UNITED STATES ANTIMONY CORP Q4 FY2025 earnings call

Notable News - Announced tungsten acquisition in June 2025, Fostong property in Ontario, Canada with deferred resource value exceeding $4.6 billion. - New $248 million sole source contract to deliver antimony ingots to U.S. government, anticipating ~$75 million in 2026. - New $106.7 million industrial antimony contract. - Added two new independent board members. - Opened Sybnight Hill Antimony Mine in Montana and restarted Madero antimony smelter in Mexico. - Acquired 10% of Lervata Resources Limited. - Consolidated results: 2025 sales $39.3 million, up 163%; gross profit up 185%. Cash position totaled $91.3 million at end of 2025, working capital $44.6 million. - Vertically integrated antimony division in 2025, strengthening ore procurement, processing capacity, and sales contracts. - Expanded mining claims in Alaska, opened Sybnight Hill Antimony Mine, updated on Montana and Alaska mining operations, and work on Ontario cobalt nickel and tungsten projects.

Antimony division became fully vertically integrated in 2025. Anemone sales up due to price increases. Zeolite sales up due to price and volume increases. Antimony inventory increased from 78 tons in 2024 to 465 tons in 2025, with 17% from company-owned mine in Thompson Falls, Montana. Bear River Zeolite (zeolite company) has large and high-quality deposit, focusing on water treatment and agriculture segments. Water treatment is ~75% of revenue, working on reaching more core filtration media business and long-term supply contracts. Agricultural applications, specifically cattle nutrition, with transition to bulk-oriented business and evaluating infrastructure upgrades and regional transloading yards.

Forward Looking - Thompson Falls expansion originally estimated in January, now expected to be completed in May due to supplier and third-party delays. - Anticipate significant increase in zeolite sales in 2026. - Plan to implement new accounting software in 2026 for better decision-making. - Expect to receive $27 million from USDOW for antimony expansion. - Have two five-year sales contracts, and expect to see more results in 2026 and beyond from vertically integrated chain improvements. - Aim to continue growth, diversification, and sustainability in critical minerals market.

Risks - Delays in equipment delivery and third-party contractors affecting project timelines, such as four-month delays on an equipment supplier for Thompson Falls expansion. - Volatility in antimony prices. - Uncertainties in ore shipments and production ramp-up from Alaska. - Potential challenges in achieving planned growth and market penetration for zeolite business.

Question and Answer - Q: With elevated inventory, expected ramp of Montana mining, and expanded smelting capacity, how do you see the production mix evolving over the next 12 to 18 months?

A: Montana mine may open next three weeks, Alaska may be delayed, but plan to get back to successful operations last year. - Q: You mentioned facing four-month delays on an equipment supplier. Are you able to switch, evaluate other vendors to try to avoid equipment delays?

A: Unfortunately not, as equipment is specialized and from specific contractors. - Q: Can you give us an update on the magnitude of ore shipments from Alaska?

A: Geologist says 1,000 tons a month, but expecting 200 tons a month. - Q: With the U.S. government in need of refills on munitions, have there been any talks between you guys and defense firms and or the U.S. government about supporting them at this time to replenish those supplies?

A: Already supporting via $248 million contract, with ongoing discussions. - Q: Can you give us a sense for the progress at Thompson Falls in terms of the expansion?

A: Expansion expected to be completed in May, due to equipment delays, but excited about Bolivian and JV material. - Q: What is your appetite for M&A at this time?

A: Look at both, but prefer within a year to two years, not focused on public markets yet. - Q: Does USME currently have contracts with battery-making facilities?

A: No long-term contracts, but discussions ongoing. - Q: What is your plan for Larvato Resources, a company whom you purchased 50 million shares of?

A: Largest shareholder, but no decision yet, investment for now. - Q: What are your thoughts on the current macro environment and potential supply shocks that could occur if trade tensions flare up more between the U.S. and China?

A: China already cut off antimony shipments, but contracts protect and demand is high. - Q: How has the price of antimony and zeolite moved over the past 12 to 18 months?

A: Antimony sales flat in 2025, growth in 2026 to be volume related; zeolite sales increased, bulk product changes margins. - Q: What is the status regarding the cobalt property?

A: Plans in place, but not as far along as tungsten property.