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The call emphasized strong strategic progress: meaningful government support and contracts, successful capital raises, operational expansions (Thompson Falls, Radersburg), robust zeolite shipment momentum, large resource reports (tungsten and high‑grade antimony assets), and an institutional market re‑rating. These positives were balanced by near‑term execution challenges (supply chain delays, regulatory testing), higher operating costs that reduced gross profit in Q1, a sizable Q1 net loss driven by noncash expenses and a mark‑to‑market investment hit, and some volatility/concerns around the Larvotto holding. Management framed the issues as temporary and tied to deliberate front‑loaded investments to scale production, and expressed confidence in meeting a reiterated $125 million 2026 revenue target with significant federal demand backing. Overall the highlights (funding, capacity growth, resource value, accelerating sales momentum) outweigh the lowlights (short‑term losses, delays and cost pressures), leading to a constructive but execution‑focused outlook.
Management reiterated 2026 guidance of $125 million in revenue (up from prior $100M target), estimating $75–$95M of that will be federal antimony ingot shipments by year‑end; Q1 sales were $6.8M (vs $7.0M YoY), gross profit fell $1.3M, and net loss was $11.3M driven by $4.8M stock‑comp and a $4.1M unrealized Larvotto loss, while cash/marketables were $60.2M at March 31 with subsequent receipts of $12.8M (DoD grant) and $48.6M of equity proceeds (total reported in commentary ≈$118.9–$121.6M), inventory rose $9.5M to $22M, and debt remained minimal at $162K; operations guidance included Thompson Falls capacity of ~230 t/month (9 furnaces) with staged commissioning (3 furnaces at ~50% now, target ≈80% by mid‑July, old 75 t/month plant to be retrofitted with a 4–8 week shutdown), Madero feed ~225 t/month, Radersburg mill (acquired for $4.3M) and lab online (grand opening July 7), hydromet JV planning a 120,000 sq ft facility targeting 1,000 t/month of 99.9% Sb by 2028, Fostung tungsten inferred resource 14.62M mt @0.17% WO3 (53.595M lbs WO3) with an in‑ground gross value of ~$9.3B at $3,300/mtu, planned bulk samples of 20–50k tons, Q1 zeolite momentum with March shipments ~60% above March 2025 and March/April shipments ~42% and ~66% above monthly targets respectively, $27M DoD grant of which $12.8M received, additional federal grant applications totaling ~$274M (DOE $44M, DIBC $5M, tungsten $105M, hydromet concentrator $119M), $48.6M raised at an average $11.57/share, and market metrics showing shares up from $5.93 to $8.30 in Q1, market cap from ~$830M to ~$1.19B, average daily volume ≈12M+ and institutional ownership approaching 50%.
Consolidated sales for Q1 2026 were $6.8 million (versus $7.0 million prior year), roughly flat year-over-year. Zeolite shipments showed strong momentum with March 2026 volumes ~60% higher vs March 2025; March shipments exceeded monthly target by ~42% and April shipments ran ~66% above target, indicating accelerating demand and improving utilization heading into Q2.
Cash and liquid securities totaled $60.2 million at quarter-end; subsequent receipts included a $12.8 million government grant and $48.6 million gross proceeds from an equity sale (average price ~$11.57/share). Management reported roughly $118.9 million in cash/treasuries/marketable securities after those transactions. Debt remained negligible (~$162k).
Awarded a $27 million federal grant (DoD) with $12.8 million received in April; received $12 million in sales orders under a DLA federal contract (two initial orders). Management is pursuing additional federal grant funding (total applications cited ~ $274 million across hydromet, tungsten and other projects).
Thompson Falls expansion will increase capacity from the ~75 tons/month old plant to about 230 tons/month with nine furnaces; commissioning staged with expectation to reach ~80% of new capacity by mid-July. Radersburg flotation mill was acquired for $4.3 million and is being outfitted with a laboratory for rapid in‑house assay work.
Fostung tungsten technical report estimates an inferred resource of 14.62 million metric tons grading 0.17% WO3 (53.595M lbs WO3). Applying a tungsten price cited ($3,300 per MTU) management estimated a gross in-ground theoretical value of ~$9.3 billion. Nolan Creek antimony-gold deposit reported ~42,412 tons grading 28% antimony and 0.408 oz gold/ton (management cited gross value >$460M at current prices).
Joint venture with Americas Gold and Silver to build a 120,000 sq ft hydromet facility in Idaho targeting ~1,000 tons/month of 99.9% pure antimony by 2028 (management: roughly half of the entire U.S. market). Hydromet is presented as enabling processing of lower-grade and more contaminated feedstocks.
Company uplisted to the NYSE Classic Board and rang the NYSE opening bell on March 11. Stock price rose from $5.93 to $8.30 in Q1 (~+40%) and market capitalization grew from ~$830.4M to ~$1.19B (~+43.4%). Average daily trading volume increased (roughly 12M+ shares), and institutional ownership was reported approaching ~50%.
Madero smelter in Mexico secured consolidated supply contracts averaging ~225 tons of quality feedstock per month, improving feed reliability. Test work at Radersburg reported flotation concentrates with antimony grades in excess of 60% in initial tests.
Greetings. Welcome to the United States Antimony Corporation First Quarter 2026 Financial and Operating Results Conference Call. [Operator Instructions] Please note, this conference and webcast is being recorded. I will now turn the call over to your host, Gary C. Evans, Chairman and CEO. You may begin.
Thank you, Paul, and welcome to our listeners. The news release on our earnings should be out any moment now. It was taking a little bit longer to get out, but as -- it should be out within a minute or 2. First, I'd like to start by introducing other members of the company's management team who has joined me today on this call. We have 7 speakers from management who'll be talking about their respective divisions because we have a lot to say, quite frankly. So those parties are as follows: Rick Isaak, Senior Vice President and Chief Financial Officer; Shawn Winkler, our Interim Chief Financial Officer; Joe Bardswich, our Director and Executive Vice President; and our Chief Mining Engineer; Melissa Pagen, President and Chief Operating Officer of our Bear River Zeolite division; Jeff Fink, Vice President of our Antimony division up in Thompson Falls; Aaron Tenesch, who's Vice President of our Antimony Division, predominantly involved in procurements as well as Radersburg; and then Jonathan Miller, who's Vice President of our Investor Relations. So before I turn over the conference call today to Rick and Shawn to discuss our financial report, I first want to say that I have never been more excited about where this company is going. If you are as an investor, knew only half as mu...