Strong Revenue and Gross Profit Growth
FY2025 sales of $39.3M, up 163% year-over-year; gross profit dollars increased by $6.4M (up 185% YoY); gross margin improved from 23% to 25% (↑2 percentage points).
Material Improvement in Liquidity and Working Capital
Cash, U.S. treasury securities and equity securities totaled $91.3M at year-end 2025 vs. cash only $18.2M at end of 2024; working capital rose to $44.6M (increase of $27.9M); net debt minimal at $195,000.
Large Government and Commercial Contracts
Secured a sole-source DLA contract upgraded to $248M (5 years) with anticipated deliveries ~ $75M of antimony ingots in fiscal 2026; executed a $106.7M 5-year industrial antimony contract; combined contract backlog ~ $354M.
Institutional Adoption, Market Re-Rating and Uplisting
Share price rose from $1.78 to $5.02 (+182%); market capitalization grew from $201M to $703M (+250%); institutional holders increased from 48 to 222; average trading around 15M shares/day; uplisted to NYSE Main Board (increased visibility and liquidity).
Vertical Integration and Capacity Expansion Plans
Became fully vertically integrated in antimony division; Thompson Falls smelter expansion will more than triple capacity; planning and engineering underway for a hydromet facility in Idaho via JV with Americas Gold and Silver; awarded ~$27M in government funding to assist expansion.
Significant Resource and Asset Acquisitions
Fostung (Ontario) tungsten inferred resource reported at 14,770,000 metric tons grading 0.17% WO3 (54.17M lbs WO3) with a stated gross in‑ground value ~ $4.6B (SRK technical work to be filed with SEC); acquired 10% stake in an Australian company for $37.2M; purchased McDonald Creek property for $1.3M with historical report of 42,400 tonnes @ 28% antimony (in‑situ value cited ~ $297M).
Bear River Zeolite: Strong Reserve and Early Commercial Traction
Bear River Zeolite (BRZ) has a reported ~400-year reserve life; water treatment represents ~75% of current revenue; recent conversion to bulk logistics and new cattle-nutrition customers expected to materially increase volume and margins in 2026.
Inventory Position to Support Contracts
Antimony inventory increased from 78 tons to 465 tons year‑end 2025 (17% of inventory sourced from company-owned Thompson Falls mine), providing supply buffer to meet DLA and other contractual commitments; first pallet shipments to government nearing completion.