“The Critical Minerals and ZEO Company”
THOMPSON FALLS, MT / ACCESSWIRE / August 9, 2024 / United States Antimony Corporation (“USAC” or the “Company” or “U.S. Antimony Corporation”), (NYSE American:UAMY) reported today its second quarter and six months ended June 30, 2024 financial and operational results.
Revenues for the first six months of 2024 increased 26%, or $1.169 million, to $5.6 million, compared to the first six months of 2023, while cost of sales only increased 6%, or $219k, during the same period. This in-turn allowed gross profit to increase 122%, or $950k. Operating expenses increased $1.115 million, or 124%, for the first six months of 2024 to $2.014 million, of which $301k of the increase was non-cash stock compensation and $311k was costs associated with new project development. These projects and initiatives are part of the growth and improved strategy of the Company. The Company reported net income from continuing operations of $30k for the six months ended June 30, 2024.
When comparing the three months ended June 30, 2024 to the three months ended June 30, 2023, revenues were up 24% to $2.813 million. Gross profit also increased 135% to $908.6k. Loss from continuing operations was $55.7k for the three months ended June 30, 2024 compared to a loss of $23k in the prior year.
We continue to enhance operations at Bear River Zeolite with both mechanical and equipment improvements and we experienced a runtime during the second quarter of 2024 of 94.3%. We continue to see a dramatic improvement in the overall operating environment at Bear River Zeolite which is leading to higher throughput and improved customer order delivery times. This should continue to be observed further in future financial reports.
Antimony continues to be a scarce commodity worldwide due to supply issues and trade restrictions imposed on certain countries. This in-turn has caused the worldwide antimony metal market price to nearly double from $5.31 per pound on December 31, 2023 to $10.64 per pound as of August 6, 2024. Management is seeking international suppliers of raw ore that we can then process for our customers, most of which only wish to purchase from U.S. suppliers.
As announced on March 11, 2024, the Company completely shut down its operational activities in Mexico and those operations are now reported as a “Discontinued Operation”. The historical cash drain of these operations on the Company ceased with this decision. The cash position of the Company at June 30, 2024 was $12.39 million, up $492k from December 31, 2023.
Commenting on the Second Quarter 2024 operational and financial results, Mr. Gary C. Evans, Chairman and Co-CEO of U.S. Antimony Corporation stated, “While we are pleased with both the operating and financial results reported today for this new period, and as we continue to turn this company around, we can do better. Management has “many irons in the fire” so to speak and we are anxious to begin executing on those efforts. Access to critical minerals sorely needed by the U.S. government, and not just antimony, is a primary focus. Growing our zeolite business and expanding our customer base is another objective. We are blessed with a very high-quality zeolite reserve base in Preston, Idaho that is difficult for any contender to compete with. We must capitalize on this high-quality asset and expand our operations accordingly. The Company has lost a number of customers in the past because we were not very reliable in our ability to deliver product consistently. One particular customer was a large multi-national user of zeolite. With changes we have made in management personnel and the significant improvements that continue to occur around the operating capability of our Bear River Zeolite processing facility, we sincerely hope this is an issue to be discussed only in the past.”
United States Antimony Corporation and Subsidiaries
Condensed Consolidated Statements of Operations
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United States Antimony Corporation and Subsidiaries
Condensed Consolidated Balance Sheets
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United States Antimony Corporation and Subsidiaries
Condensed Consolidated Statements of Cash Flows
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About USAC:
United States Antimony Corporation and its subsidiaries in the U.S. and Mexico (“USAC”, the “Company”, “Our”, “Us”, or “We”) sell processed antimony, zeolite, and precious metals products in the U.S. and Canada. The Company processes antimony ore primarily into antimony oxide, antimony metal, and antimony trisulfide. Our antimony oxide is used to form a flame-retardant system for plastics, rubber, fiberglass, textile goods, paints, coatings and paper, as a color fastener in paint, and as a phosphorescent agent in fluorescent light bulbs. Our antimony metal is used in bearings, storage batteries, and ordnance. Our antimony trisulfide is used as a primer in ammunition. In its operations in Idaho, the Company mines and processes zeolite, a group of industrial minerals used in soil amendment and fertilizer, water filtration, sewage treatment, nuclear waste and other environmental cleanup, odor control, gas separation, animal nutrition, and other miscellaneous applications. We recover certain amounts of precious metals, primarily gold and silver, at our plant in Montana from antimony concentrates.
Forward-Looking Statements:
Readers should note that, in addition to the historical information contained herein, this press release may contain forward-looking statements within the meaning of, and intended to be covered by, the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements are based upon current expectations and beliefs concerning future developments and their potential effects on the Company including matters related to the Company’s operations, pending contracts and future revenues, financial performance, and profitability, ability to execute on its increased production and installation schedules for planned capital expenditures, and the size of forecasted deposits. Although the Company believes that the expectations reflected in the forward-looking statements and the assumptions upon which they are based are reasonable, it can give no assurance that such expectations and assumptions will prove to have been correct. The reader is cautioned not to put undue reliance on these forward-looking statements, as these statements are subject to numerous factors and uncertainties. In addition, other factors that could cause actual results to differ materially are discussed in the Company’s most recent filings, including Form 10-K, Form 10-Q, and Form 8-K with the Securities and Exchange Commission.
Forward-looking statements are typically identified by words such as “believe,” “expect,” “anticipate,” “intend,” “outlook,” “estimate,” “forecast,” “project,” “pro forma” and other similar words and expressions. Forward-looking statements are subject to numerous assumptions, risks, and uncertainties, which change over time. Forward-looking statements speak only as of the date they are made. Because forward-looking statements are subject to assumptions and uncertainties, actual results or future events could differ, possibly materially, from those anticipated in the forward-looking statements and future results could differ materially from historical performance.
CONTACT:
United States Antimony Corporation
PO Box 643
47 Cox Gulch Rd.
Thompson Falls, Montana 59873-0643
E-Mail: [email protected]
Phone: 813-505-0674
SOURCE: United States Antimony Corporation
Original Article: https://www.accesswire.com/898368/united-states-antimony-corporation-reports-second-quarter-and-six-months-ended-june-30-2024-results
