UNITED STATES ANTIMONY CORP Q2 FY2025 earnings call

• Gary Evans introduced the management team and highlighted overall financial growth: revenues up 160%, gross profit up 183%, net income up 707% y-o-y, and on track for $40M to $50M revenue for fiscal 2025.
• Rick Isaak detailed financials: sales growth in Antimony and Zeolite, gross profit drivers and offsets, progress in Zeolite business with on-time delivery and capacity growth, and balance sheet details including treasury purchases, inventory changes, fixed assets, and equity increases.
• Joe Bardswich provided mining updates: Alaska operations facing permitting delays but acquiring private land for exploration, Montana plans to ship ore to mill in mid-September using SMEZ provisions, and Ontario projects including Iron Mass Cobalt and Fostung deposit with ongoing discussions and permitting processes.
• Melissa Pagen discussed government relations: ongoing discussions with DoD and others regarding antimony, tungsten, and cobalt assets, emphasizing no official award yet but strategic position as sole domestic antimony processor.
• Jonathan Miller updated investor relations: increased institutional ownership, trading metrics, media and event participation, dual listing on NYSE Texas Stock Exchange, and upcoming marketing initiatives.
• Gary Evans provided updates on catalysts: staying tuned on DoD award, international antimony supplies including Bolivia, Chad, Mexico, Peru, Alaska supply likely in September, Thompson Falls expansion on schedule, tungsten property acquisition, and continued financial improvements.

For the first 6 months of 2025, total sales were $17.5 million, up 160% year-over-year. The Antimony business contributed $10.4 million of the increase, a 203% y-o-y growth with average sales price rising from ~$6 per pound last year to ~$22 per pound this year. The Zeolite business saw a $400,000 increase, 24% y-o-y, with 60% due to higher volume and 40% due to higher price. Antimony accounted for a significant portion of the revenue growth, and Zeolite also showed positive growth. Consolidated gross profit was $5.2 million, up 183% y-o-y, driven by higher prices in both segments and lower maintenance costs in Zeolite, offset somewhat by increased supplier costs for antimony.

Continues to remain on track for previous revenue guidance of $40 million to $50 million for fiscal 2025. Anticipates ongoing growth in operations and financial results, with plans to expand Thompson Falls facility by year-end and continue sourcing antimony from multiple international locations.

• Permitting delays in Alaska due to regulatory processes and local opposition from environmental groups.
• Issues with antimony supply from Mandalay, including arsenic content in material which could affect finished product quality.
• Potential challenges in the permitting and processing of tungsten properties, though efforts are underway to address these.

Q: Do you anticipate any domestic ore supply deals in the near future?

A: No other antimony supplies other than our own are anticipated in the near future; the only domestic antimony supply expected is from our Montana mine and Alaska operations.

Q: Has the leasehold acreage increased from the prior 23,800 acres since July? And any new updates on the findings?

A: Acreage is between 23,000 and 30,000 acres, with an acquired property having been cleaned up and showing good antimony deposits; gold deposits are also expected to be found in relation to antimony mining work.

Q: Can you provide color on a $240 million DoD contract for antimony and its impact?

A: It's a $240 million contract to acquire antimony, and we're the only source as there's no other smelter; once the solicitation ends, potential fruition in the next few weeks.

Q: How receptive is the current administration to expediting permitting and who is slowing down Alaskan permitting?

A: The new administration is pro critical minerals, but Alaskan permits are state-funded; hold up is from local environmental group Save Our Domes, but efforts are underway to educate and expedite.

Q: Comment on second Thompson Falls facility progress and tungsten processing.

A: Thompson Falls expansion is on schedule; tungsten would be processed at a local existing facility rather than building a new one.

Q: Why is North American antimony feedstock supplier shipping more recently?

A: Due to renegotiated contract earlier this year and the supplier's need to dispose of more material, as arsenic issues with Mandalay supply have led to seeking other sources.