United States Antimony Corp (UAMY) Q3 2026 Earnings Call Transcript

Greetings. Welcome to the United States Antimony Corporation Third Quarter and Nine Months Ended September 30, 2026 Financial and Operating Results Conference Call. At this time, all participants are on a listen-only mode. A question-and-answer session will follow the formal presentation. If you'd like to ask a question, please click on the Ask Question button on the left side of your screen. Type your question into the box and hit the Send button to submit your question. If anyone requires operator assistance during the webcast, please press star zero on your telephone keypad. Please note this conference call on the webcast is being recorded. I'll now turn the call over to your host, Mr. Gary C. Evans, Chairman and CEO. You may begin.

Thank you. Good afternoon and welcome to all of our listeners today. I wish to start out by Introducing the members from our management team who will be joining me on this call today, the five additional presenters are as follows. Joe Bartschmidt, who is a board member, the executive vice president, as well as our chief mining engineer. Sean Winkler, who is our senior vice president and chief financial officer, who's been working with the company since December but became a permanent fixture at the end of September of this year. Will Werner, who's Managing Director and also Director of Engineering. He's been with us since the end of February of this year. Aaron Tinesh is our Vice President and Chief Procurement Officer in the Antimony Division. Aaron runs our Raidersburg flotation facility up in Montana and our new laboratory that's also located in that same facility for reviewing various minerals. And last is Jonathan Miller, our Vice President of Investor Relations. Before I turn the call over to Sean Winkler to talk about the financials in greater detail, I'd like to highlight a few of our third quarter accomplishments, which are many. The third quarter revenues increased 16%. Our 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, and then our gross profit was up 113% to $4.3 million. Sean, sorry to steal some of your thunder, but I'll let you kind of get into the financials.

Great. Thank you, Gary. Gary mentioned he kind of hit some of the highlights there, but as I go into the details, just note some of these figures I go through are rounded. You can find our full detail on our earnings press release in our 10Q, which hit the tape a few minutes ago. So Gary mentioned revenue was $10.1 million. That was up 16%. Notably, that's up 28% from Q2, and we'll get into the reasons behind that. Gross profit more than doubled to $4.3 million, and gross margin, as Gary mentioned, did have a very nice increase over the quarter. We sold about 469,000 pounds of antimony. That's up 68% year-over-year. Of that, 162,000 pounds approximately went to the DLA, and the sales price on that totaled about $5.1 million in aggregate. The balance of our antimony sales of about 307,000 pounds went primarily to industrial customers generating about $3.7 million in revenue. Our cost per pound sold fell to $10.19 from 2089, largely reflective of a broader antimony pricing market. Of note, our zeolite revenue rose 55% year-on-year to approximately $1.04 million for the quarter. Operating expenses were $10.3 million. That is an increase, but some of that is additive over time, as $3.4 million of that was directed to expiration and some of our attractive mining claims. With a $3.8 million, part of that was additionally a $3.8 million non-cash loss on our Laura Votto strategic investment. Net loss totaled $9.5 million, or $0.06 per share. Hitting on operations, our industrial business held up well. ATO pounds sold, rate rose 10% year on year. And then... Yeah, our net margins have held steady with a decrease both in sales price and feedstock. Through nine months, we've invested $28.4 million in capital projects, mainly the Thompson Falls expansion in Randersburg, partially offset by $12.8 million Department of Work grant proceeds that we've realized. Of our total grants awarded today, $27.0 million, $20.3 million of those have been authorized, of which we've realized the $12.8 I just mentioned. Hitting the balance sheet, we ended up, we ended September with $51 million in cash and treasuries. Lovato shares are worth $39.4 million as well, and we have nothing drawn against a $19 million margin line. Inventory rose to $28.1 million as we staged material for DLA. And through October, we've bought back about $3.1 million in stock with $98.3 million still authorized. To hit upon the DLA, we've delivered seven DLA shipments. That's about 276,000 pounds. 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 20.9. We've had significant progress in the cycle time, you know, sampling through delivery of DLA. We've gotten that down of our recent shipments to about 70 days. But I will note DLA, we're depending upon DLA approvals at various steps. So ultimately, the timing cycle time is not in our control, although both parties are working great to very nicely together to grease that. Right now, we have additional LOTS 8 through 11, about 122,000 pounds that have been sampled in early October with timing of delivery, ultimately, and exceptions by the DLA-TBD, and then we have LOTS 12 through 14 behind that. I want to hit on guidance. Per our press release, we are changing methodologies. Previously, we have our guidance of 60 to 75 million of revenue. We need to move that to volume. Obviously, revenue is impacted by both our speed of deliveries, but also overall market prices, which we cannot control. Yeah, so we are initiating guidance for the full year of 2026. We expect to sell 1.68 million to 1.81 million pounds of antimony. That's up 24% at the midpoint year-on-year. That includes 276,000 to 356,000 pounds to the DLA in total, of which

that

On the low end, it does not 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. As a note, all volumes of DLA that do not get delivered this year moved to the right and to 27. They are not lost. Gary, with that, I'll hand it back to you.

Thank you, Sean, and we're very proud to have Sean on board. He's been a great addition to our finance and accounting team. Joe Bargewitz, who is manager of our – he's head of chief mining engineers managing most of all of our critical mineral projects. Joe, why don't you give us an update on your activities?

Thank you, Gary. I will start with the cross-tongue deposit near Espinal, Ontario, in South Central Canada. In August, we were privileged to have an on-site traditional blessing ceremony performed by elders from the Whitefish River First Nations, the closest First Nations to the actual deposit site, as promised to them on more than one occasion. We remain committed to working in concert with all the First Nations on whose traditional lands we are working and we move forward. We are hopeful that with the application of new technology and utilization of our technical and financial capabilities, we will be able to create value from this tungsten deposit that has been dormant since its discovery 45 years ago in 1981. In September, we contracted with a First Nations-based contractor, and they were able to strip overburdened soils to exposed bedrock on the east end of the deposit. We drilled 32 confirmation holes, holding 2,100 feet on this portion of the deposit. Drill cuttings have been sent to our Raidersburg lab in Montana for analysis, and results are coming in. Upon receipt of the balance of these assay results, We anticipate that we'll be able to design a drill-and-blast program to produce feed for an on-site crushing, screening, and gravity concentration program. That concentrate could then be trucked for further upgrade at a local flotation plant and or sale to a Michigan or Ohio-based ammonium-powered Tumscape plant. We previously engaged the Toronto Office of Independent Geological Consulting Firm, SRK Consulting, to author a technical report meeting the SEC's SK-1300 requirements. They calculated an inferred mineral resource of 14.77 million metric tons, grading 0.17% W03. Containing 54.17 million pounds of Tumston, with a future gross value of $4.6 billion

based on recent Tumston worldwide pricing.

Also in Ontario, we conducted a soil sampling program on our Newarkville area gold, silver, Prospect following up on the very high results from an Ontario government lake sediment sampling program. Results from this work are expected by year end. Moving to Montana, we were held up this spring at our Stibnite Hill mining project as the Montana DEQ reviewed our permits, standard operating practices, et cetera, and after making some requests and modifications, we were able to resume operations in early July. Historically, the prominent Stip Knight being on this mountain, Stip Knight Hill. It has been mined by underground methods, but were shut down in 1983, when the decision was made to relocate operations to Mexico. Vanes on Stidney Hill are generally about two feet in thickness, flat-lying, dipping at 25 degrees, making underground mining difficult. Mining operations utilizing modern surface methods. We started up in mid-October of last year, instead of trying to go back underground. Advances in excavation equipment design have made it possible to excavate these narrow veins from the surface. 50 loads of ore, approximately 800 wet tons, were trucked to the Raidersburg mill during October and early November of last year, You're at the grade with about 10% SD on the point. Restarting our mining operations in July of this year, we've been able to truck close to 2,000 tons to the Raidersburg Mill. We anticipate that as soon as we complete upgrades to this mill, which are underway, we'll be able to produce material, meaning military specs for primers for ammunition. But I will leave that for our metallurgical expert, Aron Tinesh, to elaborate on that process. I will note that our Raidersburg mill is a modern flotation mill, and our metallurgical team will operate it both efficiently and economically. Turning to Alaska, we planned a program in the Esterdome area near Fox, Alaska, similar to what we were able to do in Montana. Depths of soil overburden were deeper than expected and it was not until late in this season that antimony, gold, and silver were finally discovered in bedrock. We were pleasantly surprised by some particularly high silver values. At this point, preparation of samples for shipments to our Montana laboratory are in full swing and we are continuing with the drilling program at our ester dome sites. It is a deep, overburdened property that has previously seen underground mining of Placer, Gold, Silver, and Antiponi. The KM property is the McLaren River area. This property was acquired by staking two years ago after a State of Alaska exploration program revealed very high values of copper in outcrop, Averaging 16.5% copper, 2.2 ounces of silver. And 0.08 ounces of gold per time. We mobilized the drill core to the site, but were only able to get a single core hole drilled before an early winter force set to shut down. Low copper values were encountered near the bottom of the hole. The core will be assessed and assayed during the winter low. Seven-Night Creek property. This property was also acquired by station two years ago. We spent a considerable sum on cleanup of past work by others that included an on-site mill as a prerequisite for gaining permits, including access permits. This year, the decision was made to curtail operations until a more favorable arrangement could be made with the regulatory authorities regarding our obligation to clean up a third. 3rd party disturbance. One of our major properties is the Nolan Creek property, and I'll pass this over to William Werner to update us on Nolan.

Hey, this is Will Werner. Since our acquisition of the previously abandoned mill and creek mining claims in January of this year, the company has been evaluating the 500-acre prospect for both Ansononi and Gold. The exploration underground workings driven in 2007 by the previous operator on Workman's bench It has been identified as the highest potential for near term mining operations. We are presently permitted for a thousand ton bulk sample to be collected from the underground workings. This material will be transported to our facility in Raidersburg and tested for economic potential. Considering the existing and preliminary information gathered to date by the company, we are expecting $6,000 per ton of value with current prices of both antimony and gold. Our preliminary analysis indicates the deposit will be economic with only the antimony revenue and the gold will be an additional byproduct of the operation. Work for this last quarter has been focused on rehabilitating the seven-mile access of the road to the site from the Dalton Highway in order to enable the mobilization of heavy equipment by our chosen third-party mining contractor. Since mobilizing our mining contractor over a month ago, work has begun to rehabilitate the access to the underground and bring it to modern standards. To deliver year-round water for the operations. U.S. Antinomy has drilled two new wells on site which are available now as private water sources. Safety procedures and SOPs have been developed and submitted to MSHA for approval. We have also been working with the BLM and third-party cultural specialists to avoid any historical resources and clean up the area in order to prepare the site for operations. U.S. Antimony is focused on leveraging our people, expertise, and financial wherewithal to properly clean up the site, to continue the exploration, and to find a production program that the property merits. We are working on filing a plan of operations that would include full-scale underground mining of the stibnite and gold that makes up the major portion of veins running into the side of the hill. An independent SK-1300 technical report written by an independent professional geologist well-known to the USAC staff and throughout Alaska was completed recently. This report indicates the measured and indicated material has an average grades of 26% antimony and 0.37 ounces per ton of gold. Providing a contained value of $386 million using current prices, as shared in our recent press release and Form 8K filing with the SEC. Back to you, Gary.

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

Thank you, Gary. I will keep my comments focused on three specific areas. Antimony Procurement, the Raidersburg Critical Mineral Mill. We are continuing with regular shipments of antimony feedstock for both the Thompson Falls and Madero facilities. Approximately 200 tons of smelter-ready ore are shipped into Madero per month, and roughly 400 tons per month of various midstream ore metallic feedstocks are shipped into Thompson Falls. Primarily from foreign sources. While way behind schedule on delivery, the Hydromet facility located in Bolivia continues to ramp up and provide valuable insight and experience that will support the Hydromet system presently being designed in our joint venture with America's gold and silver. Further supply sources continue to be developed. Moving on to Raidersburg, Montana, this site has moved into the operating phase during the third quarter to concentrate the approximately 2,800 tons of high-grade ore already mined and received from Stibknight Hill, Montana, that has been delivered to our site. Feedbelt samples of this ore have assayed between 10 and 16 percent antimony. A shipment of processed concentrates is now ready to be shipped to the Madero smelter, and material has been sent to the Thompson Falls facility to undergo further processing towards producing mil-spec antimony trisulfide. The Raidersburg facility is currently in a short shutdown period to allow the installation of advanced flotation equipment Consisting of an Aries stack cell, Aries column flotation, and a second, larger, plate-and-frame filter press. This newly added equipment will accommodate higher throughput of the high-grade stibnite feeds from Stibnite Hill, as well as material from our recently opened Nolan Creek, Alaska mine. It will also produce two concentrates. One at antimony concentrations appropriate for mil-spec antimony trisulfide production, and one at typical smelter grades that will facilitate optimal recoveries. We are also conducting a substantial upgrade to the electrical service at Raidersburg that will allow the crushing circuit to... Operated on line power while also providing increased service for the newly installed flotation equipment and future additions. Once the current operating crew is trained and accustomed to the new flotation equipment, a second phase of hiring and shift expansion will commence. The new on-site laboratory is fully commissioned, with daily operations of sample prep, fire assay, digestion and titration, flotation testing, and XRF analysis, using the new 3,000-watt Regaku Primus III Plus Wavelength Dispersive XRF Unit. Further upgrades to the air handling system and ancillary equipment continue to enhance safety, performance, and overall efficiency. The joint venture with America's Gold and Silver in Idaho continues to advance towards final engineering phases. There should be some other announcements made in the near future concerning these activities. TestWorks continues to design and protect an evolved process that optimizes reagent usage and the integration of tetrahedrite and stibnite feedstocks. As a reminder to everyone, the only antimony currently being produced in North America is America's gold and silver and ourselves. We are processing 100% of the antimony in our operating systems. There is no one else. Thank you, and back to you, Gary.

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

Thank you, Gary. I'll keep my remarks focused on our capital markets activity during the third quarter, the evolution of our expanded shareholder base, and how we're adjusting our investor relations strategy going forward. First, I want to acknowledge the obvious. Our share price has declined significantly over the last half year, and we recognize the frustration that situation creates for existing shareholders. We also recognize that investor expectations have not always aligned with the timing of our operational execution and financial results. That's something we have to address through performance, more consistent communication, and greater transparency around our progress. While we can't control broader market conditions, elevated short interest, or short-term trading activity, we can't control how effectively we communicate with investors, the quality of our institutional relationships, and the expectations we establish. Ultimately, we believe consistent execution and greater transparency are the most effective ways to build investor confidence. During the third quarter, we continued expanding our institutional outreach, both domestically and internationally, where we saw immediate traction. We completed our first international non-deal roadshow in London, organized through Barclays Bank, where Gary and I met with institutional investors and introduced U.S. Antimony to a completely new segment of international investment community. Domestically, we participated in the Piper Sandler Growth Frontiers Conference and continued our institutional engagement through additional meetings and non-deal roadshows. We also completed a non-deal roadshow with Texas Capital Securities, which just last month initiated equity research coverage on U.S. antimony with a target price of $9.50 per share. We've also made the decision to place greater emphasis on identifying and developing relationships with fundamental long-term institutional investors who understand the capital requirements, operational complexity, and timelines associated with building a domestic critical minerals supply chain. We want shareholders who will evaluate us on execution, production growth, contract fulfillment, financial performance, and the long-term economics of our assets, rather than short-term trading momentum. During the quarter, certain members of our board of directors, including our CEO and senior management team, also made additional open market purchases of UAMI shares. Separately, in August, our board authorized a share repurchase program of up to $100 million, which Sean previously outlined in his remarks. I think it's important to put into perspective how far we've come in a relatively short period of time. Less than three years ago, U.S. Antimony was a very different company. When the current leadership team assumed responsibility in late 2023, we had virtually no institutional ownership, a much smaller operating footprint, limited capital markets visibility, no significant sales contracts, and a business that had not yet established the scale or financial resources is necessary to pursue the opportunities in front of us. Since then, we've rebuilt the entire leadership team and board, materially strengthened our balance sheet, expanded our mining and processing operations, secured significant government and commercial contracts, grew the business with no indebting, increased annual revenue from approximately 8 million in 2023 to more than 39 million in 2025, and grown institutional ownership to more than 60% of our outstanding shares. As of September 30th, 2026, we held approximately $51 million in cash, cash equivalents, bonds, and debt and equity securities, providing us with substantial financial resources to support our ongoing operations and growth initiatives. We've also expanded our equity research coverage, strengthened our relationships across the institutional investment community, and established a much broader presence in the capital markets. Looking ahead, we're also focused on the growing demand for domestically sourced antimony, particularly within the U.S. defense industrial base. Federal initiatives under Executive Order 14415, signed July 20, 2026, and going into effect in January 2027, aimed at reducing dependence on foreign critical minerals, are creating opportunities for domestic producers, of which we are the only one. We're actively working to identify manufacturers and defense contractors that rely on antimony and, in coordination with the U.S. government, help facilitate their transition toward reliable domestic supply. As our expanded production capacity comes online, we see opportunities to meaningfully increase commercial antimony ATO sales in 2027. We're also pursuing additional government funding opportunities to support the expansion and diversification of our critical minerals operations. In September, we submitted a $45 million project proposal to the U.S. Department of State under its U.S.-Africa Strategic Investment Program with $36 million in requested federal funding. The proposed project focuses on critical minerals infrastructure, logistics, and supply chain development along the Chad Cameroon Corridor. Separately, we submitted two proposals totaling approximately $110 million through the Defense Industrial Base Consortium, or DIBSI, focused on domestic tungsten exploration, extraction, and hydrometallurgical processing. Both proposals have advanced through an initial selection process and remain under consideration for potential next steps. Combined, these initiatives represent approximately $124 million and potential new government funding. While none of these amounts have been awarded, they reflect our ongoing efforts to pursue government-supported growth opportunities. Investors now expect the infrastructure we've built, the capital we've invested, and the contracts we've secured to translate into consistent production growth, increased sales, and stronger financial performance. That's a reasonable expectation, one that is reflected in today's financial result, and it's where our focus continues to be. Our responsibility in investor relations is to communicate that progress accurately, address setbacks directly, and build a shareholder base that understands both the opportunities and the risks associated with our business. Going forward, our emphasis will be on fewer broad promotional initiatives and more substantive engagement with long-only institutions whose investment objectives align with our long-term strategy. We believe that a more disciplined approach to investor targeting combined with greater operating transparency and measurable execution is the right path toward continuing to build investor confidence. Thank you, and I'll turn it back to you, Gary. Thank you, Jonathan.

There are a couple things I'd like to highlight before I summarize and we go to a question-answer session. As everybody knows, a company is nothing without good, qualified management. I want to highlight some new hires that have just occurred in 2026. In February, we hired a manager of engineering. In March, we hired a managing director of engineering and country manager for the country of Mexico. In April, we hired a controller in the accounting department. In June, we hired a managing director of critical minerals who's a geologist. In August, we hired a chief accounting officer. In September, we hired a general manager of the two Thompson Falls smelters. In October, our new senior vice president and chief financial officer, who you heard speak today, Sean Winkler, was hired. In November, a corporate environmental safety manager. Again, we are building a team from basically scratch to where we are today. The other thing I'd like to point out has to do with the November federal elections. Obviously, the United States had a big changeover in both the House and the Senate. So with this taking place, how's that going to affect the critical mineral space? I believe very little because this is a bipartisan issue, not just a Republican issue. There will likely be some people jumping ship that are currently working for various agencies because they've been appointed, but I think that will be limited. So from our perspective, like the executive order that goes into effect January 1 was a Biden executive order. So I think that our space is pretty protected. It's badly needed. Everybody knows it. And I don't think it will affect us much at all. So, let me summarize. We've just reported today what I consider to be a very good quarter with progress made on all fronts. However, it's not yet where we want to be. We cannot control antimony prices, but we have navigated them extremely well during a declining market. By increasing volume sales, but more importantly, significantly improving our margins. The margins should be the thing everybody focuses on. I think shareholders will reward us much better with stronger margins versus sales with limited margins. While our inventory is at record highs, we have had minimal write-downs. This has not been an easy task. We have a new general manager in Thompson Falls who started several months ago. He has one primary mission, and that's to increase volumes of finished products to move larger and larger ingots and ATO 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. We have... Our two most important new critical mineral plays that Joe and Will touched on, being the Fostong tungsten up in Ontario and the Nolan Creek in Alaska, are progressing quickly. We are anxious to report progress in these two plays in early 2027, with material being assayed in our own lab currently in Montana. We have excellent liquidity. That has stayed basically stagnant all year long, even with an ever-growing capital expenditure program. Again, that's not easy to do. It should improve further by year-end because of things that we're doing to increase our liquidity, such as collecting amounts due to us from the government, as well as repayment of some notes due to us. So, competition. We have none in North America. We follow closely all our want-to-be competitors, and there's a lot of them out there. There is no one coming for at least three years or longer, in my opinion. Most of them will flounder, and some of them will fail. By getting bigger, faster, we will ensure in our continued success. And so I, for one, want to credit the entire management team of the United States Anti-Money Corporation for the hard work they put in, all the things we've done so very quickly, and where I see our future going. So, operator, I would like at this point in time to take questions from our listening audience.

Certainly. At this time, we'll be conducting a question and answer session. If you'd like to ask a question, please click on the Ask a Question box on the left of your screen. Type in your question and hit Send. We do ask that each participant please limit to one question when submitting. One moment, please, while we poll for questions.

Thank you. First question is, is your raw material inventory for the first quarter, 2027, large enough to continue to produce enough product for a strong revenue for Q1?

The answer to that question is absolutely. We are buying inventory almost every week, and Aaron can jump in here in a second, but we have the largest inventory level we've ever had currently on our balance sheet. We're honestly trying to reduce that significantly. That's what is happening up at Thompson Falls. Our new plant manager is hitting records with respect to the amount of antimony that we are producing on the tailgate of that plant. And so inventory and picking up raw material is not a problem. The problem is making sure we buy it right. We have turned down a lot of customers, and we are going to buy the price right to make sure that we can give shareholders the margins they deserve. Next question.

Next question. Are you able to provide any color on how we should be thinking about planned sales into the DLA contract for 2027 on a quarterly basis?

Obviously, that has been a very difficult thing for us to project. I think we've outlined today why that's the case. It's not an easy task to... Meet all the requirements of the DLA. We are getting better and better at it. They are getting better and better at it. And I feel like today we have a rather smooth system going on. We still have, obviously, A lot to deliver to the DLA, and our goal is to increase that significantly. But when you have a price of a commodity that's gone from close to $30 a pound down to $8 a pound, it makes you have to move a whole lot faster to make up that loss in price. We are doing it in the volumes. That's why we have gone to a volume projections rather than a dollar projections because we can't control the price of the commodity. When our price does drop down, we buy it cheaper. I mean, we're buying raw ore less than $5 a pound. So, you know, we're trying our best to maintain those margins, and we've turned down a lot of people that are trying to sell us product because they don't have a low enough price, and we're going to make sure we do that. So that's the only thing that I hesitate in saying about volumes is that we're not going to just generate sales to generate sales. That's crazy. We want to make money. That's the goal. And so ensuring that we're buying product right. Buying it from the right parties, buying it with high enough concentrate so we don't have to work so hard to bring it up to a mil-spec material, always important in achieving our success.

Next question. Antimony prices have dropped from $31 per pound on an earlier shipment to $14.06 per pound on the latest order, which is still a premium to spot $8 a pound. Heading into 2027, what determines the premium in your contracts, and how do you view the antimony demand market? Also, given the slower-than-anticipated DLA acceptance process, what level of quarterly deliveries can the government realistically make in 2027? Any expected changes with the government, with the new Congress?

No, the contract, the answer to the last question, the contract is the contract, so it's done. So we don't anticipate any changes. We know the DLA and the DLW is very happy with what we've done. We're way ahead of schedule, even though we aren't delivering the volumes yet that we anticipated. That is growing. It's growing monthly. As we reported today, October was a record as far as volumes for our company to the DLA. So, yes, the price does come down. It's a variable price, and it's set every time a purchase order is given. We still have a lot of antimony to deliver at prices significantly above $8 a pound, and you've got to remember we also have certain fees and embedded costs in our price that you don't see. So, unquestionably, the DLA wants more material. I personally think that contract will grow substantially as we get more deliveries made. Again, we're the only party that's delivering to the DLA, and we know their inventory is very low. So I see a bright future for many years to come with the DLA and the relationships we form, the credibility we've created with the Department of War, and I see us just continuing quarterly to increase our revenue and sales to the DLA. Thank you.

Next question. How much have you spent at Raidersburg to date, and how should we think of spending during the ramp-up at a site going forward, ideally by a quarter?

Well, the money that we've spent at Raidersburg was the purchase of the facility, which was just under $5 million. We put probably close to $2 million into it, including the lab and the additional equipment that Aaron mentioned during his time speaking. We're pretty much done. There is some money that the DLA is going to give us as part of the Raidersburg retrofit. I think that just got approved, if I'm not wrong, Aaron, just a couple weeks ago. But to answer your question, additional capital for Raidersburg is very limited now. I mean, we've done pretty much everything we need to do.

Thank you. Next question. On the DLA lots, TF-8 through TF-11 were all sampled in early October, and you pointed to a cycle of 55 days from sampling to acceptance. On that timeline, it seems all four lots could be accepted before year-end, but the high end of guidance includes only TF-8 and TF-9. Could you walk us through that?

Being accepted doesn't mean that we'll get paid. So we have to, and I'll let Sean jump in here. He's better at this than me, but there are certain general accepted counting principles related to government contracts of how we can book that in that quarter. Sean, you want to jump in?

Yeah, the sampling timeline is correct. It's getting better. The vein of being conservative.

We're losing you, Sean. We're losing you.

Yeah, we can't hear a word you're saying, Sean.

Okay.

Is that better?

Yes.

Okay, sorry about that.

In the vein of things we can control, you know, while sampling and the cycle times are getting better, you know, we cannot control release. You know, the DLA evaluates our sampling, and then we ship, and then they test again. So, in the vein of not trying, you know, not to overpromise, we think it's... It's reasonable on the high end that only two of those go. If we beat that, great. But again, we cannot control those parts of the delivery scheme, and we want to just be as conservative as possible, and we think that's the best estimate we can provide today. Thank you, Sean. Next question. Next question.

You indicated that industrial customer demand continues to grow. Given that the non-exact pricing of antimony causes wide fluctuations, have you rejected any orders due to this insufficient or inefficient volatile pricing?

That's a great question. Yes, we actually have formed a pricing committee that includes, I think, four or five individuals of the company. We have rejected quite a few orders just in the last 60 to 90 days, and we think we have played our cards right because those orders have been replaced by either new customers or those customers that rejected the price the first time come back a second or third time. Why is that happening? We're the only American-made antimony out there. There's an executive order that goes in effect January 1 that if you're selling to the military, you've got to be sourcing for American company. And we have very high quality. We know certain customers have bought from international sources, ATO, and sold it. They're wholesalers, and they've sold it through their distribution system, and they lost customers over the quality. So we know we have the highest quality, and we know we're the only American made, so therefore, in our opinion, we should get a premium. And so we have been rejecting offers to buy ATO quite a bit over the last 60 to 90 days. And, in fact, Fast Markets, I think, is coming out next week. With a new American price, which should be beneficial to us.

Thank you. Next question. Looking at Thompson Falls and Madero, you have a total of 500 tons per month capacity, though actual production has been ramping more gradually than initially anticipated. Could you provide some color on the current utilization at each facility, what operational constraints remain, and what level of quarterly antimony production you believe is achievable into 2027? Additionally, should we expect more explicit volume guidance going forward rather than relying primarily on capacity targets?

Well, let's talk about Mexico first. Unquestionably, we had some issues in Mexico. When I mentioned the new hires, I mentioned a new country manager there who's an engineer. He speaks Spanish, and we have fixed that. We are now able to bring processed material from Mexico to Thompson Falls, and we're doing that weekly now. So Thompson Falls has a new supply coming from Mexico that it hasn't had for two years. So that's changed, and that should help. Thompson Falls, process additional material more quickly. What is the delay at Thompson Falls? We, as you know, built a new facility, went live in May. Not all the furnaces were up and running. We had one particular contractor that we had been having problems with for over a year that sold us inferior equipment, was late in deliveries. And we pretty much had it, and I'm not going to tell you exactly what it was used for because we have sued them for reimbursement of our costs, and we've gone to another third party to build these parts, and that is pretty well done now. So we had a delay in... Furnaces that were completely built and brand new because of some parts missing that were necessary to make those furnaces productive. That, again, has pretty much been rectified, and that was a delay. Another is people. We had to hire a lot of new people. We had to train them, and we knew we needed to make changes at Thompson Falls. We brought in a new general manager after an exhaustive search to find someone qualified. And he's done a great job, and he's even better. We've had to change the culture, the thinking in Thompson Falls, and we've accomplished that. And I've gone up there a couple times, tried to meet with the people, telling them we've got to move faster, we've got to get better, and we are. Safety is a big concern. As I mentioned on the new hires, we hired a new safety manager who's going to be corporate-wide. And so we're doing all the things that we said we would do. It's just taking longer. People don't realize this is a very complicated business. There's a reason we don't have competition. It is not easy to do what we do. And we've been doing it for a long time. We've had some old ways of doing things that we have had to change. And we've had to bring new people in to make those changes. We've built a new facility, much more efficient, much more robust. And we will get to those numbers. I have no doubt about that with the team that we've built. But it's not happening as fast as we want it to happen. And a big part of that has been antimony prices. When prices fall, people just sit back and wait. They don't make orders. They don't want to sell. They're trying to find the bottom. We had bottomed out 60, 90 days ago, and now deals can be done. So a lot of the things that have caused us delay with respect to deliveries are out of our control, and our shareholders need to understand that. But if you look at our quarterly... And production, it continues to grow consistently. And I think you'll see that throughout 2027. It is difficult, very difficult for us to predict. And there's so many moving parts like buying the antimony, getting it on a ship, does it get delayed, getting it at a port, is it being inspected? You know, many, many things go into getting that antimony in a position that we can make a finished product. It's extremely hard to predict, and it's like throwing darts against the wall. So that's why we move to a volume prediction rather than a price prediction because we can't control prices. And I feel great about where we're going. It's just happening slower than we originally anticipated.

Thank you, Gary. I think we have enough time for about two to three more questions. What are the biggest drivers in antimony pricing? Given China and Russia generate the most and are not shipping to outsiders, why is the pricing so low for others who are supplying to the rest of the world?

Hey, Aaron, you want to shoot, you want to answer that question? You're the procurement manager.

Well, really the best answer that I can give is, The premise that China and potentially Russia is not shipping to the rest of the world is wholly incorrect. We know that we run into Chinese pricing in many districts, and there's a further competition for raw material that actually feeds back through that situation on a global scale as well, as we know that our greatest competitor out there Thank you. The raw material side is also China. So, through some of the factors that Gary described earlier, we know that we are bringing a more stable and a more calm market to North America as we separate some of these more volatile markets from our own.

Jonathan, let's do one more question, okay?

With targeted monthly supply of 150 tons a month from Bolivia and 120 tons a month from Canada, how much of your 2027 feedstock needs are secured? Given the 51% year-over-year decline and average cost per pound in Q3-2026, how much further margin improvement could we see at the Stibnite Hill and Noland Creek to begin contributing more feedstock?

Good question. First of all, I think Aaron mentioned the Bolivian delivery of antimony flake from the hydromet facility there has been woefully low, very disappointing. We expected 150 tons a month earlier this year, and we've not even gotten 100 tons. So at this point, we can't count on that. That's one reason we're getting repaid on our note. We're disappointed in the outcome of that facility. Not that mechanically the facility is fine. It's operationally they've had some issues. We obviously are having to procure from other sources. The source we get out of Canada has been a long, stable source and continues to improve in volume every year. Again, we're the only ones that can process that material. If we didn't process it, they'd have to go to a hazardous waste dump. So, I feel really good about that and the pricing associated with that. Aaron is bringing material in from a number of different countries. We continue to approve new New contracts and new relationships. We're being sought at every day. I mean, when I open up my email in the morning, I typically have three or four parties from around the world trying to sell us antimony, which I'll refer all to Aaron. It's like a bird's nest trying to figure out who's on first and who's a broker and who's got the real material, and that's a job that Aaron deals with every day. He's been dealing with some of these people two, three years. So, Aaron, you want to jump in and respond to some of those comments?

Yeah, I can. I think that most of these factors have actually been touched on lightly through some of the other questions and the great answers that you've provided, Gary. We do continue to build stronger relationships, but... We, of course, have quite a network and system now to deal with these various sources and drill into the reality of them, but I think it's also important to address that our own flow of material through our mines and through both of our facilities continues to also advance and produce more feed that is at an internal price. We'll be lower than the others. There's further details we're not going to broadcast publicly because it creates more competition, and I get 63 new brokers calling me. But fair to say that we have international reps, we have contacts, and contracts that are always developing.

And the Stibknight Hill, which Joe was successful at finding and has moved that material. Over 2,000 tons to Raidersburg. We'll begin processing that, I would imagine, before the end of the year. Is that right, Aaron?

Yes. A shipment should be going out of concentrates, and some of just pure stidnight that we could pick out of the pile without even processing should be shipping down to Madero for initial processing within about a week.

And then the Nolan Creek is a 2,000-ton bulk sample, which obviously we haven't received yet. We hope to receive that before the end of the year. Is that right?

Yes, that's correct.

Will, can you jump in there?

Yeah, we've got everything ready to go. We're just getting the final approval from MSHA to be able to go underground. There's no development required to get to it. The exploration drift done by the previous operator provides immediate access to or faces. So we anticipate as soon as that approval is given to us by Mining Self Safety and Health Administration, that we'll be able to begin collecting that sample. And then if we can get it all on the ground by the 21st of December, then we'll be able to deliver it all to Petersburg by December 31st.

Okay, well, thank you. I think that's all the questions we'll take today. We've been about an hour now in the call, and if you have any specific questions that we haven't answered, feel free to call Jonathan, and we'll try to address them to you, and we appreciate your confidence, and again, I think we had a good quarter, and looking forward to continued improvements throughout the year and into 2027. Have a nice day.

Thank you. This concludes today's webcast, and you may now disconnect your lines at this time. Thank you for your participation.