Antimony prices took a hit, dragging Q2 revenue down 25% to $7.9M — but that’s a rebound from Q1’s 17% surge thanks to higher sales and strong zeolite demand. Cash is flush: $62M+ in liquidity, including $41M in cash and $20M in Treasuries, with working capital doubled to $70M to prep for Defense Logistics Agency contracts and future commercial needs. Operations are booming — Thompson Falls expansion and Vadersburg mill upgrades are advancing, backed by DoD funding — and they’ve already shipped 80K lbs of antimony ingots to DLA (Q3 impact). Eyes are on scaling up: new mining claims in Alaska and Montana, plus tungsten exploration in Ontario. Despite the dip, optimism is high — institutional ownership’s rising, conferences are being rocked, and the mission remains clear: become America’s critical minerals backbone.
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