Stable Top-Line with Clear Growth Traction
Consolidated sales for Q1 2026 were $6.8 million (versus $7.0 million prior year), roughly flat year-over-year. Zeolite shipments showed strong momentum with March 2026 volumes ~60% higher vs March 2025; March shipments exceeded monthly target by ~42% and April shipments ran ~66% above target, indicating accelerating demand and improving utilization heading into Q2.
Stronger Balance Sheet and Capital Raises
Cash and liquid securities totaled $60.2 million at quarter-end; subsequent receipts included a $12.8 million government grant and $48.6 million gross proceeds from an equity sale (average price ~$11.57/share). Management reported roughly $118.9 million in cash/treasuries/marketable securities after those transactions. Debt remained negligible (~$162k).
Significant Government Support and Contract Activity
Awarded a $27 million federal grant (DoD) with $12.8 million received in April; received $12 million in sales orders under a DLA federal contract (two initial orders). Management is pursuing additional federal grant funding (total applications cited ~ $274 million across hydromet, tungsten and other projects).
Major Operational Expansions Underway
Thompson Falls expansion will increase capacity from the ~75 tons/month old plant to about 230 tons/month with nine furnaces; commissioning staged with expectation to reach ~80% of new capacity by mid-July. Radersburg flotation mill was acquired for $4.3 million and is being outfitted with a laboratory for rapid in‑house assay work.
High-Value Resource Discoveries and Projects
Fostung tungsten technical report estimates an inferred resource of 14.62 million metric tons grading 0.17% WO3 (53.595M lbs WO3). Applying a tungsten price cited ($3,300 per MTU) management estimated a gross in-ground theoretical value of ~$9.3 billion. Nolan Creek antimony-gold deposit reported ~42,412 tons grading 28% antimony and 0.408 oz gold/ton (management cited gross value >$460M at current prices).
Hydromet JV and Long-Term Processing Ambition
Joint venture with Americas Gold and Silver to build a 120,000 sq ft hydromet facility in Idaho targeting ~1,000 tons/month of 99.9% pure antimony by 2028 (management: roughly half of the entire U.S. market). Hydromet is presented as enabling processing of lower-grade and more contaminated feedstocks.
Market Recognition and Liquidity Gains
Company uplisted to the NYSE Classic Board and rang the NYSE opening bell on March 11. Stock price rose from $5.93 to $8.30 in Q1 (~+40%) and market capitalization grew from ~$830.4M to ~$1.19B (~+43.4%). Average daily trading volume increased (roughly 12M+ shares), and institutional ownership was reported approaching ~50%.
Operational Wins in Sourcing and Processing
Madero smelter in Mexico secured consolidated supply contracts averaging ~225 tons of quality feedstock per month, improving feed reliability. Test work at Radersburg reported flotation concentrates with antimony grades in excess of 60% in initial tests.