different times.
We currently have today, a five member board two of which are now managed as well being Joe box routes and myself.
Gary C. Evans:
Gary C. Evans: Russ Laurence the President resigned in July and so it wasn't until that time that really the board took a much more active role in managing the company.
Gus Gustafson and he's been with the company a long time resigned as CEO.
Gary C. Evans: Now president of our Antimony Division.
Gary C. Evans: Joe box with his arent exist as I mentioned, an existing board member He's now co CEO, along with myself and of course, Rick as I mentioned joins as senior VP and CFO. We also added a controller a gentleman by the name of like Oh Street.
Gary C. Evans: It came on board last year, we have a new vice President and general manager at Bear River, which is our zeolite facility up in Preston Idaho. His name is Jeff zinc.
Gary C. Evans: And we also have a new plant superintendent at Bear River by the name of Nick O'neill, who just started about a week to 10 days ago. So.
Gary C. Evans: Lots of changes at the board at the managed but and we.
Gary C. Evans: We think all of these changes are going to be for the benefit of our shareholders.
Gary C. Evans:
Gary C. Evans: I would like to.
Gary C. Evans: To take a minute now and talk about our financial performance for 2023, it wasn't a pretty picture, but are the changes we've made will have dramatic effects going forward.
We released this on Friday.
Gary C. Evans: Last week, and so with that I'll turn it over to Rick Isaac who will give us a presentation Rick.
Richard R. Isaak: Thanks, Gary.
Richard R. Isaak: As Gary described and made some changes to our company that we believe and prove it let me first talk about three of these changes before I get into the financials.
Richard R. Isaak: On March 11, 2024, we shut down our Mexico operations, which was primarily on the Darrow and Puerto Blanco plants.
After the shutdown, we terminated the majority of the employees, which cost about $40000.
Richard R. Isaak: The remaining 14 employees in Mexico are helping to close the operations.
Richard R. Isaak: Securing the buildings closing the books and performing other administrative functions.
Richard R. Isaak: Once these clusters are complete we will have some additional terminations.
Richard R. Isaak: Some of the factors that led to our decision to close Mexico.
Richard R. Isaak: Our Mexico operations include the following.
Richard R. Isaak: Well, the Mexico operations did contribute to our antimony sales contribution was under 15% in 2023.
Richard R. Isaak: In addition.
Richard R. Isaak: We're finding new sources of antimony ore for Montana processing plant.
Richard R. Isaak: Finally, these operations in Mexico had been a drain on cash since inception of over $50 million.
Richard R. Isaak: Alright second item during 2023, we made additional investments of about 1 million three to approve our machinery equipment and plant.
Richard R. Isaak: At our bear River zeolite facility in Idaho.
Richard R. Isaak: This includes the new cone for a cone crusher.
Richard R. Isaak: Several salt sheds to store and Keith or try before processing, which is especially important during winter.
Richard R. Isaak: Several warehouses to store finished product for quicker customer shipments many building improvements like better lighting heating conveyors.
Richard R. Isaak: And improvements to our shop, where we perform repairs and maintenance on our vehicles.
Richard R. Isaak: Third as Gary mentioned, we added personnel to our staff our management team and our board of directors that we believe will help improve our company going forward.
Richard R. Isaak: Our personnel are most valued asset.
Richard R. Isaak: And we have changed the focus of our personnel and our company to thoroughly analyze initiatives and move forward with initiatives that create shareholder value.
Richard R. Isaak: These are just some of the changes we made to improve our company and more will follow in the future.
Speaker Change: Switching to the financials, let's let's first review our cash flow during 2023.
Speaker Change: Cash and cash equivalents and restricted cash decreased 7.2 million during 2023.
Speaker Change: $4.1 million of this decrease was due to cash drained from our Mexico operations.
Which relates primarily to operational losses of $5 9 million and inventory purchases of $1 8 million.
Speaker Change: Partially offset by $3 6 million of noncash charges, which related primarily to inventory write downs.
Speaker Change: That receivable reserves and depreciation and accretion expenses.
Speaker Change: These are the operations, we shut down on March 11 2024.
Speaker Change: Also $1.1 million of the $7 2 million cash decrease was due to payments we made our liabilities.
Had been accumulating for.
Speaker Change: From prior years.
Speaker Change: The majority of this $1 1 million relates to a dividend paid to our series D preferred stock holders. This preferred stock has been converted to common stock and this dividend has been eliminated going forward.
Speaker Change: Finally, $1 5 million of this 7.2 million cash decreased.
Speaker Change: Related to Capex spending the.
Speaker Change: The majority of this spending was made to improve our machinery equipment and plant at our Bear River zeolite facility in Idaho as I mentioned earlier.
Speaker Change: Overall, we eliminated much of the drain on cash from 'twenty to 'twenty three.
Speaker Change: Our cash position remains strong in the first quarter of 2024.
Speaker Change: That's next let's take a look at the income statement.
Speaker Change: Sales decreased 21% in 2023 compared to 2022.
Speaker Change: 44% of the sales decrease.
Speaker Change: It was due to the decrease in the sales price of our anemone sales in 'twenty, two 'twenty three versus 2022 which was primarily due to the decrease of the antimony market price.
Speaker Change: Obviously, we don't control the antimony market price, but we do try to manage our costs in relation to it.
Speaker Change: The other 56% of the sales decrease was due to volume decreases.
Speaker Change: Which was primarily due to the decrease in the tons of zeolite sold.
Speaker Change: Our bear River zeolite plant had significant downtime and toy twenty-three about 18 weeks, which caused lower sales in 2023.
Speaker Change: As I mentioned, we made investments in 2023, just strength of our mining and processing of zeolite and prevent downtime.
Speaker Change: And we will continue to do this going forward.
Speaker Change: Gross profit decreased as well in 2023 compared to 2022.
Speaker Change: Obviously, the sales decline impacted our gross profit adversely in 2023.
Speaker Change: Also our Mexico operations experienced higher processing costs in 2023.
Speaker Change: As they continue to process ore was a low percentage of contained antimony.
Speaker Change: This issue was eliminated with the shutdown of our Mexico operations.
Speaker Change: They also reserve for some VAT receivables in 2023.
Speaker Change: These higher processing costs and reserves decreased gross profit.
Speaker Change: In addition, our bear river zeolite plant incurred more inefficient maintenance and labor costs in 2023 with the increased production time, which lowered gross profit.
Our antimony plant in Montana had lower gross margin on sales of purchased antimony truck side, which also lower gross profit in 2023 versus 2022.
Speaker Change: That's it for now and the financials I'll pass it back to you Gary.
Gary C. Evans: Thank you Rick.
Gary C. Evans: One point I'd like to to make for our shareholders.
Gary C. Evans: Is that zeolite revenues up it'd be our Z in 2020 three were $2.462 million.
Gary C. Evans: That was 689000 lower than 2022.
Gary C. Evans: However, as Rick just mentioned, we had 18 weeks that's over four months of downtime.
Gary C. Evans: That was due to.
Gary C. Evans: Past practices of management, where.
Richard R. Isaak: B R. Z was basically put together with baling wire and band AIDS and and we have been fixing those problems had we not had those 18 weeks of downtime revenues that would be our Z would've exceeded.
Richard R. Isaak: 2022, which was a record at 3.151 million.
So we feel confident the 'twenty 'twenty four we will have this kind of 18 week downtime that we suffered last year as I mentioned, we have two new highly experienced people running b or C and they were making changes weekly.
Richard R. Isaak: We get weekly reports of all the changes we make and we look at the capital that's needed to make those changes our goal is to double or triple production. It be ours, and we think that is very achievable over the next 12 to 18 months.
Richard R. Isaak: We have the customers we have the demand we fortunately during that downtime did not lose any customers, we were able to maintain them and you've asked well how did you do that because the quality of the reserves at bear River are significant above our competition.
Richard R. Isaak: And those customers waited till we got our problem's fixed and we have been burning down that backlog of customer demand, where we're getting very much caught up as Rick mentioned, we made some decisions over the last year to also improve our warehouse.
Richard R. Isaak: Z and storage capabilities. So that we would have inventory and we're trying to even expand that further so that when and if we do have downtime we were able to continue to deliver a product.
Speaker Change: So let me kind of always look I'm, a guy that likes to look forward not backwards. So let's talk about.
Speaker Change: Our objectives from this day going forward I have five main objectives.
Speaker Change: Number one we.
Speaker Change: We wish to eliminate any cash burn and generate positive cash flow as Rick said, we've made that decision in March we actually the decision was made so everybody knows back in November and December It just took that.
Speaker Change: That long to go through the proper channels with the Mexican government. The labor unions, all the things we have to deal with to shut down its not like the United States. There's their laws in Mexico that very much protect the employee and so we had to go through a lot of of.
Speaker Change: Paper.
Speaker Change: Writing in negotiations with different departments to get to a position, where we could actually lay people off and as Rick said, there's another layoff coming as we get ourselves ready.
Speaker Change: What are we going to do with the Mexican assets I had been interviewing I think three firms now in Mexico. It would help us sell those assets, we're already receiving inquiries from international companies about the possible purchase of some or all of our Mexican assets ideally, we'd like to sell the corporate <unk>.
Speaker Change: These and we're hopeful that we will have some surprises there the latter part of the year, we want to take a very concerted effort and marketed properly to interested buyers. So.
Speaker Change: As I said eliminate cash burn and generate positive cash flow. We are there. We are we have accomplished that goal and I think going forward, you'll see much better results than what we were able to show in 2023.
Speaker Change: Number two protect that existing cash balance that we have.
Speaker Change: And as you'll see when we report our first quarter numbers were doing a good job of that and that obviously goes hand in hand, with eliminating cash burn so protect that pot of gold as much as possible.
Number three inch.
Speaker Change: Increased production volumes at both Thompson falls.
Speaker Change: And Oh and Bear River those are our two primary producing assets.
The antimony facility in Thompson falls, and the zeolite facility and Bear River.
Speaker Change: That's going to take some capital where we're close we're.
Speaker Change: Stirring, how and when we spend that capital prudently, we want to see if we spend 200000, we want to see increased production.
Speaker Change: We we don't just want to be spending capital.
You know without saying, resulting production increases.
Speaker Change: Unfortunately, because of the way these assets were managed in the past, it's taking more money. They went dissipated because they were not properly managed.
Speaker Change: We will be giving you more information about how we plan to spend capital there in future calls.
Speaker Change: So with that being said I want to.
Speaker Change: I'll turn the call over to Joe before I come back and complete my objective a session and let Joe speak even further about the changes that we've made at bear River and some of our plans for 2024, I'm, having 18 weeks or over four months of downtime you know is not acceptable to.
Speaker Change: Anybody and we again, we think we have resolved that and we have great New management that is highly experienced in this area. So Joe.
Unknown Executive: Okay. Thank you.
Unknown Executive: As Gary mentioned, everybody knows that the plant will sort of build out the scrapping.
Unknown Executive: The.
Unknown Executive: On reliability of it is evident in the financial reports et cetera.
Unknown Executive:
Unknown Executive: One of the major purchases, we made was to buy a new cone crusher.
Unknown Executive: Unfortunately that cone crusher will also.
Unknown Executive: It came with a lot of downtime.
Unknown Executive:
Unknown Executive: Part of that.
Unknown Executive: Oh.
Unknown Executive: Part of that was due to a problem of the base that it was plays dawn was.
Unknown Executive: What's not properly engineered was not properly constructed that.
Unknown Executive: The vibration from the cone.
Unknown Executive: So great that the operators took it upon themselves to never run that Colin it faster than half speed.
Unknown Executive: Not only are you good good enough.
Unknown Executive: Oh, the production through it but youre recycling.
Unknown Executive: In addition, the loads are there which means your butts lessons for the capacity.
Unknown Executive: We had a dust problem and in December we had a shutdown order from Amazon in January we brought in an independent team due to inspect and get dressed order lifted.
Unknown Executive: And make what other recommended that condition recommendations that they could.
Unknown Executive: Six out of the six dust collectors or inoperable at that time.
Unknown Executive: Presently all six are operating we're still short of.
Unknown Executive: All of the dust collection capacity too.
Unknown Executive: To this.
Unknown Executive: Satisfy our objective of making it a DUC free.
Unknown Executive: Operation.
We're working towards.
Unknown Executive: It.
Unknown Executive: Designing and who additions on that Ed.
Even though the dust collectors are all working the duct work then.
Unknown Executive: Another associated with the.
Unknown Executive: Draw.
Unknown Executive: I stared into the dust collectors.
Unknown Executive: I'll have to be rebuilt and we're in the process of doing that.
Unknown Executive: But the old days.
Unknown Executive: We got professional engineers to design, a new base, that's going to be put in.
Unknown Executive: Before the end of the month.
Unknown Executive: During that downtime with backbone, we arrange to bring in.
Unknown Executive: Portable and factor that is.
Unknown Executive: <unk> taken the material from six inch down.
Unknown Executive: Down to the one inch minus that we can feed into the rest of the plant their body.
Unknown Executive: Suffering from the downside of the cold.
Unknown Executive: The jaw crusher.
Unknown Executive: Hum.
Unknown Executive: Operational but the place on there were warrants so bad that you ended up with.
Unknown Executive: Concave place though.
Unknown Executive: She just wasn't doing the job it should've been.
Unknown Executive: Those have been replaced and their operational now.
Unknown Executive: Yeah.
Unknown Executive:
Unknown Executive: One of them. The next thing and the objective is to optimize the screening.
Unknown Executive: To reduce the dust and increase production.
Unknown Executive: These screens are.
Unknown Executive: Our old what we're used to them they were purchased they've been welded you've lost the.
Unknown Executive: Uh huh.
Unknown Executive: The metallurgical properties that you should have been screened so that that's going to be another attempted to do on that.
Unknown Executive: We also intend on that can now using some of the packaging plant to reduce costs and increase production at that point.
Unknown Executive: But the mine we have the best deposit in the country and in my opinion.
Unknown Executive: We plan on doing a drill program to provide a resource and reserve.
Unknown Executive: Figures.
So really probably by the third quarter.
In conjunction with that we will.
Unknown Executive: I have a mine plan our mine reclamation plan.
Unknown Executive: Sure.
Unknown Executive: The increased efficiencies and lower reclamation costs.
Speaker Change: That's it for me Gary.
Gary C. Evans: Thank you Joe.
Speaker Change: And as Joe said, we know from our own review of other Zip.
Speaker Change: Zeolite properties around the country and.
In deposits that.
Speaker Change: Is it over the last six months that we own the highest quality zeolite resource in North America I mean, there's just no doubt in our customers tell us that all the time as well.
Speaker Change: So my fourth item, which Joe storm, So my Thunder, a little bit as to our first mine Reserve report. This company has never had any kind of reserve reports on its resources.
Speaker Change: In oil and gas Guy for.
Speaker Change: Close to 40 years, I mean, I can't imagine how you run a company without knowing what your resources are so there will be some drill tests done with the idea of having a reserve report.
Speaker Change: By year end 2024, it will be just the beginning because I think that report will be able to be expanded upon as years go by.
Speaker Change:
Speaker Change: So my fifth item is to grow this business externally.
Acquisitions and leasing of new properties.
Speaker Change: I personally spend.
Speaker Change: The greatest majority of my time on this endeavor.
Speaker Change: We hope to have some very interesting and notable transactions to tell everybody about sometime this year.
Speaker Change: We are actively evaluating and leasing properties and two new areas.
Speaker Change: And for obvious confidentiality reasons, we're not at Liberty to discuss these areas yet.
Speaker Change: But they do include both antimony and zeolite reserves.
Speaker Change: And regions the company has never been before.
Speaker Change: But nothing is international.
Speaker Change: Everything is domestic.
Speaker Change: My six item I guess I had six instead of a.
Speaker Change: Is it continuing to lobby Washington D C.
Speaker Change: These are senators congressmen governors in various governmental agencies I've spent three days.
Speaker Change: In Washington, just a several months ago.
Speaker Change: Working with lobbyists to get ourselves introduced.
Speaker Change: I was absolutely astounded that nobody that I met with and I was probably 20 different people.
Speaker Change: Had any idea, who we were and what we do.
Speaker Change: This was shocking to me as being the only antimony a processing facility in North America.
Speaker Change: The Congressman there from Montana Honorable Ryan Zink. He lives just up the road.
From Thompson falls was blown away that we had the only U S antimony processing facility.
Ryan Zink: And it was located right by him he's planning to visit our site. This summer.
Ryan Zink: So as most of you know antimony is on the U S critical minerals lists.
Ryan Zink: And we have submitted this year are two formal applications for grants with governmental agencies.
Ryan Zink: The first one was denied.
Ryan Zink: And the other is still pending.
Ryan Zink: Both of these were in conjunction and partnering with other mining companies.
We hope to be able to report our expanded efforts in this area later this year.
Ryan Zink: These.
Ryan Zink: These new efforts will likely we'd just be seeking grants just for our own account rather than a partnering with other companies.
Ryan Zink: Yeah.
Speaker Change: So to summarize before we go into Q&A.
Speaker Change: U S antimony is truly a new company.
Speaker Change: From the board member Shakeup, and new additions as well as the management team changes we are focused on growing this business and enterprise.
Speaker Change: In zeolite and antimony production.
Speaker Change: We're very active in the M&A arena as well as the new mineral property front.
Speaker Change: We presently have five separate transactions underway in four different states.
We're also working the government grant side is.
As well as the low interest rate lending opportunities that are available for our business that exist in Washington.
We've stopped the cash bleed that has always existed from our southern border.
Speaker Change: These assets as I said earlier will be marketed this year in a professional and orderly fashion with the objective of receiving as much money as possible for these assets.
Speaker Change: We will be generating cash going forward rather than burning it.
Speaker Change: Major change for this company.
Speaker Change: We're involved in two types of mineral assets and deposits that are in high demand being antimony in zeolite from not only our customers, but also the U S government.
Speaker Change: We plan to be a much bigger part of that future supply going forward.
So with that operator, I'd like to open up the.
Speaker Change: The session for our listeners to ads ask questions to management.
Speaker Change: Absolutely. Thank you for the question and answer session is now open.
Speaker Change: Our first question is.
Speaker Change: With what management has learned with your recent lobbying efforts in Washington D. C concerning government grants and loans on strategic metals and materials has the company changed any of his thinking or game plan with respect to this area.
Speaker Change: A good question and answers yes.
Speaker Change:
Speaker Change: Through those discussions I had for three days in Washington, I learned.
Speaker Change: Really what where the hot buttons.
Speaker Change: For receiving those grants and we have tailored our activities to be able to meet those hot buttons. So the answer is yes.
Speaker Change: Yeah.
Thank you. The next question is when do you expect b or Z to be fully operational with these improvements. Thanks.
Speaker Change: B R. A Z is fully operational today.
Speaker Change:
I believe based on reports I see we're producing more zeolite and we maybe have ever before.
Speaker Change:
Speaker Change: Our our new managers up there who both have moved to the area. So they're not amps absentee.
Speaker Change: Management they are on site every day.
Speaker Change: Keep us informed and recognize that where we're riding herd on them that we expect to see significant.
Significant changes we are seeing those changes it's been a long time coming.
Speaker Change: Our downtime recently has been basically zero and then when we do have downtime, we typically make it back up very quickly.
So.
Speaker Change: We are running like a fine tuned machine up there, but as we've said earlier there are additional.
Speaker Change: Capital expenditures that need to be made.
Speaker Change: And we're taking those.
Speaker Change: A bit at a time, we're actually having an engineering firm do some more work for us to give us. Some other ideas we might have to put a new line in but we know that the opportunity for greater sales there exist and it only Ah is not happening because we haven't got those production volumes to the <unk>.
Speaker Change: Evel that will allow a doubling or tripling of production.
Speaker Change: Thank you. The next question is with respect to zeolite. It seems that buyers of the raw product create the various uses of zeolite we.
Speaker Change: We seem to have no product development or marketing the middleman makes the great margin not U E M y.
Speaker Change: Has the company identified this as an issue and if so are there any plans to rectify.
Speaker Change: Good another good question and the answer is yes, we do recognize that sometimes the middleman.
Speaker Change: [laughter] ended up making a better margin than we do.
Speaker Change: In conjunction.
Speaker Change: With some of our other M&A efforts, which we hope to be able to announce and not too distant future, we will be making some significant changes there.
Speaker Change: That include the hiring of highly seasoned salespeople.
Speaker Change: We've never had a salesperson other than when the phone rings answering that and taking on an order we've never gone out and marketed and by reviewing other zeolite companies that we've done over the past year, we've learned a lot about who our competition is and what they're receiving for the sell the product.
Speaker Change: So unquestionably there is an opportunity to garner and capture some of that middleman spread and we have some thoughts and plans there as well.
Speaker Change: Okay. The next question is previously samples had been sent to D. O D unapproved what happened there.
Speaker Change: Joe you're probably better.
Unknown Executive: Suited to answer that than me.
Unknown Executive: So we ended up with being the only.
Unknown Executive: North American supplier of.
Unknown Executive: Antimony trisulfide to the U S Department of defense.
Unknown Executive: Unfortunately, our fourth was in Mexico and where.
Unknown Executive: We're actively.
Unknown Executive: Thinking of other sources, so that we could resume those shipments.
Unknown Executive: We do have the technology, probably the best in the country.
Unknown Executive: Or at least in my opinion, it's the best in the country.
Unknown Executive: Produce antimony products and.
Unknown Executive: The question is we needed a reliable source of material.
Unknown Executive: Sure.
Unknown Executive: Mark of fulfill the market.
Speaker Change: Thank you.
Speaker Change: I don't really hold and if there are additional questions. If you can submit those will give you a minute or two.
Speaker Change: Okay. We have one question in the meantime, while people submit their questions.
The question is are you still in conversation with.
Speaker Change: Perpetua.
Speaker Change:
Speaker Change: So the perpetual is a unique animal almost speak to it a little bit and I'll, let Joe jump in as well.
Speaker Change:
Speaker Change: As you know and as we've all witnessed perpetual has been very fortunate to receive grants they just actually been announced a large.
Loan I don't think it's been approved but it's something that they're working on a very large loan from one of the departments and the departments.
Speaker Change: Our apartment defense.
Speaker Change: And our belief perpetua is still.
A number of years away from having something they can sell.
Speaker Change: And that's what's given us kind of like it.
Speaker Change: Kit too.
Speaker Change: Find new resources of antimony.
Speaker Change: In order that we can fill.
Speaker Change: Fill that void and and we believe can be a cheaper supplies. So.
Perpetuals done a phenomenal job on the grant side and but as as we know when we.
Speaker Change: Read through everything there are many years away from actually selling product.
Speaker Change: They have.
Speaker Change: Wanted to do some things with us, but we have kept our euro.
Speaker Change: Europe or gloves close to our vest and I think there will be some opportunities with perpetual, but I think they're down the road Joe do you have anything to add.
Unknown Executive: Looking at the I S statements from perpetual even after they get their permit they have a full 24 month build out before they become operational.
Unknown Executive: And then the operation is going to be the antimony that a byproduct of the gold production. So.
Unknown Executive: This will be on.
Unknown Executive: The basketball area, so it'll be a buildup.
Unknown Executive: Before the.
Unknown Executive: Maximum.
Unknown Executive: Antimony production from that from that source.
Unknown Executive: One of the things we're trying to do.
Unknown Executive: As we look for.
Unknown Executive: For.
Unknown Executive: Other sources as well.
Unknown Executive: Looking at patented property in.
Unknown Executive: Here in Arizona.
Unknown Executive: Other states, there's a lot of state owned land.
Unknown Executive: If we can bypass that federal.
Unknown Executive: Permitting that is.
Requires just holding up perpetual now.
Unknown Executive: They really get a jumpstart on things.
Unknown Executive: Yeah.
Unknown Executive: If you have to go through the federal permitting it can take a long time as as witnessed by.
Unknown Executive: Who is losing copper here in Arizona and having by Perpetua. Another example.
Unknown Executive: As Joe mentioned, our leasing activities.
Unknown Executive: Our catered around state lands not federal.
Speaker Change: Okay. The next question is has the company identified a domestic new source of antimony.
Speaker Change: Yes, we thought we were done.
We haven't seen it.
Speaker Change: We're trying to leave it right now so yes, we have.
Speaker Change: Okay. The next question is.
Speaker Change: Any update on Ambry.
Unknown Executive: Joe you want to.
Uh huh.
Unknown Executive: We remain in a situation, where we're John Gustavson is.
Unknown Executive: It's sort of a fair haired boy when it comes to our supply and high quality antimony too.
Unknown Executive: <unk>.
Unknown Attendee: Anne Marie.
Speaker Change: My opinion is.
Behind on their schedule.
Speaker Change: Hum.
Speaker Change: Speculating when I say that.
Hi, I had expected.
Speaker Change: Faster build out from the from the lab and the prototype to actual production. So I'm speaking as an individual rather than have the memory represented when I say that.
Yeah, and we continue to sell products to Enbridge is not a tremendous amount.
Speaker Change: Yeah.
Speaker Change: Okay.
Speaker Change: Gordon things Ambry has the quality of the of the of the antimony lack of impurities, etc.
Speaker Change: Uh huh.
Speaker Change: Again, our operation.
Speaker Change: And Thompson falls and in particular, John go through.
Speaker Change: We do make the cleanest antimony anywhere.
Speaker Change: Okay. The next question is in July 2023, you talked about attracting institutional investors what progress can we report.
Speaker Change: Okay.
Speaker Change:
Speaker Change: I have probably spoken with SAB.
Speaker Change: Seven or eight investment banking firms. These are firms that I have dealt with in the oil and gas arena.
Speaker Change: And.
The biggest problem we have is size.
Speaker Change: And stock price.
Speaker Change: So you know were deemed a microcap company, even though we're listed on the New York Stock Exchange.
And.
Speaker Change: We are just not attractive enough to.
Speaker Change: Two the big mining banks like bank of Montreal Canaccord.
Speaker Change: <unk> and others.
Speaker Change:
Those banks also don't deal and antimony zeolite because.
Speaker Change: They are their customers or their clients.
Our Dalian and gold silver copper etcetera.
Speaker Change: So we've had to lower our.
Speaker Change: View and looking for more middle market firms and we are actively having those discussions.
Speaker Change: We.
Speaker Change: Have we wanted to achieve some of the things that I've announced that are <unk>.
Speaker Change: In our.
Plan for 2024, before we make a concerted effort I mean, I need we need more meat on the bone.
Speaker Change: And that's what we're trying to do.
Speaker Change: So I also have a.
A gentleman that worked with me for over 15 years marketing my prior companies that is on standby to start once we have.
Speaker Change: One or two of these announcements I've mentioned.
Speaker Change: Where we could actually say they're done.
Speaker Change: Answer questions, Yes, we've got to get more exposure, but we need more meat on the bone in order to entice the investment banking community and the equity research community.
Speaker Change: To be interested in us.
Speaker Change: Okay. The next question is what excites you most for the future.
Speaker Change: Yeah.
Speaker Change: Well.
Speaker Change: I've only been on this board a little over a year and a couple of months.
Speaker Change: And.
Speaker Change: When I first came on board it was a pretty dark tunnel.
Speaker Change: Today, I see a bright light at the end of that tunnel.
Speaker Change: And I think.
Speaker Change: The combination of the board changes the management changes.
Speaker Change: All of the things, we're doing operationally, whether it be improving b R Z or getting rid of Mexico and now doing something.
Speaker Change: That really adds value being M&A being leasing new properties new areas.
Speaker Change: We have we have some extremely talented people almost board.
Speaker Change: And I'm, excluding myself out of that and.
Speaker Change: I believe that.
Speaker Change: The route we're on is a route that our shareholders are going to be very very happy with.
Speaker Change: And.
Speaker Change: We have you know I would personally be buying stock if I were allowed to I cant because.
Speaker Change: Of insider information, where we've all were all restricted because of all of our activities. So.
Speaker Change: I think that.
We've made.
Lots of changes in a very short period of time.
And there are many more changes coming I wish I could talk about them, but we can't yet and so just understand that.
Speaker Change: All of US involved have one common goal.
Speaker Change: Theres no bickering, there's no arguing there's no.
The sentiment like there was in the past we're all working on the same team and we're trying to build a company.
Speaker Change: That all of our shareholders can be very proud of and obviously.
Speaker Change: That means that we've got to get to start at a level that we all deem is appropriate and that's what we're trying to do.
Speaker Change: Okay. Good.
Speaker Change: Echo your thoughts.
Speaker Change: And even add to that.
Speaker Change: I think the excitement is the team you know that you and others have assembled I think everyone Oh.
Speaker Change: Open to new ideas, new thoughts and.
Speaker Change: Also still focused on.
Speaker Change: Doing the right thing.
Speaker Change: Having the right initiatives.
Speaker Change: Creating shareholder value.
Speaker Change: All of those those goals those does tentacles to the solution.
Speaker Change: Kind of get get get the excitement going and I think as <unk> said, we will continue.
Speaker Change: Two.
Speaker Change: Implemented changes.
Speaker Change: There's never one solution.
Speaker Change: We're open minded.
Speaker Change: And Oh go ahead.
Speaker Change: At at each each day, each week to try to make a difference.
Speaker Change: Yes, it does.
To summarize that one step further Rick.
Speaker Change: This company has too.
Speaker Change: Minerals that deals with bean antimony and zeolite that are truly.
Speaker Change: Unique and are truly in high demand.
So it's incumbent upon us to figure out how to meet that demand.
It'd be one thing if we were producing a product that nobody wanted there was cheap the prices of both these products continue to go up we actually implemented a 10% increase on zeolite back and in late 2023.
Speaker Change: And.
Speaker Change: We know from our review of other companies, how well positioned we are.
Speaker Change: And how we can expand that customer base and we have plans to accomplish that this year. So I think as we sit here on April 17th versus December 31, 2024, I think will look a whole lot different.
Gary I think that's it toward the questions.
Okay.
Speaker Change: So I would like to thank all of you for your time.
Speaker Change: Your unwavering support.
Speaker Change: It's our turn to make you happy shareholders. That's our goal. Thank you.
Speaker Change: Okay.
Speaker Change: Thank you. This concludes today's conference and you may disconnect your lines at this time.
Speaker Change: For your participation.
Speaker Change: Okay.