# UNITED STATES ANTIMONY CORP (UAMY) Informational only - not investment advice. CIK: 0000101538 SIC: 3330 Primary Smelting & Refining of Nonferrous Metals SIC breadcrumb: [Manufacturing](/division/D/) > [SIC Major Group 33](/major-group/33/) > [SIC 3330 Primary Smelting & Refining of Nonferrous Metals](/industry/3330/) Latest 10-K filed: 2026-03-19 SEC page: https://www.sec.gov/edgar/browse/?CIK=101538 Filing source: https://www.sec.gov/Archives/edgar/data/101538/000110465926032049/uamy-20251231x10k.htm ## Selected Fundamentals | Metric | Value | Unit | FY | Filed | | --- | ---: | --- | ---: | --- | | Revenue | 39257708 | USD | 2025 | 2026-03-19 | | Net income | -4339526 | USD | 2025 | 2026-03-19 | | Assets | 153925669 | USD | 2025 | 2026-03-19 | ## Financials Annual standardized facts from SEC companyfacts as of latest extracted filing date 2026-03-19. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0000101538.json. Derived margins, ratios, and free cash flow are computed from the extracted annual SEC facts. | Metric | 2009 | 2010 | 2011 | 2012 | 2013 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | | --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | | Revenue | | | | | | 11,890,135 | 10,229,978 | 9,034,403 | 8,268,005 | 5,235,530 | 7,747,506 | 11,044,707 | 8,693,155 | 14,937,962 | 39,257,708 | | Net income | | | | | | -1,309,200 | -1,134,394 | 873,225 | -3,672,891 | -3,286,804 | -60,469 | 428,661 | -6,348,287 | -1,730,404 | -4,339,526 | | Operating income | | | | | | -816,522 | -959,699 | 547,036 | -3,753,677 | -3,304,742 | -660,257 | 348,205 | -7,069,001 | -2,390,812 | -8,458,865 | | Gross profit | | | | | | 536,651 | 275,460 | 1,543 | -816,251 | 205,698 | 838,605 | 1,996,190 | -3,344,784 | 3,466,918 | 9,873,512 | | Diluted EPS | -0.01 | 0.01 | 0.01 | -0.01 | -0.03 | | | | | | | | -0.06 | -0.02 | -0.04 | | Operating cash flow | | | | | | 425,837 | 716,776 | -656,631 | -11,355 | -1,305,664 | -2,431,477 | -249,277 | -4,750,026 | 2,220,303 | -9,690,993 | | Capital expenditures | | | | | | 595,839 | 365,541 | 899,119 | 792,925 | 243,091 | 648,128 | 1,726,415 | 1,528,672 | 430,596 | 27,808,485 | | Dividends paid | | | | | | | | | | | | 0.00 | 787,730 | 0.00 | | | Share buybacks | | | | | | | | | | | 0.00 | 202,980 | 0.00 | | 449,475 | | Assets | | | | | | 17,765,998 | 17,131,254 | 17,557,123 | 13,693,975 | 13,299,502 | 35,002,727 | 34,700,450 | 28,094,995 | 34,642,602 | 153,925,669 | | Liabilities | | | | | | 6,423,745 | 6,754,645 | 6,132,289 | 5,226,833 | 6,113,113 | 2,633,924 | 2,831,195 | 2,574,027 | 6,041,929 | 12,970,480 | | Stockholders' equity | | | | | | 11,342,253 | 10,376,609 | 11,424,834 | 8,467,142 | 7,186,389 | 32,368,803 | 31,869,255 | 25,520,968 | 28,600,673 | 140,955,189 | | Cash and cash equivalents | | | | | | 10,057 | 27,987 | 56,650 | 115,506 | 665,102 | 21,363,048 | 19,060,378 | 11,899,574 | 18,172,120 | 30,494,320 | | Free cash flow | | | | | | -170,002 | 351,235 | -1,555,750 | -804,280 | -1,548,755 | -3,079,605 | -1,975,692 | -6,278,698 | 1,789,707 | -37,499,478 | ### Ratios ROE and ROA use period-end equity/assets. Liabilities / equity uses total liabilities divided by stockholders' equity. Current ratio uses current assets divided by current liabilities when both are reported. | Metric | 2009 | 2010 | 2011 | 2012 | 2013 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | | --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | | Net margin | | | | | | -11.01% | -11.09% | 9.67% | -44.42% | -62.78% | -0.78% | 3.88% | -73.03% | -11.58% | -11.05% | | Operating margin | | | | | | -6.87% | -9.38% | 6.06% | -45.40% | -63.12% | -8.52% | 3.15% | -81.32% | -16.00% | -21.55% | | Return on equity | | | | | | -11.54% | -10.93% | 7.64% | -43.38% | -45.74% | -0.19% | 1.35% | -24.87% | -6.05% | -3.08% | | Return on assets | | | | | | -7.37% | -6.62% | 4.97% | -26.82% | -24.71% | -0.17% | 1.24% | -22.60% | -5.00% | -2.82% | | Liabilities / equity | | | | | | 0.57 | 0.65 | 0.54 | 0.62 | 0.85 | 0.08 | 0.09 | 0.10 | 0.21 | 0.09 | | Current ratio | | | | | | 0.50 | 0.40 | 0.54 | 0.32 | 0.40 | 11.38 | 9.74 | 15.68 | 5.16 | 5.38 | ## Quarterly Quarterly standardized facts from SEC companyfacts as of latest extracted filing date 2026-05-14. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0000101538.json. Flow metrics use discrete quarter-length periods from 10-Q/10-Q/A filings. Q4 revenue and net income are derived only when annual FY and nine-month YTD facts exist for the same fiscal year; derived Q4 values are labeled. EPS Q4 is not derived. | Quarter | End date | Revenue | Net income | Diluted EPS | Method | | --- | --- | ---: | ---: | ---: | --- | | 2019-Q1 | 2019-03-31 | | | -0.01 | reported discrete quarter | | 2019-Q2 | 2019-06-30 | | | -0.01 | reported discrete quarter | | 2019-Q3 | 2019-09-30 | | | -0.02 | reported discrete quarter | | 2020-Q2 | 2020-06-30 | | | 0.00 | reported discrete quarter | | 2021-Q2 | 2021-06-30 | | | 0.00 | reported discrete quarter | | 2022-Q3 | 2022-06-30 | | 353,619 | | reported discrete quarter | | 2023-Q2 | 2023-06-30 | | -336,465 | | reported discrete quarter | | 2023-Q3 | 2023-06-30 | | -336,465 | | reported discrete quarter | | 2023-Q4 | 2023-12-31 | | -3,560,310 | | derived Q4 = FY annual - nine-month YTD | | 2024-Q1 | 2024-03-31 | | -322,768 | | reported discrete quarter | | 2024-Q2 | 2024-03-31 | | -322,768 | | reported discrete quarter | | 2024-Q3 | 2024-06-30 | | 202,792 | | reported discrete quarter | | 2025-Q1 | 2025-03-31 | | 546,524 | 0.00 | reported discrete quarter | | 2025-Q2 | 2025-03-31 | | 546,524 | | reported discrete quarter | | 2025-Q3 | 2025-06-30 | | 181,555 | | reported discrete quarter | | 2025-Q3 | 2025-09-30 | | | -0.04 | reported discrete quarter | | 2025-Q4 | 2025-12-31 | | -286,905 | | derived Q4 = FY annual - nine-month YTD | | 2026-Q1 | 2026-03-31 | 6,784,069 | -11,294,490 | -0.08 | reported discrete quarter | ## Macro Cross-References - [CPIAUCSL](/indicator/CPIAUCSL/): Consumer Price Index for All Urban Consumers: All Items in U.S. City Average - [UNRATE](/indicator/UNRATE/): Unemployment Rate - [FEDFUNDS](/indicator/FEDFUNDS/): Federal Funds Effective Rate - [CES0500000003](/indicator/CES0500000003/): Average Hourly Earnings of All Employees, Total Private - [DFEDTARU](/indicator/DFEDTARU/): Federal Funds Target Range - Upper Limit - [DFEDTARL](/indicator/DFEDTARL/): Federal Funds Target Range - Lower Limit - [DGS3MO](/indicator/DGS3MO/): Market Yield on U.S. Treasury Securities at 3-Month Constant Maturity - [DGS2](/indicator/DGS2/): Market Yield on U.S. Treasury Securities at 2-Year Constant Maturity - [DGS10](/indicator/DGS10/): Market Yield on U.S. Treasury Securities at 10-Year Constant Maturity - [DGS30](/indicator/DGS30/): Market Yield on U.S. Treasury Securities at 30-Year Constant Maturity - [T10Y2Y](/indicator/T10Y2Y/): 10-Year Treasury Constant Maturity Minus 2-Year Treasury Constant Maturity - [CPILFESL](/indicator/CPILFESL/): Consumer Price Index for All Urban Consumers: All Items Less Food and Energy - [CPIUFDSL](/indicator/CPIUFDSL/): Consumer Price Index for All Urban Consumers: Food - [CPIENGSL](/indicator/CPIENGSL/): Consumer Price Index for All Urban Consumers: Energy - [CUSR0000SAH1](/indicator/CUSR0000SAH1/): Consumer Price Index for All Urban Consumers: Shelter - [PCEPI](/indicator/PCEPI/): Personal Consumption Expenditures: Chain-type Price Index - [PCEPILFE](/indicator/PCEPILFE/): Personal Consumption Expenditures Excluding Food and Energy: Chain-type Price Index - [PPIACO](/indicator/PPIACO/): Producer Price Index by Commodity: All Commodities - [T10YIE](/indicator/T10YIE/): 10-Year Breakeven Inflation Rate - [U6RATE](/indicator/U6RATE/): Total Unemployed, Plus All Marginally Attached Workers Plus Total Employed Part Time for Economic Reasons - [PAYEMS](/indicator/PAYEMS/): All Employees, Total Nonfarm - [CIVPART](/indicator/CIVPART/): Labor Force Participation Rate - [EMRATIO](/indicator/EMRATIO/): Employment-Population Ratio - [UNEMPLOY](/indicator/UNEMPLOY/): Unemployed - [CE16OV](/indicator/CE16OV/): Employment Level - [ICSA](/indicator/ICSA/): Initial Claims - [JTSJOL](/indicator/JTSJOL/): Job Openings: Total Nonfarm - [JTSQUR](/indicator/JTSQUR/): Quits: Total Nonfarm - [GDPC1](/indicator/GDPC1/): Real Gross Domestic Product - [A191RL1Q225SBEA](/indicator/A191RL1Q225SBEA/): Real Gross Domestic Product: Percent Change from Preceding Period - [INDPRO](/indicator/INDPRO/): Industrial Production: Total Index - [TCU](/indicator/TCU/): Capacity Utilization: Total Index - [HOUST](/indicator/HOUST/): New Privately-Owned Housing Units Started: Total Units - [PERMIT](/indicator/PERMIT/): New Privately-Owned Housing Units Authorized in Permit-Issuing Places: Total Units - [RSAFS](/indicator/RSAFS/): Advance Retail Sales: Retail Trade - [PCE](/indicator/PCE/): Personal Consumption Expenditures - [DSPIC96](/indicator/DSPIC96/): Real Disposable Personal Income - [PSAVERT](/indicator/PSAVERT/): Personal Saving Rate - [M2SL](/indicator/M2SL/): M2 - [BOPGSTB](/indicator/BOPGSTB/): U.S. International Trade in Goods and Services: Balance - [MSPUS](/indicator/MSPUS/): Median Sales Price of Houses Sold for the United States - [HSN1F](/indicator/HSN1F/): New One Family Houses Sold: United States - [RHORUSQ156N](/indicator/RHORUSQ156N/): Homeownership Rate in the United States - [TTLCONS](/indicator/TTLCONS/): Total Construction Spending: Total Construction in the United States - [RRVRUSQ156N](/indicator/RRVRUSQ156N/): Rental Vacancy Rate in the United States - [TOTALSL](/indicator/TOTALSL/): Total Consumer Credit Owned and Securitized - [REVOLSL](/indicator/REVOLSL/): Revolving Consumer Credit Owned and Securitized - [DRCCLACBS](/indicator/DRCCLACBS/): Delinquency Rate on Credit Card Loans, All Commercial Banks - [GDP](/indicator/GDP/): Gross Domestic Product - [GPDI](/indicator/GPDI/): Gross Private Domestic Investment - [GCE](/indicator/GCE/): Government Consumption Expenditures and Gross Investment - [PCEC](/indicator/PCEC/): Personal Consumption Expenditures - [NETEXP](/indicator/NETEXP/): Net Exports of Goods and Services - [GFDEBTN](/indicator/GFDEBTN/): Federal Debt: Total Public Debt - [GFDEGDQ188S](/indicator/GFDEGDQ188S/): Federal Debt: Total Public Debt as Percent of Gross Domestic Product - [FYFSD](/indicator/FYFSD/): Federal Surplus or Deficit - [FGRECPT](/indicator/FGRECPT/): Federal Government Current Receipts - [FGEXPND](/indicator/FGEXPND/): Federal Government: Current Expenditures - [MANEMP](/indicator/MANEMP/): All Employees, Manufacturing - [USCONS](/indicator/USCONS/): All Employees, Construction - [USTRADE](/indicator/USTRADE/): All Employees, Retail Trade - [USFIRE](/indicator/USFIRE/): All Employees, Financial Activities - [USGOVT](/indicator/USGOVT/): All Employees, Government - [AWHAETP](/indicator/AWHAETP/): Average Weekly Hours of All Employees, Total Private - [DGORDER](/indicator/DGORDER/): Manufacturers' New Orders: Durable Goods - [NEWORDER](/indicator/NEWORDER/): Manufacturers' New Orders: Nondefense Capital Goods Excluding Aircraft - [BUSINV](/indicator/BUSINV/): Total Business Inventories - [EXPGS](/indicator/EXPGS/): Exports of Goods and Services - [IMPGS](/indicator/IMPGS/): Imports of Goods and Services - [IR](/indicator/IR/): Import Price Index (End Use): All Commodities - [PPIFIS](/indicator/PPIFIS/): Producer Price Index by Commodity: Final Demand ## Latest quarter (10-Q) Latest 10-Q source: https://www.sec.gov/Archives/edgar/data/101538/000110465926061193/uamy-20260331x10q.htm Extracted structurally from real Item 2 body heading to real Item 3/4 boundary. Confidence: high Filing date: 2026-05-14 Report date: 2026-03-31 ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS AND PLAN OF OPERATION. CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS Readers should note that, in addition to the historical information contained herein, this Quarterly Report and the exhibits attached hereto contain “forward-looking statements” within the meaning of, and intended to be covered by, the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements are based upon current expectations and beliefs concerning future developments and their potential effects on United States Antimony Corporation (“US Antimony,” “USAC,” and the “Company”) including matters related to the Company’s operations, pending contracts and future revenues, financial performance, and profitability, ability to execute on its increased production and installation schedules for planned capital expenditures, and the size of forecasted deposits. Although the Company believes that the expectations reflected in the forward-looking statements and the assumptions upon which they are based are reasonable, it can give no assurance that such expectations and assumptions will prove to have been correct. The reader is cautioned not to put undue reliance on these forward-looking statements, as these statements are subject to numerous factors and uncertainties. Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance (often, but not always using words or phrases such as “believes,” “expects” or “does not expect,” “is expected,” “outlook,” “anticipates” or “does not anticipate,” “plans,” “estimates,” “forecast,” “project,” “pro forma,” or “intends,” or stating that certain actions, events or results “may” or “could,” “would,” “might” or “will” be taken, occur or be achieved) are not statements of historical fact and may be forward-looking statements. Forward-looking statements are subject to numerous assumptions, risks and uncertainties, which change over time. Forward-looking statements speak only as of the date they are made and are subject to assumptions and uncertainties. Forward-looking statements are subject to a variety of known and unknown risks, uncertainties and other factors which could cause actual events or results to differ from those expressed or implied by the forward-looking statements, including, without limitation, risks related to: ● The Company’s properties being in the exploration stage; ● Macroeconomic factors; ● The imposition of new tariffs, changes in trade policy or agreements, or the escalation of trade tensions between the United States and other countries or regions could have a material adverse impact on our business; ● Continued operational losses; ● Negative consequences related to mineral operations being subject to existing and new government regulations within and outside the United States; ● The Company’s ability to obtain additional capital to develop the Company’s resources, if any; ● Concentration of customers; ● Increase in energy costs; ● Mineral exploration and development activities; ● Mineral estimates; ● The Company’s insurance coverage for operating risks; ● The fluctuation of prices for antimony and precious metals, such as gold and silver; ● The competitive industry of mineral exploration; ● The title and rights in the Company’s mineral properties; ● Environmental hazards; ● The possible dilution of the Company’s common stock from additional financing activities; ● Metallurgical and other processing problems; ● Unexpected geological formations; ● Global economic and political conditions; ● Staffing in remote locations; ● Changes in product costing; ● Inflation on operational costs and profitability; ● Competitive technology positions and operating interruptions (including, but not limited to, labor disputes, leaks, fires, flooding, landslides, power outages, explosions, unscheduled downtime, transportation interruptions, war and terrorist activities); ● Global pandemics, natural disasters, or civil unrest; ● Mexican labor and other issues regarding safety and organized control over our properties; ● The positions and associated outcomes of Mexican and other taxing authorities; 24 Table of Contents ● Cybersecurity and business disruptions; ● Ineffective use of cash and cash equivalents, including proceeds from stock offerings; ● Potential conflicts of interest with the Company’s management; ● Mining exploration, development, and production not being economically viable; ● Processing and selling ore from new suppliers and internal sources not being economically viable; ● Mineral reserve estimates, including those prepared by “Qualified Persons” (as defined by SEC Regulation S-K 1300), are not guarantees of the volume or grade of ore that will ultimately be recovered; ● Processing and selling ore from new suppliers and internal sources not being economically viable; ● Risks associated with non-domestic supply of antimony ore that could negatively impact our financial condition and results of operations including, among others, receipt of ore later than expected or not at all, antimony content in ore being less than expected, higher costs than expected related to logistics, ore content making ore more difficult to process, more costly to process, and/or take more time to process than expected, and the inability to process ore due to its possible content of deleterious elements; ● Not achieving revenue growth, revenue diversification, and/or additional profit expected from initiatives and changes in our business that have been implemented or are being implemented could cause a significant negative impact on our financial condition and results of operations; ● Volatility in market prices related to the Company’s investment in equity securities could negatively impact our financial condition and results of operations; ● The Company’s supply contracts, including its sole-source contract with the DLA for antimony metal ingots, expose it to a variety of risks that could adversely impact performance and financial results; ● Not having the cash flow from operations or other sources or vehicles to fully fund and support the business, strategy, initiatives, changes, and operations, among others, could negatively impact our financial condition and results of operations; ● A discrepancy between the number of outstanding shares of our common stock as determined by the Transfer Agent and the number of outstanding shares of our common stock as determined by the Depositary Trust Company could have a material adverse effect on our financial reporting processes, regulatory compliance, corporate actions, investor confidence, and the market price of our common stock; ● Lack of personnel to execute the Company’s strategy could delay or derail the Company’s implementation of its strategy that could negatively impact our financial condition and results of operations; ● The Company is subject to significant operational and performance risks as the managing member of a joint venture that could negatively impact our financial condition and results of operations; ● The Company’s minority ownership position and capital funding obligations in the joint venture expose us to dilution, financing, and governance risks; ● The Company’s ability to receive funding under its Department of War grant award is subject to the achievement of specified milestones and ongoing compliance with program requirements, and any failure to satisfy these conditions or obtain continued authorization could result in delays, reductions, or loss of funding and adversely affect the Company’s financial condition and liquidity; and ● Fluctuations in the price of the Company’s common stock. This list is not an exhaustive list of the factors that may affect the Company’s forward-looking statements. Some of the important risks and uncertainties that could affect forward-looking statements are described further under the sections titled “Risk Factors,” “Description of Business” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” of this Quarterly Report. If one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those anticipated, believed, estimated or expected. The Company cautions readers not to place undue reliance on any such forward-looking statements, which speak only as of the date made. United States Antimony Corporation disclaims any obligation subsequently to revise any forward-looking statements to reflect events or circumstances after the date of such statements or to reflect the occurrence of anticipated or unanticipated events, except as required by law. The Company advises readers to carefully review this Form 10-Q, the exhibits hereto, and the reports and documents incorporated by reference herein and filed with the Securities and Exchange Commission (the “SEC”). You should read this report with the understanding that our actual future results, levels of activity, performance and events and circumstances may be materially different from what we expect and from our historical results. 25 Table of Contents This report contains estimates, projections and other information concerning our industry, our business and the markets for our products. We obtained the industry, market and similar data set forth in this report from our own internal estimates and research and from industry research, publications, surveys and studies conducted by third parties, including governmental agencies. Information that is based on estimates, forecasts, projections, market research or similar methodologies is inherently subject to uncertainties, and actual events or circumstances may differ materially from events and circumstances that are assumed in this information. While we believe that the data we use from third parties is reliable, we have not separately verified this data. You are cautioned not to give undue weight to any such information, projections and estimates. As a result of a number of known and unknown risks and uncertainties, our actual results or performance may be materially different from those expressed or implied by forward-looking statements. As used in this Quarterly Report, the terms “we,” “us,” “our,” “United States Antimony Corporation”, “US Antimony,” “USAC,” and the “Company” mean United States Antimony Corporation, unless otherwise indicated. All dollar amounts in this Quarterly Report are expressed in U.S. dollars, unless otherwise indicated. Management’s Discussion and Analysis is intended to be read in conjunction with the Company’s consolidated financial statements and the integral notes (“Notes”) thereto included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2025. DESCRIPTION OF BUSINESS Overview United States Antimony Corporation began operations in Montana in January 1970 with an initial strategy centered around antimony mining and processing in Montana. Antimony mining ceased in the U.S. in the 1980’s, including our antimony mining operations in Montana, due to a significant increase of less expensive antimony ore being imported into the United States from foreign countries. However, the Company continued to process ore sourced from certain foreign suppliers into antimony oxide, metal, and trisulfide and into precious metals, primarily gold and silver, at its smelting facility in Montana. In 2025, the Company purchased certain surface rights to one of its mining claims in Montana and mined 840 tons of antimony ore. While still procuring antimony ore from foreign suppliers, the Company’s operation in Montana is once again vertically integrated with the mining of its own ore. In the early 2000’s, the Company ex [Excerpt truncated for page length; source filing is linked above.] ## Latest 10-K MD&A Extracted from Item 7 to the first post-MD&A boundary after HTML sanitization. Confidence: high Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations The following discussion and analysis of the Company’s financial condition and results of operations should be read in conjunction with our audited consolidated financial statements and the notes related thereto which are included in “Item 8. Financial Statements and Supplementary Data” of this Annual Report. Certain information contained in the discussion and analysis set forth below includes forward-looking statements. Our actual results may differ materially from those anticipated in these forward-looking statements as a result of many factors, including those set forth under “Cautionary Note Regarding Forward-Looking Statements,” “Item 1A. Risk Factors” and elsewhere in this Annual Report. Overview United States Antimony Corporation began operations in Montana in January 1970 with an initial strategy centered around antimony mining and processing in Montana. Antimony mining ceased in the U.S. in the 1980’s, including our antimony mining operations in Montana, due to a significant increase of less expensive antimony ore being imported into the United States from foreign countries. However, the Company continued to process ore sourced from certain foreign suppliers into antimony oxide, metal, and trisulfide and into precious metals, primarily gold and silver, at its facility in Montana. In 2025, the Company purchased the surface rights to one of its mining claims in Montana and mined 840 tons of antimony ore. While still procuring antimony ore from suppliers, the Company’s operation in Montana is once again vertically integrated with the mining of its own ore. In the early 2000’s, the Company expanded its footprint with antimony and precious metals operations located in Mexico and zeolite operations located in Idaho. Our zeolite operations are vertically integrated from mining to selling zeolite, which is the Company’s goal for its businesses. Management has made significant changes to the Company and its operations over the past couple years to vertically integrate and expand overall operations in new areas and to grow sales. Operations Beginning in 2024 and continuing in 2025, the Company began acquiring mining claims and leases located in Alaska, Montana, and Ontario, Canada. The Company has also entered into an agreement to acquire exploration rights for mining properties located in the southeastern United States. We invested in these mining properties to further our strategy of vertical integration and to lower our ore cost compared to third-party antimony ore purchases. No active, revenue-producing operations were conducted in 2025 from the Company’s mining claims and leases located in Los Juarez, Mexico (our ADM subsidiary), Ontario, Canada, Alaska, and Thompson Falls, Montana. Also, no mineral reserves or resources have been established yet for these mining claims. However, the Company performed exploration activities and limited surface mining at several locations. In September 2025, the Company obtained government permits to begin exploration of its mining claims in Alaska that it purchased in 2025 and commenced limited surface mining at two of these sites before the mining season ended due to weather constraints. In October 2025, the Company produced approximately 840 tons of antimony-bearing material during a mechanized bulk sampling program at its Montana Stibnite Hill mining claim it purchased in 2025. While Stibnite Hill represents a potential long-term source of feedstock for the Company’s smelting operations, mining remains seasonal due to weather and ceased in November 2025. Mining is expected to resume in the spring of 2026. Future development remains subject to ongoing assay results, further permitting, and prevailing market conditions. In June 2025, the Company paid $5.0 million to acquire property located in the Sudbury District of Ontario, Canada, which included 50 single-cell tungsten mining claims (the Fostung Properties). We have completed fieldwork but have not yet extracted any minerals from the Fostung Properties. On March 3, 2026, the Company announced the completion of an initial resource engineering study regarding these mining claims to determine the property’s initial mineral resources; however, the report has not yet been filed with the SEC. In October 2025, the Company completed the purchase of additional property in Fairbanks, Alaska that will be used for field operating activities, including ore separation and storage, as well as an office for its staff. In addition, the Company addressed logistical constraints related to its workforce by purchasing an existing housing development in Thompson Falls, Montana. This investment provides a dedicated housing solution to attract and retain the skilled labor to support increased staffing levels for our growing operations and smelting expansion. 50 Table of Contents In November 2025, the Company entered into an agreement to acquire exploration rights for mining properties located in the southeastern United States. There were no mining activities on this property in 2025. In January 2026, the Company completed the acquisition of a fully operational flotation and concentration facility in Radersburg, Montana for total cash consideration of $4.8 million. The Radersburg property is expected to enhance midstream processing capacity and further vertically integrate the Company’s domestic antimony supply chain. Management has budgeted approximately $2.0 million in capital expenditures to modernize equipment and add a new laboratory with the goal of optimizing operational efficiencies and mineral recovery rates. In February 2026, the Company entered into a joint venture agreement with Americas Gold and Silver Corporation (“Americas”) to construct and operate a new, state-of-the-art hydrometallurgical processing facility. The joint venture will be owned 51% by Americas and 49% by the Company, with the Company serving as managing member. Sales In September 2025, the Company secured a five-year, sole-source Indefinite Delivery, Indefinite Quantity (IDIQ) contract with the U.S. Defense Logistics Agency (DLA) Strategic Materials, which is responsible for managing the National Defense Stockpile (NDS). The contract, with a maximum value of $248 million, is for the sale of antimony metal ingots (99.65% purity) through September 2030. Pricing is determined at the time each delivery order is placed. The Company received delivery orders under this contract in September 2025 and January 2026 totaling approximately $12 million. No revenue was recognized under this contract in fiscal 2025. In November 2025, the Company executed a five-year sales agreement with a new industrial customer for the sale of antimony trioxide. The agreement specifies a monthly delivery schedule through December 2026. Thereafter, delivery volumes, pricing (subject to semiannual market-based adjustments), and delivery schedules are subject to mutual written agreement every six months. In 2026, the Company began expanding its commercial presence in the animal nutrition industry through a third party with extensive relationships in that sector, where zeolite products are used as feed amendments. Through this relationship, the Company has received introductions to several animal nutrition customers and has begun supplying zeolite products to select customers introduced through this relationship. The Company is in the process of formalizing a definitive agreement with this third party to support further development of these relationships. We review our strategic initiatives to ensure an adequate return on our investments. We also review the performance of our reportable segments and the performance of our Company with a focus on generating positive cash flow. A cornerstone of our strategy is the well-being of our employees as they are our most valuable asset. Our mission is to serve our employees, customers, and vendors with excellence while growing the business profitably through both organic growth and strategic acquisitions and partnerships to increase shareholder value. Beginning in 2024 and continuing into 2025, we have strengthened our organization through the addition of key personnel in the areas of customer service, sales, operations, finance, and plant management, as well as the appointment of new board members and the formation of new business partnerships. The Company also continues to expand its mining claim portfolio. These strategic additions enhance our operational capabilities and position the Company to advance its mission of disciplined execution, attentive service, and profitable growth in the critical minerals space. Following is selected consolidated financial information: ​ ​ ​ ​ ​ ​ ​ Consolidated statement of operations information ​ ​ ​ Years Ended December 31, ​   ​ ​ ​ 2025   ​ ​ ​ 2024 Revenues ​ $ 39,257,708 ​ $ 14,937,962 Costs of revenues ​ 29,384,196 ​ 11,471,044 Gross profit ​ 9,873,512 ​ 3,466,918 Total operating expenses ​ 18,332,377 ​ 5,857,730 Loss from operations ​ (8,458,865) ​ (2,390,812) Total other income ​ 4,119,339 ​ 660,408 Income tax expense ​ — ​ — Net loss ​ $ (4,339,526) ​ $ (1,730,404) ​ 51 Table of Contents ​ ​ ​ ​ ​ ​ ​ Consolidated balance sheet information ​ ​ ​ As of December 31, ​   ​ ​ ​ 2025   ​ ​ ​ 2024 Working capital ​ $ 44,564,846 ​ $ 16,672,180 Total assets ​ 153,925,669 ​ 34,642,602 Accumulated deficit ​ (45,488,549) ​ (41,149,023) Total stockholders’ equity ​ 140,955,189 ​ 28,600,673 ​ Revenues Revenues increased by $24.3 million, or 163%, in fiscal year 2025 compared to fiscal year 2024 primarily due to: ● Antimony revenue: o 230% increase in average sales price per pound. ● Zeolite revenue: o 8% increase in tons sold, and o 6% increase in average sales price per ton. The increase in antimony revenue was primarily driven by continued elevated market demand and reduced supply, which resulted in higher realized pricing during 2025. The average sales price per pound increased approximately 230% compared to the prior year. The increase in zeolite revenues was primarily attributable to higher sales volume, driven by strengthened customer relationships, improved supply reliability, and expanded market reach, along with an improvement in realized pricing. Gross Profit Gross profit was $9.9 million in fiscal year 2025 compared to $3.5 million in fiscal year 2024. The 185% increase between the years was primarily due to the following: ● Higher realized pricing on antimony sales driven by sustained market demand that significantly increased margins per pound sold, ● Favorable ore input costs on antimony inventory purchased in the first half of 2025 which improved spreads but were partially offset by suppliers charging a higher percentage of prevailing market prices later in the year, and ● Zeolite segment margin expansion resulted from increased sales volumes and improved average selling prices, coupled with lower operating and maintenance costs following substantial nonrecurring repair work performed at the BRZ facility during the first three quarters of 2024. Operating Expenses Operating expense increased by $12.5 million in fiscal year 2025 compared to fiscal year 2024 primarily due to: ● Higher non-cash share-based compensation resulting from additional equity awards granted in 2025 following shareholder approval of the Amended and Restated 2023 Equity Incentive Plan, which expanded the shares available under the plan to better align management and shareholder interests and support executive recruitment and retention, ● Increased salaries and employee benefits associated with continued build out of the Company’s management and operational infrastructure to support expanded operations and future growth initiatives, and ● Higher professional fees related to strategic activities, including potential acquisitions, government funding efforts, mining claim activities, and expanded commercial development. Net Loss The Company incurred a net loss of $4.3 million for the year ended December 31, 2025 compared to a net loss of $1.7 million in 2024. Included in the 2025 net loss was $6.7 million of net non-cash items, which consisted primarily of $7.1 million of non-cash share-based compensation expense, $1.3 million of an IVA refund reserve, and $1.2 million of depreciation and amortization expense, partly offset 52 Table of Contents by $3.3 million of an unrealized gain on an investment in equity securities. Included in the 2024 net loss was $1.9 million of net non-cash items, which consisted primarily of $0.6 million of non-cash share-based compensation expense and $1.1 million of depreciation and amortization expense. Working Capital Working capital increased by $27.9 million to $44.6 million at December 31, 2025, compared to $16.7 million at December 31, 2024. This increase was driven by a $34.1 million rise in total current assets, primarily consisting of higher cash and cash equivalents, short-term investment securities, accounts receivable, inventories, and short-term note receivable. The $19.4 million increase in cash, investments, and the note receivable on a combined basis primarily reflects the partial use of proceeds received from common stock issuances and warrant exercises during 2025. Accounts receivable increased $3.1 million due to higher antimony sales levels and pricing, while inventories increased $11.3 million net as the Company held higher volumes of antimony on hand at a higher cost per pound. These increases were partially offset by a $6.2 million rise in current liabilities, mainly attributable to higher accounts payable and accrued liabilities. Accounts payable increased $5.4 million due to greater antimony purchases and suppliers charging a higher percentage of prevailing market prices, and accrued liabilities rose $1.4 million primarily from an increase in accrued compensation. Inventory balances by segment as of the date indicated was as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, ​   ​ ​ ​ 2025   ​ ​ ​ 2024   ​ ​ ​ 2023 Antimony inventory ​ $ 12,016,138 ​ $ 744,550 ​ $ 881,063 Zeolite inventory ​ 505,871 ​ 501,174 ​ 505,046 Total inventories ​ $ 12,522,009 ​ $ 1,245,724 ​ $ 1,386,109 ​ Comparison of Financial Information for the years ended December 31, 2025 and 2024 Antimony Financial and operational antimony metrics were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Years ended December 31, ​ ​ ​ ​ ​ Antimony   ​ ​ ​ 2025   ​ ​ ​ 2024   ​ ​ ​ $ Change   ​ ​ ​ % Change Revenue ​ $ 35,380,271 ​ $ 11,102,573 ​ $ 24,277,698 219 % Gross profit ​ 9,725,746 ​ 3,584,349 ​ 6,141,397 171 % Pounds of antimony sold ​ 1,408,513 ​ 1,459,557 ​ (51,044) (3) % Average sales price per pound ​ 25.12 ​ 7.61 ​ 17.51 230 % Average cost per pound ​ 18.21 ​ 5.15 ​ 13.06 254 % Average gross profit per pound ​ 6.91 ​ 2.46 ​ 4.45 181 % (a) Revenue from sales of gold and silver totaled $519,902 and $525,087, respectively, and revenue from sales of antimony ore and concentrates totaled $nil and $368,627, respectively, for the years ended December 31, 2025 and 2024, which were excluded from Revenue and Gross Profit in the chart above but included in the antimony segment. Pounds of antimony sold in the chart above excludes the pounds sold related to gold, silver, and ore and concentrates for both years presented. Antimony revenue increased $24.3 million, or 219%, to $35.4 million in 2025 compared to $11.1 million in the prior year. The increase was primarily driven by sustained market demand and reduced supply, which resulted in a 230% increase in the average sales price per pound. Antimony market prices reached peak levels during the year but moderated during the second half of 2025. The favorable pricing impact was partially offset by a 3% decline in sales volume, which was primarily attributable to temporary workforce constraints that have since been resolved coupled with the refurbishing of furnaces at our Thompson Falls smelter. Gross profit increased $6.1 million, or 171%, to $9.7 million in 2025 compared to $3.6 million in 2024. The increase was primarily attributable to higher average sales prices per pound driven by sustained demand, together with favorable ore input costs on purchases made during the first half of 2025. These margin improvements were partially offset by suppliers charging a higher percentage of prevailing market prices later in the year, as well as a year-end antimony net realizable value charge and higher IVA tax receivable reserves related to our Mexico operations. 53 Table of Contents Zeolite Financial and operational metrics of our zeolite segment were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Years ended December 31, ​ ​ ​ ​ ​ Zeolite   ​ ​ ​ 2025   ​ ​ ​ 2024   ​ ​ ​ $ Change   ​ ​ ​ % Change Revenue ​ $ 3,357,535 ​ $ 2,941,675 ​ $ 415,860 14 % Gross profit (loss) ​ $ 205,745 ​ $ (642,635) ​ $ 848,380 132 % Tons of zeolite sold ​ 11,957 ​ 11,095 ​ 862 8 % Average sales price per ton ​ $ 281 ​ $ 265 ​ $ 16 6 % Average cost per ton ​ $ 264 ​ $ 323 ​ $ (59) (18) % Average gross profit (loss) per ton ​ $ 17 ​ $ (58) ​ $ 75 129 % ​ Zeolite revenue increased $0.4 million, or 14%, to $3.4 million in 2025 compared to $2.9 million in 2024. Revenue growth was the result of an 8% increase in sales volume, driven by strengthened customer relationships, improved supply reliability, and broader customer reach coupled with a 6% improvement in the average sales price per ton. Gross profit was $0.2 million in 2025 compared to a gross loss of ($0.6 million) in 2024. This improvement in gross profit was largely due to both sales volume growth and higher average sales prices, coupled with a decrease in maintenance and related costs. Our BRZ facility incurred significant repair and related costs during the first three quarters of 2024 to address deferred maintenance on older equipment and stabilize operational performance. Liquidity and Capital Resources Our mission is to serve our employees, customers, and vendors with excellence while growing the business profitably through both organic growth and strategic acquisitions and partnerships to increase shareholder value. The Company is focused on generating positive cash flow to fund its mission. One method of generating cash is through the sale or issuance of common stock, warrants, debt, and other investment vehicles, which the Company has been successful at executing in the past. During 2025, the Company generated $36.7 million of net proceeds from the sale of common stock in “at the market offerings,” $67.6 million of net proceeds from three direct common stock offerings with certain institutional investors, and $5.7 million of proceeds from the exercise of pre-existing common stock warrants. Total proceeds received by the Company from these capital raising activities in 2025 were $110 million. However, our ability to access capital or raise funds when needed is not assured and, if capital is not available when, and in the amounts and terms needed, or if capital is not available at all, the Company could be required to significantly curtail its operations, modify existing strategic plans, and/or dispose of certain operations or assets, which could materially harm our business, prospects, financial condition, and operating results. In 2025, the Company secured a $19.0 million margin credit line with a national bank, which bears interest at one percent above the base commercial rate. Borrowings under the facility are secured by the Company’s investment securities held to maturity, specifically its U.S. Treasury Strips, which are pledged as collateral. Availability under the margin credit line is subject to customary margin requirements based on the value of the pledged securities. As of December 31, 2025, the Company had no outstanding borrowings under the facility. On March 5, 2026, the Company announced that it had been awarded $27.0 million by the U.S. Department of War under Title III of the Defense Production Act to fund the expansion and modernization of the Company’s domestic antimony production capabilities. Funds will be awarded to the Company as established project milestones are met. The Company could also receive additional funds from the U.S. Government for initiatives related to facility expansion and mining exploration and development. However, there is no assurance that further U.S. Government funding will be accessible to the Company. In addition, the Company continues to review each segment’s operational and financial results for opportunities to improve cash flow and to make informed decisions that benefit the Company overall. As of December 31, 2025, the Company had cash and cash equivalents of $30.5 million. We believe that our cash and cash equivalents should be sufficient to fund our operations and meet our working capital, capital expenditure, and contractual obligations for the next 12 months. 54 Table of Contents Material Cash Requirements We intend to continue to invest in our employees, customers, infrastructure, and operations with the goals of increasing production, decreasing costs, and growing revenue profitably. Also, we intend to fund our cash requirements in 2026 with our cash and cash equivalents. We may also use our available cash to acquire businesses or additional properties. The nature of these investments and transactions, however, makes it difficult to predict the amount and timing of such future cash requirements. Cash flow information was as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ Years Ended December 31, Cash Flow Information   ​ ​ ​ 2025   ​ ​ ​ 2024 Net cash (used in) provided by operating activities ​ $ (9,690,993) ​ $ 2,220,303 Net cash used in investing activities ​ (87,402,914) ​ (42,073) Net cash provided by financing activities ​ 109,480,085 ​ 4,138,033 ​ ​ $ 12,386,178 ​ $ 6,316,263 ​ Net cash used in operating activities was $9.7 million in 2025, compared to net cash provided by operating activities of $2.2 million in 2024. The use of operating cash in 2025 was primarily driven by increased working capital requirements. Inventories increased by $12.2 million, reflecting substantially higher levels of antimony inventory on hand. Of this increase, approximately $0.9 million related to a non-cash net realizable value (“NRV”) adjustment, which is reflected separately within non-cash reconciling items in operating activities. Processing on $4 million of the antimony inventory at December 31, 2025 started in the first quarter of 2026 due to timing of receipt. Accounts receivable increased by $3.1 million, primarily due to higher sales pricing. These uses of cash were partially offset by a $5.4 million increase in accounts payable, which included higher antimony purchases and suppliers charging a greater percentage of prevailing market prices, and a $1.4 million increase in accrued liabilities due to an increase in accrued compensation. Net cash used in investing activities was $87.4 million in 2025 as compared to net cash used in investing activities of $42 thousand in 2024. Investing activities in 2025 consisted of $19.9 million for purchases of U.S. Treasury Strips, $37.2 million for purchases of an investment in equity securities, $27.8 million in capital expenditures, and the issuance of a $2.5 million note receivable. Our capital expenditures included $5.0 million for the purchase of the Fostung Properties, approximately $17.1 million of construction in progress expenditures primarily associated with the expansion of our existing smelting operations located in Thompson Falls, Montana that will largely be reimbursed with proceeds from the approved $27.0 million award from the U.S. Department of War, and $5.7 million of other additions, which included equipment purchases for BRZ, the purchase of residential properties in Thompson Falls, Montana, and the acquisition of residential and storage facilities in Fairbanks, Alaska. Net cash provided by financing activities was $109.5 million in 2025 as compared to $4.1 million of net cash provided by financing activities in 2024. Significant financing activities in 2025 included $36.7 million of net proceeds received from the sale of common stock in “at the market offerings”, $67.6 million of net proceeds received from three direct common stock offerings with certain institutional investors, and $5.7 million of proceeds received from the exercise of pre-existing common stock warrants. Total proceeds received by the Company for these capital raising activities in 2025 were $110 million. Off-Balance Sheet Arrangements The Company has no significant off-balance sheet arrangements. Critical Accounting Estimates In connection with the preparation of our consolidated financial statements in conformity with United States generally accepted accounting principles (“U.S. GAAP”), we are required to make estimates and assumptions about future events and apply judgments that affect the reported amounts of assets, liabilities, sales, expenses and the related disclosures. Predicting future events is inherently an imprecise activity and as such requires the use of judgment. We base our assumptions, estimates and judgments on historical experience, current trends and other factors that management believes to be relevant at the time our consolidated financial statements are prepared. On a regular basis, management reviews the accounting policies, assumptions, estimates and judgments to ensure that our consolidated financial statements are presented fairly and in accordance with U.S. GAAP. However, because future events and their effects cannot be determined with certainty, actual results could differ from our assumptions and estimates, and such differences could be material. Management believes the accounting estimates discussed below are the most critical because they require management’s most difficult, subjective or complex judgments, resulting from the need to make estimates about the effect of matters that are inherently uncertain. 55 Table of Contents Impairment of Long-lived Assets The Company reviews and evaluates the net carrying value of its long-lived assets for impairment upon the occurrence of events or changes in circumstances that indicate that the related carrying amounts may not be recoverable. A test for recoverability is performed based on the estimated undiscounted future cash flows that will be generated from operations at each property and the estimated salvage value of the assets. There are many assumptions underlying future cash flows that are subject to significant risks and uncertainties, which include the estimated value of the assets. Estimates of undiscounted future cash flows and salvage values are dependent upon, among other factors, estimates of: (i) product and metals to be recovered from identified mineralization and other resources, (ii) future production and capital costs, (iii) estimated selling prices over the estimated remaining life of the asset and (iv) market values of assets. The Company reviews its business and operations for indications of impairment and, when indications are present, performs an impairment test. The Company will involve a third-party expert if needed. However, it is possible that changes could occur in the near term that could adversely affect estimates of salvage values and future cash flows to be generated from operating assets resulting in an impairment loss. Asset Retirement Obligations The asset retirement obligations included in our Consolidated Balance Sheet are based on estimates of future costs to reclaim properties and retire fixed assets as required by permits, government regulations, and lease or other contractual requirements upon cessation of our operations. Determination of any amounts included in the fair value of asset retirement obligations can change periodically as the calculation of the fair value of asset retirement obligations is based upon numerous estimates and assumptions, including, among others, future retirement costs, future inflation rate, and the Company’s credit-adjusted risk-free interest rate. Also, there are uncertainties associated with the nature, timing, and extent of costs associated with asset retirement obligations, including, among others, the extent of environmental contamination, revisions to laws and regulations by regulatory authorities, and changes in remediation technology. As a result, the ultimate cost as well as the timing of the retirement obligation could change in the future. The Company continually reviews its asset retirement obligations for indications that estimated costs or timing have changed and, when indications are present, recalculates its asset retirement obligation. When calculating an additional asset retirement obligation liability resulting from upward revisions in estimated retirement costs, management compares the revised undiscounted cash flows to the most recent inflation-adjusted undiscounted cash flow estimate underlying the existing asset retirement obligation. Only the incremental increase is recognized as a new asset retirement obligation layer and measured at fair value using an expected present value technique, reflecting updated assumptions regarding future cash flows, inflation, and discount rate. The estimation of asset retirement obligations requires significant judgment and involves numerous complex technical assumptions, including, among others, the timing, method, scope, and cost of retirement activities, as well as applicable regulatory and environmental requirements. As appropriate, the Company may engage qualified third-party specialists to assist in the evaluation and remeasurement of its asset retirement obligations. Actual costs incurred to reclaim and retire property and fixed assets upon cessation of operations may differ materially from estimated amounts due to, among other reasons, changes in laws and regulations, site conditions, inflation, labor and material costs, or remediation techniques. Share-based Compensation The Company records compensation costs related to stock-based awards in accordance with U.S. GAAP, whereby the Company measures stock-based compensation cost at the grant date based on the estimated fair value of the award. Compensation cost is recognized on a straight-line basis over the requisite service period of the award. Where necessary, the Company utilizes the Black-Scholes option-pricing model to estimate the fair value of stock options granted, which requires the input of highly subjective assumptions including, among others: the expected option life, the risk-free rate, the dividend yield, the volatility of the Company’s stock price and an assumption for employee forfeitures. The risk-free rate is based on the U.S. Treasury bill rate at the date of the grant with maturity dates approximately equal to the expected term of the option. The Company has not historically issued any dividends and does not expect to in the near future. Changes in any of these subjective input assumptions can materially affect the fair value estimates and the resulting stock-based compensation recognized. In addition, the Company’s stock plan includes awards that vest based on performance criteria. Stock-based compensation expense for these awards is estimated quarterly, including adjustments to previous recognized expense, based on anticipated achievement of performance criteria. The quarterly estimated vesting percentage reflects management’s assessment of progress in accomplishing defined objectives. Upon vesting, current period expense is adjusted based on the actual achievement of performance criteria. Given the subjective nature of these assumptions and estimates, changes in market conditions, employee behavior, or our stock price, among others, could result in materially different stock-based compensation expense in future periods. 56 Table of Contents