Today's presentation on United States Antimony Corporation. I am the Vice President of Investor Relations, Jonathan Miller. I'll just go ahead and jump into our presentation here. The first page is just a little forward-looking statements in case I say something that I shouldn't. This is our timeline of the company here. As it says, we're an American company manufacturing American products for American defense and industrial bases. A vote in us is a vote in America. The company was founded around 1968. The founder was a miner, and he passed away about five years ago before his son stepped in, inherited his stock and his father's position. A group of major shareholders who held around 45% of the company were unhappy with the way he was managing it and brought in Gary C. Evans, who's now our CEO. Gary couldn't be here today. He's at a conflicting conference down in Fort Lauderdale at the NEBA event. He came in about two years ago, and that's where you really look at the inflection point for this company when things began to shift. When he came on, he started as an independent director, lead director, chairman, co-CEO, and then full-time CEO. During that time was an entire management change of the company. Pretty much everybody is new, including myself, who joined in July of last year, and including the entire board, with the exception of maybe one person. From that point on, China announced they were cutting off the global supply. We started staking claims in Alaska, and we retained a lobbying firm, started working with DOD on grant submissions, and we started staking claims in Alaska and also reopened our mine in Montana, where our smelter was originally built just adjacent to an antimony mine that the EPA shut down in the 1980s. We continue to build on our acreage. We've diversified into other critical minerals that align with defense priorities. That brings us to where we are currently today. If you're not familiar with antimony already, it has a wide range of applications, many of which are defense-related. Believe it or not, defense only accounts for about 32% use. The other is all industrial. In defense, its primary use is in ammunition. It's used to harden lead in bullets. Lead by itself is a soft semi-metal. Antimony is able to withstand heat and expansion and allow the projectile to travel down the barrel. It's also used in the primer, which ignites the gunpowder in the bullet. It's especially used in armor piercing rounds and penetrating rounds. It's used in artillery shells. It's used in laser-guided missiles, night vision goggles, binoculars, aircraft carriers, fighter jets. On the energy side, it's used for all batteries, pretty much any liquid metal battery out there, or a lead acid battery or a lithium-ion battery. Antimony is a critical component. It's also used in solar panels, in the high-quality glass solar panels, and in wind turbines. It has a high use case in semiconductors as a flame retardant in the circuitry and electric components and wiring because of its ability to withstand heat. It's also used, as you can imagine, because of this ability, widely in data storage centers in the roofing material. Everybody building up these new data storage centers with OpenAI, Google, Meta, this component is going to be widely used in a lot of not only the products being manufactured, but everything that it's housed in as well. As it stands today, United States Antimony runs the only two permitted antimony smelters in North America, but also in the Western Hemisphere. Outside of us, there's Belgium, which operates at a deficiency because of a universal problem of access to raw material, and then China. China has been the global supplier for many years. The largest mine in the world is the Twinkle Star Mine in the Hunan province. It's been flooding the market with cheap Chinese antimony for decades, getting us all dependent on this material for very vital uses here in the United States. When they announced last September they were cutting us off, it caught everybody in a very vulnerable position. Now we are scrambling to catch up. As I mentioned, we're the only permitted producer in the United States. When China was going around the last 20 years, buying up critical mineral rights by building ports and infrastructure and access to these materials in other countries, we were shutting down our operations here in the United States. That drove prices way down since everybody was getting it from China, drove a lot of people out of business. We are the last one standing or America's final supply chain for antimony. We are poised to meet the demand now with being vertically integrated through our historic claims in Alaska. On the left side is our operation in Thompson Falls, Montana. This is our refinery, our smelter that's undergoing a four-times expansion right now. On the right side is our Madero plant in Mexico. We have a big footprint here. We have about 120 acres, and we can easily add more furnaces there as we continue to negotiate more international agreements for material that's going there, which I'll get to here in a minute. We have also leased the Philipsburg contact mill in Philipsburg, Montana, which is about 100 miles north of Thompson Falls. That gives us the ability to process material to bring up the concentrate of antimony and separate out other minerals and rocks. As we continue to bring in our own material from Alaska and probably material from other companies that are accessing antimony in Alaska, we'll have the ability to increase the concentrate because we need about 70% for that facility on the left in Thompson Falls to process. On the right, we need about 40% concentrate for Mexico. We have a few different options in Mexico. They produce the ingots or the bars, which is what the Defense Logistics Agency looks for when supplying the different divisions of military. To compound all this, being cut off by China, there was an executive order passed in 2022, actually, or in 2021, Executive Order 14017 under the Defense Production Act that says by 2027, critical minerals, especially if they're supplying the government, need to be sourced domestically. Before China even announced that, we had this executive order to sort of tighten the timeline on building these domestic pipelines. This new administration has obviously focused a lot of emphasis on fast-forwarding that. In 2023, the company was approved for mill spec material through a $400,000 DOD grant that was actually out of our facility in Mexico that manufactures the ingots that I just mentioned. As China has cut off the global supply, we've actually seen that their net exports have dwindled month over month. China's gone from being a net exporter to a net importer, and that's who we are competing with in the global market when sourcing raw material. Fortunately for us, we pay in accordance with the Rotterdam pricing, while China has their own pricing model that is about $20,000 cheaper. Most of the countries and companies that want to now sell antimony internationally, it makes more sense to come and do business with us. We've been inundated with calls and emails trying to work through that. Because we are aligning ourselves, as I mentioned, with the Department of Defense and with the Defense Logistics Agency for proposals and long-term contracts. These are the different antimony products that United States Antimony Corporation manufactures. These are some of the end uses. As you can see, flame retardants are a big end use. Depending on the application and the demand for that product, it depends on our volume of production for that product. Here's why the global supply constraints are so tight, much of which we have touched on already. China and Russia control 60% of the raw material, and China controls about 80% of the midstream and downstream processing. As I mentioned, everyone was dependent on this cheap Chinese material for many decades. Their exports continue to dwindle month over month as demand continues to increase, not only in China, as they're a big use in solar cell production, but in the United States for semiconductors and flame retardants. Also, the ore, as I mentioned, that mine has been operational for about 125 years. As they've gone deeper into the ore body, it's had higher concentrations of arsenic and other byproducts that you don't want in the antimony. Outside of that, production is very limited. Antimony, as it stands in 2024, was the fastest appreciating critical mineral. In 2025, it's somewhat been stable over the past eight, nine months, but it's not fluctuated far from between $26 and $30 per pound. As you can see here, the dramatic price increase over 500% over the past year, but relatively modest $5 range per pound over the last few years. That's the reason why nobody mined or no one wanted anything to do with it. In addition to it being difficult to process because it sometimes has arsenic or lead or sulfur, it just really didn't make sense to do it at $5 a pound. Now at close to $30 a pound, you can see why people around the world would see that it would make sense to mine this and ship it. We have been, as I mentioned, tediously working through those outreaches to continue to negotiate more contracts. These are the ones that we have thus far for this year: Australia, Bolivia, Chad, and Peru. We had begun receiving Australia material earlier in the year, but none of that material that was processed throughout Q2 was reflected on the Q2 earnings. In Q3 and Q4, that material will begin to be realized and will begin to bring these other countries online. We are hopeful that we'll have several more throughout the remainder of the year as companies domestically and internationally continue to reach out to us to process their antimony. There is a synthetic antimony trisulfide. The Department of Defense has told us that it is not reliable for their applications. It's also three times the cost of Rotterdam, so about $90 a pound. In addition to being ineffective, it's highly expensive. There is really no alternative outside of that, especially for some of these critical applications. As I mentioned earlier, last summer we began staking claims in Alaska. This was in order to become vertically integrated. We knew we obviously weren't going to get any more material from China ever again. We are now close to around 30,000 acres. These are all historic antimony claims going back 125 years that were discovered by other gold miners or placer miners that were up there looking for gold. Some of these were big open pit mines. Some of them were small veins or large veins that had been discovered. There is a lot of tailings because this had no value and was difficult to process. You can imagine thousands and thousands of tons of rock and material had just been discarded and left aside up there. We met with the Geological Society. They showed us where all these were, going back, as I mentioned, 100 years to the gold rush. We have some great prospects up there. We actually just received our first permit Friday, September 5, where we had a VIP delegation, where our CEO, Gary C. Evans, was. We had about 24 delegates from in and around Fairbanks and had received our first permit at our Mohawk mine, which began breaking ground that day after the delegation left. We only have a small window before winter sets in. We have to start breaking ground and stockpiling material as quickly as we can so we can use the winter to truck material to Thompson Falls. It's actually better to truck during the winter because the ground is frozen. You can truck 100% of capacity as opposed to summer when the permafrost thaws out and the roads are soft. You can only tow about 70% capacity. We've also diversified out of antimony into cobalt. On the next slide is tungsten. These came about during our conversations with the Department of Defense over the last year. Obviously, antimony wasn't the only critical mineral embargoed. There was also, you know, rare earth elements in their own category. Cobalt and tungsten are high on the DOD's priority list. We don't have any domestic supply. Those conversations left us feeling comfortable that diversifying into these assets, we could align ourselves closely enough with the government to continue to receive funding to exploit these assets. Here are the tungsten claims in Canada. As you can see here in yellow, we're surrounded by a lot of other large miners in the area. I know some of these have merged, I think Magna and KGHM. As you can see, maybe with some defense funding, we could do some JV and help bring these materials out of the ground into market at a much quicker pace. DOD has a list of 17 critical minerals that it prioritizes, antimony being at the top. Those are on the left side there. On the right side are United States Antimony Corporation's expanded critical mineral portfolio. We're now in antimony, tungsten, cobalt, nickel, magnesium, copper, bismuth, zinc, and then the non-critical gold and silver. These obviously will be encountered while we're processing for antimony. These will be reflected as other items on our balance sheets. Other part of our business is zeolite. Switching gears from antimony, zeolite is a, it's not a critical mineral, but it's very strategic. It's a natural hard rock, comes from volcanic ash. It's very crystalline, meaning it's able to act like a molecular sieve and it has a high cation exchange capacity. With those properties, it's able to serve a lot of different industries, which now under new management, we're hoping to tap into. Prior management never had any sales or did any active outreach to grow the business. The facility itself was always running a bit deficient. When we hired a new VP and Plant Manager, he's brought that operation that you see on the right here now up to 98% efficient. We're building inventory, hiring salespeople, and out there soliciting in these different markets. These are some of the use cases for zeolite. I'll mention this specific deposit, as I mentioned, comes from volcanoes. We believe it's settled at the bottom of a lake bed millions of years ago. That's what kept it ultra pure and preserved for all that time. The processing is minimal. We blast it. We run it through this crusher here that you see on the right side. That brings it through different mesh sizes. You can get larger granules all the way down to a fine powder, depending on the application. For the applications, water treatment is a huge use case. Water contaminated areas, whether they're at mining operations or could have been used in Flint, Michigan, or Asheville, North Carolina, after the hurricane came through. Part of our conversation with our lobbying firm and being in D.C. in front of congressional leadership in the EPA has been educating them on the importance of having stockpiles of this that could be readily deployed to disaster zones, whether it be water treatment or, as you'll see in the next slide, for nuclear remediation. The U.S. has a lot of aging nuclear facilities around the country. It would be really smart to have something that could help mitigate exposure. In agriculture, it's used as a feed amendment. About 25% of our business goes to cattle feed. In livestock, it has numerous benefits. In cattle, it helps reduce methane gas in the first stomach of the cow and increases protein in the second stomach. You're getting better feed efficiency, better nutrient conversion. You're getting a bigger, healthier head of cattle, about 11.5% increase in cattle size, which obviously beef ranchers love. Our new salesperson is helping navigate that market and help grow that market as well. In horticulture, it's used as a soil conditioner. It helps with water retention for crops and nutrient uptake as well. Antioxidants, it's used in human form and for human consumption. You can go on Amazon right now and buy it in pill or powder form. 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, obviously from the human body, but also from the environment. These are a big concern nowadays. Catalytic cracking, synthetic fibers and detergents, petroleum refining, and gas purification. Another big use case we came across last year was concrete. Concrete's responsible for 10% of global CO2 emissions. All the big manufacturers have initiatives to be net zero and carbon neutral by 2030. They use fly ash, which comes from coal in the cement hardening mixture, accounting for a lot of that CO2. They're exploring alternatives to fly ash in the cement hardening mixture. We got involved with a research team last year at Texas A&M that received some federal funding to develop a low carbon concrete. The preliminary research from them shows that 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, and some others that are, as I mentioned, all exploring avenues to be carbon neutral or net zero. There could be a big play down the road for one of those companies if they wanted to, say, secure this entire asset for a 50-year strategy or something like that. This business has only represented about 30% of our revenue historically. We expect it to go down slightly given the increased price and demand and growth for antimony. This market is expected to grow to $41 billion by 2031. There are only five major producers in the U.S., and we have the highest quality material. With proper sales channels in place, we can easily grow this business and dominate the domestic market. As I also mentioned, it's used famously in nuclear remediation at Fukushima, Chernobyl, and Three Mile Island. We are educating the EPA that we need stockpiles of this near all these nuclear facilities around the country that could be easily used or even in the concrete to store the waste material itself. The use cases for this are almost boundless. We discover more every day. In this case, I think it's of vital importance to national security that we have certain parameters in place to mitigate exposure to nuclear fallout. As I mentioned prior to the management change, this operation was running probably at about 68% efficient. It's now 98.4% efficient. We are building inventory and continue to build out our sales channels and sales team to help penetrate those different markets and monetize this material. Also, exploring some potential direct-to-consumer products that would help grow the margins. Right now, we sell it per metric ton. This highlights all the accomplishments that really occurred over the last two years under this new management change. The first and foremost of importance is that the President resigned, allowing Gary C. Evans to step in and take over. Under his leadership, we have a new CFO, a new Controller, a new SVP of Corporate Development, Government Relations that's working with our Defense Logistics Agency and DOD, new managers and mechanical engineers at our operations. Jeff Fink, who's actually there at Bear River, is now overseeing our expansion in Montana that's slated for completion in December. We're bringing that facility from 100 tons per month to 400 tons per month in antimony finished material capability throughput there. He's a very capable engineer, and we're glad to have him up there spearheading that. I joined in London last year, as I mentioned. The company had no market awareness. Nobody knew we existed. We started doing the retail early institutional conferences, planting seeds, telling the story. I think we've come quite a long way from this time last year. I think it's near 20X, if not more. These are all the new changes here. As you can see, our revenues are up 160% year over year, gross profit up 183% year over year, and net income up 707% year over year. The revenues that you saw from Q2 and Q1 only reflected the throughput from 50% of our Thompson Falls operation. In 2023, we reported $7 million. In 2024, about doubled it to $15 million. In the first half of this year, we've done $17 million, $7 million in the first quarter, $10 million in the second. We've given guidance of $40 million to $50 million, which we think we'll expect to comfortably beat, given that the third and fourth quarter we'll realize material from Mexico, but also the additional capacity from Montana with our increased personnel there. Another thing that's going to add to this, obviously, as I've mentioned and we've mentioned throughout the year, we've been speaking with DOD and DLA. We know that there's an amount that has been earmarked for us from 2024 budget under a grant to expand. This will be essentially a reimbursement since we spent about $17 million through Q2 to fund the expansion in Thompson Falls, as well as the claims and development of our claims in Alaska. We expect that we'll be fully reimbursed and then some through a federal grant we've applied for. As many of you probably already know who are watching, we've mentioned the Defense Logistics Agency contract. There is a contract antimony ingots on sam.gov. It explicitly says that United States Antimony is the only company capable of filling that order. It's a $245 million order for five years and around 8 million pounds of antimony ingots. We expect that we'll be able to deliver the first order by the end of this year. That really puts us in a great position. We have a lot of material to process. As we ramp up the expansion in Montana and begin to build more inventory of raw material in Alaska and bring that down, the opportunities look boundless for us right now. Everything just seems to be pulling together. Here's our quarterly financial performance from Q1 2023 to current day. As you can see, the revenues have continued to rocket upwards. We expect every quarter hereafter to be a stair step up from the prior as we ramp up volume and material. As you can see, the net income dropped slightly because we did spend that CapEx funding the expansion, which we expect to be reimbursed for here in short order. Forward-looking strategy: expand the company-owned antimony production in Alaska and Montana. We're continuing to look at antimony deposits in Alaska and are now receiving outreach from companies who are also involved with antimony in Alaska, but are realizing that in order to monetize this material, it has to be brought to us to be processed. I think you'll see in due order a lot of these companies that are trying to leverage antimony to gain access to capital markets and federal funding, they'll find when the time comes, once they're able to extrapolate or extract material from the ground and bring it to market, that they'll have nowhere else to go to process it but us. You'll see more and more relationships being brought out as time goes on. We continue to do that internationally. As I mentioned, we should have a few more hopefully coming online by the end of the year for international shipments. The biggest thing about Alaska is that that expands our margins greatly. Right now, for international sources of antimony, we're paying about $14, $15 a pound. If it's $25 a pound, we're paying around 45% of Rotterdam. When we begin to bring our material from Alaska, we'll only be paying $6 a pound. Our margins will expand greatly at that point. It will also give us a little bit of leverage and pricing power with maybe some domestic sources of antimony that will come online. We continue to look at strategic acquisitions. Gary is looking at a few right now. Obviously, we don't want to diversify too much out of antimony and tungsten and cobalt. We're aligning ourselves strategically with what our government needs. We continue to maintain that strong balance sheet. As many of you saw, we did a direct offering a few weeks back. DOD grants often require a little bit of matching on the balance sheet for grants. Since we had spent that CapEx in the second quarter, this deal replenished that cash to have that visibility of the 10% on the balance sheet. This also aligned us with a different weight class of institutional investor. I think you'll see if you look, they held a small% of the company prior, but now have a much larger stake. They did want a much larger position. Obviously, this new management team, we're all shareholders, we're all incentivized. We don't want to dilute. We didn't need the money, just the appearance of it on the balance sheet. This incentivizes them. Obviously, what we're doing up almost or up 20 times over the last year, larger investors are wanting to be participating in this. They'll go in the open market, they'll buy, they'll incentivize others in their weight class to do the same thing. On this page here, you'll see our recent publications. Obviously, with being cut off from China has shown a little spotlight on us. We've been able to leverage that to gain access to a lot of free media, including Gary being on Mornings with Maria three times and Bloomberg for a long 30-minute segment. We're actually putting together a little informative docu-series now about the final supply chain in U.S. antimony and how critical we are to the domestic pipelines and industry and defense. We expect to continue to get media and expand our coverage as we've grown out of micro-cap into this mid-cap range. We've garnered a lot of attention from larger funds, including their analysts. We've been speaking to a number of them over the last few weeks. Institutional interest continues to grow. We see larger and larger funds coming in with larger and larger positions. We know that our planting seeds over the last year is resonating. We're excited for the coming announcements that we have with the government, which I anticipate could come in the next one to two weeks, given that their fiscal year ends September 29, 2024. I would expect that they'll be allocating those awards prior to the end of the quarter here. Please keep an ear out for all of our good news that we have coming. This is a very strong company. We have a very strong trajectory. All of our management is firing on all cylinders to execute as quickly and as rapidly as possible and bring this company to, as we said from the beginning, a billion-dollar market cap. In two to three years, probably billions of dollars in revenue in very short order. If there's any more questions, I'll go ahead and let you ask them. Thank you for your time. Thank you for your wonderful presentation, Mr. Jonathan Miller. It seems there are a lot of questions. Just go to the chat box. Sure. All right. Yes, there are a lot of questions. Hold on. There's another 28. What specific steps are being taken to achieve profitability given the current negative margins? I'm not sure what negative margins. We were profitable in the first quarter. I know everything online on, you know, like Yahoo Finance or maybe some of these reports isn't always accurate, but the company continues to add cash to the balance sheet every quarter. First antimony shipment from Alaska to Montana for processing. Right now we're less focused on the shipping and more focused on building inventory. As I mentioned, we have a small window before winter comes. We have to ensure that we have an ample supply that can be trucked throughout the winter because we're unable to work the ground then. Right now all of our focus, all hands on deck, is on breaking ground and excavating material. Hopefully by winter we'll be able to start making first shipments. Any update on $245 million DOD contracts and DOD grant funding? Stay tuned. As I mentioned, the fiscal year ends September 29th. Today is the 16th. Maybe in the next two weeks. Same with this next question, DOD contract when? I don't live in the matrix. Maybe we all do. Management accepts a higher floor price and long-term contract with Uncle Sam that shares profits above a certain level. Good question, Glenn. One of the reasons why the Defense Logistics Agency contract has taken so long is that the government has never dealt with a critical mineral that's appreciated 500% in one year. They wanted to lock us in at pricing. We knew, you know, from certain experts were saying that it could go to $50 or $90 a pound in the next year or two. We didn't want to lock ourselves in at a price, especially for a long-term contract. As we begin to explore additional long-term contracts with some of our big clients, we went back and forth with them. They eventually said, what would you be comfortable with as a ceiling? We told them another 500%. You'll see that reflected in our contracts with them, with the floor being the pricing on the date that the contract was inked for Rotterdam. In addition to our 10% premium above that. You'll see all that factored into the contract and our additional contracts that we're negotiating. Headcount at zeolite operation is roughly about 25 employees, 26, maybe with the new salespeople. Do we see any additional capital needs or recent capital raise and potential Department of Defense (DOD) contract? No, no immediate capital needs right now. As I mentioned, we did that direct offering, which replenished the appearance of the balance sheet for us to qualify for that DOD grant. With that, we'll be very well capitalized for the next year. As we continue to add cash to the balance sheet and grow revenues quarter over quarter, we think we'll be AOK into 2026, especially with the expansion coming online then. Depending on the amount of contracts we negotiate internationally, how much material we get in Alaska, we may entertain the idea of opening a third facility just based on the need to process it faster. We'll be exploring that throughout the remainder of this year. We've been zeroing in a few different locations. Hopefully we'll have something to announce next year. Suffered through when UAMY hit $0.17 but held strong with a $1.03 average nonstop climb. Thank you, Tom. Yes, it's exciting. Exciting ride. Who's the buyer? Morgan Stanley, Citadel. They will be filing here also at the end of the quarter. You'll be able to see if you look at our current institutional holdings, they're there in the top probably six or eight holders in the past. Obviously much larger position now. Can you tell us which investor bought the $18 million? That's the same question. Alaskan permitting, as I mentioned, we received the first permit at the Mohawk mine. While Gary was up there, met with the head of the Department of Natural Resources, or DNR. Obviously now that everybody in the legislature has been educated on how important this is and how our alignment is with the government, they've assured us that the remainder of our permits will be expedited or at least have high priority as they continue to come online, as we continue to claim more area. Do you think UAMY is aiming for a fully integrated company with more focus on mining as well in the future? Yes, Roman, as it stands today, we are the only vertically integrated antimony company in the world outside of China, as that material begins to come out of the ground. As I mentioned, we'll be trucking through the winter. Essentially we are vertically integrated at this point. We have the permits. We're already working the ground there. It's just a matter of making that first truckload, which will probably be a press release moment. It'll be, you know, a historic moment, the first time antimony's been mined and processed in the United States in 40 years. I think it'll be a big deal. We're actually doing a big groundbreaking ceremony at the end of this month in Montana with the governor and DOD and some other members of the legislature, which will be a big event for Montana. When do you think the company will be producing tungsten? We're not sure we're going to be the actual producers as much as the asset managers, so to speak, from recent government funding to working with maybe larger miners in the area to fast track bringing that material out of the ground. The majority of that tungsten and cobalt, while there is some geological work being done now, the majority bulk will probably be done in 2026. How do you see this? Gold production won't be a significant revenue driver. It'll be on our balance sheet and one of our line items. Most of the areas that we are were mined by gold miners previously. It's just the antimony that's been discarded and left behind. Stocking facilities. No, we haven't. We've done some assays of the AK tailings. Everything in the Alaska tailings looks great. It's the highest concentrate we've seen anywhere in the world, anywhere from 50% to 65% antimony, whereas most of our international agreements are around 40%. The material from Alaska is of the highest quality. There's a great abundance of it before we even begin to have to entertain any kind of, you know, deeper mining or open pit mining. I think that's it for all the questions. If there's nothing else, I appreciate everyone's time and continue to follow us. As I mentioned, we'll probably have some big news here before the end of the month. Obviously, our earnings will be following after that. I just appreciate all the support and the vote of confidence out there. I know we have a really big retail following. I see everybody out there on the threads and the comments. I appreciate all of you who have been there along for the ride. We're just getting started. Thank you for answering the questions. That's it. Thank you for everyone joining here today. Thank you, Mr. Jonathan Miller, for the presentation and answering the questions. Thank you.