United States Antimony Corp (UAMY) 2026 Q2 法說會逐字稿

Greetings, and welcome to the United States Antimony Corporation second-quarter and six months ended June 30, 2026, financial and operating results conference call. (Operator Instructions) And please note this conference call and webcast is being recorded.

各位好，歡迎參加美國銻業公司（United States Antimony Corporation）截至2026年6月30日止第二季及上半年財務與營運成果電話會議。(操作員指示) 並請注意，本次電話會議與網路直播將被錄音。

I will now turn the call over to your host, Mr. Gary C. Evans, Chairman and Chief Executive Officer.

現在我將把電話交給本次會議主持人——Gary C. Evans 先生，董事長兼執行長。

Okay. Thank you, [Ely], and welcome to everybody, and thank you very much for joining us today. First, I'd like to start by introducing other members of our company's management team who'll be joining me on this call today. We have five total speakers from management who'll be talking about the respective divisions. They are as follows: Shawn Winkler, our Interim Chief Financial Officer; Joe Bardswich, our Director and Executive Vice President and Chief Mining Engineer; Damian Coleman, who is Managing Director of our Government Affairs in DC, who have not spoken to before; Aaron Tenesch, Vice President of our Antimony Division; and Jonathan Miller, who is Vice President of our Investor Relations area.

好的。謝謝你，[Ely]，也歡迎各位，並非常感謝大家今天加入我們。首先，我想先介紹今天將與我一同參與本次電話會議的公司管理團隊其他成員。我們管理團隊共有五位發言人，將分別就各事業部門進行說明。名單如下：Shawn Winkler，我們的代理財務長；Joe Bardswich，我們的董事、執行副總裁兼總採礦工程師；Damian Coleman，我們位於華府（DC）的政府事務董事總經理，先前尚未與各位通話過；Aaron Tenesch，我們銻事業部副總裁；以及 Jonathan Miller，我們投資人關係領域副總裁。

So I'd like to start out by turning the call over to Shawn Winkler, our Interim Chief Financial Officer, to go over the financial results that we've just reported a few minutes ago to the public. Shawn?

接下來我想先把電話交給我們的代理財務長 Shawn Winkler，請他說明我們幾分鐘前剛向大眾公布的財務結果。Shawn？

Thanks, Gary. It was my first full quarter with the company. I continue to be extremely impressed with our senior management, our outstanding operating team and working closely with our high-quality advisers. It just continues to be an impressive team.

謝謝你，Gary。這是我加入公司後的第一個完整季度。我持續對我們的高階管理團隊、優秀的營運團隊，以及與我們高品質顧問密切合作的成果感到非常印象深刻。這個團隊一直都非常出色。

Jumping to the numbers. Second-quarter 2026 revenue was around $7.9 million. That is compared to $10.5 million in the second quarter of 2025. That's a decline of approximately 25% year over year, and that is driven almost entirely by lower realized antimony pricing. Sequentially, compared to Q1, however, revenue was up 17% from the $6.8 million we reported in the first quarter, reflecting higher Antimony volumes and continued strength in our Zeolite segment.

直接看數字。2026年第二季營收約為790萬美元。相較之下，2025年第二季為1,050萬美元。年減約25%，幾乎完全是由於銻的實現售價較低所致。不過若與第一季相比，營收較我們第一季所報告的680萬美元成長17%，反映銻的銷售量增加，以及我們沸石（Zeolite）業務持續強勁。

On a six-month year-to-date basis, revenue was $14.7 million compared to $17.5 million for the first half of 2025. That's a 16% decrease but again, as the aforementioned year-over-year decline in realized antimony prices, partially offset by higher volumes.

以今年截至目前的上半年（六個月）來看，營收為1,470萬美元，去年2025年上半年為1,750萬美元。減少16%，但同樣如前所述，主要是銻的實現價格年減所致，部分由較高的銷售量所抵銷。

Jumping into our segment breakdown. Antimony revenue was $5.9 million in the second quarter compared to $9.6 million in the prior-year period. Our pounds sold increased approximately 26% year over year to 428,425 pounds. Average selling prices declined approximately 52% from $28.32 per pound to $13.70 per pound, reflecting broader antimony market price conditions. Importantly, average cost per pound also declined approximately 33% to $13.34, partially mitigating the impact of lower selling prices, but not fully offset.

接著看各事業部門拆分。第二季銻業務營收為590萬美元，去年同期為960萬美元。我們的銷售磅數年增約26%至428,425磅。平均售價約下滑52%，由每磅28.32美元降至每磅13.70美元，反映整體銻市場價格狀況。重要的是，每磅平均成本也下降約33%至13.34美元，部分緩解售價下滑的影響，但仍未能完全抵銷。

Zeolite segment continues its strong growth trajectory. Revenue increased 110% year over year to $1.9 million from about close to $1 million, driven by a 114% increase in tonnes sold. Obviously, our execution in the broader -- the broadened sales channels, especially in our cattle nutrition growth segment, has demonstrated success. Zeolite gross profit increased $0.4 million to about $0.1 million, benefiting from higher sales volume and lower average production cost per tonne.

沸石事業部持續維持強勁成長軌跡。營收年增110%至190萬美元，去年同期約接近100萬美元，主要由於銷售公噸數年增114%。顯然，我們在更廣泛——擴大的銷售通路上的執行，特別是在牛隻營養的成長細分市場，已展現成效。沸石毛利增加40萬美元至約10萬美元，受惠於較高的銷售量與每公噸平均生產成本下降。

Jumping to gross profit and operating loss and non-cash items. Gross profit for the quarter was $0.6 million, or approximately 7% gross margin. That compares to $2.8 million and 27% margin in the prior-year quarter. The margin compression is almost entirely attributable to antimony price declines, as previously discussed.

接著看毛利、營業損失與非現金項目。本季毛利為60萬美元，毛利率約7%。相較去年同期毛利280萬美元、毛利率27%。毛利率收縮幾乎完全歸因於前述銻價格下跌。

Operating expense was $7.6 million in the second quarter compared to $2.8 million in the prior year period. The increase primarily reflects higher noncash share-based compensation expense, increased salaries and employee benefits associated with the company's expanded leadership team and operational infrastructure to match the growth projections we have in the back half of the year and into '27 and higher professional fees supporting several growth initiatives.

第二季營業費用為760萬美元，去年同期為280萬美元。增加主要反映：較高的非現金股份基礎給付（share-based compensation）費用、因公司擴大領導團隊與營運基礎設施（以配合我們在今年下半年及2027年的成長預期）而增加的薪資與員工福利，以及支援多項成長計畫的較高專業服務費用。

Operating loss for the quarter was about $7 million. It is important to note that this operating loss includes about $3.4 million of net non-cash items, the aforementioned $2.9 million in SBC, and about $500,000 of D&A.

本季營業損失約為700萬美元。需要特別指出的是，該營業損失包含約340萬美元的淨非現金項目，其中包括前述290萬美元的SBC，以及約50萬美元的折舊與攤銷（D&A）。

Jumping to net income. Reported net income for the second quarter was about $0.1 million, compared to net income of $0.2 million in the prior-year quarter. The operating loss that I just mentioned was more than offset by two items. $6.8 million of unrealized gain from our investment in Larvotto Resources Limited, plus $0.4 million of interest in investment income. Importantly, since quarter end, the Larvotto investment has continued to appreciate. As we detailed, it is about $2.7 million of additional increase since quarter end.

接著看淨利。第二季公告淨利約為10萬美元，去年同期淨利為20萬美元。我剛提到的營業損失被兩項因素大幅抵銷：我們對 Larvotto Resources Limited 投資的680萬美元未實現收益，加上40萬美元的利息及投資收益。重要的是，自季末以來，Larvotto 的投資價值仍持續上升。如我們所揭露，自季末以來又增加約270萬美元。

Jumping to the balance sheet and our liquidity. We ended the quarter with a materially stronger position than three months ago. Cash and cash equivalents were $41.4 million as of June 30, 2026, compared to $3.2 million at March 31, and $30.5 million at December 31, 2025. We hold an additional $20.7 million in US Treasuries held to maturity for total liquidity of cash, plus those Treasuries of $62.2 million.

接著看資產負債表與流動性。本季末我們的財務狀況較三個月前顯著更強。截至2026年6月30日，現金及約當現金為4,140萬美元；相較3月31日為320萬美元，2025年12月31日為3,050萬美元。此外，我們另持有2,070萬美元的美國公債（持有至到期），因此現金加上該等公債的總流動性為6,220萬美元。

Total assets grew $42.6 million during the first half of the year to $190.6 million. Working capital doubled to $70 million from $35 million at the end of the first quarter. Total liabilities declined $3.4 million to $9.6 million. Our debt remains de minimis. And if you add the Larvotto strategic equity investment of $43.2 million, total cash investments in marketable securities on the balance sheet as of June 30, stood at $105 million.

今年上半年總資產增加4,260萬美元至1億9,060萬美元。營運資金由第一季末的3,500萬美元倍增至7,000萬美元。總負債減少340萬美元至960萬美元。我們的負債仍屬微不足道（de minimis）。若再加上對 Larvotto 的策略性股權投資4,320萬美元，截至6月30日，資產負債表上的現金及可交易證券投資合計為1億500萬美元。

Digging into the balance sheet a little bit. Inventory at quarter end was $21.6 million, up from $12.5 million at December 31, 2025, and $6.4 million at June 30, 2025. This build-up is intentional and reflects our strategy of building feedstock and ultimately our ability to provide finished goods to support our DLA contract, and other expected antimony commercial demand. Our inventory position is subject to normal lower of cost to market analysis each quarter, and inventory is carried at the lower of cost or net realizable value.

再更深入看一下資產負債表。季末存貨為2,160萬美元，高於2025年12月31日的1,250萬美元，以及2025年6月30日的640萬美元。此一存貨增加是刻意為之，反映我們建立原料供應（feedstock）的策略，並最終提升我們提供成品以支援DLA合約及其他預期銻商業需求的能力。我們的存貨部位每季均依一般的「成本與市價孰低」分析進行評估，並以成本與可變現淨值孰低者入帳。

Jumping to cash flow. For the six months ended June 30, net cash used in operating activities was $20.7 million, primarily reflecting our working capital investment. That is the inventory build-up I just described. Net cash used in investing activities was $11.1 million, and net cash provided by financing activities was $43.4 million. The financing inflow was primarily driven by net proceeds from equity issuance in April, which were detailed as a subsequent event in our Q1 financials. Average execution on those share sales was $11.56 per share.

接著看現金流量。截至6月30日止六個月，營業活動使用的淨現金為2,070萬美元，主要反映我們對營運資金的投入。也就是我剛剛描述的存貨增加。投資活動使用的淨現金為1,110萬美元，而籌資活動提供的淨現金為4,340萬美元。籌資流入主要來自4月發行股權的淨募資款，該事項已在我們第一季財報中作為期後事項揭露。該等股票出售的平均執行價格為每股11.56美元。

Capital expenditures for the first six months totaled $22.8 million on a gross basis, primarily to advance our Thompson Falls expansion, complete and upgrade our Radersburg flotation mill, including adding a first-in-class laboratory and funding other strategic capital investments, including several new mining claims in Alaska and Montana. Against those investments, in April, we received $12.8 million of the milestone-based funding under our DPA grant award from the Department of War, bringing net capital deployed in the first half to approximately $10 million.

前六個月的資本支出按總額計為2,280萬美元，主要用於推進我們Thompson Falls擴建、完成並升級我們的Radersburg浮選選礦廠（包括增設一座同級最佳的實驗室），以及資助其他策略性資本投資（包括在阿拉斯加與蒙大拿州新增的數個採礦權）。對沖上述投資後，我們於4月收到來自戰爭部依據DPA補助核發之里程碑式資金1,280萬美元，使上半年淨投入資本約為1,000萬美元。

I do want to highlight a subsequent event in our financials this quarter. In June, we did deliver our first two shipments of antimony ingots to the DLA, totaling approximately 82,000 pounds. Unfortunately, we did not receive final approval acceptance from the DLA until July, so that sale will be reflected in our Q3 financials.

我確實想強調本季財報中的一項後續事項。6月，我們確已向DLA交付首兩批銻錠，合計約82,000磅。不幸的是，我們直到7月才收到DLA的最終核准驗收，因此該筆銷售將反映在我們第三季的財務報表中。

With that, I'll hand it back to Gary.

接下來，我把電話交回給Gary。

Thank you, Shawn. I'd like to turn the call over now to Joe Bardswich to talk about our actual mining activities. Joe?

謝謝你，Shawn。我現在想把電話交給Joe Bardswich，請他談談我們實際的採礦活動。Joe？

Thank you. So starting in the East with our tungsten deposit located near Espanola, Ontario. Metallurgical testing of our ore continues at Lakefield Research, while the site for an initial 20,000-ton bulk sample is being prepared for drilling and blasting. Several local contractors have been asked to prepare quotations for the drilling, blasting, crushing, and screening of the bulk sample. It is planned that the sample will be trucked to an operating mill in the region for concentration by froth flotation for eventual sale to an ammonium paratungstate plant located in Pennsylvania.

謝謝。先從東部開始，談我們位於安大略省Espanola附近的鎢礦床。我們的礦石冶金測試仍在Lakefield Research持續進行，同時正為初期20,000噸的大宗樣品場址進行鑽孔與爆破前的準備。我們已請數家當地承包商就大宗樣品的鑽孔、爆破、破碎與篩分作業提出報價。計畫將該樣品以卡車運至區域內一座正在運轉的選礦廠，透過泡沫浮選進行濃縮，最終出售給位於賓夕法尼亞州的一座仲鎢酸銨（APT）工廠。

The company acquired by claims staking this past year, a large land package in the Dubreuilville area north of Lake Superior, northwest of Wawa, Ontario, after a review of Ontario government reports. The government conducted a helicopter-borne lake sediment sampling program, revealing very high-grade select concentrations of silver in lake sediments. A soil sampling program has been initiated with the intent to trace that silver up ice in this glaciated terrain to the source.

公司在過去一年於審閱安大略省政府報告後，透過圈地（claims staking）取得位於蘇必利爾湖以北、安大略省Wawa西北方Dubreuilville地區的一大片土地組合。政府曾進行直升機搭載的湖泊沉積物採樣計畫，結果顯示湖泊沉積物中存在品位極高的銀之選擇性富集。我們已啟動土壤採樣計畫，目標是在此冰川地形中沿冰流上游追蹤該銀異常至其來源。

Moving west to Montana. In October and November of last year, we completed an exploration program on our patented Eliza claim, which revealed an accessible vein of massive stibnite near our Thompson Falls smeltering facilities. Excavation of this vein resulted in approximately 800 tons of ore, grading approximately 10% antimony being trucked to our newly acquired Radersburg mill near Thompson, Montana.

接著往西到蒙大拿州。去年10月與11月，我們在已取得專利的Eliza礦權完成一項勘探計畫，發現一條可進入的塊狀輝銻礦脈，位置靠近我們Thompson Falls的冶煉設施。開挖該礦脈產出約800噸礦石，品位約10%銻，並以卡車運至我們新收購、位於蒙大拿州Thompson附近的Radersburg選礦廠。

This operation was reviewed by the Montana DEQ over the past winter, and permission for continued further work was delayed until additional operating safeguards could be implemented. Mining resumed in late July at the Montana Stibnite Hill mine after plans were approved by MSHA. We are utilizing a local contractor on a time and materials basis to conduct this work under the supervision of an experienced geologist. As of today, an additional 25 truckloads of 16 tonnes each have been mined and shipped.

該作業在去年冬季期間由蒙大拿州DEQ審查，且在可實施額外營運防護措施之前，持續進一步作業的許可有所延後。在MSHA核准計畫後，蒙大拿Stibnite Hill礦於7月下旬恢復採礦。我們以工時與材料計價方式聘用當地承包商，在一位資深地質學家的監督下執行此項工作。截至今日，已額外開採並運出25車次，每車16公噸。

Moving north to Alaska, starting with Ester Dome. Work continues in this area near Fairbanks, where previous work during the Fort Knox gold discovery era by Placer Dome and Kinross revealed large antimony and soil anomalies. Successful discovery of stibnite in place in shallow trenches could lead to the establishment of operations similar to the Montana Stibnite Hill mine.

再往北到阿拉斯加，先從Ester Dome開始。在費爾班克斯附近的該區域，工作仍在持續；先前於Fort Knox金礦發現時期，Placer Dome與Kinross的作業揭示了大規模的銻異常與土壤異常。若能在淺層探槽中成功發現原位輝銻礦，可能促成建立類似蒙大拿Stibnite Hill礦的營運。

The company has purchased in the past year a staging area off a site near Fox, Alaska, which serves both as a HQ and a logistics center. Trenching and drilling operations are continuing in the Ester Dome area in attempts to find near-surface pockets of stibnite related to those soil anomalies. Any material mined would be hauled to the Fox facility for sorting, packaging, and stockpiling prior to trucking to our Radersburg facility in Montana.

公司在過去一年於阿拉斯加Fox附近購置一處集結場地，兼作總部與物流中心。在Ester Dome區域，探槽與鑽探作業持續進行，嘗試尋找與土壤異常相關的近地表輝銻礦富集體。任何開採出的物料將運至Fox設施進行分選、包裝與堆存，之後再以卡車運往我們位於蒙大拿州的Radersburg設施。

The MK copper deposit. Alaska State Geologist completed a reconnaissance level exploration program that included the MK area. Very high copper values were reported from surface sampling. The company recently acquired this area through staking and has permitted a core drilling program that will be completed this summer to determine whether the high copper values extend to depth.

MK銅礦床。阿拉斯加州地質學家完成了一項偵察層級的勘探計畫，其中包含MK區域。地表採樣回報非常高的銅含量。公司近期透過圈地取得該區域，並已取得岩心鑽探計畫許可，將於今年夏季完成，以判定高銅值是否向深部延伸。

Nolan Creek. In late January of this year at a trustees public auction, the company purchased a group of mining claims previously owned and operated by a private company. This is in the Nolan Creek area near Wiseman, Alaska, north of the Arctic Circle.

Nolan Creek。今年1月下旬，公司在受託人公開拍賣中購得一組先前由一家私人公司持有並營運的採礦權。該地位於阿拉斯加州Wiseman附近的Nolan Creek區域，位於北極圈以北。

Of prime interest to the company is the resource reported by Tom Bundtzen, a qualified person, and made available to the public. Bundtzen reported, quote, an inferred reserve of 42,412 tonnes grading 28% antimony and 0.408 ounces of gold per tonne. That yields a gross per ton value of $8,900 at $4,000 per ounce gold and $13 a pound antimony, yielding a total gross value without deducting mining, processing, or transportation costs of $377 million.

公司最關注的是由合格人士Tom Bundtzen所報告並對外公開的資源量。Bundtzen報告稱（引述）推定資源量為42,412公噸，品位為銻28%及每公噸0.408盎司黃金。以金價每盎司4,000美元與銻價每磅13美元計算，每噸對應的毛價值為8,900美元；在未扣除採礦、處理或運輸成本的情況下，總毛價值為3.77億美元。

The ore zone is presently accessible after we built a 7-mile road into the property from Wiseman. It's accessible from an underground adit, and although additional development is required before an efficient mine operation is established.

目前該礦帶可進入，因為我們已從Wiseman修築一條7英里道路通往該礦區。可由地下平硐進入，但在建立高效率的礦山營運之前仍需進一步開發。

During the past two weeks, the company hosted pre-bid underground site inspection tours by two internationally recognized mining contractors in preparation for their submission of tenders in middle August for further underground development and mining of this high-grade material. The raw ore would be trucked to our Radersburg mill for gravity and froth flotation recovery of both the antimony and the gold. Mining operations are tentatively planned to begin late this year.

在過去兩週，公司接待兩家國際知名採礦承包商進行投標前的地下現場勘查導覽，以準備其於8月中旬提交標書，內容為進一步地下開發及開採此高品位物料。原礦將以卡車運至我們的Radersburg選礦廠，透過重力選礦與泡沫浮選回收銻與黃金。採礦作業暫定於今年稍晚開始。

Back to you, Gary.

交回給你，Gary。

Thank you, Joe. Let's now introduce Damian Coleman, who's going to -- Damian has been with us for about six months now and is running our Washington, DC operations with respect to our government relations.

謝謝你，Joe。現在讓我們介紹Damian Coleman——Damian加入我們大約六個月，負責我們在華盛頓特區與政府關係相關的營運。

And Damian, why don't you give us a little overview of your activities?

Damian，你不妨向大家簡要概述一下你的工作內容？

Thank you, Gary. As the company's Director of Government Affairs, I'm pleased to report that United States Antimony Corporation continues to execute successfully under its $245 million sole-source antimony contract with the Defense Logistics Agency. Based on our current production and delivery schedule, we anticipate completing our first delivery order of $9.9 million, nearly one year ahead of schedule.

謝謝你，Gary。作為公司政府事務總監，我很高興報告美國銻業公司（United States Antimony Corporation）持續在其與國防後勤局（Defense Logistics Agency）簽訂的2.45億美元單一來源銻合約下成功執行。依據我們目前的生產與交付時程，我們預期將在接近提前一年之情況下完成首張交付訂單金額990萬美元。

During June, our firm delivered two trucks of military specification antimony ingots totaling more than 80,000 pounds, representing approximately $2.6 million in revenue for the company. These deliveries highlight UAMY's unique capability to produce antimony metal exceeding 99.5% purity through our supply chain. We expect to deliver our third and fourth truckloads of antimony ingots next week, which are anticipated to generate an additional $2.6 million in revenue for the third quarter.

6月期間，我們公司交付兩車符合軍規的銻錠，合計超過80,000磅，為公司帶來約260萬美元營收。這些交付凸顯UAMY透過其供應鏈生產純度超過99.5%銻金屬的獨特能力。我們預期下週交付第三與第四車銻錠，預計將在第三季額外帶來約260萬美元營收。

In addition, the company is currently testing truckloads five, six and seven of antimony ingots totaling more than 120,000 pounds for anticipated shipment in the next few weeks. Subject to successful testing and acceptance by a third-party lab, these shipments are expected to contribute approximately $4 million in additional cash flow in the fourth quarter. To date, cumulative orders awarded under the DLA contract totaled approximately $57.3 million, reflecting continued demand and strong execution against the strategically important program.

此外，公司目前正在對第五、第六與第七車銻錠進行測試，合計超過120,000磅，預計於未來幾週內出貨。在通過測試並獲第三方實驗室驗收的前提下，這些出貨預期將在第四季貢獻約400萬美元的額外現金流。截至目前，DLA合約項下累計核發訂單總額約為5,730萬美元，反映該具策略重要性的計畫需求持續且執行力強勁。

Finally, the United States Antimony Corporation is awaiting feedback on four separate grant applications submitted to the Department of Energy and War earlier this year. These four grant requests totaled $275 million and represent funding needs around antimony, tungsten and our hydrometallurgical process.

最後，美國銻業公司正在等待今年稍早提交給能源部與戰爭部的四項獨立補助申請之回覆。這四項補助申請合計2.75億美元，代表我們在銻、鎢以及我們的濕法冶金製程方面的資金需求。

Back to you, Gary.

交回給你，Gary。

Thanks, Damian. Now, I'd like to turn the call over to Aaron Tenesch, who's Vice President of our Antimony division. Aaron?

謝謝你，Damian。現在，我想把電話會議交給我們銻事業部副總裁 Aaron Tenesch。Aaron？

Thank you, Gary. I will keep my comments focused on four areas: antimony procurement from international sources, the Radersburg flotation facility, Bolivia, and the Americas Gold and Silver joint venture.

謝謝你，Gary。我將把我的評論聚焦在四個領域：從國際來源採購銻原料、Radersburg 浮選廠、玻利維亞，以及與 Americas Gold and Silver 的合資企業。

On procurement, we continue to bring in material that supports Thompson Falls and our downstream commitments. Approximately 300 tonnes of metallic feedstock have been recently received and are currently inbound for final processing to the DLA for antimony trioxide production. Short and medium-term procurement contracts have been developed to sustain the expanded production of the Thompson Falls processing facility, while awaiting the construction of the hydrometallurgical processing plant to be built in the joint venture with Americas Gold and Silver.

在採購方面，我們持續引進可支援 Thompson Falls 以及我們下游承諾的原料。近期已收到約300公噸的金屬原料，且目前正運入，將進行最終處理後交付 DLA 用於生產三氧化二銻。我們已建立短期與中期採購合約，以維持 Thompson Falls 加工設施擴產後的產量，同時等待與 Americas Gold and Silver 合資興建的濕法冶金加工廠完工。

The first shipment from Bolivia is on the water, and the facility in Bolivia is expected to come fully online over the next several months at a rate of approximately 150 tonnes per month. Regular shipments of ore to our Madero smelter in Mexico continue with stable supply lines, long-term contracts, and surge capacity ensuring maximum production.

來自玻利維亞的第一批貨物已在海運途中，預期玻利維亞的設施將在未來數月內以每月約150公噸的速度全面上線。運往墨西哥 Madero 冶煉廠的礦石定期出貨持續進行，供應線穩定，並透過長期合約與尖峰產能確保最大化生產。

Moving on to Radersburg, Montana. The site has moved into the operating phase to concentrate the approximately 1,100 tonnes of high-grade ore received from Stibnite Hill, Montana. Safety and initial process improvements have been installed. The lab installation is now complete. The MSHA ID is in active status, and operators are feeding ore into the system on a daily basis now.

接著談蒙大拿州 Radersburg。該場址已進入營運階段，用以濃縮自蒙大拿州 Stibnite Hill 收到的約1,100公噸高品位礦石。已完成安全措施與初期製程改善的安裝。實驗室安裝現已完成。MSHA ID 目前為有效狀態，操作人員現在每天都在將礦石送入系統。

All lab systems have been installed, including the factory installation of the new 3 kilowatt wavelength dispersive XRF system. A lab manager has been hired and has begun methods development to help support all of USAC's various mining ventures.

所有實驗室系統均已安裝完成，包括新款3千瓦波長色散式 XRF 系統的原廠安裝。我們已聘用一位實驗室經理，並已開始方法開發，以支援 USAC 各項採礦事業。

Circling back to Bolivia, the key point is that the work there has become a real operating reference for us, not just a concept. The first container of metallic antimony will deliver to the Thompson Falls facility within the next month, with the second loading and shipping from Bolivia within that timeframe.

回到玻利維亞，重點在於那裡的工作已成為我們真正的營運參考，而不只是概念。第一個裝有金屬銻的貨櫃將在下個月內送達 Thompson Falls 設施，第二批也將在同一時間範圍內自玻利維亞裝載並出貨。

While the circuit in Bolivia was commissioned a few months ago, there were delays related to countrywide fuel supply issues due to the Iranian war and transport difficulties within the country that have now been resolved. Some equipment retrofits and additions were required at the plant, but those changes have now all been completed.

雖然玻利維亞的迴路在數月前已完成試車，但因伊朗戰爭導致全國燃料供應問題，以及國內運輸困難而出現延誤，目前均已解決。工廠需要進行部分設備改裝與新增，但這些變更現已全部完成。

Bolivia gives us valuable process information for the hydrometallurgical pathway we intend to scale domestically in not only our own -- our new JV, but elsewhere. These systems offer a more robust process that can accept varied inputs and better manage deleterious elements in diverse feedstock compared to traditional systems like our gas-fired furnaces.

玻利維亞為我們提供了寶貴的製程資訊，供我們在國內擴大我們計畫採用的濕法冶金路徑，不僅在我們自身——我們新的合資企業——也可在其他地方應用。相較於我們燃氣爐等傳統系統，這些系統提供更強健的製程，可接受多樣化投入物，並能更好地管理多元原料中的有害元素。

The joint venture with Americas Gold and Silver in Idaho continues to advance. This JV gives us a domestic platform to process antimony-bearing feed, including tetrahedrite and other complex materials that provide greater diversity in metals that can be monetized, such as silver. Technology development contracts have been executed, and scale work for the more complex feedstock is well underway. Engineering and procurement contractors have been identified, and expressions of interest have been requested.

我們在愛達荷州與 Americas Gold and Silver 的合資企業持續推進。此合資企業為我們提供一個國內平台，用以處理含銻原料，包括四面銅礦（tetrahedrite）及其他複雜材料，並帶來可變現金屬的更高多樣性，例如白銀。技術開發合約已簽署，針對更複雜原料的放大工作正順利進行。工程與採購承包商已確認，並已徵求合作意向。

While there have been a combination of equipment, contractor, and logistics delays regarding our development activities for 2026, everything continues to be making progress and production of finished products will continue to ramp up. Thank you.

雖然我們針對2026年的開發活動在設備、承包商與物流方面出現多重延誤，但各項工作仍持續取得進展，成品產出也將持續爬坡提升。謝謝。

And back to you, Gary.

交回給你，Gary。

Thank you, Aaron. Okay. Well, let me conclude with a number of comments I'd like to make, and then we'll go to our listeners for questions. I get asked all the time about our acquisition front and what's going on there. So I thought I'd kind of give you a little background there.

謝謝你，Aaron。好的。那麼，讓我用幾點想說的評論作結，接著我們將開放聽眾提問。我經常被問到我們在併購方面的進展以及目前狀況。所以我想在這裡提供一些背景。

We continue to view acquisitions of both properties and companies. We have no problem finding willing sellers. The issue is we have very stringent guidelines and have yet to find anything that really piques our interest from a geological, engineering, or financial perspective. We probably turned away at least seven different deals just in this quarter alone. This does not mean there are not some great opportunities out there. We just are in such a fast-track mode.

我們仍持續評估收購資產與公司。我們不缺願意出售的賣方。問題在於我們有非常嚴格的準則，至今仍未找到在地質、工程或財務角度真正引起我們興趣的標的。僅在本季，我們大概就婉拒了至少七筆不同的交易。這並不代表市場上沒有很好的機會。只是我們目前處於非常快速推進的模式。

Waiting 3 years for sales of minerals is not in our game plan. Typically, it has to be within a year to 1.5 years for us to have an interest. Three perfect examples of properties that did fit within our timeframe and that we did execute on are Stibnite Hill, Montana. We started buying those properties last summer, and as Joe has indicated, not only did we mine last year before winter, but we've been mining this year all summer. All that material is at Radersburg waiting to be processed and will significantly augment our DLA deliveries.

等待3年才有礦產銷售並不在我們的計畫之內。通常必須在一年到一年半內，我們才會有興趣。三個完全符合我們時程、且我們也確實執行的完美例子是蒙大拿州的 Stibnite Hill。我們從去年夏天開始收購那些礦權，如 Joe 所說，我們不僅在去年冬季前就已開採，且今年整個夏天也一直在開採。所有這些物料都已在 Radersburg 等待處理，並將大幅增加我們對 DLA 的交付量。

Nolan Creek, Alaska, we bought that in January of this year. As Joe mentioned, we've already built a road into the property. We've got contractors, and we'll be mining that property hopefully before the end of the year with third parties.

阿拉斯加的 Nolan Creek，我們在今年1月買下。如 Joe 提到的，我們已經修築了一條通往礦區的道路。我們已有承包商，並希望在年底前透過第三方開始開採該礦區。

Fostung Tungsten up in Ontario, Canada, that's our tungsten play. It was bought in May of last year. We're already going to be bulk sampling this year. We've got agreements to process that material and take it to a refinery in Pennsylvania, as Joe mentioned.

加拿大安大略省的 Fostung Tungsten，那是我們的鎢布局。該資產於去年5月收購。我們今年就將進行大宗取樣。如 Joe 所提，我們已簽訂協議來處理該物料，並將其送往賓夕法尼亞州的精煉廠。

Not many companies can say that within the past 12 months, they identified three specific high-grade properties, did something about it, and are mining. That is highly, highly unusual in this business, and I'm very proud of that and our team for being able to do it. So those are bragging rights that we have and we're very proud of.

沒有多少公司能說在過去12個月內，他們辨識出三個特定的高品位礦產、採取行動，並且已在開採。在這個產業中，這是非常、非常罕見的，我對此以及我們團隊能做到這點感到非常自豪。所以這是我們引以為傲的成就，我們也非常自豪。

Let's talk about the presidential forum I attended on Friday. I was fortunate enough to be invited by the Trump administration to attend an event held in DC. It was primarily to award $100 million in new grant money to schools and universities that have active mining programs. I actually met several students there I gave business cards to, that when they get out of school, we might talk to them.

談談我週五參加的總統論壇。我很榮幸受川普政府邀請，參加在華盛頓特區舉辦的一場活動，主要是頒發1億美元的新補助金給擁有活躍採礦課程的學校與大學。我在那裡實際見到幾位學生並給了名片，等他們畢業後，我們可能會與他們談談。

So what did I get out of this visit? More than anything else, tremendous new contacts that are already helping us. Two, I can't identify yet, but two contacts I made there, I've had two conference calls with in the last three days, and so these are very high influential people that are involved in the government and want to assist.

那麼我從這次拜訪中得到什麼？最重要的是，建立了大量新的聯繫，且已經在幫助我們。第二點，我目前還不能透露，但我在那裡結識的兩位聯繫人，我在過去三天已與他們進行了兩次電話會議；這些都是在政府中具有高度影響力、並希望提供協助的人士。

So what we have in this new administration is a can-do, will-do attitude, and you've got secretaries of various departments that are willing to jump head over heel to assist mining companies. That's something our industry has not seen or heard of in 20 to 30 years. And so with that, I give President Trump great kudos for helping support our business.

因此，在這個新政府之下，我們看到的是一種「能做、會做」的態度，各部會首長也願意全力協助採礦公司。這是我們產業在過去20到30年未曾見過或聽過的情況。因此，我要高度肯定川普總統對支持我們業務所做的努力。

The next item I'd like to talk about is Larvotto Resources. As everyone knows, we own approximately 10% of this Australian-listed company. The purpose of this $40 million-plus or minus investment has been our attempted takeover. After four different rounds with the entrenched management team there over the past 12 months, we're about to give up. If so, this will be a liquidity event for United States Antimony Corporation.

接下來我想談的是 Larvotto Resources。眾所周知，我們持有這家在澳洲上市公司約 10% 的股權。這筆約 4,000 萬美元上下的投資，其目的在於我們嘗試進行收購。在過去 12 個月裡，與當地根深蒂固的管理團隊歷經四輪不同的交涉後，我們即將放棄。若是如此，這將成為 United States Antimony Corporation 的一項流動性事件。

Let me conclude by saying, as I stated last quarter, our quarterly financial and operating results will be bumpy. They're bumpy this quarter. We have pros and cons. The thing that I cannot control or any of the management team can control is world antimony prices, which is the primary reason for our reduced revenue guidance that we provided in this report for this year.

最後我想總結一下，正如我上季所說，我們的季度財務與營運結果將會起伏不定。本季確實起伏不定。我們有利有弊。我或任何管理團隊都無法控制的一件事，是全球銻價；這也是我們在本報告中下調今年營收指引的主要原因。

As we report results, though, from our recent deliveries of antimony against the US government, our margin expansion will be realized. You can do some easy calculations based on some of the things we reported today to determine how wide those margins are.

不過，隨著我們就近期對美國政府的銻交付而認列成果，我們的毛利率擴張將會實現。你可以根據我們今天披露的一些事項做些簡單計算，以判斷那些利潤空間有多大。

The key metric should be pounds of product delivered. We delivered from Antimony, our deliveries were up 26% from last year, and that's just with Thompson Falls starting up over the last 30. 45 days, the big expansion.

關鍵指標應該是交付的產品磅數。在銻方面，我們的交付量較去年增加 26%；而這還只是 Thompson Falls 在過去 30 到 45 天才開始啟動、進行大幅擴產的情況下達成的。

For Zeolite, we're up 114% from last year. That's all due to new sales. So this, again, is without any DLA shipments included. This is just pure historical industrial customers. So you should see market improvements in the third and the fourth quarter as we are now delivering, as we've indicated.

在沸石方面，我們較去年增加 114%。這完全來自新銷售。因此，再次強調，這裡不包含任何 DLA 出貨。這只是純粹的歷史工業客戶。因此，隨著我們如先前所示開始交付，你應該會在第三與第四季看到市場改善。

The government takes longer than we anticipated. They have to inspect our product. They have to make sure the logistics are right. We have to go through another inspection once it's delivered, and then it takes time to be paid.

政府端所需時間比我們預期更長。他們必須檢驗我們的產品。他們必須確保物流安排正確。交付後我們還得再經過一次檢驗，接著付款也需要時間。

As Shawn mentioned, we were anticipating having revenues in the second quarter from the DLA. We delivered in June. You would've thought we would've been able to report revenues, but that wasn't the case. So again, these quarterly financials will be bumpy. That's the nature of our business. Look at the year in total. That will tell you what we're doing.

如 Shawn 提到的，我們原本預期第二季會有來自 DLA 的營收。我們在 6 月完成交付。你可能會以為我們應該能夠認列營收，但事實並非如此。所以再次強調，這些季度財務數字會起伏不定。這就是我們業務的本質。請看整年度的總體表現。那會告訴你我們在做什麼。

Again, Antimony revenue's up, Zeolite revenue's up, all due to sales. When I say revenues, I meant sales up. We are moving more pounds of product, and again, we can't control the price. We feel fortunate that we have built this inventory in anticipation of additional shipments to the DLA at very low prices.

再次說明，銻的營收上升、沸石的營收上升，全部都來自銷售。我說營收時，我的意思是銷售增加。我們正在移動更多磅數的產品，而我們仍然無法控制價格。我們覺得很幸運，因為我們以非常低的價格建立了這些庫存，以因應對 DLA 的額外出貨。

Aaron has done an admirable job of negotiating with these foreign entities until we get our own antimony production up, and we've been able to make some great deals. You will see that margin expansion in the third and fourth quarter that we couldn't report in the second quarter, again, because of no DLA deliveries that we could report.

在我們自有銻產量提升之前，Aaron 在與這些海外實體的談判上做得非常出色，我們也談成了一些很好的交易。你將在第三與第四季看到毛利率擴張；而我們在第二季無法呈現，原因同樣是沒有可報告的 DLA 交付。

So with that, operator, I'd like to turn our call over to questions that we may have from our listening audience.

那麼，接下來，接線員，我想把電話會議交給我們的聽眾提問。

Gary, should I get my update?

Gary，我需要先做我的更新嗎？

I'm sorry. Jonathan, I completely missed you, and I'm sorry for that. Please go.

抱歉。Jonathan，我完全漏掉你了，對此我很抱歉。請開始。

No worries. Thank you, Gary, and good afternoon, everyone. Q2 was another quarter of continued execution for United States Antimony. We continued our marketing efforts, which included broadening our institutional shareholder base, both domestically and internationally. Institutional ownership in US Antimony now exceeds 57% compared with just over 42% at the end of Q1. That represents a significant change in the composition and depth of the ownership in our company.

沒關係。謝謝你，Gary，各位下午好。第二季對 United States Antimony 而言，是持續落實執行的另一個季度。我們持續推進行銷工作，包括在國內與國際上擴大機構股東基礎。US Antimony 的機構持股目前已超過 57%，而第一季末僅略高於 42%。這代表我們公司股權結構與持股深度出現了顯著變化。

The Q2 13F filings provide some particularly encouraging data points. State Street Investment Management increased its position by approximately 3.3 million shares, ending the quarter with approximately 11.34 million shares. BlackRock Fund Advisors added approximately 1.44 million shares, bringing its position to approximately 9.96 million shares. BlackRock Investment Management, United Kingdom added approximately 122,000 shares, while DWS Investments UK added approximately 91,000 shares.

第二季的 13F 申報提供了一些特別令人鼓舞的數據點。State Street Investment Management 將其持股增加約 330 萬股，季末持股約 1,134 萬股。BlackRock Fund Advisors 增持約 144 萬股，使其持股達到約 996 萬股。BlackRock Investment Management（英國）增持約 12.2 萬股，而 DWS Investments UK 增持約 9.1 萬股。

Importantly, the shareholder base increasingly includes large passive index managers alongside active growth, value and institutional investment strategies, not hedge funds. That institutional growth has been supported by an aggressive outreach program.

重要的是，股東基礎日益包含大型被動式指數管理人，並與主動成長、價值及機構投資策略並存，而非避險基金。這樣的機構成長，得益於我們積極的外展計畫。

Gary, Shawn, and I participated in six institutional conferences and non-deal roadshows during Q2, including B. Riley, Lytham Partners, William Blair's Growth Stock Conference and StoneX's Natural Resource Summit. We also continue to receive positive sell-side support. Alliance Global Partners maintained its buy rating, while H.C. Wainwright maintained its buy rating and increased its price target to $11.75.

在第二季期間，Gary、Shawn 與我參加了六場機構投資者會議與非交易路演（non-deal roadshow），包括 B. Riley、Lytham Partners、William Blair 的 Growth Stock Conference，以及 StoneX 的 Natural Resource Summit。我們也持續獲得正面的賣方支持。Alliance Global Partners 維持其買入評級，而 H.C. Wainwright 維持買入評級並將目標價上調至 11.75 美元。

So the Q2 message is straightforward. We shipped, we invoiced, we expanded capacity, we restarted domestic mining and institutional ownership in our company continued to grow. We entered Q2 having spent much of the previous year building the platform and expanding awareness. We exited the quarter with tangible evidence that the platform is translating into execution.

因此，第二季的訊息很直接。我們出貨、我們開立發票、我們擴充產能、我們重啟國內採礦，而公司機構持股持續成長。我們進入第二季時，前一年大部分時間都在打造平台並提升市場認知。我們在季末離開時，已有具體證據顯示該平台正在轉化為執行成果。

Looking ahead, our priorities remain equally clear: scale deliveries under the DLA contract, expand domestic production and processing capacity, advance Thompson Falls, Raidersburg and our Idaho Hydromet initiatives, and continue expanding our institutional investor base.

展望未來，我們的優先事項同樣清楚：擴大 DLA 合約下的交付規模、擴充國內生產與加工產能、推進 Thompson Falls、Raidersburg 以及我們在愛達荷州的 Hydromet 計畫，並持續擴大我們的機構投資人基礎。

Our investor calendar remains active with upcoming participation planned at the Needham Virtual Conference next Monday, the Piper Sandler Growth Conference in September, the North American Critical Minerals Summit in October, the 20th LD Micro Main Event in October, Clear Street I/O Disruptive Conference in November, The Northern Miner Symposium at the end of November, and Resourcing Tomorrow in December, both in London, the B. Riley Convergence Conference in December, and a ceremony next month in Dallas for our recent recognition by the Dallas Business Journal as one of the Texas' Fast 50 companies.

我們的投資人行事曆仍然相當活躍，接下來計畫參與的活動包括：下週一的 Needham 線上會議、9 月的 Piper Sandler Growth Conference、10 月的 North American Critical Minerals Summit、10 月的第 20 屆 LD Micro Main Event、11 月的 Clear Street I/O Disruptive Conference、11 月底的 The Northern Miner Symposium，以及 12 月在倫敦舉行的 Resourcing Tomorrow 與 B. Riley Convergence Conference；此外，下個月我們也將在達拉斯舉行一場典禮，慶祝近期獲《Dallas Business Journal》評選為德州 Fast 50 企業之一。

We continue to execute against our company purpose to become the premier supplier of certain critical minerals here in the United States of America. Thank you for your continued support and interest in US Antimony.

我們持續依循公司的宗旨執行，目標是成為美國境內某些關鍵礦物的首要供應商。感謝各位持續支持並關注 US Antimony。

Back to you, Gary.

交回給你，Gary。

Thank you, Jonathan, again. Apologies for overlooking you. I want to highlight again something Jonathan though said concerning our institutional ownership. When I came on board this company a little over three years ago, we had zero institutional ownership. Today, as Jonathan said, we're up to 57% and appears to grow almost every single quarter.

再次謝謝你，Jonathan。也為剛才忽略你致歉。我想再次強調 Jonathan 剛才提到的機構持股。我在三年多前加入這家公司時，我們的機構持股是零。今天，如 Jonathan 所說，我們已達到 57%，而且幾乎每一季都在成長。

We started marketing for the very first time in Europe. Jonathan and I were there about three to four weeks ago, and we were introduced to a number of very high-quality institutions by Barclays Bank. And this is a bank that does not follow us at present. So that had to do with contacts we had in the bank that knew what our company was doing.

我們首次在歐洲展開行銷。Jonathan 和我大約三到四週前在那裡，並由巴克萊銀行介紹認識多家非常高品質的機構。而這家銀行目前並未追蹤我們。因此，這主要是因為我們在該銀行的聯繫人了解我們公司正在做的事情。

We're going to broaden that investor institutional ownership even further. We have other plans of doing additional marketing in Europe this year. And we're just very excited about the reception we're receiving.

我們將進一步擴大機構投資人持股。今年我們也有其他計畫，將在歐洲進行更多行銷活動。我們對目前獲得的回響感到非常振奮。

The difference between our company and many others in this space is we are generating revenues. We are generating EBITDA. We are generating cash flow. We've got not only a sole-source contract of $245 million. We received a grant, and we have $250 million of grants that we're requesting.

我們公司與此領域許多其他公司的差異在於，我們正在創造營收。我們正在產生 EBITDA。我們正在產生現金流。我們不僅擁有一份 2.45 億美元的單一來源合約。我們已獲得一筆補助，而且我們正在申請 2.5 億美元的補助。

So we think that we will have a very active second half of the year. We're very excited about the growth in our delay shipments, and we think that this will have a material impact on our financials going forward.

因此我們認為，今年下半年將會非常忙碌。我們對延遲出貨的成長感到非常振奮，並且我們認為這將對我們未來的財務表現產生重大影響。

So with that being said, operator, let's now turn it over to our audience.

那麼在此情況下，接線員，現在我們把時間交給聽眾提問。

(Operator Instructions)

（接線員指示）

I'll go ahead and take it. Gary, the first question.

我來回答。Gary，第一個問題。

Are you able to provide any color on planned deliveries for the second half of 2026? Do you feel the original guidance is still reachable?

你們能否提供一些關於 2026 年下半年計畫交付的資訊？你們認為原先的指引仍可達成嗎？

No. We lowered our guidance this -- in this financial statement today to $60 million to $75 million. And that really has all to do with pricing, has nothing to do with delivery times. So the price of the antimony has dropped significantly this year, and that is -- that's the primary reason for the revenue drop.

不能。我們在今天這份財務報表中下調了指引至 6,000 萬至 7,500 萬美元。而這完全與定價有關，與交付時間無關。因此，今年銻的價格大幅下跌，而這——這是營收下滑的主要原因。

So we can't -- it's difficult for us to tell you, is it going to be low 12? Is it low 20? Low 18? We don't know because it's a combination of us getting material in, processing it and getting approval from the government. But we're going to do everything we can to make that $57 million order that we received done in 2026.

所以我們無法——我們很難告訴你，會是 1,200 萬出頭？2,000 萬出頭？1,800 萬出頭？我們不知道，因為這取決於我們取得原料、加工處理以及取得政府核准等多項因素的組合。但我們會盡一切努力，確保我們收到的那筆 5,700 萬美元訂單在 2026 年完成。

Next question.

下一個問題。

You recently discussed packaging $500 million-plus strategic transactions with the federal government. How advanced are those discussions? And should shareholders expect equity warrants, price floors or additional offtake contracts to be part of the structure?

你們最近提到與聯邦政府打包超過 5 億美元的策略性交易。這些討論進展到什麼程度？股東是否應預期結構中會包含股權認股權證、價格底線或額外的承購（offtake）合約？

Well, it's not $500 million, it's $250 million, still a big number. I don't think there's any doubt that this administration is leaning away from straight grants. Now there are certain divisions of the government that already have money allocated from congressional awards earlier. But the new plan of attack is equity. In other words, we give you a certain amount of cash, we give you support, but we want an equity position in your company.

嗯，不是 5 億美元，是 2.5 億美元，但仍然是個很大的數字。我認為毫無疑問，本屆政府正逐漸遠離單純補助的方式。當然，政府內某些部門已經有先前國會撥款所配置的資金。但新的策略是股權。換句話說，我們給你一定金額的現金、給你支持，但我們希望在你的公司中持有股權部位。

When I was at the forum in DC on Friday, that was very evident from President Trump talking about other companies that had -- he had taken an equity interest in being Intel, which obviously is not a critical mining company. He was -- had bragging rights about how much that stock had gone up, MP Materials and some others. So I think there's no doubt that they're leaning more that way, but I do think there's a possibility of our company getting additional grants without equity.

我週五在華盛頓特區的論壇上時，從川普總統談到其他公司——他已取得股權的公司——例如英特爾（Intel），這顯然不是一家關鍵礦產公司——就非常明顯。他——還以那些股票上漲了多少作為談資，包括 MP Materials 以及其他一些公司。所以我認為毫無疑問，他們更傾向於那種方式，但我也確實認為，我們公司仍有可能在不涉及股權的情況下獲得額外補助。

We're open-minded. If we do an equity deal, it will have to be done in a manner that is accretive to our shareholders. We're not going to do an equity deal to do an equity deal. So you can see from our historical raising of capital, we're very cognizant of where our share price is and when we do it. And so that will continue to be the case.

我們保持開放態度。如果我們做股權交易，必須以能為股東帶來增益（accretive）的方式來完成。我們不會為了做股權交易而做股權交易。所以你可以從我們過去的募資歷史看出來，我們非常留意股價水準以及進行時點。而這也將持續如此。

Next question.

下一個問題。

What is the company's outlook for forward antimony prices? Do you expect prices to normalize closer to their year-end 2025 level or continue forward closer to current levels?

公司對未來銻價的展望為何？你們預期價格會回到接近 2025 年底的水準，還是會更接近目前水準地延續？

I wish I had a crystal ball and could answer that question. I believe that we're probably, for the remainder of 2026, in this $10 per pound range. Now you got to remember, that's double what this company historically had gotten, but it's obviously down from $30 a pound. So we know we can make really good money at $10 a pound because we're buying it at $4 to $5 to $6 a pound, and we're selling at a premium of $10 a pound. So we know what we can do, and we're very careful on our procurements. And I wish I could say that, it's going to go back to $20, but I just don't know.

我希望我有水晶球可以回答這個問題。我相信在 2026 年剩餘時間，我們大概會落在每磅 10 美元這個區間。你要記得，這是公司歷史上所拿到價格的兩倍，但顯然已從每磅 30 美元回落。所以我們知道在每磅 10 美元時仍能賺到很好的錢，因為我們以每磅 4 到 5 到 6 美元的價格採購，並以每磅 10 美元的溢價出售。因此我們知道我們能做到什麼，也在採購上非常謹慎。我希望我能說它會回到 20 美元，但我真的不知道。

The price is undoubtedly manipulated by China. There's no question about that. We see it in the market. And so it really depends on what China wants to do.

毫無疑問，價格受到中國操控。這點毫無疑問。我們在市場上看得到。因此這真的取決於中國想怎麼做。

Next question. When will there be an update on the government grants?

下一個問題。政府補助何時會有更新？

I wish I had an answer to that. That is totally dependent upon the government. Damian and I, he was with me a Friday in Washington. We saw the Assistant Secretary of Energy, corner to her, and she had a very nice smile on her face and said how -- it was nice to see us, but they are very closed mouth. They're not going to tell us anything until the fat lady has sung.

我希望我有答案。這完全取決於政府。Damian 和我——他週五在華盛頓和我一起——我們見到了能源部助理部長，當面向她詢問，而她臉上帶著很友善的笑容，說很——很高興見到我們，但他們口風非常緊。

So we're just going to have to wait and see. We are using contacts we have to pressure certain members of the government, but it's really out of our control.

所以我們只能等待看看。我們正在運用我們的人脈去施壓政府中的某些成員，但這真的不在我們的控制範圍內。

Last question. Can you speak to the production rates are currently achieving in Alaska and tonnes of ore and how that translates to finished pounds of shipments? What delivery volumes are embedded in your new guidance for the second half of '26?

最後一個問題。你能談談目前在阿拉斯加達到的生產速率、礦石噸數，以及這如何換算成成品出貨的磅數嗎？你們新的 2026 年下半年指引中，包含了多少交付量？

There is no production of antimony yet coming out of Alaska. We're highly confident that we will find antimony this summer, and we'll be able to stack it there at Fox property and hopefully move it to Raidersburg. But today, there is no antimony production.

目前阿拉斯加還沒有任何銻的產出。我們非常有信心今年夏天會找到銻，並能在 Fox 礦區堆置，並希望把它運到 Raidersburg。但截至今天，沒有銻的產量。

The only antimony production this company has today is coming out of Stagnite Hill in Alaska. Now when Joe gets Nolan Creek up and running, then that may be a different story. But at this point, that doesn't -- that's not -- there's no antimony production currently out of Alaska.

這家公司目前唯一的銻產出來自阿拉斯加的 Stagnite Hill。等 Joe 把 Nolan Creek 啟動並投入運作後，情況可能會不同。但就目前而言，那並——那不是——目前阿拉斯加沒有銻的產出。

That concludes the questions.

問答到此結束。

Okay. Operator, I think with that, we'll close up, and we appreciate all of you listening in and look forward to giving you some updates in the near future.

好的。接線員，我想我們就此結束，感謝各位收聽，也期待在不久的將來向各位提供一些更新。

Thank you. Ladies and gentlemen, this concludes today's webcast, and you may disconnect your lines at this time, and we thank you for your participation.

謝謝。各位女士、先生，今天的網路直播到此結束，您現在可以掛斷電話線，感謝您的參與。