Q2 2024 United States Antimony Corp Earnings Call
Speaker Change: Greetings. Welcome to United States Antimony Corporation's second quarter and six months into June 30th, 2024, Operating and Financial Results meeting webcast.
Operator: 30, 2024 Operating and Financial 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'll now turn the webcast over to your host, Gary C. Evans. You may begin.
Speaker Change: At this time, all participants run a listen-only mode. A question and answer session will follow the formal presentation.
Speaker Change: 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.
Gary Evans: Thank you and welcome to our second quarter and six months ended financial and operational conference call. As you know, we've renounced our members this morning.
Speaker Change: Thank you and welcome to our second quarter and six months ended financial and operational conference call.
Gary Evans: I have with me today on the call Rick Isaak, who is our Chief Financial Officer, Joe Bardswich, who is my co-CEO and a board member, and Jonathan Miller, who is new. He's our Vice President of Investor Relations and also Global Sales Director. So those three gentlemen will be speaking as I turn various segments of the call over to them. Now, I want to just give you a very quick summary of the financial results. I'm not going to steal Rick's thunder; he has got a lot more detail.
Speaker Change: As you know, we renounced our numbers this morning.
Speaker Change: I have with me today on the call Rick Isaak, who is our Chief Financial Officer.
Speaker Change: who is my co-CEO and a board member, and Jonathan Miller, who is new.
Speaker Change: He's our Vice President of Investor Relations and also Global Sales Director. So those three gentlemen will be speaking as I turn various segments of the call over to them.
Gary Evans: But in summary, revenues were up 26% for this period, and costs of sales were up only 6%, which in turn allowed gross profit to be up 122%. This allowed us to report a net income from operations, continuing operations, which was $30,000. This company is still in what I would call a turnaround story. We're gonna be making a lot more changes. We'll talk about some of those in the various divisions today. But it's good for us to see the operational changes that have now resulted in financial statement changes, as you've seen today in our reported income statement. So let's let Rick give us a little more detail on the financial results and what happened in the second quarter and six months before June 30, Rick.
Speaker Change: I want to just give you a very quick summary of financial results. I'm not going to steal Rick's thunder. He has got a lot more detail. But in summary, revenues were up 26% for this period. Cost of sales were up only 6%.
Speaker Change: which in turn allowed gross profit to be up 122%.
Rick Isaak: This allowed us to report a net income from continuing operations, which was $30,000.
Speaker Change: This company is still in what I would call a turnaround story.
Speaker Change: We're going to be making a lot more changes. We'll talk today about some of those in the various divisions, but it's good for us to see
Speaker Change: the operational changes that have now resulted in the financial statement changes as you've seen today in our reported income statement.
Rick Isaak: So, let's let Rick give us a little more detail on the financial results and what happened in the second quarter and six months into June 30th, Rick.
Rick Isaak: I'm going to review our consolidated results, then a few metrics at each of our businesses, and then a few key areas in our balance sheet and cash flow. So I'll start with the consolidated results of our continuing operation. Sales were $5.6 million for the first six months of this year, which, as Gary said, is an increase of 26% compared to last year. This increase was primarily related to a higher volume of our antimony sales and a higher price on our zeolite sales.
Rick Isaak: Thanks, Gary. I'm going to review our consolidated results, then a few metrics at each of our businesses, and then a few key areas in our balance sheet and cash flow. So I'll start with the consolidated results of our continuing operations.
Rick Isaak: Gross profit, as Gary mentioned, was $1.7 million for the first six months of this year, which is an increase of 122% over last year. This increase was primarily related to improved efficiencies with the higher volume in our antimony business, partially offset by more repairs, maintenance, and other related costs with our zeolite business, both of which I'll talk a little bit about more later. Operating expenses were $2 million for the first six months of 2024, an increase of $1.1 million compared to 2023. This increase was primarily related to about $300,000 of non-cash stock compensation expense. $310,000 is the project cost.
Rick Isaak: $360,000 of salary and board fee expenses, and $130,000 of $10K and $10Q costs that were incurred earlier this year, given that we filed on time with the SEC. The $310,000 of project costs are part of our growth and improvement strategy for the company. We're unable to discuss several of these projects at this time.
Rick Isaak: Sales were $5.6 million for the first six months of this year, which as Gary said is an increase of 26% compared to last year.
Rick Isaak: This increase was primarily related to a higher volume of our antimony sales and a higher price on our zeolite sales.
Rick Isaak: Gross profit, as Gary mentioned, 1.7 million for the first six months of this year, which is an increase of 122% over last year.
Gary: This increase was primarily related to improved efficiencies with the higher volume in our anemone business, partially offset by more repairs, maintenance, and other related costs with our zeolite business, both of which I'll talk a little bit about more later.
Gary: Operating expenses were $2 million for the first six months of 2024, an increase of $1.1 million compared to 2023. This increase primarily related to about $300,000 of non-cash stock compensation expense.
Gary: $310,000 of project costs, $360,000 of salary and board fee expenses.
Gary: and $130,000 of 10-K and 10-Q costs that were incurred earlier this year given that we filed on time with the SEC.
Gary: The $310,000 of project costs are part of our growth and improvement strategy for the company.
Rick Isaak: One that we can discuss is the mineral resource study we're performing on our zeolite business in Idaho, which we anticipate completing this year. Next, we'll look at a few metrics related to each of our businesses. First, our antimony business, sales from our Antimony business for the first six months of this year increased by 36% over the prior year, and gross margin was more than two times last year's gross gross margins we are achieving this year are higher due to efficiencies with the higher volume.
Gary: We're unable to discuss several of these projects at this time. One that we can discuss is the mineral resource study we're performing on our zeolite business in Idaho, which we anticipate completing this year.
Gary: Next, let's look at a few metrics related to each of our businesses. First, our antimony business.
Rick Isaak: We have seen even higher gross margins with higher volume in the past, but the increments are smaller at these levels. For example, our average antimony sales price per pound for the first six months of this year was $4.65, which mainly relates to antimony oxide sales. There are a couple reasons this average price seems low compared to the antimony market price and last year. This year, we process some customer-owned ore in the antimony trisulfide, which lowers our average sales price per pound compared to the market price and last year. Also, the current antimony metal market price is around $10.64 per pound.
Gary: Sales from our antimony business for the first six months of this year increased by 36% over the prior year and gross margin was more than two times last year's gross margin.
Gary: The gross margins we are achieving this year are higher due to efficiencies with the higher volume. We have seen even higher gross margins with higher volume in the past, but the increments are smaller at these levels.
Gary: Our average antimony sales price per pound for the first six months of this year was $4.65, which mainly relates to antimony oxide sales.
Speaker Change: There are a couple reasons this average price seems low compared to the anemone market price and last year.
Speaker Change: This year, we processed some customer owned ore in the Antimony Trisilicide, which lowered our average sales price per pound compared to the market price and compared to last year.
Speaker Change: Also, the current anemone metal market price is around $10.64 per pound.
Rick Isaak: However, if you look at it daily, this market price went above $6 per pound in early May 2024, and more of our second-quarter sales were ordered prior to May, which is when we lock in the sales price, and all of our second-quarter sales were ordered prior to June. The key is that we increased our gross profit and gross margin with the increased volume compared to last year. Next is our zeolite business. Sales from our Zeolite business for the first six months of this year increased 26% over the prior year.
Speaker Change: However, if you look at it daily, this market price went above $6 per pound in early May 2024, and more of our second quarter sales were ordered prior to May, which is when we lock in the sales price.
Speaker Change: and all of our second quarter sales were ordered prior to June.
Speaker Change: The key is that we increased our gross profit and gross margin with the increased volume compared to last year.
Speaker Change: Next are zeolite business.
Speaker Change: Sales from our Zeolite business for the first six months of this year increased 26% over the prior year. Gross profit decreased by $397,000 compared to last year and loss from operations was worse by about $540,000.
Rick Isaak: Gross profit decreased by $397,000 compared to last year, and loss from operations was worse by about $540,000. However, more of the loss from operations was incurred in the first quarter of 2024, meaning we've been improving during the year. BRZ had a loss from operations of 432,000 in the first quarter of 2024 and a loss from operations of 148,000 in the second quarter of 2024. The higher loss in the first quarter was primarily due to increased repairs, maintenance, and other related costs in repairing older equipment that BRZ was saddled with, coupled with lower sales.
Speaker Change: However, more of the loss from operations was incurred in the first quarter of 2024, meaning we have been improving during the year.
Speaker Change: BRZ had a loss from operations of $432,000 in the first quarter of 2024, and a loss from operations of $148,000 in the second quarter of 2024.
Speaker Change: The higher loss in the first quarter was primarily due to increased repairs, maintenance, and other related costs in repairing older equipment that were saddled with, coupled with lower sales.
Rick Isaak: Next, our subsidiary in Mexico. As discussed on prior earnings calls, we closed and discontinued our operations in Mexico on March 11, 2024. During the first six months of this year, we sold most of the animony inventory on hand in Mexico, which generated $1.1 million of revenue. However, even with these higher sales and the closure, our discontinued operations in Mexico still generated a loss of $150,000 for the first six months of this year. Next, let's look at a few items on the balance sheet and cash flow.
Speaker Change: Next, our subsidiary in Mexico. As discussed on prior earnings calls, we closed and discontinued our operations in Mexico on March 11th, 2024.
Speaker Change: During the first six months of this year, we sold most of the anemone inventory on hand in Mexico, which generated $1.1 million of revenue.
Speaker Change: However, even with these higher sales and the closure, our discontinued operations in Mexico still generated a loss of $150,000 for the first six months of this year.
Speaker Change: Next, let's look at a few items on a balance sheet and cash flow.
Rick Isaak: Inventory was lower at June 30, 2024 compared to the end of 2023, which was primarily related to our antimony inventory. Our main antimony supplier had some planned downtime towards the end of the second quarter, but it's delivering ore again, and we're working to meet demand and increase our inventory levels. We're also looking for other sources of antimony ore so we can grow sales and maintain a healthier supply of inventory on hand.
Speaker Change: Inventory was lower at June 30, 2024 compared to the end of 2023, which was primarily related to our antimony inventory. Our main antimony supplier had some planned downtime towards the end of the second quarter.
Speaker Change: but is delivering ore again, and we're working to meet demand and increase our inventory levels.
Speaker Change: We're also looking for other sources of antimony ore so we can grow sales and maintain a healthier supply of inventory on hand.
Rick Isaak: Our receivables were higher in June 30, 2024 compared to the end of 2023, which again is primarily related to our antimony business. We shipped a lot of product at the end of the second quarter of 2024. However, all of these receivables have since been collected.
Speaker Change: Our receivables were higher at June 30, 2024 compared to the end of 2023, which again is primarily related to our anemone business. We shipped a lot of product at the end of the second quarter of 2024. All of these receivables have since been collected.
Rick Isaak: The cash and cash equivalents balance at June 30, 2024 was $12.4 million, an increase of $492,000 from December 31, 2023. Your management team and employees of our great company are focused on growing and improving the business every day. A little over seven months ago, we ended 2023 and reported a large net loss for 2023, which included operations that have since been discontinued. In 2024, we reported a modest amount of income from the continuing operation.
Speaker Change: Cash and cash equivalents balance at June 30, 2024 was $12.4 million, an increase of $492,000 from December 31, 2023.
Speaker Change: Your management team and employees of our great company are focused on growing and improving the business every day.
Speaker Change: A little over seven months ago, we ended 2023 and reported a large net loss for 2023, which included operations that have since been discontinued.
Speaker Change: In 2024, we reported a modest amount of income from the continuing operations. We're not claiming a victory. There's still a lot of work to be done, but it shows a team focused on turning a company around and making improvements with profitable growth.
Rick Isaak: We're not claiming victory. There's still a lot of work to be done, but it shows a team focused on turning a company around and making improvements with profitable growth. I'll turn it back to you, Gary.
Gary Evans: Thank you, Rick. I appreciate that.
Speaker Change: I'll turn it back to you, Gary.
Gary Evans: I'm going to spend a few minutes now talking about zeolite. And then when I'm done, I'm going to turn over the call to Joe Bartlett, who's going to talk about antimony, and then we'll turn the last letter part of the call over to Jonathan Miller. So, see you later.
Gary: Thank you, Rick. I appreciate that.
Speaker Change: I'm going to spend a few minutes now talking about zeolite, and then when I'm done, I'm going to turn over the call to Joe Bardswich, who's going to talk about antimony, and then we'll turn the latter part of the call over to Jonathan Miller. So zeolite.
Gary Evans: That's been a big focus for us at Bear River. When I got involved with this company a year and a half ago, you know, I'd heard about the mine, and I heard about operational issues and the problems we were having with the regulators, and what have you. It became very obvious that we needed a mindset change and a management change, and so we hired a VP and general manager early this year, who, in turn, brought on a new plant supervisor. And then he, in turn, brought on a new office manager.
Speaker Change: That's been a big focus for us at Bear River. When I got involved with this company a year and a half ago, you know, I'd heard
Speaker Change: about the mine and I heard about operational issues and the problems we were having with regulators and what have you.
Speaker Change: It became very obvious that we needed a mindset change and a management change, and so we hired a VP and general manager. We started early this year.
Speaker Change: who, in turn, brought on a new plant supervisor and then he, in turn, brought on a new office manager. So, we have three. The three top people at Bear River today are all new as of today.
Gary Evans: So we have three; the three top people at Bear River today are all new, either in the last few months or at the beginning of the year. Well, we saw the changes, and we knew we had to spend some money to fix the problems that existed. And you got to understand the way the county rules work. We're required to expense those mechanical changes we make. It's only when we maybe buy a new piece of equipment that we can possibly capitalize.
Speaker Change: the last few months or at the beginning of the year.
Speaker Change: Well, we saw the changes, and we knew we had to spend some money to fix the problems that existed. And you've got to understand the way the counting rules work.
Speaker Change: We're required to expense those mechanical changes we make.
Gary Evans: So while we've been turning this processing facility around, we've been fixing things right and left. And the amount of... CapEx spending in the second quarter of 2024 versus the first quarter was a difference of $450,000. We spent $501,000 on capital spending versus the first quarter, which was only $51,000.
Speaker Change: It's only when we maybe buy a new piece of equipment that we can possibly capitalize.
Speaker Change: while we've been turning this processing facility around.
Speaker Change: We've been fixing things right and left. The amount of...
Speaker Change: CapEx spending
Speaker Change: in the second quarter of 2024 versus the first quarter.
Speaker Change: was a difference of $450,000. We spent $501,000 on capital spending versus the first quarter was only $51,000. So it shows you we are spending money to get this.
Gary Evans: So it shows you we are spending money to get this process running like a fine tool machine. And that, in turn, gave us a 94.3% runtime, something I don't think the company has ever had. We also Call it up on our sales, and we're building inventory. So just to give you a quick reflection, the first quarter of 2024 z like tons sold at Bear River was only 2350 tons. We sold 3746 tons in the second quarter. I set up 59%. Sales were up 64% from 603,994.
Speaker Change: process running like a fine-tuned machine, and that in turn gave us a 94.3% runtime, something I don't think the company has ever had. We also
Speaker Change: caught up on our sales and we're building inventory. So just to give you a quick reflection, the first quarter of...
Speaker Change: In 2024, zeolite tons sold at Bear River was only 2,350 tons. We sold 3,746 tons in the second quarter, that's up 59%.
Speaker Change: Sales were up 64% from $603,994 and as I mentioned the capital expending was up significantly to almost a half a million dollars. So what's happening? We have
Gary Evans: And as I mentioned, the capital spending was up significantly to almost a half a million dollars. So what's happening? We have caught up to our backlog. At the end of the first quarter, we were about seven weeks behind on delivering customer orders. By the end of the second quarter, we were two to three days behind, starting to build inventory. As of today, we have zero backlog, and we're continuing to build inventory.
Speaker Change: caught up to our backlog. At the end of the first quarter, we were about seven weeks behind on delivering customer orders.
Speaker Change: By the end of the second quarter, we were two to three days behind.
Speaker Change: and starting to build inventory.
Speaker Change: As of today, we have zero backlog, and we're continuing to build inventory. So, what does that tell you? It tells you that we've got to now get new sales.
Gary Evans: So, what does that tell you? It tells you that we have got to now get new sales. Hence, why we hired Jonathan, why we brought Melissa on board as Corporate Development, Jeff Fink, our Plant Manager, is also helping us, and we are trying to figure out, okay, here's our customer base. What do we do?
Jonathan Miller: Hence, why we hired Jonathan, why we brought on board his corporate development, Melissa, Jeff Fink, our plant manager, is also helping us. And we are trying to figure out, okay, here's our customer base.
Gary Evans: And so we announced the new product, CattleMax. We've been going to cattle shows; we did Idaho, we did Oklahoma, and we're getting ready to do San Antonio. We're talking to a number of universities about their cattle herds and how they could test zeolite with their herds, etc. We have no doubt that if people are properly educated about the qualities of zeolite, our orders will go up significantly. So that is the reason, one of the reasons we hired a lobbying firm in Washington, started working for us July 1st, and Melissa Pagan and I did a two and a half day tour of D.C. about two weeks ago, and I guess we probably had 1214 meetings, and not a single soul, no House member, no congressman, no chief of staff.
Jonathan Miller: What do we do? And so we announced the new product CattleMax. We've been going to cattle shows. We've done Idaho, we've done Oklahoma, getting ready to do San Antonio.
Jonathan Miller: We...
Speaker Change: I have no doubt that if people are properly educated about the qualities of zeolite, our orders will go up significantly.
Speaker Change: So, that is the reason, one of the reasons we hired a lobbyist firm in Washington, started working for us July 1st, and Melissa Pagan and I did a two-and-a-half-day interview.
Speaker Change: stroll through DC about two weeks ago and I guess we probably had I don't know maybe
Speaker Change: 12-14 meetings.
Speaker Change: and not a single soul, no house member, no congressman, no chief of staff.
Gary Evans: No secretary, nobody knew what Zeolite was, so we educated them and told them about all the qualities of the light, why the US government ought to be stockpiling it, and the reason for that is it's a tremendous tool for cleaning up the Nuclear Way.
Speaker Change: no secretary, nobody knew what zeolite was. So we educated them and told them about all the qualities of zeolite and why the US government ought to be stockpiling it.
Speaker Change: and the reason for that is it's a tremendous tool for cleaning up
Gary Evans: Zeolite was used in all three major nuclear waste sites, being Chornobyl, Three Mile Island, and our Japanese, I always get that name wrong, I can't remember, but anyway, the Japanese problem, the fact that the US government has a lot of nuclear weapons. Submarines have nuclear weapons, Plant, is a big deal. And the EPA is coming up with all kinds of new regulations around this, so that's area number one. Area number two is water treatment cleanup. Zeolite's a phenomenal mineral for that, and the U.S. government has lots of water treatment problems. Our lobbying group is planting the seeds. It has worked because I'm going to Idaho on Monday.
Speaker Change: nuclear waste. Zeolite was used in all three major nuclear waste sites, Chernobyl, Three Mile Island, and our Japanese, I always get that name wrong, I can't remember it, but anyway, the Japan problem.
Speaker Change: The
Speaker Change: fact that the U.S. government has a lot of nuclear
Speaker Change: Submarines has nuclear
Speaker Change: plants is a big deal and the EPA is coming up with all kinds of new regulations around this.
Speaker Change: That's area number one. Area number two is water treatment cleanup. Zeolite's a phenomenal mineral for that, and the U.S. government has lots of water treatment problems. So, our lobbying group is...
Speaker Change: planting the seeds. It has worked because I'm going to Idaho on Monday. I will be up there most of next week and we're actually entertaining congressmen at our zeolite facility there at Bear River.
Gary Evans: I will be up there most of next week. And we're actually entertaining congressmen at our zeolite facility there at Bear River. So these are representatives from the state of Idaho.
Speaker Change: So, these are representatives from the state of Idaho.
Gary Evans: And so it boils down, first of all, to educating people about why they ought to be looking at zeolite and what a tremendous asset it is. We have great comfort in now significantly expanding our business here because of the test holes we drilled about 90 days ago that showed that we have an incredible resource of zeolite, and the quality of that zeolite is by far greater than any of our competitors. And we know that because we've been looking at our competitors very, very hard.
Speaker Change: So, it boils down, first of all, to educating people why they ought to be looking at zeolite and what a tremendous asset it is.
Speaker Change: We have great comfort in now significantly expanding our business here because of the test holes we drilled.
Speaker Change: about 90 days ago that showed that we have an incredible resource of zeolite.
Speaker Change: and the quality of that zeolite is by far greater than any of our competitors. And we know that because we've been looking at our competitors very, very hard.
Gary Evans: So it's not a hard sale when you have reserves, when you have quality, when you have the capability to deliver, and that's so important because, historically, this company could not meet its deadlines, could not meet its delivery dates. And so we lost a lot of business because of that. Especially big box stores like Costco and Home Depot and Lowe's, they are not going to order if you can't deliver.
Speaker Change: So, it's not a hard sell when you have...
Speaker Change: reserves when you have
Speaker Change: quality, when you have the capability to deliver. And that's so important because historically this company could not meet its deadlines, could not make its delivery dates, and so we lost a lot of business because of that.
Speaker Change: especially big box stores like Costco and Home Depot and Lowe's, they are not going to order if you can't deliver.
Gary Evans: And now that we know our reserves and that reserve report, as Rick mentioned, is being prepared, we'll have it by year-end, and it's actually a requirement for a mining company to do so. I don't know how we got away with it all these years, but we did, and it's coming now. So now we know we have the reserves, we have the high quality, and we have the capability to quadruple our production. And obviously, that takes capital. So as we're getting, becoming a much more lean running machine, having very high efficiency runtime, and solving all of our regulatory issues. Concerning dust control
Speaker Change: So now we know we got the reserves, we got the high quality, and we got the capability to quadruple our production.
Speaker Change: and obviously that takes capital. So as we're getting...
Speaker Change: becoming a much more lean running machine.
Speaker Change: having very high efficiency runtimes,
Gary Evans: We will be comfortable applying more capital and adding another line, adding other equipment. One of the other meetings we're having in Idaho next week, we have two new products that are not on the market today that we're developing. We saw a press release earlier this year about Pete Bunger coming on our Board of Directors. He's our Technical Advisory Director. I said Board, he's a Technical Advisory Director.
Speaker Change: We will be comfortable applying more capital and adding another line, adding other equipment. One of the other meetings we're having in Idaho next week, we have two new products that are not on the market today that we're developing.
Speaker Change: You saw a press release earlier this year about Pete Bunger coming on of our Board of Directors. He's our Technical Advisory Director. I said board, he's our Technical Advisory Director.
Joe Bardswich: Pete is a guru of Zeolite, has been in it all his life, has a very profitable company himself, and he's our biggest customer. So he has developed some new products, and we're working on patenting those and launching some new products that people have never had before. So thank you. The Zealite side of the business is very exciting and, knowing what we know today about The Quantity and Quality of our Reserves gives us great comfort in spending capital.
Speaker Change: Pete is a guru of
Speaker Change: Zeolite, been in it all his life, is a very profitable company himself, and he's our biggest customer. So, he has developed some new products and we're working on patenting those and launching some new products that people have never had before.
Speaker Change: Thank you.
Speaker Change: The zeolite side of the business is very exciting and
Speaker Change: knowing what we know today about
Joe Bardswich: So that's why we're lobbying, and that's why we're trying to launch new products and go to trade shows and do whatever it takes. So if we have the orders, we will be able to deliver now. And that is something this company could never say before. Joe, let's jump into Antimony.
Speaker Change: the quantity and quality of our reserves gives us great comfort in spending capital.
Speaker Change: That's why we're lobbying and that's why we're trying to launch new products and going to trade shows and doing whatever it takes. If we have the orders, we will be able to deliver now. And that is something this company could never say before.
Joe Bardswich: Okay, well, we're certainly cognizant of the worldwide shortage of antimony, and we're taking several steps to improve our position. John Gustavsen, President of the Antimony Division, is the recognized antimony expert in this country, and we recently hired geochemist Aaron Tanesh as Vice President of the Antimony Division.
Speaker Change: Joe, let's jump into antimony.
Speaker Change: Okay, well we're certainly cognizant of the worldwide shortage of antimony and we're taking several steps to improve our position. John Gustavsen, president of the Antimony Division, is the recognized antimony expert in this country.
Speaker Change: and we've recently hired geochemist Aaron Tanesh as Vice President of the Anemone Division. John is particularly strong in pyrometallurgy.
Joe Bardswich: John is particularly strong in pyrometallurgy. In other words, fire smelting, etc., and Aaron brings expertise in the hydrometallurgy section of the Industry, and in particular frost flotation. Cross flotation is the standard milling process for upgrading most mineral ores in this country. Copper, Nickel, Lead, Zinc, etc.
Speaker Change: In other words,
Speaker Change: fire smelting, etc. And Aaron brings expertise in the hydrometallurgy section of the plant.
Speaker Change: of the industry, and in particular, frost flotation.
Speaker Change: Frost flotation is the standard milling process for upgrading most mineral ores in this country.
Joe Bardswich: Utilizing specific chemicals attuned to the nature of the specific mineral one is trying to collect, it's possible to separate the deleterious materials from the desired mineral. In this case, we're trying to get the antimony disulfide upgrade. Aaron and I work together on other projects for other companies, and I know you'll be an asset to them. United States Antimony, in our search for additional anemone supplies. We recognize worldwide that the bulk of the deposits are small, often labor-intensive, underground operations without beneficiation facilities, and Bobby Willis. Generally, this looks good, so put it in that bag.
Speaker Change: copper, nickel, lead, zinc, etc. Utilizing specific chemicals that attune to the nature of the specific mineral one is trying to collect, it's possible to separate the deleterious materials from the desired mineral.
Speaker Change: In this case, we're trying to get the antimony trisulfide upgraded.
Speaker Change: Aaron and I work together on other projects for other companies and I know you'll be an asset to United States Anemone.
Speaker Change: In our search for additional anemone supplies, we recognize worldwide that the bulk of the deposits are small, often labor-intensive, underground operations without beneficiation facilities and covenants.
Joe Bardswich: Throw this away because it doesn't look so good. Our facilities in Thompson Falls are geared to the final upgrading to bring material to a final state meeting the specification of the customer without, High enough grade; we cannot process these of lower grade ores. Aaron will help us in our attempts to upgrade.
Speaker Change: Generally, this looks good, so put it in that bag and throw this away because it doesn't look so good.
Speaker Change: Our facilities in Thompson Falls are geared to the final upgrading to bring material to a final state meeting the specifications of the customer.
Speaker Change: Without a high enough grade, we cannot process these.
Speaker Change: lower-grade ores.
Joe Bardswich: The subpar antimony trisulfide material to a state that is acceptable to our Thompson Falls facility. For antimony trioxide and antimony metal, our primary source of antimony is from the waste byproduct of a Canadian lead zinc smelt; supply is directly proportional to the quantity of materials now. Again, we have searched worldwide for other smelters that might have sodium antimony, and so far, we've not been successful as most smelters either have a different ore or a different process that does not produce the antimony.
Speaker Change: Aaron will help us in our attempts to upgrade.
Aaron: the subpar antimony trisulfide material to the states that is acceptable to our Thompson Falls facilities.
Aaron: For antimony trioxide and antimony metal, our primary source of antimony is from the waste byproduct of a Canadian lead zinc smelter.
Aaron: supply is directly proportional to the quantity of material smelted.
Aaron: Again, we have searched worldwide for other smelters that might have sodium intimidate and so far we've not been successful as most smelters either have a different ore or a different process that does not produce the intimidate.
Joe Bardswich: We continue to look for sources of antimony and any other critical mineral on non-federal lands in the U.S. and Canada. Non-federal lands because it's been our experience that permitting on federal lands is a long, drawn-out task with no guarantee of success.
Aaron: We continue to look for sources of antimony and any other critical mineral on non-federal lands in the U.S. and Canada. Non-federal lands, because it's been our experience that permitting on federal lands is a long drawn-out task with no guarantee of success.
Joe Bardswich: We are making progress in identifying other possible sources, but at this time, we have nothing definitive to report. Back to you, Gary. Very good.
Aaron: We are making progress in identifying other possible sources, but at this time we have nothing definitive to report.
Gary Evans: Very good. Thank you, Joe.
Gary: Back to you, Gary.
Gary: Very good. Thank you, Joe.
Gary Evans: One little comment I want to make concerning Antimony versus Zeolite as it relates to our company. We have plenty of supply of Z-Lite and need new customers because we are caught up. Whatever we can make, we can sell. We have a lot more buyers than we have products. So, the two.
Gary: One little comment I want to make concerning Antimony versus Zeolite as it relates to our company.
Gary: We have plenty of supply of Z-Lite and need new customers because we caught up.
Speaker Change: antimony, whatever we can make, we can sell. We have a lot more buyers than we have product.
Gary Evans: Hard Minerals counter-issued. So, as Joe mentioned, we brought on a new guy named Aaron Tanesh about a month and a half ago, who's been working the phones and talking to countries all over the world about concerning antimony supply, and we recognize that we're missing a piece of the puzzle, being flotation. So we have been talking to several different companies about how we can fix that, and we're hoping we'll have some news on that pretty soon.
Speaker Change: So, the two...
Joe: Hard minerals have counter-issues. So, as Joe mentioned, we brought on a new guy named Aaron Tanesh, about a month and a half ago, who's been working the phones and talking to countries all over the world.
Speaker Change: with concerning antimony supplies.
Speaker Change: and we recognize that we're missing a piece of the puzzle.
Speaker Change: being flotation.
Speaker Change: So, we have been talking to several different companies about how we fix that, and we hopefully will have some news on that pretty soon.
Gary Evans: That is the primary reason we have not gone to Washington yet, seeking government funds on the antimony side. We're trying to get all our ducks in a row. We have the only smelter running in the United States.
Speaker Change: That is the primary reason we have not gone to Washington yet.
Speaker Change: will
Speaker Change: seeking government funds on the antimony side. We're trying to get all our ducks in a row.
Gary Evans: Hopefully, we'll have flotation in the not too distant future, and we are working on supply, both our own supply as well as supply from other countries that we could process. So we're trying to put ourselves in a very unique position that nobody else has, that will garner the attention of our U.S. government, we think, in a strong way. Based on recent conversations we've had with government officials, their interest level is very high.
Speaker Change: We have the only smelter running in the United States.
Speaker Change: We hopefully will have flotation in the not-too-distant future.
Speaker Change: and we are working on supply, both our own supply as well as supply from other countries that we could process.
Speaker Change: So, we're trying to put ourselves in a very unique position that nobody else has that will garner the attention of our U.S. government, we think, in a strong way. And we know
Speaker Change: based on recent conversations we've had with governmental officials.
Gary Evans: So, we have additional calls and additional meetings coming up shortly. So, we're working both of these hard minerals very, very hard and trying to become a much bigger company than what this company is today. Let me jump to another item before I turn it over to Jonathan Miller. We did have our shareholder vote here at the end of July. All the existing directors were reelected, and we had seven different resolutions that were all unanimously passed.
Speaker Change: that their interest level is very high because we have additional calls and additional meetings coming up shortly.
Speaker Change: So we're working both of these hard minerals very very hard and trying to become a much bigger company than what this company is today.
Speaker Change: Let me jump to another item before I turn it over to Jonathan Miller.
Speaker Change: We did have our shareholder vote here at the end of July. All the existing directors were reelected and we had seven different resolutions that were all unanimously passed. So I want you to thank.
Gary Evans: So I want you to thank shareholders for having the trust and confidence in your management team and board members to give us this overwhelming support of confidence, and these things will be very helpful in the future as we continue to grow the company. Before I turn it over to Jonathan, one of the things we have not been doing since I came on board is really doing any form of marketing to shareholders because we didn't have any.
Speaker Change: shareholders for having the trust and confidence in your management team and board members.
Jonathan Miller: at U.S. Antimony to give us this overwhelming support of confidence and these things will be very helpful in the future as we continue to grow the company.
Speaker Change: Before I turn it over to Jonathan, you know, one of the things we have not been doing since I came on board
Speaker Change: is really doing any form of marketing to shareholders. Because.
Gary Evans: A great story to tell. It was a turnaround situation, and we needed to start showing improvements in what we were doing. I feel highly confident about doing that now, and that was the reason for bringing Jonathan on board. He'd worked with me on some other transactions in the past with other companies, and... You know, marketing today on social media and internet outlets is very much different than the old days when I was marketing in the 1980s, 90s, and 2000s for other companies.
Speaker Change: We didn't have...
Jonathan Miller: A great story to tell. It was a turnaround situation, and we needed to start showing improvements in what we were doing.
Jonathan Miller: I feel highly confident of doing that now, and that was the reason for bringing Jonathan on board. He'd worked with me on some other transactions in the past with other companies.
Jonathan Miller: You know, the marketing today...
Jonathan Miller: in the
Jonathan Miller: social media and internet outlets is very much different than the old days of when I was marketing in the in the 80s and 90s and 2000s for other companies so we are trying to
Gary Evans: So we are trying to bring our company up to the 21st century. And we've been busy, and we're going to be very busy through the end of the year. Jonathan, why don't you introduce yourself and tell everybody what you're doing in the IR area for US Antimony.
Jonathan Miller: bring our company up to the 21st century and we've been busy and we're going to be very busy through the end of the year. So Jonathan, why don't you introduce yourself and tell everybody what you're doing in the IR area for U.S. Antimony.
Jonathan Miller: Great. Thank you, Gary. Good afternoon, everyone.
Jonathan Miller: Great. Thank you, Gary. Good afternoon, everyone. I'm Jonathan Miller, Vice President of Investor Relations and Global Sales Director at United States Antimony. I've spent the last seven years working with hundreds of public companies.
Speaker Change: as a change agent for digitization and automation.
Jonathan Miller: in the evolving investor relations landscape. I'm excited to bring my knowledge, experience, and relationships to UAMY and speak with you today and bring you up to speed on the strategic initiatives that we're focusing on as we continue to drive growth and strengthen our position in the market.
Jonathan Miller: First, I want to highlight our recent OTC Markets virtual presentation that took place on July 23rd, where we shared our progress and future plans. If you missed it, I encourage you to watch the recording available on our website. We also have several upcoming events where we'll be presenting our story. On August 14th at 1pm Eastern, we'll be at the Sudoti Virtual Investor Conference, and on September 25th, time to be determined, we'll be participating in the Noble Capital Markets virtual event.
Jonathan Miller: First, I want to highlight our recent OTC Markets virtual presentation that took place on July 23rd, where we shared our progress and future plans. If you missed it, I encourage you to watch the recording available on our website.
Jonathan Miller: We also have several upcoming events where we'll be presenting our story. On August 14th at 1 p.m. Eastern, we'll be at the Sudoti Virtual Investor Conference. And on September 25th, time to be determined, we'll be participating in the Noble Capital Markets virtual event.
Jonathan Miller: These platforms provide great opportunities for us to connect with the investment community, and I look forward to engaging with many of you there. I'm also pleased to announce the launch of our new corporate profiles on LinkedIn and Twitter, now known as X. These channels will be key in keeping you updated with real-time information, so please go ahead and follow us to stay informed about our latest developments and insights. Our optimism is further fueled by our restructuring of our management and operations teams, which has positioned us to not just be profitable but also a dominant force globally in the antimony and zeolite market.
Jonathan Miller: These platforms provide great opportunities for us to connect with the investment community and I look forward to engaging with many of you there
Jonathan Miller: I'm also pleased to announce the launch of our new corporate profiles on LinkedIn and Twitter, now known as X. These channels will be key in keeping you updated with real-time information, so please go ahead and follow us to stay informed about our latest developments and insights.
Jonathan Miller: Our optimism is further fueled by our restructuring of our management and operations teams, which has positioned us to not just be profitable, but also a dominant force globally in the antimony and zeolite markets.
Jonathan Miller: Our outreach and market awareness strategy is another critical area of focus. As Gary mentioned, we are meeting with top lobbying firms and congressional leadership in D.C. and actively partnering with analysts and firms to enhance our visibility and attract institutional investors. This is part of our broader initiative to secure government grants and play a vital role in strengthening America's critical mineral pipelines and infrastructure. These efforts are not only pivotal for our growth but also align with national priorities, making us a strategic player in this space.
Gary: Our outreach and market awareness strategy is another critical area of focus. As Gary mentioned, we are meeting with top lobbying firms and congressional leadership in D.C. and actively partnering with analysts and firms to enhance our visibility and attract institutional investors.
Gary: This is part of our broader initiative to secure government grants and play a vital role in strengthening America's critical mineral pipelines and infrastructure.
Gary: These efforts are not only pivotal for our growth, but also align with national priorities, making us a strategic player in this space.
Jonathan Miller: In conclusion, the community should be excited about our new direction and the many opportunities we look to capitalize on. I look forward to discussing these topics in more detail during our Q&A session, and thank you for your continued support and interest in United States Antimony Corporation.
Speaker Change: In conclusion, the community should be excited about our new direction and the many opportunities we look to capitalize on. I look forward to discussing these topics in more detail during our Q&A session, and thank you for your continued support and interest in United States Antimony Corporation.
Gary Evans: Thank you, Jonathan. And I assure you, Jonathan has been a great right hand for me, and we will be able to do a whole lot more together in the next few months.
Speaker Change: Thank you, Jonathan, and I can assure you, Jonathan, it's been a great right hand for me and we'll be able to do a whole lot more together coming in the next few months.
Gary Evans: I'm going to give you a little bit of forward-looking statements. Fortunately, we're safe here. We're hoping to be in a position to publicly announce one of our new ventures within the next 10 days. This venture is new to us. Siding.
Speaker Change: I'm going to give you a little bit of forward-looking statements, fortunately. We're safe here. We're hoping to be in a position...
Speaker Change: to publicly announce one of our new ventures within the next 10 days. This venture is new to us.
Operator: It was approved by our board of directors yesterday, and we're just concluding definitive agreements now. So I would anticipate we'd be able to talk about that in greater detail next week. We now know we have some listeners that have questions, and we'd like the operator to begin asking our first question so we can try to address them
Speaker Change: It's exciting. It was approved by our board of directors yesterday, and we're just concluding definitive agreements now. So I would anticipate we'd be able to talk about that more in greater detail next week.
Speaker Change: We now know we have some listeners that have questions, and we'd like the operator to begin asking our first questions so we can try to address them.
Operator: Certainly. At this time, we'll 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 himself to one question when submitting. Our first question is, seeing that Bear River Zeolite has finally had equipment and personnel upgrades, how big could this part of your business become, and in what time frame?
Speaker Change: Certainly. At this time we'll be conducting a question and answer session. If you'd like to ask a question, please click on the ask question box on the left of your screen. Type in your question and hit send.
Speaker Change: We do ask that each participant please limit to one question when submitting.
Speaker Change: Our first question is, seeing that Bear River Zeolite has finally had equipment and people upgrades, how big could this part of your business become, and in what time frame?
Gary Evans: Well, it's a great question, something we ask ourselves every day.
Speaker Change: Well, that's a great question. Something we ask ourselves every day.
Gary Evans: Look, it all depends on the business. We're going after big business. We're not going after small business. So when I say that, I think only 5% of the cattle in the United States are being fed zeolite. And, you know, that's a huge growth opportunity. We Know Water Treatment. Water treatment facilities could use zeolite.
Speaker Change: Look, it all depends on the business.
Speaker Change: We're going after big business. We're not going after little business.
Speaker Change: So, when I say that...
Speaker Change: I think only 5% of the cattle in the United States are being fed zeolite.
Speaker Change: and, you know, that's a huge growth opportunity.
Gary Evans: We know nuclear waste. As I said earlier, the government ought to be stockpiling our zeolite for the next nuclear disaster. So that's what we're doing. We're educating these various parties about why it is such a great product. We're not going to build it, and Gary Evans. Thank you. Thank you.
Speaker Change: We know water treatment facilities could use zeolite. We know nuclear waste, as I said earlier, the government ought to be stockpiling our zeolite for the next nuclear disaster.
Speaker Change: So, that's what we're doing. We're educating.
Speaker Change: these various parties about why.
Speaker Change: This is such a great product. We're not going to build the facility out until we know the business is coming.
Gary Evans: We'll have a good sense. We'll know a whole lot more, I think, over the next 30, 60, 90 days. So to answer your question,
Speaker Change: We have a good sense, and we'll know a whole lot more, I think, over the next 30, 60, 90 days. So to answer your question.
Gary Evans: It could be huge. We've got the reserves. Those reserves are going to be here long before anybody on this call is still alive. Unknown Attendee, Jonathan Miller, John Gustavsen, Gary Evans, Lloyd Bardswich, Richard Isaac, John Gustavsen, spend more capital on this. Facility will be doing it, and I can promise you the people up there are chomping at the bit to build out more capacity.
Speaker Change: It could be huge.
Speaker Change: we've got the reserves. Those reserves are going to be here long before anybody on this call is still alive.
Speaker Change: they'll be here 200, 300, 400 years. So we've got a great resource, we've got good people, and we have the ability to grow. So as soon as we get the comfort that we got the kind of orders so we need to
Speaker Change: spend more capital on this facility. We'll be doing it. I can promise you the people up there are chomping at the bit to build out more capacity.
Operator: Your next question is, how do you plan to be successful with CattleMax while other companies, including one of your customers, have a product serving the segment? Won't you alienate your customer? Do you plan on taking market share from others or trying to grow the total addressable market?
Speaker Change: Your next question is, how do you plan to be successful with CattleMax while other companies, including one of your customers, has a product serving this segment? Won't you aliate your customer? Do you plan on taking market share from others or trying to grow the total addressable market?
Gary Evans: Good question. We will still sell to the existing parties we sell to. We're trying to attract new customers, new cattlemen, new feedlots that are currently not using zeolite at all, and that's really going to be through nutritionists. Nutritionists are the ones that cattlemen listen to. And so we have a specific targeting method of soliciting nutrition. So I don't see there being any conflict, because even if a distributor came to us and said, hey, we'd love to be selling your zeolite under our own label, no problem. We'll cut a deal and have their zeolite compete with CattleMax. So we're not concerned about that, and we would never undercut our existing customers.
Speaker Change: Good question. We will still sell to the existing parties we sell to.
Speaker Change: We're trying to attract new customers, new...
Speaker Change: cattlemen new feedlots that are currently not using zeolite at all, and that's really going to be through nutritionists. Nutritionists are the ones that cattlemen listen to.
Speaker Change: And so, we have a specific targeting, target method of soliciting nutritionists.
Speaker Change: And so I don't see there being any conflict because even if a distributor came to us and said, hey.
Operator: Your next question is regarding zeolite. I thought there was tremendous potential for selling into mining companies for air filtration after blasting. Do we have anyone trying to grow this business, especially in Canada?
Speaker Change: Your next question is, regarding zeolite, I thought there was tremendous potential selling into mining companies for air filtration after blasting.
Speaker Change: Do we have anyone trying to grow this business, especially in Canada?
Gary Evans: We do have a salesman in Canada. We have an operation up there, and we ship. Quite a bit of material, two cans. Unknown Attendee, Jonathan Miller, John Gustavsen, Gary Evans, Lloyd Bardswich, Richard Isaak, Uh... There's no question we could improve the marketing and sales efforts we have in Canada, and we've been discussing that internally. Joe, you might comment a little bit about how zeolites are used in that business.
Speaker Change: We do have a salesman in Canada. We have an operation up there, and we ship.
Speaker Change: Quite a bit of material to Canada.
Speaker Change: Thank you. Bye.
Speaker Change: Thank you.
Joe: there's no question we could improve the marketing and sales efforts we have in Canada and we've been discussing that internally. Joe, you might comment a little bit about how Zeolite's used in that business?
Joe Bardswich: Okay, so, so basically, using explosives underground in particular, the cheapest way to go was ammonium nitrate fuel oil, the ammonium that detonated with the, with a booster cap or whatever, it produces a lot of ammonia gas that ends up in the mine water, ends up in the mine environment from a fair quality point of view, etc. The practice is to take the 1440 zeolite, so minus 14 mesh plus 40 mesh.
Joe: Okay, so basically...
Joe: Using explosives underground in particular, the cheapest way to go was ammonium nitrate fuel oil. The ammonium, that detonated with a
Joe: with a booster cap or whatever, it produces a lot of ammonia gas that ends up in the mine water, ends up in the mine environment from a
Joe: from a fair quality point of view, et cetera. The practice is to take.
Joe: the 1440 zeolite, so minus 14 mesh plus 40 mesh. Spread that, as an example, taking a tunnel round, a drift round, you spread that on the ground just before the blast.
Joe Bardswich: As an example, taking a tunnel round, a drift round, spread that on the ground just before the blast. The blast, the blasted material ends up on top of that zeolite, and the zeolite absorbs the ammonia before it has a chance to get into the air and water. Another use of underground is in removing metal ions from discharged water, both from the mine and from the milling facilities. A specialized market, but lots of potential to grow, in my opinion. Back to you, Gary.
Joe: The blasted material ends up on top of that zeolite, and the zeolite absorbs the ammonia before it has a chance to get into the air and water.
Joe: Another use of the underground is in removing metal ions from discharged water both from the mine and from the milling facilities.
Joe: a specialized market, but lots of potential to grow in my opinion. Back to you, Gary.
Gary Evans: Yeah, it's another market that you've specifically identified and is another area that we will continue looking at.
Gary: Yeah, it's another market that you've specifically identified and is another area that we will continue looking at.
Operator: Your next question is, what can you tell us about zeolite acquisitions, which was an initiative mentioned last August 9th, exactly one year ago?
Speaker Change: Your next question is, what can you tell us about zeolite acquisitions, which were an initiative mentioned last August 9th, exactly one year ago?
Gary Evans: Well, that's a good question. We have, I will just be up front, we have been working on an acquisition. We actually weren't invited in until closer to December, so eight months now, and we've done a lot of work on it, and we found some problems, and I don't know whether those problems will be insurmountable or not. We are, I would say, the status of us as of this week is that we're in standby mode. We've given the seller the conditions that they would have to meet in order for us to move forward on an agreement, and we are not comfortable that those conditions will ever be met.
Gary: Good morning.
Speaker Change: We have, I will just be up front, we have been working on an acquisition.
Speaker Change: We actually weren't invited in until closer to December, so eight months now, and we've done a lot of work on it, and we found some problems, and I don't know whether those problems will be insurmountable or not.
Speaker Change: We are, I would say the status of us as of this week is we're in standby mode.
Speaker Change: We've given the seller the conditions of which they would have to meet in order for us to move forward on an agreement, and we are not comfortable that those conditions will ever be met.
Operator: Your next question is how we will bring back the BRZ business to profitability. Say that one more time. Your next question is, how will you bring back the BRZ business to profitability? Well, we
Speaker Change: Your next question is, how do we bring back the BRZ business back to profitability?
Speaker Change: Say that one more time.
Speaker Change: Your next question is, how will you bring back the BRZ business back to profitability?
Gary Evans: Run time and more business. So there's no, you know, as I mentioned, we spent half a million dollars on capital improvements in the second quarter. Well, had we not spent half a million dollars on capital improvements, we'd have had half a million dollars in more profit. So, you know, as we get everything fixed and going, and there's no question that economies of scale apply to this business. So if we're able to double production, that doesn't mean we're doubling costs.
Gary Evans: Well, we reported profitability this quarter, so it's real simple.
Speaker Change: Well, we reported profitability this quarter, so it's real simple, run time and
Speaker Change: more business. So there's no, you know, as I mentioned, we spent half a million dollars on capital improvements in the second quarter. Well, had we not spent half a million dollars on capital improvements, we'd have had
Speaker Change: half a million dollars in more profits. So, you know, as we get everything fixed and going, and there's no question economies of scale apply to this business.
Speaker Change: So if we're able to double production
Gary Evans: Our costs may go up 10, 20, 30%. So our margins will continue to expand in this area. And when the question was asked about another zeolite business, we have a second transaction that we're working on now. So we are not just, you know, looking at one deal and walking away. We have another one that we're now negotiating. So hopefully, we'll have some news on that in the not too distant future. But to answer your question, we've turned it around. We've got to increase sales. We got to... Get everything fixed so we're not spending capital dollars, and you'll see more money come in on the bottom line.
Speaker Change: That doesn't mean we're doubling costs. Our costs may go up 10, 20, 30 percent. So our margins will continue to expand in this area.
Speaker Change: When the question was asked about another zeolite business, we have a second transaction that we're working on now.
Speaker Change: We are not just, you know, looking at one deal and walking away. We have another one that we're now negotiating, so hopefully we'll have some news on that in the not-too-distant future. But, to answer your question, we've turned it around. We've got to increase sales. We've got to...
Speaker Change: Get everything fixed so we're not spending capital dollars and you'll see more monies come to the bottom line
Operator: Your next question is, are you still able to make tree sulfide to military specifications? My memory is that the original batches depended on low-lead materials from an inaccessible part of Mexico.
Speaker Change: Your next question is, are you still able to make trisulfide to military specification? My memory is that the original batches depended on the low-lead materials from the inaccessible part of Mexico.
Joe Bardswich: Joe, do you want to respond to that?
Joe Bardswich: I think that statement is correct; the material that We produced for the military that met their specs came from the Guadalupe mine in Mexico. We were also able to meet the military's specifications from the Soyotel mine in Mexico. Both of those operations are unreliable, and we are looking for another source.
Speaker Change: Joe, you want to respond to that?
Joe: I think that statement is correct.
Joe: The material that
Joe: We produced for the military that met their specs, came from the Guadalupe mine in Mexico. We were also able to meet the military specs from the Soyotel mine in Mexico.
Speaker Change: both of those operations are unreliable and we are looking for another source.
Gary Evans: We have demonstrated the ability, and that will be enhanced in the future with the addition of Aaron and the expertise in the flotation. Yeah, that was what I was going to say, Joe, is that even though the material that we processed was from our Mexican operations that we've shut down, we're confident that we can also get material from other sources at a cheaper price and make money. The difference between Mexico and we could not make any money.
Speaker Change: resources.
Speaker Change: We have demonstrated the ability and that will be enhanced in the future with the addition of Aaron and the expertise in the flotation.
Speaker Change: Yeah, that was what I was going to say, Joe, is that even though the material that we processed was from our Mexican operations that we've shut down, we're confident that we can also get material from other sources at a cheaper price.
Gary Evans: So the relationship that we formed with the DOD has been good. As I said, we've had some conversations with them actually this week and even more planned next week. You gotta understand, our government, unfortunately, is in a pickle. They don't have love.
Speaker Change: The relationship that we formed with the DOD has been good. As I said, we've had some...
Speaker Change: conversations with them actually this week, and even more planned next week.
Speaker Change: You've got to understand, our government, unfortunately, is in a pickle.
Gary Evans: to meet the demands of the U.S. military, and there are mandates to figure out how to fix it, and we're obviously one of the companies that could, hopefully, fill that void.
Speaker Change: They don't have...
Speaker Change: Enough.
Speaker Change: antimony to meet the demands of the U.S. military and there's mandates to figure out how to fix that and we're obviously one of the companies that could.
Operator: Your next question is, what is the probability of a reverse split? Unknown Attendee, Jonathan Miller, Joe Bardswich, Richard Isaac, Lloyd Bardswich, US Antimony,
Speaker Change: hopefully fill that void.
Speaker Change: Next question.
Speaker Change: Your next question is, what is the probability of a reverse split?
Gary Evans: Well, I'll put it this way, we got everything approved at the shareholder meeting, and we had a board meeting yesterday, and it was never discussed, so what does that tell you?
Speaker Change: Well, there's, I'll put it this way, we've got everything approved at the shareholder meeting and we had a board meeting yesterday and it was never discussed. So how does that, what does that tell you?
Operator: We have reached the end of the question and answer session. I'll now turn the call over to Gary C. Evans for closing remarks. OK.
Speaker Change: We have reached the end of the question and answer session. I will now turn the call over to Gary C. Evans for closing remarks.
Gary Evans: Okay, well, um, just under an hour. Thank all of you for taking the time. And it was a Friday afternoon, but we wanted to get the numbers out. We're proud of what we reported for the six months, but You know, there's a lot more room to go, and this group of employees now, and officers, and directors are working extremely well together. We have so many irons in the fire that I can't even begin to tell you.
Speaker Change: Okay, well, just under an hour. Thank all of you for taking the time. I know it's a Friday afternoon, but we wanted to get the numbers out. We're proud of what we reported this quarter in the six months, but
Speaker Change: you know, there's a lot more room to go and
Speaker Change: This group of employees now and officers and directors are working extremely well together. We have
Gary Evans: And when you have that much activity, and you're going in all these kinds of directions that we're going, things are gonna click. And as I mentioned, we've got one getting ready to click that we'll be announcing soon. So we're excited about the new direction and the team effort. We're excited about all the new people that are helping us; they bring a wealth of knowledge, experience, and contacts that we've never had.
Speaker Change: So many irons in the fire that I can't even begin to tell you and when you have that much activity
Speaker Change: and you're
Speaker Change: going in all these kind of directions that we're going, things are going to click.
Speaker Change: And, as I mentioned, we've got one getting ready to collect that we'll be announcing soon. So, we're excited about the new direction.
Speaker Change: We're excited about the team effort, we're excited about all the new people that are helping us.
Speaker Change: They bring a wealth of knowledge and experience and contacts that we've never had. And so, instead of being a sleepy, mining company, run like a private company, we're an exciting, growing,
Gary Evans: And so instead of being a sleepy mining company run like a private company, we are an exciting growing public company that's fixed its cash flow issues, it's treating its cash like gold, and is going to be positioned to show some exciting future opportunities in the not too distant future.
Speaker Change: public company that's fixed its cash flow issues, it's treated its cash like gold, and going to be positioned to show some exciting future opportunities in the not-too-distant future. Thank you all. Have a good weekend.
Operator: Thank you all. Have a good weekend.
Operator: This concludes today's webcast, and you may disconnect your lines at this time. Thank you for your participation.
Speaker Change: This concludes today's webcast and you may disconnect your lines at this time. Thank you for your participation.
Jonathan Miller: I'm Jonathan Miller, Vice President of Investor Relations and Global Sales Director at United States Antimony. I've spent the last seven years working with hundreds of public companies as a change agent for digitization and automation in the evolving investor relations landscape. I'm excited to bring my knowledge, experience, and relationships to UAMY and speak with you today and bring you up to speed on the strategic initiatives that we're focusing on as we continue to drive growth. Both instruction strengthen our position in the market. Thank you.