United States Antimony (UAMY) H.C. Wainwright 26th Annual Global Investment Conference summary

Business transformation and operational improvements

• New management and board initiated a turnaround in August of the previous year, leading to significant operational and financial changes.

• Hired new leadership, including a VP and general manager, and improved plant runtime to 94% in Q2 2024.

• Tons sold increased 59% and sales volumes rose 64% in Q1 2024, with low CapEx and elimination of sales backlog.

• Revenues and cash flow have grown, with the company now generating earnings and maintaining virtually no debt.

• Mexican operations were shut down after a decade of losses, with assets now for sale potentially generating $10–$15 million.

Market position and supply chain developments

• Only North American antimony smelter, gaining attention after China’s decision to halt global antimony exports effective September 15.

• Facility currently runs at 50% capacity due to supply constraints, with efforts underway to secure new foreign sources from 12 countries.

• Recently leased the largest flotation facility in the U.S., enabling processing of lower-grade antimony to munitions-grade.

• New leases in Ontario and Alaska add critical minerals like cobalt, nickel, copper, and gold to the portfolio.

• U.S. government’s executive order aims to secure domestic critical minerals by 2027, increasing demand for domestic supply.

Product innovation and diversification

• Two-pronged business: antimony for munitions, batteries, and flame retardants; zeolite for water filtration, animal feed, and environmental uses.

• Launched Cattle Prime, a zeolite-based cattle feed product that reduces methane and increases protein absorption.

• Zeolite mine in Idaho believed to have over 200 years of supply, with expansion plans underway.

• Zeolite used in major nuclear cleanups and being promoted for government stockpiling.

• New products and customer segments, including direct-to-consumer and retail sales for zeolite.