Total CapEx estimated at $22 million (Evans) to $23 million (Isaak).
Already spent $9 million; at least $10 million additional expected to be spent in Q4 2025.
Mgmt stance: Neutral; providing specific spending timeline and amount without commentary on outlook.
Q7 — Gary C. Evans
Topic: Company-owned ore mix target and operational challenges
Key points:
Targeted mix is 100% company-owned ore, but not expected in near future.
Weather is key constraint: Montana mine (mountain) faces snow/cold; Alaska operations fully shut for winter, restarting April–May 2026.
2026 plan: Alaska antimony sorted (low/medium/high grade), rock crushing at a staging area (cement pad laid in town), then shipped in SuperSacks to Montana.
Geologists in Alaska working on additional permits to avoid delays.
Mgmt stance: Neutral/bullish; focused on preparation for active summer 2026, but acknowledges current weather-driven limitations.
Q8 — Gary C. Evans
Topic: Financial alignment, cost strategy, and future outlook
Key points:
Q3 loss all from stock compensation (not cash), aligning management/shareholder incentives.
Goal: become the lowest-cost antimony producer globally.
Controlling own mining (antimony) ensures longevity and price certainty.
Mgmt stance: Bullish; expressed high confidence in achieving low-cost producer status, preserving cash, and aligning with shareholder interests.