United States Antimony Corporation (UAMY) Earnings Call Transcript & Summary

Thanks, Paul, and hello everyone joining us. Our earnings press release ought to be available very soon. It has been delayed somewhat, though it should arrive in a minute or 2. To begin, I want to introduce the other people from the company's management team here with me on today's call; 7 management speakers will each cover their own divisions, since honestly we have plenty to share. Those individuals are: 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; Jeff 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. So before I hand today's conference call over to Rick and Shawn for our financial report, I first want to say that I have never been more excited about where this company is going. If you, 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. Look at 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.

Thank you, Gary. As we shared in an earlier press release, I stepped away for a short period — roughly two weeks back — to handle certain private affairs. Luckily, we had already been collaborating with a highly skilled finance professional, Shawn Winkler, who was able to come in and serve as interim CFO. Across his more than 20 years in the field, Shawn brings expertise spanning corporate finance, capital markets, and executive leadership. Most recently, he held the CFO role at a full-service engineering, procurement, and construction company in the energy sector, and before that spent upwards of 15 years as an investment banker. Since late last year, Shawn has been engaged on financial projects for our company and has developed strong familiarity with both our management group and our finance group. That made the handoff quite smooth. All right. Now I'll share a few remarks regarding our consolidated results. First quarter of 2026 sales came in at $6.8 million, which is close to last year's $7 million in sales. Antimony segment sales declined 2%, while Zeolite segment sales fell 7%. Gross profit for the first quarter of 2026 was down $1.3 million versus last year's first quarter. Most of that decline stemmed from elevated labor, factory, and import, and freight expenses. Those higher costs were necessary — somewhat along the lines of what Gary mentioned — in order to secure the talent, factory capacity, and inventory required for the production ramp-up we anticipate over the rest of this year. As sales grow, we anticipate these costs will benefit from economies of scale. Net loss for the first quarter of 2026 totaled $11.3 million, driven mainly by $4.8 million in noncash stock compensation expense and a $4.1 million unrealized loss on our investment in our Larvotto equity securities, together with the elevated cost of goods sold I just referenced. Working capital and other balance sheet metrics stay solid. Our cash position, which includes our U.S. treasury securities and equity securities, came to $60.2 million as of the close of the first quarter of 2026. Furthermore, after March 31, 2026, we collected $12.8 million in cash from our expansion grant from the U.S. government, plus $48.6 million in gross proceeds from selling our stock. Additionally, inventory rose by $9.5 million, reaching $22 million at the close of the first quarter of 2026, up from $12.5 million at the close of 2025; moreover, we keep carrying a very small amount of debt on our books, $162,000 at the close of the first quarter; when it comes to operations, we're continuing our strategy — as Gary noted — of swiftly building out our antimony supply infrastructure in places where hardly any existed previously. That covers both internal and external infrastructure. To start with the internal infrastructure, we have plans in place to mine antimony within the U.S. during 2026; we did mine antimony in 2025, and for 2026 our expectations are significantly higher across both Montana and Alaska. Additionally, regarding infrastructure that is external, we've entered into agreements for antimony to be delivered each month to our smelters located in Montana as well as Mexico, and our factories and facilities stand prepared for this greater supply, both internal and external. We also keep examining our mining locations across the U.S. and Canada during 2026 for additional critical minerals that the U.S. government and an industry require, comparable to what Gary mentioned once more at the start here. Furthermore, we observed roughly a 60% rise in zeolite sales during March of 2026 versus March of 2025, resulting from our push to boost zeolite sales within the animal feed sector, mainly cattle. This infrastructure for mining and processing antimony and zeolite is being constructed rapidly to back our growth plans, and we anticipate seeing the outcomes of our efforts in the latter half of this year. The significance of our efforts is acknowledged by the U.S. government, which awarded us $27 million to help with these efforts. As I noted earlier, during April of 2026, we obtained $12.8 million out of this $27 million grant. On the whole, we keep aggressively carrying out our approach of growth, diversification and sustainability in 2026 on behalf of our company, our investors, and our country. I'll hand it back to you, Gary.

All right. Thank you, Rick. Shawn, could you tell everyone a bit about who you are and how you've been involved with the company?

Absolutely. It's great to be part of this. Thank you, Gary. Rick already covered some of my history — I came aboard not long ago as CFO at a Houston-based engineering EPC firm with 500 employees. Before that role, I worked roughly 15 years in investment banking, where I advised companies — Glenn and Gary, along with earlier versions of this business — on M&A and capital raising, spanning everything from secured debt through public equity. I'm genuinely thrilled to come on board with this team at such a pivotal moment, given the worldwide convergence of critical mineral demand and supply chain security requirements, plus the speeding-up global situation as China limits exports. To me, this is a fantastic moment to be joining a truly emerging enterprise that holds substantial growth potential; so I'm delighted to be here, Gary.

Alright, thanks. Shawn, we're happy to have you with us, and in the brief time since you arrived, you've already accomplished quite a bit. That's great. At this point we want to hand things over to Joe Bardswich. Joe, would you bring everybody up to date on everything happening across our critical mineral field activities?

Thanks, Gary. I'll begin with the Stibnite Hill site up in Montana, where the antimony we extracted during October and November of last year came from. Because spring arrived early, our teams were able to reach the mountain. That said, the Montana DEQ asked for a leach test on the stibnite ore, so they could figure out how much antimony might leach into the surroundings from the bedrock. U.S. Antimony has turned in a plan to hold back any possible leaching by using clay that's available locally as an impermeable cover. We anticipate getting the go-ahead for our mining plans on the stibnite and for trucking it over to the Radersburg Mill sometime in the next 2 weeks. During late October and early November, 800 tons of stibnite, grading 10% antimony, was moved to the mill in just 4 weeks; we figure that once things get rolling, production will be steady right up until winter forces a shutdown. Turning to tungsten now, at the Fostung deposit in Ontario, Canada. The heaviest snowfall on record this past winter, along with a warm spring melt, brought regional flooding that caused the TransCanada highway and the access roads at Fostung to close off and on. Those roads have reopened, and our crew is back at work, which includes gathering a bulk sample of typical mineralized material for further metallurgical test work at the Lakefield Research Labs in Ontario. Talks continue with operating flotation mills in the area about processing a large bulk sample in the range of 20,000 to 50,000 tons. This will mark the first tungsten mined in North America in decades. The company has filed a technical report with the SEC, authored by SRK Consulting Canada, Inc., an independent mineral consulting firm. An inferred resource of 14.62 million metric tons, grading 0.17% WO3 — that's tungsten trioxide — containing 53.595 million pounds of WO3 was calculated in that report. Now switching to Alaska and antimony. Last year we did work at Ester Dome. Before this month ends, that work picks back up, investigating antimony soil anomalies both by trenching the bedrock and by drilling percussion holes down through the overburden, collecting rock cuttings for examination and assay analysis. The goal is to pinpoint stibnite deposits that could be shipped to Montana for bulk testing at the company's Radersburg mill. Still in Alaska, there's the Maclaren River K-M copper project. Samples from our K-M claim were reported as collected by an Alaskan state geological survey in that area a year ago. Those assay results showed very high-grade copper values, along with minor gold and silver. We've set a drill program for late summer to test how continuous the vein is at depth. This would be USAC's first copper project. Also in Alaska is the Nolan Creek antimony-gold deposit. This property came to us through a trustee sale by public auction earlier this year. We rate the exploration potential of this property very highly, and an extensive exploration program is going to be carried out this summer. The underground workings developed previously in one area provide access to 3 parallel veins of antimony and gold. There's a publicly accessible technical report that was put together by a qualified person, whose name is < >, and per that report we have a resource of 42,412 tons with a grade of 28% stibnite — sorry, let me correct that, 28% antimony — along with 0.408 ounces of gold per ton; at current pricing, that comes out to a gross value above $460 million. Our plan is to bring the underground access ramp up to MSHA standards and then begin extracting this high-grade ore. From there, the ore will be hauled by truck to the Radersburg facility, where we do gravity and flotation milling. Gary, over to you.

Joe, one last thing before we wrap up. About that Fostung tungsten mine we have in Canada — I realize the market still hasn't caught on to just how valuable we think it is. Say we took the tungsten price as it stands right now and applied it to that third-party report, the resource report we received earlier this year and filed with the SEC, the one that lays out our potential reserves — what would that number come to, once more, using the current tungsten price?

The most recent price point I have for tungsten is $3,300 per metric ton unit. If we apply that number, then before accounting for mining, processing, and so on, the gross value comes out to $9.3 billion.

$9.3 billion. And once more, with Fostung tungsten, that's an open pit operation. Material has already been relocated at this point so it can be sent to the lab. Later in the year, we're hoping to carry out considerably more active work at that site. As you mentioned, the roads have been somewhat affected by weather conditions. Correct?

Exactly right. And an agreement has been reached with the local First Nations — the Whitefish River First Nations — to hold a blessing ceremony as our opening, and we can't wait to get that underway and to share some of what that deposit offers with the First Nations people.

Also, my understanding is that no tungsten production is taking place in the U.S. or Canada at this time. And I'm aware that this has been the case for a minimum of 10 years, possibly 20. Therefore, this would be the first operational tungsten mine, and we're projecting a future value from U.S. mining of slightly less than $10 billion. And, so that everyone is aware, we have submitted official requests to the federal government seeking grant funding tied to this tungsten find. Thank you, Joe. I appreciate that. And now we'll move the call to Melissa Pagen. Melissa serves as President and Chief Operating Officer of our BRZ division, our zeolite subsidiary. And she extracted a promise from me that I wouldn't steal her thunder, and I won't, though I'd like to; but — so I'll hand the call to Melissa.

All right, thanks, Gary. During Q1, we concentrated on carrying out the goals we laid out at the start of the year — most importantly, bolstering the operational strengths needed to back strategic expansion in our target markets, above all cattle nutrition. As you might remember, our cattle nutrition business segment kicked off in February; getting that segment going required a number of costs incurred up front so we could build the operational strengths it depends on and lay a groundwork for scaling it; those costs were deliberate. Through the quarter, we broadened logistics capabilities; we built up inventory to enable bulk delivery, and we brought on staff before full utilization as we get ready for multi-shift operations; at the same time, we've kept developing key infrastructure and automation initiatives meant to back higher throughput expectations and boost long-term efficiency; those initiatives remain underway and will carry into Q2 and have carried into Q2. Still, we anticipate they will substantially boost throughput capacity, sharpen cost efficiency, and make operations more consistent and scalable down the road; we've also faced a pricier freight environment, especially when it comes to diesel, as we grow delivery to satisfy demand. Freight is a — freight as it stands for us is an entirely new variable now that we're providing delivered pricing for the first time since the company began, so we can serve and compete in the cattle nutrition space. And once more, to work in this space, that standard of service and the infrastructure behind it aren't something we can skip. They're mandatory. And as we said at the start of the year, we've also started actively taking part in cattle industry conferences, where we've made solid headway putting our name and products before key decision-makers; and I'm glad to say we continue to make very — be very well received, and that greater visibility keeps converting into new customer engagement. To underscore the point, as recently as the last 2 weeks, we've added 2 new cattle nutrition customers and are talking with others, none of whom had even appeared on our radar at our previous update call. So — and here's the part I like best that Gary mentioned. In March, we hit a record for tons of zeolite shipped, beating our monthly target by about 42%, and that momentum carried into April, when shipments rose even more, to roughly 66% over target. I hope it's fine for me to discuss April. Again, March and April both set all-time records for tons — total tons of zeolite shipped. And the crucial thing in all this is that demand has now moved ahead of our current infrastructure, and the phased upgrades in progress are vital to match volumes that keep climbing; so although the Q1 results start to show the upfront investment we need to build our overall capacity, the trajectory as we leave the quarter is one of accelerating demand, rising utilization, and an obvious route toward better operating performance. Also, Gary, just briefly — someone mentioned to me previously that I got a bit too deep into the terminology of the cattle business, so with any luck I held back on that this time around. And that is everything from me. Thanks.

Alright, let me just bring everyone up to speed on the BRZ Zeolite subsidiary. Three years back, when I joined the company, among the very first items I zeroed in on was bringing that facility online, and that happened thanks to bringing Jeff Fink aboard, who — he'll be speaking shortly. He's the mechanical engineer who truly put in the heavy lifting out in the field. So we're incredibly thrilled that after Joe Bardswich decided, "Hey, a resource report is needed for this property," we went ahead and produced one. That report revealed a zeolite supply exceeding 400 years. Now clearly, a 400-year supply benefits nobody involved. So our goal is to bring that figure down below 100 years, or below 50 years, since none of us will still be here 400 years down the road. That's precisely what Melissa and her team are working on. They're pushing sales. Throughout its 30-plus year history, this company never engaged in any marketing, never marketed zeolite at all; and today we've got salespeople who are highly qualified in the field and able to speak the cattleman's language. We're attending conferences, and we're seeing quick results because we're confident we hold the best quality zeolite of any mine worldwide, and now we've got an enormous supply. So we need sales to double, triple, quadruple, and that's the effort we're making. And the outcomes from Melissa's team and their dedication are appearing now. You didn't really notice much during the first quarter. You'll notice plenty during the second quarter. And at this point we've got to make some capital improvements. We've got to be capable of satisfying demand from these new customers. So that's a nice problem to have, and it isn't a big expenditure. There are automation measures we can take to speed up moving this material; so I'm very excited about where BRZ is headed. And now I'll hand the call to Jeff Fink. I know every one of you wants to hear about the status of your expansion in Thompson Falls, and Jeff will deliver a great update. Jeff?

Okay, thanks, Gary. The expansion at Thompson Falls is nearly ready to go live, and it'll happen in phases. At this point, every heat exchanger body has been delivered and positioned on site, though one batch of components is still needed before they can operate. For three of them, we built our own replacements, and those should let us operate that trio at half their capacity. Deliveries of the OEM parts ought to begin during the final week of May, which would be sufficient to bring 1 to 2 more furnaces online each week, and by roughly the middle of July, we ought to have every one of those components and all 9 furnaces will be running; commissioning work at Thompson Falls kicked off at the start of May. Right now, we've got sufficient systems up for 3 working furnace lines capable of manual operation. Loading mechanisms and control systems remain outstanding, and those ought to be sorted out within the coming week or 2. As is typical with any commissioning effort, surprises will pop up, and we'll address each one as it appears. Although the equipment at the new facility can operate at its maximum, the workforce will need time to learn material handling and plant operation, so a gradual increase in output will begin. I wouldn't anticipate hitting the plant's full nameplate capability immediately at the close of July, though I'm hoping we get close to 80%. After the new plant reaches steady operation — its capacity is roughly 230 tons each month with all 9 furnaces going — we will then take the old plant offline, which has a capacity of roughly 75 tons per month, in order to swap out dust collectors in the electrical systems so we satisfy the updated emissions requirements we must achieve given the higher output under our existing permit's emission limits; that downtime ought to last 4 to 8 weeks. Though this timeline runs longer than what we first estimated when engineering began, remember that only 1 year and 1 week have passed since we started engineering on this project. When this effort launched, we felt fairly confident about how much government funding we'd secure, but far less certain about the precise engineering scope alone, which carried on deep into construction since we understand the entire project scope needed to reach our output targets; beyond that, significant holdups in heat exchanger shipments from the outside supplier contributed to this timeline, which remains a strong accomplishment given that a normal company would probably need 3 or more years to finish it. Thanks. Over to Gary.

Thanks, Jeff. Everyone here is really eager to see those new furnaces start running, since we keep growing our stockpile, and Aaron will cover that in a moment. During 2025, we were sourcing from overseas suppliers across 5 to 6 nations. That work taught us which locations offered the greatest antimony supply, and we concentrated our efforts there. Aaron will also explain how we keep raising the volume of raw ore we buy, which can now be handled both at the enlarged Thompson Falls plant and at our operation in Mexico. So, Aaron?

Thanks, Gary. To start, I'd like to give you an update on the Madero smelter, then move on to the Thompson Falls, Montana Processing Center, along with some hydromet news, and after that the critical mineral mill at Radersburg, Montana that we acquired at the start of 2026. During the first quarter of 2026, we saw consolidation and better reliability in our supply contracts, which gave the Madero smelter in Mexico steady feed all through 2026. We expect those contracts to keep rolling over and to offer enough backing for steady production over the long term. Right now, an average of 225 tons of high-quality feedstock arrives each month; you can see that in the inventory figures we reported today, which are double what they were a year ago. With this dependable material and supply, we've achieved consistent operations, which allows for steady output and product quality. Strengthening international ties through these supply contracts could open the door to additional critical mineral sources and potential future developments. At the Madero smelter, we've developed specialized methods for removing the usual contaminants, arsenic and iron, which yields very clean antimony ingots that meet stringent specifications and satisfy preferred sales contracts. The Thompson Falls processing center keeps up consistent production while working with 2 new feed sources as we prepare for full commissioning of the expansion. We continue to develop new midstream feed sources. Even with delays in critical equipment delivery and the usual start-up issues, our operating partner in Bolivia started producing metallic antimony flake in March and hosted a tour in early April for U.S. Antimony and our joint venture partner, Americas Gold and Silver senior management. Initial shipments to Thompson Falls have begun. The hydromet system we'll build in joint venture with Americas Gold and Silver will be more complex than the one we helped build in Bolivia, but the process is similar. The product will likewise be metallic antimony flake delivered to Thompson Falls for final product conversion. Another update on Bolivia: we're pleased to report that our operating partner there has fully commissioned their processing circuits and has readied the first shipment. That shipment has been third-party sampled and sealed, with shipping now fully booked from door-to-door. The United States Antimony critical mineral mill in Radersburg, Montana was bought in early January of this year. We've completed very light development and system upgrade work, and the standard crushing, grinding, gravity, and flotation systems are ready to operate. Additional upgrades will bring capacity, flexibility, and broader capability in recovering various mineral products. Although the processing circuit needed only minimal upgrades, there was no functional laboratory. A new building has been constructed, and new laboratory equipment is being installed right now. The lab will include complete areas for sample preparation, fire assay, wet chemistry, and XRF analysis. Enough bag houses and fume hoods have been delivered to support health and safety as well as general cleanliness. We're in the middle of getting a modern XRF unit that has 3-kilowatt capability up and running; the wide range of analysis this gives us is going to help with recovering antimony as well as other critical minerals. Work on ore from Stibnite Hill is just about finished, and it covers multiple reagent blends along with a lot of optimization effort. The first round of testing showed antimony grades above 60% in flotation concentrates, and our hope is that further refined testing plus plant production will get us to concentrates with an even higher grade. This upcoming stage of USAC expansion has us excited, and we can't wait to process mined materials out of Montana, Alaska, and possibly other places too. Thanks; over to you, Gary.

Aaron, just before we wrap up, I want to go a bit deeper on 2 points for the people listening in. First off, why does having a lab of our own in Radersburg matter so much for what we plan to do going forward? It seems to me that folks don't grasp how essential it is for this company that the build-out gets finished. Second, in what ways could our hydromet processing technology be useful for perhaps other critical minerals besides antimony? We discussed this while we were in Bolivia, I recall, but how might that process start to serve us as we potentially take on silver, or copper, or additional critical minerals. Could you say more about those 2 items?

Yes, we can; let's begin with the lab, since that's probably the simpler one. The truth is, a flotation mill — or any kind of concentrating operation — has to deal with variation in the ore and in what's being fed in. It genuinely requires faster analysis and more readily available data than other kinds of setups; so because of that, you truly need a lab on hand that can deliver results in under 24 hours, so you've got real-time information about what the operation is doing right then. There are a few additional reasons we require our own lab on site. To back up other exploration work and our very wide-ranging mineral portfolio, we also need faster results for those activities. Right now, turnaround times at most national labs run past a month, and a few are getting close to 2 months before you get results, and that simply doesn't support a solid field program for exploration. So having in-house capability to analyze a lot of these various elements will genuinely assist those efforts. And on top of all that, antimony isn't a mineral that gets pursued very often, so there really aren't labs that focus on antimony analysis, particularly for the high-grade products we'll be turning out there from the flotation concentrate. For all those reasons, we truly need our own lab with these wide-ranging capabilities; now when it comes to hydromet, some of the equipment there is universal — perhaps not as universal as flotation concepts in the mill, but many of these minerals go through basically the same equipment. The chemistry might differ somewhat, yet the vehicles are quite similar. So we'll be in a position to adapt or build out our hydromet capabilities in a sort of building block fashion using these technologies. The other reason we're shifting at least some of our attention toward these technologies is their flexibility and diversification when it comes to handling contaminants and neutralizing them in a somewhat more direct manner than certain other traditional technologies.

Great. Thanks, Aaron — this is really thrilling. If I’m not mistaken, you’re holding a big opening event at the Radersburg facility, right? Sometime in July. Is that right, with the governor there?

Yeah. I believe we'll be there on July 7 — the governor, and maybe one of our senators as well.

Great. Now we'll hand things over to Jonathan Miller, who will bring everyone up to speed on everything marketing-related that he and I have been working on from the start of the year. Jonathan?

Thanks, Gary, and good afternoon to all of you. For United States Antimony Corporation, the first quarter amounted to yet another bolt-on stretch. It showed our strategy speeding up, our current platform growing larger, and widening awareness that antimony can no longer be seen as some niche industrial input. These days it stands as a strategic mineral, one bound straight to national defense, to energy security, to industrial resilience, and to rebuilding a vital supply chain here in the United States. Throughout the last few months, the world has kept awakening to what we have spent the prior several years constructing. Supply of antimony stays heavily constrained. Western processing capacity stays restricted. With raw material availability tightening and processing disruptions mounting, China has turned into a net importer. More and more, demand connects to strategic applications in which quality assurance, quality control, reliability, and traceability matter greatly, and in which this emerging antimony market falls short. Against that backdrop, United States Antimony sits at the middle of a crucial domestic supply chain across North America that astonishingly few firms address. Just in Q1, Gary and I conducted over 200 meetings and introductions alongside new funds, institutions, family offices, and strategic investors. Across key financial centers such as Minneapolis, Chicago, Boston, and New York, we finished 6 non-deal roadshows; we also took part in 5 investor conferences, virtual as well as in person, and reached thousands more investors via meetings, streaming platforms, and social media distribution. Such a level of engagement speaks to a deliberate strategy aimed at widening our shareholder base, boosting institutional awareness, and educating the market about both United States Antimony and the wider critical mineral landscape. That strategy, we can see, is converting into ownership. Data on public ownership revealed growing participation from global index managers, small-cap growth funds, natural resource funds, infrastructure-oriented strategies, and global metals and mining funds. Multiple large funds started or added to positions over the quarter, which we take as evidence of an ongoing shift away from chiefly retail awareness toward a deeper and more lasting institutional following. Institutional ownership on our part now sits close to 50%. Meanwhile, we keep communicating steadily with shareholders via social media, press releases, television interviews, podcasts, and commercials addressing company developments, the antimony market, and the wider critical minerals environment. Q1 likewise brought a number of major corporate milestones. Today, we are thrilled to unveil our new corporate website, live as of now, which better mirrors the company we are turning into: bigger, more visible, more institutional, and ever more central to America's critical minerals future; so should you have trouble reaching our website at this moment, kindly give it 48 hours for all the data to move between servers; now, before we get into the quarter's strategic milestones, I want to anchor the story in a handful of hard fundamentals. UAMY opened the year at $5.93 per share and closed Q1 at $8.30 per share, an increase of roughly 40%, or a 1.4x move, over the quarter; we opened the year with an approximate market cap of $830.4 million on January 2, 2026, and closed the quarter at approximately $1.19 billion. That works out to roughly 43.4% growth in market cap, or a 1.43x jump since the year began. As the quarter closed, we held about $118.9 million across cash, U.S. treasury securities and marketable equity securities, which gives us room to put money behind growth initiatives; on top of that, our shares keep trading with elevated liquidity — current data shows average daily volume somewhere in the range of 12 million-plus shares, with quite a few days nearing 20 million shares traded; so now let's go back to our milestones. Number one, we received a $27 million government grant from the Department of War, something that got underway in December 2024 and speaks to how strategically important domestic antimony production and processing capacity has become. That award means more than money. It means validation; it strengthens our mission and the part United States Antimony can play in bolstering America's critical mineral independence. Number two, we finished our uplisting from the NYSE American to the NYSE Classic Board. Our team had the honor of ringing the opening bell at the New York Stock Exchange on March 11, 2026. That moment went beyond symbolism; it signaled the next phase of our evolution — greater visibility, a broader institutional platform, and a stronger position in the public markets. Number three, we put out our episodic company docu series across our website and social media channels. The aim wasn't just to tell our story, but to educate the public about why antimony matters, why domestic processing matters, and why critical mineral reindustrialization is essential to America's future. We also kicked off a national television commercial campaign spanning leading business, cable, and streaming platforms to carry the United States Antimony story past the investor community and into the broader public conversation. Critical minerals are no longer merely a market topic. They are a national topic, an industrial topic, and a defense topic, and we intend to help lead that conversation. Gary likewise stayed a visible public voice for the company and the industry. Over the quarter, he made 8 public appearances, among them interviews on Fox Business, Bloomberg, and NYSE TV, plus several notable investor podcasts. Those appearances help widen awareness and reinforce the company's role in the domestic antimony supply chain. On the operational and strategic side, one of the quarter's most important developments 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 square foot 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. Once we finish it in 2028, hydromet processing ought to substantially widen what antimony-bearing material we can handle — among it, the bulk of stuff we turned away over the years owing to weak stibnite grade or elevated impurity levels. Why does that matter? Because it alters how big this opportunity actually is. We aren't just putting capacity in place for the feedstock of today; what we're putting in place is a processing platform serving the coming generation of domestic supply and allied antimony supply. Our view is that this platform can potentially establish United States Antimony as the domestic hub for processing antimony within the United States, with extra strategic importance in Australia, where licensing rights are also held by us. And antimony represents only Phase 1. Silver, copper, and gold make up Phases 2 and 3. Here's the larger picture. Q1 brought acceleration. Institutional engagement grew. Public awareness widened. Strategic relationships got stronger. Government-supported initiatives moved forward; our listing profile rose; visibility increased across national media, and we kept constructing the groundwork for a vertically integrated antimony platform at a moment when the world badly needs secure Western-aligned supply. No longer is United States Antimony merely informing the market about what it plans to build; quarter-by-quarter, milestone by milestone, relationship by relationship, we are proving it; our belief is that the company has reached a new phase — one characterized by scale, institutional recognition, strategic relevance, and above all, execution. Plenty of hard work still lies in front of us, yet the trajectory is unmistakable. The market is coming our way. The policy environment is coming our way. The strategic need is coming our way, and United States Antimony is acting with urgency to answer that moment. Soon, we are set to take part in a number of important conferences and roadshows, among them B. Riley at Marina del Rey toward the close of this month, the Lytham Partners Virtual Conference, William Blair's Growth Stock Conference in Chicago, StoneX's Natural Resource Summit in New York, the Beaver Creek Precious Metals Summit in Colorado along with their Zurich Summit, plus a Europe non-deal roadshow and further events still to be announced as international recognition keeps expanding. To wrap up, I'd like to share our official company purpose statement: to become the premier supplier of critical minerals to the United States of America. Over to you, Gary.

Thanks, Jonathan. I wasn't aware things were quite this hectic. I suppose I can. Before we hand the call to our listeners, let me wrap up with some closing remarks. Our Thompson Falls expansion will be coming on line in stages during the next few weeks, as Jeff mentioned — plus we successfully acquired the Radersburg flotation mill. Incidentally, I was in negotiations on that deal for well over 1 year, back when the original owners were asking close to $10 million, and we ended up paying $4.3 million; so I'm very pleased we found something that suited us at the right moment. Then there's our new hydromet joint venture with Americas Gold and Silver, announced a few months ago, which will be built in Idaho. We've now received $12 million in sales orders under our DLA contract for antimony ingots, with 2 initial orders noticed to the federal government. So we're achieving meaningful progress on that front. There's also our Fostung mining operations up in Canada, with the substantial new resource report Joe described, which is filed with the SEC showing — filed with the SEC showing close to $9 billion of value now. We've raised $48.6 million of new equity at an average cost of $11.57 per share. And lastly, federal grant applications for new funds totaling $274 million across our various projects, and I'll go through what those applications cover. 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, and a hydromet concentrator for critical minerals of $119 million. Additional applications come up every week; we review them, and I can promise you, we'll be submitting more applications for federal grant money. We're a unique company in that we provide exactly what the government is asking for. They want more antimony, they want more tungsten, and we're working on cobalt feverishly. So those are 3 critical minerals that are the number — top number 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 getting them assayed, and we're highly encouraged about what we see. So 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. And so 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 have no doubt that this is achievable, and that's already showing up in the form of shipments to the federal government. Of the $125 million, I'd put somewhere between $75 million and $95 million as federal government deliveries of antimony ingots before this year wraps up; and given the ramp-up taking place right now, along with the extra inventory we've accumulated as more antimony supplies arrive, my confidence is very high that those figures will be hit; so everyone here is putting in the work so you can see what our efforts produce. With that said, operator, let's open the line so our listeners can ask whatever questions they might have.

Okay, Gary, let's start with the first thing: we've put a significant amount of money into Larvotto Resources over in Australia. Where does that stand right now? And one more thing — Larvotto finished at AUD 1.58, which works out to $1.14 in U.S. terms. So how does today's worth compare with the price we originally paid?

All right, that's a fair question. During Q1, we recorded a noncash mark-to-market loss amounting to $4.1 million tied to how Larvotto's stock was valued when that quarter wrapped up. Were you to run that identical computation right now, using Larvotto's most recent closing price, the gain would come to $10.1 million — meaning a dramatic $14 million reversal. So I truly wish I had a sensible explanation for whatever is happening over at Larvotto; our dealings with their leadership have produced zero progress, and in our view they appear dug in. Everyone involved — their executives and U.S. Antimony's executives alike — shares a single aim, and that is getting the greatest possible return for our shareholders; that's the job. That's what we're compensated to deliver. Right now, since there's been no trustworthy conversation with Larvotto's management, or even with their advisors, we might just end up disposing of our stake, and with any luck turn a profit from it. Honestly, I have no idea; it's a shame, because we had a strategy mapped out for Larvotto. Our intention was to build a hydromet facility at that location. Our intention was to assist that nation; it's regrettable that the Chinese hold 10% of that business. It's regrettable that they've entered into a marketing agreement with the Chinese. I find it hard to accept that Australia will let this proceed; even so, at this stage we're quite fed up with the way matters have unfolded at Larvotto. I can't say what our situation will ultimately be, though we are currently exploring a potential sale of our shares either on the open market or to some purchaser. Let's take the next question.

Moving on to the next question. You had a win-win arrangement with Americas Gold and Silver. I was curious whether similar possible deals with other companies might be in the works? If that's the case, could you perhaps share some sense of your refreshed perspective on forming partnerships, particularly since you now possess such extensive scope regarding assorted elements that could be more appealing than they were previously, right?

Yeah. I'd say the majority of upstream miners simply aren't interested in becoming refiners. That held true in the oil and gas industry too, where I spent 38 years. You're either an oil and gas driller — maybe you've got midstream, meaning processing or pipelines — but I can't think of a single oil and gas company that also refined. Here, though, we're a refiner moving upstream. We understand refining extremely well. We've demonstrated that — we're the only supplier of antimony to the U.S. government. And we've now taken on the risk of building a hydromet facility in Bolivia that we intend to replicate in Idaho alongside Americas Gold and Silver. There's definitely an opportunity to apply that technology to other critical minerals; it isn't simply a copy job. From a mechanical and technology standpoint, adjustments are required, but we believe we've got the personnel and the expertise to pull it off. So there's no doubt about us entering the hydromet process. And I don't want anyone thinking we came up with this ourselves. Hydromet has existed for 40 years. It's been put to use. What we've done, together with our partners, is develop and fine-tune it so it can handle antimony in a manner nobody has managed before. As I believe Aaron mentioned in his remarks, once the hydromet facility is operational, we'll be able to take all kinds of antimony grades that our gas-fired furnaces can't accept right now. We'll be able to take impurities that our gas-fired furnaces can't accept right now. So the effect is that it unlocks access to plenty of other antimony supply sitting around the globe that we've looked at and attempted to process without success; that was our experience in 2025. We've now zeroed in on the best-quality antimony available, and that's what we're processing; so without a doubt, after we announced the Americas Gold and Silver opportunity, a number of companies reached out saying, "Hey, we don't want to do what you do. Can we bring our antimony to you?" So our focus is on this facility, not only serving Americas Gold and Silver but also other third-party antimony suppliers, some located near where we'll build this plant in Idaho. Next question?