Release Date: March 20, 2025

For the complete transcript of the earnings call, please refer to the full earnings call transcript.

Positive Points

• United States Antimony Corp (UAMY) reported record revenues of $14.9 million for fiscal year 2024, marking a 72% increase year over year.
• Gross profit increased significantly to $3.5 million in 2024 from a loss of $3.3 million in 2023, indicating improved cost efficiencies and price increases.
• The company successfully reopened its Mexico operations in the fourth quarter of 2024 due to increased market demand and prices for antimony.
• UAMY expanded its antimony processing capacity by reopening its Mexico operations and starting the expansion of its facility in Thompson Falls, Montana.
• The company has made significant strides in investor relations, increasing its market cap from $20 million to approximately $200 million through strategic marketing and outreach efforts.

Negative Points

• The Zeolite business reported a gross profit loss of $0.6 million in 2024 due to high maintenance and repair costs.
• UAMY's operations in Mexico were closed in the first quarter of 2024 due to years of losses, although they were later reopened.
• The company faces challenges with limited space for expansion at its Thompson Falls facility, which is surrounded by US Forest Service land.
• There are concerns about potential tariffs affecting business, although this has not yet impacted operations.
• The timeline for transporting antimony from Alaska to Montana has been adjusted from June to August, indicating potential delays in operations.

Q & A Highlights

• Warning! GuruFocus has detected 2 Warning Signs with UAMY.

Q: What are the plans for expanding capacity at the Thompson Falls facility? A: Gary C. Evans, Chairman and CEO, explained that the Thompson Falls facility has a limited footprint due to its location between mountain ranges and surrounded by US Forest Service land. However, they have added another furnace and plan to retrofit four more to increase capacity. They are also considering other possible locations for expansion.

Q: Are there any plans to be involved in the Stibnite antimony project in Idaho? A: Joe Bargeswyth, Executive Vice President and Chief Mining Engineer, stated that they would like to handle the concentrate from the Stibnite project, but it is still a long way from production. Gary C. Evans added that they focus on projects that can provide antimony in the near term rather than several years down the road.

Q: Are there any other companies attempting to build new antimony downstream operations similar to UAMY? A: Gary C. Evans confirmed that they are not aware of any other companies building new antimony downstream operations. They have been in contact with construction companies and have not been informed of any new projects.

Q: What are the expectations for the Canadian leases in northeastern Canada? A: Joe Bargeswyth mentioned that they are looking for high-grade cobalt and other critical minerals. The advantage of the location is the existing infrastructure, which could allow for quicker mining and shipping if significant deposits are found.

Q: Can you provide details on the plans to source antimony ore internally later this year? A: Joe Bargeswyth explained that they are focusing on state land in Alaska for easier permitting, which generally takes 1 to 2 months. They plan to start digging in May. Gary C. Evans added that the first shipment of Australian antimony has arrived at the port and will be processed soon at the Madero facility.

For the complete transcript of the earnings call, please refer to the full earnings call transcript.