Q1 2025 United States Antimony Corp Earnings Call

David Brown: [music].

Greetings.

Greetings welcome to the United States Antimony Corporation first quarter, 2025 financial and operational results meeting.

Operator: Welcome to the United States Antimony Corporation first quarter 2025 financial and operational results meeting. 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.

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.

Operator: I'll now turn the webcast over to your host, Gary C. Evans, Chairman and CEO. You may begin. Thank you, sir. And thank all of you.

I'll now turn the webcast over to your host Gary see Evans, Chairman and CEO you may begin.

Thank you Sir and thank all of you. Good afternoon, and appreciate you joining the management team of U S. Antimony to hear about our first quarter. Two 2025, our results I have with me on the call today other management team members, including Joe bars with he was our board member and executive Vice.

Gary Evans: Good afternoon, and appreciate you joining the management team of US Antimony to hear about our first quarter 2025 results.

Gary Evans: I have with me on the call today, other management team members, including Joe Bardswich, who is our board member and executive vice president and chief mining engineer for the company.

President and chief money and engineer for the company, Rick Isaac Our senior Vice President and Chief Financial Officer, and Jonathan Miller, Vice President of Investor Relations.

Gary Evans: Rick Isaac, our senior vice president and chief financial officer.

Gary Evans: and Jonathan Miller, Vice President of Investor Relations. In summary, we reported revenues this morning were up to 128% year-over-year from last quarter of 2024. Gross profit was up 302% year-over-year. And we reported net income of over half a million dollars, which was up 269% year-over-year.

In summary, we reported revenues. This morning were up to 128% year over year from last quarter of 2024.

Our gross profit was up 302% year over year, and we reported net income of over half a million dollars, which was up 269% year over year.

Gary Evans: Our revenues in the first quarter were almost 50% of what we reported for the entire year in physical 2021.

Our revenues in the first quarter were almost 50% of what we reported for the entire year and physical 2024.

Rick Isaak: Now, to give you more detail regarding our operating and financial results reported this morning, Rick Isaak will take over the call. Rick? Thanks, Gary. I'll start with some comments on our consolidated results. Sales were $7 million for the first quarter of this year, which is an increase of nearly $4 million over last year. Of this increase, our antimony business was up 3.5 million over the prior year, which is primarily due to continued strong demand and an increased average sales price with our antimony product. And our Zeolite business was up about $500,000 over the prior year, primarily due to higher demand and an increase in our sales volume with our Zeolite products.

Speaker Change: Now to give you more detail regarding our operating and financial results reported this morning, Rick Isaac will take over the call Rick.

Rick: Thanks, Gary.

Rick Isaac: Start with some comments on our consolidated results.

Rick Isaac: Sales were $7 million for the first quarter of this year, which is an increase of nearly $4 million over last year.

Rick Isaac: This increase our antimony business was up $3 5 million over over the prior year, which was primarily due to continued strong demand and increased average sales price with their antimony products.

Rick Isaac: And our zeolite business was up about $500000 over the prior year, primarily due to higher demand and an increase in our sales volume with our zeolite products.

Rick Isaak: Gross profit, as Gary mentioned, was $2.4 million for the first quarter of this year, which was an increase of $1.8 million over last year. And gross margin increased from 19% last year to 34% this year. The primary drivers of these increases were the higher average sales price with lagging ore costs in our antimony business. and the more efficient operations in our zeolite business. These increases were offset in part by higher antimony ore costs. As a result of these improvements, we reported income from operations of $358,000 in the first quarter of this year, which compares to a reported loss from operations of $470,000 last year.

Rick Isaac: Gross profit as Gary mentioned was $2 4 million for the first quarter of this year.

Rick Isaac: <unk> was an increase.

Rick Isaac: One 8 million over last year.

Rick Isaac: Gross margin increased from 19% last year to 34% this year.

Rick Isaac: Primary drivers of these increases with a higher average sales price was lagging order cost in our antimony business.

Rick Isaac: And the more efficient operations and our zeolite business.

Rick Isaac: These increases were offset in part by higher antimony ore costs.

Rick Isaac: As a result of these improvements.

Rick Isaac: We reported income from operations of 358000 in the first quarter of this year, which compares to a reported loss from operations of 470000 last year.

Rick Isaak: However, there was a few more differences between the quarters that provide insight into our results. Our results from the first quarter of this year include about $750,000 of costs related to new management personnel. and about $315,000 of project costs. Both of these costs were not present in the first quarter of last year. The majority of these costs relate to our strategy to quickly improve the company to capitalize on the current needs and demands from our business. which includes mining in Alaska and Canada. use of a metals concentration facility in Phillipsburg, Montana. sourcing antimony ore from new suppliers.

Rick Isaac: However, there was a few more differences between quarters that provide insight into our results.

Rick Isaac: Our results from the first quarter of this year include about $750000 of costs related to new management personnel and.

Rick Isaac: And about 315000 of project costs.

Rick Isaac: Both of these costs were not present in the first quarter of last year.

Rick Isaac: The majority of these costs relate to our strategy to quickly improve the company to capitalize on the current needs and demands from our business.

Rick Isaac: Which includes mining in Alaska and Canada.

Rick Isaac: Use of the metals concentration facility in Phillipsburg, Montana.

Rick Isaac: We're seeing antimony ore from new suppliers.

Rick Isaak: obtaining funding for plant expansion and plant capacity expansion, and others. Also, our results in the first quarter of this year include about $160,000 of ramp-up costs at our Mexico antimony smelter, which we should start seeing the benefits from these costs in future quarters.

Rick Isaac: Obtaining funding for plant expansion and.

Rick Isaac: And plant capacity expansion.

Rick Isaac: And others.

Rick Isaac: Also our results in the first quarter of this year and put about $160000 of ramp up costs.

Rick Isaac: Mexico Antimony smelter.

Rick Isaac: Which we should start seeing the benefits from these costs in future quarters.

Rick Isaak: Next, I'll cover a few items related to our antimony business. Antimony sales were 5.9 million in the first quarter of this year, which is up 3.5 million or 140% over last year, mainly due to the increase in the average sales price quarter over quarter. Also, the first quarter of this year had lower antimony sales volume than last year's first quarter, primarily due to contract and logistics delays related to antimony ore supply. This resulted in more antimony inventory on hand at the end of the first quarter than expected. Both matters have since been resolved and processing and sales have increased at the beginning of the second quarter.

Rick Isaac: Next I'll cover a few items related to our antimony business alright.

Rick Isaac: Alright, if any sales were $5 9 million in the first quarter of this year, which is up $3 5 million or 140%.

Rick Isaac: Over last year, mainly due to increase the increase in the average sales price quarter over quarter.

Rick Isaac: Also the first quarter of this year had lower ammonia sales volume in last years first quarter, primarily due to contract and logistics delays related to antimony ore supply.

Rick Isaac: This resulted in more antimony inventory on hand at the end of the first quarter than expected.

Both matters have since been resolved and processing and sales have increased at the beginning of the second quarter.

Rick Isaak: Along with the increase in sales, our antimony income from operations increased by $900,000 over last year and was $1.1 million for the first quarter of 2025. The increases in sales and income from operations were related to the strong demand for antimony. Antimony, as you know, is part of the increased demand for critical minerals and critical materials from many industries as well as for the U.S. government.

Rick Isaac: Along with the increase in sales our antimony income from operations increased by $900000 over last year and was $1 1 million for the first quarter of 2025.

Rick Isaac: The increases in sales and income from operations were related to the strong demand for antimony.

Rick Isaac: Tony as you know as part of the increased demand for critical minerals in critical materials from for many industries as well as for the U S government.

Rick Isaak: And we've been quickly implementing initiatives to capitalize on this demand. We reopened our Mexico antimony operations, as I mentioned. We're sourcing antimony ore from additional suppliers. We're expanding our operations to process antimony. In addition, we're going to start operations soon on our mining claims in Alaska.

Rick Isaac: And we've been quickly and are implementing initiatives to capitalize on this demand we reopened our Mexico and money operations as I mentioned, we're sourcing antimony ore from additional suppliers, we're expanding our operations.

Rick Isaac: The process of antimony.

Rick Isaac: In addition, we're going to start operation soon on our mining claims in Alaska.

Rick Isaak: Next, I'll switch to our Zeolite business. Our zeolite sales were 1.1 million in the first quarter of this year, which is up about 500,000 or 82% over last year. Our facility has become a reliable supplier to our customers, and this shows in our increased sales volume, which increased 67% quarter over quarter. Our zeolite loss from operations was $308,000 in the first quarter of this year, which improved by $350,000 over last year. This improvement was primarily due to efficiencies in labor and overhead related to higher sales value. as well as lower maintenance and related expenses.

Rick Isaac: Next I'll switch to our zeolite business.

Our zeolite sales were 1.1 million in the first quarter of this year, which is up about 500000 or 82% over last year.

Saudi has become a reliable supplier to our customers and this shows that our increased sales volume, which increased six 7% quarter over quarter.

Rick Isaac: Our zeolite loss from operations was 308000 in the first quarter of this year, which improved by 350000 over last year.

Rick Isaac: This improvement was primarily due to efficiencies in labor and overhead related to higher sales volume.

Rick Isaac: As well as lower maintenance and related expenses.

Rick Isaak: Our zeolite business, as we've mentioned on prior calls, incurred significant maintenance and other related costs in the first quarter of 2024 due to poor maintenance historically on their operating equipment. Overall, we continue to be focused on growing our zeolite sales profitably.

Rick Isaac: Zeolite business as we've mentioned on prior calls.

Rick Isaac: Incurred significant maintenance and other related costs in the first quarter of 224 due to poor maintenance historically on their operating equipment.

Overall, we continue to be focused on growing our zeolite sales profitably.

Rick Isaak: Next, I'll describe a few items on our balance sheet. Our working capital improved during the first quarter of this year by $3.4 million, and it improved since March 31st, 2024 by $7. Our cash balance increased $574,000 during the first quarter of 2025. We have warrant exercises cumulatively over 2024 and 2025 of around 5 million shares. This amount of gross proceeds of around $3.7 million. There's around 5.5 million of gross proceeds that has not been exercised. And we ended the quarter with long-term debt of about $300,000.

Rick Isaac: Next I'll describe a few items on our balance sheet.

Rick Isaac: Our working capital improved during the first quarter of this year by $3 4 million and an improved since March 31, 2024 by $7 million.

Rick Isaac: Our cash balance increased 574000 during the first quarter of 2025.

Rick Isaac: We have warrant exercises cumulatively over 'twenty 'twenty, four and 2025 of around 5 million shares. This amount in the gross proceeds of around $3 $7 million. It was around $5 5 million of gross proceeds that has not been exercised.

Rick Isaac: We ended the quarter with long term debt of about $300000.

Rick Isaak: Overall, we got off to a good start in the first quarter, and we have a lot of opportunity ahead of us. We improved our operations and our financial results at both our antimony and zeolite businesses. Our consolidated results improved over last year, and sales, income, and cash increased over last year. We have initiatives that should continue to improve our results and metrics throughout 2025 and increase shareholder value.

Rick Isaac: Overall, we got off to a good start first quarter and we have a lot of opportunity ahead of us we improved our operations and our financial results of both our antimony NZ life businesses, our consolidated results improved over last year.

Rick Isaac: And sales of income and cash increased over last year.

Rick Isaac: We have initiatives that should continue to improve our results and metrics throughout 2025 and increase shareholder value.

Rick Isaak: More important, you have a team dedicated to capitalizing on this opportunity in front of us and improving the company every day.

More important you have a team dedicated to capitalizing on this opportunity in front of us and to improving the company every day.

Gary Evans: I'll turn it back over to you, Gary. Thanks, Rick.

Gary Evans: I'll turn it back over to you Gary.

Speaker Change: Thanks, Rick and now I'd like to turn the conference call over to Joe bars, with who provide everyone. An overview of our mining operations, both in Alaska in Ontario, Canada Joe.

Joe Bardswich: And now I'd like to turn the conference call over to Joe Bardswich, who will provide everyone an overview of our mining operations, both in Alaska and Ontario, Canada. Joe. Thanks, Gary. So we continue to upgrade and expand our capabilities in the exploration for and development of critical mineral deposits in the United States and Canada. This includes a review of property submissions from prospectors, claim owners, and junior exploration companies. The development of our own theories on mineral deposits and occurrences. active field follow-up programs by our geological teams where and when we believe such action is warranted.

Joe bars: Thanks, Gary.

Speaker Change: We continue to upgrade and expand their capabilities in the.

Speaker Change: Exploration for and development of critical mineral deposits in the United States and Canada.

Speaker Change: This concludes the review of property submissions from prospectors claim owners with junior exploration companies.

Speaker Change: The development of our own theories on mineral deposit them against those.

Speaker Change: Active field follow up programs by our geological games, where and when we believe thought Jackson is warranted.

Joe Bardswich: and on occasion effecting property acquisitions through leases with options to purchase or even outright purchases depending on circumstances. We have expanded our team to include geologist Rebecca Gower, who resides in the Fairbanks area of Alaska and has extensive experience in both Alaska, the North Central U.S. and Ontario. She will be joining us effective May 15th. and she'll be working closely with Rod in Alaska. We've also engaged consulting geologist Peter Mestrick on a part-time basis. Peter lives in Missoula, about two hours from Thompson Falls, and has extensive Northwestern USA experience, including underground mining experience. In Ontario, we have engaged two local geologists, Dr. Fred Brakes and Frank Rasico, on an as-required basis.

Speaker Change: I know on occasion.

Speaker Change: Property acquisitions through leases with options to purchase or are you going out right.

Speaker Change: Depending on circumstances.

Rebecca: We have expanded our team to include geologists, Rebecca go or who resides in the Fairbanks.

Scott: Hi, Scott.

Scott: Extensive experience in both Alaska, and North Central U S and Ontario.

Speaker Change: He'll be joining us effective may 15.

Speaker Change: She'll be working closely with Rod and Alaska.

Speaker Change: We've also engaged a consulting geologist even investor.

Speaker Change: A part time basis.

Speaker Change: Peter lives the Missoula about two hours from Thompson falls, and I had extensive northwestern USA experience.

Speaker Change: Including underground mining experience.

Speaker Change: And then Terry will we have engaged through local geologist.

Speaker Change: Dr. Fred breaks and thank Rob for colon and others required basis.

Joe Bardswich: to further exploration at our auctioned cobalt nickel tungsten property just outside the northwest rim of the Sudbury Basin, and we continue to assess other opportunities for critical minerals in the general Sudbury area.

Speaker Change: Through further exploration of our option cobalt nickel tungsten property.

Speaker Change: Outside the northwest removed Sudbury basin.

Speaker Change: Continue to assess other opportunities for critical minerals in the general area.

Speaker Change: Yeah.

Joe Bardswich: United States Antimony Corporation's exploration efforts. continue to be focused on antimony. Surprise, surprise. in Alaska, and our Vice President of Mining, Rod Blakestad. has very recently completed a return with his family to the Fairbanks area, recently in the last couple of days. Rod is organizing the startup of a surface trenching program to follow up on high-grade antimony soil anomalies previously identified by exploration companies during the exploration boom occasioned by Rod's discovery of the present-day Fort Knox multi-million ounce gold deposit that is being mined and milled by Kinross Gold Corporation. After that discovery, there was a rush of junior and senior companies into the area.

Speaker Change: United States that I'm only corporations exploration efforts.

Speaker Change: To be focused on antimony surprise surprise.

Speaker Change: In Alaska.

Speaker Change: Vice President of mining and rock broad Blake stud.

Speaker Change: Very recently completed a return with his family to the Fairbanks area.

Speaker Change: Yeah.

Speaker Change: We used to be in.

Speaker Change: The last couple of days.

Rod: Rod is organizing the startup.

Speaker Change: Cliff was drinking program to follow up on migrate out of the Montney oil phenomenon anomaly.

Speaker Change: He believes he identified correct by exploration companies.

Speaker Change: During the exploration boom occasion by rods discovery of the present day port knocked multimillion ounce gold deposit.

Speaker Change: Mine to mill by Kinross Gold Corporation.

Speaker Change: After that discovery.

Speaker Change: Russia Junior and senior companies into the area.

Joe Bardswich: Antimony is considered the pathfinder element for gold exploration. Companies like Placer Dome and Inco conducted extensive soil exploration programs that included antimony. We presently have copies of the assay results of these programs and the drawings where several antimony and soils anomalies were mapped and plotted. The high value antimony and soil anomalies justify the trenching program. and Vic that is the basis for that program. based on the history of antimony mining in the Fairbanks area during the First World War and current discoveries by active placer miners who consider the antimony boulders to be a nuisance. We expect to find outcropping stibnites at the bedrock-soil interface and expect both detached boulders of stibnites.

Speaker Change: The mortgage is considered the pathfinder element for gold exploration well.

Speaker Change: A company like Placer dome and ankle conducted extensive.

Oil exploration programs that include it out in the morning.

Speaker Change: We presently have copies of the assay results from these programs.

Speaker Change: The drawings were several after morning soil anomalies were mapped applauded.

Speaker Change: The high value of antimony soil anomalies justify the trenching program.

Speaker Change: Biggs.

Biggs: The basis for that program.

Biggs: Based on the history of antimony mining in the Fairbanks area during the first World War II.

Biggs: Current discoveries by.

Biggs: The Plaza reminders, we will consider the antimony bold as to be a nuisance.

Biggs: We expect to find out cropping like.

Biggs: The bedrock soil interface.

Biggs: Both detached boulders stibnite.

Joe Bardswich: and Slipknot in place. more or less in situ in veins in the bedrock. We're warranted, we will excavate the high-grade stibnite and prepare it for trucking to our facilities in Montana. The goal being to truck material grading 30 to 50% antimony to our Phillipsburg flotation mill for upgrading. then forwarding it to Thompson Falls to meet the military's expectations. or antimony trisulfide for primary fumination. and there's usually a premium on that quality of material. We have submitted the standard Alaskan multi-department permit application for this work. That was on April 14th. We expect approval within the next couple of weeks.

Biggs: And they're in place.

Biggs: More or less and so true in veins in the bedrock.

Biggs: Where warranted, we will activate the high grades that night.

Biggs: And prepared for trucking to our facilities in Montana.

Biggs: The goal being to truck material greed, and 30% to 50% antimony.

Biggs: With bird flotation mill for upgrading.

Biggs: We look forward to talk to a halt.

Biggs: To meet the military spec.

Biggs: For antimony trisulfide primers munitions.

Biggs: Theres a nuclear premium on.

Biggs: Quality of material.

Biggs: We have submitted the standard Alaska and multi department permit application for this work.

Biggs: On April 14th.

Biggs: We expect the approval within the next couple of weeks.

Joe Bardswich: There's plenty to do in the meantime organizing the excavation contractor and setting up a base on a leased parcel of ground.

Biggs: There's plenty to do in the meantime, organized and excavation barn tractor and setting up a base or at least part of silver grew out of the ground.

Joe Bardswich: At Stibnite Creek, we engage the services of Petone Exploration. Petone has a previous experience in the Stibnite Creek and Choke area of Alaska. The Stibnite Creek area is more remote than our Fairbanks area property is. in the Fairbanks area, more or less. drive to within a few hundred feet of. of the location. But at Stibnite Creek, a very rudimentary mill was set up. several years ago, several tens of years ago, an attempt was made to mine the antimony when the price was in the $2 and $3 range. That mill will be unusable and we anticipate that maybe a good Samaritan effort by US Antimony would be warranted.

Biggs: It's the Greek Reengage the service a little bit on exploration.

Biggs: It all has previous experience in the Greek and.

Biggs: And took very of Alaska.

Biggs: It seems like there is more remote than let her fairbanks area property as well.

Biggs: The Fairbanks, there you get more or less.

Biggs: Drive within a.

Biggs: A few hundred either.

Biggs: Well location.

Biggs: But it's still not a Greek a very rudimentary mill was set up.

Biggs: Uh huh.

Biggs: Several years ago.

Biggs: Critical tens of years ago, and attempts were made the mine the entre morning, when the price within the $2 $3 range.

Biggs: That mill will be unusable, and we anticipate that maybe are.

Biggs: Good Samaritan effort by U S antimony would be warranted.

Joe Bardswich: provided that we would not be subject to responsibility for cleaning the hazards that were created by others. The application for work at Stibnite Creek will be submitted by PTOE within the week.

Biggs: Provided that we would not be subject to responsibility for cleaning habits that were created by others.

Biggs: The application for workers Goodnight Creek will be submitted by pizza home within the week.

Joe Bardswich: As we expand, we're experiencing growing pains, and sometimes things do not go as smoothly as expected. However, the overall cooperation of team members and matching of the different components necessary for success are well above average. and I believe they will continue that way.

Biggs: But as we expand we're experiencing growing things and sometimes things do not go as smoothly as expected.

Biggs: However, the overall cooperation of team members and messing up the different components.

Biggs: That's 30 for if that's a fair well above average.

And I believe they will continue that way.

Joe Bardswich: I'll turn it back to you, Gary.

Gary Evans: I'll turn it back to you Gary.

Gary Evans: Joe, before I let you go there and we get into some of the questions. What is our acreage position? What has it grown to in a We're up to just over 55 square miles, that's just over 35,000 acres. That includes the three main areas, the Fairbanks area, the Stibnite Creek area, and the McLaren River area. And with that acreage position, I think the permitting you filed was for eight different locations that we would start mining operations, is that correct? Yes, they're the primary soil anomalies that we want to... Explore and develop as soon as possible, as soon as that permit is issued.

Gary Evans: Joe before I, let you go there and we'll get into some of the questions.

Speaker Change: What is our acreage position what has that grown two in Alaska.

Speaker Change: We're up to just over 55 square miles that's.

Speaker Change: Over 35000 acres.

Speaker Change: This includes the three main areas.

Speaker Change: Their bags Creek area.

Speaker Change: Mclaren River area.

Speaker Change: Uh huh.

Speaker Change: And without acreage position I think the permitting you firewalls for eight different locations that we would start mining operations is that correct.

Speaker Change: Yes.

Speaker Change: Primarily soil anomalies like we want to.

Speaker Change: Explore and develop it as soon as possible.

Speaker Change: But as soon as that permit is issued.

Speaker Change: Yeah.

Joe Bardswich: I'm expecting that permit within two weeks. And then we're hopeful that once we complete our land, we've been working on the land purchase to be kind of our home base up there, we would then start stockpiling this antimony and hopefully be able to begin bringing some of it to Thompson Falls by August, September timeframe. Yes, that's our target goal to get it moving, certainly by the 1st of September. Perfect.

Speaker Change: I'm expecting that permit within two weeks.

Speaker Change: And then where we're hopeful that once we complete our land we've been working on the land purchase to be kind of our home base up there. We would then start stockpiling this antimony and hopefully be able to begin bringing some of it Thompson falls by August.

Speaker Change: August September timeframe.

Speaker Change: Yes, that's that's our target goal and they get it.

Speaker Change: Certainly by the first of September.

Speaker Change: Perfect.

Gary Evans: All right. Well, thank you, Joe. Very insightful and very exciting.

Joe: Right well, thank you, Joe a very insightful and very exciting and just.

Gary Evans: And just to kind of, you know, remind everyone, the reason Alaska is so important to this company. is that, you know, today, all of our antimony input is bought by international sources. There's no antimony. being mined in the continental United States and a little bit maybe in Alaska. by having our own source of supply. It gives us certainty. We're constantly negotiating contracts with third parties from bringing antimony around different sources in the world. And if we can have our own supply, then to have that certainty, then that gives us all kinds of advantages for our customers.

Speaker Change: To kind of you know remind everyone. The reason Alaska is so important to this company.

Speaker Change: Is that you know today all of our antimony input is bought by international sources, So theres no antimony being.

Speaker Change: Being mined.

Speaker Change: In the continental United States, and a little bit maybe in Alaska, but.

Speaker Change: By having our own source of supply.

Speaker Change: It gives us certainty.

Speaker Change: We're constantly negotiating contracts with third parties from bringing antimony around different sources in the world.

Speaker Change: And if we can have our own supply then they have that certainty then that gives us all kinds of advantages for our customers in other words, we can feel comfortable entering into long term contracts that protect us and protect them.

Gary Evans: In other words, we can feel comfortable entering into long-term contracts that protect us and protect them. Additionally, having the kind of quantities that we're anticipating will give us great ability to fill our smelter. As you know, we're under a significant expansion effort at Thompson Falls that would grow that smelter capacity by six times. Having our own supply at a much reduced price than what we are paying to buy international supplies will have a significant financial impact on this company. So we can't get that antimony from Alaska to Montana fast enough. And everybody's working feverishly to accomplish that goal.

Speaker Change: Additionally, having the kind of quantities that we're anticipating will give us great ability to fill our smelter you know as you know we're under a significant expansion effort at Thompson falls to they would grow that smelter capacity by six times and having a.

Speaker Change: Our own supply at a much reduced price than what we are paying to buy international plot supplies will have a significant financial impact on this company.

Speaker Change: And so where we can't get that antimony from Alaska to Montana fast enough and everybody's working feverishly to accomplish that goal.

Jonathan Miller: So I'd like to now introduce Jonathan Miller and ask him to update everyone on our marketing investor relations activities that he and I work on a lot and what we've accomplished in the first quarter of 2025. Thanks, Gary. I'm excited to share the evolution of our investor relations strategy at United States Antimony Corporation since I came on board last summer.

Speaker Change: So I'd like to know introduce Jonathan Miller and ask him to update everyone on our marketing Investor relations activities that he and I work on a lot and what we've accomplished in the first quarter of 2025 Jonathan.

Speaker Change: Thanks, Gary I'm excited to share the evolution of our investor relation strategy at United States Antimony Corporation. Since I came on board last summer the second half of 'twenty 'twenty four was all about foundation building.

Jonathan Miller: The second half of 2024 was all about foundation building. We went broad and deep across the retail landscape and early institutional market. We participated in over 15 institutional conferences, introducing the company to a wide spectrum of investors, many of whom had never heard of us before. That visibility translated into a meaningful uptick in daily trading volume, a broader shareholder base, and most importantly, market cap expansion that better reflects the strategic value of our asset.

Speaker Change: <unk> broad and deep across the retail landscape and early institutional market. We participated in over 15 institutional conferences, introducing the company to a wide spectrum of investors many of whom had never heard of us before.

Speaker Change: That visibility translated into a meaningful uptick in daily trading volume a broader shareholder base and most importantly market cap expansion that better reflects the.

Speaker Change: The strategic value of our assets.

Jonathan Miller: But as the company matured and execution improved, so did our investor targeting strategy. For 2025, we're focused squarely on long-term institutional capital, funds that think in terms of multi-year returns and understand the value of being North America's only two antimony smelters. We've already conducted multiple non-deal roadshows this year with strong support from the banking community, such as B. Riley, Titan Partners, and Jed Capital. Through those efforts, we've sat down virtually and in-person with over 70 institutional firms, ranging from metals and mining specialists to generalist funds and family offices.

Speaker Change: But as the company matured and execution improved so did our investor targeting strategy for.

Speaker Change: For 2025, we're focused squarely on long term institutional capital funds that think in terms of multi year returns and understand the value of being north Americas only to antimony smelters.

Speaker Change: We've already conducted multiple non deal road shows this year with strong support from the banking community such as B Riley tightened partners and get capital.

Speaker Change: Through those efforts, we sat down virtually and in person with over 70 institutional firms ranging from metals and mining specialist to generalist funds and family offices.

Jonathan Miller: Equity research coverage is also continuing to grow. We now have four firms covering the company, H.C. Wainwright, Alliance Global Partners, B. Riley, and D. Boral, with several others in the pipeline that we believe are preparing to initiate research coverage.

Speaker Change: Equity research coverage is also continuing to grow we now have four firms covering the company H C. Wainwright Alliance Global partners B Riley, Andy Boral with several others in the pipeline that we believe are preparing to initiate research coverage that validation has helped elevate our credibility and open doors.

Jonathan Miller: That validation has helped elevate our credibility and open doors to even larger institutional pools of capital.

Speaker Change: See even larger institutional pools of capital.

Jonathan Miller: Media Visibility has followed suit. We've been consistently featured in both television, podcasts, and print, and interest continues to grow because of our exciting story and continued ability to expand. We're now fielding inbound calls from cable news outlets who want to cover our story, from critical minerals and national security to our domestic production footprint. The narrative is resonating.

Speaker Change: [noise] media visibility has followed suit we've been consistently featured in both TV podcasts and print. It has an interest continues to grow because of our exciting story and continued ability to execute we're now fielding inbound calls from cable news outlets and who.

Speaker Change: You want to cover our story from critical minerals and National security to our domestic domestic production footprint. The narrative is resonating.

Jonathan Miller: Our calendar in Q2 is packed. We'll be presenting at the Deboral Conference in New York on May 14th, Canaccord Genuides event in Las Vegas, May 20th and 21st, followed by B. Riley and Marina Del Rey on the 21st and 22nd. Then we present at the Lytham Partners Virtual Conference on May 29th in Centurion One Capital in Beverly Hills, June 4th and 5th.

Speaker Change: Calendar Q2 impact will be presenting at the <unk> conference in New York on May 14th Canaccord Genuity as event in Las Vegas May 20th twenty-first, followed by B Riley and Marina del Ray on the twenty-first in 'twenty than we presented at the light and partners Virtual conference on May 29th and.

Speaker Change: Contrarian, one capital in Beverly Hills June 4th and fifth.

Jonathan Miller: But conferences are only part of the strategy. We're currently evaluating digital marketing partners who can help us reach a broader investment audience, particularly through data-driven targeting across platforms like Seeking Alpha, LinkedIn, X, and other reputable financial website publishers. The goal is to meet the next wave of investors where they are, whether they're managing a $10 billion fund or reading mining blogs on a Sunday evening at home.

Speaker Change: The conferences are only part of the strategy. We're currently evaluating digital marketing partners, who can help us reach a broader investment audience, particularly through data driven targeting across platforms like seeking alpha linked in X and other repeatable financial website publishers. The goal is to meet the next wave of investors.

Speaker Change: Where they are whether they're managing a $10 billion fund or reading mining blogs on a Sunday evening at home.

Jonathan Miller: Bottom line, 2024 was about visibility, 2025 is about conviction, and we're building the right relationships now to support long-term shareholder value as we continue to scale both our antimony, zeolite, and other critical minerals into a larger, more profitable enterprise. I'll also add that our inclusion into the Russell 2000 Index at the end of May will serve as another catalyst, increasing visibility with index funds, passive capital, and institutional buyers. This significant milestone, combined with our increasing daily trading volume, now averaging 2 to 3 million shares, which creates the liquidity that large institutional investors see. Lastly, our investor relations messaging continues to align with national security, defense priorities, and government buyer interests, reinforcing our strategic relevance in a geopolitically sensitive setting.

Speaker Change: Bottom line 2024 was about visibility 2025 is about conviction and we're building the right relationships now to support long term shareholder value as we continue to scale, both our antimony zeolite and other critical minerals into a larger more profitable enterprise.

Speaker Change: I'll also add that our inclusion into the Russell 2000 index at the end of May we will serve as another catalyst increasing visibility with index funds passive capital and institutional buyers. This significant milestone combined with our increasing daily trading volumes now averaging two to 3 million shares.

Speaker Change: Which creates the liquidity that large institutional investors seek.

Gary Evans: Lastly, our Investor Relations messaging continues to align with National security defense priorities and government buyer interests, reinforcing our strategic relevance and the AGL politically sensitive sector I will now turn it back over to you Gary.

Gary Evans: I will now turn it back over to you, Gary. Thanks, Jonathan.

Gary Evans: Thanks, Jonathan one thing I'd like you to let everybody know is we had a.

Gary Evans: One thing I'd like you to let everybody know is we had a very well known large institutional shareholder file ownership papers a few days ago, why don't you tell everybody about that. So according to BlackRock's 13F filing, they've increased their position by over 1.8 million shares, taking their total ownership to 5.1%. And as many of you know, BlackRock is a trillion dollar plus fund and is a bellwether. It's it gives you it's kind of like the good housekeeping seal of approval. So we're excited to have them as substantial shareholders of.

Speaker Change: Very well known large institutional shareholder.

Speaker Change: File ownership papers I view, a few days ago. Once you tell everybody about that.

Speaker Change: So according to Black Rock's 13F filing they've increased their position by over 1.8 million shares taking their total ownership to five 1%.

Speaker Change: And as many of you know Blackrock is a trillion dollar plus fund and is a bellwether. It's it gives you.

Speaker Change: Like the good housekeeping seal of approval. So we're excited to have them.

Speaker Change: Substantial shareholders of the company.

Gary Evans: Thanks again, Jonathan.

Speaker Change: Thanks again, Jonathan So as you can see we've been very busy educating predominantly institutional investors about U S Antimony Corporation.

Gary Evans: So as you can see, we've been very busy educating predominantly institutional investors about US Antimony Corporation. were in a very unique position of being the only two operating antimony smelters in North America. and for that matter, the Western Hemisphere.

Speaker Change: We're in a very unique position of being the only two operating antimony smelters in North America and for that matter the western hemisphere.

Gary Evans: So let me make something very clear. There exists today a worldwide shortage of this hard rock mineral. I say this with conviction because we're attempting to buy supply every single day in the marketplace. and guess who is our largest competitor? The People's Republic of China. and the 10,000-pound gorilla.

Speaker Change: So let me make something very clear.

Speaker Change: There exists today, a worldwide shortage of this hard rock minerals.

Speaker Change: We can say this with conviction because we're attempting to boss applaud every single day in the marketplace and guess who was our largest competitor.

Speaker Change: People's Republic of China.

Speaker Change: The 10000 pound gorilla.

Gary Evans: So what does the future hold? Undoubtedly, higher prices will fix supply. The problem is that this is going to take time. This is not easily fixed. Economic limits have been raised with higher prices of this ore. That means smaller quantities, wherever they may be in the world that may exist today, become economic. We're negotiating the purchase of these smaller supplies alongside China from sources all across the world.

Speaker Change: So what does the future hold.

Speaker Change: Undoubtedly how're prices will fix supply the problem is that this is going to take time. This is not an easily fixed economic limits have been raised with higher prices or this or that means smaller quantities wherever they may be in the world.

Speaker Change: It may exist today become economic.

Speaker Change: We're negotiating the purchase of these smaller supplies alongside China from sources all across the world.

Gary Evans: However, the silver lining here for us, though, is Alaska. With our eight permits at these different locations covering now 35,000 acres and mineral claims, we believe we may have some of the highest quality antimony, stebnite, available in the world. Bringing this material to our own smelter under current expansion efforts that are underway cannot happen soon enough. Our margins will improve and certainty of supply of feedstock will be accomplished.

Speaker Change: So however, you know the silver lining here for US, though is Alaska with our own with our eight permits at these different locations covering now 35000 acres and mineral claims. We believe we might have some of the highest quality antimony stibnite or available in the world, bringing this material to <unk>.

Speaker Change: Our own smelter under current expansion efforts.

Speaker Change: That are underway cannot happen soon enough our margins will improve and certainty of supply of feedstock will be accomplished.

Gary Evans: So, what should you as an investor and shareholder look forward to as catalysts from our company in 2025? I'm going to give you six of them. Number 1. Closing of a DoD grant. Number two, additional new international supplies of antimony to both Madero in Mexico and in Thompson Falls over and above what has already been announced. Number three, Alaska supply beginning in late summer. Number four, completion of our expansion plans in Thompson Falls that are currently underway prior to year end, which will provide a six-fold increase in our throughput capability. Number 5 Additional Acquisitions of Mining Claims Since Some Likely and Other Critical Minerals 6.

Speaker Change: So what should you as an investor and shareholder and look forward to his catalysts from our company in 2025.

Speaker Change: I'm going to give you six of them.

Speaker Change: Number one.

Speaker Change: Closing of a D O D grant.

Speaker Change: Number two additional new Internet international suppliers of antimony to both Maduro in Mexico, and and Thompson falls over and above what has already been announced.

Speaker Change: Number three Alaska supply beginning in late summer.

Speaker Change: Number four completion of our expansion plans and Thompson falls that are currently underway prior to year end, which will provide a six fold increase in our throughput capability.

Speaker Change: Number five additional acquisitions of mining claims since some likely in other critical minerals.

Speaker Change: And six continued operating and financial results improvements each quarter should be a stair step increase I'm not only the prior year, but the prior immediate quarter.

Gary Evans: Continued operating and financial results improvements. Each quarter should be a stair-step increase of not only the prior year, but the prior immediate quarter. We gave our first annual revenue guidance when we reported 2024 physical results, which was not quite two months. That was anticipated of revenues expectations of $35 to $50 million.

Speaker Change: We gave our first annual revenue guidance when we reported 2024 physical results, which was not quite two months ago that was anticipated of revenues expectations of $35 million to $50 million I am today, tightening up that spread of $40 million to $50 million and feel comfortable doing so.

Operator: I am today tightening up that spread to $40 to $50 million and feel comfortable doing With that being said, Operator, please open the conference now to questions from our listeners.

Speaker Change: Without being said operator, please open the conference now to questions from our listeners. However, I would ask you to please don't ask me any questions regarding a D O D grant and timing.

Gary Evans: However, I would ask you to please don't ask me any questions regarding a DoD grant and timing. I am prohibited from answering those questions. Everything else, though, is on the table. Certainly.

Speaker Change: Prohibited from answering those questions everything else, though is on the table operator.

Speaker Change: Certainly at this time, we are 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.

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

Speaker Change: Type your question and hits than they.

Operator: We do ask that each participant please limit to one question when submitting. One moment while we poll for questions.

Speaker Change: We do ask that each participant please limit to one question when submitting one moment, while we poll for questions.

Operator: Thank you for your first question. Regarding the 6X expansion plans for Thompson Falls, how are you able to complete by the end of the year? Will construction affect existing operations?

Speaker Change: Thank you. Your first question regarding the six X expansion plans for Thompson falls, how long you're able to complete by the end of the year well construction affect existing operations.

Gary Evans: Good question. There's two answers to that. Number one, yes. We do plan to get this done by the end of the year. In fact, we think it may be a month or two early if our contractor is able to do what he says he can do. We chose a contractor that had substantial Montana operations and personnel. They're very active in the state. They're a large firm. We have a great relationship with senior management of the firm, and they understand the necessity to get this done quickly. It will not affect our existing operations. Everything that's being added is an add-on to the property.

Speaker Change: Good question.

Speaker Change: There's two answers to that number one yes.

Speaker Change: We do plan to get this done by the end of year. In fact, we think it may be a month or two early if if our contractors able to do what he says he can do we chose a contractor that had substantial Montana operations and personnel, they're very active in the state are there there are a large firm.

Speaker Change: We have a great relationship with senior management of the firm.

Speaker Change: And they understand the necessity to get this done quickly.

Speaker Change: It will not affect our existing operations everything thats been added as an add on to the property.

Gary Evans: We'll probably remove our office there and relocate that somewhere else on the property because we need the space for this expansion. The biggest problem we have in Thompson Falls is a lack of ground cover. In other words, we don't have enough property to do what we want to do. So the expansion that we've announced is the most we can do on the piece of property that we own. We're surrounded by the Forest Service, and we also have limitations due to topography that's a very mountainous area. So to answer your question, yes. I feel very comfortable with the property you're in, and no, it will not affect existing operations.

Speaker Change: Remove our office there in and relocate that somewhere else in the property because we need the space for this expansion. The biggest problem. We have in Thompson falls is a lack of a ground cover I mean in other words, we don't have enough property to do what we want to do so the expansion that we've announced.

Speaker Change: Is the most we can do on the piece of property that we own and we're surrounded by the forest service and we also have limitations due to topography, that's very mountainous area. So answer your question, yes, I feel very comfortable prior to year end and no it will not affect existing operations.

Speaker Change: Okay.

Operator: Thank you.

Speaker Change: Thank you. Your next question, we all the way to or from Alaska can you comment on permitting timeline.

Gary Evans: Your next question. We all await ore from Alaska. Can you comment on permitting timeline? When do you expect ore to be trucked into Montana facility once permit is approved? I think we've kind of covered that already, but we're looking for an August-September. We might get fortunate enough, you know, late July-August. Right now, it's just a matter of getting our permits approved, which is Joe said, hopefully in the next couple of weeks, and then staging and picking up rocks. We've already hired contractors, and we're going to start loading stignite into super sacks to be trucked to Montana.

Speaker Change: When do you expect or to be trucked into Montana facility. Once the permit is approved.

Speaker Change: I think we've kind of covered that already but we're looking for a.

Speaker Change: August September we might get fortunate enough you know late July August, but you know right now it's just a matter of getting our permits are approved which is as Joe said hopefully in the next couple of weeks and then staging and picking up a rock we've already hard contractors and we're gonna start loading.

Speaker Change: Stick night into a super socs to be trucked to Montana, and so we can't do it fast enough. We're working as fast as we can that's why we've hired more people and Alaska to expedite this.

Gary Evans: And so we can't do it fast enough, we're working as fast as we can. That's why we've hired more people in Alaska to expedite.

Yeah.

Operator: Thank you.

Speaker Change: Thank you. Your next question can you speak about the logistics of trucking ore from Alaska, starting in Q4, specifically about your ability to truck during rough winter months.

Gary Evans: Your next question, can you speak about the logistics of trucking ore from Alaska, starting in 2-4, specifically about your ability to truck during rough winter months? Do you anticipate any lulls due to winter weather? Well, again, I think it'll be Q3, not Q2. Yes, it's a 2,100-mile hike by truck. It's pretty much a straight shot. It takes about two days. Fortunately, a lot of the trucks that go to Alaska take goods and come back unloaded or naked. So we have been talking to a number of trucking contractors about backhauling, which gives us a substantially reduced rate.

Speaker Change: Do you anticipate any loss due to winter weather.

Speaker Change: Well again, I think it'll be Q3 not Q2.

Speaker Change: Yes, it's a 'twenty 100 mile hike [laughter] by truck.

Speaker Change: It's a pretty much a straight shot a it takes about two days Fortunately lot of the trucks that go to Alaska take goods and come back unloaded or <unk>. So we had been talking to a number of trucking contractors about back hauling which gives us a substantially reduced rate.

Gary Evans: And I don't think there's any problem trucking in the winter. The problem is us being able to actually excavate the ore in the winter. So that's why we're actually looking for property. We've got a number of properties we'll probably be closing on in the not-too-distant future, where we will start stockpiling antimony so that we can continue trucking it during the winter months. So that is the game plan. And Joe's been very careful in picking sites that were near roads so that we weren't out, as other companies have got antimony sources way deep in the woods and the forest, maybe hundreds of miles from a road.

Speaker Change: I don't think there's any problem trucking in the winter the problem is us being able to actually excavate the or in the winter. So that's why we're actually looking for property.

Speaker Change: We got a number of properties will probably be closing on in the not too distant future. When we will start stockpiling antimony. So that we can continue trucking it during the winter months. So that that is the game plan. Yeah. Joe has been very careful in picking sites that were near roads. So that we werent out as other companies.

Speaker Change: Got antimony sources way deepen in the woods and divorced maybe hundreds of miles from a road. We are right next to Alaskan highway in the main thoroughfares between Fairbanks and Anchorage, and we can get that material out.

Gary Evans: We are right next to Alaskan Highway, the main thoroughfares between Fairbanks and Anchorage. And we can get that material out all year long. But we've got to get it.

Speaker Change: All year long, but we've got to get it.

Operator: stockpile to be able to Thank you.

Speaker Change: Stockpile to be able to do that.

Speaker Change: Thank you. Your next question is implications if take Red dog zinc mine gets hung up with tariff issues given much of a zinc concentrate goes to China for processing, how could that affect your tech feedstock coming in for processing in Montana.

Gary Evans: Your next question is, Implications if Tick Red's Dog Zinc Mine gets hung up with tariff issues given much of the zinc concentrate goes to China for processing. How could that affect your tech feedstock coming in for processing in Montana? Well, first of all, Antimony has been exempt from tariffs. and we have been working closely with tech and the government and at this point we don't see an issue there. Obviously, there's a lot of saber rattling between the United States and Canada today, but so far we're okay and of course the material for Mexico, Madero, comes internationally and then we can sell internationally, so there is no tariffs there, but even if we bring that material to the United States, critical minerals being antimony are...

Speaker Change: Well first of all antimony has been exempt from tariffs.

Speaker Change: And we have been working closely with Teck.

Speaker Change: And the government and at this point, we don't see an issue there obviously theres a lot of saber rattling between United States and Canada today, but so far where we're okay and then of course the material for Mexico Maduro comes internationally and then we can sell internationally.

Speaker Change: So there was no tariffs there, but even if we bring that material to the United States are critical minerals being.

Speaker Change: Antimony are exempt.

Speaker Change: Yeah.

Speaker Change: Yeah.

Operator: Thank you.

Speaker Change: Thank you. Your next question I understand U S. AC currently owns the only anti money spent smelters in North America.

Gary Evans: Your next question, I understand USAC currently owns the only antimony smelters in North America. But are you seeing any competing US-based companies on the verge of having their own smelting capability? Yeah, we look at that all the time. I would preface this to say this is not an easy business. Other people can get licenses, they can get construction. but managing and operating an antimony smelter is not. So think about this. If we're having a problem finding antimony to feed our own smelters worldwide, I mean we're on the phone talking. 8, 10 different countries every week.

Speaker Change: But are you seeing any competing U S based companies on the verge of having their own smelting capabilities.

Speaker Change: Yeah, we look at that all the time.

Speaker Change: I would I would preface this to say this is not an easy business.

Speaker Change:

Speaker Change: Other people can get.

Speaker Change: Uh huh.

Speaker Change: Licenses, they can get construction, but managing and operating the antimony smelter is not easy and so so think about this.

Speaker Change: If we're having a problem finding antimony to feed our own smelters worldwide I mean, we're on the phone talking too.

Speaker Change: 810 different countries every week.

Gary Evans: and we're having a problem getting antimony, why would you want to go spend the money? to build a smelter that may not have any supply. Now, the fact, that's why we went to Alaska, that's why we have our own supply coming. a few months, and that puts us in a little bit different situation. We become vertically integrated. So to answer your question, we have heard about a few that are looking and thinking and doing studies, but in order for them to get the capital to actually fund a smelter, they've got to have supply. So that means you've got to go find a contract with somebody, and there's no antimony supply in the United States.

Speaker Change: And we're having a problem getting into them like why would you want to go spend the money.

Speaker Change: To build a smelter that may not have any supply.

Speaker Change: Now the fact, that's why we went to Alaska. That's why we have our own supply coming in a few months and that puts us a little bit different situation, we become vertical vertically integrated so answer. Your question. We have heard about a few that are looking and thinking and doing studies.

Speaker Change: But in order for them to get the capital to actually fund a smelter they've gotta have supply. So that means you got to go find a contract with somebody and there is no antimony supply in the United States. So I'm I'm I'm not too concerned about it in the next couple of years for sure.

Operator: So I'm not too concerned about it in the next couple of years.

Gary Evans: Thank you.

Speaker Change: Thank you. Your next question is whatever happened to the mineral rights for Guadalupe could they be a future asset to pursue with the geopolitical environment on the ground improves.

Gary Evans: Your next question is, whatever happened to the mineral rights for Guadalupe? Could they be a future asset to pursue if the geopolitical environment on the ground improves? Did we ever ascertain surface rights for this property? We continue to have interest. from third parties in some of our mining claims in Mexico. We're actually having current discussions with some of those parties.

Speaker Change: There'll be other ascertained surface rights for this property.

Speaker Change: We continue to have interest.

Speaker Change: From third parties and some of our mining claims and Mexico.

Speaker Change: We're actually having.

Speaker Change: Current discussions with some of those parties.

Gary Evans: We made a conscious decision a year ago when we shut everything down in Mexico, that was a year ago in March, to not mine in Mexico. And I don't see that changing. and I think we've given reasons why in the past, so answer your questions. There are people interested with the right number, or the right royalty, or the right participation, we would do something with that property. It is not deemed a core property for us.

Speaker Change: We made a conscious decision a year ago, when we shut everything down in Mexico that was year ago March to not mine in Mexico, and I don't see that changing.

Speaker Change: And I think we've given reasons why in the past.

Speaker Change: So answer your question.

Speaker Change: There are people interested with the right number or the right royalty or the REIT participation. We would do something with that property. It is not deemed a core property for us today.

Speaker Change: Okay.

Operator: Thank you.

Speaker Change: Thank you. Your next question is when is the first shipment of processed material due in Montana from Mexico.

Gary Evans: Your next question is, when is the first shipment of processed material due in Montana from Mexico? No material is coming from Mexico to Montana. Everything we do in Mexico today is coming from Australia, soon to be coming from two other countries. And we get material from Mexico. But it gets sold to parties that don't require any kind of processing at Montana. Whatever we do in Mexico, either stays in Mexico or gets sold to international parties, does not come to Montana.

Speaker Change: No material is coming from Mexico to Montana, everything we do in Mexico.

Speaker Change: <unk> is coming from Australia soon to be coming from two other countries and we get material from Mexico.

Speaker Change: But it gets sold to.

Speaker Change: Two parties that don't require any kind of processing at Montana. So whenever we do in Mexico, either stays in Mexico or get sold to international parties does not come to Montana for smelter.

Operator: Thank you.

Speaker Change: Thank you. Your next question following the expansion of the present location in Montana does the company have any future plans for building an additional smelting facility in another location.

Gary Evans: Your next question, following the expansion of your present location in Montana, does the company have any future plans for building an additional smelting facility in another location? Very possibly. We're still reviewing that. When we complete our work in Montana this year on the expansion plans and start receiving material, I mean, we plan to exit this year around 500 tons a month, 200 from Mexico, 300 from Montana. that means we'd be tapped out. So are we looking at other ideas? Yes. A lot of that has to do with what our government would like. And I can't, again, elaborate on those discussions.

Speaker Change: Very possibly.

Speaker Change: We're still reviewing.

Speaker Change: Reviewing that.

Speaker Change: When we complete our work in Montana this year on their expansion plans and.

Speaker Change: Start receiving material I mean, we we plan to exit this year around 500 tonnes a month 200 for Mexico 300 from Montana.

Speaker Change:

Speaker Change: That means we'd be tapped out so are we looking at other ideas, yes, a lot of that has to do with what our government would like and I cant again elaborate on those discussions we do know there has been some significant additional funds allocated to.

Gary Evans: We do know there has been some significant additional funds allocated to various departments of the Department of Defense literally over the last couple weeks. And they're substantial. And so based on what we're doing now and what we anticipate announcing soon, that will help lead to the next phase, which is a larger expansion of the 500 tons a month and will have to be a new location.

Speaker Change: Various departments of the department of defense literally over the last couple of weeks and there's substantial and so based on what we're.

Speaker Change: We're doing now and what we anticipate announcing soon.

Speaker Change: That will help lead to the next phase, which is a larger expansion of the 500 tonnes a month and we will have to be a new location somewhere.

Operator: Thank you.

Speaker Change: Thank you. Your next question can you share a bit on your acquisition strategy are you looking for earlier stage exploration assets or closer to development projects.

Gary Evans: Your next question, can you share a bit on your acquisition strategy? Are you looking for earlier stage exploration assets or a closer to development project? Good question. You know, if you look at the array of mining companies out there, There are a lot of companies... that raised capital from investors. with a lot of fluff, and we see it all the time because a lot of those companies wish to enter into contracts with us to give themselves credibility. And when I say fluff, if you're talking three, four, five years down the road and substantial amounts of capital get something to market.

Speaker Change: That's a good question.

Speaker Change: You know if you look at the array of mining companies out there there are a lot of companies that raise capital from investors.

Speaker Change: With a lot of fluff and we see it all the time because a lot of those companies wish to enter into contracts with us to give themselves credibility.

Speaker Change: And when I say fluff, if youre talking three four or five years down the road and substantial amounts of capital to get something to market.

Gary Evans: That's a different animal. You'll see that everything we're doing, whether it be the Antimony Alaska, whether it be the Cobalt Play, or a new critical mineral we hope to announce soon, they all can be accessed quickly. And, you know, life is too short.

Speaker Change: That's a different animal you'll see that everything we're doing whether it be the antimony, Alaska, whether it be the cobalt play or a new critical mineral we hope to announce soon they all can be access quickly.

Speaker Change: And you know life is too short I went to five of my friends' funerals in last six months. So I'm trying to go faster I know other people. This company you want to go faster, we don't want to wait three years four years five years down the road, we want something that we can move on quickly. We also know for.

Gary Evans: I went to five of my friends' funerals in the last six months. I'm trying to go faster. I know other people in this company want to go faster. We don't want to wait three years, four years, five years down the road. We want something that we can move on quickly. We also know from our discussions with the federal government that they want us to look at some of these other critical minerals in a much faster way than what a typical mining company does. And people still don't believe us about Alaska. They'll believe it when they see it.

Speaker Change: Our discussions with the federal government.

Speaker Change: They want us to look at some of these other critical minerals and a much faster way than what a typical mining company does and people still don't believe us about Alaska, a they'll believe it when they see it that here, we we haven't even been up there a year and we'll be harvesting rocks within months.

Gary Evans: We haven't even been up there a year and we'll be harvesting rocks within months. And that is unheard of in this business. And so it's a different mentality. It's a different way to look at our business. And we are continuing to look at acquisitions, but they have to be in our wheelhouse and they have to be something that we can get to quickly. Waiting two, three, four years to get something to market is not in our game.

Speaker Change: And that is unheard of in this business and so it's a different.

Speaker Change: Mentality is a different way to look at our business and we are continuing to look at acquisitions, but they have to be in our wheelhouse and they have to be something that we can get to quickly waiting two or three or four years to get something to market is not in our in our game plan.

Gary Evans: Thank you. Your next question is, Hi, Gary and team. When do you bring Alaska material in? You hinted at a bit of a timeline earlier on the call and again in the Q&A. But can you walk us through the margin impact? And then just to confirm, inventories went up just under 4M as per your balance sheet. There's a pretty big difference from 1.2M three months ago. You actually mentioned processing and sales having increased in Q2. Can you quantify this number and maybe give a bit of an indication as to where we are right now and when you see us at the end of Q2?

Speaker Change: Thank you. Your next question is hi, Gary and team when do you bring Alaska material and you hinted at a bit of a timeline earlier on the call and again in the Q&A, but can you walk us through the margin impact.

Speaker Change: And then just to confirm inventories went up just under four M. As per your balance sheet is a pretty big difference from one point to M. Three months ago, you actually mentioned processing and sales having increased in Q2 can you quantify this number and maybe give a bit of an indication as to where we are right now and when you see us at the end of Q2.

Gary Evans: Ooh, that's a lot of questions there. Well, first of all, I don't really want to talk about Q2 yet. It's pretty obvious, if we have. inventories, which were pretty high at the end of Q1, then that in itself should mean that we should have higher throughput in Q2, and we are Excuse me, we are experiencing that. It's important to note that a lot of these inventories that we bought, whether they be from Canada, whether they be from Australia, or be from other sources there in Mexico, those inventories were bought typically at much lower prices than the current price today.

Speaker Change: Who has a lot of questions there.

Speaker Change: I really want to talk about Q2 yet. It's pretty obvious if we have...

Speaker Change: Inventories which were pretty high at the end of Q1, then that in itself should mean that we should have higher throughput in Q2, and we args.

Excuse me, we are experiencing that.

Speaker Change: and it's important to note that a lot of these inventories that we bought, whether they may be from Canada.

Speaker Change: Whether they be from Australia or be from other sources there in Mexico, those inventories were bought typically at much lower prices at the current price today, so we are also realizing the benefit of that higher margin.

Gary Evans: So we are also realizing the benefit of that higher margin. Back to the first question, which I think is, how will the Alaska properties improve our margins? So let me kind of give you a flavor of that. We're typically paying 40, at the most 50 percent of Rotterdam to bring antimony or to our facilities. We believe that when Alaska starts, that number could drop as low as 20 percent of Rotterdam. So that would be... basically a 30% margin improvement. So that's another reason we're excited about it. But we have a lot of customers, we have I think I counted the last 17 different customers, that want long-term contracts, they want assurity.

Speaker Change: Back to the first question, which I think is, how will the Alaska Properties improve our margins? So, let me kind of give you a flavor of that. We're typically paying...

Speaker Change: 40 at the most 50% of Rotterdam to bring Antimony or to our facilities.

Speaker Change: We believe that when Alaska starts, that number could drop as low as 20% of Rotterdam, so that would be...

basically a 30% margin improvement.

Speaker Change: and so that's another reason we're excited about it. But we have a lot of customers, you know, we have, I think, a count of the last 17 different customers.

that won't long-term contracts.

Speaker Change: You know, they want a surety, and I can't give them that.

Gary Evans: And I can't give them that with comfort. When we're buying this material from third parties, they may have a problem this month with a mine or have a regulatory problem or a merger with another company or whatever it is, there's no certainty. So diversifying that international shipment group significantly is a high priority for us. I think you'll see that occur in the second quarter. We have two other countries that we're having final negotiations for supply. That then gives us further pricing power. I have a limited pricing power when I have smelters that are underutilized. So once we get our smelters full and running properly, then we can start negotiating harder with the suppliers that we currently are receiving material.

Speaker Change: with Comfort. When we're buying this material from third parties, they may have a problem.

Speaker Change: this month with a mine or have a regulatory problem or a merger with another company or whatever it is.

There's no certainty.

Speaker Change: So diversifying that international shipment group significantly is a high priority for us and I think you'll see

Speaker Change: See that occur in the second quarter. We have two other countries that we're having final negotiations for supply. That then gives us further pricing power.

Speaker Change: You know, I have a limited pricing power when I have smelters that are underutilized so once we get our smelters full and running properly then we can start negotiating harder with the suppliers that we currently are receiving material from.

Speaker Change: Thank you. Your next question is, Gary and team, thanks for having us on the call. How should we think about CAPEX for the balance of the year? Can you remind us of the capital intensity of the Thompson Falls upgrade, and how does that compare to any future sites?

Gary Evans: Thank you. Your next question is, Gary and team, thanks for having us on the call. How should we think about CapEx for the balance of the year? Can you remind us of the capital intensity of the Thompson Falls upgrade and how does that compare to any future site? Well, we announced a couple weeks ago the Thompson Falls upgrade was approximately $15 million. I think it'll be less than that when it's all said and done, but that's what we've got. We're hopeful that our DoD grant that we're working on would fund that predominantly. that is, that is, that is.

Speaker Change: Well, we announced a couple of weeks ago the Thompson Falls upgrade was approximately 15 million.

Speaker Change: I think it will be less than that when Saul said done, but that's what we've got.

Speaker Change: We're hopeful that our DOD grant that we're working on would fund that predominantly, so

Speaker Change: that is the hope. As far as the other CAP explains, fortunately Alaska is pretty minimal.

Gary Evans: As far as other CapEx plans, fortunately, Alaska is pretty minimal because of the type of operations. Now, that will change in 2026 and 2027 as Joe and his team up there start having to go deeper, wider, and further than that. actual rock collecting that we'll be doing initially. acquisitions. We do have acquisitions on the plate. We hope to announce something here in the next 60 days about an acquisition. And so that obviously takes capital. And so as Rick, though, mentioned, our cash hoard has continued to increase, even though we've been growing by leaps and bounds, mainly due to warrant exercises.

Speaker Change: because of the type of operations. Now that will change in 2026 and 2027 as Joe and his team up there start having to go deeper, wider, further than the actual rock collecting that will be doing initially.

Rick Isaac: Acquisitions. We do have acquisitions on the plate. We hope to announce something here in the next 60 days about an acquisition. And so that obviously takes capital. And so as Rick though mentioned, our cash hoard is continued to increase even though we've been growing.

Rick Isaac: by Leap's and Bounds mainly due to worn exercises and we've been very tight controlled on our cost. I mean we

Gary Evans: And we've been very tight controlled on our costs. I mean, we have a great team that's very much incentivized with stock. And we try to keep our salaries in check and be in a situation where we can show improved margins to our shareholders. So I think that.

Rick Isaac: We have a great team that's very much incentivized with stock and we try to keep our salaries in check and be in a situation where we can show improved margins to our shareholders. So I think that answers the questions, I believe, operator.

Gary Evans: That answers the questions, I believe. Thank you. Your next question, with increased refining capacity, will you take on refining from other mining operations who lack refining facilities such as PPTA and XTPT? Well, I know who PPTA is, I don't know who the second one is, but... Obviously, having higher refining capacity helps everyone. And we wish that Perpetua was in a situation where they could deliver us material today. Unfortunately, that's not the case. believe they're still perhaps as long as four years away from having material. Remember Perpetua was a gold mine first. antimony mine second. It is a gold mine in Idaho that requires They're seeking a $1.8 billion.

Speaker Change: Thank you. Your next question? With increased refining capacity, will you take on refining from other mining operations who lack refining facilities, such as P-P-T-A and X-T-P-T?

[inaudible]

Speaker Change: Well, I know who PPT is, I don't know who the second one is, but um...

Obviously, having higher refining capacity helps everyone.

Speaker Change: and we wish the perpetua was in a situation where they could deliver this material today and unfortunately that's not the case.

Speaker Change: We believe there's still perhaps as long as four years away from having material. Remember, Perpetu was a gold mine first, an antimony mine second. It is a gold mine in Idaho that requires

Gary Evans: and import bank loan. And they've got to have 500 employees. So it's not something that's going to happen overnight or next year. So as we continue to increase our refining capacity, companies like Perpetua, I think, will feel more comfortable that we can begin handling their material when it does come. 4 years down the road. So that's another reason we're looking at possibly a third facility for 2026. We haven't decided on all that yet. We do have three areas we're looking at intensely, and I think that will be on the plate, and a lot of it has to do with how our government wants assist us in that endeavor.

Speaker Change: XM Import Bank loan, and they've got to have 500 employees, so...

Speaker Change: It's not something's going to happen overnight or next year.

So as we continue to increase our

Our Refining Capacity

Speaker Change: Company's like for Petua. I think we'll feel more comfortable that we can begin handling their material when it does come to market.

four years down the road. So...

Speaker Change: That's another reason we're looking at possibly a third facility for 2026 somewhere.

We haven't decided on all that yet, we do have-

Speaker Change: three areas we're looking at intensely and I think that will be on the plate and a lot of it has to do with how our government wants to assist us in that endeavor.

Operator: Thank you.

Operator: And your next question, did I hear Gary just say a new critical mineral to be announced? You did.

Speaker Change: Thank you and your next question. Did I hear Gary to say a new critical mineral to be announced?

and Joe Bardswich. Thank you. Thank you.

you did

Operator: Next question. Thank you.

Next question.

Joe Bardswich: Please comment on progress and success, if any, in Canada. Joe, you might just talk about what your plans are. I know we have a budget for the Cobalt play. Canada, what you're planning to do this year to kind of get that to a point where we might either do something ourselves or bring on a partner. So we know there's high-grade cobalt at 16% in one of the drill holes and 8% nickel along with it. There's also tungsten, bismuth, and copper in that immediate area. Nobody understands the geology completely. Dr. Fred Brakes has made advances last September.

Speaker Change: Thank you. Please comment on progress and success if any in Canada.

Speaker Change: Joe, you might just talk about what your plans are. I know we have a budget for the Cobalt play up in Canada. What you're planning to do this year to kind of get that to a point where we might either do something ourselves or bring on a partner.

Speaker Change: 8% nickel along with it. There's also tungsten, bismuth, and copper in that.

Speaker Change: the immediate area. Nobody understands the geology completely. Dr. Fred breaks his needs. Advances last September .

Joe Bardswich: We're as soon as we can get back out there, which I expect within a few weeks. We'll continue that work, strip a larger area, map out the size of the cobalt deposit, and then then go into a drilling program to prove it up. Nothing, nothing guaranteed, but it You can't ignore a high-grade like that in a drill hole, and it's a question of understanding the geology. So we've gone from four geological units, as previously reported, and in the program last fall, they've identified three more. Geological Units, which helps in analyzing what is going on and where the deposit, if it exists, where the deposit will be.

Speaker Change: As soon as we can get back out there, which I expect within a few weeks.

Speaker Change: We'll continue that work, strip a larger area, map out the size of the co-bought deposit and then...

Speaker Change: and then go into a drilling program to prove it up. Nothing, nothing guaranteed but it, it...

Speaker Change: You can't ignore a high grade like that in a drill hole and

It's a question of

Speaker Change: I understand the geology, so we've gone from four geological units as previously reported in the program last fall, they've identified three more.

Geology Collean at Switch

to help in analyzing what is going on and where the-

Speaker Change: You know, the deposit, if it exists, whether the deposit will be.

Joe Bardswich: It's important to also note, Joe, that this is an area where there's a lot of activity, a lot of mining activity. I think you told me he was one of the larger copper mines up there in Sudbury area. Lots of infrastructure for both midstream and downstream operations, so that's one reason we chose that property is that we could easily access other people's smelters and operations and not have to build our own. Exactly right, Gary. I would anticipate that we would be, or that... That activity, that property would be subject to a buyout from somebody who's already in the business.

Speaker Change: Thank you. It's important to also note, Joe, that this is an area where there's a lot of activity, a lot of mining activity.

Speaker Change: I think I think you told me he was one of the larger copper mines are up there in Sudbury area and that lots of infrastructure for both midstream and downstream operations so that's one reason we chose.

Speaker Change: that property is that we can easily access other people's smelters and operations and not have to build our own.

Speaker Change: Exactly right, Gary. I would anticipate that we would be for that.

Speaker Change: That activity, that property would be subject to a buy-out from somebody who's already in the business.

Yeah.

Rick Isaak: Next question, and then we'll kind of, I think we'll run it up after this question. Absolutely. Your next question, your zeolite business is much improved year over year. Certainly, it gets overshadowed by the antimony business. But can you talk about expectations for the business and potential upside we could see throughout 2025? Yes, um, you know, because Antimony has The price has taken off so much, and now our volumes will be increasing. There's no question zeolite will become a smaller piece of our business, but we are definitely going to hold on to it. We know we have one of the highest quality zeolite mines in the world.

Speaker Change: Next question, and then we'll kind of, I think we'll run it up after this question operator.

Speaker Change: Absolutely. Your next question, your zero-light business is much improved year-over-year. Certainly, it gets overshadowed by the Antimony business, but can you talk about expectations for the business and potential upside we could see throughout 2025?

Yes, you know, because Antimony has...

Speaker Change: Price is taking off so much and then our volumes will be increasing. There's no questions and zero light will become a smaller piece of our business, but

Speaker Change: We are definitely going to hold on to it. We know we have...

Speaker Change: One of the highest-quality ZLi minds in the world. We also know that we have a long-term supply of ZLi, you know, possibly up to a hundred years.

Rick Isaak: We also know that we have a long-term supply of zeolite, possibly up to 100 years. And we know that we can expand our capacity of our existing operations by 100% with very little, if any, capital.

Speaker Change: and I'm going to be talking about the the the the the the the the the the the the the the

Speaker Change: Operations by 100% with very little if any capital. So what does that mean? It means we need more sales.

Rick Isaak: So what does that mean? It means we need more sales. So we are working hard, both with the government, with our lobbyist group in Washington that's helping us with that, as well as we've hired salesmen to help us in the water treatment area. We did have a salesman in the Cadillac area. She had to resign for some personal reasons. are trying to replace her. But we know that the cattle market, as well as the water treatment market, are huge markets. And then we also know that the concrete market is one that has a lot of promise, where zeolite could replace fly ash.

and so we are working hard.

Speaker Change: Both with the government, with our lobbyists group in Washington that's helping us with that as well as we've hired salesmen to help us in the water treatment area. We did have a salesman in the cattle area she had to resign for some personal reasons.

Speaker Change: We're trying to replace her, but we know that the cattle market as well as the water treatment market are huge markets and then we also know that the concrete market is one that has a lot of promise where zealike could replace fly ash.

Rick Isaak: So we think that that business, because now under Joe's direction, we've drilled enough drill holes, we know the reserves we have. renegotiated our 10 year operating lease up there. Jeff Fink, who we hired a year and a half ago, got the operation running smoothly. The CapEx that we spent last year is done. So now we just need sales and we're out trying to get that and I feel comfortable that's going to happen. It's pretty hard, you know, for our competition to compete with us when we show the quality of our zeolite versus the quality of the zeolite they're selling.

Speaker Change: We think that that business, because now we've, you know, under Joe's direction, we've drilled enough drill holes, we know kind of the reserves we have, we've just renegotiated our 10-year operating lease up there.

Speaker Change: Jeff Fink, who we hired a year and a half ago, got the operation running smoothly.

The CAPEX that we spent last year is done.

Speaker Change: for our competition to compete with us when we show the quality of our ZLI versus the quality of the ZLI they're selling and when their customers see that they take notice.

Rick Isaak: And when their customers see that, they take notice. And this company has never done any form of operations of selling their products and we're changing that. And I think that that will continue to see, will continue to see improved operations.

Speaker Change: and this company has never done any form of operations of selling their products, and we're changing that, and I think that that will continue to see improve operations there.

Operator: So with that, operator, I think we're done with questions. Absolutely, and we've reached our allotted time for our question and answer session.

So with that operator, I think we're done with questions.

Speaker Change: Absolutely, and we've reached our lot of time for our question and answer session. I'll now turn the call over to Gary C. Evans for closing remarks.

Gary Evans: I'll now turn the call over to Gary C. Evans for a closing remark. Thank you all for taking the time today to listen to our results. You can see that our management team is enthused. We know that we've got a great year coming for everybody involved. And we would we would like to. We'd like to continue to show you that we are blocking and tackling and doing the things that are necessary to build this company into a billion dollar company. That is my goal.

Gary Evans: Thank you all for taking the time today to listen to our results. You can see that our management team is enthused. We know that we've got a great year coming for everybody involved and we would we would like to

and Gary Evans. Thank you. Thank you.

Gary Evans: We'd like to continue to show you that we are blocking and tackling.

Gary Evans: and doing the things that are necessary to build this company into a billion-dollar company.

Operator: I told this board when I came on and became CEO I wanted to build a billion dollar company and the team that we've built and the team we're continuing to build have the capacity to do that and it's a very exciting time and we've got a lot of wind behind our sails and there's nothing, I keep waking up every day thinking where's the grizzly bear coming that's behind and I haven't seen him yet so we're going to keep plowing ahead. Thank you for your time today. Thank you.

Gary Evans: That is my goal. I told this board when I came on and became CEO , I wanted to build a billion dollar company and

Gary Evans: The team that we've built and the team that we're continuing to build have the capacity to do that and it's a very exciting time and we've got a lot of a win behind our sales and there's nothing I keep waking up every day thinking where's the grizzly bear coming this behind I haven't seen him yet so we're gonna keep plowing ahead

Thank you for your time today.

Speaker Change: Thank you. This concludes today's webcast and you may disconnect. Your lines at this time. Thank you for your participation.

This concludes today's webcast and you may disconnect your lines at this time. Thank you for your participation.