Q4 2024 United States Antimony Corp Earnings Call
Speaker Change: [music].
Greetings and welcome to United States Antimony Corporation fiscal year, 2020 for a financial and operational results meeting.
At this time all participants are in a listen only mode.
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 see Evans, Chairman and CEO you may begin.
Thank you and Hello, everyone and thank all of you for dialing into our conference call. This afternoon.
We're anxious to update us today on all of our activities at U S antimony.
I have with me on the call today, Joe bars, with who is a board member and executive Vice President as well as chief money, an engineer of the company, Rick Isaac who is our senior Vice President and Chief Financial Officer, and Jonathan Miller, Our Vice President who is in charge of Investor Relations.
They will all be giving short presentations about their respective divisions today.
When we had this call last year, we told you that 2023 was a year of transition.
As indicated in the press release. This morning. This past year was a significant turning point for U S. Antimony.
We've added since the beginning of last year, a significant bench strength. This includes a new controller five new Vice Presidents, one senior Vice President when executive Vice President and two sales personnel for our Z Light Division.
These professionals are the ones, taking your company to the next level.
We reported this morning record revenues today, a 14.9 million, which was up 72%.
Year over year.
Cost of sales was down 5% year over year and our gross profit.
Was up 204% year over year.
Rick: I would like to now introduced a rig is who's going to summarize and give you some more detail on our financial performance for physical 2020 for Rick.
Rick: Thanks, Gary.
Rick: So I'll start with some comments on our consolidated results.
Rick: First the reporting of our Mexico results in our SEC filings change throughout 2024.
Rick: No.
Rick: I'm going to briefly describe these changes are.
Rick: As you know we closed our Mexico operations in the first quarter after years of losses and presented their results as a discontinued operation in a footnote in our 10-Qs for the first second and third quarters of 2024.
Rick: Then we reopened our Mexico operations in the fourth quarter of 2024 due to the significantly increased market price and demand for antimony.
Rick: And presented their results in continuing operations and our 2024 10-K.
Rick: Which is also how we presented Mexico's results and our 2023 10-K.
Rick: Okay. So in the consolidated P&L.
Speaker Change: Sales as Gary mentioned were $14 9 million for fiscal year, 'twenty, 'twenty, four which as Gary said was an increase of 72% over last year.
Speaker Change: This increase was achieved with those higher sales volumes and higher sales prices in both our antimony in zeolite businesses.
Speaker Change: It's worth repeating Gary mentioned it that our sales of $14 9 million was the highest sales level since being listed on the NYSE.
Speaker Change: Our gross profit was $3 5 million for fiscal year, 'twenty, 'twenty, four which compares to a loss of $3 3 million in 2023.
Speaker Change: This complete turnaround was achieved with cost efficiencies and price increases.
Speaker Change: And we also implemented strict controls in Mexico as we process the remaining ore in 2024 and this significantly improve gross profit from our Mexico operations, along with the higher antimony market price.
Speaker Change: Next I'll cover a few items with our antimony business. Our antimony sales were $11 1 million in 2024, which is up $5 2 million or 88%.
Speaker Change: Were sent over 2023.
Speaker Change: About 60% of the sales increase relates to the average price increase.
Speaker Change: 40% relates to the volume increase.
Speaker Change: These increases were primarily due to the higher worldwide demand for antimony as we've discussed and described in our earnings release.
Speaker Change: We've been focused on capitalizing on this increased demand for some time.
Speaker Change: We have several initiatives in process to do just that.
Speaker Change: First we reopened our Mexico operations as I described earlier.
Speaker Change: So operations can process and sell finished antimony products with engineered production capacity ranging up to 200 tons per month.
Speaker Change: Additionally.
Speaker Change: We're sourcing or for our Mexico operations from new suppliers, and improving our machinery and equipment in Mexico, both of which allow for more economical production of antimony products in Mexico.
Speaker Change: Also we started the expansion of our antimony processing facility in Thompson Falls Montana.
Speaker Change: In addition, we acquired mining claims.
Speaker Change: Potential for us to own some of our antimony supply.
Speaker Change: Next with our zeolite business, our zeolite sales were $2 9 million in 2024.
Speaker Change: Which is up <unk> 5 million or 19% over 2023.
Speaker Change: About half of the sales increase relates to the volume increase and about half relates to the average price increase.
Speaker Change: Our zeolite gross profit for 2024 was a loss of <unk> 6 million, which is primarily due to much higher maintenance and repair costs and related expenses.
Speaker Change: As described in our prior earnings calls these higher costs were needed to repair older equipment and trucks Nathan operational after years of neglect and resulted in an operational loss for 2024.
Speaker Change: However, these improvements increased our production reliability and safety and will allow us to grow our zeolite business and in 2025, we're focused on growing sales profitably and we hired two sales personnel to do just that.
Overall, we accomplished a lot in 2024.
Speaker Change: Financially.
Speaker Change: As we've said 'twenty 'twenty four was our highest sales level since being listed on the NYSE.
Speaker Change: We improved gross profit from a loss of $3 3 million in 2023 to a profit of $3 5 million in 2024.
Speaker Change: We improved cash flow from a decrease of $7 2 million in 2023, two an increase of $6 3 million in 2024.
Speaker Change: Operationally.
Speaker Change: We started the year with our zeolite facility experienced some downtime and ended the year with a more reliable production facility with improved on time delivery and safety you're ready for growth.
Speaker Change: We started the year as the only U S domestic producer of antimony products.
Speaker Change: And ended the year with the ability to produce antimony products in the U S and Mexico.
We started the year with only one supplier of antimony ore and ended the year with three suppliers of antimony ore.
Speaker Change: We started the year with no U S mining claims and ended the year with mining claims in the U S and Canada.
Speaker Change: Had the potential to make our antimony business more vertically integrated and expand our company's product offerings.
Speaker Change: Overall, we have a talented team that's dedicated to improving our company.
Speaker Change: Strengthening America's critical minerals in critical materials pipeline and increasing shareholder value.
Speaker Change: I'll turn it back over to you Gary.
Gary: Thank you Rick.
Speaker Change: Now I'd like to ask the Joe bars with the update everyone on all the activities. He and his team have been working on with regards to our mining leases, both in Alaska and Canada Joe.
Gary: Okay I was going to.
Gary: Start with operations at Devry Brasil as Gary Okay.
Gary: But.
Gary: There's never been a resource to reserve calculation for this world class ore body.
Gary: Without one we believe it could even be able to comply with the new FCC Oh state regulations regarding reported gold mineral reserves and resources.
Gary: Rectify this we conducted a definition of Bill program.
Gary: During July 24, really needed 80 holes for a total of over 6700 feet.
Gary: Those were drilled approximately 100 feet apart, mostly long existing roads.
Gary: There are areas, which can be accessed easily.
Gary: Got it from from it's still six were drilled in a role were collected.
Ended up with over 1100 samples split into portions suitable for us and sent through internationally established.
Gary: Well no one ISO certified labs, namely.
Gary: Global and S J F.
Gary: For both the sample prep and analysis.
Gary: This program was conducted solely on the portion of the privately these ground and did not include any of the federal land.
Gary: Our mining claims.
Gary: Technical report adhering to the guidelines of SK 1300 has been prepared with an independent board.
Gary: Qualified person as the primary author.
Gary: Especially as licensee of the proprietary leapfrog resource calculation with software and myself and secondary offerings.
Gary: The report will include a state of the reserves that have been calculated.
Good day for the report completion is March 31st.
Gary: Well the drill was on place. The contractor was also engaged the drill and blast a large area on the east side of the property.
Gary: I'll finish up with various or there could be reclaimed concurrently with continued mining operations.
Gary: Boston material was estimated to contain 63000 tons of zeolite sufficient for three or four more years of production at present rates.
Gary: Ooh money in the bank. There subsequently the old BRZ drilled was sold along with other condemned equipment.
Gary: Sitting idle on the property for several years.
Gary: Basically eliminated a nicer.
Gary: Okay.
Gary: Loader was purchased along with a 40 ton articulated trucks, the excavator windows or maybe not in sight the.
Gary: The quality and reliability of our equipment fleet is the best route to go along with the plant improvements.
Gary: I've been paid.
Gary: Now switching to the Ontario, Canada cobalt property.
Gary: This property is located in the northwest there to the Sudbury Basin.
Gary: Jason believed to have been caused by a large meteor impact is the most prolific mineral producing area of Canada.
Gary: Mainly for nickel copper cobalt and platinum group metals Felipe <unk>.
The claims that we have acquired through an option agreement on our old School care program.
Gary: An area of more than 4000 acres on the north west there to the basin.
Gary: There is been previously explored by small companies and includes showing up.
Speaker Change: I agree cobalt nickel business another critical minerals.
Gary: Economic interest along with three mile trend.
Gary: The highlight of the iron loss, showing within historical drill hole, which recorded a.
Gary: He will call interval of four feet of 16% cobalt and 8% nickel.
Gary: Two miles to the south the cobalt shelf wear and tear.
Gary: Terrio Department minds reports that are fixed on SAP labore grading 15 present cobalt.
Gary: So the silver per ton was shipped in the 19 thirties.
Gary: This compares with.
Gary: Average redo cobalt producers being in the 1% range.
Gary: This area is covered by extensive bans gravel muskeg and small lakes, which has hampered efforts of earlier exploration is the math as you always do the area definitively understand that geology.
Gary: We believe these high grade joins do not exist in isolation.
Gary: We're focused on determining the extent of the mineralization, particularly the cobalt.
Gary: We have assembled a team of geologists from the Sudbury area added by a doctor Fred breaks recently retired.
Gary: Terry will geological survey.
Gary: As soon as the snow is gone we will commence the next bigger supported overburden retrenching, the European program to uncover and wash the rock.
Gary: Build mapping of the geology determined the mineralogy and assess the potential of property does.
Gary: Economic quantities are critical minerals.
Gary: In Alaska, we've acquired several properties related to critical minerals with a focus on out of the money.
Gary: Located on Nonfederal lands.
Gary: Alaska, and particularly the para banks area with the primary source about ammonia for the Allied nations during the first World War.
Gary: During World War, two with your band from Japanese forces in the loosens the focus shifted to Idaho.
Gary: We are shifting our focus back on to Alaska.
Gary: The Fairbanks area antimony deposits were originally discovered by the placer gold miners and about 1900.
Gary: Ooh considered the large boulders of antimony.
Speaker Change: Andrew it's.
Speaker Change: Following the discovery and development of a Fort Knox gold deposit the 19 eighties.
Speaker Change: You saw intense exploration by major companies like Placer dome.
Speaker Change: Looking for gold.
Speaker Change: Part of their exploration programs included soil sampling surveys have indicated minerals, which included antimony.
Speaker Change: We are off to a large number of claims on the state of Alaska land.
Speaker Change: Our family of company, who own these claim for a couple of generations.
Speaker Change: No federal and therefore, no NIPA permitting that's required.
Speaker Change: The owners have provided us with the placer dome and ankle records.
Speaker Change: So I believe that our vice president of my vision.
Speaker Change: As identified target areas with anomalously high antimony values in this whole Florida.
Rod: Rod is a graduate of the University of Alaska, Fairbanks and has 19 years of.
Rod: Field experience in the state you will return to Alaska to head up an exploration program of trenching the areas.
Rod: Containing the antimony anomalies, which will include mining of any acrimony as it has uncovered.
Rod: We've made arrangements to lease at 3.75 acre parcel in Atlanta for MX, a local lots are minor and intend to establish the shop warehouse building on the site and make this our field headquarters.
Rod: We anticipate that once we strip the overburden and uncovered the bedrock will find high grade out of the money.
Rod: Is that the drug, which we would excavate all to in store on the patent Atlanta that we've released.
Rod: By August we intend of stockpiled sufficient ore to begin trucking to our Montana facilities.
A ton of material grading, 50% antimony would have a gross value of $25000 per tonne at today's prices.
Rod: And from the Fairbanks area to Philipsburg at about 2400 35 miles.
Rod: With 20 tonne truckload worth $500000 at 50%.
Rod: Pneumonia is estimated to cost $5200 per truckload.
Rod: We're about $2 60 per ton or about 1% of the value of their theres, some real incentive to move forward with its Alaska operation.
Rod: Yeah.
Rod: Rod and all of us that U S. Alimony are committed to making this happen.
Rod: Turn it back to you Gary.
Alright, great job and I hope everybody heard what you said in the last couple of sentences because it's important for our investors to understand that today.
Rod: We are buying antimony from third parties and as Rick said, we have three different parties that are supplying us antimony, they're all international there is no antimony today being mined in the United States or Alaska.
And with our ability to move our own product from Alaska in August to our facilities in Montana.
Rod: Very low cost at Jos just outlined our margins will substantially improve and so I keep hearing.
Rod: Number is about the amount of tonnage I keep putting that in the back of my mind, but I'd be happy starting out with a couple of hundred tonnes, a month and so we're getting prepared to receive that material and I'm looking forward to that having a substantial impact to our operating results in the second half of the year.
Speaker Change: I would like to now introduce Jonathan Miller, He's Oh brand, New father, and who now gets absolutely no sleep. So please give him a little love there to tell he's going to tell you all about what we've been doing on the.
Jonathan Miller: Marketing front in the capital markets as well as Investor Relations Jonathan.
Jonathan Miller: I appreciate the introduction Gary.
Speaker Change: So when I joined U S. Antimony in July of last year, one of our most immediate challenges was our complete lack of exposure to wall Street and the broader capital markets. Prior to management changes you am why it had no marketing efforts no institutional awareness and virtually zero engagement with investors.
Jonathan Miller: Was clear we needed to build that foundation from the ground up.
Jonathan Miller: Our initial strategy in the second half of last year was straightforward, but deliberate start small build credibility and create visibility with <unk>.
Jonathan Miller: Focused heavily on attaining more than 20 in person and virtual investment conferences targeting small cap and microcap events, where we can directly engage retail any early institutional investors.
Jonathan Miller: These efforts allowed us to tell the U E. M story for the first time directly to market participants, who had never heard of us and knew nothing about antimony in zeolite samad.
Jonathan Miller: Simultaneously, we launched profiles on key social media and brokerage platforms, such as Linkedin ex formerly Twitter stock Twitch, and Weeble, which now represent a combined audience of nearly 65000 retail investors actively following or watching you a M y <unk>.
Jonathan Miller: These platforms became critical tools to communicate company milestones industry news and raise awareness about antimony his role as a critical mineral.
Jonathan Miller: Our results speak for themselves through this focused retail and Microcap institutional outreach. We successfully took the company from a market cap of 20 million to approximately 200 million, putting you a M Y firmly on the radar of Wall Street and for the first time aligning our visibility with the growing national interests and critical minerals, especially anti.
Jonathan Miller: Tony.
Jonathan Miller: Is that awareness grew particularly around antimony strategic importance and national defense and energy storage are strategy naturally evolved the next phase, which began this January is to target larger investors and funds many of which are international that drive significant long term capital appreciation.
Jonathan Miller: We've been fortunate to work closely with our highly connected boutique firms like Alliance Global partners tightened partners inject capital all of whom have not only taken the time to fully understand our story.
Jonathan Miller: Also introduced us directly to dozens of institutional investors through sponsored Roadshows.
Jonathan Miller: Further outreach has included meetings with mining focused analysts and bankers from RBC capital Canaccord Genuity National Bank financial Scotiabank BMO Bank of America Wells Fargo, and Rothschild and cow. These conversations have been invaluable not just for future potential capital sources, but for real.
Jonathan Miller: <unk> shipbuilding and market intelligence as we position you a M y within the broader critical minerals space.
Jonathan Miller: Another core focus has been securing equity research coverage, which was completely nonexistent prior to our team stepping in.
Jonathan Miller: Since then two independent firms have picked up research coverage on US which include H C. Wainwright and alliance global partners with potentially four more firms expressing interest in publishing coverage. Following todays earnings report a major milestone that we will continue to expand our institutional audience.
Jonathan Miller: Finally, we've extended our visibility into the mainstream media and industry press planting seeds in the broader narrative around critical minerals and U S supply chain security, we secured TV and written narrative coverage in over a dozen major outlets, including Reuters S&P Global vast markets, New York Stock Exchange T V.
Jonathan Miller: Bloomberg and Fox business mornings with Maria Bartiromo, all amplifying you a M at U E M Y story to a global audience.
Jonathan Miller: In summary, 2024 was about laying the groundwork elevating you a M Y from obscurity to relevance 2025 will be about continuing to plant seeds deepening institutional relationships broadening research coverage, increasing revenues and positioning UA M Y as a key player in the national critical minerals conversation.
Jonathan Miller: Well, we believe we firmly belong.
Jonathan Miller: Yeah.
Speaker Change: Thank you Jonathan and then one other thing that I'd like to mention concerning the capital markets is it based on some preliminary work did a couple of firms have done for us. It appears that our U S. Antimony is going to be added to the Russell 2000 index in May.
Speaker Change: This will obviously add further to our market awareness and create additional trading in our securities.
Speaker Change:
Speaker Change: Two things that we have not touched upon on this call today are the D. O D Grant request and tariffs and so I'd like to give you a little information there we have submitted all the required paperwork for the federal grants to the U S government and we currently remain in what's called a quiet period.
Speaker Change: So no doubt that changes that the that had been made recently since president Trump became our new president of the United States.
Speaker Change: It has slowed things down.
Speaker Change: But we feel confident that we're well positioned and in the story that we've told the department of defense and we remain hopeful of something some relief are down the road.
Speaker Change: And.
Speaker Change: If and when we did the Q&A session. Please don't bother asking me anything about the D O D. Because I really can't say anything more than what I've just said.
Speaker Change: With respect to tariffs.
Speaker Change: We do remain concerned and have discussed the situation with the Governor Senators and house members in the states, where we do business. This has been done both in a personal meeting by myself and our head of government relations Melissa pagan as well as in written correspondence that we've delivered stewed all of these.
Speaker Change: Our members.
Speaker Change: They all understand it and they all are are waiving our flag. This has not affected our business yet.
Speaker Change: We continue to monitor the situation closely since we obviously deal and critical minerals. We believe there will be an opportunity for exemption similar to the auto industry, where we also happen to sell antimony products.
Speaker Change: Before we open the conference call to questions I'd like to outline seven key objectives that we have as a company for physical 2025.
Speaker Change: They are as follows number one.
Speaker Change: Continue to increase intake volumes of antimony at both the Thompson falls and Maduro smelters.
Speaker Change: Number two expand capacity at both smelters as our increased volumes dictate this is predominantly done by adding additional furnaces.
Speaker Change: Number three assuming we're successful in receiving government grant monies, we hope to accelerate our expansion efforts further predominantly in Montana.
Speaker Change: Number four grow our or continue to grow our zeolite sales and a much improved manner and also try to continue to improve our net margins.
Speaker Change: We think that all the past problems have been resolved and we are now in a period of time, where we can show significant progress on zeolite.
Speaker Change: Number five initiate our mining activities as Joe barges. So described in Alaska, and bringing high grade antibody or to our facilities located in Montana. This summer.
Speaker Change: Number six continue our diversification efforts and other critical minerals in either the United States and are both Canada.
Speaker Change: And number seven maintain a pristine balance sheet, while growing all divisions of the company. So that we stand out as a premier enterprise.
Speaker Change: So with that operator, we would like to open up the audience to ask us questions.
Speaker Change: Thank you at this time, we will be conducting a question and answer session. If you'd like to ask a question click on the ask a question box on the left of your screen.
Speaker Change: Typing your question and headsets.
Speaker Change: We do ask that each participant please limit to one question when submitting.
Speaker Change: One moment, please while we poll for questions.
Speaker Change: And the first question thinking Thompson falls, if you have the square feet available how long to creates our bills are double capacity system.
Speaker Change: Okay.
Speaker Change: The problem in Thompson falls is our footprint. It's limited we are and the valley between a couple mountain ranges and we're surrounded by a U S Forest service.
Speaker Change: We do know we can increase capacity there in fact, we did that last week. We added another a furnace that we had a retrofit. It we have four more that we can do that with and are planning to do as we continue to get more and more material.
Speaker Change: One thing I failed to mention in our call is that effective February 1st our input of antimony from one of our sources and Canada increased by 25% are under a contractual obligation for the next year and we saw significant loads of new antimony and the month of February.
Speaker Change: From this primary provider so we.
Speaker Change: We can increase our <unk>.
Speaker Change: Volumes in Thompson falls, but it is limited and we are looking at other possible locations.
Speaker Change: Next question.
Speaker Change: Okay. The next question.
Speaker Change: I was wondering if you have any plans to be involved in the stibnite antimony project in Idaho.
Speaker Change: Joe I'll, let you respond.
Speaker Change: Okay.
Speaker Change: We would we would like to be able to.
Speaker Change: Mhm to metallurgical you handle the concentrate which they estimate will be.
Speaker Change: A greater than 60% and that's upgrading it from.
Speaker Change: The reserve.
Speaker Change: Antimony.
Speaker Change: At the Idaho operations are a 0.6%.
Speaker Change: We're a long ways down the road for them too.
Speaker Change: Build the mill in.
Speaker Change: Yeah.
Speaker Change: We were able to put it in the process.
Speaker Change: To produce.
Speaker Change: Concentrates.
Speaker Change: Yes.
Speaker Change: That kind of carry on there Joe.
Speaker Change: It is important for our listeners to understand that were contacted by companies from all over the world.
Speaker Change: Claim they have antimony or they're gonna have antimony and I would say 90% of those inquiries.
Speaker Change: The particular company is 234 years away of actually having material and so we don't really waste our time.
Speaker Change: With those we tell them when you get within a year call us and we will talk and will be ready, but where we're trying to take advantage of $25 per pound antimony today, not two years down the road or three years down the road of four years down the road. So that's why we're working so feverishly hard.
Speaker Change: With the Alaska operations, so that we can truly be a fully integrated company have our own or do our own flotation have her own smelting and sell that product whether it be as did the D O D or whether it be to our industrial customers. So.
Speaker Change: A lot of companies talk about having all these antimony reserves, but you've got a dig down deep and pull back the layers of the onion to understand when and if they will have supply.
Speaker Change: Your next question next question are you aware of any other companies attempting to build new antimony downstream operations similar to you a M y.
Speaker Change: I I am constantly looking for that and the answer is no.
Speaker Change: And I can I feel comfortable by saying no and that we are talking to a lot of construction come.
Speaker Change: Companies that would be the ones doing that work for any other company and they have.
Speaker Change: Made us aware of nothing new being built or nothing planned. So and this is not an easy process. I mean, it's it's something that would take you know three years plus or minus in the permitting is a whole. Another story. So answer is today, we truly are the only one in U S. Only one in Mexico.
Speaker Change: And don't see any competition coming in the near future that may change, but today we're at.
Speaker Change: Okay regarding the Canadian leases and North Eastern Canada, what are your expectations for metals. If you thought there could be positive surprises in that area or what would you possibly think it could be a positive surprise.
Speaker Change: Yeah.
Gary Okay: I'll take that one Gary yes, Sir alright attitude is that.
Speaker Change: I agree cobalt does not exist in isolation.
Speaker Change: We're looking to find out what's the relationship with.
Speaker Change: With with that.
Speaker Change: It is with with the geology in the area.
Speaker Change: The advantage of finding something in that location is that there is infrastructure available.
Speaker Change: Bill formerly the ankle operations there are a large bill 30 30 miles away.
Speaker Change: <unk> go and the mill is welcomed.
Speaker Change: Welcome Richard though.
Speaker Change: Uh huh.
Speaker Change: Stressful and the mill, which is only about 20 miles away.
Speaker Change: If we discover something.
Speaker Change: But long lead time to that.
Speaker Change: They're thought to vote.
Speaker Change: For.
Speaker Change: The Idaho, a company that has antimony.
Speaker Change: Would be bypassed then we'd be able to mine and ship or right away.
Speaker Change: We have to discover.
Speaker Change: The ore body first which is our first task.
Speaker Change: Thank you.
Speaker Change: Next question.
Speaker Change: Okay, you mentioned plans to source antimony ore internally later this year can you touch on which claims you expect to source material from and where the claims are in the permitting process.
Speaker Change: Can you provide better color on the ramp up to Matt Aero now that the first shipments of ore have reach ports.
Joe Barges: Joe Why don't you take the first part of it and I'll take the second part.
Joe Barges: Okay the lands in Alaska.
Speaker Change: Uh huh.
Speaker Change: After looking at the difficulties in getting permits in Idaho that perpetual went through we've tried to concentrate on state land.
Speaker Change: Yeah.
Speaker Change: And we've succeeded in doing that.
Speaker Change: The state land permitting is generally.
Speaker Change: A month to two months.
Speaker Change: We are in the process of preparing those.
Speaker Change: Mid applications.
Speaker Change: Yeah.
Speaker Change: Yeah.
Speaker Change: Basically we intend to be digging it during the month of May.
Gary Okay: Back to you Gary.
Gary Okay: Thank you, Joe with respect to him or Daryl.
Gary Okay: So our first shipment of our Australia and antimony arrived at the port today.
Gary Okay:
Gary Okay: It will be.
Speaker Change: We inspect it didn't get trucked to maduro over the weekend and early next week, we've hired 15 new employees at Madero.
Speaker Change: We've refurbished seven furnaces over the last month and a half at a cost of just under half a million dollars and we're ready to go.
Speaker Change: So we should be processing I would say within a week to 10 days.
Speaker Change: Definitely before the end of March and.
Speaker Change: Our second and third loads are on the water that will be arriving during the months of the month of April.
Speaker Change: And we are negotiating a significant additional purchased as we speak with I don't really want to talk about yet. We also have a contracted for another 50 tons of material coming from the country of Mexico, It's a supplier and they believe they can supply about 100 tonnes a month so.
Speaker Change: I'm My biggest concern today about Maduro is it we've bought a lot of inventory and they can we keep up and actually before this call I had a discussion with our vice president that runs the Maduro division about that very point and gave him instructions on what I would like to see next so.
Speaker Change: The beauty of Maduro has we do have a very large footprint.
Speaker Change: Operating costs are extremely low because of labor cost in Mexico, and we have the opportunity to expand that.
Speaker Change: <unk> facility as we deem fit I'm, a big believer in wanting to have the inventory first before we spend the money expansion one expansion efforts, but based on what I know today I think that is definitely coming very quickly next question.
Speaker Change: Thank you you have previously stated you would have or from Alaska to Montana in June today, I think I heard August can you. Please clarify.
Speaker Change: We.
Speaker Change: Basically would prefer to.
Speaker Change: Under promise and over perform you know we're closer obviously to knowing the timing so whether it's June July or August I don't think it really matters.
Speaker Change: But where we're counting on August as being the proper date, maybe it'll be July who knows but we theres a lot of work that we have done. We've also are in the process of picking up additional claims that have antimony. So not only are we permitting at the same time getting camps build at the same time.
Speaker Change: And and buying additional leases. So we we we have a lot going on at once we were continuing to add to our bench strength as I said earlier on the call with our people and I feel confident that August is a good date of July August is a good time to assume that will be heavy material into.
Speaker Change: Thompson falls.
Speaker Change: Okay.
Speaker Change: Thank you, thanks to Gary and team for taking questions.
Jonathan Miller: And Jonathan Congrats on being a new father.
Jonathan Miller: And confirm you're only paying about $5000 for truckload to transport that seems really inexpensive.
Speaker Change: And then building on that your product from Alaska, a typical mine takes so long how do you do it. So quickly do you have enough footprint in Mexico to further expand the facility.
Speaker Change: Okay I just answered the question on the Maduro footprint, yes, we have plenty of land that's not an issue.
Speaker Change: Joe can touch upon the trucking we have done a fair amount of work on the trucking and in fact, I am getting a a map.
Speaker Change: Right now of the route we do know that there's a huge advantage in trucking and that many of the trucks coming from Alaska are to the United States or deadhead, which means that they are empty and so that could be a great advantage to us and we're still checking on all of that and Joe I'll, let you.
Joe Barges: Carry on.
Speaker Change: Okay.
That figure I just.
Speaker Change: One on the Internet and look Oh excuse me the average price of trucking in the U S.
Speaker Change: I know that the price of trucking in Canada, there's quite a bit lower than the three quarters of the trip is going to be through <unk>.
Speaker Change: Yukon territory in British Columbia, and Alberta.
Speaker Change: I went with the higher figure for you as well.
Speaker Change: The average cost.
Speaker Change: That's where I came up with that.
Speaker Change: $260 per ton.
Speaker Change: Next question next question how much Capex is involved in Alaska mining what timeline are you looking for the company to become a billion dollar company is the company profitable in Q1 this year.
Speaker Change: Okay three good questions.
Speaker Change: Obviously, our goal is to get to profitability as quickly as possible.
Speaker Change: I can't I'm, not going to give you any kind of estimate about profitability in the first quarter, but I will tell you the numbers are very encouraging.
Speaker Change: I'm not going to give you any guarantee that will be profitable we were spending a lot of money on different a lot of different areas, but if you notice our cash balances excellent week.
Speaker Change: We've been fortunate enough that some warrants came in at the end of last year or one and a half a million and we've also had additional warrant exercises already in January February and March of this year. So that's kept US helped us keep our cash balance at the level that we reported at 12 31 and so.
Speaker Change: Fortunately the kind of work that Joe is doing is not that capital intensive and as you you know.
Speaker Change: I'm new to the mining area as you all know I was in the oil and gas for 35 years and one thing I've learned is that a typical mine is a 25 year process. We're not typical miners in fact.
Speaker Change: I know some of my guys hate me, saying this but we're kind of like garbage dealers were out there picking up.
Speaker Change: Trash, which was antimony left by companies 2030, 40 years ago that was left on the ground. So the state of Alaska I think is appreciative of the fact that we're picking up antimony, that's been left by others and cleaning it up and so this is not a typical mine. It's on the ground. It's maybe the best a foot under the surface.
Speaker Change: And so it's you're talking about a couple of backhoes and trucks. So it's a total different type of excavation of mining.
Joe Barges: Then what is typical Joe do you have any further comments there.
Speaker Change: Okay.
Speaker Change: They are learning quickly.
Speaker Change: Gary.
Speaker Change: We've got much to add to that I mean.
Speaker Change: You send the excavator out to that area that you can locate in the field based on.
Speaker Change: The coordinates from the the.
Speaker Change: The drawings and the the soil sampling programs of those major companies then and.
Speaker Change: But if you start you start digging down to bedrock in.
Speaker Change: There may be little narrow veins of antimony, there that are interesting, but not interesting enough to spend a whole lot of time on and you can go onto the next slot but.
Speaker Change: The number of reports that I have read about large chunks of antimony getting in the way of the placer miner and speaking to a couple of them in person.
Speaker Change: I'm confident that we will we will be shifting 19 won't come on here this year.
Speaker Change: The ended.
Thought a step further.
Speaker Change: It is important I think for everybody understand what led us to Alaska you know.
Speaker Change: Jo Anne and Rod our chief.
Speaker Change: Geologist who worked as Joe said in Alaska and was actually responsible I think for the discovery of the Fort Knox Gold.
Speaker Change: Cause it we we the three of US went to the Geological Society, there and met with three fellows for most of the day and specifically asked him where has the antimony been discovered and where it's been left and where would you recommend we go we're coming to Alaska looking for antimony and they showed us.
Speaker Change: The deposits for Korean war in Vietnam or W. W. W. W. Two and and we hired helicopters and went out and stack those locations that was mining claims and so as we've done further work and you've got to remember this is not area. That's never been explored theres all kinds of geologic.
Speaker Change: <unk> will work, there's all kinds of reports written there is all kind of filings by the previous minor. So it was a lot of homework that these guys did to determine okay. Let's start here and go there and so and as we've done that we found other areas that we want and so we just.
Speaker Change: Did a deal last week on another additional claims that are adjacent to the ones that we already have because we see the opportunity of additional antimony in these deposits and as Joe said.
Speaker Change: We've identified eight or nine of these and you go just wondering if you can go to the next one I mean, it's it's it's very quick decision, making and it's not something that takes years of planning to do we are picking up other people's discoveries and remember they didn't care about antimony and the money was trading less than $5 a pound.
Speaker Change: It had our second ahead sulfur had always impurities nobody wanted it. It was it was the crap metal and so all of a sudden a day at $25 a pound it's very valuable.
Speaker Change: Next question what are the estimations of material on the ground at the Alaska claims and why does the amount of raw tons of material needed to make one ton of antimony.
Speaker Change: Well, Joe is back and your bailiwick.
Speaker Change: So well.
Speaker Change: So that's so basically thoughts.
Speaker Change: Oh.
Speaker Change: Our plan for shipping antimony from Alaska, where we're looking at high grade.
Speaker Change: We know from from the old Timers records that some of this stuff was.
Speaker Change: Up into the 60% 70%.
Speaker Change: We know that.
Speaker Change: We will have to be somehow carving through to.
Speaker Change: To maintain a high grade but.
Speaker Change: Okay.
Speaker Change: No.
Speaker Change: Again, when I when I.
Speaker Change: When I talk about 50% of antimony.
Speaker Change: <unk>.
Speaker Change: But uh huh.
Speaker Change: Truckload is.
Speaker Change: A half a million dollars.
Speaker Change: Okay.
Speaker Change: It's not a very big volume, but a truckload of 20 tons.
Speaker Change: And just to tell everybody all the antimony that we're buying internationally, we have never found yet that high grade of material have with Joe.
Speaker Change: The stuff we're buying.
Speaker Change: Nobody's shippers.
Speaker Change: Yeah.
Speaker Change: Other than something that's already gone through a flotation melon has been upgraded.
Speaker Change: Right.
Speaker Change: Next question, we're going to do maybe two more and then we'll be done has been on Ben.
Speaker Change: A good bit of time.
Speaker Change: Certainly do you currently have personnel and machinery and Alaska preparing the antimony ore for transporting.
Speaker Change: Joe.
Joe Barges: We've we've made arrangements with two firms want to lease the property.
Speaker Change: But where we will set up our headquarters it's adjacent to.
Joe Barges: To the first target that will go on.
Speaker Change: Patented land et cetera, Lucky for access and then the.
Speaker Change: Local one of the local placer miners.
Speaker Change: We're making arrangements to have them provide equipment and manpower. So we'll hire him by the hour.
Uh huh.
Speaker Change: Through under the direction of <unk>.
Speaker Change: Rod Thanks, Ted and its group of.
Speaker Change: Where to dig and dig in.
Speaker Change: And how to recognize the.
Speaker Change: Good stuff.
Speaker Change: Yeah.
Speaker Change: Okay. All right next question.
Speaker Change: One of the downsides and Alaska are the winters, where construction halt for months due to the ground freezing any inputs on this.
Speaker Change: We're looking to do a whole lot during the summer and.
Speaker Change: And you got the 24 hour daylight.
Speaker Change: Period of that.
Speaker Change:
Speaker Change: To note that the fourth.
Speaker Change: Fort Knox operates 24, seven 365 days a year.
Speaker Change: Different sort of operation and that it's mainly drill blast et cetera, if we if we find.
Speaker Change: Find the right situation, where we can establish a.
Speaker Change: Our pit operation then that changes the picture for us.
Speaker Change: You got to also remember we're in the area between Fairbanks and Anchorage.
Speaker Change: Yeah.
Speaker Change: You know it is in a much better environment from a climate situation and being in the northern territory.
Speaker Change: Oh, well, while we were in Alaska.
Speaker Change: Hello.
In January there were 53 states that had colder temperatures than what Fairbanks.
Speaker Change: 43 states.
Speaker Change: There are only seven states.
Perfect.
Speaker Change: Okay, operator, I think we're good.
Speaker Change: Okay. We have reached the end of the question and answer session I will now turn the call over to Gary Evans for closing remarks.
Gary Evans: Okay. Thank you all for listening into our conference call today reading, our reports and are asking very good questions. We're anxious to begin reporting results and our 2025 as we.
Gary Evans: We can continue to progress in building. This company I think one of the questions that I failed to answer was when do you expect to be a billion dollar company and as you know all my prior companies have been of that range and I think we're on a fast track to get there we definitely have a management team and a board that understands what we need.
Gary Evans: To do we're in a very fortuitous situation and were trying to take full advantage of it. So I think you'll see our other great opportunities get presented to you as we build this enterprise and.
We're excited about the position, we're in and where we're going thank you.
Gary Evans: This concludes today's webcast and you may disconnect at this time. Thank you for your participation.
Gary Evans: Okay.