United States Antimony Corp (UAMY) 2026 Q1 法說會逐字稿

Greetings. Welcome to the United States Antimony Corporation First Quarter 2026 Financial and Operating Results Conference Call. (Operator Instructions) Please note, this conference and webcast is being recorded. I will now turn the call over to your host, Gary C. Evans, Chairman and CEO.

各位好。歡迎參加美國銻業公司（United States Antimony Corporation）2026 年第一季財務與營運成果電話會議。(接線員指示) 請注意，本次會議與網路直播正在錄音。現在我將把電話交給本次會議主持人、董事長兼執行長 Gary C. Evans。

You may begin.

您可以開始了。

Thank you, Paul, and welcome to our listeners. The news release on our earnings should be out any moment now. It was taking a little bit longer to get out, but as -- it should be out within a minute or 2. First, I'd like to start by introducing other members of the company's management team who has joined me today on this call. We have 7 speakers from management who'll be talking about their respective divisions because we have a lot to say, quite frankly.

謝謝你，Paul，也歡迎各位聽眾。我們的盈餘新聞稿應該隨時會發布。發布作業花的時間稍微久了一點，但——應該會在 1 到 2 分鐘內出來。首先，我想先介紹今天與我一同參與本次電話會議的公司管理團隊其他成員。我們有 7 位管理層講者，將就各自的事業部門進行說明，因為坦白說，我們有很多內容要分享。

So those parties are as follows: Rick Isaak, Senior Vice President and Chief Financial Officer; Shawn Winkler, our Interim Chief Financial Officer; Joe Bardswich, our Director and Executive Vice President; and our Chief Mining Engineer; Melissa Pagen, President and Chief Operating Officer of our Bear River Zeolite division; Jeff Fink, Vice President of our Antimony division up in Thompson Falls; Aaron Tenesch, who's Vice President of our Antimony Division, predominantly involved in procurements as well as Radersburg; and then Jonathan Miller, who's Vice President of our Investor Relations.

這些成員如下：Rick Isaak，資深副總裁兼財務長；Shawn Winkler，我們的代理財務長；Joe Bardswich，我們的董事兼執行副總裁，以及首席採礦工程師；Melissa Pagen，Bear River 沸石事業部總裁兼營運長；Jeff Fink，位於 Thompson Falls 的銻事業部副總裁；Aaron Tenesch，銻事業部副總裁，主要負責採購以及 Radersburg；以及 Jonathan Miller，投資人關係副總裁。

So before I turn over the conference call today to Rick and Shawn to discuss our financial report, I first want to say that I have never been more excited about where this company is going. If you are as an investor, knew only half as much as I do today, you'd also feel the excitement. This is no longer just an antimony company. Read the heading of our press release today. It says antimony, cobalt, gold, tungsten, and zeolite.

在我把今天的電話會議交給 Rick 和 Shawn 討論我們的財務報告之前，我想先說，我從未像現在這樣對公司未來的走向感到興奮。如果你身為投資人，今天知道的資訊哪怕只有我所知道的一半，你也會同樣感到振奮。我們不再只是一家銻公司。請看我們今天新聞稿的標題。上面寫的是：銻、鈷、黃金、鎢，以及沸石。

We're making significant progress on all of these mineral developments, as you will hear today from our seasoned management team as they go over what all we're up to. Rick, you're up and let us hear about the first quarter earnings.

我們在所有這些礦產開發上都取得了重大進展，今天你們將從我們經驗豐富的管理團隊聽到他們逐一說明我們正在做的各項工作。Rick，輪到你了，請跟大家說明第一季的盈餘。

Thanks, Gary. As announced in a prior press release, I took a leave of absence a couple of weeks ago to take care of some personal matters. It was fortunate that we have been working with a very talented financial person, Shawn Winkler, who could step in as interim CFO. Shawn's experience over the prior 20-plus years includes corporate finance, capital markets, and executive leadership. He recently served as CFO of a full-service engineering, procurement, and construction firm in the energy industry and was an investment banker for over 15 years.

謝謝你，Gary。如先前新聞稿所宣布，我在幾週前請了短期休假來處理一些個人事務。很幸運的是，我們一直與一位非常優秀的財務人才 Shawn Winkler 合作，他可以接任代理財務長。Shawn 在過去 20 多年的經驗涵蓋公司財務、資本市場與高階管理領導。他最近擔任能源產業一家提供全方位服務的工程、採購與施工公司（EPC）的財務長，並且有超過 15 年的投資銀行經驗。

Shawn has been working on financial projects for the company since late last year and knows the management and finance teams well. So this was an easy transition.

Shawn 自去年年底以來就一直在協助公司處理財務專案，並且很熟悉管理團隊與財務團隊。因此這次交接非常順利。

Okay. Next, I'll provide some comments on our consolidated results. Sales for the first quarter of 2026 was $6.8 million, nearly comparable to last year's sales of $7 million. Antimony segment sales were down 2% and Zeolite segment sales were down 7%. Gross profit for the first quarter of 2026 decreased $1.3 million compared to last year's first quarter.

好的。接下來我將就我們的合併業績提供一些評論。2026 年第一季銷售額為 680 萬美元，與去年 700 萬美元的銷售額幾乎相當。銻事業部銷售額下降 2%，沸石事業部銷售額下降 7%。2026 年第一季毛利較去年第一季減少 130 萬美元。

The majority of this decrease was due to higher labor, factory, and import, and freight costs. These cost increases were needed kind of like Gary was saying, to get the talent, factory, and inventory we need for the expected ramp-up in production for the remainder of this year. We expect these costs to improve with economies of scale as sales increase.

這一下降主要是由於勞工、工廠、進口與運費成本上升所致。如 Gary 所說，這些成本增加在某種程度上是必要的，為了取得我們在今年剩餘期間預期提升產量所需的人才、廠房與庫存。我們預期隨著銷售增加、規模經濟發揮作用，這些成本將有所改善。

Net loss for the first quarter of 2026 was $11.3 million, which was primarily due to noncash stock compensation expense of $4.8 million and an unrealized loss on our investment in our Larvotto equity securities of $4.1 million, along with the higher cost of goods sold I mentioned just earlier. Working capital and other balance sheet metrics remain strong. Our cash position, including our U.S. treasury securities and equity securities totaled $60.2 million at the end of the first quarter of 2026. In addition, subsequent to March 31, 2026, we received $12.8 million of cash from our expansion grant from the U.S.

2026 年第一季淨損為 1,130 萬美元，主要原因是 480 萬美元的非現金股票薪酬費用，以及我們對 Larvotto 股權證券投資的 410 萬美元未實現損失，再加上我剛才提到的較高銷貨成本。營運資金及其他資產負債表指標仍然強健。截至 2026 年第一季末，我們的現金部位（包含美國公債證券與股權證券）合計為 6,020 萬美元。此外，在 2026 年 3 月 31 日之後，我們從美國的擴張補助款收到 1,280 萬美元現金。

government and $48.6 million of gross proceeds from the sale of our stock. Also, inventory increased by $9.5 million to $22 million at the end of the first quarter of 2026 compared to $12.5 million at the end of 2025. In addition, we continue to maintain a very low amount of debt on our books, $162,000 at the end of the first quarter.

政府補助款，以及出售我們股票所取得的 4,860 萬美元總募資款。另外，庫存增加 950 萬美元，至 2026 年第一季末達 2,200 萬美元，相較於 2025 年底的 1,250 萬美元。此外，我們帳上仍維持非常低的負債水準，第一季末為 162,000 美元。

On the operations side, we continue our strategy to, as Gary was mentioning, quickly develop our antimony supply infrastructure where little existed before. And this includes both internal and external infrastructure. First, on the internal infrastructure side, plans are in place to mine antimony in the U.S. in 2026. We mined antimony in 2025 and our expectations are much higher in 2026 for both Montana and Alaska.

在營運方面，我們持續推動策略，如 Gary 所提到的，快速建立先前幾乎不存在的銻供應基礎設施。這包括內部與外部的基礎設施。首先，就內部基礎設施而言，我們已制定計畫於 2026 年在美國開採銻。我們在 2025 年已開採銻，而我們對 2026 年在蒙大拿州與阿拉斯加州的產量預期更高。

Second, on the external infrastructure side, contracts have been signed for monthly deliveries of antimony to our smelters in both Montana and Mexico, and our factories, our facilities are ready for this increased internal and external supply. Also, we continue to explore our mining sites in U.S. and Canada in 2026 for other critical minerals needed for the U.S. government and an industry, similar to what Gary again was mentioning at the beginning here.

第二，就外部基礎設施而言，我們已簽署合約，將每月向位於蒙大拿州與墨西哥的冶煉廠交付銻，而我們的工廠、設施也已準備好因應這些內外部供應的增加。此外，2026 年我們也持續在美國與加拿大勘探我們的礦區，以尋找美國政府與產業所需的其他關鍵礦物，正如 Gary 在一開始再次提到的。

In addition, we saw an increase in zeolite sales of about 60% in March of 2026 compared to March of 2025 from our efforts to increase zeolite sales in the animal feed industry, predominantly cattle. This antimony and zeolite mining and processing infrastructure is being built quickly to support our growth plans, and we expect to see the results of our initiatives in the back half of this year. The U.S. government recognizes the significance of our initiatives and granted us $27 million to assist with these initiatives. As I previously mentioned, in April of 2026, we received $12.8 million of this $27 million grant.

此外，透過我們在動物飼料產業（主要是牛隻）提升沸石銷售的努力，2026 年 3 月的沸石銷售額較 2025 年 3 月增加約 60%。我們正在快速建置銻與沸石的採礦與加工基礎設施，以支援我們的成長計畫，並預期在今年下半年看到各項措施的成果。美國政府認可我們這些措施的重要性，並核准提供 2,700 萬美元補助以協助推動。如我先前提到的，我們在 2026 年 4 月已收到這 2,700 萬美元補助中的 1,280 萬美元。

Overall, we aggressively continue to implement our strategy of growth, diversification and sustainability in 2026 for our company, our investors, and our country. I'll pass it back over to you, Gary.

整體而言，2026 年我們將持續積極推動公司的成長、多元化與永續策略，為了公司、投資人以及我們的國家。我把時間交還給你，Gary。

Okay. Thanks, Rick. Shawn, do you want to introduce everybody to -- about yourself and your involvement with the company?

好的。謝謝你，Rick。Shawn，你要不要向大家介紹一下——關於你自己以及你與公司的合作情況？

Yes. Excited to be here. Thanks, Gary. Rick kind of went through my background, recently joined -- a CFO of a 500-person engineering EPC company based out of Houston. Previous to that, I spent about 15 years as an investment banker advising companies, [ Glenn and Gary ], and previous iterations on M&A and capital raising, anything from secured debt to public equity.

好的。很高興能在這裡。謝謝你，Gary。Rick 大致介紹了我的背景；我最近加入——擔任一家總部位於休士頓、約 500 人規模的工程 EPC 公司的財務長。在那之前，我做了大約 15 年的投資銀行家，為公司提供建議，[ Glenn and Gary ]，以及先前不同階段的併購與募資，範圍從擔保債務到公開股權。

Really excited to join this team at this critical stage with the global intersection, yes, of critical mineral demand and supply chain security needs and accelerating global dynamics with China restricting exports. I think this is an awesome time to be joining a really emerging company with a lot of growth potential. So excited to be here, Gary.

非常興奮能在這個關鍵階段加入團隊，因為全球正處於關鍵礦物需求與供應鏈安全需求交會之際，同時在中國限制出口的情況下，全球態勢也在加速變化。我認為這是加入一家真正新興、且具備巨大成長潛力公司的絕佳時機。很高興能在這裡，Gary。

Well, thank you. We're glad to have you on board, Shawn, and you've already done a lot just in a short period of time you've been here. So super. We'd like to now turn the call over to Joe Bardswich. If you would please update everyone on all our critical mineral field activities, Joe?

好的，謝謝你。我們很高興你加入，Shawn，而且你在這麼短的時間內就已經做了很多事。非常棒。接下來我們想把電話交給 Joe Bardswich。Joe，能否請你向大家更新我們所有關鍵礦物的現場作業進度？

Thank you, Gary. I'll start with Stibnite Hill in Montana, source of the antimony that we mined last October, November. An early spring enabled our crews to access the mountain. However, the Montana DEQ requested leach test of the stibnite ore to determine the potential leaching of antimony into the environment from the bedrock. U.S.

謝謝你，Gary。我先從蒙大拿州的 Stibnite Hill 開始，這裡是我們去年 10 月、11 月開採的銻礦來源。早春讓我們的團隊得以進入山區。不過，蒙大拿州環境品質部（Montana DEQ）要求對輝銻礦礦石進行浸出測試，以判定基岩中的銻是否可能浸出到環境中。美國

Antimony has submitted a proposal to contain possible leaching utilizing a local available clay as an impermeable cover. Permission to proceed with our mining plans of the stibnite and hauling it to the Radersburg Mill is expected within the next 2 weeks. 800 tons of stibnite grading 10% antimony was hauled to the mill in only 4 weeks during late October, early November. We expect that once we get going, we'll have steady production until winter shut us down.

U.S. Antimony 已提交一份提案，擬使用當地可取得的黏土作為不透水覆蓋層，以控制可能的浸出。預期在未來兩週內可取得許可，按計畫開採輝銻礦並運往 Radersburg 選礦廠。去年 10 月下旬至 11 月上旬僅用 4 週就運送了 800 噸、品位 10% 銻的輝銻礦到選礦廠。我們預期一旦開始作業，就能穩定生產，直到冬季迫使我們停工。

Switching to tungsten is the Fostung deposit, Ontario, Canada. Record snowfall this past winter, combined with a warm spring snow melt resulted in regional flooding causing sporadic closing of both the TransCanada highway and the access roads at Fostung. The roads are now open and our crew has resumed work, including the collection of a bulk sample of typical mineralized material for additional metallurgical test work at the Lakefield Research Labs in Ontario. Discussions with operating flotation mills in the region are continuing regarding the processing of a large bulk sample in the area of 20,000 to 50,000 tons.

接著談鎢：加拿大安大略省的 Fostung 礦床。今年冬季創紀錄的降雪，加上溫暖春季融雪，導致區域性洪水，使得橫貫加拿大公路（TransCanada Highway）以及通往 Fostung 的道路間歇性封閉。目前道路已開通，我們的團隊已恢復作業，包括採集一批具代表性的礦化物料作為大宗樣品，送往安大略省 Lakefield Research Labs 進行額外的冶金測試。我們也持續與該地區正在營運的浮選選礦廠洽談，討論在當地處理約 20,000 至 50,000 噸的大宗樣品。

This will be the first tungsten mined in North America in decades. The company has filed a technical report authored by SRK Consulting Canada, Inc., an independent mineral consulting firm, that was filed with the SEC. The report calculated an inferred resource of 14.62 million metric tons, grading 0.17% WO3, that's tungsten trioxide, containing 53.595 million pounds of WO3.

這將是北美數十年來首次開採鎢礦。公司已向 SEC 提交一份由 SRK Consulting Canada, Inc.（獨立礦業顧問公司）撰寫的技術報告。該報告計算的推定資源量為 1,462 萬公噸，品位 0.17% WO3（即三氧化鎢），含 WO3 5,359.5 萬磅。

Switching to Alaska and antimony. We worked at Ester Dome last year. That work will resume before month's end with the investigation of antimony soil anomalies by both trenching the bedrock and the drilling of percussion holes through the overburden with the collection of rock cuttings for examination and assay analysis. The objective being to identify stibnite deposits that can be sent to Montana for bulk testing at the company's Radersburg mill. Also in Alaska, the Maclaren River K-M copper project.

接著談阿拉斯加與銻。我們去年在 Ester Dome 進行作業。該作業將在本月底前恢復，將透過在基岩上開挖探槽，以及在覆蓋層中鑽打衝擊孔，並收集岩屑以供檢視與化驗分析，來調查銻的土壤異常。目標是辨識可送往蒙大拿州、在公司 Radersburg 選礦廠進行大宗測試的輝銻礦礦床。同樣在阿拉斯加，還有 Maclaren River K-M 銅專案。

An Alaskan state geological survey in the area a year ago has reported collection of samples from our K-M claim. The assay results indicated very high-grade copper values with minor gold and silver. We have scheduled a drill program for late summer to test continuity of the vein-to-depth. This would be USAC's first copper project.

阿拉斯加州地質調查局在一年前於該區域進行調查，並回報已從我們的 K-M 採礦權（claim）採集樣品。化驗結果顯示銅品位非常高，並含少量金與銀。我們已安排在夏末進行鑽探計畫，以測試礦脈向深部的延續性。這將是 USAC 的第一個銅專案。

Also in Alaska, the Nolan Creek antimony-gold deposit. This property was acquired through a trustee sale by public auction earlier this year. Our rating of the exploration potential of the property is very high and an extensive exploration program will be conducted this summer. The previously developed underground workings in one area give access to 3 parallel veins of antimony and gold. A technical report by qualified person, [indiscernible] here , available to the public, has reported a resource of 42,412 tons, grading 28% stibnite -- excuse me, 28% antimony and 0.408 ounces of gold per ton.

同樣在阿拉斯加，還有 Nolan Creek 銻—金礦床。該資產於今年稍早透過受託人出售的公開拍賣取得。我們對該資產的勘探潛力評等非常高，並將在今年夏季進行大規模勘探計畫。先前在某一區域開發的地下坑道可通往 3 條平行的銻與金礦脈。由合格人士撰寫、可供大眾查閱的技術報告（[聽不清]）指出，資源量為 42,412 噸，品位為 28% 輝銻礦——抱歉，是 28% 銻，以及每噸 0.408 盎司黃金。

That worked out to a gross value in excess of $460 million at today's prices. The company intends to upgrade the underground access ramp to meet MSHA regulations and commence mining of this high-grade ore. The ore would be trucked to our Radersburg gravity and flotation milling facility. Back to you, Gary.

按今日價格計算，其總價值超過 4.6 億美元。公司計畫升級地下進出斜坡道，使其符合 MSHA 規範，並開始開採這種高品位礦石。礦石將以卡車運往我們位於 Radersburg 的重力與浮選選礦設施。交回給你，Gary。

Joe, before I let you go, regarding our Fostung tungsten mine up in Canada, which I know the market just has not yet figured out how valuable we believe that is. If we were to apply today's tungsten price to what this third-party report, this resource report that we got earlier this year that we filed with the SEC, which states our potential reserves, what would that value be, again, based on today's tungsten price?

Joe，在我讓你先下線之前，關於我們在加拿大的 Fostung 鎢礦，我知道市場還沒有搞清楚我們認為它有多大的價值。如果把今天的鎢價套用到我們今年稍早取得並向 SEC 提交的第三方資源報告（其中陳述了我們的潛在儲量），那麼按今天的鎢價計算，其價值會是多少？

The last price I have for tungsten would be $3,300 per metric ton unit. Using that price, the gross value before mining, processing, et cetera, the gross value would be $9.3 billion

我手上最新的鎢價是每公噸單位 3,300 美元。以這個價格計算，在扣除採礦、加工等成本之前，其總值將是 93 億美元。

$9.3 billion. And again, Fostung tungsten is an open pit. You're moving -- you've already moved material now to be -- to go to the lab. And we hope to be doing much more active operations there later this year. As you said, weather has hurt us a bit on the roads.

93億美元。再提醒一次，Fostung 鎢礦是露天礦。你們已經把物料運出——送去實驗室。我們希望今年稍晚能在那裡展開更積極的作業。如你所說，天候在道路方面確實對我們造成了一些影響。

Is that right?

對嗎？

That's correct. And the local First Nations, the Whitefish River First Nations have agreed to perform a blessing ceremony to start us off, and we're looking forward to getting that started and bringing some of the benefits of that deposit to the benefit of the First Nations people.

沒錯。而且當地第一民族（First Nations）——Whitefish River First Nations——已同意為我們舉行祝福儀式作為啟動，我們很期待開始推進，並把該礦床帶來的一些效益回饋給第一民族人民。

And I don't think any tungsten has been mined in either the United States or Canada. And I know at least 10 years, maybe 20 years. So this would be the first active tungsten mine, which we're showing just under $10 billion of future value mined in the U.S. And so we have -- so that everybody knows, we've made formal applications with the federal government for grant money associated with this tungsten discovery. Thanks, Joe.

而且我認為在美國或加拿大，至少 10 年、也許 20 年都沒有開採過鎢礦。所以這將是第一座正在運作的鎢礦；我們顯示其未來開採價值接近 100 億美元（在美國）。因此——讓大家知道——我們已就這項鎢礦發現，向聯邦政府正式提出與之相關的補助金申請。謝謝你，Joe。

Appreciate it. And we'll now jump the call over to Melissa Pagen. Melissa is President and Chief Operating Officer of our BRZ division, which is our zeolite subsidiary. And she's made me promise not to steal her thunder, which I won't, even though I want to. But -- so I will let Melissa take over the call.

感謝。接下來我們把電話交給 Melissa Pagen。Melissa 是我們 BRZ 事業部（沸石子公司）的總裁兼營運長。她要我答應不要搶她的風頭，我不會的，雖然我很想。那麼——我就讓 Melissa 接手。

Okay. Thank you, Gary. In the first quarter, our focus has been to execute on the priorities we outlined in the beginning of the year, specifically strengthening the operational capabilities required to support strategic growth in our target markets, especially cattle nutrition. You may recall, our cattle nutrition business segment launched in February. This business segment required several front-loaded costs to establish the operational capabilities needed to support it and to create a foundation for scaling it.

好的。謝謝你，Gary。在第一季，我們的重點是落實年初所提出的優先事項，特別是強化支援目標市場策略性成長所需的營運能力，尤其是牛隻營養。你可能記得，我們的牛隻營養業務部門在 2 月推出。這個業務部門需要先行投入若干前置成本，以建立支援其所需的營運能力，並打造可擴張的基礎。

These costs were intentional.

這些成本是刻意為之。

During the quarter, we expanded logistics capabilities. We increased inventory to support bulk delivery, and we added staffing ahead of full utilization as we prepare for multi-shift operations. In parallel, we've continued to develop key infrastructure and automation initiatives to support higher throughput expectations and improve long-term efficiency. These initiatives are still in process and will continue into the second quarter and have continued in the second quarter. But we expect those to materially increase throughput capacity, improve cost efficiency, and enable more consistent, scalable operations over time.

在本季度期間，我們擴充了物流能力。我們增加了庫存以支援大宗交付，並在全面利用之前就先行增聘人力，為多班制營運做準備。同時，我們持續推進關鍵基礎設施與自動化計畫，以支援更高的吞吐量預期並提升長期效率。這些計畫仍在進行中，將延續到第二季，且在第二季也持續推進。但我們預期這些措施將實質提升吞吐量產能、改善成本效率，並隨時間推移實現更一致、可擴展的營運。

We've also been operating in a higher cost freight environment, particularly with the cost of diesel, as we scale delivery to meet demand.

此外，隨著我們擴大交付以滿足需求，我們也一直在較高成本的運輸環境中營運，尤其是柴油成本。

Freight is a -- freight in its current form for us is a whole new factor now that we're offering delivered pricing for the first time in company's history in order to serve and compete in the cattle nutrition space. And again, to operate in this space, that level of service and supporting infrastructure are not optional. They are required. And as mentioned at the beginning of the year, we've also begun actively participating in cattle industry conferences, where we've made strong progress getting our name and products in front of key decision-makers. And I'm happy to report we continue to make very -- be very well received, and that increased visibility is continuing to translate into new customer engagement.

運費——就我們目前的情況而言，運費是一個全新的因素，因為為了在牛隻營養市場提供服務並競爭，我們在公司歷史上首次提供含運到價。而且再次強調，要在這個領域營運，這種服務水準與配套基礎設施並非可有可無。它們是必要條件。另外，如同年初所提到的，我們也開始積極參與牛隻產業會議，在讓我們的品牌與產品接觸關鍵決策者方面取得了顯著進展。我很高興地報告，我們持續獲得非常——非常正面的回饋，而這種能見度的提升也持續轉化為新的客戶互動。

To add an exclamation point here, as recent as the past 2 weeks, we've brought on 2 new cattle nutrition customers and are in discussions with others, none of which were even on our radar during our last update call.

再強調一下，就在最近兩週內，我們新增了2位牛隻營養客戶，並正與其他客戶洽談，而這些客戶在我們上次更新電話會議時甚至都不在我們的雷達上。

So -- and here's my favorite part that Gary was talking about. In March, we achieved a record number of tons of zeolite shipped, exceeding our monthly target by approximately 42% and that momentum continued into April, where shipments increased further to roughly 66% above target. I hope I'm okay to talk about April. Again, both March and April broke all-time records for tons -- total tons of zeolite shipped. And what's key in all of this is that demand is now outpacing our existing infrastructure and the phased upgrades underway are essential to keep up with volumes that are consistently increasing.

所以——這裡是我最喜歡的部分，也就是Gary剛剛提到的。在3月，我們創下沸石出貨噸數的單月紀錄，較月度目標高出約42%，而這股動能延續到4月，出貨量進一步提升至約高於目標66%。希望我可以談談4月的情況。再次說明，3月與4月都打破了沸石出貨總噸數的歷史紀錄。而其中的關鍵在於，需求現在已超過我們現有的基礎設施能力，正在進行的分階段升級對於跟上持續增加的出貨量至關重要。

So while the first quarter results begin to reflect our upfront investment required to build our overall capacity, the trajectory exiting the quarter is one of accelerating demand, increasing utilization, and a clear path toward improved operating performance. And real quick, Gary, I had some feedback last time that I went a little too into the weeds of cattle lingo. So hopefully, I kept that reeled in this time. And that's all I got. Thank you.

因此，雖然第一季的結果開始反映出我們為建立整體產能所需的前期投資，但在季度末的走勢是需求加速、產能利用率提升，且有一條清晰的路徑可望改善營運表現。另外很快補充一下，Gary，上次有人回饋我講得有點太深入牛隻產業術語。所以希望這次我有把它收斂一些。我就講到這裡。謝謝。

So just to kind of refresh everybody about the BRZ Zeolite subsidiary. When I first came on board 3 years ago, one of the first things I attacked was getting this facility up and running, and that was the result of Jeff Fink being hired, who -- he's going to talk here in a second. He was the mechanical engineer that really did the hard work there in the field. So we are extremely excited after Joe Bardswich made the decision that, "Hey, we need to do a resource report on this property," which we did. And that report showed over a 400-year supply of zeolite.

我想先簡單幫大家回顧一下BRZ Zeolite子公司。我在3年前剛加入時，最先著手的事情之一就是讓這座設施啟動並投入運作，而這也促成了Jeff Fink的聘用——他等一下會發言。他是機械工程師，確實在現場做了大量艱苦的工作。因此，在Joe Bardswich做出決定說：「嘿，我們需要對這塊資產做一份資源報告」之後，我們感到非常振奮，而我們也確實完成了。該報告顯示沸石供應量超過400年。

Now obviously, a 400-year supply doesn't do any of us any good. So we want to get that down to less than 100 years or less than 50 years because none of us are going to be around 400 years from now.

當然，顯而易見，400年的供應量對我們任何人都沒有實際幫助。所以我們希望把它降到不到100年或不到50年，因為我們沒有人會在400年後還在。

So that's what Melissa and her team are doing. They're driving sales. This company never did any marketing in its 30-plus year history, never did any marketing of zeolite. And we now have salespeople that are highly qualified in the field that can talk the language to the cattleman. We're going to conferences, and we're seeing immediate results because we know we have the highest quality zeolite of any mine in the world, and now we have a huge supply.

所以這就是Melissa和她的團隊正在做的事。他們在推動銷售。這家公司在30多年歷史中從未做過行銷，也從未行銷過沸石。而現在我們有在第一線具備高度專業的業務人員，能用牧牛業者聽得懂的語言溝通。我們參加各種會議，並立即看到成果，因為我們知道我們擁有全球任何礦場中品質最高的沸石，而現在我們也有龐大的供應量。

So we need to double, triple, quadruple sales, and that's what we're attempting to do.

因此我們需要把銷售額翻倍、三倍、四倍，而這正是我們正在努力達成的。

And the results of Melissa's team and their hard work are showing now. You won't -- you didn't really see much of it in the first quarter. You'll see a lot of it in the second quarter. And now we've got to make some capital improvements. We've got to be able to meet the demand of these new customers.

而Melissa團隊的成果與辛勤投入現在已經開始顯現。你在第一季其實不會——不會看到太多。你會在第二季看到很多。而現在我們必須做一些資本改善。我們必須能夠滿足這些新客戶的需求。

So that's a good problem to have, and it's not a large expenditure. There are automation things that we can do to be able to expedite moving this material. So very excited of where BRZ is going.

所以這是一個值得高興的問題，而且支出不會很大。我們可以做一些自動化措施，以加快這些物料的移動。因此對BRZ的發展方向感到非常振奮。

And I'm going to now turn the call over to Jeff Fink. I know all of you want to hear what is the status of your expansion in Thompson Falls, and Jeff is going to give us a great update. Jeff?

接下來我把電話會議交給Jeff Fink。我知道各位都想了解你們在Thompson Falls擴建案的進度，而Jeff會給我們一個很好的更新。Jeff？

All right. Thank you, Gary. The Thompson Falls expansion is getting very close to becoming operational, which will be done in stages. We now have all the heat exchanger bodies on site and in place, but we still need one set of parts to make them functional. We did fabricate our own for 3 of them, which should allow us to run those 3 at 50% of capacity.

好的。謝謝你，Gary。Thompson Falls的擴建案已非常接近可投入營運，並將分階段完成。我們現在已經把所有熱交換器本體運到現場並就位，但仍需要一組零件才能讓它們具備功能。其中有3台我們自行製作了零件，這應可讓我們以50%的產能運行這3台。

The OEM parts should start arriving in the last week of May was enough to get 1 to 2 additional furnaces running per week, and we should have all these parts and they'll run all 9 furnaces near mid-July. We started commissioning activities in Thompson Falls at the beginning of May. This time, we have enough systems running for 3 functional furnace lines that can run manually. Controls and ways to load the furnaces are still pending, should be resolved in the next week or 2.

原廠（OEM）零件預計在5月最後一週開始到貨，數量足以讓我們每週再啟動1到2座額外的爐子；我們應可在7月中旬前取得所有零件，並讓9座爐子全部運轉。我們在5月初已開始在Thompson Falls進行試車（commissioning）作業。目前我們已有足夠的系統可支援3條可運作的爐線，並可採手動方式運行。控制系統以及爐子上料方式仍在待定中，預計在接下來1到2週內解決。

As with any commissioning activities, unexpected problems are expected and we'll solve them as they come about. Even though the new plant equipment is ready to run at full capacity, the material handling and operating the plant will be a learning curve for the employees and a ramp-up will commence. I'd not expect full nameplate capacity for the plant right at the end of July, but I hope to be near 80%.

如同任何試車作業一樣，預期會出現一些意外問題，我們會在問題發生時逐一解決。即使新廠設備已準備好以滿載產能運行，物料搬運與工廠操作對員工而言仍會有學習曲線，因此將會開始逐步爬坡。我不預期在7月底就能立刻達到銘牌滿載產能，但希望能接近80%。

Once we're in a stable operation with the new plant, which has a capacity of about 230 tons a month, with all 9 furnaces running, we'll then shut down the old plant, with about a 75 ton per month capacity, to replace the dust collectors in the electrical systems to meet our new emission standards that we need to hit under the increased production levels of our current permit emission limits. This shutdown should take 4 to 8 weeks.

一旦新廠進入穩定運作（在9座爐子全數運轉下，月產能約230噸），我們接著會停下舊廠（每月產能約75噸），以更換集塵設備與電氣系統，讓其符合新的排放標準；在我們現有許可的排放上限下，隨著產量提高，我們必須達成這些標準。這次停機預計需要4到8週。

While this is a longer schedule than originally projected when we were starting the engineering, keep in mind that we're still only 1 year and 1 week after starting engineering for this project. When we started this endeavor, while we were rather sure of the amount of government funding we're going to obtain, we were much less sure of the exact scope only for engineering, which continued well into construction because we know the full scope of the project to hit our production goals. On top of this and the large delays from the heat exchanger deliveries from the third-party results in this schedule, which is still a great achievement for what would likely take a typical company 3 or more years to complete. Thank you. Back to Gary.

雖然這個時程比我們在開始工程設計時原先預估的更長，但請記住，從本專案開始工程設計至今，我們仍然只過了 1 年又 1 週。當我們啟動這項工作時，雖然我們相當確定將可取得的政府資金規模，但對於僅就工程設計部分的確切範疇則沒有那麼確定；而這種不確定性一路延續到施工階段，因為我們必須掌握專案的完整範疇，才能達成我們的產量目標。此外，再加上第三方供應的熱交換器交付造成的大幅延誤，才形成目前的時程；即便如此，這仍是一項很大的成就，因為一般公司很可能需要 3 年或更久才能完成。謝謝。交回給 Gary。

Thank you, Jeff, and we're all very excited to get these new furnaces fired up because we continue to build our inventory, which Aaron is going to talk about here next. 2025 was a period where we were buying from foreign sources from 5 to 6 different countries. Through that effort, we learned where the best antimony was with respect to availability, and we focused on that. And Aaron is going to talk about how we're continuing to increase our throughput of purchase of raw ore, which now will be able to be processed in the expanded Thompson Falls facility as well as down in Mexico. So Aaron?

謝謝你，Jeff。我們都非常期待這些新爐子點火運轉，因為我們持續在建立庫存，Aaron 接下來會談到這部分。2025 年期間，我們從 5 到 6 個不同國家的海外來源採購。透過那段努力，我們了解就供應可得性而言，哪裡的錳銻礦（antimony）品質最好，因此我們把重點放在那裡。而 Aaron 會談到我們如何持續提高原礦採購的處理量；這些原礦現在將能在擴建後的 Thompson Falls 設施以及墨西哥的廠區進行加工處理。所以，Aaron？

Thank you, Gary. I would like to first provide an update on our Madero smelter followed by Thompson Falls, Montana Processing Center, and some hydromet updates, and then the critical mineral mill located at Radersburg, Montana acquired at the beginning of 2026. The first quarter of 2026 saw a consolidated -- consolidation and increased reliability in supply contracts, providing consistent feed for the Madero smelter in Mexico throughout 2026.

謝謝你，Gary。我想先就我們的 Madero 冶煉廠提供最新進度，接著談 Thompson Falls（蒙大拿州）加工中心，以及一些濕法冶金（hydromet）的更新，最後再談我們於 2026 年初收購、位於蒙大拿州 Radersburg 的關鍵礦物選礦廠。2026 年第一季，我們在供應合約上完成整合並提升可靠性，讓墨西哥 Madero 冶煉廠在 2026 年全年都能獲得穩定的原料供給。

These same contracts should continue to roll over and provide sufficient support to allow for consistent long-term production. An average of 225 tons of high-quality feedstock is being delivered every month now.

這些相同的合約預期將持續展延，並提供足夠支撐，以實現長期穩定的生產。目前每月平均交付 225 噸高品質原料。

This is reflected in our inventory numbers reported today, which are twice what they were last year. Through this reliability in material and supply, consistent operations have been realized, allowing constant production and product quality.

這也反映在我們今天公布的庫存數字上，庫存是去年同期的兩倍。透過材料與供應的可靠性，我們已實現穩定運轉，使生產與產品品質得以持續一致。

The strengthening of international relationships in these supply contracts may lead to other critical mineral sources that may provide future developments. Specialized methods to remove the typical contaminants of arsenic and iron have been developed at the Madero smelter, resulting in the production of very clean antimony ingots, meeting stringent specifications and satisfying preferred sales contracts.

在這些供應合約中強化的國際關係，可能帶來其他關鍵礦物來源，並促成未來的發展。Madero 冶煉廠已開發出可去除常見污染物砷與鐵的專門方法，使我們能生產非常潔淨的銻錠，符合嚴格規格並滿足優先銷售合約的要求。

The Thompson Falls processing center continues with consistent production while working with 2 new feed sources in preparation for the full commissioning of the expansion. New midstream feed sources continue to be developed. Despite delays in critical equipment delivery and typical start-up issues, our operating partner in Bolivia began producing metallic antimony flake in March and hosted a tour for U.S. antimony and our joint venture partner, Americas Gold and Silver senior management in early April. Initial shipments to Thompson Falls have commenced.

Thompson Falls 加工中心在維持穩定生產的同時，也正與兩個新的原料來源合作，為擴建工程的全面試車（commissioning）做準備。新的中游原料來源也持續在開發中。儘管關鍵設備交付延遲以及典型的開車問題，我們在玻利維亞的營運夥伴已於 3 月開始生產金屬銻片（metallic antimony flake），並在 4 月初接待美國銻業（U.S. Antimony）以及我們合資夥伴 Americas Gold and Silver 高階管理團隊的參訪。首批運往 Thompson Falls 的出貨已開始。

The hydromet system to be built in joint venture with Americas Gold and Silver will be more complex than the system we assisted in building in Bolivia but is a similar process. The product will also be a metallic antimony flake that will be delivered to Thompson Falls for final product conversion. A further update on Bolivia. We are happy to report that our operating partner there has commissioned their processing circuits fully and has prepared the first shipment. That shipment has undergone third-party sampling and sealing with shipping now fully booked from door-to-door.

我們將與 Americas Gold and Silver 以合資方式建置的濕法冶金系統，會比我們協助在玻利維亞建置的系統更為複雜，但流程相似。產品同樣會是金屬銻片，並將運送至 Thompson Falls 進行最終產品轉換。再補充一則玻利維亞的更新。我們很高興報告，當地的營運夥伴已完成其處理迴路的全面試車，並已準備好第一批出貨。該批貨已完成第三方取樣與封緘，目前門到門的運輸也已全數訂妥。

The United States Antimony critical mineral mill located in Radersburg, Montana was purchased in early January of this year. Very light development and system upgrade work has been completed and the standard crushing, grinding, gravity, and flotation systems are ready for operations. Further upgrades will add capacity, flexibility, and general capability in recovering various mineral products.

位於蒙大拿州 Radersburg 的 United States Antimony 關鍵礦物選礦廠已於今年 1 月初完成收購。我們已完成非常少量的開發與系統升級工作，標準的破碎、磨礦、重力選礦與浮選系統已可投入運轉。後續升級將提升產能、彈性，以及回收各類礦物產品的整體能力。

While the processing circuit required minimal upgrades, there was not a functional laboratory. A new building has been constructed and new laboratory equipment is currently being installed. The lab will have complete sample preparation, fire assay, wet chemistry, and XRF analysis areas. Sufficient bag houses and fume hoods have been delivered to support health and safety along with general cleanliness. A modern XRF system featuring a 3-kilowatt XRF is in the process of being installed.

雖然處理迴路僅需少量升級，但當時並沒有可運作的實驗室。我們已新建一棟建築，目前正安裝新的實驗室設備。實驗室將具備完整的樣品前處理、火試金（fire assay）、濕式化學分析，以及 XRF 分析區。為了支援職安衛與整體清潔，已交付足夠的集塵袋式除塵器（bag houses）與排煙櫃（fume hoods）。一套配備 3 千瓦 XRF 的現代化 XRF 系統正在安裝中。

These diverse analytical capabilities will support the recovery of antimony and other critical minerals. Test work performed on the Stibnite Hill ore is nearly complete and features several different reagent combinations and extensive optimization work. Initial tests reported antimony grades in excess of 60% in flotation concentrates, and we hope more refined testing and plant production will support even higher grade concentrates.

這些多元的分析能力將支援銻及其他關鍵礦物的回收。針對 Stibnite Hill 礦石所進行的試驗工作已接近完成，涵蓋多種不同的藥劑組合與大量的最佳化作業。初步測試顯示浮選精礦中的銻品位超過 60%，我們希望更精細的測試與工廠生產能支援更高品位的精礦。

We are excited about this next phase of USAC expansion and look forward to processing mined materials from Montana, Alaska, and potentially, other locations. Thank you. And back to you, Gary.

我們對 USAC 擴張的下一階段感到振奮，並期待處理來自蒙大拿、阿拉斯加，以及可能其他地點的開採物料。謝謝。交回給你，Gary。

Before I let you go, Aaron, there's two things I'd like to elaborate on a little further for our listeners. The first is, why is it so important having our own laboratory up in Radersburg for our future operations? I don't think people understand how necessary that construction and completion is to our company. Number two, how can our hydromet processing technology assist in handling maybe other critical minerals outside of antimony? I know we talked about that when we were down in Bolivia, but how can that process really begin helping us as we start to possibly manage silver, or copper, or other critical minerals.

在我讓你先下線之前，Aaron，我想再為聽眾多補充說明兩點。第一，為什麼在 Radersburg 設置我們自己的實驗室，對未來營運如此重要？我認為大家並不了解，這項建置與完工對我們公司有多麼必要。第二，我們的濕法冶金處理技術，如何協助處理銻以外的其他關鍵礦物？我知道我們在玻利維亞時談過這點，但當我們開始可能要處理白銀、銅或其他關鍵礦物時，這個流程究竟如何開始真正幫上忙。

Can you elaborate on those two questions?

你能就這兩個問題再多說明一下嗎？

I can. We'll start with the laboratory because that one is a little easier, maybe. Really, a flotation mill or any concentrating system like that is subject to the variability in the ore and in the feed. And it actually needs much quicker analysis and more available information than other types of systems. So therefore, you really want a laboratory to be available that produces results in less than 24 hours.

可以。我們先從實驗室談起，因為那個可能比較容易。基本上，浮選廠或任何類似的選礦濃縮系統，都會受到礦石與進料變異性的影響。而且相較於其他類型的系統，它確實需要更快速的分析與更即時可得的資訊。因此，你會希望有一個能在 24 小時內產出結果的實驗室。

So you have real-time results on what the system is doing at that moment.

這樣你就能即時掌握系統在當下的運作狀況。

There's a couple more reasons that we do need our own lab there. Really, to support other exploration and our really diverse mineral portfolio, we need quicker results for those efforts as well. Current lead times in most national labs are beyond a month and some are approaching 2 months to get results, and that just doesn't support a very good field program for exploration. So having our own ability to analyze many of these different elements will really help support those efforts. And beyond all of that, antimony is not a very commonly pursued mineral and so there really are no labs that specialize in the analysis of antimony and especially in the high-grade products that we will produce there with the flotation concentrate.

我們確實還有幾個原因需要在那裡自建實驗室。實際上，為了支援其他探勘工作以及我們非常多元的礦物組合，我們也需要更快的結果來支援那些工作。目前多數國家級實驗室的交期都超過一個月，有些甚至接近兩個月才能拿到結果，這對探勘的野外計畫而言並不理想。因此，擁有我們自己分析多種不同元素的能力，將能大幅支援這些工作。此外，銻並不是一種很常被積極開發的礦物，因此幾乎沒有實驗室專精於銻的分析，尤其是我們將透過浮選精礦所生產的高品位產品分析。

So for those reasons, we really need our own lab that has these diverse capabilities.

因此，基於這些原因，我們確實需要一座具備這些多元能力的自有實驗室。

Now on the hydromet front, there is some universal equipment there, maybe not quite as universal as flotation concepts in the mill, but a lot of these minerals pass through essentially the same equipment. The chemistry may be a little different, but the vehicles are very similar. So we will be able to adapt or expand upon our hydromet capabilities in sort of a building block manner with these technologies. The other reason we are moving at least part of our focus to these technologies is its flexibility and diversification with handling contaminants and neutralizing those in a little bit more direct way than some of the other traditional technologies.

現在在濕法冶金（hydromet）方面，那裡有一些通用設備，或許不像磨礦廠中的浮選概念那麼通用，但許多這類礦物基本上都會經過幾乎相同的設備。化學反應可能會略有不同，但所使用的載體／流程載具非常相似。因此，我們將能夠以這些技術作為「積木式」的方式，去調整或擴充我們的濕法冶金能力。我們至少將部分重點轉向這些技術的另一個原因，是它在處理污染物與中和污染物方面更具彈性與多元化，且相較於其他一些傳統技術，能以更直接的方式處理。

Super. Thank you, Aaron, and it's exciting. I know you're, I think, having a grand opening of your Radersburg facility, what? In July. Is that correct, for the governor?

太好了。謝謝你，Aaron，這真的令人振奮。我知道你們，我想，你們的 Radersburg 設施要舉行盛大開幕，對吧？在七月。是這樣嗎？州長會出席？

Yes. We will be there July 7, I believe, the governor, and I think maybe one of our senators.

是的。我們會在 7 月 7 日到場，我相信州長會來，另外我想可能還有我們的一位參議員。

Excellent. Okay. Let's now turn over the call to Jonathan Miller, who's going to update us on all the marketing activities that he and I have worked on since the beginning of the year. Jonathan?

太棒了。好的。現在我們把電話會議交給 Jonathan Miller，他將向大家更新自年初以來他和我一起推動的所有行銷活動。Jonathan？

Thank you, Gary, and good afternoon, everyone. Our first quarter was another bolt-on period for United States Antimony Corporation. It reflected the acceleration of our strategy, the expansion of our existing platform, and the growing recognition that antimony is no longer a niche industrial input. It is a strategic mineral tied directly to national defense, energy security, industrial resilience, and the reindustrialization of a critical supply chain in the United States. Over the past several months, the world has continued to wake up to what we have been building for the last several years.

謝謝你，Gary，各位下午好。我們第一季對 United States Antimony Corporation 而言又是一個「加掛式」（bolt-on）的期間。這反映了我們策略的加速、既有平台的擴張，以及市場日益認知到：銻不再只是小眾的工業投入品。它是一種戰略性礦物，直接關聯到國防、能源安全、產業韌性，以及美國關鍵供應鏈的再工業化。過去幾個月，全球持續意識到我們在過去幾年所打造的一切。

Antimony supply remains significantly constrained. Western processing capacity remains limited. China has become a net importer amid tightening raw material availability and processing disruptions.

銻的供應仍然顯著受限。西方的加工產能仍然有限。在原料供應趨緊與加工中斷的情況下，中國已成為淨進口國。

Demand is increasingly tied to strategic applications where quality assurance, quality control, reliability, and traceability are essential and where this emerging antimony market is lacking. In that environment, United States antimony is positioned at the center of a critical domestic supply chain in North America that very few companies incredibly address. During the first quarter alone, Gary and I held more than 200 meetings and introductions with new funds, institutions, family offices, and strategic investors. We completed 6 non-deal roadshows across key financial centers, including Minneapolis, Chicago, Boston, and New York. We also participated in 5 investor conferences, both virtual and in person, reaching thousands of additional investors through meetings, streaming platforms, and social media distribution.

需求正日益與戰略性應用綁定；在這些應用中，品質保證、品質控制、可靠性與可追溯性至關重要，而這個新興的銻市場在這些方面仍有所不足。在這樣的環境下，United States Antimony 站在北美關鍵國內供應鏈的核心位置，而令人難以置信的是，真正著力於此的公司非常少。僅在第一季，Gary 和我就與新基金、機構、家族辦公室及戰略投資人進行了超過 200 場會議與引介。我們在明尼阿波利斯、芝加哥、波士頓與紐約等主要金融中心完成了 6 場非交易路演（non-deal roadshow）。我們也參與了 5 場投資人會議（線上與實體），透過會議、串流平台與社群媒體分發，觸及另外數千名投資人。

This level of engagement reflects a deliberate strategy to broaden our shareholder base, increasing institutional awareness, and educate the market on both United States Antimony and the broader critical mineral landscape. We are seeing that strategy translate into ownership.

如此高強度的互動反映了我們一項審慎的策略：擴大股東基礎、提升機構能見度，並教育市場了解 United States Antimony 以及更廣泛的關鍵礦物版圖。我們看到這項策略正轉化為實際持股。

Public ownership data showed increasing participation from global index managers, small-cap growth funds, natural resource funds, infrastructure-oriented strategies, and global metals and mining funds. Several large funds initiated or increased positions during the quarter, reflecting what we believe is a continued transition from primarily retail awareness toward a deeper and more durable institutional following.

公開持股資料顯示，全球指數管理人、小型股成長基金、天然資源基金、偏基礎建設取向的策略，以及全球金屬與礦業基金的參與度正在提高。本季有數家大型基金新建或加碼持股，反映出我們認為市場正持續從以散戶認知為主，轉向更深、更具持久性的機構追隨。

Our institutional ownership is now approaching 50%. At the same time, we continue to communicate consistently with shareholders through social media, press releases, television interviews, podcasts, and commercials covering company developments, the antimony market, and the broader critical minerals environment. Q1 also included several major corporate milestones.

我們的機構持股目前正接近 50%。同時，我們也持續透過社群媒體、新聞稿、電視專訪、Podcast 與廣告，與股東保持一致且持續的溝通，內容涵蓋公司進展、銻市場，以及更廣泛的關鍵礦物環境。第一季也包含數個重要的公司里程碑。

Today, we are excited to launch our new corporate website, which is now live and better reflects the company we are becoming: larger, more visible, more institutional and increasingly central to America's critical minerals future. So if you're experiencing difficulty accessing our website right now, please allow 48 hours for all the data to transfer servers.

今天，我們很高興推出全新的公司官網，現已上線，並更能反映我們正在成為的公司樣貌：規模更大、能見度更高、更具機構化，且在美國關鍵礦物的未來中扮演愈來愈核心的角色。因此，如果你目前在存取我們網站時遇到困難，請預留 48 小時讓所有資料完成伺服器轉移。

Now before discussing the quarter's strategic milestones, I want to ground the story in a few hard fundamentals. UAMY began the year at $5.93 per share and ended Q1 at $8.30 per share, representing an increase of approximately 40% or 1.4x move during the quarter. We began the year with an approximate market cap of $830.4 million on January 2, 2026, and ended the quarter at approximately $1.19 billion. That represents approximately 43.4% market cap growth or 1.43x increase from the start of the year. We ended the quarter with approximately $118.9 million in cash, U.S.

在討論本季的策略性里程碑之前，我想先以幾個硬性基本面來奠定脈絡。UAMY 年初每股為 5.93 美元，第一季末為 8.30 美元，代表本季約上漲 40%，或約 1.4 倍的漲幅。我們在 2026 年 1 月 2 日的年初市值約為 8.304 億美元，季度末約為 11.9 億美元。這代表市值約成長 43.4%，或較年初增加 1.43 倍。季度末我們持有約 1.189 億美元現金、

treasury securities and marketable equity securities, giving the company flexibility to fund growth initiatives. We also continue to trade with elevated liquidity with current data showing average daily volume in the roughly 12 million-plus share range with a number of days approaching 20 million shares in volume.

美國公債證券與可交易的股權證券，使公司具備資金彈性以支持成長計畫。我們的交易流動性也持續維持在較高水準；目前數據顯示日均成交量約在 1,200 萬股以上，且有多個交易日的成交量接近 2,000 萬股。

Now let's turn back to our milestones. First, we were awarded a $27 million government grant from the Department of War, a process that began in December 2024 and reflects the increasing strategic importance of domestic antimony production and processing capacity. This award represents more than capital. It represents validation. It reinforces our mission and the role United States Antimony can play in strengthening America's critical mineral independence.

現在回到我們的里程碑。第一，我們獲得戰爭部（Department of War）提供的 2,700 萬美元政府補助；該流程始於 2024 年 12 月，反映出國內銻生產與加工產能的戰略重要性日益提升。這項獎助不僅僅是資金。它代表的是認可。它強化了我們的使命，也凸顯 United States Antimony 在提升美國關鍵礦物自主性方面所能扮演的角色。

Second, we completed our uplisting from the NYSE American to the NYSE Classic Board. On March 11, 2026, our team had the honor of ringing the opening bell at the New York Stock Exchange. That moment represented more than symbolism. It marked the next stage of our evolution, greater visibility, a broader institutional platform, and a stronger position in the public markets.

第二，我們完成了從 NYSE American 轉板至 NYSE Classic Board 的升板（uplisting）。2026 年 3 月 11 日，我們團隊有幸在紐約證券交易所敲響開市鐘。那一刻不只是象徵意義。它標誌著我們演進的下一階段：更高的能見度、更廣的機構平台，以及在公開市場中更強的位置。

Third, we released our episodic company docu series across our website and social media channels. The goal was not only to tell our story, but to educate the public on why antimony matters, why domestic processing matters, and why critical mineral reindustrialization is essential to America's future. We also launched a national television commercial campaign across leading business, cable, and streaming platforms to bring the United States Antimony story beyond the investor community and into the broader public conversation.

第三，我們在官網與社群媒體渠道推出分集式公司紀錄片系列。目標不僅是講述我們的故事，也要教育大眾：為什麼銻很重要、為什麼國內加工很重要，以及為什麼關鍵礦物的再工業化對美國未來至關重要。我們也在主要商業頻道、有線電視與串流平台上啟動全國性電視廣告活動，讓 United States Antimony 的故事走出投資人社群，進入更廣泛的公共討論。

Critical minerals are no longer just a market topic. They are a national topic, an industrial topic, and a defense topic, and we intend to help lead that conversation. Gary also remained a visible public voice for the company and the industry. During the quarter, he made 8 public appearances, including interviews on Fox Business, Bloomberg, and NYSE TV, along with several notable investor podcasts. These appearances help broaden awareness and reinforce the company's role in the domestic antimony supply chain.

關鍵礦物不再只是市場議題。它們是國家議題、產業議題，也是國防議題，而我們打算協助引領這場對話。Gary 也持續作為公司與產業的公開發聲者，維持高度能見度。本季他共進行 8 次公開露出，包括接受 Fox Business、Bloomberg 與 NYSE TV 的專訪，以及數個知名投資人 Podcast。這些露出有助於擴大市場認知，並強化公司在國內銻供應鏈中的角色。

Operationally and strategically, one of the most important developments of the quarter was the strengthening of our relationship with Americas Gold and Silver. Senior management, including the CEOs from both companies, traveled to Bolivia, where we met with our hydrometallurgical partner and toured the operation firsthand. After several days of technical discussions, site visits and collaboration among our chemists and engineers, we came away increasingly confident in the path ahead. Our yet-to-be-built 120,000 square foot hydromet facility in Idaho is designed to be state-of-the-art and the first of its kind for domestic antimony production with a target goal of 1,000 tons per month of 99.9% pure antimony, which is roughly half of the entire U.S. market.

在營運與策略層面，本季最重要的發展之一，是我們與 Americas Gold and Silver 的關係進一步深化。包括兩家公司 CEO 在內的高階管理團隊前往玻利維亞，與我們的濕法冶金合作夥伴會面，並親自參訪營運現場。在數天的技術討論、場址勘查，以及我們的化學家與工程師之間的協作之後，我們對前進方向更具信心。我們尚未興建、位於愛達荷州、面積 12 萬平方英尺的濕法冶金設施，設計目標是最先進，並成為國內銻生產的同類首座；目標產能為每月 1,000 噸、純度 99.9% 的銻，約相當於整個美國市場的一半。

When completed in 2028, hydromet processing could meaningfully expand the range of antimony-bearing material we are able to process, including the majority of material historically we've rejected because of low stibnite grade or high impurity levels. That matters because it changes the scale of the opportunity. We are not simply building capacity for today's feedstock. We are building a processing platform for the next generation of domestic and allied antimony supply. We believe this platform has the potential to position United States Antimony as the domestic hub for antimony processing in the United States with additional strategic relevance in Australia, where we also hold licensing rights.

若於2028年完工，濕法冶金（hydromet）處理可大幅擴展我們可處理的含銻物料範圍，包括過去因輝銻礦品位偏低或雜質含量過高而被我們拒收的大多數物料。這很重要，因為它改變了機會的規模。我們不只是為了今天的進料建立產能。我們是在為下一代美國本土及盟友的銻供應打造一個加工平台。我們相信，該平台有潛力使 United States Antimony 成為美國境內銻加工的本土樞紐，並在澳洲具備額外的戰略重要性，因為我們在當地也持有授權權利。

And antimony is just Phase 1. Phases 2 and 3 include silver, copper, and gold. The bigger picture is this. Q1 was a quarter of acceleration. We expanded institutional engagement.

而銻只是第一階段。第二與第三階段包括白銀、銅與黃金。更大的全貌是這樣。第一季是一個加速的季度。我們擴大了機構投資者的參與。

We broadened public awareness. We strengthened strategic relationships. We advanced government-supported initiatives. We elevated our listing profile. We increased visibility across national media, and we continued building the foundation for a vertically integrated antimony platform at a time when the world urgently needs secure Western-aligned supply.

我們提升了大眾認知。我們強化了戰略關係。我們推進了政府支持的倡議。我們提升了上市能見度。我們在全國性媒體的曝光度提高，同時在全球迫切需要安全、與西方結盟的供應之際，持續為垂直整合的銻平台奠定基礎。

United States Antimony is no longer just telling the market what we intend to build. We are demonstrating it quarter-by-quarter, milestone by milestone, relationship by relationship. We believe the company has entered a new phase, one defined by scale, institutional recognition, strategic relevance, and most importantly, execution. There remains significant work ahead, but the trajectory is clear. The market is moving toward us.

United States Antimony 不再只是向市場描述我們打算建造什麼。我們正以一季又一季、一步又一步的里程碑、一次又一次的合作關係來證明。我們相信公司已進入新階段，其特徵是規模、機構認可、戰略相關性，以及最重要的——執行力。前方仍有大量工作要做，但方向很清楚。市場正朝我們靠攏。

The policy environment is moving toward us. The strategic need is moving toward us, and United States Antimony is moving with urgency to meet that moment. In the near future, we are scheduled to participate in several key conferences and roadshows, including B. Riley at Marina del Rey at the end of this month, Lytham Partners Virtual Conference, William Blair's Growth Stock Conference in Chicago, StoneX's Natural Resource Summit in New York, the Beaver Creek Precious Metals Summit in Colorado and their Zurich Summit, and a Europe non-deal roadshow as well as additional events to be announced as international recognition continues to grow.

政策環境正朝我們靠攏。戰略需求正朝我們靠攏，而 United States Antimony 正以緊迫感行動以把握這個時刻。在不久的將來，我們預計將參與數場重要會議與路演，包括本月底在 Marina del Rey 舉辦的 B. Riley 活動、Lytham Partners 線上會議、William Blair 於芝加哥舉辦的 Growth Stock Conference、StoneX 於紐約舉辦的 Natural Resource Summit、科羅拉多 Beaver Creek Precious Metals Summit 及其蘇黎世峰會、歐洲非交易路演，以及隨著國際認可持續提升而將另行公布的其他活動。

I would like to close by sharing our official company purpose statement, which is to become the premier supplier of critical minerals to the United States of America. Back to you, Gary.

最後我想分享我們公司的官方使命宣言：成為美利堅合眾國關鍵礦物的首要供應商。交回給你，Gary。

hank you, Jonathan. I didn't realize we were so busy. I guess I do. Let's -- before we turn over the call to the listeners, I would like to conclude with an ending statement. Between our Thompson Falls expansion coming online in stages over the next few weeks, as Jeff has indicated, -- our successful acquisition of Radersburg flotation mill, and by the way, I had been negotiating that acquisition for well over 1 year when the original owners wanted close to $10 million, and we bought it for $4.3 million.

謝謝你，Jonathan。我沒意識到我們這麼忙。我想我其實知道。在我們把電話交給聽眾之前，我想用一段結語作結。在接下來幾週內，正如 Jeff 所指出的，我們的 Thompson Falls 擴建將分階段上線——再加上我們成功收購 Radersburg 浮選廠；順帶一提，當初原業主想要接近1,000萬美元時，我為這筆收購談判了超過一年，而我們以430萬美元買下。

So very happy that we got something that fit us at a good time.

所以我非常高興，我們在合適的時間以合理的價格買到符合我們需求的資產。

Our new hydromet joint venture with Americas Gold and Silver that we announced a few months ago that's going to be constructed in Idaho. We received now $12 million in sales orders under our DLA contract for antimony ingots with 2 initial orders noticed to the federal government. So we are making significant progress there. Our Fostung mining operations up in Canada with substantial new resource report that Joe described, which is filed with the SEC showing -- with the SEC showing now close to $9 billion of value. We've raised $48.6 million of new equity at an average cost of $11.57 per share.

我們幾個月前宣布、將在愛達荷州建造的與 Americas Gold and Silver 的新濕法冶金合資案。在我們與 DLA 的銻錠合約下，我們目前已收到1,200萬美元的銷售訂單，並已向聯邦政府通知了2筆初始訂單。因此我們在那方面取得了顯著進展。我們在加拿大的 Fostung 採礦作業，Joe 所描述的重大新增資源報告已向 SEC 申報——目前顯示接近90億美元的價值。我們已以每股平均11.57美元的成本募集了4,860萬美元的新股權資金。

And finally, federal grant applications of new funds totaling $274 million for our various projects, and I'll describe what those applications are.

最後，我們針對各項專案申請的聯邦補助新資金總額達2.74億美元，我將說明這些申請內容。

Department of Energy for hydromet is $44 million. That was filed in January. We should have an answer in the next 45 to 60 days. The DIBC, which is the Department of War, a tungsten exploration grant for $5 million, another tungsten utilizing hydromet, reestablishing a domestic supply for $105 million, and a hydromet concentrator for critical minerals of $119 million. There are additional applications that come up every week.

能源部（Department of Energy）針對濕法冶金的申請為4,400萬美元。該申請於1月遞交。我們應會在接下來45到60天內得到答覆。DIBC（即戰爭部）方面：一項5,00萬美元的鎢勘探補助；另一項利用濕法冶金、重建國內供應的鎢專案為1.05億美元；以及一項關鍵礦物濕法冶金精礦（concentrator）專案為1.19億美元。此外，每週都會有新的申請機會出現。

We review them, and I can promise you, we'll be making additional applications for federal grant money. We are a unique company in that we are providing exactly what the government is asking for. They want more antimony, they want more tungsten, and we're working on cobalt feverishly. So those are 3 critical minerals that are the number -- top number critical minerals on the federal government list, and we're trying our best to make that happen.

我們會審視它們，我可以向各位保證，我們將提出更多聯邦補助資金的申請。我們是一家獨特的公司，因為我們提供的正是政府所要求的。他們想要更多銻、想要更多鎢，而我們也正全力以赴推進鈷。因此，這三項關鍵礦物是聯邦政府清單上排名最前的關鍵礦物，我們正盡最大努力促成此事。

Nobody, as I said earlier, has been able to mine tungsten in close to 20 years in North America. We're doing it right now. We've already moved bulk samples and getting them assayed, and we're highly encouraged about what we see. So this is not only an antimony company, as I first stated during the call, we are involved in cobalt, gold, tungsten, and zeolite, not antimony only. And so as we continue to make the investments and progress in these various other critical minerals and with our zeolite sales growing, we hope to have some wonderful results.

正如我先前所說，在北美近20年來沒有人能夠開採鎢。我們現在正在做。我們已經運送了大宗樣品並進行化驗，我們對所見結果感到非常鼓舞。因此，這不僅是一家銻公司，正如我在電話會議一開始所說，我們也涉足鈷、黃金、鎢與沸石，而不只是銻。因此，隨著我們持續在這些其他關鍵礦物上投資並取得進展，同時沸石銷售成長，我們希望能取得一些非常好的成果。

I've looked very hard at our $125 million revenue guidance for this year. I'm convinced we can do it.

我非常仔細地檢視了我們今年1.25億美元的營收指引。我確信我們做得到。

And you're seeing that occurring now with deliveries to the federal government. I would say $75 million to $95 million of the $125 million will be federal government shipments of antimony ingots by the end of the year. And with the ramp-up that's occurring now, with the additional inventory we built with additional antimony supplies coming in, I'm highly confident that we can make those numbers. So we're all working hard to help you see the results of our efforts. So with that, operator, let's turn it over to our listeners for any questions they may have.

而你們現在正看到這一點，因為我們已開始向聯邦政府交付。我會說，在今年年底前，1.25億美元中的7,500萬到9,500萬美元將來自向聯邦政府出貨的銻錠。隨著目前正在發生的產能爬坡、我們建立的額外庫存，以及更多銻供應的到位，我對我們能達成這些數字非常有信心。因此，我們都在努力工作，讓各位看到我們努力的成果。那麼，接線員，請把電話交給聽眾，看看他們有什麼問題。

(Operator Instructions)

(接線員指示)

All right, Gary, the first question is, the company has a substantial investment in Larvotto Resources in Australia. What is the status? Also, Larvotto closed at AUD 1.58, U.S. equivalent of $1.14. What is current value versus what we paid?

好的，Gary，第一個問題是，公司在澳洲的 Larvotto Resources 有一筆相當可觀的投資。目前狀況如何？另外，Larvotto 收盤價為1.58澳元，折合美元約1.14美元。我們目前的價值相較於當初支付的價格如何？

Okay. Good question. You saw in the first quarter, we had a noncash mark-to-market loss of $4.1 million, which related to the value of Larvotto stock at the end of the quarter. If you were to do that same calculation today, based on where Larvotto just last closed, that increase would be $10.1 million. So a big swing there of $14 million.

好的。好問題。你們在第一季看到，我們有410萬美元的非現金按市價（mark-to-market）評價損失，這與季度末 Larvotto 股票的價值有關。如果你今天用同樣的方式計算，依據 Larvotto 最近一次收盤價，那個增幅會是1,010萬美元。所以這裡出現了1,400萬美元的巨大擺動。

So I wish I could logically answer the question about what is going on with Larvotto. We have gotten absolutely nowhere with the management team, which seems in our minds to be entrenched. All of us have one simple objective, both their management as well as U.S. Antimony's management, and that is to maximize the return to our shareholders. That's our job.

所以我希望我能以理性的方式回答關於 Larvotto 目前到底發生了什麼的問題。我們與管理團隊的溝通完全沒有任何進展，而在我們看來，他們似乎已經根深蒂固。我們所有人——無論是他們的管理層還是 U.S. Antimony 的管理層——都有一個簡單的目標，那就是為股東把報酬最大化。這就是我們的工作。

That's what we get paid to do. At this point, with no credible dialogue with management at Larvotto or even their advisers, we may simply just sell our ownership position and, hopefully, make some money on it. I just don't know. It's sad because we have a game plan for Larvotto. We wanted to put a hydromet facility there. We wanted to help out the country.

這就是我們領薪水要做的事。在目前這個階段，由於與 Larvotto 的管理層甚至其顧問都沒有任何可信的對話，我們可能就只是把我們的持股部位賣掉，並希望能從中賺到一些錢。我真的不知道。這很令人難過，因為我們對 Larvotto 有一套作戰計畫。我們原本想在那裡建置一座濕法冶金（hydromet）設施。我們也想幫助那個國家。

It's unfortunate that 10% of that company is owned by the Chinese. It's unfortunate they have signed a marketing agreement with the Chinese. I can't believe Australia is going to allow this to happen. But at this point, we're pretty disgusted with how things have gone with Larvotto. I can't answer the question of where we'll be, but we are actively looking at the possible sale of our shares in the open market or to a buyer.

很不幸的是，那家公司有 10% 的股權由中國人持有。也很不幸的是，他們已經與中國方面簽署了一份行銷協議。我不敢相信澳洲會允許這種事情發生。但就目前而言，我們對 Larvotto 事情的發展方式感到相當反感。我無法回答我們最後會走到哪一步，但我們正積極評估在公開市場出售我們的股份，或賣給某個買家。

Next question.

下一個問題。

Next question. You had a mutually beneficial deal with Americas Gold and Silver. I wanted to see if there's other potential agreements like that with other firms in the pipeline? And if so, can you maybe give a bit of a vision of your new view related to partnering up, especially given the vast reach that you now have when it comes to various elements that may be more attractive than it was in the past, no?

下一個問題。你們與 Americas Gold and Silver 有一個互利的交易。我想了解是否還有其他類似的潛在協議正在與其他公司洽談中？如果有的話，能否談談你們對於合作結盟的新觀點，特別是考量到你們現在在各種要素上的觸及範圍更廣，可能比過去更具吸引力，對嗎？

Yes. I would say that most upstream miners really don't have a desire to be a refiner. And that was the same way in the oil and gas business that I worked in for 38 years. Either we're an oil and gas driller, you might have midstream, which is processing or pipelines, but I don't know of any oil and gas company that was a refiner. Well, here, we're a refiner going upstream.

是的。我會說，多數上游礦商其實並不想成為精煉商。我在油氣產業工作了 38 年，情況也是一樣。要嘛我們是油氣鑽探商；你可能會有中游，也就是處理或管線，但我不知道有哪一家油氣公司本身是精煉商。而在這裡，我們是一家精煉商往上游走。

And so we know the refining business very well. We've proven that. We're the sole source supplier of antimony to the U.S. government. And we have now taken the risk of developing a hydromet facility in Bolivia that we're going to duplicate in Idaho with Americas Gold and Silver.

因此我們非常了解精煉業務。我們已經證明了這一點。我們是美國政府唯一的銻供應來源（sole source supplier）。而且我們現在承擔了在玻利維亞開發一座濕法冶金設施的風險，並將與 Americas Gold and Silver 在愛達荷州複製這座設施。

The opportunity to take that technology and move it into other critical minerals definitely exists. It's not exactly duplicative. Things have to be changed from a mechanical and technology standpoint, but we think we have the people and the know-how to do that. So no question that us getting into hydromet process. And I don't want people to think that we've invented this.

把這項技術移轉到其他關鍵礦物的機會確實存在。它並不是完全照搬複製。從機械與技術角度來看，必須做一些調整，但我們認為我們有人才與專業能力可以做到。所以毫無疑問，我們進入濕法冶金流程。而且我不希望大家以為這是我們發明的。

Hydromet has been around for 40 years. It's been used. And so what we've done, though, with our partners, have developed it and fine-tuned it to really handle antimony in a way that's never been done before.

濕法冶金已經存在 40 年了。它一直都有被使用。不過我們與合作夥伴所做的，是把它開發並微調到能以一種前所未有的方式來處理銻。

As I think Aaron stated in his commentary, we can now take, once the hydromet facility is up and running, all kinds of grades of antimony, which we cannot take today in our gas-fired furnaces. We can take impurities that today we cannot take in our gas-fired furnaces. So what it does is it opens up the door for lots of other antimony supply that sits around the world that we have seen and tried to process and could not. That was what we did in 2025. We now have homed in on the highest quality antimony around, and that's what we're processing.

正如我想 Aaron 在他的評論中提到的，一旦濕法冶金設施建置完成並開始運轉，我們就能處理各種品位的銻，而這些是我們目前用燃氣爐無法處理的。我們也能處理目前燃氣爐無法接受的雜質。因此，它等於為全球各地大量我們曾看過、也嘗試處理但做不到的銻供應打開了大門。那就是我們在 2025 年所做的事。我們現在已鎖定最高品質的銻來源，而這就是我們正在處理的。

So no question, once we announced the Americas Gold and Silver opportunity, we got called from a number of companies that, "Hey, we don't want to do what you do. Can we bring our antimony to you?" So we are focused on this facility, not just handling Americas Gold and Silver, but other third-party suppliers of antimony, some in the general area of where we'll be building this plant in Idaho. Next question?

所以毫無疑問，當我們宣布與 Americas Gold and Silver 的機會之後，有不少公司打電話來說：「嘿，我們不想做你們做的事。我們能把我們的銻交給你們嗎？」因此我們聚焦在這座設施，不只是處理 Americas Gold and Silver 的需求，也要處理其他第三方銻供應商，其中一些就在我們將在愛達荷州興建這座工廠的周邊地區。下一個問題？

Does the company expect to mine or sell any tungsten in calendar year 2026? And if so, what's the target month for first revenue?

公司是否預期在 2026 日曆年度開採或銷售任何鎢？如果是，第一筆營收的目標月份是什麼時候？

That's a really good question that I would have to defer to Joe with. I think the chances of us selling any magnitude of tungsten are small. I think the chances of us determining what we have as commercially operational are very good. Joe, would you -- how would you respond to that?

這是一個非常好的問題，我得請 Joe 來回答。我認為我們出售任何具規模的鎢的機率不大。我認為我們判定我們所擁有的資源具備商業化運作可行性的機率非常高。Joe，你會——你會怎麼回應？

I think that's correct. I'd like to see us put out 20,000 to 50,000 ton bulk sample, put that through one of the local mills in the Sudbury area and truck that concentrate down to Pennsylvania or some other processor to make that into ammonium paratungstate. Full production, no, there'd be quite a bit of permitting to get to that full production level. As it is in Ontario, the potential for producing a bulk sample up to 50,000 tons is covered at this stage we are in the permitting. Back to you, Gary.

我認為這是正確的。我希望我們能做出 2 萬到 5 萬噸的散裝樣品（bulk sample），把它送到薩德伯里（Sudbury）地區的其中一家當地選礦廠處理，然後把精礦用卡車運到賓州或其他加工商，將其製成仲鎢酸銨（ammonium paratungstate）。全面量產的話，不會，因為要達到全面量產水準還需要相當多的許可程序。就安大略省而言，在我們目前的許可階段，生產最高 5 萬噸的散裝樣品是被涵蓋允許的。交回給你，Gary。

Yes, thank you. Next question, Jonathan?

好的，謝謝。下一個問題，Jonathan？

How is UAMY positioning itself as a strategic player to decouple our national reliance on Chinese supply lines?

UAMY 如何將自己定位為一個策略性角色，以降低我們國家對中國供應鏈的依賴？

Well, I think everything we're doing is answers that question. I mean, the fact that the government has given us money to expand our facility in Thompson Falls, which is what Jeff has been working on for a year. The fact that we have a significant government contract that, I can promise you, they want filled faster than we are capable right now, but we're getting there very quickly. Our first 2 orders have been notified to the government. They're inspecting them now.

嗯，我認為我們正在做的每一件事都在回答這個問題。也就是說，政府已經撥款給我們，用於擴建我們在 Thompson Falls 的設施，而 Jeff 已經為此投入了一年的工作。我們也有一份重要的政府合約，我可以向你保證，他們希望我們交付的速度比我們目前的產能所能做到的更快，但我們正在非常快速地追上。我們的前兩筆訂單已通知政府。他們現在正在檢驗。

And we're getting into the mode of having this consistently done every month. We've got a great supply. We've got our systems running right. Our new smelter will be running. So those volumes will go up incrementally over each month.

而我們正進入每個月都能穩定完成這件事的模式。我們有很好的供應。我們的系統運作也已調整到位。我們的新熔煉爐將會運轉。因此這些產量將會在每個月逐步增加。

So I think the fact that we have won these awards, we have the new awards we're seeking, that we have a great dialogue with the government. General Keane has been extremely helpful on our Board in helping us navigate the bureaucracy that our government has. And I think that we're perfectly positioned. We got involved with tungsten at the government's request. This wasn't something that we just decided to do.

所以我認為，我們已拿下這些獎項（awards）、我們正在爭取新的獎項、我們與政府之間有良好的對話，這些都很重要。Keane 將軍在董事會中提供了極大的協助，幫助我們在政府的官僚體系中穿梭前進。我認為我們的定位非常到位。我們是在政府的要求下涉入鎢業務的。這不是我們自己突然決定要做的事。

We got involved in cobalt at the government's request. We need cobalt, we need tungsten, we'll fund you. That's why we're doing what we're doing. So I think the fact that we are performing, we're delivering, we're doing what we're supposed to be doing, and we're doing it correctly, gives us tremendous credibility with the federal government.

我們是在政府的要求下介入鈷業務的。我們需要鈷、我們需要鎢，我們會資助你。這就是我們為什麼在做我們正在做的事。所以我認為，我們的表現、我們的交付、我們在做我們應該做的事，而且做得正確，讓我們在聯邦政府面前擁有極高的可信度。

Next question. Given the $27 million in DoD grants, how much of that capital is already deployed? And what is the specific time line for the next tranche of funding based on your milestones?

下一題。鑑於國防部（DoD）提供的2,700萬美元補助，其中有多少資金已經投入使用？以及依據你們的里程碑，下一筆資金撥付的具體時間表是什麼？

Well, we've received payment of $12 million of the $27 million. The -- remember that $27 million is broken up $20 million for Thompson Falls, $7 million for Alaska. I believe the remaining $20 million, which is, what? $8 million, will get paid this year as Jeff is able to get the furnaces and all commissioned and running. There are certain specific milestones of release of that remaining $8 million.

嗯，我們已經收到2,700萬美元中的1,200萬美元款項。另外——請記得，這2,700萬美元分成兩部分：湯普森瀑布（Thompson Falls）2,000萬美元、阿拉斯加700萬美元。我相信剩下的2,000萬美元中，還有多少？800萬美元，會在今年隨著Jeff把熔爐以及所有設備完成調試並投入運轉後支付。剩餘這800萬美元的撥付有一些明確的里程碑條件。

The $7 million for Alaska, I don't believe we'll see any this year. I believe we'll see most of that in 2027. The reason for that is that certain things the government has required for that $7 million would impede our speed that we're moving at in Alaska to do certain things. And so a lot of it has to do with some environmental red tape, and we prefer to wait to get that $7 million until we're done with the entire summer period of Alaska. The biggest negative for Alaska is the working period.

至於阿拉斯加的700萬美元，我不認為今年會看到任何款項。我相信其中大部分會在2027年收到。原因是，政府對這700萬美元所要求的一些事項，會拖慢我們在阿拉斯加推進某些工作的速度。所以其中很大一部分與一些環境方面的繁文縟節有關，我們寧可等到阿拉斯加整個夏季作業期結束後再去領取這700萬美元。阿拉斯加最大的負面因素是可作業的工作期。

We're not really starting until now, here in May, and we run until maybe September, October, and then that's done. So during that winter time period, we'll be doing the work necessary for the remaining $7 million grant.

我們其實要到現在、也就是5月才真正開始，然後可能一路做到9月、10月，之後就結束了。所以在冬季那段期間，我們會進行取得剩餘700萬美元補助所需的相關工作。

And I think we might have already addressed this question when Jeff was speaking, but when will the expansion of the smelter be completed?

我想Jeff發言時我們可能已經回答過這題，但冶煉廠的擴建何時完成？

Well, it's going in phases. As Jeff mentioned, he's going to be firing up furnaces here over the next 10 days to 2 weeks. It will be done. 80%, he stated will be running by hopefully mid-July, end of July with the remaining 100% coming on as the months go. So that will -- that's a big increase of where we are today.

嗯，這是分階段進行的。如Jeff提到的，他會在接下來10天到2週內點火啟動熔爐。他表示，希望到7月中旬、7月底能有80%投入運轉，剩下的100%會隨著接下來幾個月陸續上線。所以那將——相較於我們今天的狀況，是一個很大的提升。

We're going to delay shutting down the first group of furnaces, the old facility, as long as possible to be sure all the kinks are out and they were not missing anything.

我們會盡可能延後關停第一批熔爐（舊廠區），以確保所有問題都已排除，並且沒有遺漏任何事項。

Obviously, there's an employee count involved as well. You may have remember, we bought a housing development in Thompson Falls late last year to house people that couldn't have -- couldn't find a place to live. So we're doing it in a very controlled manner that makes sure that we don't lose production. We want to increase production and delay any other things as long as possible so that we can meet our target of $125 million.

顯然也牽涉到員工人數。你可能記得，我們在去年年底於湯普森瀑布買了一個住宅開發案，用來安置那些原本——找不到住處的人。因此我們會以非常可控的方式推進，確保不會失去產量。我們希望提高產量，並盡可能延後其他任何事情，以便達成我們1.25億美元的目標。

Next question. You were very confident in moving your 2026 revenue expectations up from $100 million to $125 million. Are you still confident with that number for the year?

下一題。你們非常有信心把2026年的營收預期從1億美元上調到1.25億美元。你們對今年這個數字仍然有信心嗎？

I'm still confident that we can deliver, as I said earlier, $75 million to $95 million of antimony ingots to the federal government. Demand is not the problem. It's just making sure we can process it and deliver it at the speed that the government wants. And so getting Mexico's kinks out, which we've done, getting the new smelter operational, which we'll be doing in the next couple of weeks and having the consistent high-quality supply of material coming along with the Bolivian antimony flake allows us to feel comfortable keeping that $125 million number.

我仍然有信心能交付——如我先前所說——7,500萬到9,500萬美元的銻錠給聯邦政府。需求不是問題。問題只是要確保我們能以政府希望的速度完成加工並交付。因此，把墨西哥那邊的問題排除掉（我們已經做到了）、讓新冶煉廠投入運轉（我們會在接下來幾週內完成），再加上玻利維亞銻片帶來穩定且高品質的原料供應，讓我們有把握維持1.25億美元這個數字。

Next question. Any new cobalt prospects?

下一題。有任何新的鈷項目前景嗎？

We do have some negotiations going on with Cobalt. I can't really go into detail with that. I know Joe is also doing some additional work around our cobalt property up in Canada. I don't really want to comment on that yet either for competitive reasons. So we are still focused on cobalt, and we've learned a lot regarding the property we currently own and where we want to be and what we need.

我們確實正在就鈷方面進行一些談判。我不太方便透露細節。我知道Joe也正在加拿大我們的鈷礦權周邊做一些額外工作。出於競爭原因，我現在也不太想評論。所以我們仍然聚焦在鈷上，而且我們已經對目前擁有的礦權、我們想要達到的位置以及我們需要什麼，學到了很多。

And so there has been one party I've been talking to for almost a year on another cobalt refining process, and we're making progress.

此外，我和其中一方就另一種鈷精煉流程已經談了將近一年，目前正在取得進展。

Next question looks like it might be for Amanda. Is BRZ -- or Melissa, excuse me, is BRZ pursuing soil amendment and filtration markets?

下一題看起來可能是問Amanda的。BRZ——或Melissa，不好意思——BRZ是否在開拓土壤改良與過濾市場？

Thanks, Jonathan. Yes, [ Kevin ], thank you for that question. We are -- we will pursue every market possible that comes to us. But as you know, BRZ is a pretty small team and a small company. So as we started off the year, we recognized the need to focus on a couple of markets that we could take on ourselves.

謝謝你，Jonathan。是的，[ Kevin ]，謝謝你的提問。我們——只要有任何可能的市場找上門，我們都會去爭取。但如你所知，BRZ是一個相當小的團隊、也是一家規模不大的公司。所以在今年一開始，我們就意識到需要聚焦在幾個我們能夠自行承擔的市場。

And the way that we're getting at the soil amendment and filtration markets is we're trying to leverage our largest customers and long-standing relationships through their distribution.

而我們切入土壤改良與過濾市場的方式，是嘗試透過最大客戶以及長期合作關係，利用他們的通路來推進。

So one of the things we found when we first -- I think it was 2023 when we came out of the gate, guns a-blazing saying, "We're going to go after every direct customer." But what we found is in order to market in all of these spaces that are really incredibly huge spaces like the water filtration market, you have to put a lot of manpower there. You have to put a lot of money into the marketing. So we are seeing ways to leverage these relationships in order to -- that are already standing, that in order to get to these other markets while we focus on cattle nutrition because, again, the capital expenditures required for all of these different spaces are significant.

所以我們一開始——我想是2023年我們剛起步時——火力全開地說：「我們要爭取每一個直客。」但我們發現，要在這些非常龐大的領域（例如水過濾市場）做行銷，你必須投入大量人力。你也必須投入大量行銷費用。因此，我們正在尋找方法去運用這些既有的合作關係——也就是已經建立的關係——以便在我們聚焦牛隻營養的同時，進入其他市場；因為再說一次，這些不同領域所需的資本支出都相當可觀。

So we've chosen to focus on cattle nutrition and leverage these long-standing customer relationships through their distribution. And we're in the process of formalizing those relationships and that distribution for filtration. And these customers are also looking into soil amendment.

所以我們選擇聚焦牛隻營養，並透過這些長期客戶的通路來放大效益。我們也正在把這些關係以及用於過濾的通路正式化。而這些客戶也在評估土壤改良。

Adding, Melissa . So just to follow up on that, Melissa. A lot of people don't realize that beef prices are at all-time highs today. And so cattlemen are looking for every way to get extra poundage out of their cattle before slaughter. That's what zeolite is perfectly geared for.

補充一下，Melissa。所以就此再追問一下，Melissa。很多人沒有意識到，現在牛肉價格正處於歷史新高。因此，牧牛業者在屠宰前正尋找各種方法，讓牛隻多長一些重量。這正是沸石最適合發揮作用的地方。

And we're making such great headway in the cattle market that we want to stay focused, but we are looking at nutrition. In fact, we've had a couple of companies come to us for exclusive contracts. We're still deciding whether we're going to do that or not. But it is an area we definitely want to pursue, but like we're hitting the hottest iron right now, which is cattle.

而且我們在牛隻市場取得了非常大的進展，所以我們希望保持專注，但我們也在看營養領域。事實上，已經有幾家公司來找我們談獨家合約。我們仍在評估是否要這麼做。但這絕對是我們想要推進的方向；只是就像我們現在正在趁熱打鐵——最熱的就是牛隻市場。

Next question. Does the Iran conflict directly affect government demands for antimony?

下一個問題。伊朗衝突是否會直接影響政府對銻的需求？

Absolutely. Every conflict the government is involved in, whether it be Venezuela, Iran, or whether it be Israel and Lebanon, or whether it be Ukraine and Russia. You cannot fire a bullet without antimony, you need antimony for laser-guided missiles and drones. And as you know, our -- the drone business today is a lot bigger than it was 6 months or a year or 2 years ago. So yes, we've heard it loud and clear from the representatives of the government we deal with, that they want more antimony like yesterday.

絕對會。政府所涉入的每一場衝突，無論是委內瑞拉、伊朗，或是以色列與黎巴嫩，或是烏克蘭與俄羅斯。沒有銻你就無法開槍，你需要銻用於雷射導引飛彈與無人機。而如你所知，我們——如今的無人機業務比 6 個月前、1 年前或 2 年前大得多。所以是的，我們從我們往來的政府代表那裡非常清楚地聽到，他們想要更多銻，而且是越快越好。

And so we're working very, very hard in trying to meet that demand and that goal. We'll take one more question, Jonathan. One more question, then we'll close up.

因此我們正非常、非常努力，試圖滿足那個需求與目標。Jonathan，我們再接一個問題。再一個問題，然後我們就結束。

Sure. Back in 2024, PPTA and UAMY were in cooperation with each other. Are we looking at them as a possible joint venture like we have with Americas Gold and Silver?

好的。早在 2024 年，PPTA 與 UAMY 彼此有合作。我們是否把他們視為可能的合資對象，就像我們與 Americas Gold and Silver 的合資一樣？

You would have to ask that question to them. I know there's been some conversations with the CEO of Americas Gold and Silver and Perpetua. We have not had any direct conversations with them in the better part of a year. So I cannot answer that question.

你得去問他們這個問題。我知道 Americas Gold and Silver 的執行長與 Perpetua 之間有過一些對話。我們在過去將近一年裡沒有與他們進行任何直接對話。所以我無法回答那個問題。

And Gary, there is just one more question, which is a question we do get asked pretty frequently. The current U.S. administration has shown a good appetite for taking stakes in companies. If this ramped up and Donald Trump took an interest in mineral companies like UAMY, would UAMY dilute stock to give the government a stake?

Gary，還有最後一個問題，這也是我們相當常被問到的。目前的美國政府對於入股公司展現出不錯的意願。如果這種情況升溫，而唐納·川普對像 UAMY 這樣的礦業公司產生興趣，UAMY 會透過稀釋股權來讓政府取得持股嗎？

Well, I tell everybody that I prefer not. If you look at what the government has done with the various critical and rare earth companies that they've invested in, those are typically embryonic companies that have no access to capital. They're companies that they need the government to be able to do what they're doing because they're 3, 4, 5 years away from actually generating any revenues.

嗯，我跟大家說我比較不希望如此。如果你看看政府對各種關鍵礦物與稀土公司所做的投資，那些通常是非常早期、無法取得資本的公司。那些公司需要政府才能做他們正在做的事，因為他們距離真正產生任何營收還有 3、4、5 年。

We're obviously not in that position. We're much better suited for receiving government grants because the government grants are obviously non-dilutive, but they expedite us moving quicker to meet the demands that the government needs and the hydromet technology that we've developed with our partners in Bolivia is a perfect example of that.

顯然我們不是那種情況。我們更適合接受政府補助金，因為政府補助金顯然不會稀釋股權，但能加速我們更快前進，以滿足政府所需要的需求；而我們與玻利維亞合作夥伴共同開發的濕法冶金（hydromet）技術就是一個完美例子。

So a lot of the money, this money that I mentioned that we're looking for from the government of totaling $274 million, a big chunk of that is hydromet. It's new technology, and it's ways to do things better, faster, more economic than we're doing in the past. That's what the government is looking for. They're trying to bring the refining capacity back to the United States, but do it in a smarter way. And that's what we're excited about as it relates to Hydromet, and that's why we've been able to do the joint venture.

所以，我提到我們正在尋求政府資金、總額 2.74 億美元，其中很大一部分是用於濕法冶金（hydromet）。這是新技術，是以比過去更好、更快、更具經濟效益的方式來做事。這正是政府在尋找的。他們正試圖把精煉產能帶回美國，但要用更聰明的方式來做。而這也是我們對濕法冶金（Hydromet）感到興奮之處，也因此我們能夠進行合資。

So I think as we make further progress building out our hydromet technology that the business will come undoubtedly. And I'm not concerned about that at all. I know of no antimony processing facility currently being contemplated in North America, 0. We're it. So we want to stay being it, and we want to continue being the -- ahead of the curve with technology, and that's what we're trying to do.

所以我認為，隨著我們在建置濕法冶金（hydromet）技術方面取得更多進展，業務無疑會到來。我對此一點也不擔心。我不知道目前北美有任何正在規劃中的銻加工設施，零。只有我們。所以我們想要繼續保持只有我們，也想要持續在技術上——走在曲線前端，而這就是我們正在努力做的事。

You're absolutely right. The domestic demand is already there. Thank you, Gary. I'm going to turn it back over to the operator for closing statements.

你說得完全正確。國內需求已經存在。謝謝你，Gary。我現在把電話交回給接線員做結語。

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.

我們已到達問答環節的結束。我現在把電話交給 Gary C. Evans 發表結語。

I just want to thank all of you for listening in today. I know the quarter 1 isn't exactly what you expected, but please have a little patience. As I mentioned, at year-end, we're going to have some bumpy quarters. But all in all, the results are going to be phenomenal. And we're on game plan.

我只想感謝各位今天收聽。我知道第一季的表現並不完全符合你們的預期，但請多一點耐心。如我在年末時提到的，我們會有一些起伏較大的季度。但整體而言，結果將會非常出色。而且我們正按計畫推進。

We're accomplishing all the goals and objectives that we've outlined to each of you, and we're excited about where we are and where we're going. So look forward to some more additional positive press releases and comments coming out.

我們正在達成我們向各位概述的所有目標與目的，並且對我們目前的位置以及未來的方向感到振奮。所以請期待接下來會有更多額外的正面新聞稿與評論發布。

We're trying to continue to educate the government as to who we are and what we're doing. While the federal government has got a good handle on it, we've got House members and senators in the various states that are having to be educated. So we want to be the critical mineral company the U.S. government thinks of first, and we're trying our best to be in that position. So thank you for your time, and hope you have a good rest of your week.

我們正努力持續讓政府了解我們是誰、我們在做什麼。雖然聯邦政府已經掌握得很清楚，但各州的眾議員與參議員仍需要被教育。因此我們希望成為美國政府第一個想到的關鍵礦物公司，而我們正盡最大努力達到那個位置。謝謝各位的時間，祝各位本週剩下的日子過得愉快。

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

今天的網路直播到此結束，您現在可以中斷連線。感謝您的參與。