US Antimony Halts, Piedmont Finds Lithium, Ferroglobe's Cash Up

Key Takeaway

• U.S. Antimony ceases Mexico operations, reports a 28% revenue increase to $2.83 million, and a net income of $86k for Q1.
• Piedmont Lithium discovers new high-grade lithium zones at NAL in Quebec, hinting at extended mine life and increased production.
• Ferroglobe announces a positive net cash position, initiates dividends, and plans a $200 million stock buyback program.

U.S. Antimony Adjusts Operations

U.S. Antimony reported a significant operational shift in its first-quarter results, ceasing its Mexico operations and labeling them as a "Discontinued Operation." This move comes alongside a reported 28% increase in revenues to $2.83 million and a 108% increase in gross profit, attributed to a lower rise in sales costs compared to revenue growth. Despite these positive financial metrics, the company faced a 183% increase in operating expenses, partly due to non-cash stock compensation, resulting in a net income of $86k for Q1. Chairman and co-CEO Gary C. Evans highlighted this period as a turning point for the company, emphasizing the improved operations in the U.S. and a strengthened cash position, now at $11.94 million.

Piedmont Lithium Expands Potential

Piedmont Lithium announced the discovery of new high-grade lithium zones at North American Lithium (NAL) in Quebec, suggesting a potential upgrade in mineral resources and an extension of the mine's life. These findings come from the 2023 drill program, which identified thick spodumene-bearing pegmatites beyond the current operational areas. NAL, which restarted production in March 2023, has been setting record production volumes consistently. President and CEO Keith Phillips underscored the strategic importance of NAL and the exciting possibilities these discoveries hold for extending the mine's life and boosting production.

Ferroglobe Achieves Financial Milestones

Ferroglobe reported its Q1 financial results, showcasing an adjusted EBITDA of $25.8 million and achieving a positive net cash position for the first time. The company's gross debt reached an all-time low of $81 million. Additionally, Ferroglobe initiated quarterly cash dividends of 1.3 cents per share and announced a $200 million stock buyback program over five years, pending a shareholder vote in June 2024. The company also fully restarted its French operations on April 1 and is pursuing a permit to expand U.S. silicon metal production. A memorandum of understanding (MOU) was signed with Coreshell, followed by a post-quarter investment after positive lab test results.

Solitario Resources Discovers High-Grade Gold

Solitario Resources discovered three new high-grade gold zones at its Golden Crest project, with reconnaissance sampling revealing gold values up to 57.9 grams per ton (gpt). The discovery spans a four-square-kilometer area between the Downpour and Sleeping Beauty targets, with 203 samples collected, including 27 samples exceeding one gpt gold. President and CEO Chris Herald described these findings as some of the highest-grade initial samples at Golden Crest and anticipates the start of the drilling program in June.

Management Quotes

• Gary C. Evans, Chairman and Co-CEO of U.S. Antimony:

  "The quarter a turning point, emphasizing improved U.S. operations and a strong cash position."

• Keith Phillips, President and CEO of Piedmont Lithium:

  "Highlighted the potential for resource upgrades, emphasizing NAL’s strategic importance and exciting possibilities for extended mine life and increased production."

• Chris Herald, President and CEO of Solitario Resources:

  "Highlighted these as some of the highest-grade initial samples at Golden Crest and anticipates the upcoming drilling program starting in June."