They put out a long year end review. I liked this part best.
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Our growth in revenues in 2025 from $14.9 million in 2024 to approximately $39 million in 2025, or 160%, was predominantly derived from higher pricing on the products we sell, both antimony and zeolite. However, we anticipate that the calendar year 2026 will be different. We currently expect that our growth will come predominantly from higher volumes, not higher prices. This is being accomplished due to our extensive procurement efforts of raw antimony ore from various countries around the world, our own mining success, and our finalization of sales agreements with both our U.S. Government and an industrial customer that exceeds $350 million in the aggregate. Not bad for a company that reported only $15 million in revenues in fiscal year 2024.
One of the accomplishments I am most proud of though is we became the only fully integrated antimony mining company in the world, outside of China and Russia. What does that exactly mean? We mine the antimony raw ore, we crush and process or concentrate the ore (midstream), and we refine the ore into various saleable products at our smelters for our customers. This accomplishment gives us tremendous operating leverage that we have never had before, nor does any other company. It also gives our shareholders an opportunity to potentially realize profit margins down the entire food chain. We did this achievement in one year, which is unheard of in an industry that typically takes decades to open and operate mining assets. You will undoubtedly see some additional results from our mining efforts this year in both the states of Alaska and Montana.
So, what are things you should look for from your management team and board in calendar year 2026:
Financial Stability
Continued anticipated improvements in both financial and operating performance throughout the year
Continued diversity into other critical minerals that are sought by the DoW
Exceptional additions to our existing management team to further build “bench strength”
Significant growth in antimony ore output for our two smelters (both internal company-owned and international procurements)
New technology in some of our processes that we believe is revolutionary and proprietary to our company for use in the USA
Possible new Joint Ventures and M&A opportunities within the critical mineral space
Continued Federal Provincial Grant Requests, and State Government Contracts within the critical minerals arena where we are already actively involved
We significantly expanded our shareholder mix in 2025 from almost 100% retail investors at the beginning of the year to approximately 30% institutional today. This is partially reflected in our ever-increasing average volume of shares traded daily, which now exceeds 9 million. We also continue to broaden the number of firms that follow us from an equity research perspective. We anticipate the shareholder mix change to greater institutional ownership should continue throughout 2026.
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AI
