US Antimony (UAMY) Q2 2026 Earnings Call Transcript

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DATE

Tuesday, Aug. 11, 2026 at 4:15 p.m. ET

CALL PARTICIPANTS

• CEO & Chairman - Gary Evans
• Interim CFO - Shawn Winkler
• EVP, Chief Mining Officer & Director - Joe Bardswich
• Managing Director of Government Affairs - Damian Coleman
• Vice President, Antimony Division - Aaron Tenesch
• Vice President, Investor Relations & Global Sales Manager - Jonathan Miller

TAKEAWAYS

• Revenue -- $7.9 million, representing a 25% decline from $10.5 million in the prior year quarter due to lower realized antimony pricing.
• Sequential Revenue -- up 17% from the first quarter of 2026, reflecting higher antimony sales volumes and strength in the zeolite segment.
• Antimony Revenue -- $5.9 million, compared to $9.6 million in the prior year period, driven by price compression.
• Antimony Volume -- 428,425 pounds sold, a 26% increase year over year.
• Antimony Selling Price -- $13.70 per pound, representing a 52% decline from $28.32 per pound due to broader market conditions.
• Antimony Cost per Pound -- $13.34, a 33% reduction that partially mitigated the impact of lower realized selling prices.
• Zeolite Revenue -- $1.9 million, a 110% increase from $1 million in the prior year quarter, driven by success in the cattle nutrition segment.
• Zeolite Volume -- tons sold increased 114% year over year as the company broadened sales channels.
• Zeolite Gross Profit -- $0.1 million, reflecting an increase of $0.4 million from the prior year period.
• Gross Profit -- $0.6 million, down from $2.8 million in the prior year period, primarily due to price declines in the antimony market.
• Gross Margin -- 7%, compared to 27% in the second quarter of 2025, reflecting margin compression in the antimony segment.
• Operating Expense -- $7.6 million, an increase from $2.8 million driven by noncash share-based compensation and expanded leadership headcount.
• Operating Loss -- approximately $7 million, which included $3.4 million in net noncash items such as depreciation and share-based compensation.
• Net Income -- $0.1 million, benefiting from a $6.8 million unrealized gain on the investment in Larvotto Resources.
• Cash and Liquidity -- $62.2 million total liquidity, comprising $41.4 million in cash and $20.7 million in U.S. Treasuries held to maturity.
• Working Capital -- $70 million, doubling from $35 million at the end of the first quarter.
• Total Assets -- $190.6 million, growing by $42.6 million during the first half of the year.
• Inventory -- $21.6 million, an increase from $12.5 million at the end of 2025, representing an intentional buildup of feedstock for government contracts.
• Net Operating Cash Flow -- $20.7 million used in the first half of the year, primarily reflecting investments in working capital and inventory.
• Equity Issuance -- $43.4 million in net proceeds from financing activities in April, executed at an average price of $11.56 per share.
• Capital Expenditures -- $22.8 million on a gross basis for the first half of the year, used for the Thompson Falls expansion and Radersburg mill upgrades.
• DLA Contract Total -- $245 million sole-source agreement with the Defense Logistics Agency, with $57.3 million in cumulative orders awarded to date.
• DLA Shipment -- 82,000 pounds of antimony ingots delivered in June, with revenue recognition deferred to the third quarter pending final agency approval.
• Nolan Creek Resource -- 42,412 tons of inferred reserves grading 28% antimony and 0.408 ounces of gold per ton.
• Grant Funding -- $12.8 million received in April under a Defense Production Act grant from the Department of War.
• Pending Grants -- $275 million requested across four separate applications submitted to the Departments of Energy and War.

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RISKS

• CEO Evans stated, "The price is undoubtedly manipulated by China," noting that world antimony prices are a primary factor for the company's reduced revenue guidance.
• CEO Evans noted that the inspection and payment process for government contracts "takes longer than we anticipated," which delayed revenue recognition for deliveries made in June.

SUMMARY

Management reported a decrease in revenue for United States Antimony Corporation (NYSE:UAMY) due to lower market prices for antimony, despite achieving record delivery volumes for both antimony and zeolite. The company is transitioning its focus toward domestic mining operations in Alaska and Montana while executing under a multiyear government contract. Leadership confirmed that capital expenditures were prioritized for processing facility upgrades and strategic inventory expansion to meet anticipated federal demand.

• CEO Evans stated, "The price is undoubtedly manipulated by China," referring to the 52% drop in realized antimony selling prices during the quarter.
• Management reported that the acquisition strategy for Larvotto Resources has shifted, with CEO Evans indicating a "liquidity event" is likely if takeover attempts do not proceed.
• VP Miller noted a transition in the company's shareholder base, stating, "Institutional ownership in U.S. Antimony now exceeds 57% compared with just over 42% at the end of Q1."
• The company has integrated lessons from its Bolivian operations into its domestic strategy, aiming to scale hydrometallurgical processes that manage complex feedstocks.
• CEO Evans addressed the timeline for government contracts, stating, "The government takes longer than we anticipated," regarding the inspection and payment process for Defense Logistics Agency deliveries.
• The company is exploring potential equity-based structures for future government funding, prioritizing transactions that remain accretive to existing shareholders.
• Operations at the Radersburg flotation mill have entered the active phase, processing high-grade ore from the Stibnite Hill mine in Montana.

INDUSTRY GLOSSARY

• Antimony: A silvery-white, brittle semi-metal used as a flame retardant and in lead-acid batteries.
• Zeolite: A microporous mineral used as an adsorbent or catalyst in water filtration, animal nutrition, and soil amendment.
• Stibnite: The primary ore mineral for antimony, consisting of antimony trisulfide.
• DLA: The Defense Logistics Agency, the combat support agency for the United States Department of Defense.
• DPA: The Defense Production Act, a law that grants the U.S. President authority to expedite the supply of materials from industry for national defense.
• Hydrometallurgical: A technique within extractive metallurgy involving aqueous chemistry for the recovery of metals from ores and concentrates.
• Tetrahedrite: A copper antimony sulfosalt mineral that can also contain high concentrations of silver.
• Antimony Trioxide: An inorganic compound primarily used as a flame retardant synergist in plastics, rubber, and textiles.

Full Conference Call Transcript

Operator: Greetings, and welcome to the United States Antimony Corporation's Second Quarter and 6 Months Ended June 30, 26 Financial and Operating Results Conference Call. At this time, all participants are in a listen-only mode. And a question and answer session will follow the formal presentation. If you would like to ask a question, you may click on the ask question box on the left side of your screen. Type your questions and hit send. We do ask for each participant to place or please limit to 1 question while submitting. If anyone should require operator assistance during the webcast, And please note, this conference call and webcast is being recorded.

I will now turn the call over to your host, Mr. Gary C. Evans, chairman and chief executive officer. Has been transcribed. 1 moment while I notify the caller.

Gary C. Evans: Hello? Okay. Thank you, Ali, and welcome to everybody. And thank you very much for joining us today. First, I would like to start by introducing other members of our company's management team who will be joining me on this call today. We have 5 total speakers from management who will be talking about the respective divisions. They are as follows. Shawn Winkler, our interim chief financial officer Joe Bardswich, our director and executive vice president and chief mining engineer Damian Coleman, who is managing director of our government affairs in DC, who you have not spoken to before. Aaron Tinesh, Vice President of our Antimony division, and Jonathan Miller, who is vice president of our investor relations area.

So I would like to start out by turning the call over to Shawn Winkler, our interim Chief Financial Officer, to go over financial results that we have just reported a few minutes ago, to the public. Shawn?

Shawn Winkler: Thanks, Gary. It was my first full quarter with the company. I continue to be extremely impressed. With our senior management, our outstanding operating team, and working closely with our high quality advisers just continues to be an impressive team. Jumping on the numbers, second quarter 26 revenue was around 7.9 million. That is compared to $10.5 million in the second quarter of 25. that is a decline of approximately 25% year over year. That is driven almost entirely by lower realized antimony pricing. Sequentially, compared to Q1, however, revenue was up 17% from the $6.8 million we reported in the first quarter reflecting higher antimony volumes and continued strength in our zeolite segment.

On a 6 month year to date basis, revenue was 14.7 million compared to 17.5 million for the first half of 25. A 16% decrease that, again, as the aforementioned year over year decline in realized antimony prices, partially offset by higher volumes. Jumping into our segment breakdown, antimony revenue was $5.9 million in the second quarter compared to 9.6 million in the prior year period. Dollar pounds sold increased approximately 26% year over year to £428 thousand. Average selling prices declined approximately 52% from $28.32 per pound to 13.70 per pound. Reflecting broader antimony market price conditions. Importantly, average cost per pound also declined approximately 33% to $13.34.

Partially mitigating the impact of lower selling prices, but not fully offset. The zeolite segment continues its strong growth trajectory. Revenue increased 110% year over year to 1.9 million. From about close to 1 million. Driven by 114% increase in tons sold. Obviously, our execution, the broader broadened sales channels, especially in our cattle nutrition growth segment, has demonstrated success. Zeolite gross profit increased point 4 million to about 1.1 million benefiting from higher sales volume and lower average production cost per ton. Jumping to gross profit, and operating loss and noncash items. Gross profit for the quarter was $600 thousand or approximately 7% gross margin. That compares to $2.8 million and 27% margin in the prior year quarter.

The margin compression is almost entirely attributable to antimony price decline as previously discussed. Operating expense was $7.6 million in the quarter compared to $2.8 million in the prior year period. The increase primarily reflects higher noncash share based compensation expense, increased salaries, and employee benefits associated with the company's expanded leadership team and operational infrastructure to match the growth projections we have, in the back half of the year and into 2027 and higher professional fees supporting several gross initiatives. Operating loss for the quarter was about $7 million. it is important to note that this operating loss includes about $3.4 million of net noncash items the aforementioned $2.9 million of SBC and about $500 thousand of D&A.

Jumping to net income, Reported net income for the second quarter was about 100 thousand compared to net income of $200 thousand in the prior year quarter. The operating loss that I just mentioned was more than offset by 2 items. 6.8 million of unrealized gain from our investment in Larvotto Resources Limited, plus 400 thousand of interest and investment income. Importantly, since quarter end, the investment in Larvotto has continued to appreciate We detailed that it is about 2.7 million of additional increase since quarter end. Jumping to the balance sheet and our liquidity, we ended the quarter with a materially stronger position than 3 months ago.

Cash and cash equivalents were 41.4 million as of June 30, 2026, compared to 3.2 million at March 31. And $30.5 million at December 1 December 31, 2025. We hold an additional 20.7 million in US treasuries held to maturity total liquidity, we have cash plus those treasuries of 62.2 million. Total assets grew $42.6 million during the first half of the year to 191 million Working capital doubled to $70 million from $35 million at the end of the first quarter.

Total liabilities declined $3.4 million to 9.6 million Our debt remains de minimis, if you add the Larvotto strategic equity investment of 43.2 million total cash investments and marketable securities on the balance sheet as of June 30, stood at $105 million Digging into the balance sheet a little bit. Inventory at quarter-end was $21.6 million, up from 12.5 million at December 31, 2025. 6.4 million at June 30, 2025. This buildup is intentional and reflects our strategy of building feedstock in and ultimately our ability to provide finished goods to support our DLA contract and other expected antimony commercial demand. Our inventory position is subject to normal lower of cost or market analysis.

Each quarter inventory is carried at the lower of cost or net below realizable value. Jumping to cash flow. For the 6 months ended June 30, the net cash used in was $20.7 million, primarily reflecting our working capital investment. That is the inventory buildup I just described. Net cash, used in investing activities was $11.1 million and net cash provided by financing activities was $43.4 million The financing inflow was primarily driven by net proceeds from equity issuance in April, which were detailed as a subsequent event in our Q1 financials. Average execution on those equities, those share of sales was 11.56 points. Per share.

Capital expenditures for the 6 first 6 months totaled $22.8 million on a gross basis. Primarily to advance our Thompson Falls expansion complete and upgrade our Vadersburg flotation mill, including an addition adding a first in class laboratory and funding other strategic capital investments, including several new mining planes in Alaska and Montana. Against those investments, in April, we received 12.8 million of the milestone based funding under our DPA grant award from the Department of Defense. Bringing net capital deployed in the first half to approximately 10 million. dollars. I do want to highlight a subsequent event in our financials this quarter?

In June, we did deliver our first 2 shipments of antimony ingots to the DLA totaling approximately 82 thousand pounds. That unfortunately, we did not receive final, approval acceptance from the DLA until July, so the audit sale will be reflected in our Q3 financials. With that, I will hand it back to Gary.

Gary C. Evans: Thank you, Shawn. I would like to turn the call over now to Joe Bardswich to talk about our actual mining activities. Joe?

Lloyd Joseph Bardswich: Thank you. So starting in the East with our tungsten deposit located near Espanola, Ontario. Metallurgical testing of our ore continues at Lakefield Research. While the site for an initial 20 thousand ton bulk sample is being prepared for drilling and blasting. Several local contractors have been asked to prepare quotations for the drilling, blasting, crushing, and screening of the bulk sample. It is planned that the sample will be trucked to an operating mill in the region for concentration by froth flotation for eventual sale to an ammonium paratungstate state. Plant located in Pennsylvania.

The company acquired by claims taking this past year a large land package in the Dubreuilville area north of Lake Superior. north-northwest of Wawa, Ontario, after a review of Ontario government reports. The government conducted a helicopter borne lake sediment sampling program revealing very high grade select concentrations of silver in lake sediments. A soil sampling program has been initiated with the intent to trace that silver up ice in this glaciated terrain to the source. Moving west to Montana, in October and November of last year, completed an exploration program on our patented Eliza claim, which revealed an accessible vein of massive stibnite near our Thompson Fall. Smeltering facilities.

Excavation of this vein resulted in approximately 800 tons of ore creating approximately 10% antimony being trucked to our newly acquired Raidersburg mill near Tofton, Montana. This operation was reviewed by the Montana DEQ over the past winter and permission for continued further work was delayed until additional operating safeguards could be implemented. Mining resumed in late July at the Montana Stibnite Hill mine after plans were approved by MSHA. We are utilizing the local contracts on a time and materials basis. To conduct this work under the supervision of an experienced geologist. As of today, an additional 25 truckloads of 16 tons each have been mined and shipped.

Moving north to Alaska, starting with Ester Dome, work continues in this area near Fairbanks for previous work during the Fort Knox Gold Discovery Area era. By Placer Dome and Kinross revealed large antimonium soil anomalies. Successful discovery of stibnite in place in shallow trenches could lead to the establishment of operations similar to the Montana's Stibnite Hill mine. The company has purchased in the past year a staging area office site near Fox Alaska which serves both as a HQ and a logistics center. Trenching and drilling operations are continuing in the Ester Dome area in attempts to find near surface deposits of stibnite related to the low soil anomalies.

Any material mined would be hauled to the Fox facility for sorting, packaging, and stockpiled prior to trucking to our Raidersburg facility in Montana. The M and K copper deposit, Alaska State geologist completed the reconnaissance level exploration program that included the M&K area. Very high copper values were reported from surface sampling. The company recently acquired this area through staking and has permitted a core drilling program that will be completed this summer. To determine whether the high copper values extend to depth. Bowland Creek. In late January of this year, at a trustee's public auction, the company purchased a group of mining claims previously owned and operated by a private company.

This is in the Nolan Creek area near Wiseman Alaska, north of the Arctic Circle. Of prime interest to the company is the resource reported by Tom Munson, a qualified person and made available to the public. Munson reported quote, an inferred reserve of 42.4 thousand tons grading 28% antimony and 0.408 ounces of gold per ton. End quote. That yields a gross per ton value of $8.9 thousand at $4 thousand per ounce gold and $13 a pound at 20. Yielding a total gross value without deducting mining, processing or transportation costs of $377 million The ore zone is presently accessible after we built a 7-mile road into the property from Wiseman. it is accessible from an underground adit.

And although additional development is required before an efficient mine operation is established. During the past 2 weeks, the company hosted prebid underground site inspection tours by 2 internationally recognized mining contractors in preparation for their submission of tenders in middle August for further underground development and mining of this high grade material. The raw ore would be trucked to our Raidersburg mill for gravity and flotation recovery. Of both the antimony and the gold. Mining operations are tentatively planned to begin late this year. Back to you, Gary.

Gary C. Evans: Thank you, Joe. This is now, introduced Damian Coleman who is going to-- Damian has been with us for about 6 months now and is running our wash operations with respect to our government relations. And, Damian, why do not you give us a little overview of your activities? Damian Coleman: Thank you, Gary. As the company's director of government affairs, I am pleased to report that United States Antimony Corporation continues to execute successfully under its $245 million sole source antimony contract with the Defense Logistics Agency.

Based on our current production and delivery schedule, we anticipate completing our first delivery order of 9.9 million nearly 1 year ahead of schedule During June, our firm delivered 2 trucks of military specification antimony ingots totaling more than 80 thousand pounds. Representing approximately 2.6 million revenue for the company. These deliveries highlight UAMY's unique capability to produce antimony metal exceeding 99.5% purity through our supply chain. We expect to deliver our third and fourth truckloads of antimony ingots next week which are anticipated to generate an additional $2.6 million in revenue for the third quarter.

In addition, the company is currently testing truckloads 5, 6, and 7 of antimony ingots totaling more than 120 thousand pounds for anticipated shipment in the next few weeks. Subject to successful testing and acceptance by a third party lab, these shipments are expected to contribute approximately $4 million additional cash flow in the fourth quarter. To date, cumulative orders awarded under the DLA contract total approximately $57.3 million reflecting continued demand and strong execution against the strategically important program. Finally, United States Antimony Corporation is awaiting feedback on 4 separate grant applications submitted to the Department of Energy and Defense earlier this year.

These 4 grant requests total $275 million and represent funding needs around antimony, tungsten, and our hydrometallurgical process. Back to you, Gary. Gary C. Evans: Thanks, Damian. Now I would like to turn the call over to Aaron Tinesh, who is Vice President of our Antimony Division. Aaron?

Aaron Tinesh: Damian Coleman: Thank you, Gary. I will keep my comments focused on 4 areas. Antimony procurement from international sources, the Raidersburg Flotation Facility, Bolivia, and the Americas Gold and Silver joint venture. On procurement, we continue to bring in material that supports Thompson Falls and our downstream commitments. Approximately 300 tons of metallic feedstock have been recently received and are currently inbound for final processing to the DLA or for antimony trioxide production. Short and medium term procurement contracts have been developed. To sustain the expanded production of the Thompson Falls processing facility. While awaiting the construction of the hydrometallurgical processing plant, to be built in the joint venture with America's Gold and Silver.

The first shipment from Bolivia is on the water. And the facility in Bolivia is expected to come fully online over the next several months. At a rate of approximately 150 tons per month. Regular shipments of ore to our Madero smelter in Mexico continue with stable supply lines. Long term contracts, and surge capacity ensuring maximum production. Moving on to Raidersburg, Montana, the site has moved into the operating phase to concentrate the approximately 1.1 thousand tons of high grade ore received from Stibnite Hill, Montana. Safety and initial process improvements have been installed. The lab installation is now complete. The MSHA ID is in active status.

And operators are feeding ore into the system on a daily basis now. All lab systems have been installed. Including the factory installation of the new 3-kilowatt wavelength dispersive XRF system. A lab manager has been hired and has begun methods development to help support all of USAC's various mining ventures. Circling back to Bolivia, the key point is that the work there has become a real operation for us. Not just a concept. The first container of metallic antimony will deliver to the Thompson Falls facility within the next month. With the second load and shipping from Bolivia within that time frame.

While the circuit in Bolivia was commissioned a few months ago, there were delays related to countrywide fuel supply issues due to the Iranian war and transport difficulties within the country. That have now been resolved. Some equipment retrofits and additions were required at the plant. But those changes have now all been completed. Bolivia gives us valuable process information for the hydrometallurgical pathway we intend to scale domestically, and not only our in our new JV, but elsewhere. These systems offer a more robust process that can accept varied inputs and better manage deleterious elements. In diverse feedstock compared to traditional systems like our gas fired furnaces.

The joint venture with America's Gold and Silver in Idaho continues to advance. This JV gives us a domestic platform to process antimony bearing feed, including tetrahedrite and other complex materials. That provide greater diversity in metals that can be monetized such as silver. Technology development contracts have been executed. And scale work for the more complex feedstock is well underway. Engineering and procurement contractors have been identified. And expressions of interest have been requested. While there have been a combination of equipment contractor, and logistics delays regarding our development activities, for 2026. Everything continues to be making progress. And production of finished products will continue to ramp up. Thank you. And back to you, Gary.

Gary C. Evans: Thank you, Aaron. Okay. Let me conclude with a number of comments I would like to make, and then we will go to our listeners for questions. Get asked all the time about our acquisition front and what is going on there, so I thought I would kind of give you a little background there. We continue to view acquisitions of both properties and companies. We have no problem finding willing sellers. The issue is we have very stringent guidelines and have yet to find anything that really piques our interest from a geological engineering, or financial perspective. We probably turned away at least 7 different deals just in this quarter alone.

This does not mean there are not any great opportunities out there. We just are in such a fast track mode waiting 3 years for sales of minerals is not in our game plan. Typically, it has to be within a year to 1.5 years for us to have an interest. 3 perfect examples of properties that did fit with our time frame and that we did execute on are Stibnite Hill, Montana, We have started buying those properties last summer. And as Joe has indicated, not only did we mine last year, before winter, but we have been mining this year all summer.

All that material is at Raidersburg waiting to be processed, and we will significantly augment our DLA deliveries. Nolan Creek, Alaska, we bought that in January of this year. As Joe mentioned, we have already built a road into the property We have got contractors, and we will be mining that property hopefully before the end of the year with third parties. Fostung Tungsten up in Ontario, Canada. that is our tungsten play. It was bought in May of last year. We are already gonna be bulk sampling this year We have got agreements to process that material and take it to a refinery in Pennsylvania, as Joe mentioned.

Not many companies can say that within the past 12 months, they identified 3 specific high grade properties, did something about it and are mining. That is highly, highly unusual in this business, and I am very proud of that. And our team for being able to do it. So those are bragging rights that we have and we are very proud of. Let's talk about the presidential forum I attended on Friday. I was fortunate enough to be invited by the Trump administration to attend an event held in DC. It was primarily to award a $100 million in new grant money to schools and universities that have active mining programs. I actually met several students there.

I gave business cards to that when they get out of school, we might talk to them. So what did I get out of this visit? More than anything else, tremendous new contacts that are already helping us. 2, I cannot identify yet, but 2 contacts I made there. I have had 2 conference calls with in the last 3 days. And so we these are very high influential people that are involved in the government. and want to assist. So what we have in this new administration is a can do, will do attitude.

And you have got secretaries of various departments that are willing to jump head over heel to assist mining companies. that is something our industry has not seen or heard of in 20 to 30 years. And so with that, I give president Trump great kudos for helping support our business. Next item I would like to talk about is Larvotto Resources. As everyone knows, we own approximately 10% of this Australian listed company. The purpose of this $40 million plus or minus investment has been our attempt at a takeover. After 4 different rounds with the Entrenched management team there over the past 12 months, we are about to give up.

If so, this will be a liquidity event for United States Antimony Corporation. Let me conclude by saying, as I stated last quarter, our quarterly financial and operating results will be bumpy. They are bumpy this quarter, We have pros and cons. The thing that I cannot control or any of the management team can control is world antimony prices, which is the primary reason for our reduced revenue guidance that we provided in this report for this year. As we report results though, from our recent deliveries of antimony ingots to the US government, our margin expansion will be realized.

You can do some easy calculations based on some of the things we reported today to determine how wide those margins are. The key metric should be pounds of product. Delivered We delivered for antimony. Our deliveries were up 26%. From last year, and that is just with Thompson Falls starting up over the last 30, 45 days, the big expansion. For zeolite, up a 114% from last year. that is all due to new sales. And so this, again, is without any DLA shipments included. This is just pure historical industrial customers. So you should see market improvements in the third and the fourth quarter as we are now delivering, as we have indicated.

The government takes longer than we anticipated. They have to inspect our product. They have to make sure the logistics are right. Have to go through another inspection once it is delivered, and then it takes time to be paid. As Shawn mentioned, we were anticipating having revenues in the second quarter from the DLA. We delivered and in June. You should have you would have thought we would have been able to report revenues, but that was not the case. So again, these quarterly financials will be bumpy. that is the nature of our business. Look at the year in total. That will tell you what we are doing. Again, antimony revenue is up.

Zeolite revenue's up, All due to sales. When I say revenues, I meant sales up. We are moving more pounds of product and, again, we cannot control the price. We feel fortunate that we have built this inventory in anticipation of additional shipments to the DLA at very low prices. Aaron has done an admirable job of negotiating with these foreign entities until we get our own antimony production up and we have been able to make some great deals. You will see that margin expansion in the third and fourth quarter that we could not report in the second quarter, again, because of no DLA. Deliveries, that we could report.

So with that operator, I would like to turn our call over to questions that we may have from our listening audience.

Jonathan Miller: Gary, should I give my update?

Gary C. Evans: Oh, I am sorry. Jonathan, I am completely missed you. And I am sorry for that. Please go.

Jonathan Miller: No worries. Thank you, Gary, and good afternoon, everyone. Q2 was another quarter of continued execution for United States Antimony. We continued our marketing efforts which included broadening our institutional shareholder base, both domestically and internationally. Institutional ownership in U. S. Antimony now exceeds 57% compared with just over 42% at the end of Q1. That represents a significant change in the composition and depth of the ownership in our company. The Q2 13 F filings provide some particularly encouraging data points. State Street Investment Management increased its position by approximately 3.3 million shares, ending the quarter with approximately 11.3 million shares. BlackRock Fund Advisors added approximately 1.44 million shares bringing its position to approximately 9.96 million shares.

BlackRock Investment Management United Kingdom added approximately 122 thousand shares, while DWS Investments UK added approximately 91 thousand shares. Importantly, the shareholder base increasingly includes large passive index managers alongside active growth, value, and institutional investment strategies, not hedge funds. That institutional growth has been supported by an aggressive outreach program. Gary, Shawn, and I participated in 6 institutional conferences in roadshows during Q2, including B. Riley, Litham Partners, William Blair's Growth Stock Conference, and Stonex's Natural Resource Summit. We also continue to receive positive sell side support Alliance Global Partners maintained its buy rating, while HC Wainwright maintained its buy rating and increased its price target to $11.75. So the Q2 message is straightforward.

We shipped, we invoiced, We expanded capacity. We restarted domestic mining. And institutional ownership in our company continued to grow. We entered Q2 having spent much of the previous year building the platform and expanding awareness, we exited the quarter with tangible evidence that the platform is translating into execution. Looking ahead, our priorities remain equally clear scaled deliveries under the DLA contract, expand domestic production and processing capacity, advance Thompson Falls, Raidersburg, and our Idaho HydroMET initiatives, and continue expanding our institutional investor base.

Our investor calendar remains active with upcoming participation planned at the Needham Virtual Conference next Monday, the Piper Sandler Growth Conference in September, the North American Critical Minerals Summit in October, the twentieth LD Micro Main Event in October, ClearStreet IO Disruptive Conference in November, Northern Miner Symposium at the end of November in resourcing tomorrow and December, both in London, the B. Riley Convergence Conference in December, and a ceremony next month in Dallas for our recognition by the Dallas Business Journal as 1 of the Texas fast 50 companies. We continue to execute against our company purpose, to become the premier supplier of certain critical minerals here in the United States of America.

Thank you for your continued support and interest in US Antimony. Back to you, Gary.

Gary C. Evans: Thank you, Jonathan, again. Apologies for overlooking you. I wanna highlight again something Jonathan said, though. Concerning our institutional ownership. When I came on board this company a little over 3 years ago, we had zero institutional ownership. Today, as Jonathan said, we are up to 57%, and that appears to grow almost every single quarter. We started marketing for the very first time in Europe. Jonathan and I were there, about 3 to 4 weeks ago, and we were introduced to a number of very quality institutions by Barclays Bank. And this is a bank that does not follow us at present.

So that had to do with contacts we had in the bank that knew what our company was doing. We are going to broaden that, investor and institutional ownership even further. We have other plans of doing additional marketing in Europe this year, and we are just very excited about the reception we are receiving. The difference between our company and many others in this space is we are generating revenues. We are generating EBITDA. We are generating cash flow. We have got not only a sole source contract of 245 million. We received a grant, and we have 250 million of grants that we are requesting.

So we think that we will have a very active second half of the year. We are very excited about the growth in our DLA shipments. And we think that this will have a material impact on our financials going forward. So with that being said, operator, let's now turn it over to our audience.

Operator: Thank you. Apologies, ladies and gentlemen. 1 moment. I will go ahead and take it.

Jonathan Miller: Gary, the first question. Are you able to provide any color on planned deliveries for the second half of 26? You feel the original guidance is still reachable?

Gary C. Evans: No. We lowered our guidance in this financial statement, today. To 60 to $75 million and that really has all to do with pricing. Has nothing to do with delivery times. So price of the antimony has dropped significantly this year. And that is a that is the primary reason for the revenue drop. So we cannot it is difficult for us to tell you is it going to be low 12? Is it going to be low 20? Is it low 18? We do not know. it is a combination of us getting material in, process it, and getting approval from the government.

But we are going to do everything we can to make that $57 million order that we received done in 2026. Next question. You recently discussed packaging 500 million plus strategic transactions with the federal government. How advanced are those discussions? And should shareholders expect equity warrants, price floors or additional offtake contracts to be part of the structure? Well, it is not $500 million it is $250 million still a big number. I do not think there is any doubt that this administration is leaning away from straight grants. Now there are certain divisions of the government that already have money allocated from congressional awards, earlier. But the new the new plan of attack is equity.

In other words, we give you a certain amount of cash. We give you support, but we want an equity position in your company. I was at the forum in DC on Friday, that was very evident from president Trump talking about other companies that had he had taken an equity interest in being Intel, which obviously is not a critical mining company. He was had bragging rights about how much that stock had gone up. MP Materials, and some others. So, I think there is no doubt that they are leaning more that way, but I do think there is a possibility as a part of our company getting additional grants without equity. We are open minded.

If we do an equity deal, it will have to be done in a manner that is accretive to our shareholders. We are not gonna do an equity deal to do an equity deal. So you can see from our historical raising of capital, we are very cognizant of where our share price is and where we when we do it. And so that will continue to be the case. Next question. What is the company's outlook for forward antimony price Do you expect prices to normalize closer to their year end 2025 level? Or continue forward closer to current levels? I wish I had a crystal ball and could answer that question.

I believe that we are probably, for the remainder of 2026, in this $10 per pound range. Now that you gotta remember, that is double what this company historically had gotten, but it is obviously down from $30. A pound. So we know we can make really good money at $10 a pound because we are buying it at 4 to 5 to $6 a pound, and we are selling it at a premium of $10 a pound. So we know what we can do, and we are very careful on our procurements. I wish I could say that it is going to go back to 20, but I just do not know.

It the price is undoubtedly manipulated by China. there is no question about that. We see it in the market. And so it really depends on what China wants to do. Next question. When will there be an update on the government grants? I wish I had an answer to that. That is totally dependent upon the government. Damien and I, he was with me Friday in Washington, and we saw the assistant secretary of energy cornered her. And she had a very nice smile on her face, and said it was nice to see us, but they are very closed mouth. They are not going to tell us anything until the fat lady has sung.

So we are just gonna have to wait and see. We are using contacts we have to pressure certain members of the government, but it is really out of our control. Last question. Can you speak to the production rates we are currently achieving in Alaska and tons of ore and how that translates to finished pounds of shipments? What delivery volumes are embedded in your new guidance for the second half of 26? There is no production of antimony yet coming out of Alaska. We are highly confident that we will find antimony this summer. And we will be able to stack it there at Fox Property and hopefully move it To Raidersburg.

But today, there is no antimony production. Only antimony production this company has today is coming out of Stibnite Hill. in Alaska. When Joe gets, Nolan, Creek up and running, then that may be a different story. But at this point, that does not that is not there is no antimony production currently out of Alaska. That concludes the questions. Okay. Operator, I think with that, we will close up, and we appreciate all of you listening in and look forward to giving you some updates in the near future. Thank you.

Operator: Ladies and gentlemen, this concludes today's webcast, and you may disconnect your lines at this time. And we thank you for your participation.

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