United States Antimony Corporation LD Micro 20th Annual Main Event Conference

Thank you and good morning. Go ahead and put my props down here. These are our forward-looking statements. We have a lot going on in different arenas of our operations, as well as our ongoing negotiations and conversations with the U.S. government. In the event that I say something that is in the works right now, let it be known that it is forward-looking. This is an older company. It has been around for 58 years. The founder of the company passed away about six years ago, and his son took over briefly before a group of major shareholders who held around 45% of the company were unhappy with the way the son was managing the company and brought Gary Evans on board as an independent director. He then quickly became lead director, Chairman, co-CEO, and then full-time CEO as of about August 2023.

This is his fifth public company. He has had four on the NYSE in the oil and gas, which he started and sold, and then he was on the board of Novavax for 24 years. When they had the run-up during COVID, he transitioned the company from a women's Estrasorb company to a vaccine manufacturer and helped raise that company about $3 billion off ATM. During his time moving through the ranks at this company, he changed the entire board and management team. Everybody in the company is new. I joined in July 2024 when we had about a $30 million market cap, and initially it was just about getting out in the street and telling the story. Typically, people have never heard of antimony let alone who we were, not even the governors in the states that our operations are located.

We also added a four-star General Jack Keane, on our board last year. Some of you may recognize him as a correspondent who regularly appears on Fox News, on Fox Business. We continued to make dramatic changes very quickly. We knew that just to turn this company around, we had to have more vertical integration, more surety of supply, and so we started moving into Alaska, where antimony was historically mined during war times, World War I, Vietnam War, Korean War, and so on, and beating some companies out from some of these historic claims by a matter of days. We have also diversified into tungsten. This came through our conversations with the government.

One of the biggest catalysts that gave this company a shot in the arm was in September 2024 when China announced that they were cutting off exports of antimony worldwide, especially to the U.S. For decades, our own military and government and our entire industrial base had been getting antimony from China. They had the largest antimony-specific mine in the world called the Twinkling Star mine. It had been operational for 120 years. It had driven the price of the commodity down to around $5 and put any other antimony businesses in the U.S. out of business. We do give credit to the founder that he was able to keep the company alive as long as he did, making us the only producer of antimony products in North America. What is antimony? Antimony is deemed a critical mineral by the Department of War and the Department of the Interior.

It is a semi-metal. Some refer to it as a chameleon metalloid. It has many different applications. The U.S. consumes around 26,000 tons annually, with about 32% of that being defense related. In the defense space, it is used in everything from ammunition, so every bullet in the world contains antimony, either to harden the lead or in the primers, which ignites the gunpowder. It is especially used in armor-piercing and penetrating rounds. It is used in artillery shells. It is used in laser-guided missiles, night vision goggles, binoculars. It is used on the surface of aircraft carriers. It is used in fighter jets. A pilot cannot eject from a seat without antimony. It is lined inside helicopters.

There are many more defense applications, including military tents, cots, uniforms as a flame retardant, and others that we are learning about every day. The other biggest sector is going to be energy transition. Antimony is a key ingredient in solar panels. Actually, the Chinese, the former CEO of the Twinkling Star mine, discovered that by increasing the amount of antimony in solar panels, you increase the efficiency and the lifespan and the clarity of that solar panel. It is also used in lead-acid batteries as a key ingredient. You cannot make a lead-acid battery without antimony. We have actually seen some demand destruction in the battery sector because of the cost of antimony was driven up so high last year. If you are getting newer batteries that have shorter life cycles, that is the reason why. It is also used in things like wind turbines, different cabling for different energy storage systems.

In the technology side, it is the third most used critical mineral in data storage centers. It is used in all the thick cabling that is lined throughout the building, and it is also heavily used in the roofing material as a flame retardant. We actually entered into a contract with a large industrial customer last year that is the largest manufacturer of flame retardant roofing material for data storage centers. It is also used in different applications within the building, semiconductors, data server towers, and so forth. As I mentioned, we are the only producer of antimony products in North America. These are our locations in Thompson Falls, Montana is where our key smelter is. We actually just underwent an expansion there, which I will touch on here briefly.

We received a $27 million grant from the Department of War earlier this year, which had been in negotiation throughout 2024 and 2025, and that has enabled us to build a one-off state-of-the-art facility in Thompson Falls that is now almost fully online. We have four more furnaces that we were waiting on what's called envelopes from manufacturer that was delaying us for a long time. We ended up having to sue them. As of our management call yesterday, we expect to have the remaining four furnaces online by Thanksgiving. This is taking the Thompson Falls location from a capacity of 75 tons per month at the legacy facility to now over 300 tons per month at that facility. We have the Madero smelter in Mexico. That is another legacy furnace that's capable of doing 200 tons per month.

For the first half of this year, this was mostly online. We reopened it in late 2024, early 2025, and began repairing some of the issues there. We received some feedstock from Australia that had a high level of deleterious elements in there. There was a high degree of iron that we had to work to figure out what was causing the pollution in the product that we were making. We have that figured out, and we're now doing two to three truckloads a week out of Madero, which goes up to Mexico. Madero will turn it into an oxide, which is like a powder, and then up in Thompson Falls, it gets converted into a metal like you see here. This is an example of a five-pound metal ingot. What we sell to the government is actually a 50-pound metal bar.

We have a flotation facility in Radersburg, Montana, which we acquired earlier this year. Sorry, I'm just going to close this little AI assistant there. There we go. Thank you. The flotation facility was an important acquisition for us because antimony out of the ground, there's all different grades that we can get from all over the world, and typically, to go into our smelters, we need at least a 60% concentrate. When we get a lower quality or a lower grade material, that has to go through a flotation circuit, which crushes it and increases that concentrate. It floats to the surface and gets scraped off, and then that 60% concentrate goes into the smelter, where we can create metals and oxides. In Preston, Idaho, we have a subsidiary called Bear River Zeolite.

Zeolite is not a critical mineral, but it is very strategic, and it has, like antimony, a wider range of different applications and uses, which I'll touch on. What is the current process for antimony, and why are we the only ones in North America that are doing it? Stage 1 is mining. With the mining operations, we need at least a 10% grade stibnite, which is the name for antimony in the rock. It has to have less than 0.2% of deleterious elements like lead and arsenic and sulfur that will typically get burned off in the iron ore reduction smelting process. Stage 2, as I mentioned, is the flotation circuit, where we can take that material and crush it and float it and bring that concentrate to 60%. That then goes into the smelter.

Earlier this year, we announced a joint venture with another NYSE-listed company called Americas Gold and Silver that operates in Idaho. They are involved in mainly silver and copper, and antimony is a byproduct of their mining process. Historically, that material has been going to another company called Teck in Canada, where it is processed, and then the sodium antimonate is the byproduct that we had been purchasing, which is full of impurities. We then have to clean it up and purify it before we can make finished products. The joint venture is to build what is called a hydrometallurgy facility or hydromet for short. Hydromet has existed for some decades now, but not specific for antimony. In China, they have this process engineering already, but in the United States, we are obviously decades behind on a lot of processing for critical minerals and rare earth minerals.

Hydromet is important because it allows us to take a much wider range of antimony-bearing material. If you remember, I stated that in the mining process, we need at least a 10% grade coming out of the ground and less than 0.2% of those deleterious elements. Hydromet allows us to take any grade of material or any concentration of these deleterious elements and process these out in a safe way to create a more pure product. This is the antimony flake that comes off of this hydromet process. This is the same purity as this metal bar. It is 99.7% pure, so essentially a finished product. This allows us not only to take a wider range of feedstock, but it is cleaner, and it has a much faster throughput in our furnaces. If you can imagine, the furnace has a gross capacity.