UNITED STATES ANTIMONY CORP Q3 FY2025 earnings call

• Gary provided an education on antimony's importance in military (ammunition, electronics) and civilian (batteries, glassmaking, flame retardants) sectors.
• Rick discussed consolidated operating results: sales growth, gross margin changes, cash flow from operations, balance sheet changes due to inventory, fixed assets, and cash from warrants. Mentioned securing supply agreements and expanding capabilities.
• Lloyd updated on mining operations: Stibnite Hill bulk sampling in Montana, Alaska permit challenges and site preparations, Ontario mineral exploration for cobalt and tungsten.
• Aaron outlined antimony supply contracts from 10 countries, ramp-up of feedstock deliveries, and developments in Bolivia and Chad.
• Jonathan detailed IR activities: share price increase, institutional ownership growth, media coverage, investor relations website development, and upcoming docuseries.
• Gary highlighted long-term sales agreements, competitive landscape (no direct antimony competitors in North America), mining success in Montana, Lervata Resources investment, and China's role in antimony supply.

Consolidated sales for the first nine months of 2025 were $26.2 million, up 182% from the prior year, driven by price increases and some volume growth in the zeolite business. October consolidated sales were $5.6 million, compared to Q3's $8.7 million. Gross margin increased from 24% last year to 28% this year, but Q4 expected to face pressure from declining antimony market price. Antimony inventory was up about 300,000 pounds, fixed assets increased from mining claim acquisitions and facility expansions, and cash increased by $20 million from warrant exercises and stock sales. Revenue contribution from antimony sales was significant, with growth in both volume and price.

• First nine months sales $26.2M, up 182%. October sales $5.6M. Q4 gross margin expected to face pressure but offset by lower costs.
• 2026 revenue guidance set at $125 million. Montana smelter expansion near completion, Alaska operations to restart in spring 2026, and supply developments in Bolivia and Chad expected to drive growth.
• Anticipated ramp-up in production volume in 2026, with October sales showing initial signs of increased throughput.

• Supply chain issues: delays at ports, material quality problems (arsenic, lead, sulfur) in imported antimony, and Chinese customs holds.
• Weather impacts: winter weather affecting mining operations in Montana and Alaska.
• Geopolitical risks: China's export controls on antimony, affecting supply and pricing.

Q: What is the difference between the antimony for the DLA contract and the commercial supply contract?

A: The DLA contract is for metallic antimony in ingot form, while the commercial supply contract is for antimony trioxide in bagged powder form.

Q: Is management considering building an additional smelter or processing facility?

A: Likely to expand in Mexico at Madero due to favorable conditions like natural gas access, rather than Montana due to land constraints.

Q: What is the expected production volume ramp for Montana and Mexico?

A: 2026 expected to see ramp-up, with October sales showing initial increase, but growth may be bumpy due to supply chain mechanics.

Q: How close are current smelting operations to running at full capacity?

A: Montana running near capacity, but issues with material quality from different sources; Mexico facing quality material challenges but expecting improvement with new supplies.

Q: Any more government support in the pipeline or additional potential contracts?

A: Yes, there are ongoing discussions and potential for more government support and contracts.