United States Antimony (UAMY) The MicroCap Rodeo Fall Conference 2024 summary

Company overview and market context

• Operates as a junior mining company with revenues, cash flow, and minimal debt, focusing on antimony and zeolite production.

• Only U.S. smelter for antimony, a critical mineral for munitions and other industries, gaining attention after China halted exports.

• Zeolite mine in Idaho supports water filtration, environmental remediation, and animal feed markets, with significant growth in production and new product launches.

• Management overhaul since August last year led to operational improvements and increased sales.

• Company is expanding its critical minerals portfolio, including new claims in Canada and Alaska for cobalt, nickel, copper, and bismuth.

Strategic initiatives and growth plans

• Leased a flotation facility in Montana to upgrade antimony concentrate, completing a key part of vertical integration.

• Actively seeking new ore sources globally, with ongoing testing and partnerships, especially with the U.S. government.

• Plans to double or triple zeolite production and expand the antimony smelter to meet rising demand.

• Exploring acquisitions to grow revenue from $10–12 million to $25–50 million annually, with a target of becoming a billion-dollar company.

• Management is compensated in stock, aligning interests with shareholders and minimizing dilution.

Financial position and operational performance

• Maintains a strong cash position (~$13–14 million) and minimal debt ($262,000), using leverage only for arbitrage.

• Revenues and gross margins have improved, with zeolite production doubling in 2024 and inventory levels supporting new customer acquisition.

• Shut down unproductive Mexican operations, focusing resources on profitable U.S. and Canadian assets.

• Stock price and trading volume have increased significantly following enhanced investor outreach.

• Management aims to keep high cash levels and avoid excessive leverage, focusing on maximizing cash flow.