United States Antimony Corp (UAMY) 2025 Q1 法說會逐字稿

Greetings. Welcome to the United States Antimony Corporation first quarter 2025 Financial and Operational results meeting. (Operator Instructions)

問候。歡迎參加美國銻業公司2025年第一季財務與營運績效會議。（操作員指示）

Please note this webcast is being recorded. I'll now turn the webcast over to your host Gary C. Evans, Chairman and CEO. You may begin.

請注意，該網路廣播正在錄製。現在我將網路直播交給主持人、董事長兼執行長 Gary C. Evans。你可以開始了。

Thank you, sir, and I thank all of you. Good afternoon and appreciate you joining the management team of US Antimony to hear about our first quarter, 2025 results. I have with me on the call today other management team members, including Joe Bardswich, who is our Board Member and Executive Vice President and Chief Mining Engineer for the company; Rick Isaak, our senior Vice President and Chief Financial Officer; and Jonathan Miller, Vice President of Investor Relations.

謝謝您，先生，我也謝謝你們所有人。下午好，感謝您加入美國銻業管理團隊，了解我們 2025 年第一季的業績。今天與我一起參加電話會議的還有其他管理團隊成員，包括董事會成員、公司執行副總裁兼首席採礦工程師喬·巴德斯維奇 (Joe Bardswich)、高級副總裁兼首席財務官里克·伊薩克 (Rick Isaak) 和投資者關係副總裁喬納森·米勒 (Jonathan Miller)。

In summary, we reported revenues this morning were up to 128% year over year from last quarter of 2024. Our gross profit was up 302% year over year, and we reported net income of over $0.5 million, which was up 269% year over year. Our revenues in the first quarter were almost 50% of what we reported for the entire year in physical 2024. Now to give you more detail regarding our operating and financial results reported this morning, Rick Isaak will take over the call, Rick?

總而言之，我們今天上午報告的收入與 2024 年最後一個季度相比同比增長了 128%。我們的毛利年增 302%，淨收入超過 50 萬美元，年增 269%。我們第一季的營收幾乎占到 2024 年全年營收的 50%。現在，為了向您提供有關我們今天上午報告的運營和財務結果的更多詳細信息，Rick Isaak 將接管電話會議，Rick？

Thanks, Gary. I'll start with some comments on our consolidated results. Sales were $7 million for the first quarter of this year, which is an increase of nearly $4 million over last year. Of this increase, our antimony business was up $3.5 million over the prior year, which was primarily due to continued strong demand and an increased average sales price with our antimony products.

謝謝，加里。我首先對我們的綜合業績發表一些評論。今年第一季的銷售額為 700 萬美元，比去年同期增加了近 400 萬美元。其中，我們的銻業務比去年增加了 350 萬美元，這主要是由於持續強勁的需求和我們的銻產品平均銷售價格的上漲。

And our zeolite business was up about $500,000 over the prior year primarily due to higher demand and an increase in our sales volume with our zeolite products. Gross profit, as Gary mentioned, was $2.4 million for the first quarter of this year, which was an increase of $1.8 million over last year, and gross margin increased from 19% last year to 34% this year.

我們的沸石業務比上一年增長了約 50 萬美元，這主要是由於需求增加以及沸石產品銷量增加。正如Gary所提到的，今年第一季的毛利為240萬美元，比去年增加了180萬美元，毛利率從去年的19%上升到今年的34%。

The primary drivers of these increases were the higher average sales price with lagging or costs in our antimony business. And the more efficient operations in our zeolite business. These increases were offset in part by higher antimony or costs. As a result of these improvements, we reported income from operations of $358,000 in the first quarter of this year, which compares to a reported loss from operations of $470,000 last year.

這些成長的主要驅動因素是銻業務的平均銷售價格較高，而成本卻落後。並使我們的沸石業務運作更加有效率。這些成長部分被銻價上漲所抵銷。由於這些改進，我們報告今年第一季的營業收入為 358,000 美元，而去年報告的營業虧損為 470,000 美元。

However, there was a few more differences between the quarters that provide insight into our results. Our results in the first quarter of this year include about $750,000 of costs related to new management personnel. And about $315,000 of project costs. Both of these costs were not present in the first quarter of last year.

然而，各季度之間仍存在一些差異，有助於我們深入了解結果。我們今年第一季的業績包括與新管理人員相關的約 75 萬美元的成本。項目成本約為315,000美元。這兩項成本在去年第一季都不存在。

The majority of these costs relate to our strategy to quickly improve the company to capitalize on the current needs and demands from our business. Which includes mining in Alaska and Canada, use of the metal's concentration facility in Phillipsburg, Montana, sourcing antimony ore from new suppliers, obtaining funding for plan expansion and plant capacity expansion and others.

這些成本的大部分與我們的策略有關，即快速改善公司以滿足我們業務的當前需求。其中包括在阿拉斯加和加拿大採礦、使用蒙大拿州菲利普斯堡的金屬濃縮設施、從新供應商購買銻礦、獲得計劃擴建和工廠產能擴建的資金等。

Also, our results in the first quarter of this year include about $160,000 of ramp-up costs at our Mexico antimony smelter, which we should start seeing the benefits from these costs in future quarters. Next, I'll cover a few items related to our antimony business. Our antimony sales were $5.9 million in the first quarter of this year, which is up $3.5 million or 140% over last year, mainly due to the increase in the average sales price quarter over quarter.

此外，我們今年第一季的業績還包括墨西哥銻冶煉廠約 16 萬美元的增產成本，我們應該會在未來幾季開始看到這些成本帶來的好處。接下來，我將介紹一些與我們的銻業務相關的內容。我們今年第一季的銻銷售額為 590 萬美元，比去年同期成長 350 萬美元，增幅為 140%，這主要是由於平均銷售價格環比上漲。

Also, the first quarter this year had lower antimony sales volume than last year's first quarter, primarily due to contract and logistics delays related to antimony or supply. This resulted in more antimony inventory on hand at the end of the first quarter than expected. Both matters have since been resolved, and processing and sales have increased at the beginning of the second quarter.

此外，今年第一季銻的銷售量低於去年第一季度，主要原因是與銻或供應相關的合約和物流延遲。這導致第一季末銻庫存量高於預期。目前，這兩件事都已解決，第二季初加工量和銷售量均有所增加。

Along with the increase in sales, our antimony income from operations increased by $900,000 over last year and was $1.1 million for the first quarter of 2025. The increases in sales and income from operations were related to the strong demand for antimony. Antimony, as is part of the increased demand for critical minerals and critical materials from, for many industries as well as for the US government.

隨著銷售額的成長，我們的銻營運收入比去年增加了 90 萬美元，2025 年第一季為 110 萬美元。銷售額和營業收入的成長與銻的強勁需求有關。銻是許多產業以及美國政府對關鍵礦物和關鍵材料需求增加的一部分。

And we've been quickly implementing initiatives to capitalize on this demand. We reopened our Mexico antimony operations, as I mentioned. We're sourcing antimony ore from additional suppliers. We're expanding our operations to process antimony. In addition, we're going to start operations soon on our mining claims in Alaska.

我們一直在迅速實施措施來滿足這項需求。正如我所提到的，我們重新開放了墨西哥銻業務。我們正在從其他供應商採購銻礦。我們正在擴大業務以加工銻。此外，我們很快就會開始在阿拉斯加的採礦權上開展業務。

Next, I'll switch to our zeolite business. Our zeolite sales were $1.1 million in the first quarter of this year, which is up about $500,000 or 82% over last year. Our facility has become a reliable supplier to our customers, and this shows in our increased sales volume, which increased [67%] quarter over quarter. Our zeolite loss from operations was $308,000 in the first quarter of this year, which improved by $350,000 over last year.

接下來，我將轉到我們的沸石業務。今年第一季度，我們的沸石銷售額為 110 萬美元，比去年同期成長了約 50 萬美元，增幅為 82%。我們的工廠已成為客戶的可靠供應商，這體現在我們的銷售量成長上，銷售量較上季成長 [67%]。今年第一季度，我們的沸石營運損失為 308,000 美元，比去年同期減少了 35 萬美元。

This improvement was primarily due to efficiencies and labour and overhead related to higher sales volume, as well as lower maintenance and related expenses. Our zeolite business, as we've mentioned on prior calls, incurred significant maintenance and other related costs in the first quarter of 2024 due to poor maintenance historically on their operating equipment. Overall, we continue to be focused on growing our zeolite sales profitably.

這一改善主要歸因於與銷售量增加相關的效率、勞動力和管理費用以及維護和相關費用的降低。正如我們在先前的電話會議中提到的那樣，由於營運設備歷來維護不善，我們的沸石業務在 2024 年第一季產生了大量維護和其他相關成本。整體而言，我們將繼續致力於提高沸石銷售的獲利能力。

Next, I'll describe a few items on our balance sheet. Our working capital improved during the first quarter of this year by $3.4 million, and improved since March 31, 2024, by $7 million. Our cash balance increased $574,000 during the first quarter of 2025. We have warrant exercises cumulatively over 2024 and 2025 of around $5 million shares. This amount of gross proceeds of around $3.7 million. There's around $5.5 million of gross proceeds that has not been exercised.

接下來，我將描述我們資產負債表上的幾個項目。我們的營運資金在今年第一季增加了 340 萬美元，自 2024 年 3 月 31 日以來增加了 700 萬美元。2025 年第一季度，我們的現金餘額增加了 574,000 美元。我們在 2024 年和 2025 年累積行使的認股權證價值約為 500 萬美元。這筆總收益約為 370 萬美元。大約有 550 萬美元的總收益尚未使用。

And we ended the quarter with long term debt of about $300,000. Overall, we got off to a good start in the first quarter, and we have a lot of opportunity ahead of us. We improved our operations and our financial results of both our Antimony and like businesses. Our consolidated results improved over last year, and sales, income, and cash increased over last year.

本季末我們的長期債務約為 30 萬美元。總體而言，我們在第一季取得了良好的開局，並且我們面前還有很多機會。我們改善了銻及類似業務的營運和財務表現。我們的綜合業績比去年有所改善，銷售額、收入和現金都比去年增加。

We have initiatives that should continue to improve our results and metrics throughout 2025 and increase shareholder value. More important, you have a team dedicated to capitalizing on this opportunity in front of us and improving the company every day. I'll turn it back over to you, Gary.

我們制定了一些舉措，將在 2025 年繼續改善我們的績效和指標，並提高股東價值。更重要的是，你們擁有一支致力於利用我們面前的這個機會並每天改善公司的團隊。我會把它交還給你，蓋瑞。

Thanks, Rick, and now I'd like to turn the conference call over to Joe Bardswich, who will provide everyone an overview of our mining operations both in Alaska and Ontario, Canada. Joe?

謝謝，里克，現在我想將電話會議交給喬·巴德斯維奇，他將向大家概述我們在阿拉斯加和加拿大安大略的採礦業務。喬？

Thanks, Gary. So, we continue to upgrade and expand our capabilities in the exploration for development of critical mineral deposits in the United States and Canada. This includes a review of property submissions from prospectors, claim owners, and junior exploration companies. The development of our own theories on mineral deposits and occurrences. Active field follow-up programs by our geological teams where and when we believe such action is warranted.

謝謝，加里。因此，我們不斷升級和擴大我們在美國和加拿大關鍵礦產礦藏勘探開發的能力。這包括審查勘探者、索賠人和初級勘探公司的財產提交情況。我們自己的礦藏和礦產理論的發展。當我們認為有必要時，我們的地質團隊將積極進行現場後續行動。

And on occasion affecting property acquisitions through leases with options to purchase or even outright purchases depending on circumstances. We have expanded our team to include geologist [Rebecca Gower], who resides in the Fairbanks area of Alaska, and has extensive experience in both Alaska, the North Central US, and Ontario. She will be joining us effective May 15.

有時也會影響透過租賃獲得的財產，並根據情況選擇購買，甚至直接購買。我們擴大了團隊，包括居住在阿拉斯加費爾班克斯地區的地質學家 [Rebecca Gower]，她對阿拉斯加、美國中北部和安大略省都有豐富的經驗。她將於 5 月 15 日起加入我們。

And she'll be working closely with Rod in Alaska. We've also engaged consulting geologist, Peter Mastrich on a part-time basis. Peter lives in Missoula, about two hours from Thompson Falls and has extensive Northwestern USA experience, including underground mining experience.

她將與阿拉斯加的羅德密切合作。我們也聘請了兼職顧問地質學家 Peter Mastrich。彼得住在米蘇拉，距離湯普森瀑布約兩小時車程，擁有豐富的美國西北部經驗，包括地下採礦經驗。

In Ontario, we have engaged two local geologists, Doctor Fred Briggs and Frank Rocio on an as required basis. To further exploration at our auction cobalt nickel tungsten property just outside the northwest rim of the Sudbury Basin. And we continue to assess other opportunities for critical minerals in the general Sudbury area.

在安大略省，我們根據需要聘請了兩位當地地質學家，弗雷德·布里格斯博士和弗蘭克·羅西奧。進一步勘探我們位於薩德伯里盆地西北邊緣外的拍賣鈷鎳鎢礦產。我們將繼續評估薩德伯里地區其他關鍵礦產的開採機會。

The United States Antimony Corporation's exploration efforts continue to be focused on antimony, surprise in Alaska and our Vice President of mining Rod Blakestad. He has very recently completed a return with his family to the Fairbanks area. Recently The last couple of days. Rod is organizing the startup of a surface drenching program to follow up on high-grade antimony soil anomalies. Previously identified by exploration companies.

美國銻公司的勘探工作繼續集中在銻上，令人驚訝的是阿拉斯加和我們的採礦副總裁羅德·布萊克斯塔德。他最近剛和家人返回費爾班克斯地區。最近這兩天。羅德正在組織啟動一項地表浸潤計劃，以追蹤高品位銻土壤異常情況。先前已被勘探公司發現。

During the exploration boom occasioned by Rod's discovery of the present-day Fort Knox multi-millions gold deposit that is being mined and milled by Kinross Gold Corporation. After that discovery, there was a rush of junior and senior companies into the area. Antimony is considered a pathfinder element for gold exploration.

在羅德發現如今的諾克斯堡數百萬美元的金礦後，金羅斯黃金公司開始對其進行開採和加工，從而引發了黃金勘探熱潮。此次發現之後，大批初級和高級公司紛紛湧入該地區。銻被認為是黃金探勘的探路元素。

Companies like Plaster Dome and Inco conducted extensive soil exploration programs that included antimony. We presently have copies of the assay results of these programs and the drawings where several antimony soils anomalies were mapped and plotted. The high value antimony and soil anomalies justified the trenching program. That Basis for that program.

Plaster Dome 和 Inco 等公司開展了包括銻在內的廣泛的土壤勘探計劃。我們目前擁有這些項目的分析結果副本以及繪製和標繪了幾處銻土壤異常的圖紙。高價值的銻和土壤異常證明了挖溝計畫的合理性。該計劃的基礎。

Based on the history of antimony mining in the Fairbanks area during the First World War and current discoveries by Active plaster miners who consider the antimony boulders to be a nuisance. We expect to find outcropping stibnite at the bedrock soil interface and expect both detached boulders of stibnite. And stibnite in place. More or less in situ in veins in the bedrock.

基於第一次世界大戰期間費爾班克斯地區的銻礦開採歷史以及當前活躍的石膏礦工的發現，他們認為銻巨石是一種滋擾。我們期望在基岩土壤界面處發現露頭的輝銻礦，並期望發現兩塊分離的輝銻礦巨石。並將輝銻礦放置到位。或多或少位於基岩的脈絡中。

Where warranted, we will excavate the high-grade stibnite and prepare it for trucking to our facilities in Montana. The goal being the truck material grading 30% to 50% antimony to our Phillipsburg flotation mill for upgrading. Then forwarding it to Thompson Falls to meet the military effect for antimony trisulfide for primary munitions. And there's a usually a premium on that quality of material.

在必要時，我們將挖掘高品位輝銻礦，並準備用卡車運送到我們位於蒙大拿州的工廠。目標是將銻品位為 30% 至 50% 的卡車材料運送到我們的菲利普斯堡浮選廠進行升級。然後將其轉發至湯普森瀑布，以滿足作為主要彈藥的三硫化二銻的軍事作用。而且這種品質的材料通常價格較高。

We have submitted the standard Alaskan multi-department permit application for this work. That was on April 14, we expect approval within the next couple of weeks. There's plenty to do in the meantime, organizing the excavation contractor and setting up a base on a leased parcel of the ground of the ground.

我們已經為這項工作提交了標準的阿拉斯加多部門許可申請。那是 4 月 14 日，我們預計在接下來的幾週內獲得批准。同時，還有很多事情要做，組織挖掘承包商並在租賃的土地上建立基地。

At stibnite Creek, we engaged the services of [Benetton] exploration. [Pitton] has a previous experience in the Site Creek and took area of Alaska. The stibnite Creek area is more remote than our Fairbanks area property, but. In the Fairbanks area we can more or less drive to within a few 100 ft of the locations.

在輝銻礦溪，我們聘請了[Benetton]進行勘探。 [Pitton]之前在Site Creek有勘探經驗，並且勘探過阿拉斯加地區。輝銻礦溪流地區比我們費爾班克斯地區的土地更為偏遠，但是。在費爾班克斯地區，我們基本上可以開車到達距離該地點幾百英尺的範圍內。

At stibnite Creek, a very rudimentary mill was set up. Several years ago, several tens of years ago, and attempts were made to mind the antimony when the price was in the $2 and $3 range. That mill will be unusable, and we anticipate that maybe a good for marriage and effort by US alimony would be warranted. Provided that we would not be subject to responsibility for cleaning the hazards that were created by others.

在輝銻礦溪邊，建立了一個非常簡陋的磨坊。幾年前，幾十年前，當銻的價格在 2 美元到 3 美元左右時，人們就曾嘗試開採它。該工廠將無法使用，我們預計，也許美國贍養費對婚姻和努力的良好作用是合理的。但我們無需承擔清理他人造成的危險的責任。

The application for work at stibnite Creek will be submitted by [Peter] within the week. As we expand, we're experiencing growing pains and sometimes things do not go as smoothly as expected. However, the overall cooperation of team members and meshing of the different components necessary for success are well above average. And I believe they will continue that way. I'll turn it back to you, Gary.

[Peter] 將在本週內提交在輝銻礦溪工作的申請。隨著我們的擴張，我們也經歷了成長的煩惱，有時事情並不像預期的那麼順利。然而，團隊成員的整體合作以及成功所需的各個組成部分的配合遠高於平均水平。我相信他們會繼續這樣做。我會把它還給你，蓋瑞。

Joe, before I let you go there and we'll get into some of the questions, what is our acreage position? What is it grown to in Alaska?

喬，在你去那裡之前，我們先來討論一些問題，我們的種植面積情況如何？它在阿拉斯加生長成什麼樣子？

We're up to just over 55 square miles. That's, just over 35,000 acres. That includes the three main areas, the Fairbanks area, the Stibnite Creek area, and the Maclaren River area.

我們的面積剛好超過 55 平方英里。也就是說，面積剛好超過 35,000 英畝。其中包括三個主要區域：費爾班克斯區域、輝銻礦溪區域和麥克拉倫河區域。

And with that acreage position, I think the permitting you file was for eight different locations that we would start mining operations, is that correct?

有了這些土地面積，我認為您申請的許可證是針對八個不同的地點開始採礦作業，對嗎？

Yes, there's a primary soil anomaly that we want to explore and develop as soon as possible, as soon as that permitted an issue. I'm expecting that permit within two weeks. Yeah.

是的，存在一個主要的土壤異常現象，我們希望盡快探索和開發它，只要這允許一個問題。我希望兩週內能拿到許可證。是的。

And then we're hopeful that once we complete our land, we've been working on the land purchase to be kind of our home base up there, we would then start stockpiling this antimony and hopefully be able to begin bringing some of it to Thompson Falls by August, September time frame.

然後，我們希望，一旦我們完成了土地的採購，我們就會在那裡建立我們的大本營，然後我們會開始儲存銻，並希望能夠在八月、九月之間將其中一部分運送到湯普森瀑布。

Yes, that's our target goal to get it moving certainly by the first of September.

是的，這是我們的目標，肯定能在九月一日之前開始實施。

Perfect. All right, well thank you, Joe, very insightful and very exciting and just to kind of remind everyone, the reason Alaska is so important to this company is that today all of our antimony input is bought by international sources. There's no antimony being mined in the in the continental United States and a little bit maybe in Alaska, but by having our own source of supply it gives us certainty.

完美的。好的，非常感謝喬，你講得非常有見地，非常令人興奮，只是想提醒大家，阿拉斯加對這家公司如此重要的原因是，今天我們所有的銻輸入都是透過國際來源購買的。美國本土沒有開採銻，阿拉斯加可能有一點，但擁有自己的供應源讓我們更確定。

We're constantly negotiating contracts with third parties from bringing antimony around different sources in the world, and if we can have our own supply, then they have that certainty, then that gives us all kinds of advantages for our customers. In other words, we can feel comfortable entering into long-term contracts that protect us and protect them.

我們不斷與來自世界各地不同來源的銻供應商談判合同，如果我們能夠擁有自己的供應，那麼他們就有了確定性，這將為我們的客戶帶來各種優勢。換句話說，我們可以放心地簽訂保護我們和他們的長期合約。

Additionally, having the kind of quantities that we're anticipating will give us great ability to fill our smelter. As we're under a significant expansion effort at Thompson Falls that would grow that smelter capacity by 6 times and having our own supply at a much-reduced price than what we are paying to buy international supplies will have a significant financial impact on this company.

此外，擁有我們預期的數量將使我們有能力填充我們的冶煉廠。由於我們正在湯普森瀑布進行大規模擴建，這將使冶煉廠的產能增加 6 倍，而且我們自己的供應價格比購買國際供應的價格低得多，這將對該公司產生重大的財務影響。

And so, we can't get that antimony from Alaska to Montana fast enough and everybody's working feverishly to accomplish that goal. So, I'd like to now introduce Jonathan Miller and ask him to update everyone on our marketing investor relations activities that he and I work on a lot and what we've accomplished in the first quarter of 2025. Jonathan.

因此，我們無法足夠快地將銻從阿拉斯加運送到蒙大拿州，每個人都在拼命工作以實現這一目標。因此，我現在想介紹喬納森·米勒，並請他向大家介紹我們和他一起開展的營銷投資者關係活動以及我們在 2025 年第一季取得的成就。喬納森。

Thanks, Gary. I'm excited to share the evolution of our investor relations strategy at United States Antimony Corporation since I came on board last summer. The second half of 2024 was all about foundation building. We went broad and deep across the retail landscape and early institutional market. We participated in over 15 institutional conferences, introducing the company to a wide spectrum of investors, many of whom had never heard of us before.

謝謝，加里。我很高興與大家分享自去年夏天加入美國銻公司以來投資者關係策略的演變。2024 年下半年主要是基礎建設。我們廣泛而深入地研究了零售領域和早期機構市場。我們參加了超過 15 場機構會議，向廣泛的投資者介紹公司，其中許多投資者以前從未聽說過我們。

That visibility translated into a meaningful uptick in daily trading volume, a broader shareholder base, and most importantly, market cap expansion that better reflects the strategic value of our assets. But as the company matured and execution improved, so did our investor targeting strategy.

這種可見性轉化為每日交易量的顯著上升、股東基礎的擴大，最重要的是，市值的擴大更能反映了我們資產的策略價值。但隨著公司逐漸成熟、執行力不斷提升，我們的投資人目標策略也隨之改善。

For 2025, we're focused squarely on long-term institutional capital funds that think in terms of multi-year returns and understand the value of being North America's only two antimony smelters. We've already conducted multiple non-deal roadshows this year with strong support from the banking community such as B. Riley, Titan Partners, and Jet Capital.

到 2025 年，我們將重點關注長期機構資本基金，這些基金考慮多年回報，並了解成為北美僅有的兩家銻冶煉廠的價值。在 B. Riley、Titan Partners 和 Jet Capital 等銀行業的大力支持下，我們今年已經進行了許多非交易路演。

Through those efforts we've sat down virtually and in person with over 70 institutional firms ranging from metals and mining specialists to generalist funds and family offices. Equity research coverage is also continuing to grow. We now have 4 firms covering the company H.C. Wainwright, Alliance Global Partners, B. Riley, and D ‘Bora with several others in the pipeline that we believe are preparing to initiate research coverage.

透過這些努力，我們與 70 多家機構公司進行了線上和線下的交流，這些公司包括金屬和採礦專家、綜合基金和家族理財室。股票研究覆蓋範圍也持續擴大。我們現在有 4 家公司涵蓋 H.C. Wainwright、Alliance Global Partners、B. Riley 和 D'Bora，另外還有幾家公司正在籌備中，我們認為它們正準備開始研究報紙。

That validation has helped elevate our credibility and open doors to even larger institutional pools of capital. Media visibility has followed suit. We've been consistently featured in both television, podcasts, and print. And as an interest continues to grow because of our exciting story and continued ability to execute. We're now fielding inbound calls from cable news outlets and who want to cover our story from critical minerals and national security to our domestic production footprint.

這種認可有助於提升我們的信譽，並為更大的機構資本池打開大門。媒體的關注度也隨之提高。我們一直出現在電視、播客和印刷品上。由於我們激動人心的故事和持續的執行能力，人們的興趣不斷增長。我們現在正在接聽有線新聞媒體的來電，他們希望報道我們從關鍵礦產和國家安全到國內生產足蹟的故事。

The narrative is resonating. Our calendar in Q2 is packed. We'll be presenting at the D ‘Bora conference in New York on May 14, Canaccord Genuity event in Las Vegas May 20, and May 21, followed by B. Riley and Marina Del Rey on the 21 and 22. Then we present at the Life and Partners virtual conference on May 29, and Centurion One Capital in Beverly Hills June 4 and June 5.

這個故事引起了共鳴。我們第二季的日程安排得很滿。我們將於 5 月 14 日在紐約的 D'Bora 會議上發表演講，5 月 20 日和 21 日在拉斯維加斯的 Canaccord Genuity 活動上發表演講，隨後於 5 月 21 日和 22 日在 B. Riley 和 Marina Del Rey 活動上發表演講。然後，我們將於 5 月 29 日在 Life and Partners 虛擬會議上進行演講，並於 6 月 4 日和 6 月 5 日在比佛利山莊的 Centurion One Capital 進行演講。

But conferences are only part of the strategy. We're currently evaluating digital marketing partners who can help us reach a broader investment audience, particularly through data-driven targeting across platforms like Seeking Alpha, LinkedIn, X, and other reputable financial website publishers. The goal is to meet the next wave of investors where they are, whether they're managing a $10 billion fund or reading mining blogs on a Sunday evening at home.

但會議只是該戰略的一部分。我們目前正在評估可以幫助我們接觸更廣泛的投資受眾的數位行銷合作夥伴，特別是透過 Seeking Alpha、LinkedIn、X 和其他知名金融網站發布商等平台的數據驅動定位。我們的目標是在投資者所在的地方與他們會面，無論他們是管理 100 億美元的基金，還是在周日晚上在家閱讀礦業部落格。

Bottom line, 2024 was about visibility. 2025 is about conviction, and we're building the right relationships now to support long term shareholder value as we continue to scale both our antimony, zeolite, and other critical minerals into a larger, more profitable enterprise. I'll also add that our inclusion into the Russell 2000 index at the end of May will serve as another catalyst increasing visibility with index funds, passive capital, and institutional buyers.

歸根究底，2024 年關乎可見性。 2025 年關乎信念，我們現在正在建立正確的關係，以支持長期股東價值，同時我們將繼續將銻、沸石和其他關鍵礦物擴大為更大、更有利可圖的企業。我還要補充一點，我們將在 5 月底被納入羅素 2000 指數，這將成為提高指數基金、被動資本和機構買家知名度的另一個催化劑。

This significant milestone combined with our increasing daily trading volume, now averaging $2 million to $3 million shares, which creates the liquidity that large institutional investors seek. Lastly, our investor relations messaging continues to align with national security, defence priorities, and government buyer interests, reinforcing our strategic relevance in a geopolitically sensitive sector. I will now turn it back over to you, Gary.

這一重要里程碑與我們不斷增長的每日交易量相結合，目前平均每日交易量為 200 萬至 300 萬美元，創造了大型機構投資者所尋求的流動性。最後，我們的投資者關係資訊持續與國家安全、國防優先事項和政府買家利益保持一致，加強了我們在地緣政治敏感領域的戰略相關性。現在我將把話題交還給你，蓋瑞。

Thanks, Jonathan. One thing I'd like you to let everybody know is we had a very well-known large institutional shareholder file ownership paper a few days ago. I want you to tell everybody about that.

謝謝，喬納森。我想讓大家知道的一件事是，幾天前我們有一位非常知名的大型機構股東提交了所有權文件。我希望你把這件事告訴大家。

So according to BlackRock's 13F filing, they've increased their position by over $1.8 million shares, taking their total ownership to 5.1%.

因此，根據貝萊德的 13F 文件，他們已增持價值超過 180 萬美元的股票，總持股達到 5.1%。

And as many of BlackRock is a $1 trillion dollar plus fund and is a bellwether. It's, it gives you, it's kind of like the good housekeeping seal of approval. So, we're excited to have them as substantial shareholders of the company.

貝萊德的許多基金都擁有超過 1 兆美元的規模，是該行業的領頭羊。它給你的，有點像是良好管家認可印章。因此，我們很高興他們成為公司的大股東。

Thanks again, Jonathan. So, as you can see, we've been very busy educating predominantly institutional investors about US Antimony Corporation. We have a very unique position of being the only two operating antimony smelters in North America and for that matter, the Western Hemisphere.

再次感謝你，喬納森。因此，正如您所看到的，我們一直忙於向主要機構投資者介紹美國銻公司。我們的定位非常獨特，我們是北美乃至西半球僅有的兩家營運的銻冶煉廠。

So let me make something very clear. There exists today a worldwide shortage of this hard rock mineral. We can say this with conviction because we're attempting to buy supply every single day in the marketplace. And guess who is our largest competitor? The People's Republic of China. The 10,000-pound [gorilla].

所以讓我把一些事情說清楚。目前，全球範圍內都存在這種堅硬岩石礦物的短缺。我們可以堅定地說這一點，因為我們每天都在嘗試在市場上購買供應。猜猜我們最大的競爭對手是誰？中華人民共和國。10,000 磅重的[大猩猩]。

So, what does the future hold? Undoubtedly higher prices will fix supply. The problem is that this is going to take time. This is not easily fixed. Economic limits have been raised with higher prices of this ore. That means smaller quantities, wherever they may be in the world that may exist today become economic.

那麼，未來會怎樣？毫無疑問，更高的價格將解決供應問題。問題是這需要時間。這個問題不容易解決。隨著這種礦石價格的上漲，經濟限制也隨之提高。這意味著，無論它們存在於世界何處，只要數量較少，就具有經濟價值。

We're negotiating the purchase of these smaller supplies alongside China from sources all across the world. So, however, the silver lining here for us though is Alaska. With our own, our eight permits at these different locations covering now 35,000 acres and mineral claims, we believe we may have some of the highest quality antimony, Stibnite or available in the world.

我們正在與中國協商從世界各地的來源購買這些小規模物資。然而，對我們來說，一線希望就是阿拉斯加。我們在這些不同地點擁有八張許可證，目前覆蓋 35,000 英畝土地和礦產地，我們相信我們可能擁有世界上最高品質的銻、輝銻礦或可利用資源。

Bringing this material to our own smelter under current expansion efforts that are underway cannot happen soon enough. Our margins will improve and certainty of supply of feedstock will be accomplished. So, what should you as an investor and shareholder look forward to as catalysts from our company in 2025? I'm going to give you six of them.

在目前正在進行的擴建工作下，將這種材料引入我們自己的冶煉廠是迫在眉睫的事情。我們的利潤率將會提高，原料供應的確定性也將實現。那麼，身為投資者和股東，您應該期待我們公司在 2025 年出現哪些催化劑？我要給你六個。

Number one, closing of a DOD grant. Number two, additional new international supplies of antimony to both Madero in Mexico and in Thompson Falls over and above what has already been announced. Number three, Alaska supply beginning in late summer. Number four, completion of our expansion plans in Thompson Falls that are currently underway prior to year end, which will provide a sixfold increase in our throughput capability.

第一，結束國防部撥款。第二，除了已經宣布的供應量之外，還將向墨西哥馬德羅和湯普森瀑布提供額外的國際銻供應。第三，阿拉斯加的供應將於夏末開始。第四，我們目前正在進行的湯普森瀑布擴建計畫將在年底前完成，這將使我們的吞吐能力提高六倍。

Number five additional acquisitions of mining claims since some likely in other critical minerals. And six, continued operating and financial results improvements. Each quarter should be a stair step increase of not only the prior year but the prior immediate quarter. We gave our first annual revenue guidance when we reported 2024 physical results, which was not quite two months ago.

第五，額外收購採礦權，因為其中一些可能涉及其他關鍵礦產。第六，持續改善經營和財務表現。每個季度不僅應比上一年有階梯式的成長，而且應比上一季有階梯式的成長。我們在報告 2024 年實際業績時給出了第一份年度收入預測，這還不到兩個月前。

That was anticipated of revenues, expectations of $35 million to $50 million. I am today tightening up that spread to $40 million to $50 million and feel comfortable doing so. With that being said, operator, please open the conference now to questions from our listeners. However, I would ask you to please don't ask me any questions regarding a DOD grant and timing. I'm prohibited from answering those questions. Everything else though is on the table, operator.

預計收入為 3500 萬至 5000 萬美元。我今天將這一利差縮小至 4,000 萬美元至 5,000 萬美元，並且對此感到很放心。話雖如此，接線員，現在請開始會議，回答聽眾的問題。不過，請您不要問我任何有關國防部撥款和時間表的問題。我被禁止回答這些問題。不過，其他一切都擺在桌面上，操作員。

Certainly, at this time we'll be conducting a question-and-answer session. (Operator Instructions)

當然，這次我們將進行問答環節。（操作員指示）

Thank you. Your first question. Regarding the [6X] expansion plans for Thompson Falls, how are you able to complete by the end of the year? Will construction affect existing operations?

謝謝。您的第一個問題。關於湯普森瀑布的 [6X] 擴建計劃，你們如何能夠在年底前完成？施工會影響現有營運嗎？

Good question. There are two answers to that. Number one, yes, we do plan to get this done by the end of the year. In fact, we think it may be a month or two early if our contractor is able to do what he says he can do. We chose a contractor that had substantial Montana operations and personnel. They're very active in the state, they're a large firm, we have a great relationship with senior management of the firm, and they understand the necessity to get this done quickly.

好問題。對此有兩個答案。第一，是的，我們確實計劃在今年年底前完成這項工作。事實上，我們認為如果我們的承包商能夠做到他所說的，可能需要提前一兩個月。我們選擇了一家在蒙大拿州擁有大量業務和人員的承包商。他們在該州非常活躍，他們是一家大公司，我們與公司的高階管理層保持良好的關係，他們明白迅速完成此事的必要性。

It will not affect our existing operations. Everything that's being added is an add on to the property. We'll probably remove our office there and relocate that somewhere else on the property because we need the space for this expansion. The biggest problem we have in Thompson Falls is a lack of ground cover. I mean, in other words, we don't have enough property to do what we want to do.

這不會影響我們現有的營運。所有添加的東西都是對財產的附加。我們可能會將那裡的辦公室搬到其他地方，因為我們需要空間來擴張。湯普森瀑布面臨的最大問題是缺乏地面覆蓋物。我的意思是，換句話說，我們沒有足夠的財產去做我們想做的事情。

So, the expansion that we've announced is the most we can do on the piece of property that we own, and we're surrounded by the Forest Service and we also have limitations due to topography that's a very mountainous area. So, to answer your question, yes, I feel very comfortable prior to year end and no, it will not affect existing operations.

因此，我們宣布的擴建是我們能在所擁有的土地上進行的最大限度的建設，而且我們周圍都是林務局，而且由於地形多山，我們也受到限制。因此，回答您的問題，是的，我在年底之前感到非常放心，而且它不會影響現有的營運。

Thank you. Your next question. We all await ore from Alaska. Can you comment on permitting timeline? When do you expect ore to be trucked in Montana facility once permit is approved?

謝謝。你的下一個問題。我們都在等待來自阿拉斯加的礦石。您能評論一下許可時間表嗎？一旦許可證獲得批准，您預計何時將礦石運送至蒙大拿州工廠？

I think we've kind of covered that already, but we're looking for August, September. We might get fortunate enough, late July, August, but right now it's just a matter of getting our permits approved, which is, as Joe said, hopefully in the next couple of weeks, and then staging and picking up rocks. We've already hired contractors and we're going to start loading Stibnite into Super socks to be trucked to Montana. And so, we can't do it fast enough. We're working as fast as we can. That's why we've hired more people in Alaska to expedite this.

我想我們已經討論過這個問題了，但我們期待的是八月、九月。我們可能會很幸運，在七月底或八月，但現在我們只需要獲得許可證批准，正如喬所說，希望在接下來的幾週內，然後開始準備和收集石頭。我們已經僱用了承包商，我們將開始將輝銻礦裝入超級襪子，然後用卡車運往蒙大拿州。所以，我們無法夠快地完成任務。我們正在盡可能快地工作。這就是為什麼我們在阿拉斯加僱用了更多人來加快這一進程。

Thank you. Your next question. Can you speak about the logistics of trucking ore from Alaska starting in 24, specifically about your ability to truck during rough winter months? Do you anticipate any lulls due to winter weather?

謝謝。你的下一個問題。您能否談談從 24 年開始從阿拉斯加運輸礦石的物流情況，特別是您在嚴冬月份運輸礦石的能力？您是否預期冬季天氣會導致產量暫時下降？

Well, again, I think it'll be Q3, not Q2. Yes, it's a 2,100-mile hike. By truck, it's pretty much a straight shot. It takes about two days. Fortunately, a lot of the trucks that go to Alaska take goods and come back unloaded or naked. So, we have been talking to a number of trucking contractors about back hauling, which gives us a substantially reduced rate. And I don't think there's any problem trucking in the winter.

嗯，我再說一次，我認為是第三季度，而不是第二季度。是的，這是一次 2100 英里的徒步旅行。如果是卡車的話，基本上是直線運輸。大約需要兩天。幸運的是，許多開往阿拉斯加的卡車裝載貨物回來時都是空載或裸載。因此，我們一直在與一些卡車運輸承包商討論回程運輸事宜，這為我們帶來了大幅降低的費率。我認為冬季卡車運輸不會有任何問題。

The problem is us being able to actually excavate the ore in the winter. So that's why we're actually looking for property. We've got a number of properties we'll probably be closing on in the not-too-distant future where we will start stockpiling antimony so that we can continue trucking it during the winter months. So that that is the game plan.

問題是我們是否能在冬天真正挖掘出礦石。這就是我們尋找房產的原因。在不久的將來，我們可能會關閉一些房地產，並開始儲存銻，以便在冬季繼續運輸。這就是比賽計劃。

Joe's been very careful in picking sites that were near roads so that we weren't out. As other companies have got antimony sources way deep in the woods in the forest, maybe hundreds of miles from the road, we are right next to Alaskan Highway, the main thoroughfares between Fairbanks and Anchorage, and we can get that material out all year long, but we've got to get it stockpiled to be able to do that.

喬非常小心地選擇靠近道路的地點，這樣我們就不會出門。其他公司的銻源位於森林深處，可能距離公路數百英里，而我們則緊鄰阿拉斯加高速公路，即費爾班克斯和安克雷奇之間的主要幹道，我們可以全年將這些材料運出，但我們必須將其儲存起來才能做到這一點。

Thank you. Your next question is implications if [Tick Red's dog zinc] mine gets hung up with tariff issues given much of the zinc concentrate goes to China for processing. How could that affect your tech feedstock coming in for processing in Montana?

謝謝。您的下一個問題是，如果 [Tick Red's dog 鋅] 礦因關稅問題而陷入困境，將會產生什麼影響，因為大部分鋅精礦都運往中國進行加工。這會對你們在蒙大拿州加工的科技原料產生什麼影響？

Well, first of all, antimony has been exempt from tariffs. And we have been working closely with tech and the government and at this point we don't see an issue there. Obviously, there's a lot of sabres rattling between the United States and Canada today, but so far, we're okay. And then of course the material from Mexico, Madero comes internationally and then we can sell internationally, so there are no tariffs there. But even if we bring that. Material to the United States, critical minerals being antimony are exempt.

首先，銻已經免關稅。我們一直與科技部門和政府密切合作，目前我們沒有發現任何問題。顯然，今天美國和加拿大之間有很多劍拔弩張的場面，但到目前為止，我們還好。當然，來自墨西哥、馬德羅的材料運往國際，然後我們可以在國際上銷售，所以那裡沒有關稅。但即使我們帶來了它。對美國來說，銻等關鍵礦物不受此限制。

Thank you. Your next question, I understand USAC currently owns the only antimony smelters in North America. But are you seeing any competing US-based companies on the verge of having their own smelting capabilities?

謝謝。關於您的下一個問題，我了解到 USAC 目前擁有北美唯一的銻冶煉廠。但是，您是否看到任何美國競爭公司即將擁有自己的冶煉能力？

Yeah, we look at that all the time. I would preface this to say this is not an easy business. Other people can get licenses, they can get construction, but managing and operating antimony smelter is not easy. And so, think about this. If we're having a problem finding antimony to feed our own smelters worldwide. I mean, we're on the phone talking to eight, ten different countries every week.

是的，我們一直在關注這一點。首先我想說這不是一件容易的事。別人能拿到牌照，能拿到建設，但是管理和運作銻冶煉廠卻不容易。所以，想想這一點。如果我們在尋找銻來滿足我們世界各地的冶煉廠的需求時遇到問題。我的意思是，我們每週都會透過電話與八到十個不同的國家進行交談。

And we're having a problem getting Antimo. Why would you want to go spend the money? To build a smelter that may not have any supply. Now, the fact that's why we went to Alaska, that's why we have our own supply coming in a few months, and that puts us in a little bit different situation. We become vertically integrated.

我們在獲取 Antimo 時遇到了問題。為什麼要去花這筆錢？建造一座可能沒有任何供應的冶煉廠。現在，這就是我們去阿拉斯加的原因，這就是為什麼我們在幾個月後就能獲得自己的補給的原因，這讓我們的情況有點不同。我們實現了垂直整合。

So, to answer your question, we have heard about a few that are looking and thinking and doing studies, but in order for them to get the capital to actually fund a smelter, they've got to have supply. So that means you've got to go find a contract with somebody and there's no antimony supply in the United States. So, I'm not too concerned about it in the next couple of years for sure.

因此，回答你的問題，我們聽說有些人正在尋找、思考和進行研究，但為了獲得資金來實際資助冶煉廠，他們必須有供應。所以這意味著你必須去找某人簽訂合同，但美國沒有銻供應。所以，我肯定不會太擔心未來幾年的情況。

Thank you. Your next question is, what happened to the mineral rights for Guadalupe? Could they be a future asset to pursue if the geopolitical environment on the ground improves? Did we ever ascertain surface rights for this property?

謝謝。你的下一個問題是，瓜達露佩的礦產權怎麼了？如果當地的地緣政治環境改善，它們會成為未來值得追求的資產嗎？我們是否曾經確定過該財產的地表權？

We continue to have interest from third parties in some of our mining claims in Mexico. A we're actually having current discussions with some of those parties. We made a conscious decision a year ago when we shut everything down in Mexico that was a year ago in March to not mine in Mexico, and I don't see that changing. And I think we've given reasons why in the past.

我們位於墨西哥的部分採礦權繼續受到第三方的關注。答：我們實際上正在與其中一些團體進行討論。一年前，我們關閉了墨西哥的所有礦場，也就是一年前三月，我們做出了一個明智的決定，不再在墨西哥開採，我認為這一點不會改變。我認為我們過去已經給出過理由。

So, answer your question, there are People interested with the right number or the right royalty or the right participation, we would do something with that property. It is not deemed a core property for us today.

因此，回答你的問題，如果有人對合適的數量、合適的版稅或合適的參與感興趣，我們會對該財產做些什麼。如今，它不再被視為我們的核心財產。

Thank you. Your next question is, when is the first shipment of processed material due in Montana from Mexico?

謝謝。您的下一個問題是，第一批加工材料什麼時候從墨西哥運到蒙大拿州？

No material is coming from Mexico to Montana. Everything we do in Mexico today is coming from Australia, soon to be coming from two other countries, and we get material from Mexico, but it gets sold to parties that don't require any kind of processing at Montana. So, whatever we do in Mexico, either stays in Mexico or gets sold to international parties, does not come to Montana for smeltering.

沒有任何材料從墨西哥運往蒙大拿州。我們今天在墨西哥所做的一切都來自澳大利亞，很快就會來自另外兩個國家，我們從墨西哥獲得材料，但將其出售給不需要在蒙大拿進行任何加工的各方。因此，我們在墨西哥生產的任何產品，要么留在墨西哥，要么賣給國際公司，而不會運送到蒙大拿州進行冶煉。

Thank you. Your next question. Following the expansion of your present location in Montana, does the company have any future plans for building an additional smelting facility in another location?

謝謝。你的下一個問題。在您目前位於蒙大拿州的工廠擴建之後，該公司是否有計劃在其他地點建造額外的冶煉設施？

Very possibly we're still reviewing that. When we complete our work in Montana this year on the expansion plans and start receiving material, I mean, we plan to exit this year around 500 tons a month, 200 tons from Mexico, 300 tons from Montana.

很有可能我們仍在審查這一點。當我們今年完成在蒙大拿州的擴張計劃並開始接收材料時，我的意思是，我們計劃今年每月出口約 500 噸，其中 200 噸來自墨西哥，300 噸來自蒙大拿州。

That means we'd be tapped out. So, are we looking at other ideas? Yes. A lot of that has to do with what our government would like, and I can't again elaborate on those discussions. We do know there has been some significant additional funds allocated to various departments of the Department of Defense literally over the last couple of weeks, and they're substantial.

這意味著我們將會被耗盡。那麼，我們是否正在考慮其他想法？是的。這在很大程度上與我們的政府的意願有關，我無法再次詳細說明這些討論。我們確實知道，過去幾週內國防部各部門確實獲得了大量額外資金，而且金額龐大。

And so based on what we're doing now and what we anticipate announcing soon that will help lead to the next phase, which is a larger expansion of the 500 tons a month and will have to be a new location somewhere.

因此，根據我們現在正在做的事情以及我們預計很快就會宣布的事情，這將有助於進入下一階段，即每月 500 噸的產能擴大，並且必須在某個新地點進行。

Thank you. Your next question, can you share a bit on your acquisition strategy? Are you looking for earlier stage exploration assets or closer to development projects?

謝謝。您的下一個問題是，您能否分享一下您的收購策略？您正在尋找早期勘探資產或接近開發的項目嗎？

It's a good question. If you look at the array of mining companies out there are a lot of companies that raise capital from investors, with a lot of fluff, and we see it all the time because a lot of those companies wish to enter into contracts with us to give themselves credibility. And when I say fluff, if you're talking three, four five years down the road and substantial amounts of capital get something to market, that's a different animal.

這是個好問題。如果你看一下眾多礦業公司，你會發現很多公司都是從投資者那裡籌集資金，但有很多空洞的東西，我們經常看到這種情況，因為很多公司希望與我們簽訂合同，以提高自己的信譽。當我說蓬鬆的東西時，如果你談論的是三、四、五年後，大量的資本將某樣東西推向市場，那就是另一回事了。

You'll see that everything we're doing, whether it be the antimony Alaska, whether it be the cobalt play or a new critical mineral we hope to announce soon, they all can be accessed quickly, and life is too short. I went to five of my friends' funerals in the last six months. So, I'm trying to go faster. I know other people in this company want to go faster. We don't want to wait three years, four years, five years down the road.

你會發現，我們所做的一切，無論是阿拉斯加的銻礦，還是鈷礦，還是我們希望很快宣布的新的關鍵礦物，都可以快速獲得，而生命太短暫了。在過去的六個月裡，我參加了五個朋友的葬禮。所以，我正嘗試加快速度。我知道公司裡的其他人都想加快速度。我們不想等三年、四年、五年。

We want something that we can move on quickly. We also know from our discussions with the federal government that they want us to look at some of these other critical minerals in a much faster way than what a typical mining company does, and people still don't believe us about Alaska. They'll believe it when they see it that here, we haven't been up there a year and we'll be harvesting rocks within months, and that is unheard of in this business.

我們想要一些可以快速推進的事情。我們也從與聯邦政府的討論中得知，他們希望我們以比典型的礦業公司更快的方式審查其他一些關鍵礦物，但人們仍然不相信我們關於阿拉斯加的說法。當他們親眼看到我們到這裡還不到一年，卻能在幾個月內收穫岩石時，他們就會相信，這在這一行是聞所未聞的。

And so, it's a different mentality, it's a different way to look at our business and we are continuing to look at acquisitions, but they have to be in our wheelhouse, and they have to be something that we can get too quickly. Waiting to three years, four years to get something to market is not in our in our game plan.

因此，這是一種不同的心態，一種看待我們業務的不同方式，我們將繼續考慮收購，但它們必須在我們的掌控之中，而且必須是我們能夠快速獲得的東西。等待三、四年的時間將產品推向市場並不在我們的計畫之內。

Thank you. Your next question is, Hi Gary and team, when do you bring Alaska material in? You hinted at a bit of a timeline earlier on the call and again in the Q&A, but can you walk us through the margin impact? And then just to confirm, inventories went up just under 4m as per your balance sheet.

謝謝。您的下一個問題是，嗨，加里和團隊，你們什麼時候把阿拉斯加材料帶進來？您之前在電話會議和問答環節中暗示了一些時間表，但您能向我們介紹利潤率的影響嗎？然後只是為了確認，根據您的資產負債表，庫存增加了近 400 萬。

There's a pretty big difference from 1.2m 3m months ago. You actually mentioned processing and sales having increased in Q2. Can you quantify this number and maybe give a bit of an indication as to where we are right now and when you see us at the end of Q2.

與幾個月前的 120 萬和 300 萬相比，差異相當大。您實際上提到了第二季度加工量和銷售額都有所增加。您能否量化這個數字，並稍微透露一下我們現在的狀況以及您在第二季末看到我們的時間。

Oh, that's a lot of questions there. Well, first of all, I don't really want to talk about Q2 yet. It's pretty obvious if we have Inventories which were pretty high at the end of Q1, then that in itself should mean that we should have higher throughput in Q2, and we are ex excuse me, we are experiencing that.

哦，有很多問題。嗯，首先，我還不想談第二季。很明顯，如果我們在第一季末的庫存相當高，那麼這本身就意味著我們在第二季的吞吐量應該會更高，而且我們正在經歷這種情況。

And It's important to note that a lot of these inventories that we bought, whether they be from Canada, whether they be from Australia or be from other sources there in Mexico, those inventories were bought typically at much lower prices than the current price today. So, we are also realizing the benefit of that higher margin.

值得注意的是，我們購買的許多庫存，無論是來自加拿大、澳洲或墨西哥的其他來源，這些庫存的購買價格通常都比現在的價格低得多。因此，我們也意識到了更高利潤帶來的好處。

Back to the first question, which I think is how will the Alaska properties improve our margins. So let me kind of give you a flavour of that. We're typically paying 40% at the most 50% of Rotterdam to bring antimony or to our facilities. We believe that when Alaska starts, that number could drop as low as 20% of Rotterdam. So that would be Basically a 30% margin improvement.

回到第一個問題，我認為阿拉斯加的資產將如何提高我們的利潤率。那麼讓我來幫你稍微介紹一下這一點。我們通常向鹿特丹支付 40% 至最多 50% 的費用來將銻運送到我們的設施。我們相信，當阿拉斯加啟動時，這個數字可能會下降到鹿特丹的 20%。所以這基本上意味著利潤率提高 30%。

And so that's another reason we're excited about it. But we have a lot of customers, we have, I think I counted the last 17 different customers, they want long-term contracts, they want a surety, and I can't give them that, with comfort when we're buying this material from third parties that may have a problem this month with a mine or have a reg regulatory problem or have merger with another company or whatever it is, there's no certainty.

這也是我們對此感到興奮的另一個原因。但是我們有很多客戶，我想我數了一下，有 17 個不同的客戶，他們想要長期合同，他們想要擔保，而當我們從第三方購買這種材料時，我無法讓他們安心，因為第三方本月可能會遇到礦井問題，或者有監管問題，或者與其他公司合併，或者不管是什麼問題，都沒有確定性。

So, diversifying that international shipment group significantly is a high priority for us. I think you'll see that occur in the second quarter. We have two other countries that we're having final negotiations for supply that then gives us further pricing power. I have a limited pricing power when I have smelters that are underutilized. So, once we get our smelters full and running properly, then we can start negotiating harder with the suppliers that we currently are receiving material from.

因此，大幅實現國際貨運集團的多元化是我們的首要任務。我認為你會在第二季度看到這種情況發生。我們正在與另外兩個國家進行最後的供應談判，這將賦予我們進一步的定價權。當我的冶煉廠未充分利用時，我的定價能力就有限。因此，一旦我們的冶煉廠滿載運轉並正常運行，我們就可以開始與目前正在接收材料的供應商進行更艱難的談判。

Thank you. Your next question is, Gary and team, thanks for having us on the call. How should we think about CapEx for the balance of the year? Can you remind us of the capital intensity of the Thompson Falls upgrade and how does that compare to any future sites?

謝謝。您的下一個問題是，加里和團隊，感謝你們接受我們的電話採訪。我們該如何考慮今年的平衡資本支出？您能否提醒我們湯普森瀑布升級的資本強度以及與未來的任何站點相比如何？

Well, we announced a couple weeks ago the Thompson Falls upgrade was approximately $15 million. I think it'll be less than that when it's all said and done, but you know that's what we've got. We're hopeful that our DOD grant that we're working on would fund that, predominantly so that is the hope.

嗯，我們幾週前宣布湯普森瀑布升級工程耗資約 1500 萬美元。我認為最終的結果會比這更少，但你知道這就是我們所得到的。我們希望我們正在爭取的國防部撥款能夠為此提供資金，主要是因為這就是我們的希望。

As far as other CapEx plans, fortunately, Alaska is pretty minimal because of the type of operations. Now that will change in 2026 and 2027 as Joe and his team up there start having to go deeper, wider or further than the actual rock collecting that we'll be doing initially.

至於其他資本支出計劃，幸運的是，由於營運類型的原因，阿拉斯加的資本支出計劃相當少。現在，這種情況將在 2026 年和 2027 年發生變化，因為喬和他的團隊開始必須比我們最初進行的實際岩石收集工作更深、更廣或更遠。

Acquisitions we do have acquisitions on the plate. We hope to announce something here in the next 60 days about an acquisition. And so that obviously takes capital. And so, as Rick though mentioned, our cash hoard has continued to increase even though we've been growing by leaps and bounds, mainly due to warrant exercises.

收購我們確實有收購計畫。我們希望在未來 60 天內宣布有關收購的消息。這顯然需要資本。因此，正如里克所提到的那樣，儘管我們一直在突飛猛進地發展，但我們的現金儲備仍在繼續增加，這主要歸功於認股權證的行使。

So, and we've been very tight control on our cost. I mean, we have a great team that's very much incentivized with stock and we try to keep, our salaries in check and be in a situation where we can show improved margins to our shareholders. So, I think that that answers the questions I believe operator.

所以，我們一直嚴格控製成本。我的意思是，我們擁有一支優秀的團隊，他們受到股票的激勵，我們努力控制我們的工資，並向股東展示更高的利潤率。所以，我認為這回答了我相信操作員提出的問題。

Thank you. Your next question with increased refining capacity, will you take on refining from other mining operations who lack refining facilities such as PPTA and XTPT?

謝謝。您的下一個問題是，隨著精煉能力的提高，您是否會從缺乏精煉設施的其他採礦企業（如 PPTA 和 XTPT）承接精煉業務？

Well, I know who PPTA is. I don't know who the second one is, but obviously, having higher refining capacity helps everyone and we wish that Perpetua was in a situation where they could deliver us material today. Unfortunately, that's not the case. We believe they're still perhaps as long as four years away from having material.

好吧，我知道 PPTA 是誰。我不知道第二個是誰，但顯然，擁有更高的煉油能力對每個人都有幫助，我們希望 Perpetua 今天能夠向我們提供材料。不幸的是，事實並非如此。我們相信他們可能還需要四年的時間才能獲得素材。

Remember, Perpetua was a gold mine first, an antimony mine second. A it is a gold mine in Idaho that requires I think they're seeking a $1.8 billion Exim import bank loan, and they've got to have, they have 500 employees, so it's not something that's going to happen overnight or next year. So as we continue to increase our refining capacity, companies like Perpetua, I think will feel more comfortable that we can begin handling their material when it does come to market four years down the road, so.

請記住，佩爾佩圖阿首先是一個金礦，其次才是銻礦。這是愛達荷州的一個金礦，我認為他們正在尋求 18 億美元的進出口銀行貸款，他們必須擁有這筆貸款，他們有 500 名員工，所以這不是一夜之間或明年就能發生的事情。因此，隨著我們不斷提高煉油能力，我認為像 Perpetua 這樣的公司會更放心，因為我們可以在四年後他們的材料進入市場時開始處理它們。

That's another reason we're looking at possibly a third facility for 2026 somewhere. We haven't decided on all that yet. We do have three areas we're looking at intensely, and I think that will be on the plate, and a lot of it has to do with how our government wants to assist us in that endeavour.

這是我們考慮在 2026 年在某個地方建立第三個設施的另一個原因。我們還沒有就所有事情做出決定。我們確實正在密切關註三個領域，我認為這將是我們的工作重點，其中很大一部分與我們的政府希望如何協助我們實現這一目標有關。

Thank you. And your next question, did I hear Gary just say a new critical mineral to be announced?

謝謝。你的下一個問題是，我是否聽到加里剛剛說要宣布新的關鍵礦物？

You did. Next question.

你做到了。下一個問題。

Thank you. Please comment on progress and success, if any, in Canada.

謝謝。請評論加拿大的進展和成功（如果有）。

Joe, you might just talk about what your plans are. I know we have a budget for the cobalt play up in Canada. What you're planning to do this year to kind of get that to a point where we might either do something ourselves or bring on a partner.

喬，你不妨談談你的計畫。我知道我們有加拿大鈷業的預算。您今年計劃做什麼來達到我們可以自己做或與合作夥伴合作的程度。

So, we know there's high grade cobalt, 16% in one of the drill holes, and 8% nickel along with it. There's also tungsten, bismuth, and copper in that immediate area. Nobody understands the geology completely. Doctor Fred Briggs has made advances last September. We're, as soon as we can get back out there, which I expect within a few weeks.

因此，我們知道其中一個鑽孔中含有高品位鈷，含量為 16%，同時還含有 8% 的鎳。該區域附近還有鎢、鉍和銅。沒有人完全了解地質狀況。弗雷德·布里格斯醫生去年九月有所進步。我們將盡快返回那裡，我預計幾週內即可。

We'll continue that work, strip a larger area, map out the size of the cobalt deposits, and then then go into a drilling program to prove it up. Nothing guaranteed, but it You can't ignore high grade like that, in a drill hole and it, it's a question of understanding the geology. So, we've gone from four geological units as previously reported, and in the program last fall, they've identified three more geological units which Help in analysing what is going on and where the deposit, if it exists, where the deposit will be.

我們將繼續這項工作，剝離更大的區域，繪製鈷礦的規模，然後進行鑽探計劃來驗證這一點。沒有什麼可以保證的，但是你不能忽視鑽孔中的高品位，這是一個了解地質的問題。因此，正如先前所報告的，我們從四個地質單元開始，並且在去年秋天的計劃中，他們又確定了三個地質單元，這有助於分析正在發生的事情以及礦床的位置（如果存在的話），以及礦床將位於何處。

I think it's important to also note, Joe, that this is in an area where there's a lot of activity, a lot of mining activity. I think you told me it was one of the larger copper mines are up there in Sudbury area and that lots of infrastructure, for both midstream and downstream operations. So that's one reason we chose. That property is that we could easily access other people's smelters and operations and not have to build our own.

喬，我認為還需要注意的是，這個地區有很多活動，有很多採礦活動。我想你告訴我，它是薩德伯里地區較大的銅礦之一，並且擁有大量用於中游和下游作業的基礎設施。這就是我們選擇的原因之一。這個特性就是我們可以輕鬆存取其他人的冶煉廠和運營，而不必建造我們自己的。

Exactly right, Gary. I would anticipate that we would be, or that activity, that property would be subject to a buyout from somebody, who's already in the business.

完全正確，加里。我預計我們或那項活動、那項財產將被已經從事該業務的人收購。

Next question, and then we'll kind of, I think we'll run it up after this question operator.

下一個問題，然後我們會，我想我們會在這個問題操作員之後運行它。

Absolutely. Your next question. Your zeolite business is much improved year over year. Certainly, it gets overshadowed by the antimony business, but can you talk about expectations for the business and potential upside we could see throughout 2025?

絕對地。你的下一個問題。您的沸石業務逐年改善。當然，它被銻業務所掩蓋，但您能談談對該業務的預期以及我們在 2025 年可能看到的潛在上升空間嗎？

Yes, because antimony has price has taken off so much and then now our volumes will be increasing. There's no question Zeolite will become a smaller piece of our business, but we are definitely going to hold on to it. We know we have one of the highest quality zeolite mines in the world. We also know that we have a long-term supply of zeolite, possibly up to 100 years.

是的，因為銻的價格已經上漲了很多，所以現在我們的銷售量也會增加。毫無疑問，沸石在我們的業務中所佔的份額會變小，但我們肯定會堅持下去。我們知道我們擁有世界上最高品質的沸石礦之一。我們也知道，我們有長期的沸石供應，可能長達100年。

So, and we know that we can expand our capacity of our existing. Operations by 100% with very little, if any capital. So, what does that mean? It means we need more sales and so we are working hard both with the government, with our lobbyist group in Washington that's helping us with that, as well as we've hired salesmen to help us in the water treatment area.

所以，我們知道我們可以擴大現有的產能。僅需極少的資本（甚至無需資本）即可實現 100% 的營運。那麼，這意味著什麼？這意味著我們需要更多的銷售，因此我們正在與政府、華盛頓的遊說團體努力合作，我們也僱用了銷售人員來幫助我們處理水處理領域的事情。

We did have a salesman in the cattle area. She had to resign for some personal reasons. We're trying to replace her, but we know that the cattle market, as well as the water treatment market are huge markets, and then we also know that the concrete market is one that has a lot of promise where Zeolite could replace fly ash, so.

我們在牛區確實有一個銷售員。由於一些個人原因，她不得不辭職。我們正在嘗試取代她，但我們知道牛市場以及水處理市場都是巨大的市場，然後我們也知道混凝土市場是一個很有前景的市場，沸石可以取代粉煤灰，所以。

We think that that business, because now we've, under Joe's direction, we've drilled enough drill holes. We know kind of the reserves we have. We've just renegotiated our 10-year operating lease up there. Jeff Fink, who we hired a year and a half ago, got the operation running smoothly.

我們認為那項業務，因為現在我們在喬的指導下已經鑽了足夠的鑽孔。我們知道我們擁有的儲備量。我們剛剛重新協商了那裡的十年經營租約。我們一年半前聘請的傑夫芬克 (Jeff Fink) 讓整個營運順利進行。

The CapEx that we spent last year is done, so now we just need sales and we're out trying to get that, and I feel comfortable that's going to happen. It's pretty hard for our competition to compete with when we show the quality of our Zite versus the quality of the Zeolite they're selling, and when their customers see that, they take notice, and this company has never done any form of operations of selling their products, and we're changing that. And I think that that will continue to see, we'll continue to see improved operations there. So, with that operator, I think we're done with questions.

我們去年花費的資本支出已經完成，所以現在我們只需要銷售額，我們正在努力實現這一目標，我相信這會發生。當我們展示我們的 Zite 品質與他們銷售的沸石品質相比時，我們的競爭對手很難與之競爭，當他們的客戶看到這一點時，他們會注意到，而這家公司從未進行過任何形式的銷售其產品的操作，而我們正在改變這種狀況。我認為這種情況將會持續下去，我們將繼續看到那裡的營運得到改善。因此，有了這個操作員，我想我們的問題就解答完了。

Absolutely, and we've reached our allotted time for our question-and-answer session. I'll now turn the call over to Gary C. Evans for closing remarks.

當然，我們的問答環節的時間已經到了。現在我將把電話交給加里·埃文斯 (Gary C. Evans) 來做結束語。

Thank you all for taking the time today to listen to our results. You can see that our management team is enthused. We know that we've got a great year coming for everybody involved, and we would like to continue to show you that we are blocking and tackling. And doing the things that are necessary to build this company into a billion-dollar company.

感謝大家今天抽出時間來聽聽我們的結果。您可以看到我們的管理團隊充滿熱情。我們知道，對於所有參與的人來說，新的一年將是美好的，我們也希望繼續向你們展示我們正在努力阻擋和解決問題。並採取必要措施將這家公司打造為價值十億美元的公司。

That is my goal. I told this board when I came on and became CEO, I wanted to build a billion dollar company and The team that we've built and the team we're continuing to build have the capacity to do that, and it's a very exciting time and we've got a lot of wind behind our sails and there's nothing I keep waking up every day thinking, where's the grizzly bear coming that's behind and I haven't seen him yet, so we're going to keep plowing ahead. Thank you for your time today.

這就是我的目標。當我上任並成為執行長時，我告訴董事會，我想建立一家價值 10 億美元的公司，我們已經建立的團隊和正在繼續建立的團隊有能力做到這一點，這是一個非常激動人心的時刻，我們順風順水，我每天醒來都會想，身後的灰熊在哪裡，我還沒有看到它，所以我們將繼續奮力前進。感謝您今天抽出時間。

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

謝謝。今天的網路直播到此結束，您可以斷開線路了。

Thank you for your participation.

感謝您的參與。