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

Thanks, and good afternoon, everyone — welcome to all of you listening today. I'd like to begin by introducing the members of our management team who are joining me on today's call. We have five additional presenters, as follows: Joe Bardswich, a board member and Executive Vice President, and also our Chief Mining Engineer. Shawn Winkler, our Senior Vice President and Chief Financial Officer, who has worked with the company since December but became a permanent fixture at the end of September of this year. Will Werner, Managing Director and also our Director of Engineering, who has been with us since the end of February of this year. Aaron Tenesch is our Vice President and Chief Procurement Officer in the Antimony Division. Aaron runs our Radersburg flotation facility up in Montana, along with our new laboratory, which is also located in that same facility, where various minerals are reviewed. Last is Jonathan Miller, our Vice President of Investor Relations. Before I hand the call over to Shawn Winkler to discuss the financials in greater detail, I want to highlight a few of our third quarter accomplishments, of which there are many. Revenues for the third quarter rose 16%. Antimony pounds sold were up 68% this quarter. Our gross profit margin expanded to 42% from 23% in a declining market, which I think says a lot. Gross profit was up 113% to $4.3 million. Shawn, sorry to steal some of your thunder, but I'll let you get into the financials.

Thank you, Gary. As Gary said, he covered a few of the key points. As I walk through the specifics, keep in mind that several of the figures I mention are rounded. Full detail is available in our earnings press release and our 10-Q, which came out a few minutes ago. Gary noted revenue of $10.1 million. That represented 16% growth. Importantly, it was 28% higher than Q2, and we will explain what drove that. Gross profit increased more than twofold, reaching $4.3 million, and gross margin, as Gary said, improved quite nicely versus the quarter. We sold roughly 469,000 lbs of antimony. That marks a 68% rise year-over-year. Approximately 162,000 lbs of that went to the DLA, and the sales price for it came to about $5.1 million in aggregate. The remaining antimony sales, around 307,000 lbs, went mainly to industrial customers and brought in roughly $3.7 million in revenue. Our cost per pound sold dropped to $10.19 from $20.89, largely a reflection of broader antimony pricing in the market. Worth noting, our DLA revenue climbed 55% year-on-year to approximately $1.04 million for the quarter. Operating expenses came in at $10.3 million. That is an increase, though some of it is additive over time, as $3.4 million of that went toward exploration at some of our attractive mining claims. Out of the $3.8 million, part was additionally a $3.8 million non-cash loss on our Larvotto strategic investment. Net loss came to $9.5 million, or $0.06 per share. Turning to operations, our industrial business performed well. ATO pounds sold increased 10% year-on-year. Our net margins have remained steady alongside a decline in both sales price and feedstock. Over nine months, we have put $28.4 million into capital projects, mainly the Thompson Falls expansion in Radersburg, partly offset by $12.8 million of Department of War grant proceeds that we have realized. Of our total grants awarded to date, $27.0 million, $20.3 million have been authorized, and of that we have realized the $12.8 million I just referenced. On the balance sheet, we finished September with $51 million in cash and treasuries. Larvotto shares are worth $39.4 million as well. Nothing has been drawn against a $19 million margin line. Inventory grew to $28.1 million as we staged material for DLA. Through October, we repurchased about $3.1 million of stock, with $98.3 million still authorized. On the DLA, we also delivered seven DLA shipments, so roughly 276,000 lbs, and those have been accepted and paid for, totaling about $8.7 million in revenue. We still have about $48.6 million of sales to the DLA contracted through 2029; we have made significant progress in the cycle time, from sampling through delivery to the DLA. On our recent shipments we have gotten that down to about 70 days. I will note that with DLA, we are depending upon DLA approvals at various steps. In the end, when it comes to timing and cycle time, those aren't things we control, even though both sides are collaborating really well to smooth that out. As things stand, we've got additional lots, 8 to 11, roughly 122,000 lbs, that were sampled in early October, and the delivery timing along with acceptance by the DLA is TBD; lots 12 through 14 come after those. One point on guidance, as our press release says, we're shifting methodologies. Before, our guidance was $60 million-$75 million of revenue; that now needs to move to volume. Clearly, revenue gets affected by how fast we deliver, and also by overall market prices, which are outside our control. So, we're starting guidance for the full year of 2026. We expect to sell 1.68 million to 1.81 million pounds of antimony; at the midpoint, that's up 24% year-on-year. That figure includes 276,000 to 356,000 lbs to the DLA in total, and on the low end, that doesn't include any further deliveries to the DLA this year. At the high end, we do have two more trucks to be accepted. Guidance also includes a sale of 17,500 to 18,500 tons of zeolite. Worth noting, any DLA volumes not delivered this year shift to the right into 2027. They aren't lost. Gary, with that, I'll hand it back to you.

Thanks, Shawn — we’re really glad to have you with us. You’ve been a strong addition to our finance and accounting group. Joe Bardswich, who serves as manager of our — he leads our chief mining engineers and oversees nearly all of our key mineral projects. Joe, could you bring us up to date on what you’ve been working on?

Thank you, Gary. I'll start with the Fostung Tungsten deposit, located close to Espanola, Ontario, in south central Canada. In August, we were honored to hold an on-site traditional blessing ceremony, led by elders from the Whitefish River First Nation — the community nearest to the deposit site. As we've pledged to them repeatedly, we remain dedicated to collaborating closely with every First Nation on whose traditional territories we operate as we move ahead. Our hope is that by deploying new technology and leveraging our technical and financial strengths, we can generate value from this tungsten deposit, which has lain dormant since it was discovered 45 years ago, in 1981. During September, a contractor from a First Nations community was engaged by us, and at the deposit's eastern end they managed to remove the overburden soil until bedrock was exposed. On that section of the deposit, we put in 32 confirmation holes for a total of 2,100 ft. The drill cuttings have been shipped to our lab in Radersburg, Montana, for analysis, and results are arriving. After the remaining assay results come in, we expect to be in a position to design a drill and blast program that will generate feed for an on-site program of crushing, screening, and gravity concentration. That concentrate could then be hauled by truck to a local flotation plant for additional upgrading and/or sold to an ammonium paratungstate plant located in Michigan or Ohio. Earlier, we had the Toronto branch of SRK Consulting—an independent geological consulting company—put together a technical report that satisfies the SEC's S-K 1300 rules. Their estimate showed an inferred mineral resource of 14.77 million metric tons at 0.17% WO3, which works out to 54.17 million pounds of tungsten and a future gross value of $4.6 billion, using recent worldwide tungsten prices. In Ontario as well, we carried out soil sampling at our gold-silver prospect in the Dubreuilville area, following up on the extremely strong results from a lake sediment sampling program run by the Ontario government. We expect results from this work by year-end. Turning to Montana: this spring our Stibnite Hill mining project was delayed while the Montana DEQ went through our permits, standard operating practices and so on. Once we made certain modifications they had asked for, operations could restart in early July. On this mountain, Stibnite Hill, the prominent stibnite vein was historically worked by underground methods, but those were shut down in 1983, when the decision was made to move operations to Mexico. The veins at Stibnite Hill run roughly two feet in thickness, lie flat and dip at 25 degrees, which makes underground mining difficult. So instead of attempting to return underground, mining using modern surface methods began in mid-October of last year. Better excavation equipment designs now allow us to reach those narrow veins right from the surface. During October and early November of last year, we trucked 50 loads of ore — roughly 800 wet tons — to the Radersburg mill. That material ran about 10% Sb. Mining restarted in July of this year, and we've hauled close to 2,000 tons to the Radersburg mill since then. When the upgrades currently underway at that mill are complete, we anticipate being able to produce material that meets mil-spec for the primer used in ammunition. I'll have Aaron Tenesch, our metallurgical expert, walk you through the details of that process. One thing worth noting: the Radersburg mill uses modern flotation technology, and our metallurgical team will operate it in a way that is both efficient and economical. Turning to Alaska: in the Ester Dome area close to Fox, Alaska, we planned a program quite similar to the one we executed in Montana. The soil overburden proved deeper than anticipated, and only late in this season were antimony, gold, and silver finally encountered in bedrock. A pleasant surprise came from some silver values that were especially high. At present, sample preparation for shipment to our Montana laboratory is proceeding at full pace, and the drilling program at our Ester Dome sites is ongoing. This site has thick overburden, and in the past there was underground mining of placer gold, silver, and antimony there. The KM property, located in the Maclaren River area — we picked it up by staking it two years ago, after an exploration program run by the state of Alaska revealed very high copper values in outcrop, with averages of 16.5% copper, 2.2 oz of silver, and 0.08 oz of gold per ton. A drill crew was brought to the site, but an early winter forced us to shut down after completing just one core hole. Low copper values were hit near the bottom of that hole. The core will be evaluated and assayed over the winter lull. About the Stibnite Creek property—that was staked and acquired two years back as well. A significant amount went into remediating earlier work that others had done, which involved an on-site mill; that cleanup was required before we could secure permits, including access permits. This year we decided to scale back activity there until we can work out a better deal with the regulators regarding what we owe for cleaning up a disturbance caused by a third party. Nolan Creek ranks among our key properties, so I'll pass it to William Werner for an update on Nolan.

Alright, this is Will Werner. Ever since we acquired the previously abandoned Nolan Creek mining claims back in January of this year, the company has been assessing that 500-acre prospect for antimony as well as gold. The underground exploration workings that the prior operator drove on Workman's Bench back in 2007 have been pinpointed as holding the strongest potential for near-term mining operations. At present we hold a permit allowing a 1,000-ton bulk sample to be taken from those underground workings; that material is going to be hauled to our facility in Radersburg and evaluated for economic potential. Given the existing information and the preliminary data the company has gathered so far, we anticipate $6,000 per ton of value at present prices for both antimony and gold. Our preliminary analysis shows the deposit will be economic from antimony revenue alone, with the gold serving as an additional byproduct of the operation. Work during this last quarter has centered on rehabilitating the seven-mile access road to the site from the Dalton Highway so that heavy equipment can be mobilized by the third-party mining contractor we selected. Since our mining contractor mobilized over a month ago, work has started on rehabilitating the access to the underground and bringing it up to modern standards. To supply water for operations throughout the year, U.S. Antimony has drilled two new wells on site, and those are now available as private water sources. Safety procedures and SOPs have been put together and submitted to MSHA for approval. We have also been coordinating with the BLM and third-party cultural specialists to steer clear of any historical resources and to clean up the area so the site is ready for operations. U.S. Antimony is focused on using our people, our expertise, and our financial wherewithal to properly clean up the site, to carry on the exploration, and to define a production program that the property merits. We are working on filing a plan of operations that would cover full-scale underground mining of the stibnite and gold that constitute the major portion of the veins running into the side of the hill. An independent S-K 1300 technical report, written by an independent professional geologist who is well-known to the USAC staff and throughout Alaska, was finished recently. That report shows the measured and indicated material carries average grades of 26% antimony and 0.37 oz per ton gold, which gives a contained value of $386 million at current prices as shared in our recent press release and Form 8-K filing with the SEC. Back to you, Gary.

Thanks, Will. Let's now move on to Aaron Tenesch. Aaron?

Thanks, Gary. I'll concentrate my comments on three specific areas: how we source antimony, the critical mineral mill at Radersburg, and our joint venture with Americas Gold and Silver. We continue to ship antimony feedstock on a regular basis to both the Thompson Falls and Madero operations. Madero receives roughly 200 tons of smelter-ready ore each month, while Thompson Falls takes in about 400 tons per month of various midstream or metallic feedstocks, largely sourced from abroad. The hydromet facility in Bolivia, though its deliveries are running well behind schedule, continues to ramp up and provides us with valuable insight and experience that will benefit the hydromet system we are currently designing through our joint venture with Americas Gold and Silver. We are also continuing to develop additional sources of supply. Regarding Radersburg, Montana, in Q3 that location began operating so we could process the approximately 2,800 tons of high-grade ore that has already been mined and delivered to us from Stibnite Hill, Montana. Samples taken from the feed belt of that ore have assayed at 10% to 16% antimony. A batch of processed concentrates is now prepared for shipment to the Madero smelter, and material has been dispatched to the Thompson Falls facility for additional processing aimed at producing mil-spec antimony trisulfide. Right now, the Radersburg facility is in a short shutdown so we can install some advanced flotation equipment. That includes an Eriez StackCell, Eriez column flotation, and a second, larger plate and frame filter press. This new equipment will let us handle higher throughput of the high-grade stibnite feeds coming from Stibnite Hill, as well as material from our Nolan Creek, Alaska mine, which we opened recently. It will also produce two concentrates: one with antimony concentrations suitable for mil-spec antimony trisulfide production, and one at typical smelter grades that will support optimal recoveries. At Radersburg, we're in the middle of a major electrical service upgrade. It will allow the crushing circuit to operate on line power, and it will also deliver more capacity for the flotation equipment we've just installed as well as for additions down the road. After the existing operating crew has been trained and has grown comfortable with the new flotation equipment, we'll move into a second phase involving additional hiring and expanded shifts. Our new on-site lab is now fully commissioned and runs every day, handling sample prep, fire assay, digestion and titration, flotation testing, and XRF analysis with the new 3,000-watt Rigaku Primus III+ wavelength dispersive XRF unit. We're also continuing upgrades to the air handling system and ancillary equipment, which keep improving safety, performance, and overall efficiency. Our Idaho joint venture alongside Americas Gold and Silver keeps moving forward toward the final engineering stages. We expect to share additional announcements about these efforts soon. Test works is still designing and safeguarding an improved process that makes the best use of reagents and brings together tetrahedrite and stibnite feedstocks. Just to remind everybody, the sole antimony output in North America comes from Americas Gold and Silver and from us. Every bit of antimony in our operating systems gets processed by us. No one else does that. Thank you — Gary, back to you.

Thanks, Aaron; now let's jump to Jonathan Miller, in charge of investor relations. Jonathan?

Thanks, Gary. I'll focus my remarks on our capital markets activity in Q3, how our shareholder base has broadened and developed, and the adjustments we're making to investor relations going forward. Let me begin with what's plain to see. Our stock has fallen significantly over the last six months, and we get why that's frustrating for current holders; we also recognize that investor expectations haven't always lined up with when our operational execution and financial results actually land. We need to respond to that with results, steadier communication, and more openness regarding our progress. While we have no influence over wider market forces, heavy short interest, or near-term trading patterns, we do have control over the effectiveness of our investor communication, the strength of our institutional ties, and the expectations we establish. Ultimately, we feel that steady execution paired with increased transparency represents the best path to fostering investor confidence. During Q3, we continued broadening our institutional outreach efforts, in the U.S. and abroad, and we experienced immediate uptake overseas. Our inaugural international non-deal roadshow took place in London, arranged via Barclays Bank, and there Gary and I sat down with institutional investors, presenting U.S. Antimony to an entirely new slice of the global investment community. On the domestic side, we participated in the Piper Sandler Growth Frontiers Conference and kept up our institutional outreach via other meetings and non-deal roadshows. In addition, we wrapped up a non-deal roadshow with Texas Capital Securities, which initiated equity research coverage on U.S. Antimony only last month, setting a target price of $9.50 per share. We've also chosen to focus more heavily on finding and cultivating ties with fundamental long-term institutional investors — ones who grasp the capital needs, operational complexity, and timelines that building a domestic critical minerals supply chain entails. What we want is shareholders who judge us by execution, production growth, contract fulfillment, financial performance, and the long-term economics of our assets, instead of short-term trading momentum. In the quarter, some of our directors—our CEO and senior leadership among them—bought more UAMY stock on the open market. In a separate action during August, the board approved a buyback program worth as much as $100 million, which Shawn already described in his remarks. It's worth considering just how much ground we've covered in a fairly brief span. Under three years back, United States Antimony was a company that looked quite different. Back when this leadership group stepped in around late 2023, institutional investors were essentially absent from our shareholder base. Our operating presence was far smaller, we had little visibility in the capital markets, we held no meaningful sales contracts, and the company simply hadn't reached the scale or built the financial wherewithal to go after the opportunities sitting in front of us. From there, we replaced the entire leadership team and board, substantially strengthened the balance sheet, expanded our mining and processing operations, secured major contracts with both government and commercial counterparties, grew the business with no debt, took annual revenue from about $8 million in 2023 to more than $39 million in 2025, and pushed institutional ownership past 60% of our outstanding shares. As of September 30, 2026, our balance sheet included roughly $51 million across cash equivalents, bonds, and debt and equity securities. That provides us with considerable financial capacity to support both our current operations and our expansion plans. In addition, we have expanded the analyst coverage of our equity, strengthened relationships across the institutional investment community, and established a much broader footprint in the capital markets. Going forward, we are equally focused on growing domestic demand for antimony, particularly from the U.S. defense industrial base. Federal programs tied to Executive Order 14415—signed on July 20, 2026, and set to take effect in January 2027—are designed to reduce reliance on critical minerals from abroad, and they are creating openings for domestic producers. We are the sole one. We're actively seeking out manufacturers and defense contractors that rely on antimony, and we're coordinating with the U.S. government to help smooth their transition to a dependable domestic supply. With our expanded production capacity coming online, we anticipate opportunities to substantially grow commercial antimony ATO sales in 2027. We're also pursuing further government funding opportunities to back the expansion and diversification of our critical minerals operations. Back in September, we submitted a $45 million project proposal to the U.S. Department of State through its U.S.-Africa Strategic Investment Program, requesting $36 million in federal funding. That proposed project centers on critical minerals infrastructure, logistics, and supply chain development along the Chad-Cameroon corridor. On a different note, we put forward a pair of proposals worth roughly $110 million via the Defense Industrial Base Consortium (DIBC), aimed at exploring, extracting, and hydrometallurgically processing tungsten here at home. Each proposal has made it past an initial screening stage and is still being evaluated for possible follow-on action. Taken together, these efforts amount to about $124 million in prospective fresh government funding. No awards have been made as yet, but the figures illustrate how we keep working to capture growth opportunities backed by the government. What investors are looking for now is for the infrastructure that's been built, the capital that's been put to work, and the contracts that have been signed to show up as steady production gains, higher sales, and better financial results. That expectation makes sense, it comes through in today's numbers, and it's exactly where we remain focused. On the investor relations side, our job is to report that progress honestly, tackle problems head-on, and cultivate a shareholder base that grasps both the upside and the risks in our business. Looking ahead, we'll do fewer wide-ranging promotional pushes and instead put more effort into real dialogue with long-only institutions whose goals line up with our long-term strategy. Our view is that taking a stricter approach to targeting investors, paired with more transparent operations and execution we can actually measure, is the proper route to keep strengthening the confidence investors place in us. Appreciate it — Gary, back to you.

Thank you, Jonathan. Before I wrap up and we move into a question-and-answer session, there are a couple of things I want to call attention to. As everyone is aware, no company amounts to much without capable, qualified management. I'd like to spotlight some recent hires that took place during 2026. Back in February, we brought on a manager of engineering. March saw us hire a Managing Director of Engineering along with a Country Manager for the country of Mexico. In April, a controller joined the accounting department. June brought a Managing Director of Critical Minerals, who is a geologist. August is when we added a Chief Accounting Officer. September saw us bring in a General Manager of the two Thompson Falls smelters, and in October, our new Senior Vice President and Chief Financial Officer — the person you heard from today, Shawn Winkler — came aboard. November brought a Corporate Environmental Safety Manager. Once again, we've essentially built this team from scratch to reach where we stand now. Another point worth raising relates to the November federal elections. Clearly, the U.S. experienced a major shift in both the House and the Senate. Given that, what impact will it have on the critical mineral space? My view is very little, since this is a bipartisan matter rather than something belonging only to Republicans. Some individuals currently serving at various agencies will probably depart, given that they were appointed, but I expect that to be limited in scope. From where we sit, consider that the Executive Order taking effect January 1 originated as a Biden Executive Order. In my view, our space enjoys solid protection; it's badly needed, and everybody knows it. I don't believe it will affect us much at all. Let me summarize. Today we just reported what I regard as a very good quarter, with progress achieved on all fronts; even so, it's not yet where we want to be. Antimony prices are beyond our control, but we have navigated them extremely well through a declining market by raising volume sales and, more importantly, by significantly improving our margins. Margins ought to be the thing everybody focuses on. My belief is that shareholders will reward us much better through stronger margins than through sales carrying limited margins. While our inventory sits at record highs, write-downs have been minimal; this has not been an easy task. We have a new General Manager in Thompson Falls who started several months ago. His one primary mission is to increase volumes of finished products so that larger and larger ingots and ATO move to both the DLA and our expanding industrial customer base; but he has to do it safely. That is a prime factor in our business. Our two most important new critical mineral plays that Joe and Will touched on, the Fostung Tungsten up in Ontario and the Nolan Creek in Alaska, are progressing quickly. We are eager to report progress on these two plays in early 2027, with material currently being assayed in our own lab in Montana. Our liquidity position is excellent. It's remained essentially flat throughout the entire year, even while our capital expenditure program kept expanding. Again, that's not an easy thing to accomplish. It ought to get even better by the end of the year thanks to steps we're taking to boost our liquidity, including collecting money the government owes us and getting some notes repaid. Now, on competition. In North America, we have none. We keep a close watch on all the competitors who'd like to be in our shoes, and there are plenty of them. Nobody is coming for at least three years, or even more, in my view. Most of them are going to flounder, and a few are going to fail. By growing larger more quickly, we're securing our ongoing success. Personally, I want to give credit to the whole management team at United States Antimony Corporation for the hard work they've put in, for everything we've accomplished so very fast, and for where I see our future heading. Operator, at this point I'd like to take questions from our listening audience.

Thanks. First off, for the first quarter of 2027, is your raw material inventory big enough that you can keep making sufficient product to bring in strong revenue for Q1?

Yes, absolutely — we're purchasing inventory nearly every week, and Aaron can chime in here shortly. Right now, our balance sheet shows the biggest inventory level we've ever carried. Frankly, we're working hard to bring that down substantially, and that is exactly what's going on at Thompson Falls. The amount of antimony coming off the tailgate of that plant has our new plant manager setting records. Securing inventory and sourcing raw material isn't the issue. Buying it at the right price is the issue; we've declined many customers, and we will purchase at the right price so shareholders get the margins they deserve. Next question.

Moving to the next question. Could you give us some color on how we ought to think about the planned sales into the DLA contract for 2027, on a quarterly basis?

Obviously, hitting that target has proven pretty difficult for us. I think we explained during today's call the reasons behind that; satisfying each DLA requirement isn't an easy task; we continue getting better at it. They continue getting better at it as well. My sense is that we've got a reasonably smooth operation going now. Of course, we still have a great deal to deliver to the DLA, and our intention is to expand that considerably. Once a commodity's price drops from roughly $30 per pound down to $8 per pound, you have no choice but to move far quicker simply to counter that price decline; we're achieving that through volumes. That's why we moved to volume projections rather than dollar projections, because the commodity price sits outside our control. When our price drops, we buy it at a lower cost. What I mean is, we're purchasing raw ore at below $5 per pound, and at $14.06 per pound on the selling side that spread is what we protect. So we're making every effort to preserve those margins, and we've turned away plenty of people eager to sell us product since their price isn't low enough, and we'll be sure to keep doing that. One thing that gives me pause when discussing volumes is this: we won't just create sales for the sake of creating sales. That would be crazy; we want to make money. That's the goal. Ensuring we purchase product the right way, purchase it from the right parties, purchase it with concentrate high enough that we don't need to work so hard raising it to a mil-spec material, all of that matters for reaching our success. Next question.

Moving to the next question. Antimony pricing has fallen from $31/lb on a shipment made earlier to $14.6/lb for the most recent order, and that still sits at a premium over the $8 a pound spot price. As we look toward 2027, what sets the premium level in your contracts, and what is your read on the antimony demand market? And with the DLA acceptance process running slower than expected, what quarterly delivery volume can the government realistically achieve in 2027? Do you anticipate any shifts on the government side with the new Congress?

Regarding your final question about the contract: once a contract is signed, it stands as is, so that matter is settled. We anticipate no modifications. Both the DLA and the DOW have told us they are highly satisfied with our performance; we are considerably ahead of the planned timeline, despite the fact that the quantities we are shipping remain below what we had projected. Those volumes are increasing month by month. In today's report, we noted that October set a company record for shipments to the DLA. So indeed, the price does decline; it is variable and gets determined whenever a purchase order is placed; we still have substantial antimony to deliver at prices well above $8 per pound. Keep in mind that our pricing also includes specific fees and embedded costs that aren't visible to you. So the DLA clearly wants additional material. My own view is that this contract will expand considerably once we complete more deliveries. Once again, nobody else is supplying the DLA besides us, and we're aware their inventory stands at a very low level. So I foresee a strong future stretching many years with the DLA, along with the relationships we build and the credibility we've established with the Department of War, and I expect us simply to keep raising our revenue and sales to the DLA quarter after quarter.

Thank you.

Next question.

Moving to the next question: what has Radersburg cost you so far, and how should we view spending as the site ramps up in the future, ideally quarter by quarter?

So the cash we laid out at Radersburg went toward buying the facility, and that came in just under $5 million. We then sank probably close to $2 million more into the place, and that covers the lab plus the extra equipment Aaron brought up when he was speaking. At this point we're essentially finished. The DLA will be handing us some money as part of the Radersburg retrofit. My understanding is that it was approved only a couple of weeks back, unless I'm mistaken, Aaron. But on your question, extra capital for Radersburg is quite limited at this stage. I mean, we've basically completed everything that needs doing.

Thanks. Moving to the next question. Regarding the DLA lots, sampling for TF-8 through TF-11 all happened in early October, and you mentioned a 55-day cycle from sampling to acceptance. Based on that timeline, it looks like all four lots might be accepted before year-end, yet only TF-8 and TF-9 are included in the high end of guidance. Could you take us through that?

Just because something gets accepted doesn't guarantee we get paid. There are certain generally accepted accounting principles around government contracts that govern how we can book that in that quarter, and I'll let Shawn jump in here because he's better at this than I am. Shawn, do you want to jump in?

Yes, that timeline for sampling is right. We're simply improving, keeping things conservative in that same spirit.

We're losing you, Shawn; we're losing you.

Oh.