Q1 2024 United States Antimony Corp Earnings Call
Karen: Greetings. Welcome to the United States Antimony Corporation first quarter 2024 financial and operational results meeting webcast. At this time, all participants are in a listen-only mode. A question and answer session will follow the formal presentation. If anyone should require operator assistance during the webcast, please press star zero on your telephone keypad. Please note this webcast is being recorded. I will now turn the webcast over to your host, Gary C. Evans. You may begin.
Greetings and welcome to United States Antimony Corporation first quarter 2024 financial and operational results meeting webcast. At this time all participants are in a listen only mode. A question and answer session will follow the formal presentation if anyone should require.
Speaker Change: Operator assistance during the webcast. Please press star zero on your telephone keypad. Please note. This webcast is being recorded.
Speaker Change: I'll now turn the webcast over to your host Gary see Evans you may begin.
Gary C. Evans: Thank you, Karen, and thank you, everybody, for joining the US Antimony Corporation conference call regarding our first quarter financial results, ending March 31, 2024. I have with me today Joe Bardswich, who is our board member and co-CEO with me, as well as Rick Isaak, who is our chief financial officer. This was our turnaround quarter. We have successfully stopped the bleeding, we hope, and something I know our board and our management team is very proud to announce. Something I hope our dedicated group of shareholders will also appreciate.
Speaker Change: Thank you Karen and thank you everybody for joining the U S. Antimony Corporation conference call regarding our first quarter financial results ending March 31 24.
Speaker Change: I have with me today are Joe bars, with she was our board member and co CEO with me.
Speaker Change: As well as Rick Isaac who is our Chief financial Officer.
Speaker Change:
Speaker Change: This was our turnaround quarter we.
Speaker Change: We have successfully stop the bleeding we hope.
Speaker Change: And something I know, our board and our management team is very proud to announce.
Speaker Change: I hope our dedicated group of shareholders will also appreciate.
Gary C. Evans: I want to say that revenues were up, but cost of sales was up less, and therefore gross profit was up significantly, our crown jewel. Our cash position increased modestly and equates to a price per share of $0.11 per share, or basically one half of our stock price. So the market hasn't really given us much credit for our primary assets here in the US, nor the monies we anticipate receiving from Mexico with our divestiture there.
Speaker Change: Uh huh.
Speaker Change: I want to say that revenues were up.
Speaker Change: Cost of sales were up less and therefore gross profit was up significantly.
Speaker Change: Our crown jewel.
Speaker Change: Our cash position increased modestly and equates to a price per share.
Speaker Change: Of 11 cents per share or basically one half of our stock price.
Speaker Change: So the market is not really given us much credit.
Speaker Change: For our primary assets here in the U S nor the monies, we anticipate receiving from Mexico with our divestiture there.
Gary C. Evans: Unknown Attendee.. I want to not steal Rick Isaacs, Thunder, our CFO, and let him go through in more detail our financial report for the first quarter. Rick?
Speaker Change:
Speaker Change: I want to not steel.
Richard R. Isaak: Isaacs Thunder <unk>, our CFO and let him go through in more detail.
Our financial report for the first quarter Rick.
Richard R. Isaak: Thanks, Gary.
Gary C. Evans: At our last earnings call, we discussed how we shut down our operations in Mexico in the first quarter and tend to sell them. Now we have presented our Mexico operations as a discontinued operation in all reporting periods in our financials and first quarter 10-Q.
Richard R. Isaak: Our last earnings call, we discussed how we shut down our operations in Mexico in the first quarter and tend to sell them.
Now we have presented our Mexico operations as a discontinued operation in all reporting periods in our financials and first quarter 10-Q.
Richard R. Isaak: It's easier to see and discuss the results of our continuing operations. So to that end, let's first talk about some financial highlights from our continuing operations. Sales for the first quarter increased 28% over last year's first quarter, gross profit dollars in the first quarter more than doubled last year's first quarter, and we had income from continuing operations for the first quarter of this year of $86,000. Cash provided by the operating activities of our continuing operations in the first quarter was $350,000, and cash provided by our continuing operations in total was $327,000. Also, we sold more antimony and zeolite in the first quarter than in last year's first quarter. Where do we go from here?
Speaker Change: It's easier to see and discuss the results of our continuing operations.
Speaker Change: To that end, let's first talk about some financial highlights from our continuing operations.
Speaker Change: Sales for the first quarter increased 28% over last year's first quarter.
Speaker Change: Gross profit dollars in the first quarter more than doubled last year's first quarter.
Speaker Change: And we had income from continuing operations for the first quarter of this year of 86000.
Speaker Change: Cash provided by the operating activities of our continuing operations in the first quarter was $350000.
Speaker Change: And cash provided by our continuing operations in total was $327000.
Speaker Change: Also we sold more and ammonium zeolite in the first quarter.
Speaker Change: And then last year's first quarter.
Speaker Change: Where do we go from here.
Richard R. Isaak: At eye level, grow revenue profitably, and increase cash flow, as I've said in the past. This is a management team, board, and employees that have all contributed. Do not stop.
Speaker Change: And high level grow revenue profitably and increase cash flow as I've said in the past.
Speaker Change: This is a management team and board and employees at all contributed do not stop.
Richard R. Isaak: We all share ideas and challenge each other to improve ourselves and our company. What are we doing specifically? First, we're adding experienced personnel to an already strong group. A good example of this is at our zeolite plant in Idaho.
Speaker Change: We all share ideas and challenge each other to improve ourselves intercompany.
Speaker Change: What are we doing specifically first.
Speaker Change: We're adding experienced personnel to an already strong group. Good example of this is that our zeolite plant in Idaho.
Richard R. Isaak: We added experienced personnel to an already strong group at PRZ and are changing and strengthening our mining and processing of zeolite. It is costing some money, but it's paying off. The amount of zeolite sold in the first quarter increased over last year's first quarter, and we're meeting the delivery timing requested by our customers more now than in the past. Second, we have a board that is seasoned and experienced and very involved with our company.
Speaker Change: We added experienced personnel to an already strong group appear Z interchanging and strengthening our mining and processing of zeolite.
Speaker Change: It is causing some money, but it's paying off.
Speaker Change: A lot of zeolite sold in the first quarter increased over last year's first quarter.
Speaker Change: And we're meeting the delivery timing requested by our customers more now than in the past.
Speaker Change: Second we have a board that is seasoned and experienced and very involved with our company.
Richard R. Isaak: They have connections to potential mineral reserves that have not yet been claimed and mineral companies that are potentially for sale. They also have government connections and are trying to position our company to sell products to the U.S. government. We don't know if these initiatives will be realized, and unfortunately, we can't discuss the details yet.
Speaker Change: They have connections on potential mineral reserves that have not yet been claimed and mineral companies that are potentially for sale.
Speaker Change: They also have government connections and are trying to position our company to sell product to the U S government.
Richard R. Isaak: However, be assured that we are a team that continues to challenge the status quo and will not stop. Let's review our financials in a bit more detail. First, cash flow. Cash flow from the operating activities of our continuing operations improved by $1.4 million in the first quarter compared to last year's first quarter. This improvement was primarily due to improved working capital management, with better collections on receivables, better inventory management, and maintaining a low amount due on royalties.
Speaker Change: I don't know if these initiatives will be realized and unfortunately, we can't discuss the details yet however.
Speaker Change: As shared with our team that continues to challenge the status quo and does not stop.
Richard R. Isaak: Cash flow used by financing activities of our continuing operations improved by $800,000 in the first quarter compared to the same period last year. Primarily, that was due to a payment of a dividend of almost $800,000 in the first quarter of last year to our Series D preferred stockholders. Overall, as Gary mentioned, cash and cash equivalents increased in the first quarter of 2024, and our cash balance at March 31st of 2024 was $11.9 million. Next, let's take a look at the income statement.
Speaker Change: Let's review our financials in a bit more detail.
Speaker Change: First cash flow so cash flow from the operating activities of our continuing operations improved by $1.4 million in the first quarter compared to last year's first quarter.
Speaker Change: This improvement was primarily due to improved working capital management with better collections on receivables better inventory management and maintaining a low amount you on royalties.
Speaker Change: Cash flow used by financing activities of our continuing operations improved by 800000 in the first quarter compared to 2023.
Speaker Change: Primarily that was due to a payment.
Speaker Change: The dividend is almost $800000 in the first quarter of last year to our series D preferred stock holders.
Overall, as Jerry mentioned cash and cash equivalents increased in the first quarter of 2024.
Speaker Change: Our cash balance at March 31, 2024 was $11 9 million.
Speaker Change: Net next let's take a look at the income statement.
Richard R. Isaak: As I said earlier, sales from continuing operations increased 28%, mainly due to higher demand for antimony and zeolite. You can see this increase in product sales affecting our inventory levels a bit. Zeolite inventory is about 20% lower in the quarter, and antimony inventory is about 50% lower in the quarter. We have sourced the majority of our antimony ore over the years for our plant in Montana from a company headquartered in Canada, and we have a few new sources of antimony ore that we are currently evaluating.
Speaker Change: As I said earlier sales from continuing operations increased 28%, mainly on higher demand for antimony in zeolite.
Speaker Change: You can see this increase in product sales affecting our inventory levels are at zale.
Speaker Change: Zeolite inventories about 20% lower in the quarter.
Speaker Change: And antimony inventories about 50% lower in the quarter.
Speaker Change: We have sourced the majority of our antimony ore over the years for our plant in Montana.
Speaker Change: From a company headquartered in Canada, and we have a few new sources of antimony ore that were currently evaluating.
Richard R. Isaak: Also, we had some sales at the end of the first quarter, and receivables were noticeably higher on March 31st, 2024, but these receivables have since been collected. Gross profit, as I said, more than doubled in the first quarter versus last year. Our antimony gross profit was very strong in the first quarter, but it's tough to predict whether this will continue. However, I can say that one variable that helps our gross profit is the increasing antimony market price, which is currently around seven dollars and forty-four cents, which is a 40 percent increase since the end of twenty-two three. We have not seen this high of an antimony market price in over five years.
Speaker Change: Also we had some sales at the end of the first quarter and receivables are noticeably higher at March 31, 'twenty 'twenty four but these receivables have since been collected.
Speaker Change: Yeah.
Speaker Change: Gross profit as I said more than doubled in the first quarter versus last year.
Speaker Change: Our antimony gross profit was very strong in the first quarter, it's tough to predict that this will continue however, I can say that one variable that helps our gross profit is the increasing antimony market price, which is currently around $7.44, which is a 40% increase since the end of 2023.
Speaker Change: E.
Speaker Change: We have not seen.
Speaker Change: This high of an antimony market price of over five years.
Richard R. Isaak: Our zeolite business struggled at the beginning of 2024 with higher repairs and maintenance costs and other inefficient costs, but we finished the quarter strong. We have older machinery, equipment, and vehicles that were not maintained over the years, and this makes it difficult to predict future levels of these types of costs. However, we have been working on and are continuing to work to present issues with our assets in the near term that cause these types of costs and downtime, while at the same time working on a solid plan for the future. We'll keep both these streams progressing and share more details on future webcasts.
Speaker Change: Our <unk> business struggled at the beginning of 2024 with higher repairs and maintenance costs and other inefficient cost.
Speaker Change: But we finished the quarter strong.
With older machinery equipment vehicles that were not maintained over the years and this makes it difficult to predict future levels of these types of costs. However, we have been working and are continuing to work to prevent issues with our assets in the near term that cause these types of costs.
Speaker Change: Downtown.
Speaker Change: At the same time working on a solid plan for the future.
We'll keep both these streams.
Speaker Change: Progressing and share more details on future Webcasts.
Richard R. Isaak: Last year operating expenses increased about $577,000 for the first quarter compared to last year's first quarter. About $200,000 of this expense is higher than it should be going forward. This expense mainly relates to a portion of the stock compensation that was front loaded in the first quarter of 2024 and audit and legal fees that were incurred later in the year last year when we were filing our 10-K. That's it for now. Gary, I'll pass it back to you.
Speaker Change: Laughs operating expenses increased about 577000 for the first quarter compared to last year's first quarter.
Speaker Change: 200000 of this expense is higher than it should be going forward.
Speaker Change: This expense mainly relates to a portion of the stock compensation that was frontloaded in the first quarter of 2024.
Speaker Change: And audit and legal fees that were incurred later in the year last year, when we were filing our 10-K.
Speaker Change: That's it for now Gary I'll pass it back to you.
Gary C. Evans: Thank you, Rick. I'd like to now turn the call over to Joe Bardswich, who's going to talk about our Bear River Zeolite operation up in Preston, Idaho.
Richard R. Isaak: Thank you Rick.
Speaker Change: Like to now turn the call over to Joe bars, with Who's going to talk about our bear River zeolite operation up in Preston Idaho, Joe.
Joe Bardswich: Thanks, Gary, as always. A major factor, we were hit by an aggressive inspection program by MSHA, the Federal Mine Safety and Health Administration, during the fourth quarter and even the first quarter of this year. That included temporary shutdown orders related to dust and major repairs and reconstruction. Our all-hands-on-deck type response was enhanced by having the experienced Mechanical Engineer Jeff Fink as our new General Manager and the appointment of Joseph Carraba, a seasoned mining Senior Mining Company executive, as a director.
Joe: Thanks, Gary.
Joe Bardswich: Major factor, we were hit by an aggressive inspection program by I'm sure we'll touch on.
Joe Bardswich: Mine safety and health administration during the fourth quarter uneven.
Speaker Change: The first quarter of this year not included.
Speaker Change: You shut down orders related to the dust and major repairs and reconstruction.
Our all hands on deck type responses and asked by having the.
Jeff: Experienced mechanical engineer, Jeff because.
Speaker Change: As our new general manager and the appointment of.
Speaker Change: Joseph grab a season by any means.
Joe Bardswich: And we hired Nick O'Neill, who had worked with Jeff on previous projects as plant manager, and he brought additional hands-on experience. We also brought in outside safety experts for additional training of the workforce, conducting it in both English and Spanish.
Speaker Change: In your mind.
Company Executive as a director.
Speaker Change: Newly hired Nick O'neill, who would work with Jeff on previous projects as well.
Speaker Change: Manager.
Speaker Change: <unk> brought on additional hands on experience.
Speaker Change: We brought in those sides safety experts for additional training of the workforce.
Speaker Change: Dr them in both English and Spanish.
Joe Bardswich: Management explained the paramount importance of safety to the success of the company, and placed an emphasis on the responsibility of every employee to protect themselves and their fellow workmakers at all times, and they continue to work to instill this culture of safety. Jeff reports that there's been a tangible and positive change in attitude throughout the operation. This includes elimination of resistance to wearing PPE, personal protective equipment, and requests for proper tools to meet the job being done prior to the job starting.
Speaker Change: I mean, it's been explained the Paramount.
Speaker Change: The importance of safety to the success of the company.
Speaker Change: <unk> placed an emphasis on the responsibility of effort.
Speaker Change: <unk> to protect themselves and their fellow Workmates.
Speaker Change: All times.
Speaker Change: And they.
Speaker Change: They continue to work to instill a culture of safety.
Speaker Change: <unk> reports that there is a tangible and positive change in attitude throughout the operations.
Speaker Change: Includes elimination of resistance to wearing.
Speaker Change: PPE or personal protective equipment and.
Speaker Change: Requests for proper tools to meet the job being done prior to the job started.
Speaker Change: [laughter] physical modifications and upgrades in the plan includes the installation.
Joe Bardswich: Physical modification and upgrades in the plant include the installation of new liners on the jaw crusher and the complete reconstruction of the support base of the cone crusher. This new base allows the cone to operate at full speed as recommended by the manufacturer without the intense vibrations that had been experienced since the initial purchase and installation of this new cone.
Speaker Change: Of new liners on the jaw crusher and a complete reconstruction.
Speaker Change: Of the support base of the cone crusher.
Speaker Change: This new base allows the colon go operated at full speed as recommended by the manufacturer.
The intense vibrations that had been experienced since the initial purchase and installation of this new code.
Joe Bardswich: We expect this to curtail, or at the very least, to reduce the continual pattern of plant shutdowns that have been experienced in the last 15 months. The downstream impactors and final screening equipment are still used equipment purchased and installed in the original plant construction and remains as a bottleneck, with the upstream production problems corrected. Our attention can now be concentrated on the downstream. But in the meantime, we have never had a full day of loss reduction since the 6th of March, which in itself is a record.
Speaker Change: We expect this to curtail.
Speaker Change: Or at the very least to reduce the continual pattern of plant shutdowns that have been experienced in the last 15 months.
Speaker Change: The downstream impacts and final final screening equipment.
Speaker Change: Or are still used equipment purchased.
Speaker Change: <unk> installed in the original plant construction and remains of the bottleneck.
Speaker Change: With the upstream production problems corrected.
Speaker Change: Retention can now be concentrated on the downstream.
Speaker Change: But in the meantime.
Speaker Change: We have never had a full day of lost production since the sixth of March.
Speaker Change: Which in itself was a record.
Joe Bardswich: We can now match delivery dates with orders received. In other words, we tell a customer when we can ship at the same time that they place the order, and so far, we have not missed a single delivery date.
We can now match delivery dates with orders received none.
Speaker Change: The words, we tell a customer would when we can ship on the same time that they place the order and so far have not missed a single day.
Joe Bardswich: The pit operation has operated since day one without the definition of the ore body nor mine or reclamation plan. This is about to change. A drone survey has been commissioned, which was scheduled for today, weather permitting. The bar engineering we're doing on that survey will provide a contour map of the entire property, which will become the base for the mining and reclamation plan, and our definition drilling program, consisting of 80 drill poles, is scheduled to begin in mid-June.
Speaker Change: The pit operation has.
Speaker Change: Operator since day, one without the definition of the ore body, nor mine reclamation plan.
Speaker Change: <unk>.
Speaker Change: This is about to change.
Speaker Change: Drilling survey has been commissioned which was scheduled for today weather permitting.
Bert engineering: But Bert engineering, who are doing that survey will provide a contour map the entire property, which will become the base for the mining reclamation plan.
Bert engineering: Definition drilling program consisting of eight drill holes.
Joe Bardswich: This will enable a preliminary ore reserve calculation and the beginning of both a mining and a reclamation plan. The ore reserve calculation will meet the newly established FCC regulations for reporting reserves. As part of the drill program, a notice of operations will be filed by month end with the Bureau of Land Management to permit the expansion of the drill program onto federal lands administered by the Bureau. This will be followed up in the future with permits to actually mine on BLM land. We'll be way ahead of the curve on that rather than being held up for the last moment. But that's all the comments I had prepared, Gary.
To begin in mid June.
Speaker Change: Enable a preliminary or reserve calculation at the beginning of both the mining and a reclamation plan.
Speaker Change: The ore reserve calculation will meet the newly established FCC regulations were reporting reserves.
Speaker Change: As part of the drill program a notice of operations will be filed by month end.
Speaker Change: Bureau of land management to permit the expansion of the drill program onto federal lands administered by the Bureau.
This will be followed up in the future with permitting group.
Speaker Change: To actually mine on the BLM right.
Speaker Change: It will be way ahead of the curve on that rather than being held up at the last moment.
Speaker Change: But that's all the comments I had prepared Gary.
Gary C. Evans: Thank you Joe.
Gary C. Evans: And.
Gary C. Evans: Thank you, Joe. I want to emphasize that in the first quarter of 2024, we were down at least 30 days at Bear River. And since the end of the quarter, we haven't been down; I don't think a single day. So I know the month of April was a banner month for us, and we will be anxious to report the second quarter numbers when they're done. Let's jump to Antimony now; that is the name of our company, and has been a big factor in our company's past.
Speaker Change: I want to emphasize that this first quarter of 2024.
Speaker Change: We were down at least 30 days.
Speaker Change: At Bear River and since the end of the quarter, we havent been down I don't think a single day. So I know the month of April was a banner month for us and we will be anxious to report the second quarter numbers, one they're all done.
Speaker Change: Let's jump to Amtrust antimony now that is the name of our company and.
Gary C. Evans: President Biden, just in the last couple days, he's raised tariffs on Chinese steel and AI technology. He painted that these cheap goods are flooding our market, and they're all subsidized by the Chinese government. He actually says that an attempt, this is his quote, to put everybody else out of business, and they take over. Well, guess what?
Speaker Change: It has been a big factor in the company's past President Biden.
Speaker Change: Just in the over the last couple of days, he's raised tariffs on Chinese steel and <unk>.
Speaker Change: Hi Tech knowledge.
Speaker Change: He's painted that these cheap goods are flooding our market and they're all subsidized by the Chinese government actually says that.
Speaker Change: And attempt.
President Biden: This is his quote to put everybody else out of business and they take over well guess, what that's what they've been doing on the krill.
Gary C. Evans: That's what they've been doing on the Critical Mineral Antimony side for a number of years. And that is one reason why antimony is all of a sudden becoming a hot ticket item, as, as Rick mentioned, it has been up over 40% in price since the beginning of the year at over $7, almost $7.50 per pound. So why exactly has this price increased so much, so dramatically, and so fast? Because China and Russia, which control over 90% of the worldwide supply of antimony, have reduced the supply available.
Speaker Change: Critical mineral antimony side for a number of years.
Speaker Change: And that is one reason why antimony is all of a sudden become a hot ticket item.
Speaker Change: As.
Speaker Change: As Rick mentioned being up over 40% in price since the beginning of the year at over $7 almost $7.50 per pound.
Speaker Change: So why exactly has this price increase so much so dramatically and so fast.
Richard R. Isaak: Because China, and Russia, which control over 90% of the worldwide supply of antimony has reduced the supply available.
Gary C. Evans: You know, duh, they bought up the reserves all around the world, and now the United States needs U.S.-derived antimony for primers and bullets required by our military in order to harden lead and construct primers, that's the firing mechanism for shells. What are we as a company doing to meet this need? Because, as you well know, we shut down Mexico, and for good reason.
Speaker Change: The other day.
Speaker Change: Bought up the reserves all around the world and.
Speaker Change #100: Now the United States needs you have.
Speaker Change #100: Derived antibody for primers and bullets required by our military in order to Harden led construct primers that are firing mechanism for shelves.
Speaker Change #100: So what do we as a company doing to meet this need because as you well know we shut down in Mexico and for good reason.
Gary C. Evans: We could not see any light at the end of the tunnel with the cost of mining antimony in Mexico. So we have been working feverishly for about four months now trying to locate other antimony deposits in a safe country like the United States, and we have done so, and we're actively leasing those properties. We obviously can't talk about that in detail yet, but we're excited about it. It's something that, as Joe mentioned, one of our other board members is excited about as well because of his experience in this business.
Speaker Change #100: We could not see any light at the end of the tunnel with the cost of mining antimony in Mexico.
Speaker Change #100: So we had been working feverishly.
Speaker Change #101: For about four months now trying to locate other antimony deposits and a safe country like the United States and we have done so and we're actively leasing those properties.
Speaker Change #102: We obviously can't talk about that in detail yet, but we're excited about it.
Speaker Change #102: Something that.
Speaker Change #102: As Joe mentioned on one of our other board members as excited about as well because of his experience in this business. So.
Gary C. Evans: So that is something that we hope can be disclosed in the not too distant future. Also, I want to mention our Thompson Halls facility. We've been getting some significant inquiries. Gus, who runs that processing facility for us, just a couple days ago got inquiries from four different customers for truckloads of our antimony oxide. This, in our mind, indicates there is a severe shortage in the market and gives us the opportunity to sell our product to the highest bidder. We are getting inquiries from customers we hadn't heard from in a long time, and we are selling product in the $6.75 to $7 per pound amount. So we obviously only have a limited supply.
Speaker Change #102: That is something that we hopefully can disclose in the not too distant future.
Speaker Change #102: I also want to mention.
Speaker Change #102: Our Thompson falls facility.
Speaker Change #102: We've been getting some significant enquiries.
Speaker Change #102: Gus who runs that.
Speaker Change #102: Processing facility for us.
Speaker Change #102: Just a couple of days ago got enquiries from four major different customers for <unk>.
Speaker Change #102: Truckloads of our antimony oxide.
Gus: This in our mind indicates there is a severe shortage in the market.
Speaker Change #104: And gives us the opportunity to sell our product to the highest bidder.
Speaker Change #104: We are getting inquiries from customers, we had heard from in a long time, and we are selling product in the 675 to $7 per pound.
Speaker Change #105: Amount so.
Speaker Change #105: We obviously only have a limited supply and that's what we're working feverishly to try to change with.
Gary C. Evans: And that's what we're working feverishly to try to change with respect to these new leasing activities, among other things that we're doing. Unknown Attendee, John Gustavsen, Gary Evans, Joe Bardswich, Richard Isaak, US Antimony, As I mentioned in our last conference call that we held on April 17th, your management team and board are pursuing not only new mineral leasing activities for both antimony and zeolite but also acquisition. Due to the confidentiality and competitive reasons surrounding all these activities we have ongoing, we're not in a position yet to disclose them. Believe me, we want to. We're most anxious to disclose to you these various activities, but we simply can't do so yet. So my answer to all of you about this is: patience, grasshopper.
Speaker Change #106: With respect to these.
Speaker Change #106: New leasing activities among other things that we're doing.
Speaker Change #107: As I mentioned in our.
Speaker Change #107: Last.
Speaker Change #107: Conference call held on April 17.
Speaker Change #108: Your management team and board are pursuing not only new mineral leasing activities for both antimony in zeolite, but also acquisitions.
Due to the confidentiality and competitive reasons surrounding all these activities. We have ongoing we're not in a position yet to disclose them believe me, we want to where most anxious to disclose to you. These various activities, but we simply can't do so yet.
So my.
Speaker Change #109: Answer to all of you about this is patients grasshopper, we are working hard and I think youll be pleased when we are able to disclose these activities.
Gary C. Evans: We are working hard, and I think you'll be pleased when we are able to disclose these activities. Before we turn the call over to our listeners for questions, I also want to mention to you that we have planned an annual shareholder meeting scheduled sometime in July. As you know, we had an annual shareholder meeting last year right near the end of December. So as we're doing everything, trying to improve speed and operations, having the shareholder meeting earlier in the year is one of those goals.
Speaker Change #109: Before we turn the call over to.
Speaker Change #109: Our listeners for questions I also want to mention to you that we have planned and annual shareholder meeting scheduled.
Speaker Change #109: Scheduled sometime in July as you know we had an annual shareholder meeting for last year right near the end of December So as we're doing everything trying to improve speed and operations, having a shareholder meeting earlier in the year is one of those.
Speaker Change #109: Goals.
Speaker Change #109: When we are qualified to file a universal shelf registration statement.
Speaker Change #109: We definitely plan to do that.
Speaker Change #109:
Speaker Change #109: And that will be sometime likely in July as well.
Gary C. Evans: When we are qualified to file a Universal Shelf Registration Statement, we definitely plan to do that, and that will be sometime, likely in July as well. So, Karen, I would like to now turn over the call to our first question.
Speaker Change #109: So Karen I would like to now turn over the call to our first question.
Karen: Excellent, thank you. At this time, we will be conducting a question and answer session. If you'd like to ask a question, please click on the ask a question box on the left of your screen. Type in your question and hit send. We do ask that each participant please limit to one question when submitting. Please wait a moment as we poll for questions. And our first question is, are you going to get a DOD injection like PPTA did?
Speaker Change #110: Excellent. Thank you at this time, we will be conducting a question and answer session. If you'd like to ask a question. Please click on the ask a question box on the left of your screen typing your question and Hudson, We do ask that each participant please limit to one question when submitting one moment as we poll for questions.
Speaker Change #111: And our first question is are you going to get a D. O D injection like P. P T a bed.
Gary C. Evans: We obviously would love to get any kind of grant injection. As I mentioned in our last call, I have been actively involved in Washington. And we are having discussions with other parties in Washington about helping us. One of the things that is holding that up is this leasing activity that I mentioned to you. When that's completed, which should be funding a couple of wars, being the Israeli Hamas situation as well as the Ukrainian Russian situation, and we're using up our supply.
Speaker Change #112: We obviously would love to get any kind of grant.
Speaker Change #112: <unk> injection.
Speaker Change #112: As I mentioned in our last call.
Speaker Change #113: Actively been to Washington.
Speaker Change #113: And we are having discussions with.
Speaker Change #113: Other parties in Washington about helping us.
Speaker Change #113: One of the things that is holding that up is this leasing activity that I mentioned to you when that is completed which should be.
Speaker Change #113: In short order, we will have a little more meat on the bone to go back to Washington.
Speaker Change #114: And seek some of this money I think the fact that antimony prices have increased so much.
Speaker Change #115: That China is reducing the supply of antimony worldwide.
Speaker Change #116: Fact that were.
Speaker Change #116: Funding a couple of wars being the Israeli Hamas situation as well as the Ukrainian and Russian situation and we're using up our supply believe me we're getting attention.
Gary C. Evans: Believe me, we're getting attention. We do have the only antimony smelter in the United States, and that means a lot. And we are anxious to get back to Washington, but we want to wait till we have completed this leasing activity so that we have more to talk about because it does involve other areas of the country.
Speaker Change #116: We do have the only antimony smelter and in the United States.
Speaker Change #116: And that means a lot.
Speaker Change #116: And we.
Speaker Change #116: We are anxious to get back to Washington, but we want to wait till we have completed.
Speaker Change #116: This leasing activity so that we have more to talk about.
Speaker Change #117: It does involve other areas of the country.
Gary C. Evans: Thank you. And our next question is, has zeolite returned to profitability, and how so?
Thanks Glenn.
And our next question is has the all light return to profitability and how.
Karen: Rick, do you want to jump on that one?
Richard R. Isaak: Rick do you want to jump on that one.
Richard R. Isaak: So, as I went through earlier, you know, their zeolite has had some difficulties, as has been mentioned with older machinery equipment, older vehicles, and in the first quarter. We saw some of that with some downtime. Obviously, with downtime comes inefficient costs. So, as you saw in the press release and in the 10-Q, you know, they are in a lost position right now, I think with what Joe talked about and what Jeff is doing at DRZ. You know, there are definitely signs of improvement.
Richard R. Isaak: Yeah. So.
Richard R. Isaak: I.
Richard R. Isaak: Went through earlier.
Richard R. Isaak: Zeolite has had some difficulties as has been mentioned with.
Richard R. Isaak: Older machinery equipment older vehicles, and the first quarter.
Richard R. Isaak: Some of that with some downtime, obviously with downtime becomes inefficient costs. So.
Richard R. Isaak: As you saw on the.
Richard R. Isaak: Our press release and in the 10-Q.
Richard R. Isaak: They are in a loss position right now I think with the.
Richard R. Isaak: What Joe talked about and what Jeff is doing at <unk>.
Richard R. Isaak: You know there are and there are.
Speaker Change #118: Signs of improvement definitely.
Richard R. Isaak: What is the point at which the sales, you know, and the cost kind of link up? It is difficult to predict. I think we should continue to chip away at it. I think the machinery and equipment is something that we inherited, and as you can imagine, costs that are unforeseen come up, so. Long-winded answer, but I think the, you know, it's difficult to predict what, you know, at what point that will turn. But we know that we are working at it every day to try to get that to profitability.
Speaker Change #118: What is that.
Speaker Change #119: Point at which the sales and the cost.
Kind of link up is it.
Speaker Change #119: It is difficult to predict.
Speaker Change #119: Thank you.
Speaker Change #119: We continued to chip away at it.
Speaker Change #119: The.
Machinery and equipment is something.
Speaker Change #119: Something that we were.
Speaker Change #120: Inherited and as you can imagine.
Speaker Change #120: You know that are unforeseen come up so.
Long winded answer, but I think the.
Speaker Change #120: It's difficult to predict at what point that will that will turn.
Speaker Change #120: But we know that we're working at it every day to try to get that to profitability.
Gary C. Evans: And it's to follow up on what Rick just said. Remember, if you've lost a third of your ability to produce product in one quarter, that has a dramatic effect on anybody being able to generate positive cash flow. As we've said, we haven't had any downtime since the end of the first quarter, and I'm expecting that the second quarter numbers will look much better and, hopefully, profitable.
Richard R. Isaak: And as a follow up what Rick just said.
Remember.
Speaker Change #121: If you've lost a third of your ability to produce product in one quarter.
Speaker Change #121: That has a dramatic effect on anybody being able to generate positive cash flow.
Speaker Change #121: As we said we haven't had any downtime since the end of the first quarter.
Speaker Change #122: And I'm expecting that the second quarter numbers will look much better and hopefully profitable.
Karen: And our next question is, is there a plan to privatize UAMY institutions?
Speaker Change #123: And our next question is.
Speaker Change #124: Planned shop, your way and like institutions.
Gary C. Evans: I assume that means the stock. The answer to your question is absolutely.
Speaker Change #125: I assume that means the stock.
Speaker Change #126: Answer to your question is absolutely.
Speaker Change #126: I was actually at a.
Tiger 'twenty, one just kind of an investment club.
Gary C. Evans: I was actually at a Tiger 21, which is kind of an investment club meeting this morning here in Dallas from 8 till 2. I gave out 12 antimony business cards because people were asking, you know, what I was doing. And a lot of these people I've known for years. And I know at least two or three of them.
Speaker Change #126: Meeting this morning here in Dallas from eight till two.
Speaker Change #126: Gave out 12.
Speaker Change #126: Antimony business cards.
Speaker Change #126:
Gary C. Evans: And these are guys that represent, you know, 40 million to 2 billion in capital. And I know a couple of them definitely were buying stock this afternoon. So it's not a hard sell when you have, you know, half of your share price in cash, and you're seeing profitability and improved operations. And you're dealing with a mineral that's a critical mineral that the government wants. So, as I've mentioned in the past, one of the difficulties of marketing institutions is our share price and our market cap.
Speaker Change #126: People were asking what I was doing.
Lot of these people have known for years.
Speaker Change #126: I know at least two or three of those in there. These are guys that represent.
Speaker Change #126: No.
Speaker Change #126: 40 million to $2 billion in capital.
Speaker Change #126: And.
Speaker Change #126: A couple of them definitely we're buying stock this afternoon. So.
Speaker Change #126:
Speaker Change #126: It's not a hard sell when you have a happier share price and cash and you're seeing it profitability and improved operations and youre in youre dealing with a mineral that's a critical minerals that the government wants so.
Speaker Change #126: As I've mentioned in the past one of the difficulties of marketing institutions is our share price and as our market cap. It's hard for an institution to get excited about a $24 million market cap company.
Speaker Change #126: So.
Gary C. Evans: It's hard for an institution to get excited about a $24 million market cap company. So, when we continue to perform with respect to the financial results and the operating changes that we're making and are able to announce some of the things I've mentioned, I think undoubtedly we'll be able to market to institutions. We're not quite there yet, but that will happen this year.
Speaker Change #126: <unk>.
Speaker Change #126: We continue to perform with respect to the financial results and operating changes that were making.
Speaker Change #126: And able to announce some of the things I've mentioned I think undoubtedly will be able to market institutions were not quite there yet and.
Speaker Change #127: But that will happen this year.
Karen: Next question. Excellent. Thank you. And the next question is, do the BLM lands command a royalty?
Speaker Change #128: Next question excellent. Thank you and the next question is do the BLM lands command a royalty.
Joe Bardswich: Joe, I'll let you respond to that.
Joe: Joe I'll, let you respond to that.
Joe Bardswich: There is no royalty from the BLM. However, in the original agreement with the Websters, where Webster Ranch is where the rest of the VLite deposit is located and where the plant is located, the original agreement there was that the royalty to Webster applies even on material coming from the BLM onto their property for the plant to process. So the answer is yes, Webster's gets a royalty. No, BLM does not get a royalty.
Speaker Change #129: There is no royalty from the BLM.
Karen: Excellent. Thank you.
Speaker Change #130: However on the original agreement with Webster's Ware.
Speaker Change #130: Webster ranches, where the rest of it.
Speaker Change #130: Of the realized deposit is located and where the plant is located.
<unk> agreement there was that the royalty to webster's applies even on material.
Speaker Change #130: Coming from the BLM.
Speaker Change #130: So there.
Speaker Change #130: Property for the plant.
Speaker Change #130: Took for processing.
Speaker Change #131: Answer is yes.
Speaker Change #131: Webster has got a royalty no BLM does not get a royalty.
Gary C. Evans: Next question. Have you yet performed cost-benefit analysis on potentially moving some of the Mexican assets, furnaces, etc., to Montana? Has there been any interest in these properties from third parties? Any potential valuations?
Speaker Change #132: Thanks next question next question.
Speaker Change #132: To perform cost benefit analysis on potentially moving some of the Mexican assets furnaces et cetera to Montana.
Speaker Change #132: <unk> been any interest any properties from third party any potential.
Valuations.
Gary C. Evans: Okay, I'll take a stab at that, and then I'll turn it over to Rick.
Speaker Change #133: Okay, I'll take a stab at that and then I'll turn it over to Rick.
Gary C. Evans: Yes, we have had our management teams both in Thompson Falls and in Preston, Idaho, look at the rolling stock to see if they could use any of it. There might be one piece of equipment that is still being debated. But the answer is, unfortunately, most of that equipment is not useful in our other operations. The second part of that question has to do with marketing the assets. I think we have been interviewing now a couple, two, or three different firms to sell the properties.
Richard R. Isaak: Yes, we have.
Speaker Change #134: Had our management teams, both and Thompson falls and in Preston, Idaho look at the rolling stock to see if they could use any of it there might be one piece of equipment is still being debated but.
Speaker Change #134: But the answer is unfortunately, most of that equipment is not useful in our other operations.
Speaker Change #134:
Speaker Change #134: Second part of that question has to do with.
Speaker Change #134: Marketing the assets I think.
Speaker Change #134: We have been interviewing now a couple of two or three different firms to sell the properties.
Speaker Change #134: One thing that sort of surprised us.
Gary C. Evans: One thing that sort of surprised us was that the value of the land in itself was pretty high, and we weren't aware of that. And so we're not in a position yet to talk about price ranges; they were higher than we expected from the brokers that we talked to. So we're in the stages, final stages of finishing up an agreement with a broker to begin marketing those assets. And Rick, do you want anything to add to that? Just a couple quick things.
Speaker Change #134: Is that the value of the land in itself was pretty high and we werent aware of that and so we're not in a position yet to talk about price ranges.
Ricky: But they were higher from than we had expected from the brokers that we talked to so we're in the stages final stages of finishing up an agreement with a broker to begin marketing those assets and Ricky what do you think that any of that.
Richard R. Isaak: Just a couple quick things. Yes, there has been interest in the properties, but nothing firmed up yet, and potential valuations. We did, like any company would look to make sure that the fair value of the assets was higher than the book value. And, as you notice, at the end of the year, we did not have any write-down or impairment. So that can give you a little bit of an indication of valuation.
Ricky: Just a couple quick things, yes, there has been interest in the properties nothing.
Ricky: Firm depth yet.
Ricky: And potential.
Speaker Change #136: Valuations, we did like any company would look to make sure that the fair value of the assets were higher than the book value and as you notice at the end of the year did not have any write down or impairment. So that can give you a little bit of an indication.
Ricky: Valuation.
Ricky: Okay.
Karen: And the next question is, aside from antimony and zeolite, is there any other material that you may start looking at as a possible valuable resource needed currently and in the future? Unknown Attendee, John Gustavsen, Gary Evans, Joe Bardswich, Richard Isaak, US Antimony
Speaker Change #137: Excellent excellent next and the next question is aside from antimony zeolite is there any other material that you may start looking at as a possible valuable resource needed currently and in the future.
Gary C. Evans: Yes. And just so you know, some of the material that we receive at Thompson Falls has gold and other things in it that we, you know, pull out. It's very minor, but the answer is yes.
Speaker Change #137: Yes.
Speaker Change #137: And just so you know some of the material that we receive at Thompson falls.
Speaker Change #137: We have gold and other things and that that we pull out some very minor but.
Speaker Change #137: Answer is yes.
Gary C. Evans: One of the properties that Joe Bardswich is working hard on definitely has some other hard mineral opportunities, but I don't know if we really want to talk about them yet. We know what they are, and it is another critical mineral on the list of, I think, 25. So the answer is yes. Typically, when you're looking at new mining sites, there'll be certain companies looking for gold, silver, copper, other companies looking for other things, and we're kind of an anomaly being an antimony company looking for antimony because not a lot of companies know how to deal with antimony. So, answer your question is that one property that we're leasing right now has another hard mineral that is deemed a critical mineral on the list.
Speaker Change #137: One of the properties that.
Speaker Change #137: Joe Burgess was working hard definitely has some other hard mineral opportunities.
Speaker Change #137: Don't know if we really want to talk about them, yet we know what they are and.
Speaker Change #137: It is another critical mineral on the list if you think 25.
Speaker Change #137: So the answer is yes.
Speaker Change #137: Typically when you are looking at new mining sites.
Speaker Change #137: Certain companies looking for gold silver copper other companies looking for other things and we're kind of an anomaly being an antimony company looking for antimony.
There's not a lot of companies know how to deal with antibody so but yes to answer. Your question is the one property that we're leasing right now has another hard mineral that is deemed a critical minerals on the list.
Gary C. Evans: Thank you. The next question is, what does filing the shelf in July entail for common shareholders?
Thank you.
The next question is what does filing the shelf in July Intel for common shareholders.
Gary C. Evans: What filing the shell does for us is give us financial flexibility so that if and when there are unique opportunities for us, we can move on them. If you don't, if you're not prepared with the proper tools in your tool chest, you can't do anything about it when the opportunity arrives.
Speaker Change #137: What filing the shelf does for US is gives us financial flexibility.
Speaker Change #137: So that if and when there are unique opportunities for us that we can.
Speaker Change #138: Move on them, if you don't if you're not prepared with.
Speaker Change #139: With the proper tools in your tool chest.
Speaker Change #139: You can't do anything about it when the opportunity arises.
Gary C. Evans: So all Universal Shelf does is give the board and give the management team flexibility to use our securities when and if we deem them appropriate for an acquisition, for raising capital, or what have you. So it is strictly a tool that we qualify for in July. Prior Management was late in filing our K and Q's last year, and we're out of the penalty period for that in July. So that's the reason for the timing. If it wasn't for that, we would have already had the shelf filed.
Speaker Change #139: All Universal shelf does is give the board and give.
Speaker Change #139: The management team flexibility to use our securities when and if we deemed appropriate for an acquisition or raising capital or what have you. So it is strictly a tool that.
Speaker Change #139: We qualify for in July the reason, we July the day just because.
Speaker Change #139: Prior management was late and filing our K and twos last year, and we were out of the penalty period of that in July. So that's the reason for the timing if it wasn't for that we would have already had the shelf filed.
Karen: The next question is, will any of the leasing opportunities you are pursuing for antimony produce an antimony source within the next few years? And what is the timeline?
Speaker Change #140: Excellent. Thank you. The next question will any of the leasing opportunities you are pursuing for antimony produce and antimony store within the next few years and what is the timeline.
Speaker Change #140:
Gary C. Evans: That's a good question. Joe, I'll let you answer that.
That's a good question Joe I'll, let you know.
Speaker Change #141: Dance around that [laughter].
Joe Bardswich: I'm restricted on a number of bases; I don't want to... publish some of the areas that we're trying to operate in because then we'll increase the competition. And I don't want to speculate and get my hand slapped by the SEC for making outside comments on that, but I'm very optimistic. There are lots of opportunities.
Speaker Change #141: Uh huh.
Speaker Change #142: I am restricted.
Speaker Change #142: Number basis, I don't want to <unk>.
Speaker Change #142: Publish.
Speaker Change #142: Some of the areas that we're trying to operate in.
Speaker Change #142: Then we will increase the competition and I don't want to speculate and get.
Speaker Change #142: My hand slapped.
Speaker Change #142: The FCC for making.
Speaker Change #143: I would like to comment on that but.
Speaker Change #144: I think very optimistic you said.
Gary C. Evans: and John Gustavsen. Thank you. Thank you. I don't think it's something we should probably get into until we're able to disclose it; then we'll be able to give you a little more detail, but it's just too early to talk about that yet. Obviously, the speed at which we can move will greatly depend on our ability to obtain federal grants, and that's what our plan is.
Speaker Change #144: Bob.
Bob: Yeah, I agree I don't think it's something we should probably get into once we are able to disclose.
Bob: This information then we'll be able to give you a little more detail, but it's just too early to talk about that yet.
Bob: Obviously.
Bob: Uh huh.
Bob: The speed at which we could move.
Bob: Will greatly depend on our ability to obtain federal grants and that's what our plan is.
Karen: Next question is any luck getting institutional buyers yet or getting the stock price up enough to attract them avoid to attract them avoid a reverse split?
Bob: Next question is getting institutional buyers, yet, we're getting the stock price up enough to attract them in Hawaii to attract them avoid a reverse split.
Gary C. Evans: Well, as I mentioned, I was with a few institutions today. We have not done any marketing because we needed to get some of these things that are in our plan done. I feel certain we'll be able to announce some of these things over the next couple months. And then we do have a marketing plan to get in front of high net worth individuals, family wealth offices, and institutions, and small institutions that deal with microcap and small cap.
Bob: Well as I mentioned.
Bob: Few institutions today.
Bob: We have not done any marketing because we needed to get <unk>.
Bob: Some of these things that are in our.
Bob: Plan done.
Bob: I feel certain we will be able to announce some of these things over the next couple of months and then we do have a marketing plan to get in front of her.
Bob: High net worth individuals family wealth offices and institutions small.
Bob: Institutions that deal with micro cap and small cap companies.
Gary C. Evans: Any interest in Los Juarez?
Bob: Any interest in Los Juarez.
Gary C. Evans: We have decided, at PREZA, to keep Los Juarez. So it's not on the list of assets to be sold in Mexico. And we're still exploring how we might do something at Los Juarez. It may very well be a joint venture with somebody. But we do recognize that that property has some significant value, and we are still trying to figure out how to realize that value.
Bob: We have decided.
Bob: At present.
Bob: Keith.
Bob: Las Flores, so it's not on the list of assets to be sold.
Bob: In Mexico.
Bob: And.
Bob: We're still exploring how we might do something that loss, whereas so it may very well be a joint venture with somebody.
Bob: But we do recognize that that property.
Bob: Has some significant value.
Bob: And we are still trying to figure out how to realize that value.
Gary C. Evans: Thank you. And the next question is, Where do you see United States Antimony Corporation in 12 months' time?
Speaker Change #146: Thank you and the next question is where do you see United States Antimony Corporation in 12 months time.
Speaker Change #146:
Speaker Change #146: Larger.
Speaker Change #147: More revenues.
Speaker Change #147: Hopefully more profitable.
Gary C. Evans: A lot more revenues, hopefully more profitable, and a higher market cap. I'm very bullish on, you know, when I came on board a little over a year ago, and you know, looking down the tunnel, there was a very small white light. That light gets brighter by the day, and I think the results of this first quarter are a perfect example of really a quick turnaround. I mean, it usually takes companies a couple years to turn a ship around. We did it in about six to eight months.
Speaker Change #147: Yeah, a higher market cap I'm very bullish on.
Speaker Change #147: When I came on board, a little over a year ago and.
Speaker Change #147: I look down the tunnel there was a very small light.
Speaker Change #147: That light gets brighter by the day.
Speaker Change #147: And I think the results of this first quarter are a perfect example of really a quick turnaround I mean, it usually takes companies a couple of years to turn the ship.
We did it about six to eight months.
Gary C. Evans: So I'm very proud of that fact and the opportunities that we see. And then we've been fortunate that antimony prices have done what they have in the last month. And we're sitting in a prime position. So we ought to be on a lot of radar screens that we're not on right now. And our job is to cause that to happen.
Speaker Change #147: So I'm very proud of that fact and the.
Speaker Change #147: The opportunities that we see and then we've been fortunate that.
Speaker Change #147: Antimony prices have done what they've done in the last month.
Speaker Change #147: And we're sitting in a prime position so we.
Speaker Change #147: We ought to be on a lot of radar screens that were not on right now and our job is to cause that to happen.
Karen: And the next question, what contribution, volume wise, would you aspire to make toward America's antimony needs versus what you can achieve now?
Speaker Change #148: Thank you and the next question what contribution volume Wise would you aspire to make toward America's antimony versus what you can achieve now.
Speaker Change #148: Yes.
Gary C. Evans: Well, I think that the main response to that question is U.S. derived, and so the activities we have going on could be very significant, assuming we get the dollars required from the government to develop them.
Speaker Change #148: Well.
Speaker Change #149: I think that the main risk.
Speaker Change #149: Spots to that question.
As.
Speaker Change #149: U S derived antibody.
Speaker Change #149: And so the activities, we have going on could be very significant.
Speaker Change #149: Assuming we got the dollars required from the government to develop them. So.
Gary C. Evans: So that's why we haven't gone to Washington yet on the second round. We, we, we, we did the first trip, and we heard what Washington wants, what they're looking for. And we've now been talking to a very seasoned expert and raising money out of DC that we will likely be using, and that has been successful for other companies. And so I think the proof will be in how much capital we can raise and how fast we can deploy it to realize the opportunity of the antimony we have found in this particular process. And so we're excited about that.
Speaker Change #149: So thats why we Havent gone to Washington, yet on the second round, we did our first trip and we heard.
Speaker Change #149: What.
Speaker Change #149: Washington want what Theyre looking for.
Speaker Change #149: And we've now.
Speaker Change #149: <unk> been talking to a very seasoned.
Speaker Change #149: Expert and raising.
Speaker Change #149: <unk>.
Speaker Change #149: Out of D. C that we will likely be using.
Speaker Change #149: And has been successful for other companies and so.
Speaker Change #149: I think the proof will be and how much capital, we can raise and how fast we can deploy it to realize the opportunity of the antimony we found.
Speaker Change #149: And this particular property.
Gary C. Evans: The fact that we won't be dealing with the Mexican government means we won't have to deal with all the problems we have in Mexico. Remember, we're still owed $1.2 million by the Mexican government. And they can't pass because they say they don't have any money. So, you know, dealing with a regime where you don't have to worry about those kind of things and you're not fighting democracy and not having to worry about losing your life.
Speaker Change #149: And so we're excited about that.
Speaker Change #149: The fact that we wont be dealing with the Mexican government, we wont be dealing with all the problems. We have in Mexico remember were still owed $1 $2 million from the Mexican government and they can't pass because they say they don't have any money.
Speaker Change #150: So you know dealing in a a regime, where you don't have to worry about those kinds of things.
Speaker Change #150: And you're not fighting.
Speaker Change #150: The.
Speaker Change #150: Democracy.
Speaker Change #150: And not having to worry about losing your life I mean, those are all kind of things that we.
Gary C. Evans: I mean, those are all kinds of things that we just said, hey, the risk is too great, the cost is too high, and let's stop the cash drain and redeploy elsewhere. And that's what we did.
Speaker Change #150: We just said Hey, this is the risk is too great.
Speaker Change #150: Cost is too high and let's stop the cash drain and redeploy elsewhere and that's what we've done.
Karen: Thank you. We have reached the end of the question and answer session, and I will now turn the call over to Gary C. Evans for closing remarks.
Speaker Change #151: Thank you we have reached the end of the question and answer session and I will now turn the call over to Gary <unk> for closing remarks.
Gary C. Evans: Okay, well, thank all of you for listening. We think that this ship has turned, and we're very excited about our prospects, where we're going, and what we're doing. As Joe and Rick mentioned, you have a management team and a board that's working very well together. We're all spending days and nights trying to do things that will benefit you as a shareholder. And we're excited about what we see. And so I think, just stay tuned, and we will hopefully keep you enthralled with our activities. And thank you for your time today. And have a good afternoon. Bye bye.
Speaker Change #151: Okay.
Gary C. Evans: All of you for listening.
Uh huh.
Gary C. Evans: We think that this ship has turned and we're very excited about our prospects, where we're going what we're doing.
Joe and Rick mentioned, you've got a you've got a management team and our board is working very well together we're all.
Gary C. Evans: Spending days and nights trying to do things that will benefit you as a shareholder.
Gary C. Evans: We're excited about what we see and so.
Gary C. Evans: I think just stay tuned and we hopefully will keep U S.
Gary C. Evans: And thrilled with our activities and thank you for your time today and have a good afternoon bye bye.
Karen: This concludes today's webcast, and you may disconnect your lines at this time. Thank you for your participation.
Speaker Change #152: This concludes today's webcast and you may disconnect. Your lines at this time. Thank you for your participation.
Speaker Change #152: Okay.
[music].