United States Antimony Corp (UAMY) 2025 Q3 法說會逐字稿

Greetings. Welcome to the United States Antimony Corporation third quarter and nine months ended September 30, 2025, Financial and Operating Results Conference Call. (Operator Instructions) Please note this conference call and webcast is being recorded.

問候。歡迎參加美國銻業公司截至 2025 年 9 月 30 日的第三季和前九個月財務及經營業績電話會議。（操作員說明）請注意，本次電話會議和網路直播正在錄音。

I will now turn the call over to your host, Gary C. Evans, Chairman and CEO. You may begin.

現在我將把電話交給主持人，董事長兼執行長加里·C·埃文斯。你可以開始了。

Thank you, Paul, and welcome to our listeners today. Thank you, Paul, and welcome to our listeners today.First, I'd like to start by introducing other members of our company's management team that are joining me on this conference call today. We have Joe Bardswich, who's a Director and Executive Vice President and our Chief Mining Engineer; Rick Isaak, who's Senior Vice President as well as our Chief Financial Officer. We've got a new participant today, Aaron Tenesch, who's Vice President of our Antimony division; and then Jonathan Miller, who's Vice President of Investor Relations.

謝謝保羅，也歡迎你今天來到我們的聽眾朋友。謝謝保羅，也歡迎各位聽眾今天收聽我們的節目。首先，我想介紹一下今天和我一起參加這次電話會議的公司管理團隊的其他成員。我們有董事兼執行副總裁兼首席採礦工程師喬·巴茲維奇；還有高級副總裁兼財務長里克·伊薩克。今天我們迎來了一位新參與者，他是銻業部門的副總裁 Aaron Tenesch；還有一位是投資者關係副總裁 Jonathan Miller。

So I thought I would start today out doing something a little different and give everybody a little lesson on antimony because there's no question as I've gone around the country, whether it be with investors or bankers or stock brokers, even the government, a lot of people don't know what antimony is. So let me give you just a little bit of education here.

所以我今天想做一些不同的事情，給大家上一堂關於銻的課，因為毫無疑問，在我走遍全國各地之後，無論是投資者、銀行家、股票經紀人，甚至是政府官員，很多人都不知道銻是什麼。那麼，讓我來簡單普及一下相關知識。

Antimony is one of those raw materials that has historically been completely unknown to the public. But for the military and industrial sectors, this mineral is absolutely essential. So, in military applications, antimony is diverse and far-reaching. Antimony alloys play a significant role in making ammunition production that extremely difficult to replace. Hard lead alloys enriched with antimony significantly increase the hardness and the dimensional stability of projectiles.

銻是歷史上公眾完全不了解的原料之一。但對於軍事和工業部門來說，這種礦物是絕對不可或缺的。因此，銻在軍事應用領域用途廣泛且影響深遠。銻合金在彈藥生產中起著至關重要的作用，而且極難取代。富含銻的硬鉛合金能顯著提高彈丸的硬度和尺寸穩定性。

This not only improves penetration and accuracy, but also enables more consistent ballistics, which is essential for reliable weapons. In percussion caps and ignition mixtures, antimony sulfide, also known as stibnite ensure the reliable ignition of the propellant. This is an application where failure rates can lead to catastrophic failures.

這不僅可以提高穿透力和精確度，還可以實現更穩定的彈道，這對可靠的武器至關重要。在雷管和點火混合物中，硫化銻（又稱輝銻礦）可確保推進劑可靠點燃。這是一個故障率可能導致災難性後果的應用場景。

Furthermore, antimony in specialized forms is used extensively in high-frequency electronics and sensor technology. It is essential for night vision devices such as cameras and goggles, thermal imaging cameras, infrared sensors and used in modern warheads, drones, reconnaissance systems and air-to-ground communication systems. These are technique technologies that define our modern warfare today. In civilian applications, antimony is invaluable, primarily as an alloying element. When antimony is combined with lead, it fundamentally alters material science.

此外，特殊形式的銻也廣泛用於高頻電子和感測器技術。它對於夜視設備（如攝影機和護目鏡）、熱成像攝影機、紅外線感測器至關重要，並用於現代彈頭、無人機、偵察系統和空對地通訊系統。這些是定義當今現代戰爭的技術。在民用領域，銻具有不可估量的價值，主要用作合金元素。銻與鉛結合，從根本上改變了材料科學。

In car batteries, lead always contains small amounts of antimony to ensure the necessary structural integrity of the battery. The global automotive and energy storage industries would be inconceivable without this rare critical element.

汽車電池中的鉛總是含有少量銻，以確保電池必要的結構完整性。如果沒有這種稀有關鍵元素，全球汽車和儲能產業將無法想像。

The industrial applications of antimony extend far beyond batteries though. In glass making, it's an indispensable refiner. It is used to remove bubbles and defects from molting glass and to improve the optical quality of that instrument. Antimony has gained increasing importance, particularly in the solar industry as it enhances the transparent and light transmission of solar glass modules. With the global expansion of solar energy, demand for high-quality solar glass has risen exponentially.

銻的工業應用遠不止於電池領域。在玻璃製造中，它是一種不可或缺的精煉劑。它用於去除熔融玻璃中的氣泡和缺陷，並提高儀器的光學品質。銻的重要性日益凸顯，尤其是在太陽能產業，因為它能提高太陽能玻璃組件的透明度和透光性。隨著太陽能在全球的擴張，對高品質太陽能玻璃的需求呈指數級增長。

And I just read within the last three weeks that China has come up with a new solar panel that is about 12% more efficient, which is huge in the solar panel business and it's all because of antimony.

我最近三週內讀到，中國開發出了一種新型太陽能電池板，效率提高了約 12%，這在太陽能板產業意義重大，而這一切都歸功於銻。

So the majority of antimony use, however, is in flame retardants. People don't realize this. Approximately 30% to 40% of the world's antimony production is used to manufacture flame retardants for use in plastics, textiles and polymers. This is not just an academic chemistry issue, but one that protects human lives.

因此，銻的大部分用途還是在阻燃劑中。人們沒有意識到這一點。世界上約有 30% 至 40% 的銻產量用於製造阻燃劑，這些阻燃劑用於塑膠、紡織品和聚合物。這不僅是一個學術化學問題，而是關乎人類生命安全的問題。

So, with that, I'd like to turn over our call to Rick Isaak. He's going to give more details regarding our operating and financial results. Rick is our CFO. And Rick, do you want to take it from here?

那麼，接下來我將把電話交給里克·艾薩克。他將詳細介紹我們的營運和財務表現。Rick是我們的財務長。里克，接下來你想接手嗎？

Sure, sure. Thanks, Gary. I'll start with some comments on our consolidated operating results and then go to the balance sheet.

當然，當然。謝謝你，加里。我先就我們的合併經營績效做一些評論，然後再來看資產負債表。

Sales for the first nine months of this year were $26.2 million, up $16.9 million or 182% over the prior year. This increase was largely due to price increases with some volume increase in our zeolite business. Looking ahead, our antimony sales volume increased in October with some of the expansion efforts that we've been talking about, and our consolidated sales were $5.6 million for the month of October compared to third quarter sales of $8.7 million.

今年前九個月的銷售額為 2,620 萬美元，比上年同期成長 1,690 萬美元，增幅達 182%。這一成長主要是由於沸石業務價格上漲以及銷售成長所致。展望未來，隨著我們一直在談論的一些擴張舉措，10 月份銻的銷量有所增長，10 月份的合併銷售額為 560 萬美元，而第三季度的銷售額為 870 萬美元。

Our gross margin increased by 4-percentage-points from 24% last year to 28% this year. There'll be some pressure on our gross margins in the fourth quarter with a declining antimony market price. We're looking to offset as much of this decline as we can with lower costs and higher-margin long-term contracts. Also, we're pushing to increase antimony sales volume to increase our gross profit dollars and generate more cash flow. Our consolidated net loss was $4.1 million for the first nine months of this year.

我們的毛利率從去年的 24% 成長至今年的 28%，提高了 4 個百分點。由於銻市場價格下跌，第四季我們的毛利率將面臨一些壓力。我們希望透過降低成本和簽訂利潤更高的長期合約來盡可能地抵消這種下滑趨勢。此外，我們正在努力提高銻的銷量，以增加毛利並產生更多現金流。今年前九個月，我們的綜合淨虧損為 410 萬美元。

However, this loss included $5.2 million of noncash expenses. From a cash flow perspective, our operating activities generated positive cash flow when you exclude working capital changes, which I'll talk a little bit about later. And that positive cash flow improved compared to the same period last year.

然而，這筆損失包括 520 萬美元的非現金支出。從現金流的角度來看，如果排除營運資本變動（稍後我會詳細談談這一點），我們的經營活動產生了正現金流。而且，與去年同期相比，正現金流有所改善。

Next, looking at the balance sheet. There were three main drivers that increased several accounts more significantly in our balance sheet. First, antimony inventory was up about 300,000 pounds this year, which increased our working capital accounts, I guess, specifically inventory, prepaids, accounts receivable, accounts payable. The sales value of our inventory similarly increased from about $3 million at the end of last year to $9 million at the end of the third quarter of this year using today's antimony market price for both values. Second, we acquired mining claims this year in Alaska, Canada and Montana, and we're expanding our Montana processing facility.

接下來，我們來看看資產負債表。有三個主要因素顯著增加了我們資產負債表中的多個帳戶。首先，今年銻庫存增加了約 30 萬磅，這增加了我們的營運資金帳戶，我想，具體來說，就是庫存、預付款、應收帳款和應付帳款。根據目前的銻市場價格計算，我們的庫存銷售價值也從去年年底的約 300 萬美元增加到今年第三季末的 900 萬美元。其次，我們今年在阿拉斯加、加拿大和蒙大拿州獲得了採礦權，我們正在擴大我們在蒙大拿州的加工廠。

And these were the main drivers increasing our fixed asset balance. Third, nearly $43 million of cash was generated this year from the exercise of pre-existing warrants and stock sales, which increased our common stock and additional paid-in capital balances. We ended the third quarter of this year with cash and investments of $38.5 million, which is an increase this year of $20 million, and we had long-term debt of only $229,000. The antimony industry has had its opportunities and challenges over the past year, which makes the financials a little more complicated. However, we cut through the noise, and we really remain focused on generating positive cash flow.

這些都是導致我們固定資產餘額增加的主要因素。第三，今年透過行使先前存在的認股權證和股票出售，產生了近 4,300 萬美元的現金，這增加了我們的普通股和額外實收資本餘額。今年第三季末，我們的現金和投資為 3,850 萬美元，比今年增加了 2,000 萬美元，而我們的長期債務僅為 22.9 萬美元。過去一年，銻產業既有機遇也有挑戰，這使得財務狀況變得有些複雜。然而，我們排除乾擾，真正專注於創造正現金流。

We're also focused on creating a solid foundation for the future of our company. To accomplish this, we strengthened our ore supply by securing a three-year supply agreement with a new supplier of antimony ore and by expanding our capabilities in becoming a fully vertically integrated business with the ability to mine, process and sell antimony products. We also strengthened the sales side of our business by securing a five-year sole-source sales contract with the DLA and another recently announced five-year sales contract with a commercial customer. In addition, we had seven acquisitions of mining claims over the past 12 months with the expectation of several critical minerals being generated from these mining claims.

我們也致力於為公司的未來奠定堅實的基礎。為了實現這一目標，我們透過與新的銻礦供應商簽訂三年供應協議加強了礦石供應，並透過擴大自身能力，成為一家能夠開採、加工和銷售銻產品的完全垂直整合企業。我們還透過與國防後勤局簽訂五年獨家銷售合同，以及最近宣布與一家商業客戶簽訂另一份五年銷售合同，加強了公司的銷售業務。此外，在過去 12 個月中，我們收購了 7 項採礦權，預計這些採礦權將產生幾種關鍵礦物。

We will continue to be focused on being the preferred provider of critical minerals, which will provide growth, diversification and sustainability for our company. I'll pass it back over to you, Gary.

我們將繼續專注於成為關鍵礦產的首選供應商，這將為公司帶來成長、多元化和永續發展。蓋瑞，我把麥克風交還給你。

Thanks, Rick. And I'd like to now turn the next section of today's conference call over to Joe Bardswich. Joe is our Chief Mining Engineer. He's also a Director and Executive Vice President of the company. He's going to provide everyone update on all of our mining operations located in Montana, Alaska and Ontario, Canada.

謝謝你，里克。接下來，我想把今天電話會議的下一部分交給喬·巴茲維奇。喬是我們的首席採礦工程師。他同時也是該公司的董事兼執行副總裁。他將向大家介紹我們位於美國蒙大拿州、阿拉斯加州和加拿大安大略省的所有採礦作業的最新情況。

Joe?

喬？

Thank you, Gary. I will start with Stibnite Hill in Montana. Stibnite Hill has been mined from underground by many previous owners and then by US Antimony from 1968 until 1983. In '83, the decision was made to shut the operation down and depend on Mexico with lower labor costs to provide stibnite feedstock for Madero smelter and for the supply of military spec antimony trisulfide for primers for ammunition.

謝謝你，加里。我將從蒙大拿州的斯蒂布奈特山開始。斯蒂布奈特山曾被許多前所有者從地下開採，之後從 1968 年到 1983 年由美國銻業公司開採。1983 年，決定關閉該工廠，依靠勞動成本較低的墨西哥為馬德羅冶煉廠提供輝銻礦原料，並供應用於彈藥底火的軍用規格三硫化銻。

We believe that we remain as the only North American supplier of military spec antimony trisulfide as approved by the Defense Logistics Agency. We assembled a great team of geologists, both employees and consultants throughout the company operations from Alaska to Montana to Ontario.

我們相信，我們仍然是北美唯一獲得國防後勤局批准的軍用規格三硫化銻供應商。我們組建了一支優秀的地質學家團隊，成員包括公司員工和顧問，遍布公司從阿拉斯加到蒙大拿再到安大略的各個營運區域。

One of them did the record search at Montana Tech and at the US Forest Service and the field work on Stibnite Hill itself to provide sufficient evidence that enabled the start of a bulk sampling and exploration program to uncover and excavate the narrow and flat-lying vein of high-grade stibnite on the patented ELISA mining claim. With the cooperation of the Montana DEQ, we're able to modify our operating permit to include taking a bulk sample from the ELISA and immediately start extraction of that stibnite bulk sample.

其中一人在蒙大拿理工大學和美國林務局進行了記錄檢索，並在斯蒂布奈特山進行了實地考察，提供了足夠的證據，從而啟動了一項大規模取樣和勘探計劃，以發現和挖掘已獲專利的 ELISA 採礦權上的狹窄而平坦的高品位斯蒂布奈特礦脈。在蒙大拿州環境品質部的合作下，我們得以修改我們的營運許可證，允許從 ELISA 中提取散裝樣品，並立即開始提取該輝銻礦散裝樣品。

There's an old adage in the mining industry that grade is king. We are blessed with good grade and geologists who are experiencing grade control at the face where the bucket meets the ore. The grade control is visual. Pure stibnite is about 71.4% antimony, and we endeavor to load only rock that contains economic quantities of stibnite. The ore is loaded directly into the typical tandem highway dump truck, 10-wheelers and haul down off the mountain to the yard of a local contractor where the material is reloaded on to standard highway semi tractor trailer, the 18-wheeler for haulage to a flotation mill in Montana.

採礦業有一句老話：品味為王。我們很幸運，擁有品味優良的礦石，地質學家們在鏟鬥與礦石接觸的工作面上實現了品位控制。等級控制是可視化的。純輝銻礦的銻含量約為 71.4%，我們努力只裝載含有經濟數量的輝銻礦的岩石。礦石直接裝入典型的雙軸公路自卸卡車（10輪卡車），從山上運到當地承包商的場地，在那裡，物料被重新裝載到標準的公路半掛牽引車（18輪卡車）上，運往蒙大拿州的浮選廠。

A more detailed description of our Stibnite Hill operation is available in the October 30 news release posted on our web page.

有關我們斯蒂布奈特山營運的更詳細描述，請參閱我們網頁上發布的 10 月 30 日新聞稿。

Production as of 8:00 a.m. this morning, we've loaded and trucked 35 loads of 16 tonnes each off of the mountain for a total of 560 tonnes. To get an average grade of the material truck, we have commissioned an independent geologic consultant recognized at the QP, a qualified person by the SEC under the new SK-1300 regulations, commission him to sample the crushed material, maintain custody of the samples on submitted for assay at a recognized professional assay firm. The samples have been submitted for assay and results will be reported when received. Each 1% of antimony would mean 20 pounds of antimony per tonne, so 10% would be 200 pounds per tonne or 3,200 pounds of antimony per truckload.

截至今天早上 8 點，我們已經從山上裝車運走了 35 車，每車 16 噸，總計 560 噸。為了獲得物料卡車的平均等級，我們委託了一位獲得美國證券交易委員會 (SEC) 認可的合格人員 (QP) 的獨立地質顧問，根據新的 SK-1300 法規，委託他對破碎的物料進行取樣，並保管提交給認可的專業化驗公司進行化驗的樣品。樣本已送檢，結果收到後將立即公佈。每1%的銻含量意味著每噸含20磅銻，因此10%的銻含量意味著每噸含200磅銻，或每卡車含3,200磅銻。

So these are expected to be valuable truckloads So these are expected to be valuable truckloads. I expect a grade better than 10%, but 10% would still total 112,000 pounds of contained antimony haul to date. Significantly, we had planned a similar operation in Alaska. We applied for permits on April 14 of this year. However, we did not receive permit approval until mid-September, so barely got started before inclement weather hit us.

因此，這些預計會是很有價值的卡車貨物。我預計純度會高於 10%，但即便純度只有 10%，迄今為止也已經繳獲了 112,000 磅的銻。值得注意的是，我們原本計劃在阿拉斯加展開類似的行動。我們在今年4月14日申請了許可證。然而，直到九月中旬我們才獲得許可批准，所以剛開始施工就遭遇了惡劣天氣。

We were able to do some work on the Mohawk mine patent claims prior to the permit approval. Mohawk was a former gold producer from underground, which reported significant antimony in the wall rocks of the gold veins. Our initial work on Mohawk was site cleanup of the site. The locals had used the property of the disposal area for abandoned garbage and other garbage. This is followed by a trenching program that allowed us to map the old workings and identify areas of possible future antimony extraction.

在許可證獲批之前，我們得以對莫霍克礦業公司的專利權主張進行一些研究工作。莫霍克曾是地下黃金生產商，據報道，金礦脈的圍岩中含有大量的銻。我們在莫霍克的最初工作是場地清理。當地居民一直將垃圾傾倒區用作廢棄垃圾和其他垃圾的場所。隨後開展了溝槽挖掘計劃，使我們能夠繪製舊礦井的地圖，並確定未來可能開採銻的區域。

After receipt of the Alaska permit, we got -- we barely got started on our original plan of trenching beneath antimony in the soil anomalies.

收到阿拉斯加許可證後，我們才剛開始執行最初的計劃，即在土壤異常區域下方挖掘銻礦溝。

Antimony is one of the pathfinder minerals used in gold exploration. The data for the antimony soil anomalies were derived from previous gold exploration work by major companies, Placer Dome, Inco, Silverado, et cetera, following the discovery of the Fort Knox 10 million ounce gold deposit that's presently being mined by Kinross.

銻是黃金勘探中使用的探路礦物之一。銻土壤異常的數據來自 Placer Dome、Inco、Silverado 等主要公司先前的黃金勘探工作，此前，Kinross 公司發現了 Fort Knox 1000 萬盎司金礦床，該礦床目前正在開採。

Other activity in Alaska included the use of an exploration contractor at the remote Stibnite Creek property. Work included mapping and sampling, but the major expenditure was in the cleanup of the mess left by former claim owners who attempted to construct a mill on site. Access to this site was by helicopter, although winter roads have been used by past operators.

在阿拉斯加的其他活動包括僱用勘探承包商前往偏遠的斯蒂布奈特溪礦區。工作內容包括測繪和取樣，但主要支出是清理以前礦權所有者試圖在現場建造選礦廠時留下的爛攤子。前往該地點只能透過直升機，不過過去的業者也曾使用過冬季道路。

Presently, our sense that this deposit can be further developed and mined with underground access provided by an adit and drift along the vein into the mountain side. In the community of Fox, very near to our option exploration properties, we purchased a 17-acre site to be used as an HQ location.

目前，我們認為可以透過沿著礦脈向山體方向建造平巷和巷道，提供地下通道，從而進一步開發和開採該礦床。在福克斯社區，離我們的勘探資產非常近，我們購買了一塊 17 英畝的土地，作為總部所在地。

There are three homes on the property plus a larger storage type building. We constructed a large reinforced concrete pad on the site just before winter weather hit so that we'll be ready in the spring for staging of stibnite from our trenching operations, sorting and bagging for transportation to Montana or Mexico from milling and/or smelting. We've had preliminary discussions with local prospectors and placer miners regarding purchase of their production.

該地塊上有三棟住宅，外加一棟較大的倉庫式建築。我們在冬季來臨之前在工地上建造了一個大型鋼筋混凝土平台，以便在春季做好準備，將我們開挖溝渠作業中挖出的輝銻礦堆放在那裡，進行分揀和裝袋，然後運往蒙大拿州或墨西哥進行碾磨和/或冶煉。我們已經與當地的探礦者和砂金礦工就購買他們的礦產進行了初步討論。

In Ontario, first, the Iron Mask cobalt property northwest of Sudbury. Field work at the property was completed in late October, outcrop stripping and cleaning of the rock exposures along with geological mapping to provide a clear indication of the property's geology, which was not properly evaluated in any previous exploration by other parties.

在安大略省，首先是位於薩德伯里西北部的鐵面具鈷礦。10 月下旬，該礦區的野外工作完成，對露頭進行了剝離和清理，並進行了地質測繪，從而清晰地展現了該礦區的地質情況，而此前其他各方的勘探工作均未對其進行適當的評估。

There are delays in receiving assay results, which hampers our progress. 20 grab and channel samples were submitted to ALS Globex in October, and results are also a waited for an earlier batch of 25 samples. Cobalt mineralization has encountered thus far only in the Iron Mask ultramafic intrusion. Previous works by others yielded a range of cobalt values from 2.1% to 6.5%. Ontario government records show values of 16.4% cobalt and 8.8% nickel across four feet in a drill core.

檢測結果的接收存在延遲，這阻礙了我們的進展。 10月份我們向ALS Globex提交了20份抓取和通道樣本，同時，我們也在等待先前提交的25份樣本的檢測結果。迄今為止，僅在鐵面具超鎂鐵質侵入體中發現了鈷礦化。其他人先前的研究得出的鈷含量範圍為 2.1% 至 6.5%。安大略省政府記錄顯示，鑽孔岩心四英尺內的鈷含量為 16.4%，鎳含量為 8.8%。

Mafic, ultramafic and anorthositic layered complex was initially recognized at the Iron Mask outcrop and traced for a minimum 60-foot strike length southwest to the copper zone. This zone has a potential for copper, nickel, cobalt and platinum group mineralization, which were all on the 2025 critical minerals list.

在鐵面具露頭最初發現了鎂鐵質、超鎂鐵質和斜長岩層狀雜岩體，並向西南方向追蹤了至少 60 英尺的走向長度，直至銅礦帶。該地區具有銅、鎳、鈷和鉑族金屬礦化的潛力，這些礦產均在 2025 年重點礦產清單上。

Permits for mechanical stripping are in place for the Iron Mask. At the Fostung, the tungsten deposit, detailed investigation of the main mineralized zone commenced in October. Work here involves hand stripping and cleaning of numerous outcrops followed by selective channel cuts in a transact of more than 100 feet.

鐵面罩的機械剝離許可證已經到位。在福斯通鎢礦床，對主要礦化帶的詳細調查於 10 月開始。這裡的工作包括手工剝離和清理眾多露頭，然後在超過 100 英尺的範圍內選擇性地開挖河道。

The cuts were necessary to observe scheelite and other minerals such as [UV light] with ultraviolet light unencumbered by fluorescent organic matter that would occur on the weathered outcrop. The channel cut material, which revealed numerous intervals of garnet-rich skarn and associated scheelite mineralization was recently submitted to ALS Globex for analysis.

為了觀察白鎢礦和其他礦物，需要進行切割，以便利用不受風化露頭上可能出現的螢光有機物幹擾的紫外光進行觀察。最近，槽切材料被送往 ALS Globex 進行分析，該材料揭示了許多富含石榴石的矽卡岩層段以及相關的白鎢礦化。

Further slabs were cut from seven samples that will be submitted for electron microprobe analysis. Stripping of additional old crop south of the road is being undertaken and will soon be supplemented by mechanical stripping. We just got the permit for the mechanical stripping this past week.

從七個樣品中切割出更多薄片，這些樣品將被送去進行電子探針分析。道路南側正在進行更多舊作物的清除工作，不久後將輔以機械清除。我們上週剛拿到機械拆除許可證。

It is suspected that the mineralized zone could extend 600 meters west of the road and connect with the discovery showing. The ministry has recently issued a permit for mechanical stripping of this area. Metallurgical test work, testing gravimetric separation was completed at Lakefield Research and analysis of heavy liquid separation was conducted by Sepro in Vancouver. Lakefield has been asked to submit a proposal utilizing cross flotation as the next step in metallurgical testing. SRK Consulting Group out of their Toronto office has previously calculated an inferred resource of the tungsten deposit at the Fostung.

據推測，礦化帶可能向西延伸 600 米，並與已發現的礦點相連。該部門最近已頒發了該區域機械剝離的許可證。冶金試驗工作、重力分離試驗在 Lakefield Research 完成，重液分離分析由溫哥華的 Sepro 進行。萊克菲爾德公司被要求提交一份提案，將交叉浮選作為冶金測試的下一步。SRK 顧問集團多倫多辦事處先前已計算出福斯通鎢礦床的推斷資源量。

We've commissioned SRK to do a new report that includes the additional drilling completed by former owners. This report, which will be done to the new SEC SK-1300 standards is scheduled to be completed by mid-January.

我們已委託 SRK 進行一項新的報告，其中包括前業主完成的額外鑽探工作。這份將按照新的 SEC SK-1300 標準編制的報告計劃於 1 月中旬完成。

The company is fortunate to have engaged a high-quality group of geologists, employees and consultants with many contacts in the mining industry. We are continuing to seek out critical minerals opportunities and to identify properties, which we believe are available at low acquisition costs and which have potential to be enhanced by basic exploration methods and which we believe can be brought into production quickly at a low CapEx. The availability of in-house hydrometallurgical and hydrometallurgical expertise and operating experience provides a next step capability in assessing opportunities.

公司很幸運地聘請了一群高素質的地質學家、員工和顧問，他們在採礦業擁有廣泛的人脈。我們將繼續尋找關鍵礦產機會，並確定我們認為收購成本低、有潛力透過基礎勘探方法加以提升、且我們認為可以以較低資本支出快速投產的礦產項目。公司內部擁有濕式冶金和濕式冶金專業知識和操作經驗，這為評估機會提供了下一步的能力。

I'll turn it back to you, Gary.

我會把它交還給你，蓋瑞。

Thanks, Joe. And let me make a couple of comments to make sure our listeners understand the magnitude of what Joe is saying. I'll talk about -- I want to talk about the two prospects up in Canada that we are involved in being the cobalt and tungsten.

謝謝你，喬。我還要補充幾點，以確保我們的聽眾能夠理解喬所說的話的重要性。我想談談我們在加拿大參與的兩個項目，分別是鈷礦和鎢礦。

There is no cobalt or tungsten currently being mined in the United States or Canada, nobody. Just like no antimony is being mined in the United States and Canada until we started it about 40 days ago. So we have a contract with the government. We have a contract with industrial customers to sell our antimony. We want to do the exact same thing with tungsten and cobalt.

目前美國和加拿大都沒有開採鈷或鎢礦，也沒有人開採。就像美國和加拿大直到大約 40 天前我們開始開採銻礦之前，都沒有進行過銻礦開採一樣。所以我們和政府簽了合約。我們與工業客戶簽訂了向其出售銻的合約。我們希望對鎢和鈷也做同樣的事情。

As Joe mentioned, the work that he's done since we acquired the tungsten property about five to six months ago has been significant and to the point where we can now get a reserve report. With that reserve report, we can get federal government funding, we believe, and we know what we have to do on the downstream side to make that product salable.

正如喬所說，自從我們大約五、六個月前收購了鎢礦以來，他所做的工作非常出色，以至於我們現在已經能夠獲得儲量報告了。我們相信，有了這份儲備報告，我們就能獲得聯邦政府的資金，而且我們也知道在下游環節我們需要做些什麼才能使產品適銷對路。

We hope to duplicate what we've done in antimony and continue to do in antimony with the critical minerals of tungsten and cobalt. We have other irons in the fire related to these two critical minerals and excited about it. And so we don't want to be just a one-trick pony antimony only, even though that is our primary business. We think that we can duplicate what we've done in these other two critical minerals, and those discussions continue with the US government.

我們希望將我們在銻領域的成就，並繼續在鎢和鈷這兩種關鍵礦物領域取得成功。我們還有其他與這兩種關鍵礦物相關的項目正在進行中，對此我們感到非常興奮。因此，我們不想只是成為一家只生產銻的「一招鮮」企業，儘管銻是我們的主要業務。我們認為我們可以複製我們在另外兩種關鍵礦產領域所取得的成就，目前正與美國政府就此進行討論。

So I'm going to now introduce another gentleman by the name of Aaron Tenesch. You've never heard from Aaron before on these conference calls. Aaron has been secretly hiding out in Montana. He is our Vice President of the Antimony division, has been one of the -- been with the company since July of last year. Aaron is one of our chemists.

現在我要介紹另一位先生，他的名字是亞倫‧特內許。你以前從未在這些電話會議上聽過亞倫的聲音。亞倫一直秘密躲藏在蒙大拿州。他是我們銻業部門的副總裁，也是公司最早的員工之一——自去年七月以來一直在公司工作。亞倫是我們的化學家之一。

And I promise he will not get into the mineralogical characteristics of antimony today, which I'm quite sure he would love to do. Aaron is in charge of all of our third-party antimony procurements from various countries around the world.

我保證他今天不會深入探討銻的礦物學特性，儘管我很確定他很想這麼做。Aaron 負責我們從世界各地購買所有第三方銻。

He's going to give you an overview of where we currently stand on all these efforts and the inventory that we have built and are continuing to build every week. And it's quite immense, and it's been a huge project for Aaron and something that I think he's done an exceptional job in. You have to understand when he's talking to all these various countries and these producers and these traders and these brokers around the world, he has to weed through all the -- and there's a lot of it out there.

他將向大家概述我們目前在所有這些工作中取得的進展，以及我們已經建立並正在每週繼續建立的庫存。這個項目規模相當龐大，對亞倫來說也是一個巨大的工程，我認為他做得非常出色。你必須明白，當他與世界各地的各個國家、生產商、貿易商和經紀人交談時，他必須篩選掉所有資訊——而這些資訊實在太多了。

And it takes a lot of time. It takes a lot of effort, and it takes a lot of work to wind down to find the antimony necessary for us to make the products that we have to make for our various customers. And so Aaron, why don't you tell everybody what you've been up to?

而且這需要花費大量時間。我們需要付出很多努力，也需要花費大量精力才能找到生產我們為各種客戶生產的產品所需的銻。那麼，亞倫，你為什麼不告訴大家你這些年做了些什麼呢？

Thank you, Gary. You're correct. I missed the lab from time to time. But on our supply, throughout 2025, USAC has developed and executed over 15 separate supply contracts for materials sourced from 10 different countries around the world. There are over 30 other parties engaged in contract development and negotiation at this time.

謝謝你，加里。你說得對。我偶爾會錯過實驗室的工作。但就我們的供應而言，在 2025 年全年，USAC 已製定並執行了 15 份以上的獨立供應合同，這些材料來自世界各地 10 個不同的國家。目前還有 30 多個其他方參與合約制定和談判。

Primary supplies for ore, concentrate and metal are being developed in North America, Australia, Africa, South America, Central Asia and Southeast Asia to diversify supply and support capacities with favorable economics.

為了實現供應多元化和支持產能，北美、澳洲、非洲、南美、中亞和東南亞正在開發礦石、精礦和金屬的主要供應來源，並取得良好的經濟效益。

This year, our smelter in Mexico has received approximately 330 tons of antimony feedstock. Supplies and deliveries continue to ramp up with roughly 20 tonnes of concentrates presently clearing Mexican ports and approximately 275 tonnes currently on the water or being loaded for shipping in overseas ports.

今年，我們在墨西哥的冶煉廠已收到約 330 噸銻原料。供應和交付持續增加，目前約有 20 噸濃縮物正在墨西哥港口清關，約有 275 噸濃縮物正在海上或海外港口裝船發貨。

We are most excited about our developments in Bolivia and Chad. Bolivia is a well-established antimony producer with extensive history and mining experience. Our operating partner and existing associated supply agreement should result in the delivery of approximately 150 tonnes per month of antimony metal, beginning in the next few months. This metal stream will go directly to the smelter in Thompson Falls to support our proprietary antimony trioxide production. Monthly delivery of this volume should commence in the first quarter of 2026.

我們對我們在玻利維亞和乍得的發展感到無比興奮。玻利維亞是一個歷史悠久的銻生產國，擁有豐富的開採歷史和經驗。我們的營運合作夥伴和現有的相關供應協議應該能夠確保在未來幾個月內每月交付約 150 噸銻金屬。這種金屬流將直接送往湯普森瀑布的冶煉廠，以支持我們專有的三氧化銻生產。該數量的月度交付將於 2026 年第一季開始。

USAC is very interested in the developing mining sector in Chad. The PND conference in Abu Dhabi demonstrates Chad's intent to diversify into the mining sector to attract foreign capital beyond traditional markets such as oil. USAC's strategic engagement is well timed, allowing synergistic development of the mining sector in Chad that may lead to opportunities in and beyond antimony.

USAC對乍得正在發展的採礦業非常感興趣。在阿布達比舉行的PND會議表明，乍得有意向礦業領域多元化發展，以吸引石油等傳統市場以外的外國資本。USAC 的策略參與時機恰到好處，能夠促進乍得採礦業的協同發展，並可能帶來銻礦及其他領域的機會。

To take full advantage of this environment, USAC has engaged a gentleman as our African Critical Mineral Director. Our consultant has dual citizenship in Chad and the US and will provide a regional foothold for immediate outreach and intelligence gathering on Chad's evolving mining sector. It is important to note that we can fulfill our contract commitments with the $245 million DLA award with products produced from either Mandalay feedstocks in Mexico or traditional feedstocks in Thompson Falls, Montana. These supply developments position USAC to continue with growth and facility expansion initiatives that will ultimately support domestic demand and domestic production as it becomes available.

為了充分利用這個環境，USAC 聘請了一位先生擔任我們的非洲關鍵礦產總監。我們的顧問擁有乍得和美國雙重國籍，將為立即開展有關乍得不斷發展的採礦業的宣傳和情報收集提供區域立足點。值得注意的是，我們可以用 2.45 億美元的 DLA 撥款來履行我們的合約承諾，這些產品既可以用墨西哥曼德勒的原料生產，也可以用蒙大拿州湯普森福爾斯的傳統原料生產。這些供應方面的進展使 USAC 能夠繼續推進成長和設施擴建計劃，最終在國內需求和國內生產條件允許的情況下為其提供支援。

Thank you. And back to you, Gary.

謝謝。現在把鏡頭交還給你，蓋瑞。

Thank you, Aaron, for that very good overview. Just I'd like to put things in perspective because when we hear all these numbers out there that we're throwing around volumes and tonnage and all, when you look at our 10-Q that we filed this afternoon and as Rick mentioned on the call, we're continuing to build inventory. And that inventory is necessary for us to meet the contractual commitments we have with our long-term customers, the new contracts we've discussed today.

謝謝你，亞倫，你的概述非常精彩。我想澄清一下，當我們聽到各種數字，例如銷量、噸位等等，但看看我們今天下午提交的 10-Q 表格，正如 Rick 在電話會議上提到的，我們正在繼續增加庫存。而這些庫存對於我們履行與長期客戶的合約義務以及我們今天討論的新合約至關重要。

And so just to put it in perspective, today, if you look at our financials from September 30 all the way to January this year, you'll see we've been averaging about 100 tonnes a month of production of finished product coming out of Thompson Falls. That is going to change dramatically, already began changing in the month of October, as Rick gave you some new numbers.

因此，為了更清楚地說明這一點，如果您查看我們從 9 月 30 日到今年 1 月的財務數據，您會發現我們湯普森瀑布工廠的成品月均產量約為 100 噸。這種情況將會發生巨大變化，從十月開始就已經開始變化了，里克已經給出了一些新的數據。

That's what gives us the comfort to meet our revenue projections that we talked about in the press release today. But what's really going to change is 2026. 2026 will be a banner year for this company. We will not only have the expansion of Thompson Falls completed and hopefully January, we're on target. We're 65% complete with that expansion effort and everything is going as planned.

正是這一點讓我們有信心實現我們在今天新聞稿中提到的營收預期。但真正會改變一切的是2026年。 2026年將是這家公司具有里程碑意義的一年。我們不僅能夠完成湯普森瀑布的擴建工程，而且預計在1月完工，一切都在按計畫進行。擴建工程已完成 65%，一切進展順利。

But Madero, all these new supplies that Aaron mentioned that are coming into Madero, we're sorting through, we're starting to refine and we're having finished product. And we have consistent new shipments coming in each month of 2026.

但是，正如 Aaron 所提到的，所有這些進入 Madero 的新原料，我們正在進行篩選，開始提煉，我們已經有了成品。2026 年每個月我們都會持續有新的貨物到貨。

So you combine that international procurement with what Joe has found up in Montana. And we haven't produced anything yet out of Alaska, and we know that's going to change beginning in the spring of next year. Then all of a sudden, you start seeing a significant supply of antimony coming into this little company that's going to have some phenomenal results because you can't help it. But when you go from 100 to 500 to 600 tonnes a month, which we will have the capacity of doing, it will have a dramatic change in this company's future and financials.

所以你要把這些國際採購與喬在蒙大拿州的發現結合起來。我們目前還沒有在阿拉斯加生產任何東西，但我們知道這種情況從明年春天開始就會改變。然後突然之間，你會看到大量的銻供應湧入這家小公司，這將會帶來一些驚人的結果，因為你無法阻止這種情況發生。但是，當我們的產量從每月 100 噸增加到 500 噸甚至 600 噸時（我們有能力做到這一點），公司的未來和財務狀況將發生巨大變化。

So I just feel like it's important for people, you get lost in the numbers to understand what we're doing today and where we're going. So I'd like to now introduce to you our Vice President of Investor Relations. You've heard from him before. His name is Jonathan Miller. He's going to update everyone on our IR and marketing activities achieved during this quarter and what our plans for the fourth quarter are.

所以我覺得對人們來說，重要的是不要迷失在數字中，要了解我們今天在做什麼以及我們要去哪裡。現在，我謹向大家介紹我們的投資人關係副總裁。你以前就聽他提起過。他的名字是喬納森·米勒。他將向大家報告本季我們在投資者關係和行銷方面所取得的成果，以及我們第四季的計畫。

Jonathan, do you want to take over?

喬納森，你想接手嗎？

Great. Thank you, Gary, and good afternoon, everyone. The third quarter was one of the most dramatic re-ratings in our company's history. From July through September, our share price climbed from about $3.08 to $6.20, up more than 100% and now trading at $7.62 per share, making it the best performing quarter in our history. Average daily trading volume nearly tripled, a clear sign that institutional investors are paying attention and that the seeds we planted over the past year are starting to take root.

偉大的。謝謝你，加里，大家下午好。第三季是我們公司史上最劇烈的重新估值時期之一。從 7 月到 9 月，我們的股價從約 3.08 美元攀升至 6.20 美元，漲幅超過 100%，目前交易價格為每股 7.62 美元，這是我們歷史上表現最好的一個季度。平均每日交易量幾乎翻了三倍，這清楚地表明機構投資者正在關注我們，我們在過去一年裡播下的種子開始生根發芽了。

Since the start of 2025, our market cap has expanded almost fourfold, rising from around $200 million to more than $1 billion. Our Russell 2000 inclusion at the end of the second quarter gave us another tailwind, broadening our exposure to ETFs and institutional funds and firmly establishing US Antimony within the national security and small-cap growth space. And our recent listing on the NYSE Texas Exchange is another step forward. It gives us greater visibility, stronger liquidity and puts US Antimony squarely in the spotlight of a growing market that's deeply aligned with America's energy, defense and industrial base.

自 2025 年初以來，我們的市值成長了近四倍，從約 2 億美元成長到超過 10 億美元。第二季末，我們被納入羅素 2000 指數，這給我們帶來了另一個利好因素，擴大了我們對 ETF 和機構基金的投資，並鞏固了美國銻業在國家安全和小型成長股領域的地位。我們最近在紐約證券交易所德州分行上市，這是向前邁出的又一步。它使我們擁有更高的可見性、更強的流動性，並將美國銻置於一個不斷增長的市場的聚光燈下，該市場與美國的能源、國防和工業基礎緊密相關。

Now none of this happened by chance. It's all the result of a focused data-driven investor relations strategy we built internally and executed with precision. Over the quarter, Gary and I have met with more than 100 institutional investors through conferences, non-deal roadshows and direct outreach. Institutional ownership has gone from almost zero just 1.5 years ago to about 30% today. one of the fastest transformations among our peers.

這一切並非偶然發生。這一切都源自於我們內部製定並精準執行的以數據為導向的投資人關係策略。本季度，我和 Gary 透過會議、非交易路演和直接接觸等方式，與 100 多家機構投資者進行了會面。機構持股比例從一年半前的幾乎為零增長到如今的約30%，這是同業中轉變速度最快的公司之一。

We also strengthened our research coverage with a new house, William Blair, with a $20 target price and maintained continued support from our existing research analysts being AGP, H.C. Wainwright and B. Riley, all have reaffirmed confidence in our growth story.

我們也加強了對新公司 William Blair 的研究覆蓋，其目標價為 20 美元，並繼續得到我們現有研究分析師 AGP、H.C. Wainwright 和 B. Riley 的支持，他們都重申了對我們成長前景的信心。

On the media front, we continued the groundwork we laid, maintaining strong momentum with Reuters, Bloomberg and Fox Business, and most recently The Wall Street Journal, securing national TV and print coverage that highlighted US antimony as North America's only operating smelters and the sole vertically integrated antimony supplier outside of China and Russia.

在媒體方面，我們繼續推進之前奠定的基礎工作，與路透社、彭博社和福克斯商業頻道保持強勁勢頭，最近又與《華爾街日報》合作，獲得了全國電視和報紙的報道，重點介紹了美國銻業是北美唯一運營的冶煉廠，也是中國和俄羅斯以外唯一垂直整合的銻供應商。

We also leaned into shifting global dynamics to frame our story around supply chain security. Recent reports out of China suggests that the country continues to restrict defense-grade antimony, underscoring why domestic supply is critical. That, together with Executive Order 14017 under the Defense Production Act, which requires suppliers to the US government to obtain their antimony supplies from US sources, further reinforces the role US

我們也順應了不斷變化的全球局勢，圍繞著供應鏈安全性建構了我們的故事。來自中國的最新報道表明，該國繼續限制國防級銻的供應，這凸顯了國內供應的重要性。這一點，再加上根據《國防生產法》頒布的第14017號行政命令（該命令要求美國政府供應商必須從美國本土採購銻），進一步強化了美國在銻供應領域的角色。

antimony plays in America's mineral independence.

銻在美國的礦產獨立中扮演著重要角色。

And while not a direct IR initiative, our $245 million award from the Defense Logistics Agency speaks volumes about this new management team's ability to execute. It tells investors and the market that US antimony has moved from potential to performance, from promise to proof, earning validation at the highest levels of national defense.

雖然這不是一項直接的工業關係計劃，但我們從國防後勤局獲得的 2.45 億美元撥款充分說明了這支新管理團隊的執行能力。它告訴投資者和市場，美國銻已經從潛力變為現實，從承諾變為證明，並在最高級別的國防領域獲得了認可。

Internally, we've been modernizing how we communicate. We've started the process of building a new corporate and Investor Relations website that reflects who we are today. Our multichannel communications approach has strengthened transparency with both institutional and retail shareholders. We've also recognized X, formerly Twitter, as a formal SEC recognized disclosure outlet, letting us address breaking news and correct misconceptions in real time, so all investors have equal access to accurate information.

在公司內部，我們一直在改進溝通方式。我們已經開始著手建立一個全新的企業及投資者關係網站，以展現我們今天的面貌。我們採用多通路溝通方式，提高了與機構股東和散戶股東之間的透明度。我們也認可了 X（前身為 Twitter）作為美國證券交易委員會正式認可的資訊揭露管道，使我們能夠即時發布突發新聞並糾正誤解，從而使所有投資者都能平等地獲得準確的資訊。

In September, we took another big step with an ambitious investor media campaign. Our film crew followed our geologists across the Alaskan frontier, capturing the rediscovery of historic antimony reserves and later filmed our Thompson Falls expansion groundbreaking ceremony, offering the first real inside look at America's only antimony smelter. The upcoming operational docu series titled America's Final Supply Chain features experts in geology, academia and defense, telling a story that's bigger than just US antimony. It's about America's industrial revival, our capacity to produce defend and lead again.

9月份，我們透過一項雄心勃勃的投資者媒體宣傳活動，邁出了又一大步。我們的攝影團隊跟隨地質學家穿越阿拉斯加邊境，記錄了歷史銻礦藏的重新發現，後來又拍攝了湯普森瀑布擴建工程的奠基儀式，首次真正展現了美國唯一的銻冶煉廠的內部景象。即將推出的行動紀錄片系列《美國的最終供應鏈》匯集了地質學、學術界和國防領域的專家，講述了一個遠不止美國銻的故事。這關乎美國的工業復興，關乎我們再次生產、防禦和領導的能力。

You will soon see the story displayed in various media outlets.

你很快就會在各種媒體上看到這則報導。

As we close out the year, we'll be on the road presenting at several more investor events, including the IDEAS Investor Conference in Irving, Texas next week on November 19 and 20, the NYSE Growth Equity Symposium in New York on December 1 and the B. Riley Convergence Conference on December 4, also in New York. Each of these will further expand our institutional reach and give us more opportunities to bring our story to new audiences. Altogether, these efforts from narrative positioning and outreach to media engagement and capital markets access, drove the significant share price gain as well as the broader recognition we're now earning across defense, mining and investment circles. By the end of the quarter, sentiment around US

在年底之際，我們將繼續參加多個投資者活動，包括下週（11 月 19 日至 20 日）在德克薩斯州歐文市舉行的 IDEAS 投資者大會、12 月 1 日在紐約舉行的紐約證券交易所成長型股票研討會以及 12 月 4 日在紐約舉行的 B. Riley 融合大會。這些舉措將進一步擴大我們機構的影響力，並為我們提供更多機會，將我們的故事帶給新的受眾。總而言之，從敘事定位和對外宣傳到媒體互動和資本市場准入，這些努力推動了股價的大幅上漲，也使我們在國防、採礦和投資界獲得了更廣泛的認可。到本季末，美國市場情緒

antimony had completely transformed from a quiet microcap stock into an internationally recognized critical minerals growth story aligned with America's defense, industrial and technology priorities. It was one of our most value-creating quarters in our history. Looking ahead, our focus is on deepening institutional relationships, broadening our reach into the European, Canadian and Australian markets and sustaining the momentum that's positioned US Antimony as the definitive American story in critical minerals. Back to you, Gary.

銻已從一隻默默無聞的小市值股票徹底轉型為國際公認的關鍵礦產增長股，與美國的國防、工業和技術優先事項相契合。這是我們歷史上最具價值創造的季度之一。展望未來，我們的重點是深化與機構的關係，擴大我們在歐洲、加拿大和澳洲市場的影響力，並保持美國銻業作為美國關鍵礦產領域標誌性企業的良好勢頭。把機會交給你了，加里。

Thanks, Jonathan. To round up our discussion today before we go into our Q&A, I've broken down my remaining presentation into five different parts that I think the listening audience would be interested in hearing about. The first is long-term sales agreements. The second is our competitive landscape. The third is our mining our own antimony properties.

謝謝你，喬納森。在進入問答環節之前，為了總結我們今天的討論，我將剩餘的演講內容分成了五個不同的部分，我認為聽眾會對這些部分感興趣。第一種是長期銷售協議。第二點是我們的競爭格局。第三點是我們自己開採銻礦。

The fourth is Larvotto resources in Australia. And the fifth is China, which is the 10,000-pound gorilla.

第四個是澳洲的 Larvotto 資源。第五名是中國，它是體型龐大的龐然大物。

So, as announced over the last 45 days, actually last 90 days, your company has completed two significant sales contracts that totaled $352 million. To put that in perspective, this company reported $15 million of revenues last year. So that's one heck of a big boost. The first contract, as you know, is with the Defense Logistics Agency, the DLA, and that's up to $245 million. And we announced a new one just yesterday with an industrial customer for approximately $107 million.

因此，正如過去 45 天（實際上是過去 90 天）所宣布的那樣，貴公司已完成兩份總額達 3.52 億美元的重大銷售合約。換個角度來看，這家公司去年的營收為 1,500 萬美元。這可真是個巨大的推動力。如你所知，第一份合約是與國防後勤局（DLA）簽訂的，金額高達 2.45 億美元。就在昨天，我們宣布與工業客戶達成新的合作協議，金額約 1.07 億美元。

So these two most difficult parts of any successful business have now been accomplished. Source material, as outlined by both Aaron and Joe here today and sales contracts of significant proportions after we complete the processing that have terms as far out as five years for delivery.

因此，任何成功企業中最困難的這兩個部分現在已經完成了。正如 Aaron 和 Joe 今天在這裡概述的那樣，我們將提供原材料，並在加工完成後簽訂數額巨大的銷售合同，這些合同的交付期限最長可達五年。

We look at the competitive landscape in the antimony business, we don't see any other antimony company, either domestic or foreign, is competition today. We have the only two operating smelters in North America. The time, the cost, the permitting and industry knowledge prohibits our competition from being true viable competitors for at least three years, most likely four years.

我們觀察銻產業的競爭格局，目前沒有發現任何其他銻公司，無論是國內的還是國外的，能夠構成競爭。我們在北美擁有僅有的兩座仍在運作的冶煉廠。時間、成本、授權和行業知識使得我們的競爭對手至少在三年內，很可能四年內，都無法成為真正有競爭力的競爭對手。

I would encourage all investors, whether on this call or looking at the antimony industry to peel back the onion and do your homework. There are so -- there's some tremendous promoters out there who have done a wonderful job of salesmanship. For that, I give them 100% credit. But we are, and I repeat, the only vertically integrated antimony company outside of China and Russia. There simply is no one else.

我鼓勵所有投資者，無論是參加本次電話會議的，還是關注銻行業的，都要深入研究，做好功課。確實有一些非常優秀的推銷員，他們在銷售方面做得非常出色。為此，我給予他們百分之百的讚揚。但是，我再說一遍，我們是中國和俄羅斯以外唯一一家垂直整合的銻公司。根本沒有其他人選。

Those that profess to want to be, all I can say is good luck, and you better put your big boy pants on because you've got a long row to hoe. So I'm not going to name names of competitors. It's comical when I listen to them on TV or in newspaper articles, do your homework, look at the quality of the material, look at how they're going to get the material on the ground, look at how they're going to process it, look at who they're going to sell it to. So it's just -- it's comical. And so as an investor, do your homework if you're going to look at this industry.

對於那些聲稱想要成為那樣的人，我只能說祝你們好運，你們最好拿出男子漢的氣概，因為你們還有很長的路要走。所以我不會點名競爭對手的名字。每當我在電視上或報紙文章裡聽到他們說「做好功課，看看材料的質量，看看他們如何把材料弄到手，看看他們如何加工，看看他們要賣給誰」時，我都覺得很可笑。真是——太滑稽了。所以，身為投資者，如果你打算投資這個產業，一定要做好功課。

I cannot emphasize enough how important and meaningful our recent mining success achieved in Montana that was outlined by Joe Barge with today. And I give Joe complete credit for this. This is the future of our company. The timing of these outstanding mining results that he's achieved just in 40 days is completely aligned with our smelter expansion efforts in Montana, which are contemplated to be completed in January, just two months from now.

我無法充分強調我們最近在蒙大拿州取得的採礦成功有多麼重要和意義，喬·巴格今天概述了這一點。這件事我完全歸功於喬。這就是我們公司的未來。他在短短 40 天內取得的這些傑出採礦成果，與我們在蒙大拿州的冶煉廠擴建計劃完全吻合，該計劃預計將於 1 月完成，也就是兩個月後。

US Antimony's gross margins grow to over 60%, utilizing our own material versus that acquired from third parties, which we're doing obviously through all the work that Aaron has outlined. When our Alaskan operations restart in April, May of next year with the spring thaw, we anticipate further increasing our own supply of antimony ore material for our two smelters in Montana and in Mexico. Let's talk about Larvotto. We announced on October 19 that we submitted an indicative proposal to acquire 100% of Larvotto Resources Limited located in Australia.

美國銻業的毛利率成長到 60% 以上，這得益於我們自己生產的原材料，而不是從第三方採購的原材料，這顯然是透過 Aaron 概述的所有工作實現的。明年四五月份，隨著阿拉斯加春季解凍，我們的阿拉斯加業務將重新啟動，我們預計將進一步增加我們自身銻礦石的供應量，用於我們在蒙大拿州和墨西哥的兩家冶煉廠。我們來聊聊拉沃託吧。我們於 10 月 19 日宣布，我們已提交一份意向性提案，擬收購位於澳洲的 Larvotto Resources Limited 100% 的股份。

Our proposal was subsequently rejected by the Board of Directors of Larvotto just one week later. We continue to own 10% of Larvotto's outstanding shares, which makes us their largest shareholder, and that investment is worth approximately $40 million of value today. Our Board and financial advisers have yet to determine what, if any, further action we may take concerning this previously proposed transaction. I'm sure we will be making some decisions over the next 60 days.

僅僅一週後，我們的提案就被 Larvotto 董事會否決了。我們仍然持有 Larvotto 10% 的流通股，這使我們成為其最大的股東，而這項投資如今價值約 4,000 萬美元。我們的董事會和財務顧問尚未決定是否就先前提出的這項交易採取任何進一步行動。我相信在接下來的60天裡，我們會做出一些決定。

China. China is the big gorilla. I always like to say the 10,000-pound gorilla. We continue to see and hear mixed signals coming out of China as well as our current US administration.

中國。中國是龐然大物。我總是喜歡說「一萬磅重的大猩猩」。我們不斷看到和聽到來自中國以及我們現任美國政府的各種矛盾信號。

First of all, we are not involved in rare earths. We're only involved in critical minerals. Too many investors lump these two types of minerals together. That is a huge mistake.

首先，我們不涉足稀土產業。我們只涉足關鍵礦產領域。很多投資者將這兩種礦物混為一談。那是個巨大的錯誤。

So, in military applications, antimony is diverse and far-reaching. Antimony allows antimony alloys play a significant role in making ammunition production that extremely difficult to replace. Hard lead alloys enriched with antimony significantly increase the hardness and dimensional stability of projects, as I mentioned earlier.

因此，銻在軍事應用領域用途廣泛且影響深遠。銻使得銻合金在彈藥生產中發揮重要作用，而且這種合金極難取代。正如我之前提到的，富含銻的硬鉛合金可以顯著提高工件的硬度和尺寸穩定性。

So let's talk about, go back to China. China's position in the antimony market is huge. It stands out from the competition. China possesses a production capacity that dwarfs all other countries combined. Global antimony production was estimated around 100,000 tons last year in 2024.

那麼，我們來談談回中國的事吧。中國在銻市場佔有舉足輕重的地位。它在眾多競爭對手中脫穎而出。中國的生產能力遠超過其他所有國家的總和。去年全球銻產量估計約10萬噸，預計2024年將達到此水準。

China alone produces 60x that much, 60x. The second point is equally critical for Western Strategy. China also dominates the downstream value chain. It's not just the mines that China controls, but also the smelter, the refining and processing, which is what we do. Approximately 85% to 90% of global antimony refining capacity is today in China's hands.

光是中國一國的產量就是這個數字的 60 倍，整整 60 倍。第二點對西方策略同樣至關重要。中國在下游價值鏈中也佔據主導地位。中國不僅控制礦山，也控制冶煉廠、精煉廠和加工廠，而這正是我們所從事的產業。目前全球約 85% 至 90% 的銻精煉產能掌握在中國手中。

This means that even antimony ores mined in other countries often have to be transported to China for processing, but you get nothing back. China will not release any finished products back. So this is a form of structural dependency that gives the country immense power of not only the United States, but the rest of the world. So the United States finds itself in a position that could be described as strategically embarrassing as the world's leading military power with technology advanced global active defense industry, this power depends on material the US does not control.

這意味著，即使是在其他國家開採的銻礦石，往往需要運往中國進行加工，但你卻什麼也得不到。中國不會放行任何成品。所以這是一種結構性依賴，它賦予了該國巨大的權力，不僅在美國，而且在世界其他地區也是如此。因此，美國發現自己處於戰略上尷尬的境地：作為世界領先的軍事強國，擁有技術先進的全球活躍國防工業，但這種力量依賴美國無法控制的物資。

The last commercial antimony mine in America closed decades ago until we opened up the only mine producing antimony today in Montana. Dependence of is not new, but it has become acute. Historically, stockpiles were sufficient because trade functioned smoothly and China was willing to export antimony. But now with China's export controls, the system has completely collapsed. The US

美國最後一個商業銻礦幾十年前就關閉了，直到我們在蒙大拿州開設瞭如今唯一一個生產銻的礦場。依賴症並非新鮮事，但如今已變得十分嚴重。歷史上，由於貿易運作順暢，中國願意出口銻，因此庫存充足。但現在由於中國的出口管制，這套體系已經徹底崩潰了。美國

strategic reserves totaling only about 1,100 tonnes are enough to cover demand for just a few weeks or at most a few months. This is not just insufficient. It's observed it's completely observed for a superpower in a time of heightened geopolitical tensions. So we feel like what we've accomplished in such a short period of time is truly significant. All of our employees are working hard to meet the demands of our country.

戰略儲備總量僅約1100噸，只夠滿足幾週或至多幾個月的需求。這還遠遠不夠。據觀察，在當前地緣政治緊張局勢加劇的情況下，這對一個超級大國來說，是完全可以接受的。因此，我們覺得在如此短的時間內所取得的成就意義非凡。我們所有員工都在努力工作，以滿足國家的需求。

And we're not only bringing this antimony in from other countries, but we're going to be able to do it right here on our own home turf. And so we're extremely excited about where we sit today, what our future lies. And we welcome the investors that are on this call today.

我們不僅要從其他國家進口銻，還要在自己的國土上生產銻。因此，我們對目前所處的位置以及我們的未來都感到無比興奮。我們歡迎今天參加電話會議的各位投資者。

And operator, we'd like to now take a few questions.

操作員，現在我們想回答幾個問題。

(Operator Instructions) We did have a few questions coming in from the webcast. The first question, we have a five-year contract with a fabric manufacturer for antimony trioxide for $106 million and a $245 million contract with US Defense Agency. What is the difference between the two types of antimony?

（操作說明）我們收到了一些網路直播的問題。第一個問題是，我們與一家織物製造商簽訂了一份為期五年、價值 1.06 億美元的三氧化二銻合同，以及與美國國防部簽訂了一份價值 2.45 億美元的合同。兩種銻有什麼差別？

There are definitely differences, and I'm going to let Joe and/or Aaron, you guys are better suited to answer that question than me.

肯定有差異，這個問題還是讓喬和/或亞倫來回答吧，你們比我更適合回答這個問題。

Go ahead, Aaron.

請繼續，亞倫。

Well, I think that one is pretty simple. The DLA contract is for metallic antimony in ingot form. And the commercial supply contract is for antimony trioxide, which is essentially a white powder in a bagged form.

嗯，我覺得這個問題很簡單。DLA的合約內容是採購錠狀金屬銻。這份商業供應合約涉及三氧化二銻，它本質上是一種袋裝的白色粉末。

And taking that a step further, the requirements of what we have to do for the DLA are very specific. We make a antimony metal. It's an ingot. It weighs about GBP5. We have to stamp it with a serial number.

更進一步來說，我們為國防後勤局 (DLA) 所做的事情的要求非常具體。我們生產銻金屬。這是一塊錠。它的重量約為5英鎊。我們需要在上面刻上序號。

It's stacked on a pallet, shrink wrapped and shipped to the DLA. When we announced that contract, I don't know, 60, 90 days ago, we also immediately got an order for $10 million that we're in the process of filling, and we're anticipating another order of $50 million in short order. So $60 million coming out of the $245 million over the next probably six to eight months.

它被堆放在托盤上，用收縮膜包裹後運往國防後勤局。大約 60 或 90 天前，我們宣布簽訂那份合約時，也立即收到了一份價值 1000 萬美元的訂單，我們正在履行該訂單，並且預計很快還會收到另一份價值 5000 萬美元的訂單。因此，在接下來的六到八個月裡，2.45億美元中將撥出6,000萬美元。

Okay. The next question, is management considering building an additional smelter or processing facility? And if so, what would drive that decision on the location?

好的。下一個問題是，管理階層是否考慮建造另一座冶煉廠或加工廠？如果真是如此，是什麼因素促使他們做出選址決定？

Okay. Great question, something I think about all the time. The addition of the smelting capacity we're doing in Thompson Falls, we are done. Whatever we complete in January is the most we can do on that footprint. It's got to do with the amount of land we own and the location of the facility up between two Mountain Ranges and surrounded by US

好的。問得好，這也是我一直在思考的問題。我們在湯普森福爾斯新增的冶煉產能，就完成了。一月份我們能完成的工作就是我們在這個地盤上所能做的最大事情了。這與我們擁有的土地面積以及設施的地理位置有關，該設施位於兩座山脈之間，周圍環繞著美國。

Forest Service. So no more can be done there. We do have some other things going on in Montana we'll be announcing soon that will allow us to do some other expansion efforts, but not likely a smelter.

林務局。所以，那裡已經無能為力了。我們在蒙大拿州還有一些其他項目正在進行中，我們很快就會宣布這些項目，這些項目將使我們能夠進行一些其他的擴張工作，但不太可能是冶煉廠。

Now Mexico is a different story. We have a large land position down there. We have a capacity to do about 200 tonnes a month. Once Aaron is able to get that going smoothly and full, we will then entertain expanding that facility. That's the easiest place.

但墨西哥的情況就不同了。我們在那裡擁有大片土地。我們每月大約可以處理200噸。一旦 Aaron 能夠讓這個項目順利運作並全面投入使用，我們就會考慮擴大設施。那是最簡單的地方。

There's no problem hiring employees. We have lots of natural gas tied to a Pemex pipeline that we help build. And it's in an area where we're being left alone out in the middle of kind of a desert. So that is the area from, I think, my perspective and the management's perspective would be the most logical.

招募員工沒有問題。我們有許多天然氣管道連接到墨西哥國家石油公司（Pemex）的管道上，而這條管道也是我們參與建造的。而我們被獨自留在沙漠中央了。所以，從我的角度來看，我認為這就是最合乎邏輯的領域，而從管理階層的角度來看也是如此。

Now we have looked seriously in Alaska. And the problem with Alaska is that there's no natural gas. Believe it or not, being a state with such fossil fuels, everything is up in the Arctic -- North Arctic circle and not available in Fairbanks or anchorage. There's been other companies talking about building a facility at Point MacKenzie. Good luck.

現在我們已經認真考察過阿拉斯加了。阿拉斯加的問題在於那裡沒有天然氣。信不信由你，作為一個擁有如此豐富化石燃料的州，所有東西都在北極圈內——費爾班克斯或安克雷奇都買不到。還有其他公司也曾討論過在麥肯齊角建造工廠。祝你好運。

You have to use LNG, you'd be paying 6 times to 7 times of the price of Mcf of natural gas from a pipeline. So we don't see that as economically viable. So if there was natural gas, I think we'd be all over Alaska, but that is not the case. You got to have natural gas for smelters in our opinion.

你必須使用液化天然氣，那樣的話，你支付的價格將是管道天然氣每千立方英尺價格的 6 到 7 倍。所以我們認為這在經濟上不可行。所以，如果阿拉斯加有天然氣的話，我想我們早就遍布阿拉斯加各地了，但事實並非如此。我們認為冶煉廠必須要有天然氣。

So we do have some other ideas that I'm not at liberty to talk about some new technology that Aaron is working on. And this Bolivian group that we have actually invested in and are receiving material from here in early January has some new technology that we hope to further review. We think that, that could be advantageous. So, answer your question is, I think if there's any growth in 2026, it will most likely be at Madero in Mexico.

所以我們還有一些其他的想法，但我不方便透露亞倫正在研究的一些新技術。我們投資的這家玻利維亞公司在1月初收到了一些物資，該公司擁有一些新技術，我們希望對其進行進一步審查。我們認為這可能是有利的。所以，回答你的問題，我認為如果2026年有任何成長，最有可能發生在墨西哥的馬德羅。

Okay. The next question, congratulations on a successful quarter. My question is, what is the expected production volume ramp for Montana and Mexico?

好的。下一個問題，恭喜你本季取得成功。我的問題是，蒙大拿州和墨西哥的預期產量成長幅度是多少？

Gosh, Aaron, that would be a good one for you, but I'm not going to let you answer it. So it's like throwing darts at the wall, okay? We've outlined today all the new material we've received and are continuing to receive. Part of the problem in predicting output of these facilities is that this material that we're getting from all these countries, there's problems at a port. There's problems on the ocean.

哎呀，亞倫，這題很適合你，但我不會讓你回答的。這就好比對著牆壁丟飛鏢，懂嗎？今天我們概述了我們已經收到和正在收到的所有新資料。預測這些設施的產量有一個問題，那就是我們從所有這些國家獲得的這些材料，在港口都存在問題。海洋上出現了問題。

As we said earlier this year, we had material held by the Chinese customs for over six months. There's material that has high arsenic, the material has high lead, material has high sulfur. So we're always dealing with these various mechanics. So I feel comfortable in saying that in 2026, we will see a ramp-up. You already saw it in the numbers that Rick mentioned today for the month of October.

正如我們今年稍早所說，我們的一些貨物被中國海關扣留了六個多月。有些材料砷含量高，有些材料鉛含量高，有些材料硫含量高。所以我們總是要處理這些不同的機制。因此，我可以比較有把握地說，到 2026 年，我們將看到成長動能。你已經從里克今天提到的十月份的數據中看到了這一點。

I mean, October almost beat the whole quarter of the third quarter. So you're seeing that happen, and I think you'll continue to see it happen. It's going to be bumpy. I don't think it's going to be a straight line. But I hope and pray that by the end of 2026, we'll be at 500-plus tons a month.

我的意思是，10 月的業績幾乎超過了第三季的整個季度。所以你現在看到了這種情況，而且我認為你還會繼續看到這種情況發生。這將會是一段坎坷的旅程。我認為這不會是一條直線。但我希望並祈禱，到 2026 年底，我們的產量能夠達到每月 500 噸以上。

That's where I really hope we get to. And if we can get our own material coming out of Alaska, the certainty of that goes up significantly.

我真心希望我們能達到那個目標。如果我們能從阿拉斯加獲得自己的原料，那麼這種確定性就會大大提高。

Okay. The next question, with the expanded processing facility and new furnaces coming to Montana, can you quantify efficiencies expected or detailed technological improvements in processing?

好的。下一個問題是，隨著蒙大拿州加工廠的擴建和新熔爐的投產，您能否量化預期的效率提升或詳細的加工技術改進？

I'm going to answer the first part of that, and then I'm going to let maybe Aaron or Joe jump in.

我先回答第一部分，然後讓亞倫或喬補充。

One of the issues that we've had, I think I've mentioned this before, in prior calls in Montana was people. It's a small community, about 10,000 people in a 35-mile radius of Thompson Falls. And unfortunately, 75% of them are retired and don't want to work in a smelter. So we made a decision about 60 days ago that we need to find housing. The problem is we find people, but they got no place to live.

我覺得我之前在蒙大拿州的幾次通話中也提到過，我們遇到的一個問題是人。這是一個小社區，方圓 35 英里內約有 10,000 人，位於湯普森瀑布附近。不幸的是，其中 75% 的人已經退休，不想在冶煉廠工作。大約60天前，我們決定要找房子。問題是我們找到了人，但他們卻無處可去。

So we actually have contracted, we haven't closed yet a little housing development that would house 25 people. that's at the bottom of the mountain in Thompson Falls.

所以，我們實際上已經簽訂了合同，但還沒有最終敲定，這是一個可以容納 25 人的小型住宅開發項目。它位於湯普森瀑布山腳下。

So we think we have solved that problem. And I know from talking to the two key managers in Thompson Falls, just we had a conference call on Monday that they have been continuing to hire people, and we've been able to find new employees and getting them trained. So we're already in the mode of hiring people to get ready for the additional expansion in Thompson Falls.

所以我們認為我們已經解決了這個問題。我從與湯普森福爾斯的兩位主要經理的談話中了解到，就在周一我們進行了一次電話會議，他們一直在繼續招聘人員，我們也找到了新員工並對他們進行了培訓。所以我們已經開始招募人員，為湯普森福爾斯的進一步擴建做準備。

So, as far as efficiency, Aaron, you'd probably be better able to answer that question than me.

所以，就效率而言，亞倫，你可能比我更能回答這個問題。

I can answer that question to some extent, but it's sort of a two-tiered situation. So in a mechanical sense, there is some increase in efficiency in this expansion and that there's a little bit a little bit larger equipment, some increases in automation and sort of the ease and equipment efficiency with new technologies or improved technologies such as modern bag houses and other things of that type that should see some general efficiencies.

我可以在一定程度上回答這個問題，但這其實是兩層次的問題。因此，從機械角度來看，這種擴建提高了效率，設備也略微增大，自動化程度有所提高，並且隨著新技術或改進技術的出現，例如現代布袋除塵器等，設備的易用性和效率也得到了提高，這些都應該會帶來一些普遍的效率提升。

But it's also important to consider the type of feed material. And we are basing our own metrics on traditional feed materials, but our efficiency and capacities increase even more than Gary is going to let me say anything about if we get the right kind of feed into that plant.

但飼料原料的種類也很重要。我們以傳統飼料原料為基礎制定自己的指標，但如果我們能將合適的飼料引入工廠，我們的效率和產能將提高到 Gary 不允許我透露的程度。

And so it's, again, sort of a two-tiered approach where we do have some mechanical efficiencies, but then the feedstock can also have a very beneficial effect.

所以，這又是一種兩階段的方法，一方面我們有一些機械效率，另一方面原料也可以產生非常有益的影響。

Okay. And the next question, how close are current smelting operations to running at full capacity? And what are the bottlenecks, if any, to reaching 100% throughput?

好的。下一個問題是，目前的冶煉作業距離滿載運作還有多遠？如果要達到 100% 的吞吐量，瓶頸是什麼？

Montana is running pretty much at capacity. But as Aaron mentioned, there are some efficiencies that the team up there are getting, which will allow to probably -- well, you saw in the month of October, we were able to increase throughput.

蒙大拿州的運作幾乎已經達到飽和狀態。但正如 Aaron 所提到的，那邊的團隊正在提高一些效率，這可能會——嗯，你們在 10 月看到了，我們能夠提高吞吐量。

The only -- the issues at Madero have been quality of material. We continue to deal with some inferior quality material, but we've gotten some new material from, I think, Peru and even in Mexico that seems to be of better quality. So that's what we're trying to get to. We're trying to get to a consistent supply of quality material from producers of antimony that allows you to run more efficiently. You can imagine when you have this number of different products of raw antimony coming from these different countries, it's hard to be super efficient when you're having to check the quality of each material that goes into these furnaces.

Madero唯一的問題是材料品質。我們仍然會遇到一些品質較差的材料，但我們已經從秘魯甚至墨西哥獲得了一些品質似乎更好的新材料。這就是我們努力想要達到的目標。我們正在努力從銻生產商那裡獲得穩定的優質材料供應，以便您能夠更有效率地運作。您可以想像，當有這麼多來自不同國家的銻原料產品時，要檢查進入這些熔爐的每種材料的質量，就很難做到非常高效。

So having consistent material, and that's what I think Aaron was really alluding to with respect to Bolivia and Chad, we're excited about the quality of the material we're seeing coming out of those countries.

所以，擁有持續穩定的素材，我認為這就是 Aaron 提到玻利維亞和乍得時真正想表達的意思，我們對從這些國家產出的素材品質感到興奮。

Okay. The next question, you spent $9.2 million on expanding capacity at your smelting ops. Any required spend in the current queue? Or maybe some color even on what you've spent thus far, given we're halfway through the period?

好的。下一個問題是，您在冶煉廠擴建產能方面花費了 920 萬美元。當前隊列中是否有任何必需的消費？或者，鑑於我們已經過了一半的周期，能否透露一下你目前的花費？

I would imagine we're probably $12 million, $13 million, Rick may be able to jump in here. But the total CapEx is around $22 million. So that will likely get spent all by the end of the year.

我估計我們大概需要 1200 萬到 1300 萬美元，里克或許也能參與其中。但總資本支出約 2,200 萬美元。所以這些錢很可能在年底前全部花完。

Yes. No, it's probably about $23 million and probably at least $10 million additional from the $9 million we're already at will get spent in the fourth quarter.

是的。不，大概是 2300 萬美元，而且在目前 900 萬美元的基礎上，第四季可能還會額外支出至少 1000 萬美元。

Okay. The next question, are you able to provide any color on the targeted mix of internally sourced ore versus third-party purchases and how that might evolve in the coming quarters?

好的。下一個問題是，您能否就內部採購礦石與第三方採購的目標組合提供一些信息，以及未來幾個季度該組合將如何變化？

Well, the target mix is 100% but I doubt if we'll be there in the near future. I think we'll gradually continue to increase company-owned ore -- so it just depends on -- our biggest issue, quite frankly, is weather. Our mine in Montana is obviously up in the top of the mountain. They have to deal with snow and cold. The activities in Alaska are completely shut down for winter and won't start up again until April, May of next year.

目標是達到 100%，但我懷疑我們近期能否達成。我認為我們會逐步增加公司自有礦石的數量——所以這取決於——坦白說，我們最大的問題是天氣。我們在蒙大拿州的礦場顯然位於山頂。他們需要應對冰雪和嚴寒。阿拉斯加的各項活動因冬季而完全停止，要到明年四月或五月才會重新開始。

So, our goal in 2026, if we find the kind of antimony we hope to find in Alaska is we bought a piece of property in town, closed on it, laid a cement pad before winter kicked in, and that will be a staging area where we'll be taking that antimony found in Alaska, and we'll sort it probably low, medium and high grade, and we'll probably even do some rock crushing there and then load that material into Supramax to ship it to Montana.

所以，如果我們在 2026 年找到了我們希望在阿拉斯加找到的那種銻，我們的目標是在鎮上買一塊地，完成交易，在冬天來臨之前鋪設水泥墊，那將是一個中轉站，我們將把在阿拉斯加發現的銻運到那裡，並可能將其分到低、中、高品，我們將把在阿拉斯加裝載到那裡進行一些碎石作業。

So we're getting prepared for a very active summer. I know that our geologists up in Alaska are working on getting additional permits filed. So we have no delays there and can really hit the ground running when they can due to thaw out of weather.

所以我們正在為迎接一個非常活躍的夏天做準備。我知道我們在阿拉斯加的地質學家正在努力申請更多的許可證。因此，我們這邊沒有任何延誤，一旦天氣變暖，我們就可以立即投入工作。

Okay. The next question, you recently updated 2026 revenue guidance to $125 million. Does this include revenues from the new trioxide contract?

好的。下一個問題，您最近將 2026 年的收入預期更新為 1.25 億美元。這是否包括來自新的三氧化物合約的收入？

No.

不。

Okay. And the next question, any more government support in the pipeline or grant additional potential contracts?

好的。下一個問題是，政府是否還有進一步的支持計劃或其他可能授予的合約？

Yes.

是的。

Okay. And this does conclude. We have reached the end of the question-and-answer session, and I will now turn the call over to Gary C. Evans for closing remarks.

好的。到此為止。問答環節到此結束，現在我將把電話交給 Gary C. Evans 做總結發言。

Okay. Hopefully, our call today was informative for everybody. We try to give you some much more detail than what's obviously in the press release or the 10-Q. We -- none of us at the company could be more excited about our future, and we look forward to telling you what all we're doing. Everybody is working hard.

好的。希望我們今天的通話對大家都有幫助。我們盡量為您提供比新聞稿或 10-Q 表格中明顯包含的更多細節。我們公司上下都對未來充滿期待，迫不及待告訴大家我們正在做什麼。每個人都在努力工作。

The loss we had in the quarter all related to cash compensation -- I mean, stock compensation, not cash. It's very important. I mean I think you want your management and your Board with stock, not cash. And so that should be a very good positive that all this hard work we're doing, we're aligned with you as a shareholder. We want to participate in the future growth of this company and the stock performance that we hope to be able to provide.

本季我們所有的虧損都與現金補償有關——我的意思是，股票補償，而不是現金。這非常重要。我的意思是，我認為你希望你的管理階層和董事會成員持有股票，而不是現金。因此，我們所做的所有努力都與你們（股東）的利益是一致的，這應該是一個非常正面的訊號。我們希望參與公司的未來發展，並期待能為公司帶來股票收益。

And we're taking that compensation in equity rather than compensation.

而我們接受的補償是以股權的形式，而不是以薪酬的形式。

We're trying to preserve our goal is to be the lowest cost producer of antimony in the world, bar none. And with everything we're doing in this sector, I'm highly confident that we'll be able to accomplish that goal. That ensures our viability in the future. We are in a market that has obviously variant in prices. And if we can control our destiny by being our own antimony miner, then that gives us longevity and certainty.

我們的目標是成為世界上成本最低的銻生產商，沒有之一。憑藉我們在該領域所做的一切，我非常有信心我們能夠實現這個目標。這確保了我們未來的生存發展。我們身處一個價格明顯有差異的市場。如果我們能夠透過自己開採銻礦來掌控自己的命運，那麼就能獲得長久的生命和確定性。

So that's where we're headed. Thank you, operator.

所以，這就是我們的目的地。謝謝接線生。

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

謝謝。今天的網路直播到此結束，您可以斷開網路連線了。感謝您的參與。