United States Antimony (UAMY) 46th Annual William Blair Growth Stock Conference summary

Strategic developments and market context

• Company underwent a complete management and board overhaul three years ago, shifting direction and revitalizing legacy assets.

• China’s September 2024 antimony export ban made the company the only North American antimony smelter, leading to increased government interest.

• Signed a $245 million contract with the U.S. government for antimony ingots and received a $37 million grant to expand the Montana facility.

• Revenue has grown rapidly, from $8 million three years ago to a projected $125 million this year, driven by government contracts and new production capacity.

• Expansion into tungsten and cobalt, including acquisition of a tungsten property in Canada with a resource report indicating up to $9 billion in future revenues.

Operations, supply chain, and technology

• Mining operations are active in Montana and four areas of Alaska, with a focus on open-pit extraction and plans for underground mining.

• Company aims to self-source 40–50% of antimony feedstock within a few years, with Alaska considered a key asset.

• Hydromet technology, developed via a joint venture, enables processing of lower-quality antimony and is expected to be operational in Idaho by Q1 2029.

• Hydromet facility will allow processing of subpar antimony globally, with potential expansion to Australia.

• Feedstock currently sourced from Chad and Bolivia due to high quality, with previous supply chain disruptions from China and Australia.

Financial position and outlook

• Liquidity stands at $154 million, with minimal debt and no need for equity offerings.

• CapEx needs are low for the year, with reimbursement underway for recent expansions.

• Additional $245 million in government grant applications are pending for various projects.

• Positive cash flow and EBITDA expected this year, with government support likely for new technology investments.

• Government contract fulfillment is the main driver for 2024, with potential for multi-billion-dollar future contracts.