United States Antimony (UAMY) 15 May 192019 Q1 Earnings call transcript

Good day. And welcome to the United States Antimony Corporation Conference Call. Today’s conference is being recorded.

Before we begin our presentation, I would like to advise you that today’s call will include forward-looking statements within the meaning of the federal securities laws.

Our presentation will include statements regarding our projections, estimates and expectations. relate other will and our statements production. forward-looking to, things, among revenues These qualified that form by important actual statements of forth by These are Factors Risk factors current including factors differ section XX-Q. from in the statements, XXXX results materially could our those forward-looking reflected XX-K the our those set and to our cause industry These reports conference be call. used may also include terms glossaries in that of certain today’s effort disclaimer statements this is included the press call. our the and in forward-looking in disclaimer releases is full for of duration The At this conference time, I to turn would over the like to Mr. John Lawrence. ahead, sir. Please go

Good start you Dan a CFO, and afternoon, give the Parks, on gentlemen Dan? XX-Q. ladies. off with rundown to We'll who's going our

John. Thanks,

on $XXX,XXX sales loss $X,XXX,XXX a first net the of on to in of of For recognize the a $XXX,XXX quarter compared of quarter we $X,XXX,XXX. sales XXXX, of first XXXX net of loss

precious normal on to in Stock Reynosa, about in the paid addition first included in loss XXXX issuance administrative in In plant of lands to costs, quarter reduction stock out North an of increase $XX,XXX. operating the the by the of totalled $XX,XXX due our $XX,XXX, supplier sales materials York from a $XXX,XXX, this our decrease of American cost of cost the $XXX,XXX. approximately one-time of the salaries about the demolish Mexico to New listing raw metal These Exchange, in

director's negative $XXX,XXX of and other a amortization and issued $XXX,XXX employment XXXX and items For the $XX,XXX XXXX. for $XXX,XXX expense to a noncash same $XX,XXX debt XXXX, $XXX,XXX and discount, depreciation first net stock totalled compared was included of $XXX,XXX EBITDA for for items. of for The compensation for quarter negative for for our $X,XXX the amortization. period for

March pounds was XX, three antimony same the pound to antimony $X.XX fixed XXXX. compared compared pounds to months ended three March in XXX,XXX the sold March of $X.XX XXXX ended months of XXXX. during XX, XXX,XXX three the for months XX, during we the Every ended XXXX, For price per period

XXXX, XXXX tons ended from of months EBITDA the compared three times. X,XXX same sold months we to March BRZ XX We of period three this the the up zeolite realized Mexico. For BRZ plant approximately capital for items, XXXX, $XXX,XXX ended $XXX,XXX XX, of the Reynosa, the for of X,XXX lands March same tons compared period in in $XXX,XXX of demolishing to spent XX, including capitalized portion XXXX. the in for

Now back you to John.

we And go chronologically real to again, for in going fourth and year, and September, million during $XXX,XXX. I'm the dismantling cash was property and went the Reynosa we this start to realized, Okay. later Lanxess plant the quarter the last with back work $X.X Laurel. here sold project to

where value a So got say a us I replacement Jackson Leo was we realized of this million cash or the point. value huge. and cash it on can roll equipment and injection And equipment $X.X the perhaps off. for and you is and us John that has at and went? Gus, the in on want the what briefly give do and headed to you could Leo you what amounted it equipment Reynosa Leo some lead did, Gustavsen project out input to

out there. Wadley. of will. XX some Reynosa but over ship Guanajuato, we’d the at to to say, we But took from also XX Puerto product I to Sure, sure. Mexico, plant plant different as tractor-trailers over some of equipment And Blanco the I the The that Antimony ship to was then operation realized to truckloads, Madero. parts that also primarily and

XXX, the In addition to contractor that, little XXX that. tons over a of from shipped scrap

want year. to February to do XX you the As Gus, this John we it. X September finished started some says add and of

I of the You equipments but describe can I covered Leo, went. guess it pretty that some well,

that be here $XXX,XXX places tubes, two compressor was of up came tools, sent they air job to of pretty setups pipe presses complete lots I and that we all compressor, power material can hand. I a Sure this that. doing or and furnace that steel. plant worth. and raw some a forklifts, Madero I not good vices of rotary sent wire sorts at for and stainless them Blanco them also many and leach we a transformers, about think, an structural as be $XXX,XXX the sent with That's Many, already. five instead sure a pickup we but mention hand I'm considerable. the to material, things, the have they've tools Wadley. large bunch bit fans, rather and have by cyanide steel example, installed sent transformers. exhausted of sent parts believe little tanks as mining Madero sent about and it's The a list an some Thompson up is furnace, lift, am is full lot addition needs man three compressor repaired, That's the things, saws it drills shipped other sent second of I has Blanco, and one. sent XXXX there gets are We burner large whole sent of do a because to brush. cases We and working a machine there Puerto did was my mechanic the I we bit think. bags. We air of You repair. to the loader truck, a Baghouse been can Plus an kind needed. includes forgetting understand order But one Falls We Puerto stored but electric everything baghouse, on on of that And better a We of five wide so deal but the that I the entire installed of in and front-end to cooling complete a just we Wadley when cable, Toyota cases them a and lines. disseminated and motors, and sent it a to tools. a Camry, quite electrical air several our shop

great. Okay,

many operated Mexico what, for years? has way how Leo, in by of introduction, Just Leo

Since late XXXXs.

And handled affairs, permitting as one of And ran logistics. that a year. up where he Gus met administrative him. point. million legal oxide has produced a per I to President, were pounds at that's affairs COO, CEO, XX company affairs, competitors We and

increase for a of first we have take We’ve involved. at four a to beginning time time, the projects. one have lot of XXXX. four were at And projects in those this one our done these [indiscernible] And So the antimony but one Watley was of a production significantly areas. providing largest at was considered And other second the Again, to to mine we various in by things. price the equipment, And paying experience from things mine, the Watley. miner's done had several transportation was things and our world. things able good

not production. was the handle So did have capacity we LRF, smelter was the rotary enough time furnace, Madero all that at to the dilemma one the at long just

the with expected electric be in provided increase load we've equipment. retrospect, production more. Watley compressors installing We're and items going and cameras, two on project stream large various that to of is pneumatic are So underground one much dump haul

Russell, second day Madero. on to and almost was there project And the I’ll long and beginning heading stream. go been night over of turn up. So LRF, brought the Russell year. rotary And he it that since for furnace, you He's ahead the second the is just Madero.

where working and roast you did were XX%. on to that's refractories after with as recovery and furnace first And was can slags the all other that ore. one files very Gus replace now original in but new similar sent on just that that ore, LRF guess recovery sent the some meantime, and XX% Gus been our Leo about between antimony the we're of And should meantime furnaces have I were the it we've four Reynosa on third is concentrates which LRF, than our furnace, the in it those that in it thin, mention got more with say, I And so understand Leo ground that that LRFs. we've got producing to I one which me. the yank our the were LRF. it we're well out and re-roasting the And and first the finely. I John tweaking, Okay, roast and of modified from that which

than Watley. things, So more from I have about principally it say handle capacity various but or don't think have that less we I total other to the Leo better. ought Gus of referenced would I like the two and magic A ball no mines, months predict, new And but that to will a couple they're LRFs, I from more John producing. lot sent, now, three the increased burner

cost implication to the mixture lot because, we why get I Systems. with carbon, air don't savings Here's the I much we more there's tweak and so fuel that can as don't than there. we lot Maxon air better can the auxiliary old a a Also, air is need a need of

savings and I slags And try our increase an soon The that'll that enormous the can production in other and want if thing we we in LRF changed I'm see an done, is going to as can other as to to get re-roast try be rate. if be LRF.

you. we to that overall And increase all that. increase say covers we wanted So have have about what recovery, an to I back in an capacity. basically in John,

Montana. thing is costs have are over our There in smelting started $X.XX to oxide Russell in we net and produce revenue studied Okay. making reduce in other a Mexico in that gross things we our one to in metal And increase it results operation. find revenue, that

So he's producing metal right on basis now. regular a

mean costs number major in And could here of replacement Mexico up in costs also and that's the or one, Secondly, fuel major our to XX% reduction LRF usage. Montana. a in XX%

our slag a thing is ton. way about ton over we $XXX to slag discovered short Montana, $XX. that cost in for costs short third In are our The for disposal Hazmat is Mexico site

the metal ahead going here immediately, almost we're in oxide North make eventually, forth. Mexico So in if so to with and supply all not Montana and go American and

cheaper items. those savings. of XX% to terms is So much metal antimony in contained crude a the additional of ship than oxide, is which metal are few about It's it

Okay.

It's Guadalupe the to trisulfide. at stream. our And in that is Going antimony calling we're brought a out on also smelting. for mine project, for Zacatecas. saving of we Guadalupe of we're three have and Madero to number material production that's next shipping production sulfide currently into trucks And the

to in turn plant on Going one the refining done and silver one here I'll construction big a for the it right Los Juarez. we've and you now for back what next to Montana the metallurgy, progress Gus, gold.

Okay. done. in Blanco is Los for Juarez Puerto plant nearly material The

material. type starts up lot a as doing here of the we've fact concentrates last Los antimonate and late fact, equipment of Madero the And me the sodium it of ships just since, We've to metallurgy in then year Russ today installed see, on been produce Falls. Juarez to In matter where got, a Thompson better ahead residue one process to a sorts residues some we've leeches the most make bullion Thompson another here work pretty Los leachate to go dealt We’ve do find those and in Falls at silver all much and proven product. we've We gold materials way how down the and metallurgy and some kind tried that. things. Juarez way that of and to of let

So later probably get we're using and today, the maybe whatever new to we've going with got going even start here. equipment tomorrow,

there, all that's think I I've John. got

up could customer growth, zeolite. little Bear for heads on et on cetera Matt, give antimony sales, Okay. us our rundown River? Matt and sales Keane a here you

Sure.

Zeolite, everything's Well, all For River can. Bear sure good the River markets active. with are I Bear very Zeolite,

in And great the is we has understand just growing, mean but is stay slowly and slowly. fast very filtration schedule from real market or here. market one full to growing real same is is color it's It's of markets in I've and couple great calls active a started been are higher in is I about general lately growing out what us customers, grass the quality strong, green the and ability I slowly BRZ, also both with Oil and just really product hope slowly. their combined it's here. steady I I Zeolite real out air faltering this the fast, into they're with our coming turf. And the that really of synthetic and feed some water really It's is suppliers are some animal potential Our growing a are at That quality for big now fits lately screening in August. and our really it at and a our kicking feel The getting continue a to little And also artificial that bit that year shows what growth. making customer because service. strong received, and the starting industry, blossom. see to making filtration that potential. customers steady, there specialty few – we we've product. way time huge it and their course looking The that for They're actually talking growing. The big from potential has because market of not not And switch summer's of BRZ. growth turf synthetic noticed too this customers but that to gas in from

that's it BRZ, for So what John.

Matt, on you're and Korea shipping could in the your that you touch new distributor to? countries also

feed are products, into, ingredient, large trucks to in already those typically. human is feeds for been every there product animal the he really been there actually in talked and we in amended golf ordered course get and industry feed, a GA amendments new golf orders close he's also The time ingredients and industry a giving farm two animal even for he’s that a He Korea, supplements. to soil over and used soil about bit. and a both of product is Korea is years our He's – for markets that business, and in one sample the amendment quite is not likes zeolite last course and expecting we'll the the is the him three – strong in in product business lot

a John, me little caught little with off You a me there. countries. help guard give

to that Russia, correct? you're is shipping see Let's

of shipping lot lot all feed where markets. a to golf so China filtration, ships the but bit of organic going takes the loads course, he's Ireland, our And He of he of yes, of Russian to, they're truck some know a for A lot – countries major of a South world is of a and – up countries over Well, and Russia, we lot all all product month. even our America, there, different countries, multiple multiple, that's of over don't lot England, one customer, the yes, water a of courses. all a ends world. over little

And that that. sales. products. is appreciate antimony in terms And Antimony of with very Matt, going is antimony, the trisulfide have free U.S. Okay, where oxide, we quickly, antimony that, metallic orientation

We silver also have and zeolite. gold and

thousand up all one at now of that online, the tons and the silver increase Guadalupe, to Wadley, and we its QX Los being fourth wrapped start very PP&E, is Juarez. from a antimony expanded. the thing scheduled in and in this several of three the revenue The and are public Madero gold then Los beginning in they’re which gross anticipate a And at this QX terms So Juarez. as projects is as last see of the point, we being we’ll go running the projections, of the as looking not rapid of result well are liner.

and with it no the neighborhood order that at of on revenue but revenue just around in about question-and-answers. that a middle construction mill augments a tons Blanco. ton maybe without over the ton the million will I’ll to reaching growth. And $X the up capacity started end day of the be to XXX that, we’re We a a Immediately With we may XXX that, the of continue mill by million be the XXX guarantee capacity. push to gross would of XXX to quarter, of pilot would having that mill, of per gross little the to ton later, $X the XXX turn XXXX, have anticipate bit then we it per that aiming of really $XXX will mill, the capacity, start mill XXXX, ton I possible ton. Puerto the that’s that continued on

take from Instructions] Richard first Please our [Operator question Good. We’ll ahead. go

we and to we Thank a that you individual sell an whether the gentlemen. war, not I’d we to Is information. trade the you, speak, Thank products investor. positive point ask a where so for you like or that continual that sell I’m about. them? negative there the the see question any for hear or being all And

Okay. pound, I’m $X historically go few in pound period. a seen an going this from Richard. to market speculative, XX-day there, over a is And we’ve a the antimony answer attempt but $X.XX

stopped antimony on have And that market, tariff volatile. absorb So devalued Antimony. very inventory point. yet. buying with that in think everyone, out the think I problem products. now antimony well the and not possibility, out the looking not probably thin we day The they I it’s so, XX think they’re tariff the the a Chinese it’s did will spelled on that of saw it this before products, they announce doing as for were And I they to up antimony I XX% as every And understand XX% went announcement. Yuan point, And go a at period, government, producer increase. XX, worldwide when don’t At they now resume, on that up and is the at as stocked but we’re any threat

Thank for you, you Thank that answer. John.

take Manthos. ahead. question [Operator Please go from next Instructions] Dimitrios our We’ll

Good come to on the with China. afternoon, XX% guys. don’t I Yes, China, a of on hand get tariff. mean, even the out with last – antimony believe was I now I think, just exempt I I earth relative antimony think there’s on could real from but things realized I tariff John, the, that question. right

Yes. correct. That’s

Yes, of on three production X%. of holding just So I was first inventory. going we’ll months the up out start big I What’s guess, up sales We sort year. flattish there? in with the know, Zeolite. were

lot Dimitrios, fall instance, very a business for of are but they now, be course, by year. through spa Right But right during had rough the the they’re beginning very, the seasonal are the we coming And the tough summer. pool of on winter and very strong. and little of strong will months winter, relatively now, and markets

We So set otherwise no really point. operational solved and of problem, mine didn’t that. that back, trigger was some had that this but one. problems the When beginning at of few still say a response problem problem planned that it’s

seeing in decrease a control Northern area. in We’re during the use for winter Ontario the in ammonia gold mines the Zeolite of

hay, and is the it’s other And a stuffs that seeing got it and sock, string so using mills winter, if Now aspects are feed with some in that’s animal ice out and plants. the binding, feed during so that a we’re you from going Animal surge mouldy in mold they’re mycotoxin feedstuffs. in that’s has ethanol market. the forth, is not gets with strictly but DDG, seasonal mouldy binder, using distillers real again grain in Zeolite a bad especially and forth mycotoxin dry words,

of the a background. this So was sort

also. The other infill Matt winter, amazed it’s strictly that is one were seasonal of were Canada artificial is in for during grass. We mentioned selling the we course some but

Okay.

was versus your Dimitrios, volume integrate? what kind question Is asking? of [indiscernible] you’re that

I just more I produced the – and first your then releases and than wondering press production sales mean, I I up you Well, was the a matched three you to your lot with for months just them relative numbers sold.

So that be – I for inventory. the figured of might some stock

understand. I

is we noticed, realize in one profitable I’ve The on that this, hop we and becoming are as thing, that more Dimitrios along. Okay. go might Dan and

intermediate I the I’m three on on know inventory Mexican of they wrapping I question. running. the now did how be doubling quarters expect you've Yes, inventory growth shifts missing same talked Where I that by of your ramp ore to I we $XXX,XXX have numbers asked up – EBITDA the the and up my zeolite. on, about of the to up quarter Guadalupe I’m here? head Wadley and quarters year-over-year, I based was look up. picture guess, would good. more – am still But coming and And you're trying the – inventory I inventory the antimony worth to each saw

disadvantage it's although of do the gives The big us the trucks, And have shipped right didn't now. is greater don't I explosives have a year. occur of The it maybe and Guadalupe, we very of a Xx Wadley until even infrastructure. Well, explosives. maybe stream coming couple the of start Wadley strong and a with we'd year And to increase Guadalupe, we the in is this than advantage believe from course, on last beginning advantage that. Xx

get of and as but not didn't the the So and capacity the Right until process capacity in And unfortunately, LRF improvements inventory he's putting did this now, all Madero big Russia's making on planned, started number the three. have really to year. the number it. got the smelter one

increases So we're liquidating what we've as up going got to gobbling production. in well be as

matter the it did you Mexican production Not at of we from pounds. we order was fact, look if but it, a XX,XXX to – did XXXX. on of increase As much, XXXX

quarter? the for pounds XX,XXX

that No, Yes, was quarter. first for the correct.

me you a XX,XXX I right. led think was you're pounds more And sold. Guadalupe. to

license. Guadalupe? So why don't we concentrate got We explosives an on

You can $XX for pound. make should Why trisulphide and $XX or sell more… antimony a

Go ahead, Demetrius.

more shouldn't at focus we since Yes. much now? Why on I price it trisulfide Guadalupe you more on was aren't antimony license, you why right point? and sell saying, explosives you focusing make a Guadalupe can an have premium

spent We we money are that. and focusing doing Okay. actually some

thing we're from we first of we Santa is mine to to a additional day. there. Monica. camp they very they're don't We and work them us it at Roanoke and that each getting have a expense And for the was and the work want head we forth. [indiscernible] literally so are town is The the and pushing to three taking they of [indiscernible] very, that small that two built immediately there the and and remote back way hours lived drive taking Guadalupe And long and

to certainly metallurgical to going commercial and very we to now up we've it trisulfide, limited Demetrius to right furnace give larger it pricing right terms at high breakthrough be electric levels about very, that of plant in appears concentrates in our we're would of use have antimony sort able It's in have trisulfide. us smaller this a to at now. being per a do $XX that, now And Now sites the furnaces, to pound contained. to produced here to get it's put We've of we're a market, with hand had instead but of profitable. technique, it right

Okay.

manufactured Montana? been has that Correct. you're in telling trisulfide the Is what me? So

will Blanco. yes. the Montana. to truck concentrate And to Monica, at would be that mined other words, In will mill in directly be, It it Santa Puerto come

have do Okay. apparatus it the don't commercial yet. to we But

to going kind that's – So project? have what going are costs of to that we for

There to facets But we're the $XX,XXX. to somewhere order is several get it. looking started, in of

Okay.

we’re And seeking a is also important. which spec, as approval military

take? long could do be we sort of you're that's some that you to seeking How Do produce know think Because will heard to about, going mill about? approval. we you we knew that and now when come spec

Not, be exactly. is and will the market military and then spec of selling as augment to commercial the in the we sell product and actually But be bigger yes, into non-exist market itself course that we'll also. mill stockpile. have product the produced And

Okay. before military But a have to or going you're Correct? to you government? have anything approval to sell

additional and testing the consistency, Well, I word. they've guess is it best be there'll for tested already

entity been that about Is And with Okay. is what's with sort this to something deal don't trisulfide holding for the that of now have… regarding some up we've you government? talking that year related a about

Not mining that purpose. for and now. stockpiling really. it we're currently We're on trisulfide ore And right progressing

Guadalupe has Okay. you've mine? you'll long I buy work own Rotterdam. the do that ore in you of XX% And the how realized right with where said that it as I the economics you – percentages, as broadly buy think for the past How

a we trisulfide the same There as It's being is table on price. – projected somewhat margin on so of But we're purchase profitable. extremely a basically, – the tremendous.

Okay.

have guess, So down? I own just it, ore we but where we for to pay coming mine, still the out the of

call cost. it mining We just a

Okay.

it? lot ore. in DSO countries. very And What of common shipping and we it's direct call Mexico

Okay.

wages not paying costs, ore. some So mining [indiscernible] for the pay we're we

of places That's Guadalupe. and We have crew Wadley at management do correct. course, small a both

Okay. general, have moving And been in down. to mean, on I coming antimony prices just prices

antimony – a it more the the get if thing down. coming you good had prices stuck, takes, As processing. because mean, are and when the rising, not and get I gives Don't margin it's are I total of that terms no antimony buy squeezed we've us sort ore, and couple it the to realize a smart doing? down, to works in ago where months probably prices I a mean, bottleneck more antimony ore of purchased we better antimony coming we but and be prices going

our – we adjust tabulador, a purchasing. can it call for We table

like to see Los want right. you We're on I the ordered mean only between, And in have that's processing I Juarez, gold, and it end because guys focus and silver buy and to a close prioritize there's zone antimony you Juarez mean, the money yet doesn't the do one releases. like really liner seems just, liner. to thing Los I Yes, press we're and to and sound you've on it according your

of in And control that are other liner, a fire things you solution at minor two is and in installation liner The assessed full building, there and the the instance of a the leach assay lab, nature money. three in we're grades. plant focusing to typically well of weeks, the the they're right now terms take we're on And finishing, for stride. as doing approach various but as there, we'll

We immediate with is are underway And focused inventory. paid is currently of have one capital, being right right in is that in the Mexican order on now. that the several one now of $XXX,XXX. we're of a IVA our one liquidation additional which services and The Government, the most

American try fit ability two will switch The to Russell shipping we're our from supply per truckloads to as And two X.X we'll on other we we that metal, one course, markets. to next trucks two trioxide, which different shipped And selling month. And North augment initially totally going have week. is to of that in can of the another we the make constantly in in has dual truck one metal, metal, be future. increased and profitability

a impediment as don't now. I right big see So, that

I Okay. And correctly on the second we the hear the – are that track on did for we're quarter? of still in still plan startup pilot

by starting third be it ready quarter, to quarter. the end have of we'll at We'll this go

slipped… just I Okay,

is Juarez just some Just of from confirm is now to our metallurgy. the processing concentrates Los legacy

we and Los shipping of small quarter Juarez. probably this So will from during silver gold amounts

indication us all Okay. the the [indiscernible]. work will if showed And terms give of way better have in truly your studies that of – a economics

mineralization strictly drilled in would to area. it trucking $XX to reasons to actually confirming. bigger very marketing key handle take for I a have a inferred. ton to would of silver for to pedal as the And larger that with at towards me, possible gold, that's viable classify values want And proven, on huge the by XXX minute with and say, we're the effective allow the think And possibly the size It'll delineate order be the us drilling of an to about be that to I metal mill. sight the Yes. a of ore the we've To we're we potential keep small possibility closer okay, have hearsay and substantially XXX depth. XXX a it, then we complex at this and us put the we ton, Though that looking of year, will that mills. the save end to a and the excellent would mine, currently got program we curious very but a deposit, this meters the mill say, is mill off. be we're coordinate protests mill step. ore intermediate of And talking can talking The has some been the pilot

If and proven you heard to would entail you have and try correct, gets probable? that would what something it get to for What that? I to do Okay. get, to going you’re

River. advantage at drilling that core holes fast. lack water. a is drill and – a more of that compared a it drill hydraulic-driven a core and we you for one truck is It’s buy It’s up what to were be not the big a not Bear we also the gives water of and homogenous does hammer. to would It’s have water. drilling, top-mounted require It sample very it use big drill. what of We core problems it’s cheap of to you very there the plan Dimitrios it use a similar What, is would pneumatic, we and blast

environmentally, that have We safer. around much rid got of just we’ve mud. to drill it’s don’t So, get

lastly… just And Okay.

second And it there also lasts as rig. old was

Okay.

expect free to do monies IVA that, the up, when John? on Lastly, you

a applied Dimitrios. already We’ve for refund

Mexico, XX days? like within Yes. does with But it happen

to Do you address want one? that

which will about it we for John. applied days Realistically, it, was six XX Yes, ago. take from time, weeks probably about the

to going Thank questions. else guys. ask some let you, I’m Okay. someone

Yes. Dimitrios. Thanks,

from Instructions] Sunrise Partners. We have Wealth go ahead. Mark question our [Operator next Menzel with Please

Hey John, are you? how

Good, Mark. how you are doing?

Good.

when company a Los Defense. with Los you Juarez, am And to and price there’s again, have think the the mentioned some them business, dealing profitability. be lot out Antimony, interested your I a Juarez? of in know go you of your government something of the But of The I I of ramp so potential control things for would sales, over. Could the Department that over this up production, you control. me, So, can significant

In terms of thinking? a you Mark, mill what throughput are

Well, it’s could once expect just get potentially put you up. ramped – like we bobbing what

a X.X tons that. testing want starting revenue up, year? think a million, I just day of beyond what or and X ramp a that? getting quarter the stage in press with like the quick million that get What $XXX it real through or you to ton million then mentioned potential on sense releases, per looks XXX X.X the I maybe a is about math talking we’re

isn’t a but been and playing Basically, that forth. product, interested of equipment in be availability we’re can we’ll But tons up it’s tons and can XXX begin the a – and going price run days very be a the starting XXX,XXX product, it’s going to pricing, not with to we And That’s that, month. math say we minute placement quickly terms we Okay. stock I’ve It be a a viable ramp a we’re a numbers with, as can. as profitable have speculative, a won’t at XXX you a at we month. making about day, at But necessary. so in to low on of say all. XX day

Yes.

And… okay. Okay,

I No. With, effect say, would Yes? margins. wide

trucking $XX ton I a XXX mill and costs, the an of ton. ton that in neighborhood probably $XX say would we’re drawback one but of that XXX extra is to at the terms a looking and a $XX say, ton we’re the of cost looking in would I at

good a leave line. still we’ll a bottom $XX ton But Okay.

equivalent larger bigger or of and tonnages both trucking. talking a see is course, the we’re start in of the a gram compared of definable profit, running they’re are efficiency a advantages. to throughput We running terms besides talking about. to less Yes. lot other words, in that Correct. mines run We’ll of half gold at and $XX what rock open that a those lot there’s pit, are this a remember just about tremendous of And

many And in an that I have company waiting this. are for think interest truly the people

the Hey, the Okay. It’s blah. be Yes, blah, for government. blah, with But… I’d doing silver. credibility, golden nice something

agree. I

I’ve for, waiting been John.

solved because having think finally of dilemma and and silver lot realize Well shareholders, finally Yes. And have the of just metallurgical bought starting we’ve and worked we a now, these gold out. all that delay in the the everyone that the to it not setbacks I only we’re that had we is, initial of metallurgy new. courses

Okay.

the So, Right. we still put down. line need or to

Right.

leach complete cyanide the And or process is leach. the almost complete

morning, just instance, the it’s as not, leach are the on a we things, little for this cyanide It’s putting of roofing more building, plant. minor

We’re Everything now. South and pipelines on in, line. cyanide is the in, way a it’s… water in, right connecting electric Africa its switch tailings is the from wired gears And up carbon are

process. anything And potentially most can is of like there exist This business part this company. seems do most profitable this for speed the to ever could we the that up

would this minor them just being, items yes, most we’re now are sent be for want morning be the a we’re can. typical we electric testing. startup, of And Mark, money we for and the everything – waiting agree. that doing I to able we

that we’re the and plant, Wet is and in shipping go to down get small part that testing do leaf have to right laboratory testing now. now. up laboratory pilot with planning to We’re we right speed. Gus doing to equipment a a

So, I don’t expedite anymore. think we can

well… But Okay.

can that gone recovery. minute do the not we that’s why we point then if reserves the faster we have we haven’t And cannot a that we’re can viable, Remember better. expedite we make say The into it.

I All when right. a I’m was in man said getting the I I opportunity understand. young saw past, I there, Like older. the I think

think seeing profits. really I get in forward the revenues and John. look there, run-up you’ll to I

Yes.

you. Thank

Thanks, Mark. Yes.

in no am [Operator queue. I Instructions] the showing questions

Okay, interest. everyone’s great. I appreciate

do I apologize. me, Excuse

Bert queued up. Management Bert William have from We

Bill. Hi

process. Hi, be they antimony, John. A or in whether on question of your inventories antimony work

the with be volumes in terms run of that of to cash. done you’re be those through that Madero, mentioned and can reinvested? is on You generate If trying expansion schedule, might raised money what

that that run order XXX,XXX be Bill I’ve of invested. and the that I’d we’re say can on

be Okay. that that scheduled budgeted XXX,XXX – that rest LRFs number including And what for the low the rest for for be possibly, the of then spending is year. would the will of on the

it’s get the that Well, rest nominal. Bill, of started, the year we

Right.

through XXX,XXX, from looking that but the mine at be out key the starting, turn under a here going end. we’re product quickly. the plant up mill, in quick turn, leach And the through worked around We’re Gus this things on is the to to the very once Madero got the has and

to I part through that up. ramp the be self-funding So think it’s going great on a

And year that or this occur late next year? would early

QX, QX…

year? this Of

Correct.

does prices. out chart an I metrics that would occasionally monthly send on I excel you. need love your Am that or it missed update? you a Okay. antimony Got

Matt can us, get Bill. for that

that. see then…. to And like I’d Yes,

That’s average. XX-year the

data monthly not – it’s it’s No. year by year. the

okay. Oh,

new made production, in external a their data a on sheet. then Anything again. sources people, they of other internal or And either China great That’s anything a from concentrate their on? picture terms going

XX up were it own for their they using XX way the about or years. ore looks, Basically, where just

Yes.

XX% And most – importing Russia, more They of Australia. are me their Gus, than correct ore. it of your now

Yes. are shipping Russia I Nicaragua, whether in some don’t claims that know. Australia. who not, to that’s There they’re true guys or

Brook. Of course, we’re looking at the Beaver reopening

worry Is that. the going How on anything I there? project of down with Right. about should there too Arabia supply? the Gulf we there about think don’t Karwa much down in presumed Turkey

true a trying don't It and $XX know. me to raise I scam is I understand not, as whether million, another that's or as was described they, are But it. to

in scoured and were was for information could when last that was I quite awhile I Internet since for that the $XX.X nothing the thing was John new out find million, on then. published ago, market they that that the

nothing's or so… being So is if that of constructed the implication is

I suspect. in metallurgical two, problems think Turkish they constructed, is ran they supply only whatever the

Okay.

mercury. high basically there, are that in governments And

number was all Yes. of We that John high looked a and it mercury. ago, at the Turkish years ore was

Okay.

So skill they comparator right? in the it’s a background,

in Actually would wish the I make supply because go they the and set. price buying the start market Chinese they

left to to Yes. draw on that Juarez a question property mine plan having what’s to the right will workspace which as you been from going that couple on you be Los Last thing, of or… times, lateral

Will. Actually… directions, Both

wide? How

and that’s we visited the in themselves. mountain seen the pipes the kilometers. next kilometers uh, Gus length it But million X.X well on seen have wide on as extend over a I of kilometer. as We've –excuse me depends X in it width two terms X and X It maybe outlier

Right.

With hope generalized property split antimonate for Now on this for to the grade your runs level? assumption? working what

Will You ore or grade. mean vertically

grade, ore No, yes.

We've matter fact and also. seen XX% percent huge a and XX% XX%, to variations from ore we’ve a of of seen a several tenths X%

Got it.

anything, Okay. that right? much as it prospect go But this a point really silver as the a is

Where Correct. goal. or lower is the is higher end antimonite high, grade typically end higher the where silver, for

XX to All listen from you Will days you. you. good. Got now. in Very Thank right.

Thanks, Will. Yes.

am I in showing the And Instructions] questions no more [Operator queue.

Thanks Hey, great. everyone. man. Appreciate it

you. thank Okay,

call. This participation. you today's your concludes Thank for

disconnect. You may now