Summary of Consolidated Financial Results for the Second Quarter Ended September 30, 2025(Unaudited)

Net sales

Operating income

Ordinary income

Profit

attributable to owners of parent

EPS

For the year ending March 31, 2026

Millions of Yen %

Millions of Yen %

Millions of Yen %

Millions of Yen %

Yen

Full year

40,200 59.7

5,300 47.3

5,200 47.3

3,550 44.5

1,450.59

4. Others

(1) Changes in major subsidiaries during the fiscal year (changes in specified subsidiaries accompanying

changes in scope of consolidation) : No

(2) Application of special accounting for preparing quarterly consolidated financial statements : No

(3) Changes in accounting policies, accounting estimates and retrospective restatements in the consolidated financial

statements

1. Changes due to amendment of accounting standards : No

2. Changes due to other reasons : No

3. Changes in accounting estimates : No

4. Retrospective restatements : No

(4) Number of outstanding shares at the end of the period:

1. Number of outstanding shares at the end of the period:

As of September 30, 2025: 2,605,900

As of March 31, 2025: 2,605,900

2. Number of treasury shares at the end of the period:

As of September 30, 2025: 154,985

As of March 31, 2025: 158,617

3. Average number of outstanding shares during period:

For the 2nd Quarter ending March 31, 2026: 2,448,450

For the 2nd Quarter ended March 31, 2025: 2,445,040

*Review of the Japanese-language originals of the attached consolidated quarterly financial statements by certified public

accountants or an audit firm: No

Explanation on appropriate use of business forecasts, and other special notes

The aforementioned forecasts are based on certain assumptions that Company has deemed relevant and

appropriate as of the date of publication.

Actual results may differ materially from the forecast due to many factors.

‌(Thousands of yen)

As of March 31, 2025

As of September 30, 2025

Assets

Current assets

Cash and deposits

2,128,680

3,500,467

Notes and accounts receivable - trade

5,109,073

5,490,049

Merchandise and finished goods

3,823,709

5,115,565

Work in process

404,737

474,890

Raw materials and supplies

3,100,380

3,378,019

Other

423,614

164,308

Allowance for doubtful accounts

(17,346)

(18,272)

Total current assets

14,972,851

18,105,028

Non-current assets

Property, plant and equipment

Buildings and structures, net

2,483,130

2,470,271

Machinery, equipment and vehicles, net

937,612

996,229

Land

1,436,191

1,436,191

Other, net

424,175

612,686

Total property, plant and equipment

5,281,110

5,515,379

Intangible assets

136,406

126,302

Investments and other assets

547,184

590,514

Total non-current assets

5,964,701

6,232,196

Total assets

20,937,553

24,337,224

(Thousands of yen)

As of March 31, 2025

As of September 30, 2025

Liabilities

Current liabilities

Notes and accounts payable - trade

2,388,240

2,686,346

Electronically recorded obligations - operating

333,459

332,152

Short-term borrowings

2,965,100

2,266,800

Income taxes payable

1,121,760

1,532,502

Provision for bonuses

252,515

243,638

Other

481,238

995,676

Total current liabilities

7,542,314

8,057,116

Non-current liabilities

Long-term borrowings

726,400

627,400

Retirement benefit liability

365,295

354,501

Asset retirement obligations

38,391

38,641

Other

332,310

321,109

Total non-current liabilities

1,462,397

1,341,652

Total liabilities

9,004,711

9,398,769

Net assets

Shareholders' equity

Share capital

1,018,126

1,018,126

Capital surplus

580,107

597,130

Retained earnings

10,412,225

13,371,603

Treasury shares

(149,730)

(147,336)

Total shareholders' equity

11,860,730

14,839,523

Accumulated other comprehensive income

Valuation difference on available-for-sale

securities

54,382

85,831

Foreign currency translation adjustment

17,728

13,101

Total accumulated other comprehensive income

72,111

98,932

Total net assets

11,932,841

14,938,455

Total liabilities and net assets

20,937,553

24,337,224

(Thousands of yen)

Six months ended September 30, 2024

Six months ended September 30, 2025

Net sales

10,859,405

20,839,425

Cost of sales

9,325,352

15,307,339

Gross profit

1,534,052

5,532,085

Selling, general and administrative expenses

609,906

729,377

Operating profit

924,146

4,802,707

Non-operating income

Dividend income

3,350

4,878

Subsidy income

4,287

5,913

Insurance claim income

8,039

7,201

Other

2,473

9,015

Total non-operating income

18,150

27,009

Non-operating expenses

Interest expenses

15,735

42,571

Foreign exchange losses

39,579

24,707

Care and maintenance costs of suspended mine

4,122

6,011

Other

485

925

Total non-operating expenses

59,924

74,217

Ordinary profit

882,373

4,755,500

Extraordinary income

Gain on sale of non-current assets

835

-

Total extraordinary income

835

-

Extraordinary losses

Loss on retirement of non-current assets

231

1,841

Total extraordinary losses

231

1,841

Profit before income taxes

882,977

4,753,658

Income taxes - current

290,877

1,461,279

Income taxes - deferred

(12,731)

(9,617)

Total income taxes

278,145

1,451,661

Profit

604,831

3,301,996

Profit attributable to owners of parent

604,831

3,301,996

(Thousands of yen)

Six months ended September 30, 2024

Six months ended September 30, 2025

Profit

604,831

3,301,996

Other comprehensive income

Valuation difference on available-for-sale securities

(2,296)

31,448

Foreign currency translation adjustment

4,509

(4,627)

Total other comprehensive income

2,213

26,821

Comprehensive income

607,045

3,328,818

Comprehensive income attributable to

Comprehensive income attributable to owners of

parent

607,045

3,328,818

Reportable segments

Others

Total

Reconciling items

Per quarterly consolidated financial statements

Antimony products

Atomized

metal powders

Reportable segments

Sales

Revenues from external customers

15,936,702

4,883,179

20,819,882

19,543

20,839,425

-

20,839,425

Transactions with other segments

-

28,268

28,268

809

29,078

(29,078)

-

Net sales

15,936,702

4,911,447

20,848,150

20,352

20,868,503

(29,078)

20,839,425

Operating profit (loss)

4,644,760

138,747

4,783,507

2,770

4,786,277

16,429

4,802,707