United States Antimony Corporation

Greetings. Welcome to United States Antimony Corporation Fiscal Year 2024 Financial and Operational Results Meeting. At this time, all participants are in a listen-only mode. A question and answer session will follow the formal presentation. If anyone should require operator assistance during the webcast, please press star zero on your telephone keypad. Please note this webcast is being recorded. I will now turn the webcast over to your host, Gary C. Evans, Chairman and CEO. You may begin.

Thank you, and hello everyone, and thank all of you for dialing in to our conference call this afternoon. We're anxious to update you today on all of our activities at U.S. Antimony. I have with me on the call today Joe Bardswith, who is a board member and executive vice president, as well as chief mining engineer of the company, Rick Isaac, who is our senior vice president and chief financial officer, and Jonathan Miller, our vice president, who is in charge of investor relations. They will all be giving short presentations about their respective divisions today. When we had this call last year, we told you that 2023 was a year of transition. As indicated in the press release this morning, this past year was a significant turning point for U.S. antimony. We've added, since the beginning of last year, significant bench strength. This includes a new controller, five new vice presidents, one senior vice president, one executive vice president, and two sales personnel for our Z-Lite division. These professionals are the ones taking your company to the next level. We reported this morning record revenues today of $14.9 million, which is up 72% year over year. Cost of sales was down 5% year over year, and our gross profit was up 204% year over year. I would like to now introduce Rick Isaac, who's going to summarize and give you some more detail on our financial performance for fiscal 2024. Rick?

Thanks, Gary. So I'll start with some comments on our consolidated results. First, the reporting of our Mexico results in our SEC filings changed throughout 2024. So I'm going to briefly describe these changes. As you know, we closed our Mexico operations in the first quarter after years of losses and presented their results as a discontinued operation in a footnote in our 10Qs for the first, second, and third quarters of 2024. Then we reopened our Mexico operations in the fourth quarter of 2024 due to the significantly increased market price and demand for antimony and presented their results in continuing operations in our 2024 10K, which is also how we presented Mexico's results in our 2023 10K. Okay, so in the consolidated P&L, sales, as Gary mentioned, were $14.9 million for fiscal year 2024, which, as Gary said, was an increase of 72% over last year. This increase was achieved with both higher sales volumes and higher sales prices in both our antimony and zeolite businesses. It's worth repeating, Gary mentioned it, that our sales of 14.9 million was the highest sales level since being listed on the NYSE. Gross profit was 3.5 million for fiscal year 2024, which compares to a loss of 3.3 million in 2023. This complete turnaround was achieved with cost efficiencies and price increases. And we also implemented strict controls in Mexico as we processed their remaining ore in 2024, and this significantly improved gross profit from our Mexico operations, along with the higher antimony market price. Next, I'll cover a few items with our antimony business. Our antimony sales were 11.1 million in 2024, which is up 5.2 million, 88% over 2023. About 60% of this sales increase relates to the average price increase, and about 40% relates to the volume increase. These increases were primarily due to the higher worldwide demand for antimony, as we've discussed and described in our earnings release. We've been focused on capitalizing on this increased demand for some time, and we have several initiatives in process to do just that. First, we reopened our Mexico operations as I described earlier. Our Mexico operations can process and sell finished antimony products with engineered production capacity ranging up to 200 tons per month. Additionally, we're sourcing ore for our Mexico operations from new suppliers and improving our machinery and equipment in Mexico, both of which allow for more economical production of the antimony products in Mexico. Also, we started the expansion of our anemone processing facility in Thompson Falls, Montana. In addition, we acquired mining claims that has the potential for us to own some of our anemone supply. Next, with our zeolite business, our zeolite sales were 2.9 million in 2024, which is up 0.5 million or 19% over 2023. About half of this sales increase relates to the volume increase. and about half relates to the average price increase. Our zeolite gross profit for 2024 was a loss of 0.6 million, which is primarily due to much higher maintenance and repair costs and related expenses. As described in our prior earnings calls, these higher costs were needed to repair older equipment and trucks, make them operational after years of neglect, and resulted in an operational loss for 2024. However, these improvements increased our production reliability and safety and will allow us to grow our zeolite business. And in 2025, we're focused on growing sales profitably, and we hired two sales personnel to do just that. Overall, we accomplished a lot in 2024. Financially, as we've said, 2024 was our highest sales level since being listed on the NYSE. We improved gross profit from a loss of 3.3 million in 2023 to a profit of 3.5 million in 2024. And we improved cash flow from a decrease of 7.2 million in 2023 to an increase of 6.3 million in 2024. Operationally, we started the year with our Zeolite facility experiencing some downtime and ended the year with a more reliable production facility with improved on-time delivery and safety ready for growth. We started the year as the only U.S. domestic producer of antimony products and ended the year with the ability to produce antimony products in the U.S. and Mexico. We started the year with only one supplier of antimony ore and ended the year with three suppliers of antimony ore. We started the year with no U.S. mining claims and ended the year with mining claims in the U.S. and Canada that have the potential to make our anemone business more vertically integrated and expand our company's product offerings. Overall, we have a talented team that's dedicated to improving our company, strengthening America's critical minerals and critical materials pipeline, and increasing shareholder value. I'll turn it back over to you, Gary.