United States Antimony (UAMY) 18 Jul 232023 Q4 Earnings call transcript

Greetings. Welcome to the U.S. Antimony Corporation Company Update and Investor Call. At this time, all participants are in a listen-only mode. A question-and-answer session will follow the formal presentation. this being note Please Instructions] conference recorded. is [Operator

conference your of host, will Antimony. now C. to the turn ahead. Director I Gary over Evans, please go Gary, U.S. Lead

your you, for first Thank for XXXX. year calendar thank and all call dialing to actually Paul, in our of

calling On the up been have Joe’s our Florida. actually Montana around Gus is today me our I’m Chairman Gustavsen headquarters John and obviously CEO, call These Arizona Board another fellows with at calling in follows member is and and from Joe Bardswich. and from

determined brief directors here There changes of Incorporation So, to at Board We Corby of we’re all set that today company to our We X-K respect been give composition the seven. of the you lot Articles an maximum a last number Friday. Dr. filed overview. of a beginning out our has concerning with Anderson.

the So, election been rescinded. the Anderson effective, not Company’s that determined and has appointment was his Dr.

occurred So, that was Friday. our that first on change

on director occurred and as which resigned our both resigned. a Baitis, President the change who member, yesterday, was as occurred, from director. Company, time the has second And Lawrence change Board and Friday long third a then Russell Our of Hart President the Company, our well, director been as

So five. eight we that reduced thought to to was directors down what last week

did. Hasara I have we before on came who last Tim came are five three year November. being months So, Board two new, members which today, on of relatively about or in two I

directors a and ones. while have three for established two So, have that on been we new

Company. some Those talk significant bit two made had and to Russ little Hart. a want definitely We contributions to the fellows about

in the school I actually and was he in think, was think had since I Company been with hired Russ involved XXXX. high

little would the serving and So, a and Gus much Company’s I Gus about in than management and give thanks was the his long well. for Russ on positions I our to them to Hart turn call do. talk to bit as and And knows like over better tenure him Board

in and Russ off as about Blanco, Gary. he contributions Thanks at time Madero, worked Madero. Russ plant all to built working the management USAC President built We Puerto the of his future he his became Prior reduce and office operation. full worked and him there. at best company-wide. operations worked But mainly for on built then to a Mexican XXXX. Okay. education contracts, Russ the and tirelessly operations flotation strong In allowed. wish at strong the anyway, team that, XXXX, managed thank Lawrence staff a renegotiate Russ he did the and in in his and his supply improve He service costs, smelter the start and endeavors.

important on resource behalf Hart’s other Lawrence Los oversaw As very John geology antimony the Company. Upon own, visited doctorate Lawrence many an Hart And together. valued John for Hart, the death, metal joined Board a of and properties Russ the on has Hart in done best and many John’s in and friends. the Juarez to Hart of advice his were Baitis also geological Hart He Hart investigated XXXX. properties other on the became property. certifications. Russ and work He and much. precious

and services Hart We wish bright also thank for his a future. him

years founder the of was away John three -- Lawrence ago, And was the who of Thank the Company. who of passed Russ the know, as you, is Russ Gus. you most son

Hart tireless thank a lot again, for So, Russ want we and And both obviously, contributions. there. their tenure of to

we’re to be everybody on today I remind some I just that what would about. all give to the thought a quick new callers overview for try of Company, and may

now. That’s the which in properties the Montana, obviously Blanco property And River mill is smelter up precious Puerto and Los corporate that’s the is in is. our in Idaho. at -- with and metals the that’s Madero and Mexico. smelter plant there material we where that’s Sanders have right Bear property then in headquarters mining County, Company, down have We our flotation also antimony associated where antimony We the have Juarez Gus zeolite is

of of the So, the of primary that’s assets Company. kind a summary

due everybody, As in in pretty continued and a antimony. curtailed price reminder, the reminder much to decline milling antimony operations back the in mining U.S. of were a XXXX to

materials in from currently number of raw And Montana. Falls, there in purchasing antimonite oxide, our -- and we and trisulfide facility foreign processing Mexico. have continue our down from we to materials raw produce properties there. and are properties extracting antimony and metal we antimony, So, sodium antimony, that’s Thompson will own a metals our And precious located

is reasons in So, of year, as I filed give you obviously best Form of year here call do the knows, X.X in X of I morning market Company. filed the XX-K. were was for I some those our the months today numbers It XX-K. was It everybody, the probably on go I’m thought I’ll It highlights the late and an just into about -- a was think this before we by quick what that excellent But would Form months opens. financial indicated bit. that some the aware

over went reported XX% million, a million. up revenues a XXXX only up $XX year. to million which the $X.X cost $X.X is of The revenues from Company of million prior $X in little XX% versus The of over little

went Company expenses under from Gross to hair enabled profit increase. better XXXX. total just million to $XXX,XXX much in up and $X.X was a XXXX $X.X the in in gross a generate XX% XXX% million profit. versus XXXX, that’s million $X operating that only So And

up and of revenues, other went only that of just on take outstanding, you a And X.X%. when in on all both account, occurred in all net with small less being expenses, increase a So, side operating $XX,XXX had shares into $XXX,XXX higher loss side, a expense we of versus that very XXXX. which weighted income

U.S. look think in for this say year. all, Antimony’s can stellar that was a all So, I when everybody history, -- at you

thing in from million XXXX. obviously year-end, working million, important other quite that The is $XX.X $XX.X slightly At the was capital. is our it down

And by So, the there’s we XX-K us that’s opinion, this going clean healthy our morning, another our auditors, concern gave filed when no qualifications. a way, completely benefit.

So, then about antimony talk bit a let’s about give talk just and and to some little a related those. I’ll zeolite, little numbers you specific

XXXX X.X So, and of in big increase an sold at XX%. pounds factors the pounds of that’s one We XXX,XXX for in in revenues XXXX, the increase of right the versus antimony. sale million was

sale really peel So, look Company’s good was antimony. numbers if to the so to year, it of back the you and want what well, the look caused at, onion last

looking And a prices that antimony, the X.X% for were they they weren’t we at start up when increase. -- much, only

the in per So, not first or second down pound But that in price quarter, price $X.XX. pound pound about even down. XXXX though will I’m the $X.XXX tell per XXXX. I was XXXX, to talk price you in numbers going to we’ll give you a XXXX, was It’s per any for $X.XX; slightly financial minute. is

one that year antimony. stellar is reason a had that such we So, in

in Now, XXXX. more let’s XXXX, zeolite sold a had though compared to jump tonnage. tons gross over to XX% the in zeolite. to XX.X% even we was profit equal XXXX That’s increase tonnage. But Zeolite of of

Board growth revenues. were So about outpacing I’ll what is that’s things focused that does bit. our the here one mean? talk And And that costs It very in that management, a in the that of means on. your your

that realized, And do increase and year. There’s be we market that earlier if And sales. we this we to trying as here our So, those and a actually that about sales could we sell bit. fact, Russ in believe increase product. made we’ll quarter third know the will to second changes hope have talking be that enter zeolite, in we we to do of that the we’re best

to -- on is And a hard, we’ll very bear new can there’s the for possibly about So, that a we be zeolite, lot believe and the working we’re that. and opportunity products real that think talk of we Company. brought

let’s then overview. done So kind zeolite break of the down I’ll on and with antimony just be and quick sales, financial real sales

X.X I X.X sales And million versus in to XX% again, If price. you necessarily as looked were at at sold, XXXX, that’s they related not of said, poundage antimony really million. up

It’s X.X price is only sold, X.X that average zeolite, was to sales million. again, And our The XX%. respect related XX%. up X%. tonnage With were up to up predominantly million versus

have to slowly such going demand we for increasing We So, begin a because high from we zeolite, that are companies, different with a did of here prices. recently. number customer one

think I so, that And one is the objectives. of

relates Another boxing to of know that at especially the for the of is, it especially. to need packaging and as one customers operations our we BRZ, streamline orders we

look to at we purpose we the customer. have can next being And planned and do this of how Four call the week. three we on things. and largest people Idaho us look going, the to what plant, And of meeting automate differently actually that trip is our so, are can a at

a manager negotiating to a decision hire And that new division. executive zeolite begin so, we’re the to has Board exercise. divisional firm for that got with We’ve search an the made

and is that everything So, we crushing new know can hiring to there’s the someone this are rock that is important. opportunity shareholders one we standpoint we a of things is we it. letting of that want think -- on with need. the U.S. And having we great very and operation serious expertise to from personnel here do we And capitalize a

I we the can They of second would the quarter quarter hopefully XX quarter, bit these get reviewed first first first little quarter we’re which to first quarter. would a days are but do within quarter within firm, third-party our the talk days that safely, then have filed. be timing. being accounting timing audited. they or being We have again let’s So, the to quarter filed less unaudited, first believe we’re be second and about the say XX safely, by numbers, and second do and not say of I the

late. XX-K out and we way, bit the the why and let’s took long of So, that so now little were about that a got we why talk so

we make people we had as basically and we We for some late audit some getting to that had because occurred their in our January, weren’t have. doing that ready the weren’t changes jobs, accounting should in just department

slowed that and during contract a lot Because the we’ve part what So, of had our process. -- irregularities during and to year audit a on audit that CFO, better our that’s review, board had that the redo delayed down things. of of CFO, for occurred were that who number numbers XXXX for basically

to changed to very I quarter third from the second, any very, first, numbers and not filings. though, think financial it’s note important had be

we changes So, insignificant minor that whatever or were found to had so changes made. be so no

as in copacetic. is So, order. we very that our Again, financial were shareholder And feel opinion. -- have a we comfortable everything a while you clean numbers it’s should are late,

XX next get we which the done, and off first second -- races days, once again path never we’ll numbers go this be so, and should the we’ll quarter this And hopefully this have occur again. all to to second down and in

past weak experts. and One deemed things Company has being controls. the us of of Tim that the financial two been on that internal There’s been has now Hasara on the the Board are in myself

very changes making area. on controls. in begun keen already We’ve that We’re internal

One changes of you, there. We’ve be as made banks the to got that company been Sarbanes-Oxley of up probably noticed we’ve new that’s month, those. a and whistleblower meet about have listed meet transfers but website trying and bookkeeping -- and respect with the up to and we’ve our lot things an requirements on internally got is NYSE a a running we -- you’ve what call sure of wire to

the not are And that we that the is by one high place. have those have we XXXX controls Company. late on of in end priority fixed. internal didn’t Our the controls of a reasons is goal XX-K this that’s the of is internal if of most, proper all And to

irregularities And so, when was there catch going we couldn’t on.

fix And too to long. be alleviated should going that We’re before that.

that do that know $XXX,XXX members XXX,XXX was I per spent year stock lot that well buyback real our The stock filed cost as program average about buying questions, we this know in XX-K is But spelled get was the to quickly, I share. I a shares. of of explicitly other $X.XX summarize that last out morning. Board

is since So, bought still time. stock then. have all this back We could obviously in the with point cannot any bought a we filings stock filing, at that and on been late with late But has our not we not Qs.

in we, financial effort members of like our and controls to many say to mentioned further in what sufficient we by by I that have our the improve is an that numbers that internal reporting, don’t things Board have one would property, asset, you. by meetings have mine, also

the early given has us. for vetted new the days’ give Officer. three XX that He And been week. weeks so, will this We he’s permanent to management deal two And of here, and be we -- say, the cut like had with Board three have and Chief four hired notice letter job. of starting within by agreement most I his He current Financial notice. a his or weeks. a to to He signed Company

He to cost interlap And into Mexico, there’s has a our background -- and a in relates very cost mines between delving need, because that lot strong we you. that’s and and people in something it especially have down of as sorely operations cost what accounting.

penny So that is. what understanding our understanding down that goal and is process to a business

so, of have rely we manage numbers the to that to And we important we that order in got And this most things us for one properly, that’s company can need. on.

be new will that a So, great I think help. that

beginning the the new Executive already executive level for Officer company it has next the BRZ, that also Company be. divisional begun we’re the executive manager background and to mentioned, for search also to I a but where of to mining the experience search, run want an we We’ve as this Chief

of the Company. have are changes more coming. in the We the a a of or five changes all days, they’re So, last for lot betterment occurred four think lot

to We only improve to strong a together. we’re see we’re want Board so. And you, price. in shareholders cohesive that very operations is trading, is We level our everything and manner stock have higher like going than that all share in it and our one to power mind, working much a in do presently objective at is do a we, the and well increases where to that have this

positive you hope changes the changes to from we’ve made, changes report results and in so, to And make, those the near see we’re going able future. we be to

can we’re about -- on comments if off would I going XX if then So, has this minutes in up to Q&A any make, call session. don’t, about for John to or has we definitely it the and and we’re well do ask -- floor minutes. open Gus Joe cut or they XX any then to probably It’s

one So, keep lot in is calls of the these the shorter a past. goals to than

like Gus anything you say? Joe, have So, do or to you’d

have Gus. This I No. No, don’t is anything.

and job. out goes to They a on Hart friends comment good mine. comments remain and thanks like just certainly, of as I’d integrity. No, did friends Russ were a men good of Gus’ of and both great My And them. mine shareholder they’re to

you. Thank Great.

Paul, we’re for Okay, first ready our I question. think

we’ll [ph] conducting today Instructions] Crystal coming Certainly. question-and-answer a [Operator be At live. the is And line time, this from Thomas, session. first is question from Rustling your Thomas Investor.

roommate know Thank was personal and announced college. you. Investor my I Crystal is. Lawrence. brother’s of I He don’t a John just a personal what friend at was investor that I

this rather Company, unanswerable within with and I We have the the one. over that a be Company. challenging career bubbling regarding it’s considered with questions just public basis become checkered and in investors love I significant I know might one-to-one have very a questions forum. conversations on a am would asking been than some to very But my individuals

up situation think upfront. with. is is U.S. just some and antimony I and numbers envelope might reserves up what a The and but, was question -- with back he the sulfuring the reserves I brother antimony asset incredible the would now he of of incredible. come geologist situation, deceased, a that who proven did came my simple

reserves, So, my any those significantly upward. be Thank the extraction on which was gold going are huge in knowledge was I’d Company your down question be that at doing saw had done acceleration year-over-year. And And actually interested XX-K have you. I and as the that a looking is, silver plans been to to and the to thought past. whether I for the second proven not

the a that. Gus, Okay. I’ll can I’m will little Gus point and answer a I of to it. bit, gold With try in to sure Joe not and that that to most Company and but, know the position to has focal silver, respond answer be been for better respect

to With gas years, an reports company. every reserve not but It those money, do in gas I we XX or and us was you a the do it required do business and respect cost know ton to of was me, that production as for the and had year. reserves, oil of oil

the one that reports? it that so, my one future, proven, our why left, questions doing begin third-party flows believe so, and Hart possible, reserve they about was reserves better cash to don’t have and our one And know, was and that’s of of about the future to reports ground. capital as just those he’s going involved But talk is the our associated some you our to we is reserve the there the first expected of out some and of probable in goals -- was of getting evaluations then directors reserves costs And geologist, with revenues report involved I in doing talk a and because continue. work

is weak to that something we that hoping change. So, on we’re and something that are

in. let And guys so, I’ll or Gus jump Joe, you

jump in. I’ll

go Yes, ahead.

The expensive announcing and get is just et category feasibility report. by specific recently reserve is included the has of that and Okay. -- very assaying, to SEC amount followed a bulk drilling, and be proven has sampling to But very, of a resource. rules reserves, about that an cetera, there’s they extensive

definitions, we ways from the a do any present proven time, probable the that long We’re at not and under SEC reserves. and have

even a there. up is -- bit situation, a there easier don’t calculated we calculated program drill a has little ended reserve but have zeolite The that

first you, reserve River. Gus. a survey Bear figures the as the but Back that Directors of that on influence step a to is of will any is -- be We estimate large, estimates I U.S. at quite Board have geological from towards being have defining the that and

Joe. you I covered think it,

on that? any then maybe comment gold And and silver,

Juarez a stage. Los a silver, for terms at I definition potential this has of byproduct but further even just resource. think in behind gold it’s And and of that’s

and the we raw -- is and supplier. sell material our buy, sales that silver That correct. antimonite and sodium well, have precious metal gold year it is There some concentrate That’s back this to that XXXX. from where in come we the

Hopefully that helps questions. with your

Am I still live?

Please go ahead.

I the equate share. per of envelope, calculated that with $X.XX results? pre-tax of operating your Does roughly back

have see financial on to it should -- here. the be I the Let’s XX-K the statement. in pull

It’s big yet. report and a it way haven’t I a big It’s made my report. through

Yes.

quickly. I’ll can do. me you Let see I’ll what I if tell you tell

Let’s go will. and it looking be with the next question for you like I’ll

Okay?

Yes. Thank you.

you. Thank

is from Velasco. Joe, is Joe investor. a line question [Ph] private live. Joe coming Next your is

areas, any have like update curious I I on company Okay. here. investor. private and I’m a like you. all am in as of Thank Antimony some on. Defense an I And like years. or a Hi. anything investor becoming MarketWatch Department going of information of see Do for just limited very you with about States what’s I’ve been very, more new an batteries. I I recent? really And concerned been as the updates that different I’ve Because United possibly the where particularly of noticed about on reading, just was with X.X Ambri look

that that the of told think that I properly agencies unique things haven’t make government, opportunities ourselves. that that one very has the Well, and different recognize awards the like to are contracts that the some the companies with ones we make Company all is been

is all to big Russia-Ukraine of obviously are -- minerals artillery situation. plus. that in with the with I non-China U.S.-based the the respect think we’ve company are We’ve given shells to that affected military’s a sales the a been fact Ukraine we

from mines Army, the So, we kind being that Defense, that a some company meet a to cetera. et of position we required U.S.-based with available Department U.S. think are the have the of of demands we’re of unique in

what educate have our better we as those goals to So, government have. one is and to opportunities the of we entities

congressional have some in some past Gus I And awards. We know hearings. the received has attended

as But what I our company. to got our the we’re U.S.-based coming and to with best that. Gus? one let opportunity have think I’ll up. speak we better he U.S. the him that lies about educate government trying

Mining We Association a do up. We scheduled thing do coming yet. from head. not the It’s a not Montana congressional visit have have

be should We have soon. agreed it that

I going weeks. to that think he’s a attend Joe that few conference that the has next correct, Joe? Is in

of been I Gus, that’s in basically in Goodyear topic antimony. And a Friday, the a I’ve in attend, minerals. to and of And Natural regards asked to On Yes. Committee the is will time meeting statement suburb send Phoenix. House critical ahead Resources

United And list. Minerals the States is antimony on Critical Okay.

helps Hopefully your answer that sir. to question,

Ambri were them. that. be for with now? with for this they believe Is new any you very with and technologies seems Is a appreciate them? I you Is important that your I them Would there especially there make I’ve with them, product a heard know UAMY there, company No, update information possibly that there I pursuing are about say it is because to any also very, in aspect -- out a about that guys refine a the better something to still going of battery? or it with to utilizing that also while are because liquid anything any on updates with effect that long-term

can I that. take

frequent with numbers antimony. numbers. we so senior are been supplier talk and I really about can’t sole of have We at their management in the contact future or far Ambri,

a very we that work frequently. confidentiality on I though you tell speak close them. will basis and We’re with we

the into investors now terms -- UAMY Finance, I long-term. question end I that to want investors now. is, we’re as right look on also, past other it UAMY here, this there to seems And if people don’t is I say, And hear described gets dig much when company. I may on for our deep like MarketWatch to on. nature I No, last going pretty look look don’t like know, going things the is you I I don’t entities, at at charts, know have we And, what, the information how from one I’m you various that anything out acknowledgement -- balance, but I actually that in just concerned valuable do other know and not out getting sometimes the what there about have of I said, appreciate just that of of frustrated that that. yet Okay. that it because Google get going But I the really the we long-term. yourselves possibilities want will know you noticing uniqueness end see of on, so what’s out of valuable prospects there you’re that even like they Is investors going actually flat UAMY? start your look shadows UAMY into, good with the resources working and that in read there really the other and get of MarketWatch on to that anything this possibly and

certainly we’re a cognizant $X fact that. by of looked we’re of eye black Part at is Well, the problem institutions. that is late most not share XX-K we’re really and being The fixing the all sub filing having a price.

to and recognize company that. And PR for. we to lot our over making credit opportunity Board of jobs recommendations market next in probably a And a that’s be that work. IR So, it’s this some is will matter trying we begin our giving months. than weeks the more And fix that to area has a and the

So, newsworthy that. out. event. we’re our getting any be would of all our K, we’re be governmental up-to-date, to our numbers agency get a any our trying to would catbird by kind significant and And a row perfect in And from obviously do Qs a award get seat ducks in

that what sure what to have upon right can incumbent And deliver. available so we and we it’s agencies do know how and be us we the

is Demetrios [Ph] Matthews. private Demetrios investor. from coming is a question next The

gentlemen. afternoon, Good

Difficulty]. hear was you Regarding ago that Can me? a almost it Wadley, year [Technical

you. Yes, hear can we

of that mine, get, via basically that long year, to of Company out ago out bought the surveying agreement survey could was had had a mine to I of year some grades we the of from them the material of eight was okay it’s agreement XX-K. rougher has that from a Wadley months and learned some kind a the purchase -- that’s It the company sort and have The which thus it ore times. XX the to and what then believe, months Wadley, mine, almost eight use find history grand in pay know with What Wadley Wadley of we I an with been later. this April far? the month, try extended and

that to. lighter in The bought We’ve that. our gang and table is amount aren’t that take been taken Wadley. half the as as has who they are had regard antimony cleaning not can past, the ore a the a what’s as from ore bit and and about people years the concerned I doing We’ve from ore material grade a little some table, a well hour, put as put smelter, the we’ve some in of high we’re fair of on out per at we called it’ll a that used steps that sort so can ton heavy gravity the rock. mining

They weeks us the that we They getting three extended. know the them that. guess. documentation And they’re agreement agreement and owe so far that owners documentation, than just As tardy the ago, more they say in as will. our not supplied Wadley us. at management property. is no with them Russell the some they with have concerned, I to that can has been finish due met Meanwhile on diligence

able purchase to ore. still a still and are XX grand month We paying

In knew us ago in getting told six respect, months they us the there paperwork that that Gus, requested. that they all tardy due were

So, upgrading don’t can’t need if you as we -- due grade is to It going I’m somewhere. ascertain ore constantly get know been do realize this seems I diligence, to than and in I keep also feedstock get games. playing in for how regarding -- is Madero has circuit And XXXX? understand you’re low a this relationship future. at to trying will added so me, the just from telling be Wadley extended? just what

plant send to a be we sulfide small ores for The them sorting we oxide concentrate ores. will circuit can There where to high-XXs grade Puerto high-XXs the in Bronco low to flotation up us. situation to been antimony. to with, percent and Wadley head. bring you more to no trying is deal is we’re to difficult The to it than It’s frustrating it at a very

bring You We this complacency It’s heated live forever. discussion with been world our Board. point. in good a a can’t up

or happen So, something’s other the way soon. to going one pretty

outlier, down did an you all back it antimony. the it’s or was mining the in know low work, And but Okay. the of operations closed I reclamation when Montana and due guys price to XXs

crazy two perpetual are that do substantially Am of I you higher. to wait had be for plus Montana, we think or a we’ve some to in prices Now, could mining years get permitted? do just that possibility there that could

Joe, the about of talk Montana? possibility do mining in you want

nil. I think slim to

a price the veins sporadic as got than costs labor that of somewhat gone are up or and still You’ve antimony. very high quick have narrow quicker

a that’s think I non-starter, So Demetrios.

talked just question Okay. an No, guys about there. wanted no, I I before. it realize. to outlier knew haven’t you do I

remember, reasons do been mean, Mexico Mexico And very business. I has with past. has mining think to the a successful why in one main And intensive the cheap is of been having key labor we’re in I labor has obviously, a labor. to

No, were two on I we I saw would been know pounds I electric the were trisulfide. six question months produced extra Last awaiting be in those about two furnaces. XXXX. furnaces XX,XXX agree. ago Have extra installed? trisulfide

every a so we to we those What doing crucible. exchange trisulfide are of have hundred pores or make we with is

keep the spot one it old change crucible, XX with So, weeks take the for instead bad two new is, or furnace we going. having out of into crucible one the down just the and days where slip the the of week or furnaces, a while we

to So much maybe of a downtime, downtime there’s not furnaces. day out switch

as business people I think getting from as have would there. probably trisulfide demand, obviously, produce I you’d we as have feedstock produce feedstock it enough Guadalupe much lot China. guys And you get from or would Do that aren’t you market? much a -- enough the not to said you have a Soyatal as nice can like? trisulfide as Okay. you’ve mean, to of you’re

we We’ve do. to resmelt the from And to and recycled that the the and been the and actually send military oversize and To company recycling material, it trisulfide recast that sorts this grinds yes, it back spec. it grinder. take we point, fines it

and the we with surplus was late are Currently have So behind of we’re were we suppliers. -- the ammunition we last game for he year behind a and ahead demand.

Okay.

in correct? using China, recycled we’re probably from fines that came So essence,

where? from sorry, I’m

that China From you’re…

correct. That’s

into trisulfide tons right have we say, are XX are of now. we XX, will I XX probably Now, that here, We -- left. we tons Guadalupe from those and concentrates of making had maybe

virgin material. that’s So,

we see see No, Mexico made what China. because happened in germanium the weeks all I get gallium with and from recent to can want no, progress being the Okay. material just from we that

China not get to If run enough might through our can’t your have we ore, to electric smelters. related from then partner feedstock sulfide material

Okay.

But The Let undersized are it me States originally and Demetrius. clarify, dependent China now, resmelt it were over right at now, get stuff recycling effort. recycling on not the up. a that we United United coming it’s company. company grinds again, from from it’s States and from The China. we came so all. We them, a Right

gets partner it the China but from Yes, though, believe. I

XXXX. does he has shipped There No, not. country no trisulfide antimony since into China from this been

stand corrected. ask. the Thank Okay. else you for guys No, and someone I question let I’ll

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time. Thank no questions this you. And at other there were

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be your a more the to good updates So, good day progresses. I Goodbye. many And you hope Company. evening. and in providing year interest We the have as appreciate

Thank you. today’s This conference. conclude does

your You participation. for Thank you your lines may disconnect at time. this