<p>美国锑业公司（United States Antimony Corp.，简称 UAMY）已召开第一季度财报电话会议。以下是会议的主要亮点。</p>
<h3>在 TipRanks 上享受 55% 的折扣</h3>
<ul>
<li>解锁对冲基金级别的数据和强大的投资工具，以做出更聪明、更精准的决策</li>
<li>发现表现优异的股票投资理念，并升级到市场领导者的投资组合，使用智能投资者精选</li>
</ul>
<p>美国锑业公司在财报电话会议中传达了乐观但谨慎的信息，强调长期战略胜利的构建速度超过了短期财务结果的暗示。管理层强调了政府支持、资本实力、资源规模和运营扩展，同时承认成本压力、项目延误和投资波动可能导致未来几个季度的业绩不均衡。</p>
<h2>稳定的收入基础，沸石需求加速增长</h2>
<p>第一季度合并销售额为 680 万美元，与去年基本持平，但表面数字掩盖了沸石的显著进展。2026 年 3 月的沸石出货量比 2025 年 3 月高出约 60%，并超出月度目标约 42%，4 月的出货量约比目标高出 66%，显示出需求上升和更好的工厂利用率进入第二季度。</p>
<h2>现金和股权融资强化资产负债表</h2>
<p>公司在第一季度末拥有 6020 万美元的现金和流动证券，并增加了 1280 万美元的政府补助和 4860 万美元的股权融资，约为每股 11.57 美元。管理层现在手头有约 1.189 亿美元的现金、国债和可交易证券，债务几乎可以忽略不计，仅约为 16.2 万美元。</p>
<h2>联邦补助和合同支撑增长故事</h2>
<p>美国锑业公司获得了 2700 万美元的国防部补助，已收到 1280 万美元，并在联邦合同下获得了 1200 万美元的初始订单。公司还在追求大量额外的政府资金，约有 2.74 亿美元的申请在水冶金、钨和其他关键矿产项目中待处理。</p>
<h2>汤普森福尔斯和雷德斯堡推动产能扩张</h2>
<p>在汤普森福尔斯，产能预计将从每月约 75 吨跃升至约 230 吨，随着九台炉子分阶段投入使用，管理层目标是在 7 月中旬前实现约 80% 的新产能。以 430 万美元购入的雷德斯堡浮选厂正在配备内部实验室，以加快化验速度并缩短从勘探到生产决策的周期。</p>
<h2>高品位资源突显长期选择性</h2>
<p>关于 Fostung 钨矿的新技术报告概述了 1462 万吨的推测资源，品位为 0.17% WO3，约合 5360 万磅的钨三氧化物。使用引用的钨价 3300 美元每 MTU，管理层将理论的地下价值框定在约 93 亿美元，而诺兰溪锑金矿的毛金属价值超过 4.6 亿美元。</p>
<h2>水冶合资企业瞄准美国锑市场的一半</h2>
<p>通过与美洲黄金和白银公司的合资企业，公司计划在爱达荷州建设一个 120,000 平方英尺的水冶设施，目标是到 2028 年每月生产约 1000 吨 99.9% 纯锑。管理层表示，这大约占美国锑市场总量的一半，并强调水冶处理应能解锁低品位和更受污染的原料。</p>
<h2>NYSE 上市推动市场重新定价</h2>
<p>该股票在 3 月上市到 NYSE 经典板块，并举行了高调的开盘钟仪式，恰逢市场的急剧重新定价。第一季度，股价从 5.93 美元上涨至 8.30 美元，市值从约 8.3 亿美元提升至约 11.9 亿美元，日均交易量激增至超过 1200 万股，机构持股接近 50%。</p>
<h2>采购和加工的提升支持扩张</h2>
<p>在墨西哥，马德罗冶炼厂锁定了平均约 225 吨优质原料的合并供应合同，增强了输入端的可靠性。雷德斯堡的早期冶金工作令人鼓舞，初步浮选测试产生的锑浓缩物品位超过 60%，这可能支持未来更高价值的销售。</p>
<h2>更高的成本拖累第一季度盈利能力</h2>
<p>尽管战略进展，盈利能力却朝着错误的方向发展，毛利润同比下降 130 万美元，反映出更高的劳动力、工厂、进口和运输成本。公司报告净亏损 1130 万美元，主要由 480 万美元的非现金股票补偿和 410 万美元的 Larvotto 投资未实现损失驱动。</p>
<h2>各个业务板块销售疲软，前期投资加重</h2>
<p>锑业务板块销售较去年下降约 2%，而沸石业务板块销售在本季度下降约 7%，尽管在期末时销量有所改善。管理层将近期较弱的利润率与在库存、人员、物流和自动化上的故意前期支出，以及为准备更大销量而增加的运输和柴油成本联系在一起。</p>
<h2>Larvotto 股份增加波动性和治理风险</h2>
<p>Larvotto 的股权持有在第一季度产生了约 410 万美元的未实现市值损失，并成为电话会议的一个焦点。高管们提到与 Larvotto 领导层的互动不佳，并公开讨论了退出该头寸的可能性，同时指出后续价格波动可能使结果变化约 1400 万美元，突显其波动性。</p>
<h2>延误、天气和监管障碍减缓扩张</h2>
<p>供应链问题，包括 OEM 热交换器的延迟和调试延误，推迟了汤普森福尔斯的部分扩张，而地区洪水和天气阻碍了 Fostung 的现场工作。在蒙大拿州，监管机构要求在 Stibnite Hill 进行额外的浸出测试，延迟了批准，并可能减缓公司计划于 2026 年进行的采矿扩张。</p>
<h2>库存增加提升准备度但占用现金</h2>
<p>截至季度末，库存增加了 950 万美元，达到了 2200 万美元，因为公司主动购买了原材料，并为其设施的更高产能做准备。管理层将库存的增加视为支持即将到来的联邦合同和生产增长的必要步骤，尽管这暂时吸收了营运资金并对自由现金流产生了压力。</p>
<h2>执行风险与波动季度的预期</h2>
<p>高管们警告投资者应预期季度业绩的不均衡，因为新的炉子、工厂和实验室正在投入使用并逐步提升产能。多个补助金支付和项目时间表依赖于技术和许可里程碑的达成，而一些已获资助的资金预计在 2026 年之前无法使用，这增加了时间风险。</p>
<h2>指引：重申 2026 年大规模收入目标</h2>
<p>尽管第一季度出现亏损和运营问题，管理层重申了 2026 年 1.25 亿美元的收入目标，高于之前预期的 1 亿美元。他们预计其中 7500 万到 9500 万美元将来自于年末的联邦锑锭出货，这得益于扩大的汤普森福尔斯产能、稳定的马德罗原料、拉德斯堡工厂和强劲的沸石需求。</p>
<p>美国锑业的最新电话会议呈现出经典的先投资、后收获的叙述，投资者被要求超越短期亏损和运营问题。随着政府需求、资源规模、新产能和强化的资产负债表，上行潜力令人信服，但股票仍然紧密依赖于未来几个季度的严格执行。</p>

UAMY

<p>美国锑业公司报告了第一季度的财报，销售额稳定为 680 万美元，突显出沸石需求的增长以及强劲的现金储备 1189 万美元。该公司获得了 2700 万美元的国防部拨款，并正在扩大其汤普森福尔斯工厂的产能。尽管由于成本上升导致净亏损 1130 万美元，管理层对长期增长仍持乐观态度，包括一个目标是占据美国锑市场一半份额的合资企业。股票在纽约证券交易所的上市显著提升了其市值</p>

<p>United States Antimony Corp. ((UAMY)) has held its Q1 earnings call. Read on for the main highlights of the call.</p>
<div class="lb-trans"><p>美国锑业公司（United States Antimony Corp.，简称 UAMY）已召开第一季度财报电话会议。以下是会议的主要亮点。</p>
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<div class="lb-trans"><h3>在 TipRanks 上享受 55% 的折扣</h3>
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<div class="lb-trans"><ul>
<li>解锁对冲基金级别的数据和强大的投资工具，以做出更聪明、更精准的决策</li>
<li>发现表现优异的股票投资理念，并升级到市场领导者的投资组合，使用智能投资者精选</li>
</ul>
</div><p>United States Antimony Corp. delivered an upbeat yet sober earnings call, stressing that long-term strategic wins are building faster than near-term financial results suggest. Management highlighted government backing, capital strength, resource scale and operational expansion, while acknowledging cost pressures, project delays and investment volatility that could make the next few quarters uneven.</p>
<div class="lb-trans"><p>美国锑业公司在财报电话会议中传达了乐观但谨慎的信息，强调长期战略胜利的构建速度超过了短期财务结果的暗示。管理层强调了政府支持、资本实力、资源规模和运营扩展，同时承认成本压力、项目延误和投资波动可能导致未来几个季度的业绩不均衡。</p>
</div><h2>Stable Revenue Base, Zeolite Demand Accelerating</h2>
<div class="lb-trans"><h2>稳定的收入基础，沸石需求加速增长</h2>
</div><p>Consolidated Q1 sales of $6.8 million were essentially flat year-over-year, but headline numbers obscured meaningful traction in zeolite. March 2026 zeolite shipments ran about 60% above March 2025 levels and overshot monthly targets by roughly 42%, with April volumes approximately 66% above target, signaling rising demand and better plant utilization into Q2.</p>
<div class="lb-trans"><p>第一季度合并销售额为 680 万美元，与去年基本持平，但表面数字掩盖了沸石的显著进展。2026 年 3 月的沸石出货量比 2025 年 3 月高出约 60%，并超出月度目标约 42%，4 月的出货量约比目标高出 66%，显示出需求上升和更好的工厂利用率进入第二季度。</p>
</div><h2>Balance Sheet Fortified by Cash and Equity Raises</h2>
<div class="lb-trans"><h2>现金和股权融资强化资产负债表</h2>
</div><p>The company ended Q1 with $60.2 million in cash and liquid securities and then added a $12.8 million government grant and $48.6 million of equity proceeds at roughly $11.57 per share. Management now counts about $118.9 million in cash, Treasuries and marketable securities on hand, with debt effectively negligible at roughly $162,000.</p>
<div class="lb-trans"><p>公司在第一季度末拥有 6020 万美元的现金和流动证券，并增加了 1280 万美元的政府补助和 4860 万美元的股权融资，约为每股 11.57 美元。管理层现在手头有约 1.189 亿美元的现金、国债和可交易证券，债务几乎可以忽略不计，仅约为 16.2 万美元。</p>
</div><h2>Federal Grants and Contracts Underpin Growth Story</h2>
<div class="lb-trans"><h2>联邦补助和合同支撑增长故事</h2>
</div><p>United States Antimony secured a $27 million Department of Defense grant, with $12.8 million already received, and landed $12 million in initial orders under a federal contract. The company is also pursuing a large pipeline of additional government funding, with about $274 million of applications outstanding across hydrometallurgy, tungsten and other critical mineral projects.</p>
<div class="lb-trans"><p>美国锑业公司获得了 2700 万美元的国防部补助，已收到 1280 万美元，并在联邦合同下获得了 1200 万美元的初始订单。公司还在追求大量额外的政府资金，约有 2.74 亿美元的申请在水冶金、钨和其他关键矿产项目中待处理。</p>
</div><h2>Thompson Falls and Radersburg Drive Capacity Build-Out</h2>
<div class="lb-trans"><h2>汤普森福尔斯和雷德斯堡推动产能扩张</h2>
</div><p>At Thompson Falls, capacity is set to jump from about 75 tons per month to roughly 230 tons monthly as nine furnaces come online in stages, with management targeting around 80% of new capacity by mid-July. The Radersburg flotation mill, bought for $4.3 million, is being equipped with an in-house lab to accelerate assays and shorten the cycle from exploration to production decisions.</p>
<div class="lb-trans"><p>在汤普森福尔斯，产能预计将从每月约 75 吨跃升至约 230 吨，随着九台炉子分阶段投入使用，管理层目标是在 7 月中旬前实现约 80% 的新产能。以 430 万美元购入的雷德斯堡浮选厂正在配备内部实验室，以加快化验速度并缩短从勘探到生产决策的周期。</p>
</div><h2>High-Grade Resources Highlight Long-Term Optionality</h2>
<div class="lb-trans"><h2>高品位资源突显长期选择性</h2>
</div><p>A new technical report on the Fostung tungsten deposit outlined an inferred resource of 14.62 million metric tons grading 0.17% WO3, or about 53.6 million pounds of contained tungsten trioxide. Using a cited tungsten price of $3,300 per MTU, management framed the theoretical in-ground value at roughly $9.3 billion, while the Nolan Creek antimony-gold deposit was pegged at over $460 million of gross metal value.</p>
<div class="lb-trans"><p>关于 Fostung 钨矿的新技术报告概述了 1462 万吨的推测资源，品位为 0.17% WO3，约合 5360 万磅的钨三氧化物。使用引用的钨价 3300 美元每 MTU，管理层将理论的地下价值框定在约 93 亿美元，而诺兰溪锑金矿的毛金属价值超过 4.6 亿美元。</p>
</div><h2>Hydromet JV Targets Half of U.S. Antimony Market</h2>
<div class="lb-trans"><h2>水冶合资企业瞄准美国锑市场的一半</h2>
</div><p>Through a joint venture with Americas Gold and Silver, the company plans a 120,000 square foot hydrometallurgical facility in Idaho aimed at producing about 1,000 tons per month of 99.9% pure antimony by 2028. Management described this as roughly half of the total U.S. antimony market and emphasized that hydromet processing should unlock lower-grade and more contaminated feedstocks.</p>
<div class="lb-trans"><p>通过与美洲黄金和白银公司的合资企业，公司计划在爱达荷州建设一个 120,000 平方英尺的水冶设施，目标是到 2028 年每月生产约 1000 吨 99.9% 纯锑。管理层表示，这大约占美国锑市场总量的一半，并强调水冶处理应能解锁低品位和更受污染的原料。</p>
</div><h2>NYSE Uplisting Spurs Market Re-Rating</h2>
<div class="lb-trans"><h2>NYSE 上市推动市场重新定价</h2>
</div><p>The stock’s uplisting to the NYSE Classic Board and a high-profile opening bell ceremony in March coincided with a sharp market re-rating. Shares climbed from $5.93 to $8.30 during Q1, lifting market capitalization from about $830 million to roughly $1.19 billion, while average daily trading volume swelled to more than 12 million shares and institutional ownership approached 50%.</p>
<div class="lb-trans"><p>该股票在 3 月上市到 NYSE 经典板块，并举行了高调的开盘钟仪式，恰逢市场的急剧重新定价。第一季度，股价从 5.93 美元上涨至 8.30 美元，市值从约 8.3 亿美元提升至约 11.9 亿美元，日均交易量激增至超过 1200 万股，机构持股接近 50%。</p>
</div><h2>Sourcing and Processing Gains Support Scaling</h2>
<div class="lb-trans"><h2>采购和加工的提升支持扩张</h2>
</div><p>In Mexico, the Madero smelter locked in consolidated supply contracts averaging roughly 225 tons of quality feedstock per month, bolstering reliability on the input side. Early metallurgical work at Radersburg has been encouraging, with initial flotation tests generating antimony concentrates grading above 60%, which could support higher-value sales over time.</p>
<div class="lb-trans"><p>在墨西哥，马德罗冶炼厂锁定了平均约 225 吨优质原料的合并供应合同，增强了输入端的可靠性。雷德斯堡的早期冶金工作令人鼓舞，初步浮选测试产生的锑浓缩物品位超过 60%，这可能支持未来更高价值的销售。</p>
</div><h2>Higher Costs Drag Q1 Profitability</h2>
<div class="lb-trans"><h2>更高的成本拖累第一季度盈利能力</h2>
</div><p>Despite strategic progress, profitability moved in the wrong direction as gross profit fell by $1.3 million year-over-year, reflecting higher labor, factory, import and freight costs. The company posted a net loss of $11.3 million, driven largely by $4.8 million of noncash stock-based compensation and a $4.1 million unrealized loss on its Larvotto investment.</p>
<div class="lb-trans"><p>尽管战略进展，盈利能力却朝着错误的方向发展，毛利润同比下降 130 万美元，反映出更高的劳动力、工厂、进口和运输成本。公司报告净亏损 1130 万美元，主要由 480 万美元的非现金股票补偿和 410 万美元的 Larvotto 投资未实现损失驱动。</p>
</div><h2>Segment Sales Soft Amid Front-Loaded Investments</h2>
<div class="lb-trans"><h2>各个业务板块销售疲软，前期投资加重</h2>
</div><p>Antimony segment sales slipped about 2% versus the prior year and zeolite segment sales declined around 7% for the quarter, even as volumes improved late in the period. Management tied weaker near-term margins to deliberate, front-loaded spending on inventory, staffing, logistics and automation, along with higher freight and diesel costs intended to prepare for much larger volumes.</p>
<div class="lb-trans"><p>锑业务板块销售较去年下降约 2%，而沸石业务板块销售在本季度下降约 7%，尽管在期末时销量有所改善。管理层将近期较弱的利润率与在库存、人员、物流和自动化上的故意前期支出，以及为准备更大销量而增加的运输和柴油成本联系在一起。</p>
</div><h2>Larvotto Stake Adds Volatility and Governance Risk</h2>
<div class="lb-trans"><h2>Larvotto 股份增加波动性和治理风险</h2>
</div><p>The Larvotto equity holding generated an unrealized mark-to-market loss of roughly $4.1 million in Q1 and has been a flashpoint on the call. Executives cited poor engagement with Larvotto’s leadership and openly discussed the possibility of exiting the position while noting that subsequent price swings could have flipped results by about $14 million, underscoring its volatility.</p>
<div class="lb-trans"><p>Larvotto 的股权持有在第一季度产生了约 410 万美元的未实现市值损失，并成为电话会议的一个焦点。高管们提到与 Larvotto 领导层的互动不佳，并公开讨论了退出该头寸的可能性，同时指出后续价格波动可能使结果变化约 1400 万美元，突显其波动性。</p>
</div><h2>Delays, Weather and Regulatory Hurdles Slow Ramp</h2>
<div class="lb-trans"><h2>延误、天气和监管障碍减缓扩张</h2>
</div><p>Supply chain issues, including delayed OEM heat exchangers and commissioning setbacks, have pushed out parts of the Thompson Falls ramp, while regional flooding and weather hindered fieldwork at Fostung. In Montana, regulators requested additional leach testing at Stibnite Hill, delaying approvals and potentially slowing the company’s planned 2026 mining ramp-up.</p>
<div class="lb-trans"><p>供应链问题，包括 OEM 热交换器的延迟和调试延误，推迟了汤普森福尔斯的部分扩张，而地区洪水和天气阻碍了 Fostung 的现场工作。在蒙大拿州，监管机构要求在 Stibnite Hill 进行额外的浸出测试，延迟了批准，并可能减缓公司计划于 2026 年进行的采矿扩张。</p>
</div><h2>Inventory Build Boosts Readiness but Ties Up Cash</h2>
<div class="lb-trans"><h2>库存增加提升准备度但占用现金</h2>
</div><p>Inventory rose by $9.5 million to $22 million at quarter-end as the company proactively bought feedstock and prepared for higher throughput at its facilities. Management framed the inventory build as a necessary step to support upcoming federal contracts and production growth, even as it temporarily absorbs working capital and weighs on free cash flow.</p>
<div class="lb-trans"><p>截至季度末，库存增加了 950 万美元，达到了 2200 万美元，因为公司主动购买了原材料，并为其设施的更高产能做准备。管理层将库存的增加视为支持即将到来的联邦合同和生产增长的必要步骤，尽管这暂时吸收了营运资金并对自由现金流产生了压力。</p>
</div><h2>Execution Risks and Expectation of Bumpy Quarters</h2>
<div class="lb-trans"><h2>执行风险与波动季度的预期</h2>
</div><p>Executives cautioned that investors should expect uneven quarterly results while new furnaces, mills and laboratories are commissioned and ramped. Several grant payments and project timelines hinge on hitting technical and permitting milestones, and some awarded funds are not expected to be accessible in 2026, adding another layer of timing risk.</p>
<div class="lb-trans"><p>高管们警告投资者应预期季度业绩的不均衡，因为新的炉子、工厂和实验室正在投入使用并逐步提升产能。多个补助金支付和项目时间表依赖于技术和许可里程碑的达成，而一些已获资助的资金预计在 2026 年之前无法使用，这增加了时间风险。</p>
</div><h2>Guidance: Big 2026 Revenue Ambition Reaffirmed</h2>
<div class="lb-trans"><h2>指引：重申 2026 年大规模收入目标</h2>
</div><p>Despite Q1 losses and operational hiccups, management reiterated its 2026 revenue target of $125 million, up from a previously signaled $100 million. They expect $75 million to $95 million of that to stem from federal antimony ingot shipments by year-end, supported by expanded Thompson Falls capacity, stable Madero feeds, the Radersburg mill and strong zeolite demand.</p>
<div class="lb-trans"><p>尽管第一季度出现亏损和运营问题，管理层重申了 2026 年 1.25 亿美元的收入目标，高于之前预期的 1 亿美元。他们预计其中 7500 万到 9500 万美元将来自于年末的联邦锑锭出货，这得益于扩大的汤普森福尔斯产能、稳定的马德罗原料、拉德斯堡工厂和强劲的沸石需求。</p>
</div><p>United States Antimony’s latest call presented a classic build-now, harvest-later narrative, with investors asked to look past short-term losses and operational wrinkles. With government demand, resource scale, new capacity and a strengthened balance sheet, the upside case is compelling, but the stock remains tightly tied to disciplined execution over the next several quarters.</p>
<div class="lb-trans"><p>美国锑业的最新电话会议呈现出经典的先投资、后收获的叙述，投资者被要求超越短期亏损和运营问题。随着政府需求、资源规模、新产能和强化的资产负债表，上行潜力令人信服，但股票仍然紧密依赖于未来几个季度的严格执行。</p>
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美国锑公司制定了雄心勃勃的增长计划