United States Antimony Corp (UAMY) 2025 Q2 法說會逐字稿

Greetings and welcome to the United States Antimony Corporation second quarter 2025 Financial and operating results meeting. (Operator Instructions)

問候並歡迎參加美國銻公司2025年第二季財務與經營績效會議。（操作員指示）

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

請注意，本次電話會議和網路廣播正在錄製。現在我將電話轉給主持人、董事長兼執行長 Gary C. Evans。你可以開始了。

Thank you, Jenny, and thank you to our listeners for dialing in this afternoon. First, I'd like to start by introducing other members of our management team that have joined me today on this call. We have Joe Bardswich, who's a Board Member and Executive Vice President and our Chief Mining Engineer. We have Rick Isaak, who is our Senior Vice President as well as our Chief Financial Officer. We have Melissa Pagan, who is senior Vice President of our Corporate Development & Government Relations, and then Jonathan Miller, who's our Vice President of Investor Relations.

謝謝你，珍妮，也感謝我們的聽眾今天下午撥打電話收聽節目。首先，我想先介紹一下今天參加電話會議的其他管理團隊成員。我們的董事會成員、執行副總裁兼首席採礦工程師喬·巴德斯維奇 (Joe Bardswich) 也出席了會議。我們的資深副總裁兼財務長是 Rick Isaak。我們的高級副總裁是梅麗莎·佩根 (Melissa Pagan)，她負責企業發展和政府關係；我們的投資者關係副總裁是喬納森·米勒 (Jonathan Miller)。

I would like to, I don't want to steal Rick's thunder regarding the financials, but I'd like to say a few things. In summary, for the six months that we just reported a few minutes ago that ended June 30, 2025, revenues were up 160% this is year over year. Our gross profit was up 183%, which is year over year, and we reported net income of $728,000 which was up 707% year over year.

我想，我不想在財務方面搶下里克的風頭，但我想說幾件事。總而言之，我們幾分鐘前剛報告的截至 2025 年 6 月 30 日的六個月內，營收年增了 160%。我們的毛利年增 183%，淨收入為 728,000 美元，年增 707%。

Our revenues reported today for the first 6 months of this year were almost $3 million greater than we reported for the entire 2024 fiscal year. We continue to remain on track for our previous revenue guidance of $40 million to $50 million for fiscal 2025. Now, to give everyone a lot more details regarding our operating and financial results reported this afternoon, Rick Isaac, our CFO will take it from here, Rick?

我們今天報告的今年前 6 個月的收入比整個 2024 財年的收入高出近 300 萬美元。我們繼續保持先前對 2025 財年 4,000 萬至 5,000 萬美元的收入預期。現在，為了向大家提供有關我們今天下午報告的運營和財務結果的更多詳細信息，我們的首席財務官 Rick Isaac 會接手，Rick？

Thanks, Gary. I'll start with some comments on our consolidated results, as Gary highlighted a few of them, sales were $17.5 million for the first six months of this year, which is an increase of $10.8 million or 160% over last year, as Gary mentioned. Of this increase, our antimony business was up $10.4 million or 203% over the prior year on continued strong demand for antimony.

謝謝，加里。我首先對我們的合併業績發表一些評論，正如 Gary 所強調的幾點，今年前六個月的銷售額為 1750 萬美元，比去年增加了 1080 萬美元，增幅為 160%，正如 Gary 提到的那樣。其中，由於銻需求持續強勁，我們的銻業務比上年增長了 1,040 萬美元，增幅為 203%。

Which increased our average sales price from about $6 per pound during the First six months of last year to about $22 per pound this year.

這使得我們的平均銷售價格從去年上半年的每磅約 6 美元上漲到今年的每磅約 22 美元。

Our Zeolite business was up this year by 400,000 or 24% over last year. But 60% of this increase was due to higher volume and 40% was due to a higher price.

我們的沸石業務今年比去年增加了 40 萬噸，即 24%。但其中 60% 的成長是由於銷量增加，40% 的成長是由於價格上漲。

Consolidated gross profit was $5.2 million for the first six months of this year, which is an increase of $3.4 million or 183% over last year.

今年上半年綜合毛利潤為 520 萬美元，較去年同期增加 340 萬美元，增幅達 183%。

This increase was primarily due to the higher average sales price this year in both our antimony and Zeolite businesses that I mentioned earlier and the lower maintenance and related costs incurred this year by our Zeolite business. These improvements in gross profit were offset in part by an increase in the percentage of the market price charged by our antimony suppliers.

這一增長主要是由於我之前提到的今年我們的銻和沸石業務的平均銷售價格較高，以及今年我們的沸石業務產生的維護和相關成本較低。毛利的提高被銻供應商收取的市場價格百分比的增加部分抵消。

I want to recognize the progress that our Zeolite business has made in this area and in general. They had some turbulent times last year with a lot of equipment, vehicle, and facility maintenance, but they landed the plane well. As a result, our Zeolite business has been delivering to their customers on time and in full this year and has capacity to grow.

我想承認我們的沸石業務在這一領域以及總體上所取得的進展。去年他們經歷了一些動盪時期，需要進行大量設備、車輛和設施維護，但他們還是順利地完成了飛機降落。因此，我們的沸石業務今年一直按時、足額地向客戶交付產品，並且具有成長能力。

We hired two salespeople this year for Zeolite business and their focus is on fulfilling this unused capacity. Check that filling this unused capacity.

我們今年為沸石業務僱用了兩名銷售人員，他們的工作重點是填補這一未使用的產能。檢查是否填滿了此未使用的容量。

Consolidated operating costs increased from $2.3 million for the first six months of last year to $4.8 million this year. Which was primarily due to increased costs associated with personnel hired this year to lead our initiatives that are improving our company and increasing sales.

綜合營運成本從去年上半年的 230 萬美元增加到今年的 480 萬美元。這主要是由於今年聘用人員來領導我們改善公司和增加銷售額的計劃導致成本增加。

As a result of these improvements, we've reported income from operations of $378,000 in the first half of this year, as compared to a reported loss from operations of $414,000 last year. This is an improvement of $792,000 year over year.

由於這些改進，我們報告今年上半年的營業收入為 378,000 美元，而去年報告的營業虧損為 414,000 美元。與去年同期相比，這一數字增加了 792,000 美元。

Included in this year's reported results were non-cash expenses totaling $1.6 million compared to only $500,000 last year. These non-cash items include stock compensation, depreciation, and lease expenses.

今年的報告結果包括總計 160 萬美元的非現金支出，而去年僅為 50 萬美元。這些非現金項目包括股票補償、折舊和租賃費用。

Next, I'll review a few items in our balance sheet. First, we purchased $10 million of US Treasury strips during the second quarter of 2025, which obviously decreased our cash balance during the second quarter.

接下來，我將回顧我們資產負債表中的幾個項目。首先，我們在 2025 年第二季購買了 1,000 萬美元的美國國債，這顯然減少了我們第二季的現金餘額。

Next, inventory increased by $5.6 million over the first six months of 2025, which was due to a significant increase in our antimony inventory.

其次，2025 年前六個月庫存增加了 560 萬美元，這是由於我們的銻庫存大幅增加。

Our antimony ore supplier for our Thompson Falls, Montana facility delivered twice as much ore during the first half of this year compared to last year. And about 75% of this increase occurred in the second quarter when they delivered 3 three times the amount of ore over last year. We expect our supplier will continue to deliver more antimony this year than last.

今年上半年，我們位於蒙大拿州湯普森瀑布工廠的銻礦石供應商交付的礦石數量是去年的兩倍。其中約 75% 的增幅發生在第二季度，當時他們交付的礦石數量是去年同期的三倍。我們預計我們的供應商今年將繼續提供比去年更多的銻。

Therefore, we recently increased our processing capacity and our staff to lower this inventory balance over the last half of 2025, which should increase our sales volume.

因此，我們最近增加了加工能力並增加了員工，以降低 2025 年下半年的庫存餘額，這應該會增加我們的銷售量。

These increased supplier shipments also increased our accounts payable balance over the first six months of 2025.

供應商出貨量的增加也增加了我們 2025 年前六個月的應付帳款餘額。

Pre-paid expenses increased by $1.2 million during the first six months of this year, about $840,000 of this increase related to pre-paid antimony ore that should arrive at our Madero facility in Mexico in the third quarter of this year and will be processed and sold.

今年上半年預付費用增加了 120 萬美元，其中約 84 萬美元與預付銻礦有關，這些銻礦將於今年第三季運抵我們位於墨西哥的馬德羅工廠，並進行加工和出售。

Fixed assets increased around $7 million during the first six months of this year, primarily due to purchase of mining claims, leases, and property, the largest of which was the $5 million dollar purchase of the tungsten property in Ontario, Canada.

今年上半年固定資產增加了約 700 萬美元，主要是因為購買了採礦權、租約和財產，其中最大的一筆是斥資 500 萬美元購買了加拿大安大略省的鎢礦。

There have been exercises of pre-existing warrants and stock sales that totaled about $7.3 million during the first six months of this year, which increased our common stock and additional paid in capital balances during that time.

今年前六個月，我們行使了現有認股權證並出售了股票，總額約為 730 萬美元，這增加了我們的普通股和額外實收資本餘額。

We ended the first half of 2025 with long-term debt of only $262,000. Overall, we're executing our plan to improve the operational landscape and financial results of the company.

截至 2025 年上半年，我們的長期債務僅為 262,000 美元。總體而言，我們正在執行計劃，以改善公司的營運狀況和財務表現。

This year. This included increasing our antimony ore suppliers, our antimony capacity, and our antimony staff, which we expect to continue going forward as we expand our Thompson Falls antimony facility.

今年。這包括增加我們的銻礦石供應商、銻產能和銻員工，我們預計隨著湯普森瀑布銻設施的擴建，這些舉措將繼續推進。

We also grew our Zeolite business. We acquired mining claims, leases, and properties that I mentioned earlier in Alaska, Montana, and Canada.

我們的沸石業務也得到了發展。我們獲得了我之前提到的阿拉斯加、蒙大拿和加拿大的採礦權、租約和財產。

To position the company for opportunities to expand and grow and we balanced all these operational initiatives and improvements while increasing net income from a loss of $120,000 for the first six months of last year to income of $728,000 for the first six months of this year.

為了讓公司獲得擴張和發展的機會，我們平衡了所有這些營運舉措和改進，同時將淨收入從去年上半年的虧損 12 萬美元增加到今年上半年的 72.8 萬美元的收入。

We want to thank our shareholders for voting to pass our proposals at the recent annual meeting and for showing confidence in us and our strategy. We are a team dedicated to improving our company and increasing shareholder value. I'll pass it back over to you, Gary.

我們要感謝我們的股東在最近的年度會議上投票通過我們的提議，並對我們和我們的策略表現出信心。我們是一支致力於改善公司並增加股東價值的團隊。我會把它轉交給你，蓋瑞。

Thank you, Rick.

謝謝你，里克。

Now, I'd like to turn today's conference call over to Joe Bardswich with our Chief Mining Engineer who will provide everyone an update on all of our mining operations located in Montana, Alaska, and Ontario, Canada. Joe?

現在，我想將今天的電話會議交給我們的首席採礦工程師喬·巴德斯威奇 (Joe Bardswich)，他將向大家介紹我們位於蒙大拿州、阿拉斯加州和加拿大安大略省的所有採礦業務的最新情況。喬？

Thank you, Gary. Starting with Alaska. We're very much behind schedule. We submitted permits in early May to the Department of Natural Resources. The DNR requested input from the public in accordance with their regulations, and the department continues to assess and provide answers to the comments from the public.

謝謝你，加里。從阿拉斯加開始。我們遠遠落後於計劃。我們在五月初向自然資源部提交了許可證。自然資源部根據其規定向公眾徵求意見，並繼續評估和回應公眾的意見。

We're very disappointed with the progress being made and we made the decision to acquire a very prospective block of private land, so that we could proceed with our exploration and work program without having to be on either federal or state land.

我們對所取得的進展感到非常失望，因此我們決定收購一塊非常有前景的私人土地，以便我們能夠繼續進行勘探和工作計劃，而不必使用聯邦或州土地。

Alaska plaster miners have been operating in the Fairbanks area for the last 125 years, they've encountered large boulders of Stibnite. They've placed them aside and continued on with their gold plaster operations.

阿拉斯加石膏礦工在過去 125 年裡一直在費爾班克斯地區作業，他們遇到了巨大的輝銻礦巨石。他們把這些放在一邊，繼續進行金膏業務。

Nobody's ever worried about the Stibnite for 125 years, our plans are to recover that Stibnite and ship it to facilities in Montana. Suddenly, environmental groups have emerged expressing concern about inherent dangers from the of moving the Stibnite boulders, and that has been preoccupying the DNR administrators.

125 年來，從來沒有人擔心過輝銻礦，我們的計劃是回收輝銻礦並將其運往蒙大拿州的工廠。突然間，環保組織出現，對移動輝銻礦巨石所固有的危險表示擔憂，而這一直是 DNR 管理人員關注的問題。

We have made progress in areas not requiring permits. At Stibnite Creek, a program of geological mapping, sampling, and cleaning up of historic workings was conducted by a contract geological firm. Reinforcing our view that there's a minable site in that area.

我們在不需要許可的領域取得了進展。在輝銻礦溪，一家合約地質公司進行了地質測繪、取樣和歷史作業清理計畫。這進一步證實了我們的觀點：該地區有一個可採礦點。

At the private property Mohawk mine, our initial effort was to clean up the junk that had accumulated over the years, including 7 burned out old cars that work was accomplished the site. Looks really good from a point of view, park-like setting, etc. rather than being a junk pile.

在私人財產莫霍克礦，我們最初的努力是清理多年來累積的垃圾，包括在現場完成工作的 7 輛燒毀的舊汽車。從某個角度來看，它看起來真的很好，像公園一樣的環境等等，而不是一堆垃圾。

Our geologic crew has made considerable progress working on reconnaissance and cleaning out access trails. We have contracted with the gravity survey contractor to conduct a gravity survey to help identify areas where the higher density massive Stibnite is located expecting that to speed up our operations and avoid areas that are barren of Stibnite.

我們的地質隊在偵察和清理通道方面取得了長足的進展。我們已與重力勘測承包商簽訂合同，進行重力勘測，以幫助確定高密度塊狀輝銻礦所在的區域，希望以此加快我們的作業速度，避開缺乏輝銻礦的地區。

We have a letter of intent to acquire a large block of land on the city's highway. Planning that would provide a site for planned, packaging facility with good access for trucks hauling from the Mohawk and other Esther Dome sites. So those would be the small general purpose construction trucks and then the standard highway transport trucks, similar to the trucks hauling to the Walmarts, etc. Hauling their package midnight to Montana.

我們有一份意向書，想要收購城市高速公路上的一大塊土地。該規劃將為計劃中的包裝設施提供一個場地，方便卡車從莫霍克和其他 Esther Dome 場地運輸貨物。因此，那些將是小型通用建築卡車，然後是標準公路運輸卡車，類似於運送到沃爾瑪等的卡車。午夜將包裹運送到蒙大拿州。

In Montana, we previously announced the purchase of the Eliza patented claim on Stibnite Hill behind our smelter and our intention to mine Stibnite from the surface using the special Montana provisions of a Small Miner's Exemption Statement or SMES.

在蒙大拿州，我們先前宣布購買位於我們冶煉廠後面的輝銻礦山的 Eliza 專利權，並打算利用蒙大拿州小礦工豁免聲明或 SMES 的特殊規定從地表開採輝銻礦。

The SMES is limited to 5 acres of disturbance. The Montana DEQ have informed us that Eliza is still covered under our operating permit and that they would consider a permit application from USAC incorporating the mining of the entire Eliza without the five acre limit. This application is being prepared we're hopeful of shipping on to our Montana Mill in mid-September.

SMES 的干擾範圍限制為 5 英畝。蒙大拿州環境品質局 (DEQ) 已通知我們，伊麗莎礦仍然在我們的經營許可證的保護範圍內，並且他們會考慮 USAC 的許可證申請，該申請將整個伊麗莎礦的採礦納入其中，不受五英畝的限制。該應用程式正在準備中，我們希望在九月中旬運送到我們的蒙大拿工廠。

In Ontario, we have 2 projects, the Iron Mass cobalt project, which includes nickel, copper, bismuth, and precious metals.

在安大略省，我們有 2 個項目，Iron Mass 鈷項目，其中包括鎳、銅、鉍和貴金屬。

The primary interest was in the high grade cobalt that had been previously discovered there but had not been delineated. A program of hand and mechanical stripping, washing the rock mapping and sampling continues. Our geologists have discovered 9 different rock types compared to the previously recognition of only 3 types.

人們主要感興趣的是之前在那裡發現但尚未圈定的高品位鈷。手工和機械剝離、清洗岩石測繪和採樣計劃仍在繼續。我們的地質學家發現了 9 種不同的岩石類型，而之前只發現了 3 種。

As well as 3 types of settings for cobalt mineralization and we have extended the area of the cobalt mineralization along strike. Our relationship with the First Nations in this area are very good we have arranged for a visit by the Whitefish Lake First Nation on August 20th to the site at the Fotong deposit we have entered into discussions with the Whitefish River First Nations who are almost immediately adjacent to that site. Their main concern is Environmental protection and environmental remediation. Our discussions with them revealed that We're on the same page in terms of our objectives. The mine is proper manner and to incorporate a reclamation plan as part of our original mining plans.

以及3種鈷礦化背景，並沿走向擴大了鈷礦化區域。我們與該地區的原住民關係非常好，我們已經安排白魚湖原住民於 8 月 20 日參觀 Fotong 礦床現場，我們已經與幾乎緊鄰該礦床的白魚河原住民進行了討論。他們主要關注的是環境保護和環境修復。我們與他們的討論表明，我們在目標方面是一致的。該礦以適當的方式開採，並將復墾計劃納入我們原有的採礦計劃的一部分。

Part of the permitting process for mining in Ontario includes a four season environmental survey. We've conducted, contacted a couple of firms in regards to doing this survey.

安大略省採礦許可流程的一部分包括四季環境調查。我們已經聯繫了幾家公司來進行這項調查。

We're awaiting proposals and pricing from them, which we anticipate in the next week, and we'll start that permitting process, immediately.

我們正在等待他們的提案和定價，預計將在下週給出，我們將立即啟動許可程序。

In a shorter term we're looking at the provisions of the Ontario Mining Act of being allowed a bulk sample of up to 50,000 tons. There are other operating mills in the area in particular the Strathcona mill, which is Operated by a subsidiary of Glencore. Other people in the area have hauled bulk samples of 20,000 tons of nickel copper or the Strathcona for contract milling, we anticipate that we'll be able to do this, the same thing, which would be a major step a large mill like that means low milling costs and the professionalism of the established like Falcon Bridge is now going for that adds to the reliability of the process. That's it from me, Gary.

從短期來看，我們正在研究《安大略省採礦法》中允許採集最多 50,000 噸大宗樣品的規定。該地區還有其他正在運作的工廠，特別是 Strathcona 工廠，由 Glencore 的子公司營運。該地區的其他人已經從 Strathcona 運來了 20,000 噸鎳銅大宗樣品進行合約銑削，我們預計我們能夠做同樣的事情，這將是一個重大的進步，像這樣的大型工廠意味著較低的銑削成本，而像 Falcon Bridge 這樣的老牌企業的專業精神正在增加該過程的可靠性。這就是我要說的，加里。

Thanks, Joe. I'd like to make just a couple of comments about what Joe elaborated on today. Back to Alaska for a second. We had anticipated having antimony ore brought to Thompson Falls this month. It's likely going to be next month, so we're about, I would say a month behind schedule, and that's all due to the slowness of regulatory authorities. As Joe mentioned, we filed our permits back in May and we actually had hoped to be ahead of time and it's taken this long to get approvals. There is a group in Alaska that's opposed to any type of mining, and the DNR is required to respond to their objections, and we're getting close to the end of that response period.

謝謝喬。我想就喬今天闡述的內容發表幾點評論。回到阿拉斯加。我們預計本月將銻礦石運往湯普森瀑布。很可能是下個月，所以我們大約比計劃晚了一個月，這都是由於監管機構的行動遲緩造成的。正如喬所提到的，我們早在五月就提交了許可證，實際上我們希望能夠提前獲得批准，但花了這麼長時間才獲得批准。阿拉斯加有一群人反對任何形式的採礦，自然資源部必須對他們的反對意見作出回應，而我們的回應期即將結束。

With respect to the Fostong property that Joe mentioned up in Canada, that is a tungsten property, predominantly, that's why we acquired it and it's important for our listeners to know that there are no active tungsten mines in the United States or in Canada today. So if we get this operation up and running, we'll be the first to do so, and we're very bullish on tungsten going forward. So I wanted to just to make those two comments, as I mentioned, as Joe mentioned back in Alaska.

關於喬提到的加拿大的 Fostong 礦產，那主要是鎢礦產，這就是我們收購它的原因，我們的聽眾需要知道，目前美國和加拿大都沒有活躍的鎢礦。因此，如果我們啟動並運行這項業務，我們將是第一個這樣做的人，我們對鎢的未來發展非常樂觀。所以我只想發表這兩則評論，正如我所提到的，正如喬在阿拉斯加提到的那樣。

The reason we acquired a property, I was up there, I don't know, a month and a half ago, that we found a property that had excellent antimony, deposits on it, and we were able to actually acquire it and not have to deal with the DNR concerning a lease, and that gives us a lot of leeway with respect to how we manage and work that property and that's what Joe was referring to in that we have people out there today. I've just read a couple updates in the last few hours about all the activity we have going on there.

我們收購一處房產的原因是，我一個半月前就在那裡，我們發現了一處含有優質銻和沈積物的房產，我們能夠真正收購它，而不必與 DNR 處理有關租賃的問題，這給了我們在如何管理和經營該房產方面很大的迴旋餘地，這就是喬所指的，因為我們今天有人在那裡。在過去的幾個小時裡，我剛剛閱讀了一些關於我們在那裡進行的所有活動的更新。

And so that likely will be our first property from Alaska, where we bring material to Montana and we, again, we just bought it, not even a month ago and we're already to the point where we can actually began doing some work hopefully in the next 30 days. So anyway, everything is progressing, I think, well, we are so encouraged about the Alaska material we're seeing on all the properties that Joe mentioned. That we literally cannot wait to begin receiving that material in Montana. However, it's probably a good thing we haven't received it because, as we mentioned earlier, our inventory in Montana is at record levels and with the furnaces we've just refurbished over the last 30 to 45 days and the people we've hired, we can now. Take on more material over the next, 30, 60, 90 days and so, as you also know, we're expanding that facility to significantly increase its throughput and that'll be completed by year end.

因此，這很可能是我們在阿拉斯加的第一處房產，我們將材料運送到蒙大拿州，我們剛剛買下它，還不到一個月，我們已經到了可以在接下來的 30 天內開始做一些工作的階段。所以無論如何，一切都在進展中，我想，我們對喬提到的所有房產上看到的阿拉斯加材料感到非常鼓舞。我們真的迫不及待地想在蒙大拿州收到這些材料。然而，我們還沒有收到這筆錢可能是件好事，因為正如我們之前提到的，我們在蒙大拿州的庫存處於創紀錄的水平，而且我們在過去 30 到 45 天內剛剛翻新了熔爐，並僱用了人員，現在我們可以了。在接下來的 30、60、90 天內處理更多材料，因此，如您所知，我們正在擴建該設施以大幅提高其吞吐量，並將在年底前完成。

So, lots of things going on, very positive and with that, I'd like to now introduce Melissa Pagen. She's our company's senior Vice President of Corporate Development and Government Relations. She's been our key officer dealing with the government work which began last September, almost a year ago. So please note that we have to be very careful in our communications today regarding these matters, but we do feel comfortable in stating what Melissa's about to say, Melissa?

因此，很多事情正在發生，非常積極，現在我想介紹梅麗莎·佩根 (Melissa Pagen)。她是我們公司企業發展和政府關係資深副總裁。從去年九月開始，也就是將近一年前，她一直是我們負責政府工作的主要官員。所以請注意，我們今天在就這些問題進行溝通時必須非常小心，但我們確實可以輕鬆地說出梅麗莎要說的話，梅麗莎？

Great, thanks, Gary. So as mentioned in previous updates, discussions with the Department of Defense for opportunities of potential collaboration are ongoing. We've been in discussions with both the Defense Logistics Agency or the DLA and the Defense Industrial Based Consortium, or DISC regarding our antimony capabilities, but I should also note that we have had discussions with certain government contacts discussing our tungsten and cobalt assets as well. And as you know these are also materials of great interest to our government and The supply chain, but, and going back to our antimony discussions, I do understand that there has been some buzz over the past week with unofficial commentary being made on social media platforms about the company's government discussions, but I do want to emphasize that no award has yet been officially made to USAC and should any award to officially be made we will make all required announcements in compliance with both the government and with SEC requirements.

太好了，謝謝，加里。正如先前的更新所提到的，我們正在與國防部討論潛在的合作機會。我們一直在與國防後勤局（DLA）和國防工業基礎聯盟（DISC）討論我們的銻能力，但我還應該指出，我們也與某些政府聯絡人討論了我們的鎢和鈷資產。如您所知，這些也是我們政府和供應鏈非常感興趣的材料，但是，回到我們關於銻的討論，我確實知道過去一周社交媒體平台上有一些關於公司政府討論的非官方評論，但我確實想強調，尚未正式授予 USAC 任何獎項，如果正式授予任何獎項，我們將根據政府和證券交易委員會的要求發布所有必要的公告。

So while we can't provide further detail at this time I would like to underscore the strategic position that this company holds I know previous updates have had our team mentioning several times that US antimony is the only domestic processor and producer of antimony products, but I think there's a lot more to that story that starts with over 55 years of depth within that position. So that's decades of operational experience in a highly specialized field, and that experience cannot be replicated overnight. So it's not a capability you reverse engineer from a textbook or a blueprint this is a blend of science, operational nuance, and real world problem solving that's been developed over decades of fine tuning and as Gus, the Head of our Antimony Division, likes to say, there's a lot of art to this science.

因此，雖然我們目前無法提供進一步的細節，但我想強調一下這家公司所佔據的戰略地位，我知道之前的更新中我們的團隊已經多次提到美國銻是唯一的國內銻產品加工商和生產商，但我認為這個故事還有很多內容，首先要從我們 55 多年來在這一地位上的深度開始。這是高度專業化領域數十年的營運經驗，這種經驗無法在一夜之間複製。因此，它不是根據教科書或藍圖進行逆向工程的能力，而是經過數十年的精細調整而發展起來的科學、操作細節和現實世界問題解決方案的融合，正如我們銻部門負責人 Gus 所說，這門科學包含很多藝術性。

But USAC has not only built this technical foundation, it's proven resilience. It has weathered downturns, maintained core competencies through lean markets, and emerged with stronger fundamentals, which means USAC has thrived when antimony was at $227 a pound in 2006 and $560 a pound in 2023, which is not luck, that's discipline, stewardship, and a deep understanding of this material, in the market and the long game. So as you start to see and hear about antimony interest growing and attracting a lot of other people to the space who make really lofty claims to the media and the government about their new antimony plans, the distinction is clear that only one of us has truly had experience with this material and if I may I like to look at this like this. So if you want to have the best apple pie, you don't go to someone who just found a promising recipe. You go to mom. You go to the person who's made it 1,000 times under every condition and still delivers the best and consistent results. So as you can imagine, this consistency and reliability and antimony processing and production is critical to domestic defense initiatives and the industrial supply chain. So unfortunately I can't add any more details at this time but Gary, thanks for the time.

但 USAC 不僅建立了這個技術基礎，也證明了其強大的彈性。它經受住了經濟低迷的考驗，在低迷的市場中保持了核心競爭力，並憑藉更強勁的基本面脫穎而出，這意味著當銻價在 2006 年達到每磅 227 美元、2023 年達到每磅 560 美元時，USAC 仍然蓬勃發展，這不是運氣，而是遠、管理以及對這種材料的紀律、無論市場的紀律。因此，當你開始看到和聽到人們對銻的興趣日益濃厚，並吸引許多其他人進入該領域，他們向媒體和政府大肆宣揚他們的新銻計劃時，區別就很明顯了，我們中只有一個人真正有過這方面的經驗，如果可以的話，我想這樣看待這個問題。因此，如果您想吃到最好的蘋果派，就不要去找那些只找到了有希望的食譜的人。你去找媽媽。您可以去找一個在各種條件下都成功過 1,000 次並且仍然能提供最佳和一致結果的人。因此，你可以想像，這種一致性和可靠性以及銻的加工和生產對於國內國防計劃和工業供應鏈至關重要。所以很遺憾我現在無法添加更多細節，但加里，謝謝你的時間。

Thank you, Melissa. You, you've made me hungry for apple pie, and now we'll get back to work.

謝謝你，梅麗莎。你讓我餓得想吃蘋果派，現在我們要回去工作了。

No problem.

沒問題。

Okay, I'd like to now introduce our Vice President of Investor Relations, Jonathan Miller. He's going to update everyone on our joint marketing efforts, during this quarter and what we've been up to. So Jonathan?

好的，我現在想介紹我們的投資者關係副總裁喬納森·米勒。他將向大家通報本季我們的聯合行銷工作以及我們目前所取得的進展。那麼喬納森？

Thank you, Gary, and good afternoon, everyone. The second quarter of 2025 was a continuation of what we initiated at the beginning of this year as it relates to our market awareness. We continued to proactively engage the investment community, significantly elevating our visibility on Wall Street. Collaborating with a select group of investment bankers, we connected with over 120 institutional funds. These introductions have done what we've done is in order to plant seeds. Institutional ownership now represents an impressive 24% of our public floats held by 121 distinct accounts in prior years we had virtually no institutional sponsorship. We are particularly pleased to report notable improvements in our trading metrics. Over the quarter, our average daily volume increased substantially to an average of 4.8 million shares per day. While our volatility also increased, overall share price performance was positive.

謝謝你，加里，大家下午好。2025 年第二季是我們今年年初啟動的計畫的延續，因為它與我們的市場意識有關。我們繼續積極與投資界接觸，大大提升了我們在華爾街的知名度。透過與一組精選的投資銀行家合作，我們與 120 多家機構基金建立了聯繫。這些介紹所做的就是我們所做的就是播下種子。目前，機構持股占我們公眾流通股的 24%，由 121 個不同的帳戶持有，而前幾年我們幾乎沒有任何機構贊助。我們特別高興地報告我們的交易指標有了顯著改善。本季度，我們的日均交易量大幅增加，達到平均每天 480 萬股。雖然我們的波動性也有增加，但整體股價表現還是正面的。

This quarter also saw a substantial increase in our market exposure through strategic media and event participation. Our CEO Gary Evans has been prominently featured several times this year on Fox Business with Maria Bartiromo, spotlighting our pivotal role in the domestic antimony production. Recent articles in both the Wall Street Journal and Reuters highlighted our international antimony procurements.

本季度，透過策略媒體和活動參與，我們的市場曝光率也大幅提升。我們的執行長加里·埃文斯 (Gary Evans) 今年多次與瑪麗亞·巴蒂羅姆 (Maria Bartiromo) 一起出現在福克斯商業頻道 (Fox Business) 的節目中，重點介紹我們在國內銻生產中的關鍵作用。《華爾街日報》和路透社最近發表的文章重點介紹了我們的國際銻採購情況。

Management presented at multiple high profile industry conferences including B. Riley Securities Investor Conference, Canocord Genuity Global Metals and Mining Conference, and the Centurion I Global Capital LA Summit alongside participating in key critical mineral webcasts and summits hosted by Maxim Group and Canocor Genuity.

管理層在多個備受矚目的行業會議上發表演講，包括 B. Riley 證券投資者會議、Canocord Genuity 全球金屬和採礦會議以及 Centurion I Global Capital LA 峰會，同時參加由 Maxim Group 和 Canocor Genuity 主辦的關鍵礦產網絡廣播和峰會。

During the remainder of the year, we will be presenting at the HC Wainwright 27th annual Global Investment Conference, September 8th through 10th, 2025 in New York, the NIBA National Investment Banking Association conference, September 16th through 17th in Fort Lauderdale, Florida. The Centurion I Capital 3rd annual Bahamas Summit, October 28th through 29th, the Spartan Capital 2025 Investment Conference, November 3rd in New York, and the Ideas Investment Conference in Dallas, Texas, November 19th and 20th. We continue to expand our equity research coverage by sharing our story with new research analysts and collaborating closely with select bankers who facilitate introductions to new investors through targeted non-deal roadshows. We picked up one new equity research firm in May, Jesse Sobelson at DeBorro Capital, who now covers us. On July 1, 2025, United States Antimony officially dual listed on the NYSE Texas Stock Exchange.

在今年剩餘的時間裡，我們將參加 2025 年 9 月 8 日至 10 日在紐約舉行的 HC Wainwright 第 27 屆年度全球投資會議，以及 9 月 16 日至 17 日在佛羅裡達州勞德代爾堡舉行的 NIBA 全國投資銀行協會會議。Centurion I Capital 第三屆巴哈馬高峰會（10 月 28 日至 29 日）、Spartan Capital 2025 投資會議（11 月 3 日在紐約舉行）以及 Ideas 投資會議（11 月 19 日至 20 日在德州達拉斯舉行）。我們透過與新的研究分析師分享我們的故事並與精選的銀行家密切合作，透過有針對性的非交易路演為新投資者提供介紹，繼續擴大我們的股票研究範圍。我們在五月選擇了一家新的股票研究公司，DeBorro Capital 的 Jesse Sobelson，他現在負責我們的報告。2025年7月1日，美國銻業正式在紐約證券交易所及德州證券交易所雙重上市。

Next Wednesday, August 20th, we will attend the official launch event for the exchange where we'll be networking with Texas state officials, business leaders, and institutional investors. This milestone further aligns UAMY with regional and national stakeholders focused on critical mineral supply chains, energy security, and American industrial leadership. These strategic engagements significantly enhance shareholder communication, fostering deeper understanding and support within the investment community.

下週三，即 8 月 20 日，我們將參加交易所的正式啟動活動，屆時我們將與德州官員、商界領袖和機構投資者進行交流。這一里程碑進一步使 UAMY 與專注於關鍵礦產供應鏈、能源安全和美國工業領導地位的地區和國家利益相關者保持一致。這些策略合作大大增強了股東溝通，促進了投資界更深層的理解和支持。

Looking ahead, we've recently retained a public relations firm in Fairbanks, Alaska to actively support our community relations and local stakeholder engagement around our ever increasing Alaskan mining operations. Additionally, in late August, we will launch an ambitious new marketing initiative designed to document our operations and highlight our strategic vision. This campaign will further embed antimony and critical minerals into a broader public discourse, educating investors and bringing wider public attention to our vital role as America's final antimony supply chain. These strategic achievements in our proactive IR initiatives have placed United States Antimony Corporation on a compelling growth trajectory. We're excited to continue sharing our story with you and remain grateful for your ongoing support. I'll pass back to Gary now.

展望未來，我們最近聘請了阿拉斯加費爾班克斯的公關公司，積極支持我們在不斷擴大的阿拉斯加採礦業務方面的社區關係和當地利益相關者的參與。此外，8 月底，我們將啟動一項雄心勃勃的新行銷計劃，旨在記錄我們的營運情況並強調我們的策略願景。這項活動將進一步將銻和關鍵礦物納入更廣泛的公眾討論中，教育投資者並讓公眾更加關注我們作為美國最終銻供應鏈的重要角色。我們在積極主動的投資者關係舉措中取得的這些策略成就使美國銻業公司走上了引人注目的成長軌道。我們很高興繼續與您分享我們的故事，並感謝您一直以來的支持。我現在把話轉回給加里。

Thank you, Jonathan. And as Jonathan noted, we've been what I call planting seeds, so to speak, with many new institutional investors this year. This company was previously completely unknown by Wall Street, and I'm comfortable stating today that that is no longer the case.

謝謝你，喬納森。正如喬納森所說，今年我們與許多新的機構投資者一起播下了種子。此前，華爾街對這家公司一無所知，而今天我可以很肯定地說，情況已經改變了。

We have a long term shareholder. This gentleman has been a shareholder for over ten years. They brought something up to my attention recently that I would like to share with everyone today. Well, I'm not going to disclose his name, his initials are TH, and so this is what he said to me, and it really resonated. Back in the 1970s when mining stocks were the rage, maybe 2% of them ever saw positive cash flow.

我們有一個長期股東。這位先生已經當股東十多年了。他們最近提出了一些引起我注意的事情，今天我想與大家分享。好吧，我不會透露他的名字，他的姓名首字母是 TH，這就是他對我說的話，它確實引起了共鳴。早在 1970 年代，當礦業股風靡一時時，其中可能只有 2% 的公司實現過正現金流。

US antimony not only has positive cash flow, but we also have net earnings. Startups in this industry typically have at least 5 years before they ever see any revenues. Our shareholders need to know how far ahead we are from the pack there is simply no comparison.

美國銻業不僅有正現金流，而且我們還有淨收益。該行業的初創企業通常至少需要 5 年才能獲得收入。我們的股東需要知道我們領先其他公司多少，因為根本無法比較。

So back in early May when we reported our first quarter results, I gave you 6 catalysts that you as shareholders should look at and look forward to as we accomplish them in 2025. So I thought it would be good today to update you on these specific events as I addressed them last quarter.

因此，早在 5 月初我們報告第一季業績時，我就向大家提出了 6 個催化劑，作為股東，大家應該關注並期待我們在 2025 年實現這些催化劑。因此，我認為今天向大家通報這些具體事件會比較好，因為我在上個季度已經討論過這些事件了。

Number one was closing of a DOD award. My answer to that is, stay tuned. Number 2, Additional new international supplies of antimony to Madero and Mexico over and above what has already been announced.

第一項是國防部獎項的結束。我的回答是，請繼續關注。第二，除了已經宣布的供應量之外，還向馬德羅和墨西哥額外提供新的國際銻供應。

I would say see our press release dated July 14th, which is very detailed, and that was just not quite a month ago, we outlined procurements from seven locations, 5 of which are foreign. Let me update you on that release.

我想說的是，請參閱我們 7 月 14 日的新聞稿，該新聞稿非常詳細，那還不到一個月，我們概述了從七個地點進行的採購，其中 5 個是國外採購。讓我向您通報該版本的最新情況。

Bolivia. We have ten metric tons that are being shipped in the month of August to our facilities, the country of Chad. The 80 tons has been shipped from Chad to Douala, Cameroon for export is waiting customs documentation. This material will be going to the Madero smelter in Mexico.

玻利維亞。我們有十公噸貨物將於八月運往我們的工廠，即乍得國家。這 80 噸貨物已從乍得運往喀麥隆杜阿拉出口，正在等待海關文件。這些材料將被運往墨西哥的馬德羅冶煉廠。

Mexico. Several small deliveries have been made to the Madero smelter, and more extensive contracts have recently been executed. The first 50 ton shipment from one of these contracts is slated for delivery on August 29th. The grade of this material is expected to exceed 50% antimony.

墨西哥。已向馬德羅冶煉廠運送了幾批小批量貨物，並且最近簽訂了更廣泛的合約。其中一份合約的首批 50 噸貨物定於 8 月 29 日交付。預計該材料的銻含量將超過50%。

And now I'd like to introduce a new country that we've just entered a contract with, and that's Peru. A test shipment of approximately 45 tons of floatation concentrate, grading greater than 50% antimony, has recently been contracted out of this country of Peru. This is our first shipment and it will ship to our Madero smelter from Cleo, Peru on or about August 21st to August 22nd.

現在我想介紹一個我們剛簽約的新國家，那就是秘魯。最近，秘魯簽訂了一批約 45 噸浮選精礦的試裝合同，該精礦的銻品位超過 50%。這是我們的第一批貨物，將於 8 月 21 日至 8 月 22 日左右從秘魯克萊奧運往我們的馬德羅冶煉廠。

Third item on my list last quarter was, is Alaska supply going to be getting in late summer? And as I've said earlier and as Joe mentioned, it's likely going to be September. We're probably about a month behind, and this is all due to permitting delays from the state of Alaska they're completely out of our control.

上個季度我列出的第三項是，阿拉斯加的供應是否會在夏末得到滿足？正如我之前所說以及喬提到的，很可能是九月。我們可能落後了大約一個月，這一切都是由於阿拉斯加州的延誤造成的，這完全是我們無法控制的。

The fourth comment was completion of our expansion plans in Thompson Falls prior to year end, which will provide a sixfold increase in our throughput of that facility we are on schedule.

第四條評論是，我們將在年底前完成湯普森瀑布的擴建計劃，這將使該設施的吞吐量增加六倍，我們正在按計劃進行。

For year-end completion, we have a mechanical engineer there. We moved to Thompson Falls, who's in charge of this, same as Jeff Fink. He's, by the way, the fellow that fixed the facility up at BRZ in Preston, Idaho a year and a half ago, and I'm actively involved in the procurements of the material. He sends me emails almost daily of what we have to buy, and that is moving on schedule.

為了年底完工，我們在那裡安排了一名機械工程師。我們搬到了湯普森瀑布 (Thompson Falls)，由他和傑夫芬克 (Jeff Fink) 負責此事。順便說一句，他是一年半前在愛達荷州普雷斯頓 BRZ 修繕設施的人，而我則積極參與材料採購工作。他幾乎每天都會給我發電子郵件，告訴我我們要買什麼，而且一切都按計劃進行。

The fifth item was additional acquisitions of mining claims, some likely in other critical minerals. Well, we announced an acquisition on June 27th of our tungsten property located up in Ontario, Canada, so that is a positive checkmark.

第五項是額外收購採礦權，其中一些可能涉及其他關鍵礦產。嗯，我們在 6 月 27 日宣布收購位於加拿大安大略省的鎢礦，這是一個積極的標誌。

And then the 6th item that I mentioned was continued operating the financial result improvements to our financial statements. I said each quarter should be a stair step increase of not only the prior year, but the immediate prior quarter. I think that was successfully done today in our announcement, and we're continuing as evidence in that press release. I have no doubt that we will continue to improve our financials and operating results throughout the year, and we have all the ingredients in place to accomplish that goal.

然後我提到的第六項是繼續營運財務報表中的財務結果改進。我說每個季度不僅應該比上一年有階段性成長，而且應該比上一季有階段性成長。我認為我們今天的公告已經成功地做到了這一點，並且我們將繼續在新聞稿中提供證據。我毫不懷疑，我們將在全年繼續改善我們的財務狀況和經營業績，並且我們已具備實現這一目標的所有條件。

So with that being said, operator, I think we're now ready to take questions from our listening audience.

接線員，話雖如此，我想我們現在可以回答聽眾的問題了。

(Operator Instructions) Thank you. Our first question is, do you anticipate any domestic or supply deals in the near future, and is that something you're looking at?

（操作員指示）謝謝。我們的第一個問題是，您是否預計在不久的將來會達成任何國內或供應交易，這是您正在考慮的事情嗎？

I'll respond to that. Domestic being the United States, there is no antimony being mined in the United States. We know of none that could come to fruition in the next 2 to 3 years. So the only antimony that will be mined in the United States that we believe is in the short term is our mine in Montana, which is Joe mentioned, we're very close to bringing material to. The smelter down the mountain at Thompson Falls, as well as Alaska, which we anticipate having material in September. So, answering questions is no other antimony supplies other than our own.

我會對此作出回應。美國國內沒有開採銻礦。我們知道，在未來的兩到三年內，沒有任何一個計劃能夠實現。因此，我們認為短期內在美國唯一會開採的銻礦是位於蒙大拿州的礦山，正如喬所提到的，我們很快就能將材料運送到那裡。我們預計位於湯普森瀑布山下的冶煉廠以及阿拉斯加的冶煉廠將在 9 月有原料。因此，回答問題除了我們自己的之外沒有其他銻供應。

Thank you. Our next question is, with reference to Alaska, has the leasehold acreage increased from the prior 23,800 acres since July, and any new updates on the findings?

謝謝。我們的下一個問題是，關於阿拉斯加，自 7 月以來，租賃土地面積是否比之前的 23,800 英畝增加，調查結果有任何新的更新嗎？

Yes, I think we're closer to 30,000 acres, if I'm not mistaken, but somewhere between 23,000 and 30,000 acres. As we mentioned, we did make an acquisition of a property that's actually the leasehold of the property where we own not only the mining rights, but the surface, and that was done just in the last 45 days, and that's where we're actively doing a lot of work today. And Joe, I don't know if you remember the amount of acreage associated with that, but I, I've been on the property. It's a very good looking piece of property and as Joe mentioned, we had a bunch of old junk cars and we're trying to be a good steward for the Alaskan people there, especially around Fairbanks. And so we, paid the money to pick up all those cars and take them to a junkyard and clean up the property and make it something that people would be proud to look at. And so, that property has had a lot of history of gold mining on it. And that's one thing I want to mention that I failed to mention earlier.

是的，如果我沒記錯的話，我認為我們更接近 30,000 英畝，但在 23,000 到 30,000 英畝之間。正如我們所提到的，我們確實收購了一處地產，實際上是該地產的租賃權，我們不僅擁有採礦權，還擁有地表，這是在過去 45 天內完成的，今天我們正在積極開展大量工作。喬，我不知道你是否記得與此相關的土地面積，但我一直在那裡。這是一塊非常好的地產，正如喬所提到的，我們有一堆破舊的汽車，我們正努力成為那裡的阿拉斯加人民的好管家，特別是費爾班克斯週邊的阿拉斯加人民。因此，我們出錢把這些車都撿起來，送到垃圾場，清理場地，讓它們成為人們引以為傲的東西。因此，該土地上有著悠久的金礦開採歷史。這是我想提一下但之前沒有提到的一件事。

I have no doubt in my mind. That once we start mining antimony religiously in Alaska, we're going to find gold. I don't think there's any doubt about this. Remember, all this antimony that we're in the process of mining came from gold miners that came there 150 - 175 years ago. And so, no doubt we're going to see some gold deposits in relation to the work we're going to be doing. So hopefully that answers your question.

我心裡毫不懷疑。一旦我們開始在阿拉斯加虔誠地開採銻，我們就會發現黃金。我認為這一點毫無疑問。請記住，我們正在開採的所有銻都來自 150 至 175 年前來到這裡的金礦工人。因此，毫無疑問，我們將會看到一些與我們將要進行的工作相關的金礦。希望這能回答你的問題。

Thank you very much. Our next question is, I saw online that there was a fairly large contract from the Defense Logistics Agency that was up for bidding and due today. Can you maybe provide a bit of color on this contract and on what impact and potential you expect this to have on the company?

非常感謝。我們的下一個問題是，我在網路上看到國防後勤局有一個相當大的合約正在招標，今天到期。您能否稍微介紹一下這份合約以及您預期它會為公司帶來什麼影響和潛力？

Well, that's the one contract that yeah, it was picked up by a number of social media sources and that that is a $240 million contract to acquire antimony. I think it notes that we're the only source because there's no other smelter. So once that contract, solicitation ends, which I believe is today. Then hopefully, some of the things that we're anticipating will come to fruition in the next few weeks. That's the plan.

嗯，這是一份被許多社交媒體報道過的合同，這是一份價值 2.4 億美元的銻採購合約。我認為這表明我們是唯一來源，因為沒有其他冶煉廠。因此，一旦合約結束，招標就會結束，我相信今天就是結束。希望我們所期待的一些事情能夠在接下來的幾週內實現。這就是計劃。

Thank you. Our next question is, it would be great to get an update on funding more broadly. Should we still consider UAMY as a potential recipient of government funding and or offtake? Would you consider other funding avenues such as debt or equity if negotiations continue to drag out?

謝謝。我們的下一個問題是，如果能更廣泛地了解資金的最新情況就更好了。我們是否仍應將 UAMY 視為政府資助和/或承購的潛在受益者？如果談判繼續拖延，您會考慮債務或股權等其他融資管道嗎？

I don't think we would be spending the amount of time and effort, with the government, if we didn't anticipate, funding in some form or fashion. In fact, as I noted earlier, the tungsten acquisition we made was due to discussions that we've had with the government. So, I feel highly encouraged that we're forming a very good relationship. With a number of different governmental officials that will allow our company to grow and meet the demands of our military in ways that nobody else can, as Melissa so well described it, there is no choice but us. And there's no choice in 2 or 3, 4 or 5 years but us. So I think we're in a very formidable position. We've been very careful. To be sure that our negotiations are done in a manner that not only helps the government but makes sure that it protects our shareholders. And so those discussions will continue and I feel confident that something positive will come out of all that.

我認為，如果我們沒有預料到政府會以某種形式提供資金，我們就不會花費這麼多的時間和精力。事實上，正如我之前提到的，我們收購鎢礦是與政府進行討論的結果。因此，我感到非常鼓舞，我們正在建立非常好的關係。正如梅麗莎所描述的那樣，在許多不同的政府官員的幫助下，我們的公司得以發展壯大，並以其他任何人都無法做到的方式滿足軍隊的需求，除了我們，我們別無選擇。2年、3年、4年或5年後，除了我們，別無選擇。所以我認為我們處於非常艱鉅的地位。我們已經非常小心了。確保我們的談判不僅能幫助政府，也能保護我們的股東。因此，這些討論將會繼續下去，我相信最終會產生正面的結果。

Thank you. The next question is how receptive is the current administration been in trying to expedite USAC's plans on accelerating antimony or feedstock permitting, and who is slowing down the Alaskan permitting process and can executive orders possibly streamline these processes?

謝謝。下一個問題是，現任政府對於加快 USAC 加速銻或原料許可計劃的接受程度如何，誰在拖慢阿拉斯加的許可程序，行政命令是否可以簡化這些程序？

Well, I don't think there's any doubt that our new administration is very pro-critical minerals and rare earths. You've seen other companies get some funding, you've seen permitting get expedited.

嗯，我認為毫無疑問我們的新政府非常支持關鍵礦產和稀土。您已經看到其他公司獲得了一些資金，您已經看到許可證的審批得到了加快。

I think if we were dealing with federal permitting, we would get some help remember our permits up in Alaska are state funded or state permitting. So we have been talking to dignitaries of that state and we've met with some of the higher ups of the DNR in trying to expedite what is going on there and answer your question, who is the hold up? It's the local citizens that there's a group called Save Our Domes, that is basically an environmental group that doesn't want anything to happen anywhere. And so, I feel comfortable that we'll get everything we need as long as we do what we're supposed to do, and that's what our plan is.

我認為，如果我們處理聯邦許可，我們會得到一些幫助，記住我們在阿拉斯加的許可證是由州政府資助或州政府許可的。因此，我們一直在與該州的政要交談，並與 DNR 的一些高層人士會面，試圖加快那裡的進程，並回答您的問題，是誰在阻礙？當地居民成立了一個名為「拯救我們的圓頂」的組織，這是一個環保組織，他們不希望任何地方發生任何事情。因此，只要我們做我們應該做的事，我就會感到安心，我們會得到我們需要的一切，這就是我們的計劃。

We're making improvements to the land, not hurting it. So as Joe mentioned, I mean, this antimony that we're picking up has been thrown on the ground for the last 100 years by other miners, and we're picking it up and taking it away and that should be a positive thing, not a negative thing. So, once we are educating the locals as to what we're doing, which we have been, doing, with PR and it's just kind of tell you a funny quick story. I was actually, taking my, took my youngest daughter as a graduation present to Alaska fishing about a month ago, and we're on the western part of Alaska where there's out in the really remote area in our fishing guide. Asked me, so what do you do? I said, Well, I'm involved in the mining business, and he says, oh, you're not involved in antimony, are you? And well, how do you know that? And he says, are you US antimony Corporation? I go, how in the world do you know that? He goes, Well, I was coming to work today and on the radio was talking about what you guys are doing in Alaska.

我們正在改善土地，而不是破壞它。正如喬所提到的，我的意思是，我們撿到的銻在過去 100 年裡被其他礦工扔在地上，我們把它撿起來並帶走，這應該是一件好事，而不是壞事。因此，一旦我們向當地人介紹了我們正在做的事情，我們一直在做的事情，透過公關，這只是給你一個有趣的簡短故事。事實上，大約一個月前，我帶著我最小的女兒去阿拉斯加釣魚作為畢業禮物，我們在阿拉斯加西部，那裡是我們釣魚指南中提到的真正偏遠的地區。問我，那你做什麼？我說，嗯，我從事採礦業，他說，哦，你不從事銻業，是嗎？那麼，你怎麼知道的呢？他說，你們是美國銻公司嗎？我說，你到底是怎麼知道的？他說，好吧，我今天來上班，在收音機裡談論你們在阿拉斯加所做的事情。

So I guess our PR work is taking root when a fishing guide in a remote area of Alaska knows what we're doing. So, I think that it's a process of educating the public. We're having all kinds of meetings up there, trying to show people that, this is a good thing. It's something that our country needs. I mean, and so if you're patriotic at all, you understand the antimony is a necessary ingredient for military applications. So, it, it's a process and we're making good headway, I think.

因此，我想，當阿拉斯加偏遠地區的釣魚嚮導知道我們在做什麼時，我們的公關工作就開始生根發芽了。所以，我認為這是一個教育大眾的過程。我們在那裡舉行各種會議，試圖向人們表明這是一件好事。這是我們國家所需要的。我的意思是，如果你有點愛國，你就會明白銻是軍事應用的必要成分。所以，這是一個過程，我認為我們正在取得良好進展。

Next question.

下一個問題。

Thank you very much. Our next question is, can you comment on second Thompson Falls facility progress?

非常感謝。我們的下一個問題是，您能否評論一下第二湯普森瀑布設施的進展？

Second Thompson Falls. I'm not sure I understand the question. If you're talking about the improvements at the Thompson Falls, as I mentioned earlier, those are underway and still planned for year end. We have no immediate plans for a third facility, which would be, we have Thompson Falls, we have Madero. We are looking and discussing it. We want to get these two facilities up and running at full capacity first, but we have looked at other locations, about a third facility, and we've been talking to the government about that. So, that's probably a 2026-27 event.

第二湯普森瀑布。我不確定我是否理解了這個問題。如果您談論的是湯普森瀑布的改進工程，正如我之前提到的，這些工程正在進行中，並計劃在年底完成。我們目前沒有建立第三個設施的計劃，我們有湯普森瀑布設施和馬德羅設施。我們正在觀察並討論它。我們希望首先讓這兩個設施全面投入運營，但我們也考慮了其他地點，考慮第三個設施，並且我們一直在與政府討論此事。所以，這可能是 2026-27 年的事件。

Thank you. Our next question is, Gary, please comment on whether you have processed the Antimony received via China from Mandalay now Alkane. Also, the buzz is Mandalay quality is disappointing. Is this anomaly or an unfortunate trend?

謝謝。我們的下一個問題是，加里，請評論您是否已經處理了從曼德勒經中國收到的銻。此外，曼德勒的品質令人失望。這是異常現象還是不幸的趨勢？

Okay, that's a good question. First of all, we have processed, 255 ton loads of material from Australia, from Mandalay. We have had some issues with that. The material was out of spec, and, what that means is they had above contracted amounts of arsenic. And that is a problem in that when we process that material, that arsenic ends up being in the finished product. And so if you're a buyer of that material, you have to be told that there's arsenic involved in it. So that has been an issue. Number 2 question though related to the 55 tons, which is our third load from Mendelay that was held up by China since May, that has gone back to Australia. It has left Australia, I think as of. 2 or 3 days ago and it is not due to Mandalay till mid-September. So that material will be assayed very well to be sure, it doesn't have the kind of arsenic that the first two loads had. If it does, then we have another problem. So, we are not counting on future material from Mandalay. That's why we've been soliciting material from all these other countries and working with other areas. We think that, the arsenic issue related to Mandalay is associated with their gold mine as they go deeper in that mine, arsenic levels appear to be going up. So that's going to be a problem for us or any other processors. So we'll have to deal with that. When we finally concluded, but right now, this 3rd shipment is now on the water, will be our last unless we can renegotiate our contract.

好的，這是個好問題。首先，我們已經處理了從澳洲、曼德勒運來的255噸材料。我們對此遇到了一些問題。該材料不符合規格，這意味著其中的砷含量超過了合約規定的量。問題在於，當我們加工該材料時，砷最終會存在於成品中。因此，如果您是該材料的買家，您必須被告知其中含有砷。所以這是一個問題。第二個問題與這 55 噸貨物有關，這是我們從門德萊運來的第三批貨物，自五月以來被中國扣留，目前已返回澳洲。我認為它已經在 2 或 3 天前離開澳大利亞了，並且要到 9 月中旬才能抵達曼德勒。因此，對該材料進行非常詳細的分析，以確保它不含前兩批貨物中所含的砷。如果確實如此，那麼我們就會面臨另一個問題。因此，我們不指望曼德勒未來的材料。這就是我們一直在向所有其他國家徵集材料並與其他地區合作的原因。我們認為，曼德勒的砷問題與他們的金礦有關，隨著礦井的深入，砷含量似乎正在上升。所以這對我們或任何其他處理器來說都是一個問題。所以我們必須解決這個問題。當我們最終達成協議時，但現在，這第三批貨物正在水上，除非我們能夠重新協商合同，否則這將是我們最後一批貨物。

Thank you. Our next question is, what are the next steps in the development, if any, of your tungsten bearing properties? If I recall correctly, it was a DOD idea that you acquire this property. I've heard that this is extremely difficult to mine tungsten due to low concentrations and ore hardness, wondering about the economics of tungsten mining from your perspective.

謝謝。我們的下一個問題是，如果有的話，你們在開發鎢軸承性能方面接下來的步驟是什麼？如果我沒記錯的話，收購這處房產是國防部的主意。我聽說由於鎢礦濃度低且硬度高，開採鎢礦極其困難，想知道從您的角度來看鎢礦開採的經濟性。

I'll say a couple of things and I'll let Joe jump in here.

我要說幾件事，然後讓喬插話。

One thing that is really, I think important here is that there is existing refining capacity in the immediate area, which gives us, we think, a very attractive price for processing the material. As I also mentioned earlier, there is no other active tungsten mines in the US or Canada. Tungsten is a necessary ingredient for the military, predominantly for tanks. A tungsten is the second hardest material behind diamonds and is something that's needed rather than China has been historically the primary provider of tungsten, and it was banned when antimony was banned. So Joe, regarding that question, do you have any comments you'd like to add?

我認為真正重要的一點是，附近地區現有的煉油能力，我們認為這為我們加工這種材料提供了非常有吸引力的價格。正如我之前提到的，美國和加拿大沒有其他活躍的鎢礦。鎢是軍事必需的成分，主要用於坦克。鎢是僅次於鑽石的第二硬的材料，是人類所需要的東西，而中國歷來是鎢的主要供應國，當銻被禁時，鎢也被禁了。那麼喬，關於這個問題，你還有什麼要補充的嗎？

The property is known as a low grade, but an open pitable property. We are trying to complete studies so that, the ideal situation would be that we could upgrade it on site through gravity separation. In other words, crush it only, no grinding, no chemicals, Gravity separates so that you increase that grade, therefore, less funds to truck somewhere. As to where we can truck, I mentioned earlier, the Strathcona mill is underutilized. It's a modern, well-run, facility, I think 10,000 tons a day, which means your costs per ton are relatively low compared to the smaller mills. A neighbor in the area, Magna Mining has shipped a 20,000 ton, nickel copper bulk sample to Strathcona and From what's available to the public, my understanding is that they're very happy with the results that happened there. I have not, and we as a corporation have not talked to Glencore or to the folks at the Strathcona mill, but, we want to do our homework first, do our gravity separation tests and then proceed to the next step.

該礦產雖然品位較低，但可露天開採。我們正在努力完成研究，以便理想的情況是我們可以透過重力分離在現場對其進行升級。換句話說，只需將其粉碎，無需研磨，無需化學品，透過重力分離即可提高品位，因此，運送到某處的資金更少。至於我們可以把卡車運到哪裡，我之前提到過，斯特拉斯科納工廠尚未充分利用。這是一座現代化、運作良好的工廠，每天的產量為 10,000 噸，這意味著與小型工廠相比，每噸的成本相對較低。該地區的鄰居麥格納礦業公司 (Magna Mining) 已將 20,000 噸鎳銅散裝樣品運往斯特拉斯科納，從向公眾提供的信息來看，我的理解是，他們對那裡取得的結果非常滿意。我沒有，我們作為一家公司也沒有與嘉能可或斯特拉斯科納工廠的員工進行過交談，但是，我們想先做好功課，進行重力分離測試，然後再進行下一步。

Simultaneously, as I mentioned earlier, we're into the permitting we don't anticipate any problems there, but there is a routine to be followed, and that routine stretches out more than a year. You need the four seasons, collection of data, winter, spring, fall and summer, we intend to get that started by the 1st of September and , we are allowed to take a bulk sample, Much larger bulk sample and is normally available on federal ground in the US, which is in the 1,000 ton range we're looking at somewhere between 20 and 50,000 tons. That's it Gary.

同時，正如我之前提到的，我們已經獲得了許可，我們預計不會出現任何問題，但有一個常規程序需要遵循，而這個常規程序要持續一年多。你需要收集四季的數據，冬季、春季、秋季和夏季，我們打算在 9 月 1 日開始這項工作，我們可以採集大宗樣本，更大的大宗樣本通常在美國聯邦土地上可用，大約在 1,000 噸範圍內，我們正在尋找 20 到 50,000 噸之間的樣本。就是這樣，加里。

Appreciate it. Operator we'll take one more question and we've been a little over an hour.

非常感謝。接線員，我們再回答一個問題，我們已經討論了一個多小時了。

Yes, okay, our question is where will UAMY process the tungsten? Will you build a new facility?

是的，好的，我們的問題是 UAMY 將在哪裡加工鎢？你會建造一個新設施嗎？

I think Joe just answered that question. There's a local processor there, that we would use rather than us try to build something new, so that, I think that question is asked. We'll take one more operator.

我認為喬剛剛回答了這個問題。那裡有一個本地處理器，我們會使用它而不是嘗試建立新的東西，所以，我認為這個問題是可以問的。我們將再招募一名操作員。

Okay, no problem. Why is your North American Antimony feedstock supplier shipping more in recent quarters than in past years?

好的，沒問題。為什麼你們的北美銻原料供應商最近幾季的出貨量比過去幾年多？

Well, that's because we renegotiated our contract back in February. We also, obviously they have more supply. They've been running their facilities at a much higher rate than they had historically and there's really no other place for them to take this material but to us. Otherwise, they would have to take it to a hazardous waste dump and pay for it. So, I think it's a combination of our renegotiation of our contract earlier this year, as well as their need to get rid of more material, which is a positive, double positive for us. With that, I think we're done, operator.

嗯，那是因為我們在二月重新談判了合約。我們也顯然有更多的供應。他們的設施運作速度比以往快得多，除了我們，他們沒有其他地方可以運送這些材料。否則，他們就必須將其運送到危險廢物處理場並付費。所以，我認為這是我們今年早些時候重新談判合約以及他們需要擺脫更多材料的結合，這對我們來說是積極的，雙重積極的。就這樣，我想我們就完成了，接線生。

Yeah, that's the end of our question and answer session. So I'll hand back to Gary for closing remarks.

是的，我們的問答環節到此結束。因此我將把發言交還給加里 (Gary) 作最後發言。

Okay. I'd just like to close by making a few comments. Obviously, we're involved in antimony procurements and what's going on around the world. I actually had lunch today with a guy from London, England that I consider kind of an antimony expert, and we were trading thoughts and There's no doubt, as I've said before, there is a worldwide shortage of antimony and it's one of the few critical minerals that, there's not an easy answer for.

好的。最後，我只想發表幾點評論。顯然，我們參與了銻的採購以及世界各地正在發生的事情。今天我實際上與一位來自英國倫敦的人共進午餐，我認為他是一位銻專家，我們交換了想法，毫無疑問，正如我之前所說，全球範圍內都存在銻短缺，它是少數幾種無法輕易解決的關鍵礦物之一。

It's not like there's going to be a huge deposit found somewhere, that we don't know about. It will be an assembly of lots of different, Smaller quantities of ore from different places. And that's why when you see our news release talking about 5, 6 countries that we're acquiring this material for and we're working on another country too, it's hard gathering this all together and getting it into a place that can be processed. That's why one of the largest antimony smelters in the world located in Oman, it shut down a year and a half ago. No supply. There's not enough supply of the product.

這並不意味著在某個地方會發現我們不知道的巨額礦藏。它將是由來自不同地方的大量不同、較小數量的礦石組合而成。這就是為什麼當你看到我們的新聞稿談論我們正在為 5、6 個國家收集這些材料並且我們也在為另一個國家開展工作時，很難將所有這些收集到一起並放到可以處理的地方。這就是為什麼位於阿曼的世界上最大的銻冶煉廠之一在一年半前關閉的原因。無供應。該產品供應不足。

So, Our company is going to change that. We're going to change that with our Montana properties that we've got leased as well as our Alaskan properties. And as our supply continues to develop and grow, we will expand our operations accordingly, and we have a lot of growth potential in Mexico because of the land position we have. And this expansion we're doing in Montana will be it. That's all we can do there. We'd have to have a new facility somewhere else.

所以，我們公司將改變這種狀況。我們將利用我們租賃的蒙大拿州房產以及阿拉斯加州房產來改變這種狀況。隨著我們的供應不斷發展和成長，我們將相應地擴大我們的業務，而且由於我們擁有的土地位置，我們在墨西哥具有很大的成長潛力。我們在蒙大拿州進行的這次擴張就是如此。這就是我們所能做的一切。我們必須在其他地方建立新設施。

So I think we're in a great position. I think we're making all the right moves to grow the business as we're growing, and it should be the financial results we have in the third and fourth quarter should represent that and then we're looking for a very exciting 2026. So with that, thank you for your support and look forward to some news announcements as we continue to build this company.

所以我認為我們處於非常有利的地位。我認為，我們在業務成長的同時，也採取了一切正確的舉措，第三季和第四季的財務業績應該能夠體現這一點，我們期待 2026 年取得令人振奮的成績。因此，感謝您的支持，並期待在我們繼續建造這家公司的過程中發布一些新聞公告。

Thank you so much. This does conclude today's webcast, and you may disconnect your lines at this time. We thank you for your participation.

太感謝了。今天的網路直播到此結束，您可以斷開線路了。我們感謝您的參與。