UAMY

Please note this conference and webcast is being recorded. I will now turn the call over to your host, Gary C. Evans, Chairman and CEO. You may begin.

Thank you, Paul, and welcome to our listeners. The news release on our earnings should be out any moment now. It was taking a little bit longer to get out, but it should be out within a minute or two. First, I'd like to start by introducing other members of the company's management team who has joined me today on this call. We have seven speakers from management who'll be talking about their respective divisions because we have a lot to say, quite frankly.

Those parties are as follows: Rick Isaak, Senior Vice President and Chief Financial Officer, Shawn Winkler, our Interim Chief Financial Officer, Joe Bardswich, our Director and Executive Vice President and our Chief Mining Engineer, Melissa Pagen, President and Chief Operating Officer of our Bear River Zeolite division, Jeffrey Fink, Vice President of our Antimony division up in Thompson Falls, Aaron Tenesch, who's Vice President of our Antimony division, predominantly involved in procurements as well as Radersburg, and then Jonathan Miller, who's Vice President of our Investor Relations. Before I turn over the conference call today to Rick and Shawn to discuss our financial report, I first want to say that I have never been more excited about where this company is going. If you are, as an investor, knew only half as much as I do today, you'd also feel the excitement.

This is no longer just an antimony company. Read the heading of our press release today. It says antimony, cobalt, gold, tungsten, and zeolite. We're making significant progress on all of these mineral developments, as you will hear today from our seasoned management team, as they go over what all we're up to. Rick, you're up, and let us hear about the first quarter earnings.

Thanks, Gary. As announced in a prior press release, I took a leave of absence a couple weeks ago to take care of some personal matters. It was fortunate that we've been working with a very talented financial person, Shawn Winkler, who could step in as Interim CFO. Shawn's experience over the prior 20+ years includes Corporate Finance, Capital Markets, and Executive leadership. He recently served as CFO of a full-service Engineering, Procurement, and Construction firm in the energy industry and was an Investment Banker for over 15 years. Shawn's been working on financial projects for the company since late last year and knows the management and finance teams well. This was an easy transition. Okay. Next, I'll provide some comments on our consolidated results. Sales for the first quarter of 2026 were $6.8 million, nearly comparable to last year's sales of $7 million.

Antimony segment sales were down 2%, and zeolite segment sales were down 7%. Gross profit for the first quarter of 2026 decreased $1.3 million compared to last year's first quarter. The majority of this decrease was due to higher labor, factory, and import freight costs. These cost increases were needed, kind of like Gary was saying, to get the talent, factory, and inventory we need for the expected ramp-up in production for the remainder of this year. We expect these costs to improve with economies of scale as sales increase.

Net loss for the first quarter of 2026 was $11.3 million, which was primarily due to non-cash stock compensation expense of $4.8 million and an unrealized loss on our investment in our Larvotto Equity securities of $4.1 million, along with the higher cost of goods sold I mentioned just earlier. Working capital and other balance sheet metrics remain strong. Our cash position, including our U.S. Treasury securities and equity securities, totaled $60.2 million at the end of the first quarter of 2026. In addition, subsequent to March 31st, 2026, we received $12.8 million of cash from our expansion grant from the U.S. government and $48.6 million of gross proceeds from the sale of our stock.

Inventory increased by $9.5 million to $22 million at the end of the first quarter of 2026, compared to $12.5 million at the end of 2025. We continue to maintain a very low amount of debt on our books, $162,000 at the end of the first quarter. On the operations side, we continue our strategy as Gary was mentioning, quickly develop our antimony supply infrastructure where little existed before. This includes both internal and external infrastructure. First, on the internal infrastructure side, plans are in place to mine antimony in the U.S. in 2026. We mined antimony in 2025, and our expectations are much higher in 2026 for both Montana and Alaska.

Second, on the external infrastructure side, contracts have been signed for monthly deliveries of antimony to our smelters in both Montana and Mexico, our factories, our facilities are ready for this increased internal and external supply. Also, we continue to explore our mining sites in U.S. and Canada in 2026 for other critical minerals needed for the U.S. government and in industry. Similar to what Gary again was mentioning at the beginning here. In addition, we saw an increase in zeolite sales of about 60% in March of 2026 compared to March of 2025 from our efforts to increase zeolite sales in the animal feed industry, predominantly cattle. This antimony and zeolite mining and processing infrastructure is being built quickly to support our growth plans. We expect to see the results of our initiatives in the back half of this year.

The U.S. government recognizes the significance of our initiatives and granted us $27 million to assist with these initiatives. As I previously mentioned, in April of 2026, we received $12.8 million of this $27 million grant. Overall, we aggressively continue to implement our strategy of growth, diversification, and sustainability in 2026 for our company, our investors, and our country. I'll pass it back over to you, Gary.

Okay. thanks, Rick. Shawn, you want to introduce everybody to, about yourself and your involvement with the company?

Yeah. Excited to be here. Thanks, Gary. You know, Rick kind of went through my background. Recently joined, was CFO of a 500 person engineering EPC company based out of Houston. Previous to that, I spent about 15 years as an Investment Banker, advising companies, including Gary in previous iterations on M&A and capital raising, anything from secured debt to public equity. Really excited to join this team at this critical stage, you know, with the global intersection, you know, of critical mineral demand and supply chain security needs and accelerating global dynamics, with China restricting exports. You know, I think this is an awesome time to be joining a really emerging company with a lot of growth potential. Excited to be here, Gary.

Well, thank you. We're glad to have you on board, Shawn. You've already done a lot just in the short period of time you've been here. Super. We'd like to now turn the call over to Joe Bardswich. If you would please update everyone on all our critical mineral field activities. Joe.

Thank you, Gary. I'll start with Stibnite Hill in Montana, source of the antimony that we mined last October, November. An early spring enabled our crews to access the mountain. However, the Montana DEQ requested leach tests of the stibnite ore to determine the potential leaching of antimony into the environment from the bedrock. US Antimony has submitted a proposal to contain possible leaching utilizing a local available clay as an impermeable cover. Permission to proceed with our mining plans of the stibnite and hauling it to the Radersburg Mill is expected within the next two weeks. 800 tons of stibnite grading 10% antimony was hauled to the mill in only four weeks during late October, early November. We expect that once we get going, we'll have steady production until winter shuts us down.

Switching to tungsten at the Fostung deposits, Ontario, Canada. Record snowfall this past winter, combined with a warm spring snowmelt, resulted in regional flooding, causing sporadic closing of both the Trans-Canada Highway and the access road to Fostung. The roads are now open, and our crew has resumed work, including the collection of a bulk sample of typical mineralized material for additional metallurgical test work at the SGS Lakefield in Ontario. Discussions with operating flotation mills in the region are continuing regarding the processing of a large bulk sample in the area of 20,000 tons-50,000 tons. This will be the first tungsten mine in North America in decades. The company has filed a technical report authored by SRK Consulting (Canada) Inc., an independent mineral consulting firm. That was filed with the SEC.

The report calculated an inferred resource of 14.62 million metric tons grading 0.17% WO3, that's tungsten trioxide, containing 53.595 million pounds of WO3. Switching to Alaska and antimony. We worked at Ester Dome last year. That work will resume before month end with the investigation of antimony soil anomalies by both trenching the bedrock and the drilling of percussion holes through the overburden with the collection of rock cuttings for examination and assay analysis. The objective being to identify stibnite deposits that can be sent to Montana for bulk testing at the company's Radersburg Mill. Also in Alaska, the Maclaren River K-M copper prospect. An Alaskan state geological survey in the area a year ago has reported collection of samples from our K-M claim.

The assay results indicated very high-grade copper values with minor gold and silver. We have scheduled a drill program for late summer to test continuity of the vein to depth. This would be USAC's first copper project. In Alaska, the Nolan Creek antimony gold deposit. This property was acquired through a trustee sale by public auction earlier this year. Our rating of the exploration potential of the property is very high, and an extensive exploration program will be conducted this summer. The previously developed underground workings in one area give access to three parallel veins of antimony and gold. A technical report by qualified person, Tom Vinson, available to the public, has reported a resource of 42,412 tons grading 28% antimony and 0.408 ounces of gold per ton.

That works out to a gross value in excess of $460 million at today's prices. The company intends to upgrade the underground access ramp to meet MSHA regulations and commence mining of this high-grade ore. The ore would be trucked to our Radersburg gravity and flotation milling facility. Back to you, Gary.

Joe, before I let you go, regarding our Fostung tungsten mine up in Canada, which I know the market just has not yet figured out how valuable we believe that is. If we were to apply today's tungsten price to what this third-party report, this resource report that we got, you know, earlier this year that we filed with the SEC, which states our potential reserves, what would that value be, again, based on today's tungsten price?

The last price I have for tungsten would be $3,300 per metric ton unit. Using that price, the gross value before mining, processing, etc, the gross value would be $9.3 billion.

$9.3 billion. Again, Fostung tungsten is an open pit. You've already moved material now to go to the lab, and we hope to be doing much more active operations there later this year. As you said, weather has hurt us a bit on the roads. Is that right?

That's correct. And the local First Nations, the Whitefish River First Nation, have agreed to perform a blessing ceremony to start us off, and we're looking forward to getting that started and bringing some of the benefits of that deposit to the benefit of the First Nations people.

Yeah. I don't think any tungsten has been mined in either the United States or Canada in, I know at least 10 years, maybe 20 years. This would be the first active tungsten mine, which we're showing just under $10 billion of future value mined in the U.S. We have everybody knows, we've made formal applications with the federal government for grant money associated with this tungsten discovery. Thanks, Joe. Appreciate it, and we'll now jump the call over to Melissa Pagen. Melissa is President and Chief Operating Officer of our BRZ division, which is our zeolite subsidiary. She's made me promise not to steal her thunder, which I won't, even though I want to.

I knew you were gonna say that.

I will let Melissa take over the call.

Okay. Thank you, Gary. In the first quarter, our focus has been to execute on the priorities we outlined in the beginning of the year, specifically strengthening the operational capabilities required to support strategic growth in our target market, especially cattle nutrition. You may recall our cattle nutrition business segment launched in February. This business segment required several front-loaded costs to establish the operational capabilities needed to support it and to create a foundation for scaling it. These costs were intentional. During the quarter, we expanded logistics capabilities, we increased inventory to support bulk delivery, and we added staffing ahead of full utilization as we prepare for multi-shift operations. In parallel, we've continued to develop key infrastructure and automation initiatives to support higher throughput expectations and improve long-term efficiency.

These initiatives are still in process and will continue into the second quarter and have continued in the second quarter. We expect those to materially increase throughput capacity, improve cost efficiency and enable more consistent scalable operations over time. We've also been operating in a higher cost freight environment, particularly with the cost of diesel, as we scaled delivery to meet demand. Freight in its current form for us is a whole new factor now that we're offering delivered pricing for the first time in company history in order to serve and compete in the cattle nutrition space. Again, to operate in this space, that level of service and supporting infrastructure are not optional. They are required.

As mentioned at the beginning of the year, we've also begun actively participating in cattle industry conferences where we've made strong progress getting our name and product in front of key decision-makers. I'm happy to report we continue to be very well-received, and that increased visibility is continuing to translate into new customer engagement. To add an exclamation point here, as recent as the past two weeks, we've brought on two new cattle nutrition customers and are in discussions with others, none of which were even on our radar during our last update call. Here's my favorite part that Gary was talking about. In March, we achieved a record number of tons of zeolite shipped, exceeding our monthly target by approximately 42%. That momentum continued into April, where shipments increased further to roughly 66% above target.

I hope I'm okay to talk about April. Again, both March and April broke all-time records for total tons of zeolite shipped. What's key in all of this is that demand is now outpacing our existing infrastructure, and the phased upgrades underway are essential to keep up with volumes that are consistently increasing. While the first quarter results begin to reflect our upfront investment required to build our overall capacity, the trajectory exiting the quarter is one of accelerating demand, increasing utilization, and a clear path toward improved operating performance. Real quick, Gary, I had some feedback last time that I went a little too into the weeds of cattle lingo, hopefully I kept that reeled in this time. That's all. Thank you.

No problem. Just to kind of refresh everybody about the BRZ zeolite subsidiary. When I first came on board three years ago, one of the first things I attacked was getting this facility up and running, and that was the result of Jeffrey Fink being hired, who he's going to talk here in a second. He was the mechanical engineer that really did the hard work there in the field. We are extremely excited after Joe Bardswich made the decision that, hey, we need to do a resource report on this property, which we did, and that report showed over a 400-year supply of zeolite. Obviously, a 400-year supply doesn't do any of us any good.

We wanna get that down to less than 100 years or less than 50 years, cause none of us are gonna be around 400 years from now. That's what Melissa and her team are doing. They're driving sales. This company never did any marketing in its 30+ year history, never did any marketing of zeolite. We now have salespeople that are highly qualified in the field that can talk the language to the cattlemen. We're going to conferences, and we're seeing immediate results cause we know we have the highest quality zeolite of any mine in the world, and now we have a huge supply, so we need to double, triple, quadruple sales, and that's what we're attempting to do. The results of Melissa's team and their hard work are showing now.

You didn't really see much of it in the first quarter. You'll see a lot of it in the second quarter. Now we've got to make some capital improvements. We've got to be able to meet the demand of these new customers. That's a good problem to have, and it's not a large expenditure. There are automation things that we can do to be able to expedite moving this material. Very excited of where BRZ is going. I'm gonna now turn the call over to Jeffrey Fink. I know all of you wanna hear what is the status of your expansion in Thompson Falls, and Jeff's gonna give us a great update. Jeff.

All right. Thank you, Gary. The Thompson Falls expansion is getting very close to becoming operational, which will be done in stages. We now have all the heat exchanger bodies on site and in place, but we still need one set of parts to make them functional. We did fabricate our own for three of them, which should allow us to run those three at 50% of capacity. The OEM parts should start arriving the last week of May with enough to get one to two additional furnaces running per week. We should have all these parts, and they will run all 9 furnaces near mid-July. We started commissioning activities at Thompson Falls at the beginning of May. This time, we have enough systems running for three functional furnace lines that can run manually.

Controls and ways to load the furnaces are still pending, should be resolved in the next one or two weeks. As with any commissioning activities, unexpected problems are expected, and we'll solve them as they come about. Even though the new plant equipment is ready to run at full capacity, the material handling and operating the plant will be a learning curve for the employees, and a ramp-up will commence. I'd not expect full nameplate capacity for the plant right at the end of July, but I'd hope to be near 80%.

Once we're in a stable operation with the new plant, which has a capacity of about 230 tons a month with all nine furnaces running, we'll then shut down the old plant with about a 75 ton per month capacity to replace the dust collectors and the electrical systems to meet our new emission standards that we need to hit under the increased production levels of our current permit emission limits. This shutdown should take four to eight weeks. While this is a longer schedule than originally projected when we were starting the engineering, keep in mind that we're still only one year and one week after starting engineering for this project. When we started this endeavor, while we were rather sure of the amount of government funding we'd obtain, we were much less sure of the exact scope.

Only through engineering, which continued well into construction, could we know the full scope of the project to hit our production goals. On top of this, the large delays from the heat exchanger deliveries from a third party results in this schedule, which is still a great achievement for what would likely take a typical company three or more years to complete. Thank you. Back to Gary.

Thank you, Jeffrey Fink, and we're all very excited to get these new furnaces fired up because we continue to build our inventory, which Aaron Tenesch's going to talk about here next. You know, 2025 was a period where we were buying from foreign sources from five to six different countries. Through that effort, we learned where the best antimony was with respect to availability, and we focused on that. Aaron Tenesch's going to talk about how we're continuing to increase our throughput of purchase of raw ore, which now will be able to be processed in the expanded Thompson Falls facility as well as down in Mexico. Aaron Tenesch.

Thank you, Gary. I would like to first provide an update on our Madero smelter, followed by Thompson Falls Montana Processing Center and some hydromet updates, then the critical mineral mill located at Radersburg, Montana, acquired at the beginning of 2026. The first quarter of 2026 saw a consolidated consolidation and increased reliability in supply contracts, providing consistent feed for the Madero smelter in Mexico throughout 2026. These same contracts should continue to roll over and provide sufficient support to allow for consistent long-term production. An average of 225 tons of high-quality feedstock is being delivered every month now. This is reflected in our inventory numbers reported today, which are twice what they were last year. Through this reliability in material and supply, consistent operations have been realized, allowing constant production and product quality.

The strengthening of international relationships in these supply contracts may lead to other critical mineral sources that may provide future developments. Specialized methods to remove the typical contaminants of arsenic and iron have been developed at the Madero smelter, resulting in the production of very clean antimony ingots, meeting stringent specifications and satisfying preferred sales contracts. The Thompson Falls Processing Center continues with consistent production while working with two new feed sources in preparation for the full commissioning of the expansion. New midstream feed sources continue to be developed. Despite delays in critical equipment delivery and typical startup issues, our operating partner in Bolivia began producing metallic antimony flake in March and hosted a tour for US Antimony and our joint venture partner, Americas Gold and Silver senior management in early April. Initial shipments to Thompson Falls have commenced.

The hydromet system to be built in joint venture with Americas Gold and Silver will be more complex than the system we assisted in building in Bolivia, but is a similar process. The product will also be a metallic antimony flake that will be delivered to Thompson Falls for final product conversion. A further update on Bolivia, we are happy to report that our operating partner there has commissioned their processing circuits fully and has prepared the first shipment. That shipment has undergone third-party sampling and sealing, with shipping now fully booked from door to door. The United States Antimony Critical Mineral Mill, located in Radersburg, Montana, was purchased in early January of this year. Very light development and system upgrade work has been completed, and the standard crushing, grinding, gravity, and flotation systems are ready for operations.

Further upgrades will add capacity, flexibility, and general capability in recovering various mineral products. While the processing circuit required minimal upgrades, there was not a functional laboratory. A new building has been constructed, and new laboratory equipment is currently being installed. The lab will have complete sample preparation, fire assay, wet chemistry, and XRF analysis areas. Sufficient baghouses and fume hoods have been delivered to support health and safety, along with general cleanliness. A modern XRF system featuring a 3 kW XRF is in the process of being installed. These diverse analytical capabilities will support the recovery of antimony and other critical minerals. Test work performed on the Stibnite Hill ore is nearly complete and features several different reagent combinations and extensive optimization work.

Initial tests reported antimony grades in excess of 60% in flotation concentrates. We hope more refined testing and plant production will support even higher grade concentrates. We are excited about this next phase of USAC expansion and look forward to processing mined materials from Montana, Alaska, and potentially other locations. Thank you. Back to you, Gary.

Before I let you go, Aaron, there's two things I'd like to elaborate on a little further for our listeners. The first is, why is it so important having our own laboratory up in Radersburg for our future operations? I don't think people understand how necessary that construction and completion is to our company. Number two, how can our hydrometallurgy processing technology assist in handling maybe other critical minerals outside of antimony? I know we talked about that when we were down in Bolivia, but how can that process really begin helping us as we start to possibly manage silver or copper or other critical minerals? Can you elaborate on those two questions?

I can. We'll start with the laboratory because that one's a little easier maybe. Really, a flotation mill or any concentrating system like that is subject to the variability in the ore and in the feed. It actually needs much quicker analysis and more available information than other types of systems. Therefore you really want a laboratory to be available that produces results in less than 24 hours, so you have real-time results on what the system is doing at that moment. There's a couple more reasons that we do need our own lab there. Really to support other exploration in our really diverse mineral portfolio, we need quicker results for those efforts as well.

Current lead times in most national labs are beyond a month, some are approaching two months to get results, that just doesn't support a very good field program for exploration. Having our own ability to analyze many of these different elements will really help support those efforts. Beyond all of that, antimony is a not a very commonly pursued mineral, there really are no labs that specialize in the analysis of antimony, especially in the high-grade products that we will produce there with the flotation concentrates. For those reasons, we really need our own lab that has these diverse capabilities. Now, on the hydrometallurgy front, there is some universal equipment there, maybe not quite as universal as flotation concepts in the mill, but a lot of these minerals pass through essentially the same equipment.

The chemistry may be a little different, the vehicles are very similar. We will be able to adapt or expand upon our hydrometallurgy capabilities in sort of a building block manner with these technologies. The other reason we are moving at least parts of our focus to these technologies is its flexibility in diversification with handling contaminants and neutralizing those in a little bit more direct way than some of the other traditional technologies.

Super. Thank you, Aaron. It's exciting. I know you're I think having a grand opening of your Radersburg facility, what, in July? Is that correct? With the Governor?

Yes. We will be there July 7th, I believe. The Governor and I think maybe one of our Senators.

Excellent. Okay. Let's now turn over the call to Jonathan Miller, who's gonna update us on all the marketing activities that he and I have worked on since the beginning of the year. Jonathan.

Thank you, Gary. Good afternoon, everyone. Our first quarter was another bolt-on period for United States Antimony Corporation. It reflected the acceleration of our strategy, the expansion of our existing platform, and the growing recognition that antimony is no longer a niche industrial input. It is a strategic mineral tied directly to national defense, energy security, industrial resilience, and the reindustrialization of a critical supply chain in the United States. Over the past several months, the world has continued to wake up to what we have been building for the last several years. Antimony supply remains significantly constrained. Western processing capacity remains limited. China has become a net importer amid tightening raw material availability and processing disruptions. Demand is increasingly tied to strategic applications where quality assurance, quality control, reliability, and traceability are essential, and where this emerging antimony market is lacking.

In that environment, United States Antimony is positioned at the center of a critical domestic supply chain in North America that very few companies incredibly address. During the first quarter alone, Gary and I held more than 200 meetings and introductions with new funds, institutions, family offices, and strategic investors. We completed six non-deal roadshows across key financial centers, including Minneapolis, Chicago, Boston, and New York. We also participated in five investor conferences, both virtual and in person, reaching thousands of additional investors through meetings, streaming platforms, and social media distribution. This level of engagement reflects a deliberate strategy to broaden our shareholder base, increasing institutional awareness, and educate the market on both United States Antimony and the broader critical mineral landscape. We are seeing that strategy translate into ownership.

Public ownership data showed increasing participation from global index managers, small cap growth funds, natural resource funds, infrastructure oriented strategies, and global metals and mining funds. Several large funds initiated or increased positions during the quarter, reflecting what we believe is a continued transition from primarily retail awareness toward a deeper and more durable institutional following. Our institutional ownership is now approaching 50%. At the same time, we continue to communicate consistently with shareholders through social media, press releases, television interviews, podcasts, and commercials covering company developments, the antimony market, and the broader critical minerals environment. Q1 also included several major corporate milestones. Today, we are excited to launch our new corporate website, which is now live and better reflects the company we are becoming: larger, more visible, more institutional, and increasingly central to America's critical minerals future.

If you're experiencing difficulty accessing our website right now, please allow 48 hours for all the data to transfer servers. Before discussing the quarter strategic milestones, I want to ground the story in a few hard fundamentals. UAMY began the year at $5.93 per share and ended Q1 at $8.30 per share, representing an increase of approximately 40% or a 1.4x move during the quarter. We began the year with an approximate market cap of $830.4 million on January 2nd, 2026, and ended the quarter at approximately $1.19 billion. That represents approximately 43.4% market cap growth or 1.43x increase from the start of the year.

We ended the quarter with approximately $118.9 million in cash, U.S. Treasury securities, and marketable equity securities, giving the company flexibility to fund growth initiatives. We also continue to trade with elevated liquidity, with current data showing average daily volume in the roughly 12 million-plus share range, with a number of days approaching 20 million shares in volume. Let's turn back to our milestones. First, we were awarded a $27 million government grant from the Department of War, a process that began in December 2024 and reflects the increasing strategic importance of domestic antimony production and processing capacity. This award represents more than capital. It represents validation. It reinforces our mission and the role United States Antimony can play in strengthening America's critical mineral independence. Second, we completed our uplisting from the NYSE American to the NYSE Classic Board.

On March 11th, 2026, our team had the honor of ringing the opening bell at the New York Stock Exchange. That moment represented more than symbolism. It marked the next stage of our evolution, greater visibility, a broader institutional platform, and a stronger position in the public markets. Third, we released our episodic company docuseries across our website and social media channels. The goal was not only to tell our story, but to educate the public on why antimony matters, why domestic processing matters, and why critical mineral re-industrialization is essential to America's future. We also launched a national television commercial campaign across leading business, cable, and streaming platforms to bring the United States Antimony story beyond the investor community and into the broader public conversation. Critical minerals are no longer just a market topic.

They are a national topic, an industrial topic, and a defense topic. We intend to help lead that conversation. Gary also remained a visible public voice for the company and the industry. During the quarter, he made eight public appearances, including interviews on Fox Business, Bloomberg, and NYSE TV, along with several notable investor podcasts. These appearances helped broaden awareness and reinforce the company's role in the domestic antimony supply chain. Operationally and strategically, one of the most important developments of the quarter was the strengthening of our relationship with Americas Gold and Silver. Senior management, including the CEOs from both companies, traveled to Bolivia, where we met with our hydrometallurgical partner and toured the operation firsthand. After several days of technical discussions, site visits, and collaboration among our chemists and engineers, we came away increasingly confident in the path ahead.

Our yet to be built 120,000 sq ft hydromet facility in Idaho is designed to be state-of-the-art and the first of its kind for domestic antimony production with a target goal of 1,000 tons per month of 99.9% pure antimony, which is roughly half of the entire U.S. market. When completed in 2028, hydromet processing could meaningfully expand the range of antimony bearing material we are able to process, including the majority of material historically we've rejected because of low stibnite grade or high impurity levels. That matters because it changes the scale of the opportunity. We are not simply building capacity for today's feedstock. We are building a processing platform for the next generation of domestic and allied antimony supply.

We believe this platform has the potential to position United States Antimony as the domestic hub for antimony processing in the U.S. with additional strategic relevance in Australia, where we also hold licensing rights. Antimony is just Phase 1. Phases 2 and 3 include silver, copper, and gold. The bigger picture is this. Q1 was a quarter of acceleration. We expanded institutional engagement. We broadened public awareness. We strengthened strategic relationships. We advanced government-supported initiatives. We elevated our listing profile. We increased visibility across national media. We continued building the foundation for a vertically integrated antimony platform at a time when the world urgently needs secure Western-aligned supply. United States Antimony is no longer just telling the market what we intend to build. We are demonstrating it quarter-by-quarter, milestone-by-milestone, relationship-by-relationship.

We believe the company has entered a new phase, one defined by scale, institutional recognition, strategic relevance, and most importantly, execution. There remains significant work ahead, but the trajectory is clear. The market is moving toward us. The policy environment is moving toward us. The strategic need is moving toward us. United States Antimony is moving with urgency to meet that moment. In the near future, we are scheduled to participate in several key conferences and roadshows, including B. Riley in Marina del Rey at the end of this month, Lytham Partners virtual conference, William Blair's Growth Stock Conference in Chicago, StoneX's Natural Resource Summit in New York, the Beaver Creek Precious Metal Summit in Colorado and their Zurich Summit, and a Europe non-deal roadshow, as well as additional events to be announced as international recognition continues to grow.

I would like to close by sharing our official company purpose statement, which is to become the premier supplier of critical minerals to the United States of America. Back to you, Gary.

Thank you, Jonathan. I didn't realize we were so busy. I guess I do. Before we turn over the call to the listeners, I would like to conclude with a ending statement. Between our Thompson Falls expansion coming online in stages over the next few weeks, as Jeff has indicated, our successful acquisition of Radersburg Flotation Mill, and by the way, I had been negotiating that acquisition for well over one year when the original owners wanted close to $10 million, and we bought it for $4.3 million. Very happy that we got something that fit us at a good time. Our new hydromet joint venture with Americas Gold and Silver that we announced a few months ago that's gonna be constructed in Idaho.

We've received now $12 million in sales orders under our DLA contract for antimony ingots, with two initial orders noticed to the federal government. We are making significant progress there. Our Fostung mining operations up in Canada with substantial new resource report that Joe Bardswich described, which is filed with the SEC showing close to $9 billion of value. We've raised $48.6 million of new equity at an average cost of $11.57 per share. Finally, federal grant applications of new funds totaling $274 billion for various projects, and I'll describe what those applications are. Department of Energy for hydromet is $44 million. That was filed in January. We should have an answer in the next 45 to 60 days.

The DIBC, which is the Department of War, a tungsten exploration grant for $5 million. Another tungsten utilizing hydromet reestablishing a domestic supply for $105 million. A hydromet concentrator for critical minerals of $119 million. There are additional applications that come up every week. We review them, and I can promise you we'll be making additional applications for federal grant money. We're a unique company in that we are providing exactly what the government is asking for. They want more antimony, they want more tungsten, and we're working on cobalt feverishly. Those are three critical minerals that are the top critical minerals on the federal government list, and we're trying our best to make that happen.

Nobody, as I said earlier, has been able to mine tungsten in close to 20 years in North America. We're doing it right now. We've already moved bulk samples and are getting them assayed, and we're highly encouraged about what we see. This is not only an antimony company, as I first stated, during the call. We are involved in cobalt, gold, tungsten, and zeolite, not antimony only. As we continue to make the investments and progress in these various other critical minerals, and with our zeolite sales growing, we hope to have some wonderful results. I've looked very hard at our $125 million revenue guidance for this year. I'm convinced we can do it. You're seeing that occurring now with deliveries to the federal government.

I would say $75 million-$95 million of the $125 million will be federal government shipments of antimony ingots by the end of the year. With the ramp-up that's occurring now, with the additional inventory we've built, with additional antimony supplies coming in, I'm highly confident that we can make those numbers. We're all working hard to help you see the results of our efforts. With that, operator, let's turn it over to our listeners for any questions they may have.

At this time, we will be conducting a question and answer session. If you would like to ask a question, click on the Ask a Question box on the left side of your screen. Type in your question and hit send. We do ask that each participant please limit to one question when submitting. One moment, please, while we poll for questions.

All right, Gary, the first question is, the company has a substantial investment in Larvotto Resources in Australia. What is the status? Levata closed at AUD 1.58, U.S. equivalent of $1.14. What is current value versus what we paid?

Good question. You saw in the first quarter, we had a non-cash mark-to-market loss of $4.1 million, which related to the value of Levata stock at the end of the quarter. If you were to do that same calculation today based on where Levata just last closed, that increase would be $10.1 million. A big swing there of $14 million. I wish I could logically answer the question about what is going on with Levata. We have gotten absolutely nowhere with the management team, which seems in our minds to be entrenched. All of us have one simple objective, both their management as well as US Antimony's management, and that is to maximize the return to our shareholders. That's our job. That's what we get paid to do.

At this point, with no credible dialogue with management at Levata or even their advisors, we may simply just sell our ownership position and hopefully make some money on it. I just don't know. It's sad because we have a game plan for Levata. We wanted to put a hydromet facility there. We wanted to help out the country. It's unfortunate that 10% of that company is owned by the Chinese. It's unfortunate they have signed a marketing agreement with the Chinese. I can't believe Australia is going to allow this to happen. At this point, we're pretty disgusted with how things have gone with Levata. I can't answer the question of where we'll be, we are actively looking at the possible sale of our shares in the open market or to a buyer. Next question.

Next question. You had a mutually beneficial deal with Americas Gold and Silver. Wanted to see if there's other potential agreements like that with other firms in the pipeline, and if so, can you maybe give a bit of a vision of your new view related to partnering up, especially given the vast reach that you now have when it comes to various elements that may be more attractive than it was in the past? No?

Yeah. I would say that, you know, most upstream miners really don't have a desire to be a refiner. That was the same way in the oil and gas business that I worked in for 38 years. You either were an oil and gas driller, you might have midstream, which is processing or pipelines, but I don't know of any oil and gas company that was a refiner. Well, here we're a refiner going upstream, we know the refining business very well. We've proven that we're the sole source supplier of antimony to the U.S. government. We have now taken the risk of developing a hydrometallurgy facility in Bolivia that we're going to duplicate in Idaho with Americas Gold and Silver. The opportunity to take that technology and move it into other critical minerals definitely exists. It's not exactly duplicative.

Things have to be changed from a mechanical and technology standpoint, we think we have the people and the know-how to do that. No question that us getting into hydrometallurgy processing I don't want people to think that we invented this. hydromet's been around for 40 years. It's been used. What we've done, though, with our partners, have developed it and fine-tuned it to really handle antimony in a way that's never been done before. As I think Aaron stated in his commentary, we can now take, once the hydrometallurgy facility is up and running, all kinds of grades of antimony, which we cannot take today in our gas-fired furnaces. We can take impurities that today we cannot take in our gas-fired furnaces.

What it does is opens up the door for lots of other antimony supply that sits around the world that we have seen and tried to process and could not. That was, you know, what we did in 2025. We now have homed in on the highest quality antimony around, and that's what we're processing. No question, once we announced the Americas Gold and Silver opportunity, we got called from a number of companies that, "Hey, we don't want to do what you do. Can we bring our antimony to you?" We are focused on this facility not just handling Americas Gold and Silver, but other third-party suppliers of antimony, some in the general area of where we'll be building this plant in Idaho. Next question.

Does the company expect to mine or sell any tungsten in calendar year 2026? If so, what's the target month for first revenue?

That's a really good question that, I would have to defer to Joe with. I think the chances of us selling any magnitude of tungsten are small. I think the chances of us determining what we have as commercially operational are very good. Joe, how would you respond to that?

I think that's correct. I'd like to see us put out 20,000 tons-50,000 tons bulk sample, put that through one of the local mills in the Sudbury area and truck that concentrate down to Pennsylvania or some other processor to make that into ammonium paratungstate. Full production, no. There'd be quite a bit of permitting to get to that full production level. As it is in Ontario, the potential for producing a bulk sample up to 50,000 tons is covered in at the stage we are in the permitting. Back to you, Gary.

Great. Yeah. Thank you. Next question. Jonathan?

How is UAMY positioning itself as a strategic player to decouple our national reliance on Chinese supply lines?

Well, I think everything we're doing answers that question. I mean, the fact that the government has given us money to expand our facility in Thompson Falls, which is what Jeff has been working on for a year. The fact that we have a significant government contract that I can promise you they want filled faster than we are capable right now, but we're getting there very quickly. Our first two orders have been notified to the government. They're inspecting them now, and we're getting into the mode of having this consistently done every month. We've got a great supply. We've got our systems running right. Our new smelter will be running. Those volumes will go up incrementally over each month.

I think the fact that we have won these awards, we have new awards we're seeking, that we have a great dialogue with the government. General Keane has been extremely helpful on our board in helping us navigate the bureaucracy that our government has. I think that we're perfectly positioned. We got involved with tungsten at the government's request. This wasn't something that we just decided to do. We got involved in cobalt at the government's request. We need cobalt. We need tungsten. We'll fund you. That's why we're doing what we're doing. I think the fact that we are performing, we're delivering, we're doing what we're supposed to be doing, and we're doing it correctly, gives us tremendous credibility with the federal government.

Next question. Given the $27 million in DoD grants, how much of that capital is already deployed? What is the specific timeline for the next tranche of funding based on your milestones?

We've received payment of $12 million of the $27. Remember that $27 is broken up, $20 for Thompson Falls, $7 for Alaska. I believe the remaining $20, which is, what? $8 million will get paid this year as Jeff is able to get the furnaces and all commissioned and running. There are certain specific milestones of release of that remaining eight. The $7 million for Alaska, I don't believe we'll see any this year. I believe we'll see most of that in 2027. The reason for that is that certain things the government has required for that $7 million would impede our speed that we're moving at in Alaska to do certain things.

A lot of it has to do with some environmental red tape, and we prefer to wait to get that $7 million until we've we're done, you know, with the entire summer period of Alaska. You know, the biggest negative for Alaska is the working period. We're not really starting until now here in May, and you know, we run till maybe September, October, and then that's done. During that wintertime period, we'll be doing the work necessary for the remaining $7 million grant.

Thank you. I think we might have already addressed this question when Jeffrey Fink was speaking, but when will the expansion of the smelter be completed?

Well, it's going in phases. As Jeff mentioned, he's gonna be firing up furnaces here over the next 10 days to two weeks. It will be done, 80%, he stated, will be running by hopefully mid-July, end of July, with the remaining 100% coming on as the months go. That's a big increase of where we are today. We're gonna delay shutting down the first group of furnaces, the old facility, as long as possible to be sure all the kinks are out and that we're not missing anything. Obviously, there's a employee count involved as well. You may have remember we bought a housing development in Thompson Falls late last year to house people that, you know, couldn't find a place to live.

We're doing it in a very controlled manner that makes sure that we don't lose production. We want to increase production and delay any other things as long as possible so that we can meet our target of $125 million.

Next question. You were very confident in moving your 2026 revenue expectations up from $100 million to $125 million. Are you still confident with that number for the year?

I'm still confident that we can deliver, as I said earlier, $75 million-$95 million of antimony ingots to the federal government. Demand is not the problem. It's just making sure we can process it and deliver it at the speed that the government wants. Getting Mexico's kinks out, which we've done, getting the new smelter operational, which we'll be doing in the next couple weeks, and having the consistent high-quality supply of material coming along with the Bolivian antimony flake, allows us to feel comfortable keeping that $125 million number.

Next question. Any new cobalt prospects?

We do have some negotiations going on with cobalt. I can't really go into detail with that. I know Joe is also doing some additional work around our cobalt property up in Canada. I don't really wanna comment on that yet either for competitive reasons. We are still focused on cobalt, and we've learned a lot regarding the property we currently own and where we wanna be and what we need. There has been one party I've been talking to for almost a year on another cobalt refining process, and we're making progress.

Next question looks like it might be for Melissa Pagen. Melissa, excuse me. Is BRZ pursuing soil amendment and filtration markets?

Thanks, Jonathan. Yes, Kevin, thank you for that question. We will pursue every market possible that comes to us. As you know, BRZ is a pretty small team and a small company. As we started off the year, we recognized the need to focus on a couple markets that we could take on ourselves. The way that we're getting at the soil amendment and filtration markets is we're trying to leverage our largest customers and long-standing relationships through their distribution.

One of the things we found when we first, I think it was 2023, when we came out of the gate, guns a-blazing, saying, "We're gonna go after every direct customer." What we found is in order to market in all of these spaces that are really incredibly huge spaces like the water filtration market, you have to put a lot of manpower there. You have to put a lot of money into the marketing. We're seeing ways to leverage these relationships that are already standing, that in order to get to these other markets while we focus on cattle nutrition. Because, again, the capital expenditures required for all of these different spaces are significant.

We've chosen to focus on cattle nutrition and leverage these long-standing customer relationships through their distribution. We're in the process of formalizing those relationships and that distribution for filtration. These customers are also looking into soil amendment.

Thank you, Melissa.

To just to follow up on that, Melissa, you know, a lot of people don't realize that beef prices are at all-time highs today. Cattlemen are looking for every way to get extra poundage out of their cattle before slaughter. That's what zeolite is perfectly geared for. We're making such great headway in the cattle market that we wanna stay focused, but we are looking at nutrition. In fact, we've had a couple companies come to us for exclusive contracts. We're still deciding whether we're gonna do that or not. You know, it is an area we definitely want to pursue, but we're hitting the hottest iron right now, which is cattle.

Thank you. Next question: Does the Iran conflict directly affect government demand for antimony?

Absolutely. Every conflict the government's involved in, whether it be Venezuela, Iran, or whether it be Israel and Lebanon, or whether it be Ukraine and Russia, you cannot fire a bullet without antimony. You need antimony for laser-guided missiles and drones. As you know, the drone business today is a lot bigger than it was, you know, six months or a year or two years ago. Yes, we've heard it loud and clear from the representatives of the government we deal with that they want more antimony like yesterday. We're working very, very hard in trying to meet that demand and that goal.

Thank you, Gary.

We'll take one more question, Jonathan. One more question, then we'll close up.

Sure. Back in 2024, PPTA and UAMY were in cooperation with each other. Are we looking at them as a possible joint venture like we have with Americas Gold and Silver?

You would have to ask that question to them. I know there's been some conversations with the CEO of Americas Gold and Silver and Perpetua. We have not had any direct conversations with them in better part of a year. I cannot answer that question.

Gary, there is just one more question, which is a question we do get asked pretty frequently. The current U.S. administration has shown a good appetite for taking stakes in companies. If this ramped up and Donald Trump took an interest in mineral companies like UAMY, would UAMY dilute stock to give the government a stake?

Well, I tell everybody that I'd prefer not. If you look at what the government has done with the various critical and rare earth companies that they've invested in, those are typically embryonic companies that have no access to capital. They're companies that they need the government to be able to do what they're doing because they're three, four, five years away from actually generating any revenues. We're obviously not in that position. We're much better suited for receiving government grants because the government grants are obviously non-dilutive, but they expedite us moving quicker to meet the demands that the government needs. The hydro-met technology that we've developed with our partners in Bolivia is a perfect example of that.

A lot of the money, this money that I mentioned that we're looking for from the government, totaling $274 million, a big chunk of that is hydro-met. It's new technology, and it's ways to do things better, faster, more economic than we're doing in the past. That's what the government's looking for. They're trying to bring the refining capacity back to the United States, but do it in a smarter way, and that's what we're excited about as it relates to hydro-met, and that's why we've been able to do the joint venture. I think as we make further progress building out our hydro-met technology, that the business will come undoubtedly. Not concerned about that at all. I know of no antimony processing facility currently being contemplated in North America. Zero. We're it.

We wanna stay being it, and we wanna continue being the ahead of the curve with technology, and that's what we're trying to do.

Yeah, absolutely right. The domestic demand is already there. Thank you, Gary. I'm gonna turn it back over to the operator for closing statements.

We have reached the end of the question and answer session. I will now turn the call over to Gary C. Evans for closing remarks.

Just wanna thank all of you for listening today. I know the Q1 isn't exactly what you expected, but please have a little patience. As I mentioned, it's year-end. We're gonna have some bumpy quarters, all in all, the results are gonna be phenomenal. We're on game plan. We're accomplishing all the goals and objectives that we outlined to each of you. We're excited about where we are and where we're going. Look forward to some more additional positive press releases and comments coming out. We're trying to continue to educate the government as to who we are and what we're doing. While the federal government has got a good handle on it, we've got house members and senators in the various states that are having to be educated.

We want to be the critical mineral company the U.S. government thinks of first, and we're trying our best to be in that position. Thank you for your time and hope you have a good rest of your week.

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

Greetings. Welcome to the US Antimony Corporation fiscal year 2025 financial and operating results conference call. At this time, all participants are in a listen-only mode. A question-and-answer session will follow the formal presentation. If anyone would like to ask a question during the presentation, you can submit a question at this time by clicking the Ask Question button on the left side of your screen. Type your question into the box and hit the Send button to submit your question. If anyone should require operator assistance during the webcast, please press star zero on your telephone keypad. Please note this conference call and webcast is being recorded. I will now turn the call over to your host, Gary C. Evans, Chairman and CEO. You may begin.

Thank you, Kevin. Thank you everybody for joining us today. I'd like to start this call by introducing other members of our company's senior management team who are joining me on this year-end conference call. We have Joe Bardswich, who's not only a Board Member, but he's an Executive Vice President and our Chief Mining Engineer for the company. Richard Isaak, who is our Senior Vice President, as well as our Chief Financial Officer. Melissa Pagen, who's President and Chief Operating Officer of one of our wholly owned subsidiaries called Bear River Zeolite. Jonathan Miller, who's Vice President of Investor Relations.

Before I turn over this call to various members of management to talk about their divisions, I thought I would just kind of give everybody a quick overview of the notable news that was worthy in calendar 2026. We first announced our tungsten acquisition, which was done in June. We call that property the Fostung. It's located up in Ontario, Canada, near the town of Sudbury. But more importantly, we just announced several weeks ago that this particular property, after we've acquired it and done some work, has an inferred resource value now exceeding $4.6 billion. And that's 'B' with a billion. We're very excited about this, and Joe's gonna talk a lot more about this when the call is turned over to him.

Another big announcement was a new $245 million contract, which has now been upgraded to $248 million with a DLA. That's a sole source contract to deliver antimony ingots to the U.S. government. Over five years, we anticipate delivering approximately $75 million of antimony ingots in fiscal 2026. We're very close to delivering our first pallet of ingots to the government. We also announced a new $106.7 million industrial antimony contract with a company that preferred not to be named principally for competitive reasons. This material that we'll be delivering and have been delivering to this company since probably June, July of last year, is used for industrial fabrics and flame retardants associated with these materials.

Again, this is a five-year agreement, and I actually took the top three executives of this company fishing yesterday on my boat, with the success we had, which was for sailfish. I'm now anticipating many more years of future business from them. The next big announcement was we added two new independent Board members on the USAC Board. General Jack Keane, who many of you see on TV as an active reporter on Fox News, as well as Jon Marinelli. We got a four-star general and a banker extraordinaire who I've known for 25, 30 years, who's an extraordinary banker. He's already been very helpful to our Board. We then opened up Stibnite Hill Antimony Mine up in Montana. That's where our existing smelter was built because of this mine.

We were successful in moving antimony down the mountain within weeks of opening that mine up. Again, Joe Bardswich will elaborate on this significant event further today. We restarted our Madero antimony smelter down in Mexico after rehiring the personnel. This location has the capacity to process approximately 200 tons per month of material and you'll start seeing a lot more of that business running through our financial statements in 2026. We announced the acquisition of 10% of a publicly traded company in Australia called Larvotto Resources Limited. We paid $37.2 million in cash, and this is a gold antimony mine that's currently underdeveloped that's owned by that company. With that, I'd like to kind of get into the financial results of the company.

We announced just, I guess, 20 minutes ago, our revenues were up 163%, our gross profit was up 185%, and we of course talked about our two contracts that total $354 million. I'm gonna let Rick give you a little more detail here on our year-end results. Rick Isaak, take over.

Thanks, Gary. I'll start with some comments on our consolidated results, kind of continue on with what you had just talked about. Sales for 2025 were $39.3 million, up 163% over the prior year. Antimony sales were up primarily due to price increases, and zeolite sales were up due to a combination of price and volume increases. Cost of sales increased by 156%, which was lower than our sales increase, primarily due to some favorable antimony ore purchases we completed and lower maintenance and repair costs at our zeolite facility located in Idaho.

As a result of these cost efficiencies, gross profit dollars grew by $6.4 million or 185% over the prior year, and gross margin grew by two percentage points from 23% to 25% year-over-year. Net loss increased from $1.7 million in 2024 to $4.3 million in 2025. It's important to note, however, that included in 2025's net loss was $6.7 million of non-cash expenses, whereas there was only $1.9 million of non-cash expenses included in 2024's net loss. These non-cash expenses were predominantly related to stock compensation to our employees and our Board. With the improvement in this area and our other cash flow initiatives, our cash balance increased significantly.

Our cash position, including our U.S. Treasury securities and equity securities, totaled $91.3 million at the end of 2025, compared to cash only of $18.2 million at the end of 2024. Our working capital was $44.6 million at the end of 2025, which is an increase of $27.9 million compared to 2024. This increase was primarily due to increases in cash, inventory and U.S. Treasury securities. Our antimony inventory increased from 78 tons at the end of 2024 to 465 tons at the end of 2025. 17% of our antimony inventory at the end of 2025 was from our company-owned mine that Gary mentioned, that's located in Thompson Falls, Montana.

We continue to maintain a very low amount of debt on our books, $195,000 at the end of 2025. On the operations side, we became fully vertically integrated in our antimony division in 2025. On top of that, we strengthened and grew each of the three facets of this vertically integrated chain that will benefit 2026 and beyond. First, regarding procurement of ore, we historically procured antimony ore predominantly from one third-party source, and we now procure antimony and other critical minerals from many new sources, both internally and externally. Second, we're increasing our capacity to process these minerals into finished products. We're nearing completion on the expansion of our Thompson Falls antimony smelter that will more than triple its capacity.

We're completing the engineering phase in order to begin the construction of our new Hydromet facility located in Idaho with our JV partner, Americas Gold and Silver Corporation. To assist in funding some of this expansion, we were recently awarded $27 million from the U.S. Department of Defense. Third, we executed, as Gary said, two five-year sales contracts in 2025 to sell our finished products. We're also building our back office infrastructure to support this growth with additional personnel and new software. In 2026, we'll implement new accounting software that'll provide management with more information quicker than in the past for decision making. We recognize the opportunity and the need for critical minerals and are going after this market for our investors and for our country.

We will continue this strategy of growth, diversification and sustainability in a planful yet tenacious manner as we have in the recent past. I'll turn it back over to you, Gary.

Thank you, Rick. Before I turn the call over to Joe Bardswich, I want to mention something I failed to mention in my opening comments. We've continued to expand our existing mining claims in Alaska. Alaska, we believe, will be the heart of our future mining claims. We got a late start last year due to the state delays obtaining our mining claim permits. We think that there's a tremendous amount of potential. Joe is gonna update you on a recent acquisition we completed less than two months ago that may be in fact our most exciting antimony claim acquired by the company to date. We have a lot of anticipation for success in Alaska, and Joe, I'm sure, will elaborate that in his presentation. Joe? Joe, you may be on mute.

Thank you, Gary. All right. I will start with Montana. The stibnite vein on this mountain behind the plant, the Stibnite Hill, has been mined by underground methods. The mining operations were shut down by the company in 1983 when the decision was made to relocate to Mexico. With much higher antimony prices, the decision was made to relook at our Montana Stibnite Hill prospects, but from the vantage of a surface operation instead of going back underground as previously mined. The veins on Stibnite Hill are about 2 ft in thickness, very flat lying, dipping at about 25 degrees, making it difficult to mine from underground. However, advances in excavation equipment design has made it possible to excavate this narrow vein from surface. A full description of our mining methods, including the concurrent reclamation program, is posted on our webpage.

During October and early November of last year, we undertook a surface trenching exploration program followed by a mining program, and we're able to truck 50 loads of ore from the excavation site to our Radersburg, Montana flotation mill. That added up to slightly more than 800 tons of material grading about 10% antimony. We anticipate that as soon as we complete upgrades to the Radersburg mill, which are underway, we will be able to produce material meeting military specs for primers for ammunition. The Radersburg mill is a modern flotation mill. Our metallurgical team will operate it efficiently and economically, and we'll also include some upgrades. I need to mention the work of our Consulting Geologist at Stibnite Hill, Peter Mester, who spearheaded the exploration and mining operations there. I've worked with Peter previously in underground operations.

He's a good geologist and understands mining and the importance of grade control. He was present in the hole for every bucket that was dumped into the trucks last year. We shut down when winter hit, and we will open up again as soon as the snow is gone, which we expect could be as early as 30 days from now. We'll carry that operation on right through to next winter. Montana DEQ has been very reasonable to work with at Stibnite Hill. We will be permitted for an anticipated six to seven months of our mining program in 2026. Turning to Alaska, we planned a program in the Ester Dome area similar to what we did in Montana. We submitted applications for permits in April of last year.

Delays in obtaining permits on our option, state mining claims forced us to acquire private patented mining claims, which required a lesser degree of permitting as compared to state or federal lands. We could get our program started at some point last year. We dealt for land covering the former Mohawk gold mine, which also reported a large quantity of antimony. Before we could proceed in Mohawk, we had to undertake a cleanup program on the property which was being used as a dumping ground by whomever. In September, we finally obtained our permits from the State of Alaska. We started out the trenching program, found the shears and veins containing the stibnite on the Mohawk, but they were not in sufficient quantity to be economic.

We were able to reclaim these trenches before winter weather shut us down, and we will continue with this trenching program in 2026. However, this year, we will tie it into an air track drill program to enable more positive definition of areas to be excavated and be able to plan the depth of the excavation from the drilling information. We also purchased a large property adjacent to the main highway in Fox, Alaska, and very close to the Department of Transportation scales. Along with several buildings that can be used as offices, storage, and living quarters. Before the onset of winter, we poured a large reinforced concrete slab to be used as a base for an upgrading, sorting, packaging, and palletizing operation to prepare stibnite for standard highway semi-truck transportation of stibnite to our Montana operations.

We acquired the Nolan Creek property about 265 mi north of Fairbanks from a trustee sale. We have been monitoring the news about this property since our arrival in Alaska and considered it to be one of the prime opportunities for stibnite in the state. The gold content of the material is also an added bonus. US Antimony have the people, the expertise, and the financial wherewithal to properly clean up this site and to continue the exploration and production program that the property deserves. An application for a notice level permit to cover cleanup exploration, road construction, and the excavation of a 1,000-ton bulk sample has been filed with the BLM with a copy to the state.

We are working on the filing of a plan of operations that would include the underground mining of the stibnite and gold that makes up the major portion of a vein running into the side of a hill. An independent 43-101 technical report written by a professional geologist well known to the US Antimony staff and commissioned by the previous owner stated a reserve of 42,400 tons grading 28% antimony and 0.408 ounces of gold per ton on site. We confirmed with the author that that material is still there. The in-situ metal value at today's metal prices is close to $7,000 per ton, for a total value of approximately $297 million. The property cost us $1.3 million.

The first property that we staked in Alaska covered the MK copper deposit. 13 samples taken by geologists in a state of Alaska geological assessment program yielded values averaging 16.5% copper, 2.2 ounces of silver, and 0.08 ounces of gold per ton. That is in excess of $2,000 per ton. We have contracted with an Alaska-based professional geological services company for the supply of professional geologists, and also contracted with a core drilling firm to drill the MK deposit this summer with possible movement of the drill to the Nolan Creek deposit. This contracting firm are well known by our full-time geologists, Rod Blakestad and Rebecca Gower. Even with that help, we will soon be very busy in Alaska. We will also continue our programs in Ontario, Canada.

Work on the Iron Mask high-grade cobalt nickel project was shut down for the winter months. After clearing, grubbing, and mechanical stripping of the bedrock, followed by hand cleaning, power washing, and Clorox cleaning of the rock to eliminate the surface oxy-oxidation rind. The bedrock was mapped, sampled, with samples submitted for age dating and chemical analysis. The mapping program determined that the high-grade zone was cut off by a younger diabase dike. This was a disappointment. Our future efforts will start with attempts to pick up the continuation of the high-grade zone on the other side of the dike.

At the Fostung Tungsten deposit, we successfully collected a bulk sample with portions sent to CPRO Metallurgical in Vancouver for gravity testing and to Lakefield Research in Lakefield, Ontario, to conduct a metallurgical test on upgrading the scheelite containing the tungsten into a sellable product. We engaged the Toronto office of independent geological consulting firm SRK Consulting to author a technical report meeting the SEC's Regulation S-K 1300 requirements. They calculate an inferred mineral resource of 14,770,000 metric tons grading 0.17% WO3, tungsten trioxide, and containing 54.17 million pounds of tungsten. In other words, metal WO3, with a future gross value of $4.6 billion based on recent tungsten pricing. SRK has recommended additional drilling to test for extensions of the mineralization on strike to the southwest of the deposit where the geological conditions are favorable.

Our final technical report on this project will be filed with the SEC next week. We've built a great team of geologists and mining engineers to go along with our acknowledged leadership in the metallurgical treatment and production of antimony products. The prospectors, geologists, and property owners involved in the exploration for critical minerals in the U.S. and Canada recognize our strengths, and we enjoy a most favored status when we're looking for and negotiating terms for the acquisition of additional critical mineral properties of merit. We'll continue down this path. Thank you. Over to you, Gary.

Thanks, Joe. Before I turn over the call to the next speaker, I just want to say a few things about what Joe has accomplished, for our company. To think that we just really started back mining, about a year and three months ago, and to look at what we've achieved. We've moved 800 tons of rock off the mountain in Montana after just two weeks of work. We've got tremendous assets in Alaska. We have a new acquisition we completed a couple of months ago, that Joe just described that we will be filing. We'll be doing a new resource report on that. It's very unusual to be able to buy an acquisition like that and have a reserve report that's already been commissioned in earlier years.

The property up in Canada, the tungsten Fostung property to have the kind of resource report that we'll be filing with the SEC next week showing $4.6 billion of tungsten. There hasn't been tungsten mined in the United States in 12 years. To think that we have three active projects, Montana, Alaska, and Canada, in critical minerals in less than a year and three months, shows you the speed and the type of professional people that work at this company. I'm giving them the credit. We've got great geologists in Alaska. We just hired a new mining engineer to assist Joe. We have contract geologists in Montana, contract geologists up in Canada. We are doing things in warp speed.

It's a different view than a typical mining company that takes 5, 10, and 15 years to do something. We're doing it now. That is what is so different and what investors need to take a hard look and see what we're doing, that you're gonna see immediate results. You'll see some of these results in 2026, a lot more of them in 2027. That is very unusual for a company of this type, being a still considered a small miner. Now I'd like to turn the call over to Melissa Pagen. Melissa has been promoted as President and Chief Operating Officer of our Bear River Zeolite division. Bear River is our zeolite company. It's located up in Preston, Idaho.

When I first got involved with this company three years ago, I focused on trying to get that particular property up and running. It was in really dismal shape. We had to change management. We brought new people in, and that operation is really running smoothly. Joe had the foresight last year to instigate a reserve report, which we did. I think we drilled 80-some-odd holes up there, determined we have a 400-year reserve life with some of the highest quality zeolite, we believe, in the world. That reserve report is filed with the SEC, and you can take a look at it. Now that we know we have our operation running good, we got good people, we have a tremendous reserve of zeolite at this property, it's now time to increase sales.

We had some small increase in sales in 2025, but I think you'll see dramatic increase in sales in 2026, and that is what Melissa and her team are working so hard to do. Melissa, I'll turn it over to you.

Thank you, Gary. Hi everyone, and thank you for the opportunity to speak with you today. Since stepping into my new management role in January, my overarching goal has been to bring market focus and structure to BRZ as we position it for our future growth objectives. We have three initial priorities, and those are strategic focus, operational capabilities to support our focus, and continued efforts toward increasing our visibility in these focus markets. First, one of the realities of working with a material like zeolite is that it has a really broad range of potential applications. That versatility is certainly one of its greatest strengths, but that can also create a temptation for a small company like BRZ to pursue too many opportunities at once, which can spread a lean team too thin.

That makes two primary segments our priority, where we already have traction and where we believe we can build meaningful market presence, and that's Water Treatment and Agriculture. Water Treatment is already approximately 75% of our revenue. We are working on reaching more of our core filtration media business through conference circuits, networking, and the launch of social media marketing channels with the adoption of an AI agentic tool. This can be done, if this can be done securely, and I'm still learning on that front, but I think this tool can be really helpful for marketing in a small company. I'm also exploring long-term supply contracts with customers in drinking Water Treatment who are aggressively growing their own footprint. Previously, BRZ has not done supply contracts, but I think this path will only contribute to long-term stability.

We're also in discussions with the University of North Carolina, where chemists who have used BRZ zeolite to successfully capture both long-chain and short-chain PFAS, which you all know are forever chemicals, found almost everywhere that build up in the body and cause health problems over time. In general, expanding into modified zeolite has great potential in our growth objective that could open up untapped areas of water treatment for us. We'd also like to explore zeolite installations for nuclear remediation readiness, which is a use zeolite has historically demonstrated a strong and critically important performance. I think it's worth noting here that our production of material for Water Treatment applications naturally produces the majority of the material required for cattle feed operations, applications. That's the second priority.

Agricultural applications, specifically cattle nutrition and strengthening our operational capabilities so we can support larger bulk customers and ultimately increase our throughput. BRZ recently became the supplier to a significant cattle nutrition business, which essentially was an overnight transition. To support this new influx of cattle nutrition business, this meant that BRZ, which historically operated almost entirely under FOB shipping terms and provided packaged shipments, we began operating within a completely new logistical framework to support delivered pricing with bulk trucks filled by silos that our facility team was able to implement way ahead of what we had scheduled. In the coming months, as we support this transition toward more bulk-oriented business, we've begun implementing several practical infrastructure upgrades at the facility.

One of the key challenges ahead will be balancing this capital investment required to service these customers at scale and expand production with the demand we're beginning to see develop. We're approaching those decisions carefully to ensure that any capital expenditures are aligned with clear market demand and long-term value creation. From a production standpoint, as Gary mentioned earlier, we're very well positioned to support the growth. The deposit itself is very large and high quality, and operationally, the plant also has meaningful room to scale through work shift adjustments and perhaps some automation if we can get that in there. We're also evaluating a potential use of a regional transloading yard, which could allow us to stage product closer to clusters of customers, reduce delivery times, and expand the geographic areas where we can compete efficiently.

Last, our third priority has been increasing our visibility in the markets that we serve. BRZ has been working on this since about the end of 2024, and the market response to BRZ's increased exposure, honestly, even in the past couple of months, has been extremely encouraging. BRZ was a sponsor and exhibitor at a recent American Feed Industry Association conference, and I attended this with our agricultural sales manager, Jocelyn Mendez, who has a master's in dairy nutrition and spends most of her time around cattle. She previously worked for Diamond V, which is a Cargill company. For all three days of this conference, we were in back-to-back discussions with serious and enthusiastic buyers who are already setting additional meetings.

BRZ has done an enormous amount of work to iron out systems, equipment lines, implement HACCP programs and other validating licensing and certifications. The team's also done the work to zero in on where we need to take our bullhorn in the marketplace. In the past couple of months, I think that work is really starting to show results. We are excited about the foundation that's being built for future growth, and we look forward to being able to show the results. Thank you.

Melissa, I'm gonna put you on the spot here for a minute.

Okay.

I know you hate doing that.

Please don't.

I know that from some of the reports I've read that you've gotten, like, maybe four or five new customers since you came on in January.

Oh, it's.

And, uh-

Oh, yeah.

How many more?

It's gonna be more than that. Yeah.

I know. Okay.

It's gonna be more than that.

I've also seen not only new customers, I've also seen greater sales. I think what we're telling you as our investor public is that we're already seeing the results of the things that we've been working on to get new business. A lot of this business is from Fortune 100 companies. We're talking some of the biggest public companies and private companies in the business. This has been a sleeper asset for US Antimony for years, and we have all the ingredients together to really make this into a much bigger enterprise of US Antimony. If it gets big enough, we'll spin it off to our shareholders. That's the goal in the next, you know, two, three, four years. I'm very excited about what I see with the zeolite business.

We know we have really high quality material. It's an easy sell if you get in front of the right people with the right salespeople, and I think between Melissa and her team, they can do it. That's exciting for me. Let's now, before we turn it over to Jonathan Miller, who's our VP of Investor Relations, who helps me tremendously on the road and doing all the road shows we do, the investor conferences and presentations. One thing I did fail to mention in my opening comments is that we are now dual listed with our securities on both the New York Stock Exchange, Texas Exchange, it's called the TXSE Texas, as well as last week we were approved for an uplisting to the Big Board from the NYSE American to the Big Board of the exchange.

We've accomplished a lot of getting more visibility out to our institutional and retail investors, and Jonathan's gonna give you the overview of 2025. Jonathan.

Thank you, Gary. During 2025, we have successfully transformed United States Antimony's capital markets profile in the marketplace. We entered 2025 as a predominantly retail-driven micro-cap company. We exited the year as an institutionally sponsored critical minerals company with materially improved liquidity, valuation support, and market credibility. The results are clear. Our share price increased from $1.78-$5.02, a 182% gain. At the same time, market capitalization expanded from $201 million-$703 million, up 250%. From a financial standpoint, we delivered 160% revenue growth and increased total liquidity from $18 million to approximately $90 million, strengthening both the balance sheet and our strategic flexibility. The most important shift has been in ownership of our securities.

Institutional participation has scaled rapidly. Last year alone, me and Gary met with over 350 funds for one-on-one meetings. Based on the most recent Form 13F filings, we now have 222 institutional holders, up from just 48 in Q4 2024, with 91 new funds entering in Q4 alone. Importantly, this includes some of the most sophisticated investors globally, BlackRock, Vanguard, State Street, Two Sigma, Citadel, Morgan Stanley, Goldman Sachs, and UBS, signaling that UAMY now meets the liquidity, governance, and risk thresholds required by larger institutional capital funds. To contrast that briefly, when me and Gary started marketing in July 2024, the majority of the funds we were meeting with averaged around $50 million-$200 million AUM. This is very different from where we came from.

As a result, institutional ownership has grown to approximately 40%, driving meaningful improvements in trading depths, price stability, liquidity, and overall market efficiency. We are now consistently trading around 15 million shares per day, enabling larger position sizing and more efficient price discovery. In parallel, our uplisting to the NYSE American just a week ago has expanded our visibility and eligibility across institutional mandates, further accelerating adoption. Just as important, we have successfully aligned our investor narrative with national security and domestic supply chain priorities, positioning US Antimony as a strategically relevant platform in critical minerals. That alignment has driven a clear market re-rating from a story-driven company to an execution-driven investment.

In short, we've built a significantly stronger capital markets foundation with a growing institutional shareholder base, improved liquidity and trading efficiency, expanded research coverage and investor access, and enhanced flexibility to support future growth and strategic initiatives. We believe this positioning will continue to drive long-term shareholder value as we continue to execute on our operational and strategic priorities. Our marketing and public relations strategy continues to evolve. Many of you may have recently seen our television campaigns across leading news and business networks, both linear and streaming. These efforts are designed to elevate awareness across the strategic importance of domestic critical mineral production, particularly antimony, and our significant role in that space, and position that conversation within the broader national and economic dialogue. We're no longer just introducing our story. We're now scaling institutional ownership along well-thought-out execution on many different fronts. Back to you, Gary.

Thank you, Jonathan. That was so good, I think I may go buy some stock. Let's see. Before we go into our question from callers, I'd like to give you just kind of a little thumbnail overview of what you as an investor should expect from this company in fiscal 2026. Obviously, we're two and a half months into that, but I wanna give you some things to just go home with. Number one, we will always maintain solid financial footing. What that means is we will have minimal, if any, debt, and we'll have cash or cash equivalents on our balance sheet. I am adamant that this business, being the mining business, needs to have only equity and very little debt. You're gonna see more government funding.

We have a new gentleman that we hired about four months ago in D.C. that is helping us tremendously with the various pockets of the U.S. federal government that has money available. I don't think it's appropriate for me to tell you all the things we have done, but I will tell you right now, we have filings in with the government for new funding on new projects. We have another one going out. If it didn't go out today, it's going out tomorrow. We have others planned over the next few weeks.

We are hitting various divisions of the U.S. government 'cause we think with our credibility now in the marketplace, with the projects that we have got going on, with the funding we've already received, we received a $27 million award a couple weeks ago related to our Thompson Falls expansion, that we're well suited to go obtain additional funding, not only for antimony, but for tungsten and other critical minerals. Let's talk about Thompson Falls expansion. As you know, we began that expansion in May of last year. We thought it would be done in December, January. I'm telling you today, it's now not gonna be done till May. Why? Why is it that we're five months behind schedule? It is primarily due to delays from suppliers and third parties that we have no control over.

Our main third-party delays has been our general contractor, who was over a month late in designing our concrete pad. We had to build a concrete pad there on that location that would withstand earthquakes from California. If you went and witnessed it's like a bomb shelter. We also had delays from the contractor that was erecting our building, and part of that had to do with weather. Obviously, we've been building this facility in the middle of winter. The last item was our heat exchangers. Our heat exchangers come from a major equipment supplier, and they were always running a couple of months late. Now they've been running, you know, longer than four months late.

We are on the phone talking to them all the time and obviously can't do anything about a third party being delinquent in delivering their equipment, but that's the case. If you think about what we've done, this is a substantial expansion that we've done in a year. We got the permits, we got the construction, and we're down to the 90-yard line. There's work going on every day. We have weekly updates, and so we don't anticipate seeing any financial results in the first quarter of 2026 related to the expansion of Thompson Falls. The other thing I'd like to make note of is we're in a business that's volatile. Obviously, antimony prices have moved up, they've moved down, they've come and coming back up again.

We buy antimony from six different countries today, and if you look at our financial statements at year-end, you'll see the highest amount of inventory this company has ever had. That should give you comfort that we now have the inventory to start meeting some of the contractual obligations of the DLA. As I mentioned, we're getting ready to make our first shipment to them. When you look at the financials in 2026, they're gonna be bumpy. There's gonna be quarters you go, "Oh, that looks like not so good." There's gonna be quarters like, "Wow, they blew it out of the park." You gotta look at the whole year. We are very firm on our guidance of $125 million. We know how much we'll be delivering to the DLA.

We have material in hand, material on the water. We now have our own mine in Montana. The future estimates of giving financial guidance will be a lot more solid going forward. I'm telling you, it's gonna be bumpy in 2026. There'll be quarters that'll be lower, and there'll be quarters that are gonna be much higher. That we can't do anything about. When you look at the overall effect of 2026, it's gonna be right where you think it will be. The other thing that I want to mention is that we're continuing to advance and look at other critical minerals. You're not aware of what those are. We have a lot of meetings, a lot of discussions with the government and without the government of what they're looking for.

The beauty of this mining business is, and the people that we have involved in our Board and our management team, is they know where the crown jewels are hidden. We get invites to look at things almost every day. We're looking at new projects, new areas. The one thing that is a major characteristic of what we will and will not look at is time, speed. We will not look at something that'll take two years or three years. It's gotta be now. When you see us do a project just like the one we just bought in Alaska, we bought that in a trustee sale a month and a half ago for $1.3 million, and we're gonna be mining on it probably within two to three months. That is unheard of.

We're moving as fast as humanly possible to get these things to the point of where you, as a shareholder, can realize the value through our financial statements. With that, I'd like to answer some questions I got from a couple shareholders before we go to our listeners out there, and these are, I think, some pretty good questions. The first one is, the Thompson Falls expansion was originally estimated in January. Well, obviously, I just described that's gonna be May now, and I explained why. The USAS agreement, that's the Americas Gold and Silver agreement. When will that ore be flowing? Just to give you an idea, we didn't really talk about this today, but we signed a joint venture agreement about a month and a half ago with Americas Gold and Silver, symbol is USAS.

That is a joint venture to build a new hydromet facility on land that they've donated to joint venture that's fully permitted in Idaho, where they have three silver mines ongoing, where we will process their antimony. We already process their antimony today. It goes up to a plant in Canada, and then we get the residual product that we handle there in Thompson Falls. That's our primary source of antimony today is through United States or through this company in Canada. What we'll be doing is building a hydromet to process that antimony right there on site. We are in the planning stage, the budgeting stage, the engineering stage.

In fact, there's a whole group of us both from Americas Gold and Silver and United States Antimony going to Bolivia at the end of the month to look at our commercial-grade hydromet facility we financed that's bringing us now 150 tons a month of antimony flake that will go into our smelter. We're looking at the facility we funded to make it a commercial scale because we're gonna be duplicating that facility on a larger scale in Idaho. That's with our partners at Americas Gold and Silver. We have a lot of meetings on that. We're very excited. Since we've announced that joint venture, which will be the largest hydromet facility in North America, we're getting calls from other antimony producers or producers that wanna be. They wanna bring their material to us.

We are looking at most likely having different phases of that project, phase one, phase two, phase three, to expand it. Another question is the tungsten deposit. What is the strategy to develop this resource? Given the size and potential cost of developing the project, are you planning on bringing in a joint venture partner? The answer is no. This is an open pit mine, which allows us to do things a lot quicker, a lot easier, and a lot cheaper. Joe and his team have got a plan, and our goal is to try to get that tungsten deposit to an existing refinery as soon as possible. We are making an application with the U.S. government to fund that project. Do we have the ability to develop it in-house? Absolutely.

Can we process low quality ore at the new Hydromet facility? Absolutely. That's the whole idea behind Hydromet, is we can take much lower quality antimony, much lower concentration levels into that facility. It's something we couldn't do in our existing gas smelters. There was also a question about Radersburg. That's our flotation facility, our concentrate mill in Radersburg, Montana. Will the Hydromet material need to go there? Answer is no. We will just go right into Hydromet. The Radersburg is gonna be handling like most of the Montana material. That's where that material is sitting today, waiting to be processed. Our vice president of our antimony division is in the process of upgrading that. I think as we mentioned when we bought that a few months ago, that should be up and running soon.

Those are some questions that should help our audience. Now, operator, if you don't mind turning over to our first outside listener.

Certainly. At this time, we will be conducting a question-and-answer session. You can submit a question at this time by clicking the Ask Question button on the left of your screen. Type your question into the box and hit the Send button to submit your question. One moment, please, while we pull for questions. The first question is: With elevated inventory, expected ramp of Montana Mining, and expanded smelting capacity, how do you see the production mix evolving over the next 12-18 months, particularly as you see Alaska's potentials growing into the heart of your future mining ops? And how will you see your planned mix meet your existing government and offtake commitments?

Okay. That's a kind of a long-winded question, but I'll see if I can answer it. First of all, we would love to be mining all of our own antimony. Why? That's the cheapest antimony we could ever find on planet Earth. We think we can mine it for less than $5 a pound, where we're buying it today for maybe $8, $9, $10 a pound. We were buying it for $15-$18 a pound a few months ago. Having that low cost of ore is so important to guaranteeing your profit margins. More than that, it also gives you reliability. I can't tell you how many times over the past year a transload was delayed or, you know, getting it, the ore to the port was delayed or there was customs delay.

We had material confiscated by the Chinese government for 6 months. I mean, there's always something. A lot of this antimony doesn't come from the most, you know, friendly countries. Having more control of our destiny with our own material is where we wanna be. We'll accomplish that not only with the mine in Montana, the activities we have in Alaska. When the Hydromet facility comes online, that material all comes to us. It still has to be processed in our furnaces. That will give us a significant surety, and we hope to have that up and running in about the next year to year and a half. That will have a significant impact on our future.

Today, we are still getting 100% of our antimony from foreign sources. That will change soon as the material we took from Montana is processed in Radersburg, which should be over the next month or two. Then that mine will open back up. Weather fortunately, the weather in Montana was much milder in 2025, 2026. The weather in Alaska was much colder. Alaska may be delayed May, June, but Montana could be open the next three weeks. We're anxious to get back up on the mountain and get back to doing what we were doing last year so successfully. Next question.

You mentioned that you're facing four-month delays on an equipment supplier. Are you able to switch, evaluate other vendors to try to avoid equipment delays? Are there options available?

Unfortunately not. This is very specialized equipment that was ordered from these particular contractors, and we obviously tried to stay with only U.S. contractors. The answer is no. We have to wait till they deliver.

Can you give us an update on the magnitude of ore shipments from Alaska? How many tons of ore output could you ramp up to, and how does this translate to finished pounds?

Good question. I don't have an answer yet, but I will tell you what my geologist says. I'm gonna hold him to it. He says, "We're gonna have you, Gary, 1,000 tons a month." Well, I'm saying that I'll be happy with 200 tons a month. We'll know a whole lot more what's gonna come out of Alaska, obviously, by summer, fall. We won't know in the early part of the year. These properties I just mentioned that we bought in the trustee sale that Joe gave further information on really has a lot of antimony on the ground. It's visible. The veins are visible. We're gonna try to hit that first. We've already filed permits for it.

You know, the goal is to get as much of that into all that material will go to Radersburg, so it'll be processed just like the Montana material. It's a higher concentrate of stibnite, maybe 40%-60%. Joe, you can correct me if I'm wrong. I think the Montana material is a mere 10%. It's higher quality from the standpoint of concentration.

Okay.

Next question.

The next question says: Hi, Gary. 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? Thank you.

We're already supporting them. That's the $248 million contract we won on September of last year. There are discussions always ongoing. We keep a very high dialogue going on at any given time with senators, house members, governors, and as I mentioned before, General Keane is on our Board, so we kinda hear what's going on. There's a lot of need for additional munitions, as everybody knows, with the activities we'd had in Venezuela and now Iran. It's not just us, it's NATO countries as well. No question that the demand for what we do is going up, and I think it's likely that you'll see some additional needs coming from the government to us.

The next question is.

Next.

Can you give us a sense for the progress at Thompson Falls in terms of the expansion? How much of the expansion is left to complete? How does this translate to shipments throughout the balance of 2026? Thank you very much.

Yeah, I think I've already answered that question. Again, the expansion is gonna be completed in May, so we're still about almost two months away from that, all due to delay of equipment. There's work going on there every day, though. I mean, I talked to our VP Mechanical Engineer who's in charge of the expansion, and we're on top of it. We don't want to shut down our existing smelter until this one is ready to go, because we are gonna do some improvements in the existing smelter to improve its efficiency. It's also important to note that once we start receiving the Bolivian material, which should be the next 30-45 days. That allows us to process much more material than numbers we've given you.

In other words, if we get 150 tons a month out of Bolivia, it's 90% concentrate. What that means is it doesn't have to spend nearly as much time in those smelters to make metal ingots for the DLA. We're really excited about that. Of course, that will be the same case when we complete the JV with Americas Gold and Silver, building that hydromet facility. That facility will give us 90% antimony flake that will go into our furnaces. What it enables us to do is run a whole lot more material than lower grade antimony. That's another reason we're very excited about the hydromet process.

What is your appetite for M&A at this time? Do you see other opportunities in the public markets, or do you remain focused on project-level opportunities?

It's a good question. We look at both. We haven't seen anything on the M&A front that has really appealed to us. It, you know, it'd have to be a company that is growing at the speed we're growing. I mean, we just reported today just under $40 million in revenues, and we're going to triple that in 2026. It's hard to find another company that has the kind of growth that we have that would make an M&A attraction. Now, we are looking at companies that have maybe specific critical minerals that are closer to coming to fruition, where we might help fund them, we might become a joint venture partner, we might become a shareholder. We might, you know, do something to help them expedite what they're doing. We look at those all the time.

I looked at two this week, in fact, and the problem with most of them is that they're still three years, four years away. We're not willing to look that far out. It's got to be within a year to two years for us to really get excited about it, 'cause we're on a much faster track than most companies.

Does UAMY currently have contracts with battery making facilities?

We do not have any long-term contracts, but those discussions are ongoing.

What is your plan for Larvotto Resources, a company whom you purchased 50 million shares of?

Yes. We're the largest shareholder of Larvotto, an Australian miner. It's called the Hillgrove Mine. It's not up in operations yet. I think it's also been delayed, probably more like a July, August event. We have investment bankers that are consulting with us on Larvotto. We have not yet made a decision on what we're gonna do there. At this point, it's just an investment.

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?

Remember, China has already cut off all shipments of antimony. They did that in September of 2024. They also cut off all shipments of tungsten at the same time. I don't think anything that we're doing with China one way or another is gonna affect our business. It's already been affected. Now are we seeing leakage out of China of antimony going into Malaysia or Indonesia, Vietnam, South Korea? Possibly. We've also seen some of that get cut off. China is doing its best trying to make sure the antimony does not leak out of their country. And there still is a worldwide shortage of antimony, no doubt about it. While prices escalated from $5- $30, came back down to $12, $14, $16, they're still up significantly from where we were three years ago.

Our contracts, you know, protect us to a large degree. We feel good about the business and we want to be a major force of controlling 25%-50% of U.S. antimony needs, and that's where we're going with our hydromet facilities and our own mining operations.

Very interesting. Having used BRZ in challenging filtration projects, I think that has tremendous potential for growth.

Is that a question or a statement?

It was a statement. I love it.

Yes.

There you go. Melissa, you got your marching orders.

I love it. Yeah. Thank you. I'm inspired.

Okay. Our next question comes, let's see here, is: How has the price of antimony and zeolite moved over the past 12-18 months? What does the investment into the Australian company mean to you?

Okay. Well, I'll answer the last question first, and then I'll answer the first question. We made the investment in Larvotto because we had the intent at the time of taking over the company. We made an offer for the company, it was an all-stock offer, and that was rejected. We have done nothing since that occurred. Now, there were some reasons that we have done nothing. There are some Australian laws concerning when a company tenders for stock in the open market, there are certain restrictions. Those restrictions have all expired. They expired mostly in February, and so our hands are no longer tied as related to what we want to do. We have highly qualified bankers helping us make decisions there. We don't think there's a gun at our head making us make any decision right now.

We're looking at the overall situation, and we're gonna do what we think is the very best thing for our shareholders, and that is what our board and what our management team is incentivized to do. Will something happen with Larvotto? Maybe. That's a lot of it's gonna be dependent upon their management and their board of what they do and don't wanna do. If we can't come to an agreement of the minds, then we'll sell our stock position. Simple as that. With respect to the other question, remind me what it was.

Oh, it looks like it was removed from the queue.

Do you remember what it was, Melissa?

Sorry, I don't.

Yeah, I don't either.

I'm looking for the.

We'll just have to go.

I'm looking for the zeolite question to save.

I think it had to do with growth of zeolite. We did have growth in sales and pricing with respect to zeolite went up a little bit. If you look at our antimony sales in 2025, they were pretty flat. The real growth was in price. As I've told new investors that have been coming to our stock, that's gonna change in 2026. It's mostly gonna be volume related. The growth will all be volume, not price. We have a significant ramp up coming. As I said, it's gonna be bumpy, but I feel really good about where we'll be by the end of the year.

This isn't a price answer on the zeolite, but I can say with this influx of this new bulk business, it certainly changes the margins because the bulk product is a much lower cost for us. While we're not increasing the prices, we'll still make much better margin on that.

Operator, I think we'll take one more question 'cause it's been right at an hour. Okay?

Certainly. What is the status regarding the cobalt property?

The cobalt property, as Joe Bardswich outlined, we did enough work on it to recognize that we need to make some other changes. For competitive reasons, I'd really not rather speak as to what we're gonna do, but we do have plans there, and once we get those plans completed, we'll be happy to voice them. It is not nearly as far along as the tungsten property. Obviously, the tungsten property, we have a resource report. As I said, we'll be filing that next week with SEC. You know, shows future revenues of $4.6 billion. That is a real high priority of getting that property up and running. We hope that to be the very first tungsten property in operation in 12 years in North America, and that's something badly needed by our government.

Tungsten's necessary for tanks and for submarines. It's the second hardest mineral behind diamonds. If you go to Home Depot and buy a drill bit, that's a tungsten drill bit. We're very excited about where that stands. We are looking at other tungsten opportunities. We're trying to beef up that area of our company. We tried to bid on one last year. We were beat out by another company. We just weren't willing to pay the price they paid. We are very frugal. We're not gonna buy something just to buy it. It's gotta be priced right and under the radar for us to be interested.

Thank you. We have reached the end of the question-and-answer session, and I will now turn the call over to management for closing remarks.

We had a great year. Gonna have another great year in 2026. We thank all of you for being investors in our company. Hopefully you did well in the stock, but you're gonna do a whole lot better in the future years, I think. We have a lot of irons in the fire, as you heard today, and we have to execute. You can see that we've executed in the past, and we plan to execute in the future. It's a matter of bolting on and building this organization to something that all of you can be very proud of. We have a unique relationship with the U.S. government as the only antimony supplier. We are sole source contract under our DLA, and now we're gonna expand that even further.

We are in a perfect position as being a first mover to capture a lot more business, and that's what we're after today. Thank you very much for your time, and we look forward to communicating with you again in the future.

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