THOMPSON FALLS, MT / ACCESSWIRE / August 18, 2022 /
FINANCIAL HIGHLIGHTS SECOND QUARTER 2022
- Total revenue of $3,587,925 for the second quarter 2022, a 57.7% increase compared to $2,275,562 over the second quarter of 2021.
- 363,128 total pounds of antimony sold at an average sales price of $6.81 per pound during the second quarter of 2022 compared to 339,117 pounds sold at an average sales price per pound of $4.21 during the second quarter of 2021
- Cash provided by operating activities of $745,038 for the six months ended June 30, 2022 compared to negative $2,236,609 for the six months ended June 30, 2021.
- Net income applicable to common shareholders of $349,404 for the three months ended June 30, 2022.
The Company's Form 10-Q for the period ended June 30, 2022 is available at:
https://www.sec.gov/ix?doc=/Archives/edgar/data/101538/000165495422011421/uamy_10q.htm
WADLEY MINE PURCHASE OPTION
US Antimony announces initiation of Purchase option of the Wadley Mines in the state of San Luis Potosi Mexico
US Antimony Corporation (USAC) has entered into a Purchase Option agreement with SB Wadley SA de CV. The agreement has been in negotiations since Nov 22 2021 and was finally signed by both parties on 8 Aug 2022. The agreement grants USAC 8 months, starting 15 Aug 2022 to mine and conduct geological and resource studies. USAC has agreed to pay $11,600 US dollars per month for these 8 months, at the end of which time, should USAC agree, USAC would pay an initial payment of $2.32 million dollars, followed by an annual payment of $1.16 million dollars for 7 years bringing total purchase price to $10.44 million dollars.
The Wadley District contains an extensive network of underground workings with at least 8 separate levels. Historically, it was the largest producer of antimony in Mexico.
SIERRA GUADALUPE ACQUISITION
US Antimony announces acquisition of the Sierra Guadalupe Mining Claims in the state of Zacatacas Mexico for its munition antimony trisulfide product
US Antimony is pleased to report that a deal to acquire the mining claims at the Sierra Guadalupe site in the state of Zacatecas Mexico has been signed. The agreement requires US Antimony to pay $1,200,629.81 US dollars with an initial payment of $522,000.00 US dollars followed by 50 monthly payments for the remainder of the balance.
The mine was in small-scale production prior to 1960. Nothing is known about the duration or production from this period but the previous owner, who purchased the claims in 1960 says his father sold train cars of ore during that period. The claims contain 4 separate mines:
- The Santa Monica mine that has 1 portal with more than 250 meters of tunnels.
- The El As mine which has 3 portals, each with approximately 150 meters of tunnels.
- The El As 2 mine which has one portal with about 300 meters connecting to the Santa Fe mine.
- The Santa Fe mine with 2 portals, one connecting to the El As 2 tunnel and the other with about 150 meters of tunnels.
Mine production between 1960 and 1965 was achieved by purchasing ore from the local miners and records were not kept or are not available. Mine production from 1965 until 1970, the last time the mine was worked, were approximately as follows per month:
- 50 tons (1 train ore car) of ore at between 30%-35% antimony.
- 100 tons (2 train ore cars) of ore between 22%-28% antimony.
- 150 tons (3 train ore cars) of ore between 15% to 18% antimony.
US Antimony, as part of an earlier agreement shipped low-grade dump rock from the Sierra Guadalupe mines to its flotation plant in Guanajuato Mexico to produce antimony trisulfide concentrates that were then shipped to its headquarters in Montana for purification in electric furnaces. The result of this campaign was the yielding of samples that were sent to the United States DLA (Defense Logistics Agency) for military specification approval. To date, all of the samples sent have been approved.
US Antimony is very excited to have acquired these claims as these claims represent a rare opportunity, namely, a source of non-contaminated antimony trisulfide ore suitable for the synthesis of antimony trisulfide for the munitions industry both for the DLA but also for the general munitions' industry.
The Company plans to formalize an agreement with the local surface-right owners with the assistance of the previous owner, fix the road, source miners, and begin mining as soon as possible.
ADDITION OF TWO ADDITIONAL BOARD MEMBERS
US Antimony is very pleased to announce two newly-appointed directors, John Gustavsen, CEO and Timothy Hasera.
John C. Gustavsen. Mr. Gustavsen graduated from Rutgers University in 1970 with a BS in chemistry and started work for Harshaw Chemical Company's plant in Gloucester City, NJ (purchased by Amspec Chemical Corporation in 1983), a major producer of antimony trioxide. Mr. Gustavsen took engineering courses at Drexel University from 1976 through 1980, and became president and treasurer of the company in 1983. He attended several accounting and financial seminars, took Chinese and Japanese language courses at the University of Pennsylvanian, and was promoted CEO in 1990. Mr. Gustavsen designed a new type of production furnace for antimony trioxide that eventually produced 20 million pounds of antimony trioxide per year. Mr. Gustavsen is conversant in Spanish, and other languages, and travelled to many countries as part of his duties as CEO/President of Amspec Chemical Corporation. Mr. Gustavsen came to work at United States Antimony Corporation in October of 2011.
Timothy Hasara is the Founder and Managing Partner of Sinnet Capital Management since 2021, a Microcap value fund. Prior to Sinnet Capital, Mr. Hasara spent 27 years at Kennedy Capital Management where he managed an Institutional Microcap Fund. Additionally, Mr. Hasara serves as Treasurer and Executive Board member of St. Patrick's Center, a large non for profit serving the homeless in St. Louis. Mr. Hasara has a Bachelor's Degree in Business Administration from the University of Notre Dame and a Master's Degree in Management from John Hopkins University.
SOURCE: United States Antimony Corporation
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