All right, hello everyone, and thank you for continuing to join us throughout the day here at the Lytham Partners Fall 2025 Investor Conference. Again, my name is Robert Blum, Managing Partner at Lytham, and up next we are joined by Jonathan Miller, Vice President of Investor Relations and Global Sales Manager at United States Antimony Corporation, who will be delivering a company presentation. As a reminder, the company trades under the ticker UAMY on the NYSE. Jonathan, thanks so much for joining us. The floor is all yours. Robert, thank you so much for that introduction, and thank you everybody for tuning in to join our presentation. As you know, the company is United States Antimony. It's been around since 1968. The gentleman who founded it was a miner. The company did end up going public in the later 2000s and ended up listing on the NYSE American in 2012. Outside of that, the company was completely removed from Wall Street and the markets. Nobody knew we existed, not even the senators or governors in the states that we operate our business in. The founder passed away about five years ago, and his son stepped in temporarily before a group of shareholders who represented about 45% of the company. I'll just go ahead and go through my forward-looking statement here and then into our timeline. The son took over temporarily before a group of major shareholders who represented about 45% of the company weren't happy with the way he was managing and brought in, who's now our CEO, Gary Evans. He started out as an independent director, then lead director, chairman, co-CEO, and then full-time CEO for the last two years now. Everything we'll cover here really began when this new management transition occurred about two years ago. When Gary came on, he started replacing everybody in the company. The entire management team is new. Everybody on the board is new, with the exception of one person. In 2023 is where you see that on the timeline with the company began to turn around in those new hires that we made. We also knew that we had to be a vertically integrated company in order to take advantage of these assets that we had. We started staking claims in Alaska last summer, and a major event coincided with that in September when China announced that they were cutting off the global supply of antimony worldwide, especially to the United States, which the U.S. had been dependent on this cheap Chinese antimony for many decades. Right around that time when we started going to Alaska was absolutely crucial timing, given that announcement that just, you know, it shouldn't have been unexpected, but it was for a lot of industries. We also reopened our Madero Smelter in Mexico, which when Gary came on had shut down the mine and the smelter due to loss of money with the mining operation. We reactivated the smelter part of it, which has now been processing material for the first time in some time. We continue to increase our revenues and income quarter-over-quarter, year-over-year, and we're really just beginning to take off right here. We also reopened our mine in Montana. Our smelter is built just adjacent to where an antimony mine was. The EPA had shut down all antimony mining in the 1980s. This is the first time that antimony will be mined in the interior United States in over 40 years, also at our claims in Alaska, making us the first company to do this in many decades. We continue to expand our acreage and our claims in Alaska and grow our footprint there, which I'll get to here in a few slides. We appointed retired four-star General Keane to our board, as we've aligned ourselves with the DOD and the Defense Logistics Agency for certain grants and contracts, which I'll also touch on. We received our first mining permit September 5th, which was a few Fridays ago. We have begun mining at our Mohawk mine in Fairbanks, Alaska, with the remaining permits for other additional claims coming online in short order. For those of you who are unfamiliar, antimony is a critical mineral deemed so by the Department of the Interior and the Department of Defense. The Department of Defense actually prioritizes antimony above all other critical minerals on their priority list because of its wide range of defense applications. As you can see here in military and defense, antimony is used to harden lead in bullets and ammunition. Every lead bullet contains antimony. It's also used in penetrating rounds and armor-piercing rounds. It's also used in the primer, which ignites the bullet. It's used in artillery shells, laser-guided missiles, night vision goggles, and binoculars. It's used in aircraft carriers and fighter jets. On the energy and transport side, it's used in wind turbines. It's used to harden the glass in solar panels. It's used in lead acid batteries for energy storage. Every lead acid battery, whether in a car or on a boat, contains antimony, not only lead acid batteries, but lithium-ion batteries and liquid metal batteries, which are still new to market. It's also used widely as a flame retardant in many industrial applications, such as in automobile and aircraft seat covers, which are very important. Samsung uses them in their electric components. They're not the only ones. General Motors uses it in their door panels. The largest lead acid battery producer in the country uses it in all their lead acid batteries. It's not a big component in a lot of these applications, but it's a necessary component. There are a lot of industries, even the glass on your cell phones contains antimony to make that glass harder. All those applications, all those industries rely on this critical mineral that now they can't get in abundance and for cheap from China anymore. As it stands today, United States Antimony owns and operates the only two permitted antimony smelters in North America and in the Western Hemisphere. Outside of us, there is only China. There is a smelter in Belgium, but they suffer from a fundamental problem in this industry. It's a global problem. It's a lack of raw material, a raw resource. That facility operates at a deficiency. Ours had for many years as well until this new management came on board and figured out how to negotiate international procurement agreements, as well as begin mining our own material in Alaska. China and Russia control, this is actually 60% of the raw material globally, but China controls 80% of the downstream production. For the last 20, 30 years, they had been going around, building ports and infrastructure to gain access to critical minerals in different countries. This is part of their 100-year, what they call a 100-year marathon to be the global superpower by 2031 on the 100-year anniversary of their regime. China didn't just wake up last September and decide to cut the U.S. off from antimony supply. This is an ingredient that is vital for our defense and industrial bases. This was something decades in the making. It was very strategic. Now we have to play catch-up. It's going to require a type of mobilization that was similar to what we saw during World War II when entire industrial bases were transitioning into defense. I think we'll need to see that here where defense industries are looking into mining and being vertically integrated to have their own material. There's also an executive order that by 2027, this material needs to be sourced domestically, supplying the government. On the left side here, you'll see our operations in Thompson Falls, Montana. This is engineered for 300 tons per month. That's been operating at around 100 tons per month since we came on board. Everything you saw during the first half of this year was all about 50% of that one facility there on the left. That is also undergoing a rapid expansion right now that's slated for completion in December. As I mentioned, that's doing probably about 100 tons per month and will be ramping that up to doing over 400 tons per month by the end of this year. The reason why it was running deficient the first half of this year was we had lost five people, but now we have the human capital there and everything is running full steam ahead. We also have the largest inventory of raw material that we've ever had on company record. That material is all being processed in anticipation for beginning to truck material down from Alaska closer to the end of the year. On the right side is our Madero, Mexico smelter. This facility is in Coahuila, Mexico. It has a large footprint, 120 acres, with an engineered capacity of 200 tons per day. We can easily expand that footprint and add additional furnaces there as we continue to negotiate additional international agreements for antimony, which I'll get to in one second here. At the bottom there, you'll see we leased a Philipsburg, Montana Flotation mill, a contact mill. This is essential for helping bring the concentration of antimony up before it enters our smelters. As we bring raw material in, it runs through this contact mill, which separates the other hard rock and minerals and brings the antimony up to the concentrate we need for our furnaces. As you can see here, we need a rapid mobilization to secure America's supply chains, especially for critical minerals. These embargoes really pulled the rug out from underneath us. Now we have to secure these pipelines as quickly as possible. As I mentioned, there's that executive order under the Defense Production Act. By 2027, all critical minerals need to be sourced domestically. In 2023, our company was approved through a $400,000 grant by the government to prove mill spec material for antimony. That's actually an antimony ingot bar. It's a metal bar. That was our Mexico facility. While both facilities create the antimony ingots, the one in Montana creates the additional products, which I'll show you here in a second. Mexico is primarily responsible for those ingot bars. In China, in September, China announced they were cutting off the supply to the United States. That had a huge impact on the price of antimony, but also the global market. All those steps underneath there are what we took to align ourselves with becoming vertically integrated as the sole supplier of antimony in the Western Hemisphere. We had the Philipsburg Flotation mill, the reactivation of the Mexico plant, expanding the capacity in Montana, and expanding our claims in Alaska, which continue to grow. While all this was happening last year, after their announcement from China, we started receiving calls from the Department of Defense. In December, we hosted three different divisions at our operations in Montana. We retained a lobbying firm. At the DOD's request, we put together scope papers and white papers for a grant, essentially outlining what would be needed for us to expand our operations and our claims. We had been working closely with the DOD throughout the year and are nearing being able to announce some significant grant announcements for the company that will be just under $30 million, as well as a significant long-term contract with the Defense Logistics Agency, which is now pretty public. It's out on their government contract website, sam.gov. You can go look up the antimony ingot contract. It's $245 million over five years for 8 million pounds of antimony ingot bars, the metal bars. If you look at that contract on the website, they have documents from our conversations over the last year. It explicitly states that United States Antimony Corporation is the only company capable of fulfilling this order. It's a matter of when, not if, for this contract. We're hoping that we'll have something positive to announce on there before the end of the month. I know that the fiscal year for the government ends on September 29th. I would assume with a 99% degree of certainty that they're probably going to push out these awards prior to the end of the fiscal year. This is 2024 money. They'd be getting these out to work on the 2025 budget, which we're already aligning ourselves for, for further expansion. That's how we've aligned ourselves with the government. These are all the different antimony products that we make. In addition to the metal, the bars, we have the oxides, the trioxides, trichlorides, trisulfides, and nanocrystals. As you can see, there's various end uses for these different materials. The volumes that we output on these depend on our customers' needs. Here's getting back to these global supply constraints. As I mentioned, China and Russia control 60% of the raw ore. China controls 80% of the downstream processing and has flooded the market for decades with cheap material that made everyone dependent on them. The price of antimony in the U.S. stayed around $4 or $5 a pound for many years. It really had no value as it was very cheap from China, and it often had sulfur or lead or arsenic associated with it, making it difficult to process. Nobody wanted to mess with it. What we're doing now in Alaska is claiming all that material that was identified. Outside of China, China has what's called the Twinkle Star Mine in the Hunan Province. It's the only antimony-specific mine in the world, and it's been supplying the world with antimony for 125 years. We know that over the last few years, that ore body has begun to deplete as they go deeper into the ground. It's also having higher concentrations of arsenic and other byproducts you don't want. We've seen that not only were they making this announcement for their national and defense interests, but also because they're running out of material themselves. China is going from being a net exporter to a net importer. When we're out in the global market sourcing material, we're competing with China. Fortunately for us, they have their own pricing index that's not the Rotterdam, which is about $20,000 higher per ton. That works out in our favor. Also, countries or companies that send material to China don't get any finished material back. A lot of countries are now looking for processors that can, they can mine it, but just need someone to process and refine it for them outside of China. That really only leaves us. It's extremely limited, as you see there. Last year, antimony was the fastest appreciating critical mineral. As we'll see in the next slide here, it went from $5 a pound to, it actually hit $30 a pound earlier this year. It's been somewhat stable between this price range and $30 throughout the year. We don't anticipate it to ever go down. It's a finite mineral. As I mentioned, there's only one antimony-specific mine in the world. No one ever mined antimony. It was often like a precursor with gold or other materials. Now, since it's almost $30 a pound, it's economically viable for companies and countries to mine it and ship it halfway across the world. We've been dealing with dozens of inbound calls and requests almost daily, and emails of companies and countries and brokers, critical mineral brokers wanting to supply us with antimony. We've been weeding through all these requests and trying to get directly to the source, understand what the concentrate is. It needs to be at least 40%. It needs to have low concentrations of arsenic and sulfur and other materials. We have to negotiate pricing. For these third-party shipments, we're often paying 45% of Rotterdam. At this price, we're $13, $14 a pound for material. When we start bringing material from Alaska, we're only paying $6 a pound. Our margins grow from roughly 30%- 60% once we become vertically integrated. We also have pricing power and leverage, at least with the domestic sources that will begin coming online for antimony. If we have our pricing with our own material, we'll be able to negotiate contracts with other companies leveraging antimony in Alaska to get better pricing for our product. As I mentioned, we've negotiated several international agreements for third-party ore. These are from Australia, Bolivia, Chad, and Peru. The latter three, Bolivia, Chad, and Peru, are all just coming online within this month. Australia, we've begun receiving material during Q2. We process, I believe, 30 metric tons that are in antimony ingot bars. We did have one load that was being transloaded with other materials in China that got held up by Chinese Port Authority for 90 days, which did have an impact on our processing that quarter. That shipment is still en route to us after it had been sent back to Australia. We learned a valuable lesson there in working with our Australian partner not to have this material on a cargo ship that will be transloading other products to China, but it also really underscores how seriously China has taken this. We know that they're prosecuting smugglers and they're cracking down. Our assumption is that perhaps they thought this container load was being smuggled out of China, and that's why they seized it. There's really no way to tell, but it really shows that China is taking this very seriously. We know that they're still continuing to find smugglers that are bringing material out of the country. We'll see how that continues to evolve. There is a synthetic antimony trisulfide, which the DOD has told us is ineffective and it's not reliable. It's made in India and it's three times the price of Rotterdam. It's roughly around $90 a pound. As I mentioned, for most of the applications we need antimony for, it doesn't make the cut. Now we get into Alaska. Here it says 23,000. We're now closer to around 30,000 acres in Alaska. These are all historic antimony claims going back 100 years to the gold rush. As I mentioned, antimony had no value. It was difficult to process. When plates or miners and junior miners were up there looking for gold, they would run across antimony in the ground. They would identify it, whether it was veins or tailings. If they were open pit mining or trenching, they would just push piles of antimony, tons and tons of antimony rock to the side and discard it and left it there because there was no use for it. We went with the Geological Society last summer, hired a lead geologist who actually discovered Fort Knox in Alaska, the largest gold claim that's now mined by Kinross. He had a good relationship with the Geological Society. They pulled up a big map, showed us where all these claims were, and we immediately began staking them. We knew they were high value because within days there were other international companies, other junior miners that were looking at trying to stake these exact claims. We had beaten them out by days. As I mentioned in the beginning, we received our first permit for the Mohawk mine on September 5th. We had a VIP delegation that following Monday on the 8th with 24 delegates from in and around the Fairbanks area, Department of Natural Resources, who were all brought up to speed on how important this is to get this material out of the ground at breakneck speed. Everybody is aligned on the same page with us and mobilizing to expedite the remaining permits we have up there and begin stockpiling material to bring to Montana. Right now, a lot of people ask, why are we not just trucking antimony right now? We have a small window in Alaska before winter comes and the ground becomes unworkable. We're using these summer months to work the ground and build inventory, stockpile as much inventory as we can, which actually works out in our favor because during the winter, the ground is frozen and you're able to tow at 100% capacity on the roads, whereas in summer, the permafrost thaws and the roads become soft, so you can only tow 75% of your load. Our core focus is building inventory rack and now stockpiling. As I mentioned, we have the largest inventory on record in Montana right now, and we're working through that as we gradually move towards our expansion completion at the end of the year, at which point material from Alaska will begin trucking down to Montana to process under that new expanded facility. These next two slides are two different critical minerals that we've diversified into, and these just didn't happen randomly. These came or evolved through our conversations with the Department of Defense. Obviously, antimony wasn't the only critical mineral embargoed by China, tungsten being one of them. Through our conversations with them, we realized that we could further align ourselves with the government and funding going after these critical minerals that they prioritize highly. We've now staked claims in cobalt and in tungsten, very close to each other. As you can see, the cobalt is in the Sudbury district, and the tungsten claim is just west of that in Espanola, and we're surrounded by many other large miners in the area there. While we don't anticipate being a processor of this material, with federal funding, we could expedite doing some kind of JV with one of these companies to expedite bringing that material out of the ground and processed into market as quickly as possible. As I mentioned at the beginning, the DOD has a list of 17 critical minerals that it prioritizes, antimony being the most critical. You can see that list on the left. On the right side, you can see our diversified critical mineral portfolio. We're now involved in several other critical minerals and non-critical gold and silver, which will show up as different line items on our balance sheet. Obviously, we'll encounter other materials and elements as we look for antimony and process that raw material. Switching gears here from antimony to zeolite. Zeolite, it's not a critical mineral, but it's very strategic. It's a natural hard rock, crystalline material. It's very porous, allowing it to act like a molecular sieve. With those properties, it's used widely in many different industries and applications, which I'll jump into here. It comes from volcanic ash, and this specific deposit, which we have here on the right side, is our Bear River Zeolite mine. We just did our reserve report last year under new management, the first one the company had done, and discovered that we have upwards of a 100-year supply of the zeolite there, and it's of the highest quality, if not the highest quality in the world. This deposit settled at the bottom of a lakebed millions of years ago and just kept it ultra-pure and preserved. It's minimally processed. We blast it out of the ground. We bring it to this facility here that then crushes it and runs it through different mesh sizes so you can get larger granules all the way down to a fine powder, depending on the application, of which there are many. If you look on the left side here, there are many end uses for zeolite. Some of the biggest ones are water treatment, water purification. It's used widely in reverse osmosis and filtration systems in aquariums. I use it in my aquariums personally. It's also used at mining operations for wastewater treatment. Given its versatile use in cleaning contaminated water, as part of our conversations with our lobbying firm, getting us in front of congressional leadership in the EPA to educate them on how important it could be to have stockpiles of this that could be readily deployed to areas with contaminated water, like Flint, Michigan, or Asheville, North Carolina, after the hurricane. As you'll see in the next slide here, also for nuclear remediation, it's been famously used at Fukushima, Chernobyl, Three Mile Island. The U.S. has a lot of aging nuclear facilities. Wouldn't it be smart to have stockpiles of zeolite that we could send to mitigate the exposure to the groundwater and soil and the environment? That's been part of our ongoing conversation. Another use case you don't see here is concrete. Concrete is responsible for 10% of global CO2 emissions. Some of the largest manufacturers in the world, they all use fly ash, which comes from coal in the cement hardening mixture, accounting for a lot of that CO2 emission. They all have agendas to be net zero and carbon neutral by 2030. They're looking for alternatives to fly ash in the cement hardening mixture. Last year we got involved with the research team at Texas A&M. They received some federal funding to develop a low-carbon concrete, and preliminary research has shown that our zeolite is a viable alternative to fly ash in the cement hardening mixture. That has led us to having conversations with Cemex, Heidelberg, Holcim, CRH, Vulcan Materials, you name it, who all may have an initiative to secure a deposit like this or something for their 50-year strategy. Those conversations continue to evolve. This side of the business never had any salespeople before. In these different use cases, in agriculture, it's used as a feed amendment for livestock, mostly for cattle. About 25% of our zeolite business goes to cattle feed, which has numerous benefits. It reduces methane gas in the first stomach of the cow, increases protein synthesis in the second stomach. You're getting better feed efficiency, better nutrient uptake, a bigger, healthier head of cattle, about 11.5% increase in cattle size, which beef ranchers love. In horticulture, as a soil conditioner, it helps with water retention and nutrient uptake for the crops. As an antioxidant, you can go on Amazon and buy it in pill or powder form right now. It works similar to activated charcoal in that it binds to toxins and metals in the body and flushes them out. We're also exploring its use in removing PFAS from the body and the environment. Obviously, these forever chemicals are a big topic of conversation right now, and we want to ensure that we're aligned with meeting ways to mitigate exposure to those. I'll quickly jump through. I already mentioned the nuclear remediation use for zeolite. That has popped up in our conversations with the EPA. The plant there in Idaho was running about 68% efficient before new management took over. We have a new VP, mechanical engineer, plant manager. It's now running 98% efficient. We're building inventory. We've hired salespeople to go out there and start soliciting into these new markets. We have two right now for water filtration and cattle feed, but we need to really expand and develop the sales organization for this business. These are all the accomplishments that have happened over the last two years since the management changed. You can see everybody new that's come on board here, including on the board of directors, and then all the actual operational achievements that we made there on the right side. Here, you'll see our historical operating results. You can see that our revenue and profit and income continue to grow drastically quarter-over-quarter and year-over-year. Here is tracking that quarter-over-quarter growth since Q1 2023. You'll see our net income drop slightly during this last quarter, during Q2. That was because we had spent about $17 million CapEx funding the expansion in Montana as well as in Alaska, with the expectation that that money will be reimbursed through our grant with the Department of Defense, which we hope to be able to announce in short order. We also just did a direct offering with a large hedge fund the other week, which is number three in the world for advisory. They were an existing shareholder and wanted to be a bigger partner. We didn't need the cash. We just needed the appearance of the cash on the balance sheet. Often, DOD grants require a percentage of matching in cash and give you a percentage in human capital and infrastructure. Now we have that appearance of the cash back on the balance sheet after we'd spent that CapEx, and we expect to be well capitalized through the remainder of the year. Our forward-looking strategy continues to build up our footprint in Alaska, as well as build up in Mexico where needed, as we continue to negotiate international agreements, grow our critical mineral reserves as they align with the U.S. government, and build our antimony business. These are some of the media that we've been featured in over the last year. Obviously, critical minerals has got a big spotlight on it right now, and we've been able to leverage that to get in front of a lot of publications and television as well. Those continue to evolve. So does our equity research coverage. We had none prior to my coming on board last year. Now that we're over that $500 million market cap range, we're receiving a lot of interest from a lot of other large banks and funds that are interested in covering us, but also working with us. This is our market cap increase versus share increase since 2024. As you can see, we've done 20X. The way the stock's been moving over the last few weeks, and we're expected to go next week, I would say this could be 40X by the end of this month. I just made this slide last week. I'll have to go ahead and redo that, but it's a good problem to have. Just look out for the announcements that we have on the horizon. This is just a view of our corporate profile. Everything in here continues to grow and expand as the company matures. I'll go ahead and end it there. I know I've probably run over time, but I would like to leave some time for questions. I'll go ahead and return it to Robert. Yeah, Jonathan, thanks so much. As you mentioned, we're sort of at the time limit here, but let's go ahead. If there are questions that anyone from the audience has here, you can route them through me, or I'm sure reach out to Jonathan directly. If you'd like to schedule a one-on-one meeting with the company, please reach out to me. Again, email here, [blum@blumlythampartners.com] J onathan, thanks so much for your time and participation in the conference here today. We hope everyone has a great rest of the day, and we'll talk to you guys soon. Thank you very much, Robert.