UNITED STATES ANTIMONY CORP Q3 FY2026 earnings call

Corporate Strategy & Diversification

• The company is transitioning from a single-commodity antimony producer to a diversified critical minerals producer focused on antimony, cobalt, gold, tungsten, and zeolite, aligned with U.S. government supply chain security goals
• Institutional ownership now approaches 50%, following an extensive investor outreach program including 200+ investor meetings, 6 non-deal roadshows, and 5 investor conferences in Q1
• The company uplisted from NYSE American to the NYSE Classic Board in March 2026, and was awarded a $27 million U.S. Department of Defense grant for domestic capacity expansion; $12.8 million of this grant was received in Q1 2026

Exploration & Project Development

• Stibnite Hill (Montana, Antimony): Mining is pending regulatory approval, expected within 2 weeks, after completing required environmental leach testing; 800 tons of 10% antimony ore was already hauled to the Radersburg mill in late 2025
• Fostung (Ontario, Canada, Tungsten): After weather-related road closures from flooding, exploration has resumed; an independent technical report confirms an inferred resource of 14.62 million metric tons grading 0.17% WO3, with a gross value of $9.3 billion at current prices; the company is preparing a 20,000-50,000 ton bulk sample for third-party processing, and has applied for federal grant funding for the project
• Alaska Projects: Antimony exploration at Ester Dome will resume by the end of May; the high-grade Nolan Creek antimony-gold deposit (acquired in early 2026) has a reported resource of 42,412 tons grading 28% antimony and 0.408 oz gold per ton, with a gross value exceeding $460 million; exploration will begin in summer 2026 after upgrading access to meet MSHA standards; the Maclaren River K-M copper project will have a drill program in late summer 2026 to test high-grade copper vein continuity
• Radersburg Mill (Montana): The mill, acquired in January 2026 for $4.3 million, is ready for operations; a new on-site laboratory is under installation to enable 24-hour turnaround analysis for exploration and production, eliminating long lead times from third-party labs; a grand opening with state officials is scheduled for July 7, 2026

Processing Infrastructure

• Thompson Falls (Montana) Antimony Smelter Expansion: The 9-furnace expansion will reach 230 tons per month capacity, up from 75 tons per month at the existing plant. Commissioning is underway, 3 furnaces are currently operational, and full 80% capacity is expected by mid-July 2026
• Madero Smelter (Mexico): The smelter has achieved consistent production with secured monthly feedstock deliveries, and has developed specialized processes to produce high-purity antimony ingots meeting U.S. government contract specifications
• Hydrometallurgical Joint Venture with Americas Gold and Silver: A 1,000 tons per month state-of-the-art hydromet facility is planned for Idaho, targeted for completion in 2028; the facility will be able to process lower-grade and higher-impurity antimony feedstock that cannot be processed in existing gas-fired furnaces, doubling the company's accessible supply base; the technology is adaptable for processing other critical minerals including silver, copper, and gold

Consolidated sales for Q1 2026 were $6.8 million, nearly flat compared to $7 million in Q1 2025.

• Antimony segment: Q1 2026 sales were down 2% year-over-year. The segment benefited from secured long-term feed contracts for the Madero smelter in Mexico, with 225 tons of high-quality feedstock delivered monthly, doubling inventory levels from 2025. The Thompson Falls expansion project is on track to reach 80% capacity by mid-July 2026.
• Bear River Zeolite (BRZ) segment: Q1 2026 sales were down 7% year-over-year, due to front-loaded investment in infrastructure and operations for the new cattle nutrition segment. March 2026 sales were 60% higher than March 2025, with shipments in March and April 2026 hitting all-time records, 42% and 66% above monthly targets respectively. Revenue contribution breakdown was not explicitly provided.

• Management reaffirms full-year 2026 revenue guidance of $125 million, up from the prior target of $100 million. Management expects $75 million to $95 million of 2026 revenue to come from U.S. federal government antimony ingot shipments
• The Thompson Falls smelter expansion will reach 80% capacity by mid-July 2026, with full ramp-up completed in subsequent months; production will increase incrementally through the second half of 2026
• Zeolite segment operating performance and revenue growth will begin to materialize in the second quarter of 2026, following Q1 2026 upfront investment to support the new cattle nutrition segment
• A response on the $44 million Department of Energy grant for the hydromet project is expected within 45 to 60 days of the call

• Regulatory permitting delays for the Fostung tungsten project in Canada mean full commercial production and revenue from tungsten are not expected in 2026
• The Thompson Falls smelter expansion faced third-party delivery delays for key heat exchanger components, pushing the full completion timeline out from the original schedule, though management notes the 1-year timeline from engineering start to commissioning is still faster than the typical industry 3+ year timeline
• Stalled constructive dialogue with Larvotto Resources management, which has a 10% Chinese ownership and a Chinese marketing agreement, increases the risk that the company will sell its entire stake in Larvotto
• Short working seasons in Alaska limit the amount of exploration and development progress that can be achieved in a single calendar year, delaying drawdown of the $7 million Alaska portion of the DoD grant to 2027
• Front-loaded operating and capital investment in the BRZ zeolite segment pressured Q1 2026 profitability, with full benefits of the investment not expected until the second half of 2026
• Unexpected commissioning issues are common for new processing infrastructure, which could impact ramp-up speed and 2026 production volumes

Q: What is the status of the company's investment in Larvotto Resources, and how is it currently valued?

A: The company recorded a $4.1 million noncash mark-to-market loss on Larvotto stock in Q1 2026, but as of the call date, the holding would have a $10.1 million unrealized gain. Management reports that productive dialogue with Larvotto's entrenched leadership has completely broken down, as U.S. Antimony's plan to build a hydromet facility there has been blocked. Larvotto's 10% Chinese ownership and Chinese marketing agreement are also points of concern. Management is actively evaluating selling the entire ownership stake.