US Antimony Halts Mexico Operations; Piedmont Lithium New Discoveries; Ferroglobe Sees Positive Net Cash And More: Wednesday's Top Mining Stories

U.S. Antimony

U.S. Antimony (AMEX:UAMY) reported its first-quarter (Q1) results with revenues rising 28% to $2.83 million and a 108% increase in gross profit due to a lower rise in sales costs. 

• Operating expenses increased by 183%, partly due to non-cash stock compensation and net income for Q1 was $86k. 
• The company ceased its Mexico operations, reduced overhead and shifted to a “Discontinued Operation.” 
• Cash position improved to $11.94 million and chairman and co-CEO Gary C. Evans called the quarter a turning point, emphasizing improved U.S. operations and a strong cash position.

Also Read: Anglo American Expedites Plan To Divest De Beers, Other Assets After Rebuffing BHP Takeover Bid

Piedmont Lithium

Piedmont Lithium (NASDAQ:PLL) announced new high-grade lithium zones at North American Lithium (NAL) in Quebec, jointly owned by Piedmont (25%) and Sayona Mining Limited (75%). 

• The 2023 drill program suggests a potential mineral resource upgrade and mine life extension, discovering thick spodumene-bearing pegmatites beyond current operations. 
• NAL, which restarted production in March 2023, has consistently set record production volumes. 
• President and CEO Keith Phillips highlighted the potential for resource upgrades, emphasizing NAL’s strategic importance and exciting possibilities for extended mine life and increased production.

Ferroglobe

Ferroglobe (NASDAQ:GSM) reported Q1 financial results with an adjusted EBITDA of $25.8 million. The company achieved a positive net cash position for the first time. 

• The company's gross debt hit an all-time low of $81 million. It initiated and announced quarterly cash dividends of 1.3 cents per share. 
• A $200 million stock buyback program over five years was also approved, pending a shareholder vote in June 2024. 
• French operations were fully restarted on April 1. The company is applying for a permit to expand U.S. silicon metal production and signed an MOU with Coreshell, followed by a post-quarter investment after positive lab test results.

Solitario Resources

Solitario Resources (AMEX:XPL) discovered three new high-grade gold zones – Holland, Top Dollar and Wildcat – at its Golden Crest project. 

• Reconnaissance sampling revealed gold values up to 57.9 grams per ton (gpt). 
• The zones span a four-square-kilometer area between Downpour and Sleeping Beauty targets, with 203 samples collected, including 27 samples exceeding one gpt gold. 
• President and CEO Chris Herald highlighted these as some of the highest-grade initial samples at Golden Crest and anticipates the upcoming drilling program starting in June.

Now Read: Australia Injects $374M Into Critical Minerals Exploration: ‘We’ve Got Some Huge Advantages’

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