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UNITED STATES ANTIMONY CORP

UNITED STATES ANTIMONY CORPUAMY決算レポート

NYSE · 素材 · 非鉄金属の一次溶錬及び精製

United States Antimony Corp is a natural resources firm focused on exploring, mining, processing, and selling antimony, silver, and gold products. It runs production facilities in the U.S. and Mexico, serving global industrial clients in flame retardant, battery alloy, and specialty chemical manufacturing sectors.

What changed in UNITED STATES ANTIMONY CORP's 10-K — 2024 vs 2025

Top changes in UNITED STATES ANTIMONY CORP's 2025 10-K

478 paragraphs added · 244 removed · 189 edited across 7 sections

Item 1. Business

Business — how the company describes what it does

58 edited+43 added−13 removed13 unchanged
The purchase of antimony ore is technically complex and there are complicating factors with each purchase, some of which include the contents of the ore, the performance of the ore during our processing, the amount of ore that can be supplied monthly, and the country’s laws and regulations.
The procurement of antimony ore is technically complex and there are complicating factors with each purchase, some of which include the contents of the ore, the performance of the ore during our processing, the amount of ore that can be supplied monthly, and the country’s laws and regulations.
Products, Markets, and Segments Our products consist primarily of the following: · Antimony: includes antimony oxide, antimony metal, and antimony trisulfide; · Zeolite: includes coarse and fine zeolite crushed in various sizes; and · Precious metals: includes refined and unrefined gold and silver.
Products, Markets, and Segments Our products consist primarily of the following: ● Antimony: includes antimony oxide, antimony metal ingots, and antimony trisulfide; ● Zeolite: includes coarse and fine zeolite crushed in various sizes; and ● Precious metals: includes refined and unrefined gold and silver.
Antimony trisulfide, oxide, and metal can be sold as finished products to companies in many industries as well as government agencies. Antimony oxide is used to form a flame-retardant system for plastics, rubber, fiberglass, textile goods, paints, coatings, and paper, as a color fastener in paint, and as a phosphorescent agent in fluorescent light bulbs.
Antimony trisulfide, trioxide, and metal ingots can be sold as finished products to companies in many industries as well as government agencies. Antimony trioxide is used to form a flame-retardant system for plastics, rubber, fiberglass, textile goods, paints, coatings, and paper, as a color fastener in paint, and as a phosphorescent agent in fluorescent light bulbs.
We estimate, but have not independently confirmed, that our present share of the domestic and international markets for antimony oxide products is around 4% and less than 1%, respectively. 6 Table of Contents Uses of Our Antimony Products Antimony oxide is a fine, white powder that is used in conjunction with a halogen to form a synergistic flame-retardant system for plastics, rubber, fiberglass, textile goods, paints, coatings, and paper.
We estimate, but have not independently confirmed, that our present share of the domestic and international markets for antimony trioxide products is around 4% and less than 1%, respectively. 8 Table of Contents Uses of Our Antimony Products Antimony trioxide is a fine, white powder that is used in conjunction with a halogen to form a synergistic flame-retardant system for plastics, rubber, fiberglass, textile goods, paints, coatings, and paper.
Antimony Segment Our antimony segment consists of: · Our facility located in the Burns Mining District of Sanders County in Montana that processes ore primarily into antimony oxide, antimony metal, antimony trisulfide, and precious metals, and · Our two facilities in our USAMSA subsidiary located in Mexico that process ore primarily into antimony metal and a lower grade of antimony oxide.
Antimony Segment Our antimony segment consists of: ● Our facility located in the Burns Mining District of Sanders County in Montana that processes ore primarily into antimony trioxide, antimony metal ingots, antimony trisulfide, and precious metals, and ● Our two facilities in our USAMSA subsidiary located in Mexico that process ore primarily into antimony metal ingots and a lower grade of antimony trioxide.
The market price of antimony is determined by several variables out of our control. These variables include the available supply of ore, the availability of processing facilities, the availability and price of imported antimony metal, the quantity of new antimony metal supply, and industrial demand for antimony metal.
The market price of antimony is determined by several variables which are out of our control. These variables include the available supply of ore, the availability of processing facilities, the availability and price of imported antimony metal ingots, the quantity of new antimony metal ingots supply, and industrial demand for antimony metal ingots.
See Note 14 of the Notes to Consolidated Financial Statements in this Annual Report for further details on these developments.
See Note 16 of the Notes to Consolidated Financial Statements in this Annual Report for further details on these developments.
We may be required to prepare and present data to these regulatory authorities pertaining to the effect or impact that any proposed exploration for, or production of, minerals may have upon the environment.
We may be required to prepare and present data to these regulatory authorities pertaining to the effect or impact that any proposed exploration 12 Table of Contents for, or production of, minerals may have upon the environment.
See further description of the Company’s segments in Note 13 of the Notes to Consolidated Financial Statements in this Annual Report.
See further description of the Company’s segments in Note 15 of the Notes to Consolidated Financial Statements in this Annual Report.
Zeolite has been successfully used to fertilize golf courses, sports fields, parks and common areas, and high value agricultural crops. ☐ Water Filtration . Zeolite is used for particulate, heavy metal and ammonium removal in swimming pools, municipal water systems, industrial water discharge streams, fisheries, fish farms, and aquariums. ☐ Sewage Treatment .
Zeolite has been successfully used to fertilize golf courses, sports fields, parks and common areas, and high value agricultural crops. ☐ Water Filtration . Zeolite is used for particulate, heavy metal and ammonium removal in swimming pools, municipal water systems, industrial water discharge streams, fisheries, fish farms, and aquariums. ☐ Mine Underground Ventilation.
Antimony Pounds Sold in the chart above excludes the pounds sold related to gold, silver, and ore and concentrates for both years presented. 7 Table of Contents Antimony Price Fluctuations We report our average antimony sales price per pound using antimony sales from our antimony products.
Antimony Pounds Sold in the chart above excludes the pounds sold related to gold, silver, and ore and concentrates for both years presented. Antimony Price Fluctuations We report our average antimony sales price per pound using antimony sales from our antimony products.
Antimony oxide is also used as a color fastener in paint and as a phosphorescent agent in fluorescent light bulbs. Antimony metal is used in bearings, storage batteries and ordnance. Antimony trisulfide is used as a primer in ammunition. The precious metals processed in Montana include gold and silver.
Antimony trioxide is also used as a color fastener in paint and as a phosphorescent agent in fluorescent light bulbs. Antimony metal is used in bearings, storage batteries and ordnance. Antimony trisulfide is used as a primer in ammunition. The precious metals processed at our Montana facility include gold and silver.
Antimony metal is used in bearings, storage batteries, and ordnance. Antimony trisulfide is used as a primer in ammunition. The ore we purchase for our facility located in Montana contains antimony, gold, and silver.
Antimony metal ingots are used in bearings, storage batteries, and ordnance. Antimony trisulfide is used as a primer for ammunition and in other applications. The ore we purchase for our processing facility located in Montana contains antimony, gold, and silver.
Item 1. Business. Overview United States Antimony Corporation’s (“US Antimony,” “USAC,” the “Company,” “we,” “us,” and “our,”) principal business is in the processing and sale of antimony and precious metals, primarily gold and silver, at its facilities located in Montana and Mexico, and the mining, processing, and sale of zeolite at its facility located in Idaho.
Item 1. Business. Overview United States Antimony Corporation’s (“US Antimony,” “USAC,” the “Company,” “we,” “us,” and “our,”) principal business is in the mining, procuring, processing and sale of antimony and precious metals, primarily gold and silver, in Montana and Mexico, and the mining, processing, and sale of zeolite in Idaho.
However, our sales and operating results from our antimony products have been and will continue to be tied to the Rotterdam antimony market price, which has fluctuated widely over the past several years. The Rotterdam average market price per pound of antimony was $10.44 in 2024 and $5.50 in 2023.
However, our sales and operating results from our antimony products have been and will continue to be somewhat tied to the Rotterdam antimony market price, which has fluctuated widely over the past several years. The Rotterdam average market price per pound of antimony was approximately $23.88 in 2025 and $10.44 in 2024.
In addition, our operations and exploration activities in the United States, Canada, and Mexico are conducted pursuant to claims, concessions, or permits granted by the host government, and are subject to claims renewal and minimum work commitment requirements, which are subject to certain political risks associated with foreign operations. 9 Table of Contents Environmental Our operations are subject to various environmental laws and regulations in the United States, Canada, and Mexico.
In addition, our operations and exploration activities in the United States, Canada, and Mexico are conducted pursuant to claims, concessions, or permits granted by the host government, and are subject to claims renewal and minimum work commitment requirements, which are subject to certain political risks associated with foreign operations.
BRZ has a lease with Zeolite, LLC that entitles BRZ to surface mine and process zeolite on property in Preston, Idaho, in exchange for an annual payment and a royalty payment, which is based on the amount of zeolite shipped from the leased property (“BRZ Lease”). The BRZ Lease was recently extended and now ends on December 31, 2034.
BRZ has a lease through December 31, 2034 with Zeolite, LLC that entitles BRZ to surface mine and process zeolite on property located in Preston, Idaho, in exchange for an annual payment and a royalty payment, which is based on the amount of zeolite shipped from the 10 Table of Contents leased property (“BRZ Lease”).
Our zeolite has been used for many purposes including water filtration, sewage treatment, nuclear waste and other environmental cleanup, odor control, gas separation, animal nutrition, soil amendment and fertilizer, and other miscellaneous applications.
Our zeolite has been used for many purposes including water filtration, absorption of ammonia from underground mining ventilation air, sewage treatment, nuclear waste and other environmental cleanup, odor control, gas separation, animal nutrition, soil amendment and fertilizer, and other miscellaneous applications.
(which predicts plant nutrient availability and retention in soil), its hardness and high clinoptilolite content (which is an effective barrier to prevent problematic radionuclide movement), its absence of clay minerals, and its low sodium content. Our zeolite has been used in: ☐ Soil Amendment and Fertilizer .
(which predicts plant nutrient availability and retention in soil), its hardness and high clinoptilolite content (which is an effective barrier to prevent problematic radionuclide movement), its low clay content, and its low sodium content. Our zeolite products have been used in the following applications: ☐ Soil Amendment and Fertilizer .
All sales of antimony, zeolite, and precious metals products are to customers in the United States, Mexico, and Canada. The Company is organized and managed in two reportable segments, antimony and zeolite. Our Montana facility processes ore containing antimony and precious metals, which are gold and silver.
All sales of antimony, zeolite, and precious metals products are to customers primarily in the United States and Canada. The Company’s operations are organized and managed through two reportable segments, antimony and zeolite. Our Montana facility processes ore containing antimony and precious metals, specifically gold and silver.
We have relied on sources outside the U.S. for antimony ore since 1983, and there are risks of interruption in procurement from these sources and volatile changes in world market prices for these materials that are not controllable by us. As a result, we continue to actively pursue additional domestic and foreign sources for antimony ore that are economically profitable.
We have relied on sources outside the U.S. for antimony ore since 1983, and there are risks of interruption in procurement from these sources and volatile changes in world market prices for these materials that are not controllable by us.
Other uses include catalysts, petroleum refining, concrete, solar energy and heat exchange, desiccants, pellet binding, horse and kitty litter, floor cleaner, traction control, ammonia removal from mining waste, and carriers for insecticides, pesticides and herbicides. 8 Table of Contents Concentration of Sales During the years ended December 31, 2024 and 2023, customers accounting for 10% or more of the Company’s sales included the following: For the years ended December 31, 2024 December 31, 2023 Customer A revenue $ 4,389,735 $ 1,548,283 Customer B revenue 1,998,589 1,451,950 Customer C revenue - 1,037,307 Total $ 6,388,324 $ 4,037,540 Total customer revenue as a % of total Company revenues 43% 46% Regulatory Matters We are subject to the requirements of the Federal Mining Safety and Health Act of 1977, the Occupational Safety and Health Administration’s regulations, the states of Montana and Idaho, federal and state health and safety statutes and Sanders County, Montana and Franklin County, Idaho health ordinances, as well as various governmental agencies in Mexico.
Additional uses include catalysts, petroleum refining, concrete, solar energy and heat exchange, desiccants, pellet binding, horse and kitty litter, floor cleaner, traction control, ammonia removal from mining waste, and carriers for insecticides, pesticides and herbicides. 11 Table of Contents Concentration of Sales During the years ended December 31, 2025 and 2024, customers accounting for 10% or more of the Company’s sales included the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Years ended December 31, ​ ​ ​ ​ 2025 ​ ​ ​ 2024 Customer A ​ $ 12,852,288 ​ $ 4,389,735 ​ Customer B ​ 9,328,800 ​ 26,360 ​ Customer C ​ 9,223,606 ​ 1,998,589 ​ Total customer revenues ​ $ 31,404,694 ​ $ 6,414,684 ​ Total customer revenues as a % of total revenues ​ 80 % 43 % ​ Regulatory Matters We are subject to the requirements of the Federal Mine Safety and Health Act of 1977, the Occupational Safety and Health Administration’s regulations, the states of Montana, Idaho, and Alaska, federal and state health and safety statutes and state and county health ordinances, as well as various governmental agencies in Mexico and Canada.
Antimony Sales Following is a schedule of our antimony sales for the years ended December 31, 2024 and 2023 and the related change from the prior year: Year Antimony Sales ($) (a) $ ∆ from prior year (a) Antimony Pounds Sold (a) LBS ∆ from prior year (a) Average Sales Price/Pound Sold Price ∆ from prior year 2024 $ 11,102,573 $ 5,198,093 1,459,557 373,381 $ 7.61 $ 2.17 2023 $ 5,904,480 $ (1,727,190 ) 1,086,176 (307,860 ) $ 5.44 $ (0.03 ) (a) Revenue from sales of gold and silver totaled $525,087 and $326,496 and revenue from sales of antimony ore and concentrates totaled $368,627 and $nil for the years ended December 31, 2024 and 2023, respectively, which are excluded from Antimony Sales in the chart above but included in the antimony segment.
Antimony Sales Following is a schedule of our antimony sales for the years ended December 31, 2025 and 2024 and the related change from the prior year: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Average ​ ​ ​ ​ ​ Antimony ​ $ ∆ from ​ Antimony ​ LBS ∆ ​ Sales ​ Price ∆ ​ ​ Sales ​ prior ​ Pounds ​ from prior ​ Price/Pound ​ from prior Year ​ ​ ​ ($) (a) ​ ​ ​ year (a) ​ ​ ​ Sold (a) ​ ​ ​ year (a) ​ ​ ​ Sold ​ ​ ​ year 2025 ​ $ 35,380,271 ​ $ 24,277,698 1,408,513 (51,044) ​ $ 25.12 ​ $ 17.51 2024 ​ $ 11,102,573 ​ $ 5,198,093 1,459,557 373,381 ​ $ 7.61 ​ $ 2.17 (a) Revenue from sales of gold and silver totaled $519,902 and $525,087 and revenue from sales of antimony ore and concentrates totaled $nil and $368,627 for the years ended December 31, 2025 and 2024, respectively, which are excluded from Antimony Sales in the chart above but included in the antimony segment.
Bureau of Land Management that is located adjacent to the Company’s Preston, Idaho property after obtaining required permits. “Zeolite” refers to a group of industrial minerals that consist of hydrated aluminosilicates that hold cations such as calcium, sodium, ammonium, various heavy metals, and potassium in their crystal lattice. Water is loosely held in cavities in the lattice.
“Zeolite” refers to a group of industrial minerals consisting of hydrated aluminosilicates that hold cations such as calcium, sodium, ammonium, various heavy metals, and potassium in their crystal lattice. Water is loosely held in cavities within the lattice.
The ore purchased from this supplier in Canada contains antimony, gold, and silver. Therefore, the metallurgical techniques employed by our Montana facility for the recovery of antimony from this ore are altered to also recover the gold and silver.
Therefore, the metallurgical techniques employed by our Montana facility for the recovery of antimony from this ore are altered to also recover the gold and silver. After the gold and silver are recovered, our supplier of ore in Canada typically purchases the gold and silver back from the Company on an intermittent basis throughout the year.
The Company was formed in Montana in 1970 not only to process antimony ore but also to mine antimony ore. However, antimony mining ceased in the U.S. in the 1980’s, including our antimony mining in Montana, due to a significant increase of less expensive antimony ore being imported into the United States.
Antimony mining ceased in the U.S. in the 1980’s, including our antimony mining operation located in Montana, due to a significant increase of less expensive antimony ore being imported into the United States.
We provide no assurance we will be able to effectively compete in any of our business areas with current or future competitors or that the competitive pressures faced by us will not have a material adverse effect on the business, financial condition and operating results. 10 Table of Contents Employees As of December 31, 2024, we employed 60 full-time employees and 2 part-time employees, most of which are located in Montana, Idaho, and Mexico.
We provide no assurance we will be able to effectively compete in any of our business areas with current or future competitors or that the competitive pressures faced by us will not have a material adverse effect on the business, financial condition and operating results.
The Company formed another subsidiary, Antimonio de Mexico, S.A. de C.V. (“ADM”), in Mexico in 2005 to explore and develop antimony and precious metal deposits in Mexico. Our Los Juarez mining claims and concessions in Mexico are included in ADM. Currently, the Company has no active operations in Los Juarez, Mexico. Zeolite is used in many products as filtration.
(“USAMSA”), that it formed in Mexico in 1998. The Company established another subsidiary, Antimonio de Mexico, S.A. de C.V. (“ADM”), in Mexico in 2005 to explore and develop antimony and precious metal deposits in Mexico. Our Los Juarez mining claims and concessions in Mexico are included in ADM.
Competitive Advantage We believe we have a competitive advantage due to the following: · We are the only U.S. domestic processor of antimony products. · We can process ore quickly and have minimal shipping time to domestic customers. · We have a reputation for quality products delivered on a timely basis. · We have the only operating, permitted antimony smelter located in the U.S. · Our smelter in Coahuila, Mexico is the largest operating smelter for the processing of antimony products in Mexico.
Competitive Advantage We believe we have a competitive advantage due to the following: ● We are the only U.S. based domestic processor of antimony products. ● We have short processing times so domestic customers can obtain antimony finished products relatively quickly. 9 Table of Contents ● We have a long reputation for delivering quality products on a timely basis. ● We have the only operating, vertically integrated, and permitted antimony smelter located in the United States. ● Our smelter in Coahuila, Mexico is the largest operating smelter for the processing of antimony products in Mexico.
The gold and silver in this ore represent all precious metals processing and sales for the Company. However, our ore processing costs related to antimony, gold, and silver cannot be separated between antimony and precious metals. Therefore, our precious metals operations and financial results are included in our antimony segment.
While gold and silver account for all precious metals processing and sales for the Company, the associated extraction and processing costs cannot be meaningfully separated between antimony and precious metals. Therefore, our precious metals operations and corresponding financial results are included within our antimony segment.
Our SEC filings are also available free of charge on the Investors portion of our website at https://www.usantimony.com as soon as reasonably practicable after they are filed with or furnished to the SEC. Our website and the information contained on or through that site are not incorporated into this report.
Our SEC filings are available to the public over the internet at the SEC’s website at http://www.sec.gov. Our SEC filings are also available free of charge on the Investors portion of our website at https://www.usantimony.com as soon as reasonably practicable after they are filed with or furnished to the SEC.
Zeolite has been used for some time to separate gases, to re-oxygenate downstream water from sewage plants, smelters, pulp and paper plants, and fishponds and tanks, and to remove carbon dioxide, sulfur dioxide and hydrogen sulfide from methane generators as organic waste, sanitary landfills, municipal sewage systems, animal waste treatment facilities, and is excellent in pressure swing apparatuses. ☐ Animal Nutrition .
Zeolite has been utilized in gas separation and purification processes, including re-oxygenation of downstream water from sewage plants, smelters, pulp and paper plants, and fishponds and tanks, and to remove carbon dioxide, sulfur dioxide and hydrogen sulfide from methane generators as organic waste, sanitary landfills, municipal sewage systems, animal waste treatment facilities.
This competition could result in competitors having mineral properties of greater quality and interest to prospective investors who may finance additional exploration and development. This competition could adversely impact our ability to finance further exploration and to achieve the financing necessary to develop our mineral properties.
In addition, they may be able to afford greater geological expertise in the targeting and exploration of mineral properties. This competition could result in competitors having mineral properties of greater quality and interest to prospective investors who may finance additional exploration and development.
We have about $100,000 of financial assurances, primarily in the form of surety bonds, for reclamation company-wide. Our exploration, development and production programs conducted in the United States are subject to local, state and/or federal regulations regarding environmental protection. Some of our production and mining activities are conducted on public lands. The U.S.
Our exploration, development and production programs conducted in the United States are subject to local, state and/or federal regulations regarding environmental protection. Some of our production and mining activities are conducted on public lands. The U.S. Forest Service extensively regulates mining operations conducted in National Forests.
We process ore to remove impurities, refine the size, and increase the percentage of antimony contained in the ore to approximately 70% to make the finished product called antimony trisulfide, to approximately 83% to make the finished product called antimony oxide, and to approximately 99.65% to make the finished product called antimony metal.
The Company processes antimony ore to remove impurities, refine particle size, and increase antimony content to approximately 71.4% to make the finished product called antimony trisulfide, to approximately 83% to make the finished product called antimony oxide or trioxide, and to approximately 99.65% to make the finished product called antimony metal ingots.
The number of full-time employees may vary seasonally. None of our employees are covered by any collective bargaining agreement. Intellectual Property We hold no material patents, licenses, franchises or concessions. However, we consider our antimony processing facilities proprietary in nature.
Employees As of December 31, 2025, we employed 100 full-time employees and 1 part-time employee, most of which are located in Montana, Idaho, and Mexico. The number of full-time employees may vary seasonally. None of our employees are covered by any collective bargaining agreement. Intellectual Property As of December 31, 2025, we hold no material patents, licenses, franchises or concessions.
Our Montana facility processes this ore and sells the gold and silver to the company who sold us this ore, which represents all our precious metals sales, and sells the antimony to other companies in various industries. Our Mexico facilities have been processing ore primarily into antimony metal.
Our Montana facility processes this ore and generally sells the recovered gold and silver back to the ore supplier, which represents substantially all of the Company’s precious metals sales, and sells the antimony to other companies in various industries.
Achieving and maintaining compliance with regulations will be challenging and may increase our operating costs. Licenses, Permits and Claims/Concessions We are required to obtain various licenses and permits to operate our mine and conduct exploration and reclamation activities. Targets at our Los Juarez exploration project in Mexico can only be developed if we are successful in obtaining the necessary permits.
We work with these agencies to address issues outlined in any inspection or review and to ensure compliance. Achieving and maintaining compliance with regulations will be challenging and may increase our operating costs. Licenses, Permits and Claims/Concessions We are required to obtain various licenses and permits to operate our mine and conduct exploration and reclamation activities.
Zeolite can be used for water filtration, sewage treatment, nuclear waste and other environmental cleanup, odor control, gas separation, animal nutrition, soil amendment and fertilizer, and other miscellaneous applications. The Company is in the process of completing a technical report summary documenting the estimate of total mineral resources and reserves associated with the zeolite mine under lease.
Zeolite can be used for water filtration, sewage treatment, nuclear waste and other environmental cleanup, odor control, gas separation, animal nutrition, soil amendment and fertilizer, and other miscellaneous applications.
Competition We compete with other mineral resource exploration and development companies for financing and for the acquisition of new mineral properties and for equipment and labor related to exploration and development of mineral properties. Many of the mineral resource exploration and development companies with whom we compete have greater financial and technical resources.
Competition Although we are the only fully vertically integrated antimony mining operation in the United States, we compete with other mineral resource exploration and development companies for financing and for the acquisition of new mineral properties and for equipment and labor related to exploration and development of mineral properties.
The Company has completed test hole drilling and retained a qualified third-party expert to issue the report. Given the environmental disturbance related to mining, we work with government agencies to comply with environmental regulations and health and safety standards and strive to grow responsibly for the health, safety, and protection of our employees and the environment.
Given the environmental disturbance related to mining, the Company works with government agencies to comply with applicable environmental regulations and health and safety standards and strives to operate responsibly for the health, safety, and protection of our employees and the environment.
Accordingly, competitors may be able to spend greater amounts on acquisitions of mineral properties of merit, on exploration of their mineral properties and on development of their mineral properties. In addition, they may be able to afford greater geological expertise in the targeting and exploration of mineral properties.
Many of the mineral resource exploration and development companies with whom we compete have greater financial and technical resources. Accordingly, competitors may be able to spend greater amounts on acquisitions of mineral properties of merit, on exploration of their mineral properties and on development of their mineral properties.
Since then, the Company continued to process ore sourced from foreign suppliers at its facility in Montana. The Company also processes antimony ore at its two facilities located in Mexico, which are included in the Company’s subsidiary, US Antimony de Mexico, S.A. de C.V. (“USAMSA”), that it formed in Mexico in 1998.
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 2025. The Company also processes antimony ore at its two facilities located in Mexico, which are included in the Company’s subsidiary, US Antimony de Mexico, S.A. de C.V.
Also, the Company has no active operations yet at Los Juarez, Mexico, Ontario, Canada, and Alaska, nor at its leased facility in Philipsburg, Montana. Therefore, the Company has not included these locations in a reportable segment, but rather in its “All Other” category for segment reporting.
Additionally, the Company has no active, revenue-producing operations yet at its mining claims and leases in Los Juarez, Mexico, Ontario, Canada, Montana, or Alaska. Therefore, the Company has included these locations as well as its apartment complex and residential home in Thompson Falls, MT in its “All Other” category for segment reporting.
All website addresses in this report are intended to be inactive textual references only.
Our website and the information contained on or through that site are not incorporated into this report. All website addresses in this report are intended to be inactive textual references only.
The ability of zeolite to absorb ammonium prevents the formation of ammonia gas, which disperses the odor. ☐ Gas Separation .
A major cause of odor around cattle, hog, and poultry feed lots is the generation of the ammonium in urea and manure. The ability of zeolite to absorb ammonium prevents the formation of ammonia gas, which disperses the odor. ☐ Gas Separation .
Ore Supply Our Montana facility purchases ore primarily from one supplier in Canada. The Company renewed its annual contract with this supplier and will continue to purchase ore from this supplier for calendar year 2025. See Note 14 of the Notes to Consolidated Financial Statements in this Annual Report for further details on this contract renewal.
Ore Supply Historically, our Montana facility has purchased ore primarily from one supplier in Canada. The Company renewed its annual contract with this supplier and plans to continue to purchase ore from this supplier throughout calendar year 2026. The ore purchased from this supplier in Canada contains antimony, gold, and silver.
BRZ zeolite is regarded as one of the best zeolites in the world due to its high cation exchange capacity (CEC) of approximately 180-220 meq/100 gr.
BRZ’s zeolite is considered to be one of the best zeolites in the world for water filtration, soil amendment, animal feed additive, and industrial absorption due to its high cation exchange capacity (CEC) averaging 146 meq/100 gr.
In addition, we purchased some mining claims in Alaska and Ontario, Canada in 2024 with the goal of owning our ore supply of antimony and other minerals.
As a result, we have procured antimony ore from new suppliers in 2025 located in different countries in order to lessen dependence on any one supplier. In addition, the Company purchased in 2024 and 2025 mining claims in Alaska, Montana, and Ontario, Canada with the goal of owning and securing our ore supply of antimony and other critical minerals.
Zeolite can also be used for the cleanup of soluble metals such as mercury, chromium, copper, lead, zinc, arsenic, molybdenum, nickel, cobalt, antimony, calcium, silver and uranium. ☐ Odor Control . A major cause of odor around cattle, hog, and poultry feed lots is the generation of the ammonium in urea and manure.
Zeolite has shown a strong ability to selectively remove strontium, cesium, radium, uranium, and various other radioactive isotopes from solution. It can also be used for the cleanup of industrial discharge water by removing soluble metals such as mercury, chromium, copper, lead, zinc, arsenic, molybdenum, nickel, cobalt, antimony, calcium, silver and uranium. ☐ Odor Control .
Health and Safety We are subject to the regulations of the Mine Safety and Health Administration (“MSHA”) in the United States and the Mexico Ministry of Economy and Mining in Mexico. We work with these agencies to address issues outlined in any inspection or review and to ensure compliance.
Health and Safety We are subject to the regulations of the Mine Safety and Health Administration (“MSHA”) in the United States, the Canadian Centre for Occupational Health and Safety (“CCOHS”) in Canada, The Ontario Ministry of Labor in Ontario, Canada (Occupational Health and Safety Act (OHSA) and Regulations for Mines & Mining Plants) and the Mexico Ministry of Economy and Mining in Mexico.
Antimony is used in many products as a fire-retardant and a primer and is on the Critical Minerals List of the U.S. Government.
Antimony is on all the Critical Minerals Lists of the U.S. Government.
Zeolite is used in sewage treatment plants to remove nitrogen and as a carrier for microorganisms. ☐ Nuclear Waste and Other Environmental Cleanup . Zeolite has shown a strong ability to selectively remove strontium, cesium, radium, uranium, and various other radioactive isotopes from solution.
Zeolite is employed as an absorbent material to capture ammonia from the ventilation stream, helping to reduce airborne ammonia concentrations and maintain a cleaner breathing environment for miners. ☐ Sewage Treatment . Zeolite is used in sewage treatment plants to remove nitrogen and as a carrier for microorganisms. ☐ Nuclear Waste and Other Environmental Cleanup .
Compliance with environmental regulations, and litigation based on environmental laws and regulations, involves significant costs and can threaten existing operations or constrain expansion opportunities. Mine closure and reclamation regulations impose substantial costs on our operations and include requirements that we provide financial assurance supporting those obligations.
In Canada, we are obligated to consult with the appropriate First Nations in our areas of operations. Environmental Our operations are subject to various environmental laws and regulations in the United States, Canada, and Mexico. Compliance with environmental regulations, and litigation based on environmental laws and regulations, involves significant costs and can threaten existing operations or constrain expansion opportunities.
Forest Service extensively regulates mining operations conducted in National Forests. Department of Interior regulations cover mining operations carried out on most other public lands.
The Department of Interior regulations, administered by BLM, regulate mining operations that could cause surface disturbance carried out on most other public lands.
See Note 14 of the Notes to Consolidated Financial Statements in this Annual Report for further details on the BRZ Lease. BRZ pays two other royalties on the sale of zeolite products. In addition, BRZ can surface mine and process zeolite on property owned by the U.S.
BRZ pays two additional royalties on the sale of zeolite products tied to this property. In addition, BRZ can surface mine and process zeolite from mining claims on federal lands administered by the U.S. Bureau of Land Management (“BLM”) located adjacent to the Company’s Preston, Idaho property, subject to obtaining the required government operating permits.
According to third-party research, feeding up to 2% zeolite increases growth rates, decreases conversion rates, and prevents scours. ☐ Miscellaneous Uses .
Zeolite is also effective in pressure swing apparatuses. ☐ Animal Nutrition . According to third-party research, the inclusion of up to 2% zeolite in animal feed may increase growth rates, improve feed conversion, and reduce digestive disorders. ☐ Miscellaneous Uses .
If the antimony market price declines and remains depressed, our revenues and profitability may be adversely affected, especially during the time when the market price is declining. Zeolite Segment Our zeolite segment includes our vertically integrated Bear River Zeolite (“BRZ”) facility located in Preston, Idaho that mines, processes, and sells zeolite.
If the antimony market price declines and remains depressed, our revenues and profitability will likely be adversely affected, especially during the time when the market price is declining. Government and Industrial Sales Agreements In September 2025, the Company secured a five-year, sole-source Indefinite Delivery, Indefinite Quantity (IDIQ) contract with the U.S.
Removed
The Company acquired mining claims and leases located in Alaska and Ontario, Canada in 2024 that could expand its operations as well as its product offerings. Antimony and zeolite are minerals that are included in many products that are used every day. USAC can provide these minerals in a form that can be used in these products.
Added
Beginning in late 2024 and continuing in 2025, the Company acquired mining claims in Alaska, Montana, and Canada prospective for antimony, tungsten, cobalt and other critical minerals. In addition, the Company entered into an agreement to acquire exploration rights for mining properties located in the southeastern United States.
Removed
In 2024, the Company acquired mining claims and leases in Alaska and Ontario, Canada, which necessitated forming three entities related to the Alaska mining claims, Great Land Minerals, LLC, Denali Minerals, LLC, and Alaska Antimony LLC, and one entity related to the Ontario mining claims and leases, UAMY Cobalt Corporation.
Added
The Company also procured antimony ore from new international suppliers and is nearing construction completion of an expansion of its antimony processing facility located in Montana that is expected to more than triple its current capacity. This additional antimony supply and processing capacity will be used to fulfill the Company’s two new five-year sales contracts with the U.S.
Removed
We expect these mining claims and leases will expand the Company’s operations and product offerings. In certain of these areas, the Company intends to start with a geophysics study and a geological, structural, and petrographic study to enable future development with ultimate plans for a comprehensive drilling program.
Added
Defense Logistics Agency and an industrial customer, both of which were secured in 2025. On March 11, 2026, the Company’s common stock began trading on the New York Stock Exchange (“NYSE”). Prior to that date, the Company’s common stock was listed on the NYSE American exchange and the NYSE Texas.
Removed
The Company also leased a metals concentration facility with two flotation circuits located in Philipsburg, Montana in 2024 (“Philipsburg Lease”). The Company has no active operations yet in Alaska or Ontario, Canada, nor has any material been processed yet through the metals concentration facility located in Philipsburg, Montana.
Added
Antimony and zeolite are minerals used in a wide range of industrial, commercial, and governmental applications, and the Company supplies these minerals in processed forms suitable for end-use applications. Antimony The Company began operations in Montana in 1970 to mine and process antimony ore.
Removed
See Note 14 of the Notes to Consolidated Financial Statements in this Annual Report for further details on the Philipsburg Lease. 5 Table of Contents Recent Developments The Company’s USAMSA subsidiary primarily includes two processing facilities, its Madero facility in Parras de la Fuente Coahuila, Mexico and its Puerto Blanco facility in San Luis de la Paz Guanajuato, Mexico.
Added
However, the Company continued to process ore sourced from foreign suppliers into antimony trioxide, antimony metal, and antimony trisulfide and into precious metals, primarily gold and silver, at its facility in Montana. In 2025, the Company purchased the surface rights for some of its patented mining claims in Montana and mined 840 tons of antimony ore.
Removed
In March 2024, the Company shut down the operations of USAMSA and announced its intent to sell its USAMSA subsidiary. The accounting requirements for reporting USAMSA as a discontinued operation were met in the first quarter of 2024.
Added
Currently, the Company has no active operations in the Los Juarez, Mexico area. Effective August 28, 2025, the Company completed its reincorporation from the State of Montana to the State of Texas (the “Texas Reincorporation”).
Removed
In December 2024, the Company announced plans to restart its Madero facility in Mexico and made the decision not to sell its USAMSA subsidiary because of substantially increased demand and market price for antimony.
Added
Approved by stockholders at the Company’s 2025 Annual Meeting, the transition was a structural change in the Company’s legal domicile and did not result in any changes to its business operations, management, personnel, or financial condition. The Company’s corporate headquarters is located in Dallas, Texas, and its common stock continues to trade without interruption on the two listed exchanges.
Removed
Therefore, the Company reclassified its USAMSA subsidiary’s assets and liabilities in its Consolidated Balance Sheets and related Notes to Consolidated Financial Statements from its presentation in the interim quarterly financial statements for the quarterly periods ended March 31, 2024, June 30, 2024, and September 30, 2024 to held-and-used for all periods presented in this Annual Report.
Added
The Company’s facilities in Mexico process ore primarily into antimony metal ingots, a lower grade of antimony oxide, and precious metals. 6 Table of Contents 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).
Removed
Also, the Company reported its USAMSA subsidiary’s operations in continuing operations in its Consolidated Statements of Operations, Consolidated Statements of Cash Flows, and related Notes to Consolidated Financial Statements for all periods presented in this Annual Report.
Added
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 sales order is placed by the DLA. The Company received sales orders under this contract in September 2025 and January 2026 totaling approximately $12 million.
Removed
In 2025, the Company: i) executed an option agreement to acquire mining claims in the Fairbanks District of Alaska, ii) executed an agreement to extend ore supply for its Montana smelting facility, iii) extended its existing mineral property lease in Preston, Idaho, for an additional 10 years, iv) modified the terms and conditions of the existing property lease in Philipsburg, Montana, which substantially reduced and deferred future monthly payments specifically in calendar year 2025, v) purchased a personal residence in Thompson Falls, Montana for a key employee required to transfer and move to that location, vi) sold shares of its common stock, and vii) received proceeds from the exercise of warrants.
Added
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.
Removed
After the gold and silver are recovered, our supplier of ore in Canada purchases the gold and silver back from the Company. The sales of gold and silver are intermittent throughout the year. Our Mexico facilities did not renew their contract with their ore supplier in 2023 and were shut-down for most of 2024.
Added
Thereafter, delivery volumes, pricing (subject to semiannual market-based adjustments), and delivery schedules are subject to mutual written agreement every six months. Zeolite Zeolite is a mineral used in a variety of filtration, cattle feed, and environmental applications.

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Item 1A. Risk Factors

Risk Factors — what could go wrong, per management

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The failure by our management to apply these funds effectively could result in financial losses that could have a material adverse effect on our business and cause the price of our common stock to decline.
The failure by our management to apply these funds effectively could result in financial losses that have a material adverse effect on our business and cause the price of our common stock to decline.
Fluctuations in the exchange rates between the U.S. Dollar and the Mexican Peso may therefore have a material adverse effect on the Company’s financial results. Mexico has experienced periods of significant inflation. If Mexico experiences substantial inflation in the future, the Company’s costs in peso will increase significantly, subject to movements in applicable exchange rates.
Fluctuations in the exchange rates between the U.S. Dollar and the Mexican Peso may therefore have a material adverse effect on the Company’s financial results. Mexico has experienced periods of significant inflation. If Mexico experiences substantial inflation in the future, the Company’s costs in pesos will increase significantly, subject to movements in applicable exchange rates.
We can give no assurance that financing will be available to it or, if it is available, that it will be offered on acceptable terms. If additional financing is raised by the issuance of our equity securities, control of our company may change, security holders will suffer additional dilution and the price of the common stock may decrease.
We can give no assurance that financing will be available or, if it is available, that it will be offered on acceptable terms. If additional financing is raised by the issuance of our equity securities, control of our company may change, security holders will suffer additional dilution and the price of our common stock may decrease.
We are subject to the risk of fluctuations in the relative values of the U.S. and Canadian Dollar and Mexican Peso. We may be adversely affected by foreign currency fluctuations. Certain of our assets are located in Mexico. Our expenses relative to our Mexico assets, and, in certain cases, those assets themselves may be denominated in Mexican Pesos.
We are subject to the risk of fluctuations in the relative values of the U.S., ,Canadian Dollar, Mexican Peso, and Australian Dollar. We may be adversely affected by foreign currency fluctuations. Certain of our assets are located in Mexico. Our expenses relative to our Mexico assets, and, in certain cases, those assets themselves may be denominated in Mexican Pesos.
Pending their use to fund our operations, we may invest our cash and cash equivalents in a manner that does not produce income or that loses value. Metal market prices are volatile, including the antimony metal market price.
Pending their use to fund our operations, we may invest our cash and cash equivalents in a manner that does not produce income or that loses value. Metal market prices are volatile, including the antimony metal ingot market price.
We have experienced a loss from operations in all but one of the prior six fiscal years. We may continue to experience losses in the future.
We have experienced a loss from operations in all but one of the prior seven fiscal years. We may continue to experience losses in the future.
Metals price estimates are a key component used in the evaluation of the carrying values of our assets, as the evaluation involves comparing carrying values to the average estimated undiscounted cash flows resulting from operating plans using various metals price scenarios.
Metals price estimates are a key component used in the evaluation of the carrying values of our assets, as the evaluation involves comparing carrying values to the 15 Table of Contents average estimated undiscounted cash flows resulting from operating plans using various metals price scenarios.
Our accounting and other estimates may be imprecise. Preparing consolidated financial statements requires management to make estimates and assumptions that affect the reported amounts and related disclosure of assets, liabilities, revenue and expenses at the date of the consolidated financial statements and reporting periods.
Preparing consolidated financial statements requires management to make estimates and assumptions that affect the reported amounts and related disclosure of assets, liabilities, revenue and expenses at the date of the consolidated financial statements and reporting periods.
The more significant areas requiring the use of management assumptions and estimates relate to: · mineral reserves, resources, and exploration targets that are the basis for future income and cash flow estimates and units-of-production depreciation, depletion and amortization calculations; · environmental reclamation and asset retirement obligations; · permitting and other regulatory considerations; · asset impairments; · value of mineral claims; · asset valuations; · future foreign exchange rates, inflation rates and applicable tax rates; · reserves for contingencies and litigation; and · deferred tax asset and liability valuation allowances. 13 Table of Contents Future estimates and actual results may differ materially from these estimates as a result of using different assumptions or conditions.
The more significant areas requiring the use of management assumptions and estimates relate to: ● mineral reserves, resources, and exploration targets that are the basis for future income and cash flow estimates and units-of- production depreciation, depletion and amortization calculations; ● environmental reclamation and asset retirement obligations; ● permitting and other regulatory considerations; ● asset impairments; ● value of mineral claims; ● asset valuations; ● future foreign exchange rates, inflation rates and applicable tax rates; ● reserves for contingencies and litigation; and ● deferred tax asset and liability valuation allowances.
We may seek to source additional financing by way of private or public offerings of equity or debt or the sale of project or property interests in order to have sufficient capital to engage in acquisitions, investments and for general working capital.
We may seek or require additional financing, which may not be available on acceptable terms, if at all. We may seek to source additional financing by way of private or public offerings of equity or debt or the sale of project or property interests in order to have sufficient capital to engage in acquisitions, investments and for general working capital.
Also, we sell zeolite to customers in Canada in Canadian dollars. Significant fluctuations in the exchange rates between the U.S. Dollar and the Canadian Dollar may therefore have a material adverse effect on the Company’s financial results and cash flow. Our liabilities for environmental reclamation and retirement and safety may exceed the amounts accrued on our financial statements.
Also, we sell zeolite to customers in Canada in Canadian dollars. Significant fluctuations in the exchange rates between the U.S. Dollar and the Canadian Dollar may therefore have a material adverse effect on the Company’s financial results and cash flow.
Our estimates of undiscounted cash flows for our long-lived assets also include an estimate of the market value of the resources and exploration targets beyond the current operating plans. 12 Table of Contents If the prices of antimony or zeolite decline for an extended period of time, if we fail to control production or capital costs, if regulatory issues increase costs or decrease production, if the commercial value of fixed assets declines, or if we do not realize the mineable ore reserves, resources or exploration targets at our mining properties, we may be required to recognize asset write-downs in the future.
If the prices of antimony or zeolite decline for an extended period of time, if we fail to control production or capital costs, if regulatory issues increase costs or decrease production, if the commercial value of fixed assets declines, or if we do not realize the mineable ore reserves, resources or exploration targets at our mining properties, we may be required to recognize asset write-downs in the future.
In the event of an accident, we could be held liable for any damages that result and any liability could exceed our financial resources. We also have ongoing reclamation and retirement projects at our facilities.
The risk of accidental contamination or injury from hazardous materials cannot be completely eliminated. In the event of an accident, we could be held liable for any damages that result and any liability could exceed our financial resources. We also have ongoing reclamation and retirement projects at our facilities.
Adequate financial resources may not be available to ultimately finish the reclamation and retirement activities if changes in environmental laws and regulations occur, and these changes could adversely affect our cash flow and profitability. We do not have environmental liability insurance now, and we do not expect to be able to obtain insurance at a reasonable cost.
Adequate financial resources may not be available to ultimately finish the reclamation and retirement activities if changes in environmental laws and regulations occur, and these changes could adversely affect our cash flow and profitability.
Our research, development, manufacturing and production processes involve the controlled use of hazardous materials, and we are subject to various environmental and occupational safety laws and regulations governing the use, manufacture, storage, handling, and disposal of hazardous materials and some waste products. The risk of accidental contamination or injury from hazardous materials cannot be completely eliminated.
Our liabilities for environmental reclamation and retirement and safety may exceed the amounts accrued on our financial statements. Our research, development, manufacturing and production processes involve the controlled use of hazardous materials, and we are subject to various environmental and occupational safety laws and regulations governing the use, manufacture, storage, handling, and disposal of hazardous materials and some waste products.
To the extent that these and other factors increase our costs and/or reduce demand for our products and/or increase competition, which effects our relationship with our customers and vendors, our business, financial position, results of operations and cash flows could be materially adversely impacted. 11 Table of Contents We may seek or require additional financing, which may not be available on acceptable terms, if at all.
Also, price erosion may occur as competitors become more aggressive in pricing practices. To the extent that these and other factors increase our costs and/or reduce demand for our products and/or increase competition, which effects our relationship with our customers and vendors, our business, financial position, results of operations and cash flows could be materially adversely impacted.
The range of reasonably possible losses from our exposure to environmental liabilities in excess of amounts accrued to date cannot be reasonably estimated at this time. If we incur liabilities for environmental damages while we are uninsured, it could have a significant adverse effect on our financial condition and results of our operations.
If we incur liabilities for environmental damages while we are uninsured, it could have a significant adverse effect on our financial condition and results of our operations. Our accounting and other estimates may be imprecise.
Removed
Also, price erosion may occur as competitors become more aggressive in pricing practices.
Added
Changes in United States trade policies, including the imposition of tariffs and retaliatory tariffs, may adversely impact our business, financial condition, and results of operations.
Removed
For additional information, see Critical Accounting Estimates in
Added
Potential tariffs and trade restrictions may, among other things, cause the prices of ore and our product upon import into the U.S. to increase, which could reduce demand for such products given the increased cost, and have a material adverse impact on our revenues, financial condition, and results of operations.
Added
In addition, to the extent changes in the political environment have a negative impact on 14 Table of Contents us or on the markets in which we operate our business, our results of operations and financial condition could be materially and adversely impacted in the future.
Added
Our estimates of undiscounted cash flows for our long-lived assets also include an estimate of the market value of the resources and exploration targets beyond the current operating plans.
Added
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 accounts for its equity investment in Larvotto Resources Limited at fair value.
Added
The fair value of this investment is subject to significant fluctuations driven by market price volatility and foreign currency exchange rates, which may result in substantial variability in our reported net income. Since this investment is measured at fair value at the end of each reporting period, all resulting gains or losses are recognized in our consolidated statements of operations.
Added
Because Larvotto is a publicly traded company on the Australian Securities Exchange, its share price is susceptible to sharp movements characteristic of the mining and exploration sector, including changes in commodity pricing and exploration results. Any decline in the quoted market price of Larvotto’s common stock will necessitate a non-cash charge to our earnings, regardless of our underlying operational performance.
Added
Furthermore, as these shares are denominated in Australian Dollars, their U.S. Dollar value fluctuates in response to changes in the AUD/USD exchange rate. These currency movements are inherently reflected in the fair value measurement, meaning that a weakening of the Australian Dollar against the U.S. Dollar will negatively impact the investment’s carrying value and our net income.
Added
Our risk is further compounded by a lack of operational influence, as our approximately 10% ownership interest does not grant us board representation or governance rights to affect Larvotto’s corporate decisions.
Added
Given that this investment represents a significant portion of our consolidated assets, any material adverse development at Larvotto or unfavorable shift in currency markets could have a disproportionately negative effect on our financial position, potentially impacting our stock price and our ability to meet specific financial objectives.
Added
We do not have environmental liability insurance now, 16 Table of Contents and we do not expect to be able to obtain insurance at a reasonable cost. The range of reasonably possible losses from our exposure to environmental liabilities in excess of amounts accrued to date cannot be reasonably estimated at this time.
Added
Future estimates and actual results may differ materially from these estimates as a result of using different assumptions or conditions. For additional information, see Critical Accounting Estimates in

Item 1C. Cybersecurity

Cybersecurity — threats and controls disclosure

8 edited+4 added−1 removed2 unchanged
Management and the Company’s third-party information security officer discuss information technology needs and activity and assess and manage material cybersecurity risks and the Company’s practices for the prevention, detection, mitigation, and remediation of cybersecurity incidents, as necessary and appropriate.
Management, including the Managing Director of Information Technology discuss information technology needs and activity and assess and manage material cybersecurity risks and the Company’s practices for the prevention, detection, mitigation, and remediation of cybersecurity incidents, as necessary and appropriate.
Our CFO was trained as an auditor and an information technology auditor at the public accounting firm of Ernst & Young LLP and audited the internal controls, including IT controls, of public companies, information technology departments, and third-party information technology service providers for 12 years. 26 Table of Contents
Our CEO and CFO have managed information technology departments during their careers. Our CFO was trained as an auditor and an information technology auditor at the public accounting firm of Ernst & Young LLP and audited internal controls, including IT controls, of public companies, information technology departments, and third-party information technology service providers for approximately 12 years.
In the event of a potentially material cybersecurity event, the Chairman of the Board is notified and briefed, and a meeting of the full Board of Directors would be held, as appropriate.
In the event of a potentially material cybersecurity event, the Chairman of the Board is notified and briefed, and a meeting of the full Board of Directors would be convened, as appropriate, to review the incident, management’s response, and any required disclosures.
While prior incidents have not materially affected our business strategy, results of operations, or financial condition, there is no guarantee that a future cyber incident would not materially affect our business strategy, results of operations, or financial condition. See risks related to cybersecurity and business disruptions in “Risk Factors” in this Form 10-K.
We have experienced cybersecurity incidents, primarily related to phishing emails, and may in the future experience, whether directly or indirectly, cybersecurity incidents. While prior incidents have not materially affected our business strategy, results of operations, or financial condition, there is no guarantee that a future cyber incident would not materially affect our business strategy, results of operations, or financial condition.
Our cybersecurity risk management processes include accessing security controls, monitoring systems, tools and related services from third-party providers, and management oversight to assess, identify and manage material risks from cybersecurity threats. We engage a third-party information security officer who maintains, monitors, and ensures the security of our digital assets.
Our cybersecurity risk management processes include assessing and monitoring security controls, monitoring systems, tools and related services provided by third-party providers, and management oversight to assess, identify and manage material risks from cybersecurity threats.
In addition, we assess the risks from cybersecurity threats, periodically engage third-party tools to assist us in enhancing and monitoring our cybersecurity risks, primarily spam and suspicious email filters, and regularly back up company information. We have experienced cybersecurity incidents, primarily related to phishing emails, and may in the future experience, whether directly or indirectly, cybersecurity incidents.
In addition, we assess the risks from cybersecurity threats, periodically engage third-party tools to assist us in enhancing and monitoring our cybersecurity risks, including tools designed to detect and mitigate phishing and suspicious email activity, and regularly back up company information.
We monitor cybersecurity vulnerabilities and potential attacks, and we evaluate the potential operational and financial effects of any threat and of cybersecurity countermeasures made to defend against such threats. We continue to integrate our cyber practices into our enterprise risk management practices, which is overseen by our Board of Directors.
We continue to integrate our cyber practices into our enterprise risk management practices, which is overseen by our Board of Directors.
Governance Our Board of Directors is responsible for risk oversight. Our chief executive officer and chief financial officer, with input from and potentially attendance by our third-party information security officer, provide presentations to the Board of Directors on cybersecurity risks or threats as necessary.
Our chief executive officer and chief financial officer, with input from and participation by, as appropriate, our Managing Director of Information Technology, provide presentations to the Board of Directors regarding cybersecurity risks, incidents, and risk management practices periodically and as circumstances warrant.
Removed
Our third-party information security officer has 30 years of experience in the IT management field and has consulted with large and mid-size corporations on proper IT processes and security. Our CEO and CFO have managed information technology departments during their careers.
Added
In 2025, we established a dedicated internal leadership role by hiring a Managing Director of Information Technology to oversee the security and maintenance of our digital assets and infrastructure. The Managing Director of Information Technology is responsible for coordinating cybersecurity risk management activities across the Company, including oversight of third-party service providers engaged to support cybersecurity functions.
Added
We monitor cybersecurity vulnerabilities and potential attacks, and we evaluate the potential operational and financial effects 31 Table of Contents of any threat and of cybersecurity countermeasures made to defend against such threats, including consideration of the potential materiality of such threats to our business, results of operations, or financial condition.
Added
See risks related to cybersecurity and business disruptions in “Risk Factors” in this Form 10-K. Governance Our Board of Directors is responsible for risk oversight, including oversight of risks related to cybersecurity.
Added
The Managing Director of Information Technology reports to executive management and is responsible for day-to-day oversight of the Company’s cybersecurity risk management processes, including coordination with third-party service providers. Our Managing Director of Information Technology has approximately 20 years of experience in information technology leadership roles, including serving as Director of IT at four previous companies.

Item 2. Properties

Properties — owned and leased real estate

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Our property is approximately 850 feet north-northeast of Prospect Creek in Cox Gulch, which resides in the northern Bitterroot Mountain range. This Highway 471 is asphalt, and the property is accessible by car or truck.
Our property is approximately 850 feet north-northeast of Prospect Creek in Cox Gulch, which resides in the northern Bitterroot Mountain range. This Highway 471 is asphalt, and the property is accessible by car and/or truck.
The USAMSA subsidiary includes the following two antimony and precious metals processing facilities in Mexico, both of which are owned: (1) the Madero facility in Coahuila, Mexico and (2) the Puerto Blanco flotation mill, oxide circuit, and cyanide leach circuit facility in Guanajuato, Mexico. We do not mine at these facilities but rather process ore into finished products.
The USAMSA subsidiary includes the following two antimony and precious metals processing facilities in Mexico, both of which are owned: (1) the Madero facility in Coahuila, Mexico and (2) the Puerto Blanco flotation mill, oxide circuit, and cyanide leach circuit facility in Guanajuato, Mexico. We do not presently mine at these facilities but rather process ore into finished products.
In 2019, we completed the installation of a caustic leach circuit to process antimony concentrates from our Puerto Blanco cyanide leach facility containing any precious metals from our Los Juarez property or other sources. Annual antimony finished goods production was 163,788 pounds of antimony metal in 2024 and 88,160 pounds of antimony metal in 2023.
In 2019, we completed the installation of a caustic leach circuit to process antimony concentrates from our Puerto Blanco cyanide leach facility containing any precious metals from our Los Juarez property or other sources. Annual antimony finished goods production was 163,788 pounds of antimony metal ingots in 2024.
Following are location maps related to this property: 29 Table of Contents 30 Table of Contents Zeolite Mine and Processing Facility in Preston, Idaho Bear River Zeolite Company (“BRZ”), which represents our Zeolite Segment, has a lease with Zeolite, LLC that entitles BRZ to surface mine and process zeolite on property in Preston, Idaho, in exchange for an annual payment and a royalty payment, which is based on the amount of zeolite shipped from the leased property (“BRZ Lease”).
Following are location maps related to this property: 36 Table of Contents Zeolite Mine and Processing Facility in Preston, Idaho Property Description and Ownership Bear River Zeolite Company (“BRZ”), which represents our Zeolite Segment, has a lease through December 31, 2034 with Zeolite, LLC that entitles BRZ to surface mine and process zeolite on property in Preston, Idaho, in exchange for an annual payment and a royalty payment, which is based on the amount of zeolite shipped from the leased property (“BRZ Lease”).
The property is about 16 acres with seventeen small rotating furnaces (“SRF’s”) and four large rotating furnaces (“LRF”) with an associated stack and scrubbers. The Madero antimony production is sold as antimony metal or antimony low-grade oxide.
The property is about 16 acres with fourteen small rotating furnaces (“SRF’s”) and three large rotating furnaces (“LRF”) with an associated stack and scrubbers. The Madero antimony production is sold as antimony metal ingots or antimony low-grade oxide.
The Los Juarez mining claims and concessions are in Cadereyta de Montes Queretaro, Mexico and are included in our ADM subsidiary.
The Los Juarez mining claims and concessions are in Cadereyta de Montes Queretaro, Mexico and are included in our ADM subsidiary. There are presently no active operations at Los Juarez.
We built the road system, but it was purchased and is currently operated and maintained by the USFS. The antimony smelter includes furnaces of a proprietary design to produce antimony metal, antimony oxide, antimony trisulfide, and various other antimony products.
This facility was built in 1971, started operating in 1972, and is included in our antimony segment. We built the road system, but it was purchased and is currently operated and maintained by the USFS. The antimony smelter includes furnaces of a proprietary design to produce antimony metal ingots, antimony oxide, antimony trisulfide, and various other antimony products.
The Puerto Blanco property is approximately 15 kms (about 9.32 mi) north of the city of San Jose Iturbide along state highway 57 in the state of Guanjuato, Mexico with GPS coordinates of 21.07827, -100.54144 and is located approximately 144 kms (about 89.48 mi) from our Los Juarez property. It is accessible by highway to all vehicles.
Puerto Blanco had no production operations in 2025 and 2024. 35 Table of Contents The Puerto Blanco property is approximately 15 kms (about 9.32 mi) north of the city of San Jose Iturbide along state highway 57 in the state of Guanjuato, Mexico with GPS coordinates of 21.07827, -100.54144 and is located approximately 144 kms (about 89.48 mi) from our Los Juarez property.
There is a smaller airport, Sanders Airport, that is about 2 hours from our property and a major airport in Spokane, WA, that is about two and one-half hours from our property. Our facility is serviced with electricity from Northwestern Energy, and water is pumped from a well. Personnel are sourced from nearby cities like Belknap, Plains, and Missoula.
There is a smaller airport, Sanders Airport, that is about 2 hours from our property and a major airport in Spokane, WA, that is about two and one-half hours from our property. Our facility is serviced with electricity from Northwestern Energy, and water is pumped from a well located on our property.
There are presently no active operations at Los Juarez. 28 Table of Contents Madero Antimony Smelter and Precious Metals Processing Facility in Coahuila, Mexico The Madero antimony smelter and precious metal processing facility at Estacion Madero, in the Municipio of Parras de la Fuente, Coahuila, Mexico, is included in our antimony segment. Construction started on the property in 2009.
Madero Antimony Smelter and Precious Metals Processing Facility in Coahuila, Mexico The Madero antimony smelter and precious metal processing facility at Estacion Madero, in the Municipio of Parras de la Fuente, Coahuila, Mexico, is included in our antimony segment. Construction started on the property in 2009.
The furnaces are maintained to modern standards. Annual antimony production was approximately 1,296,000 pounds in 2024 and approximately 998,000 pounds in 2023. This plant is also equipped for the treatment and production of precious metals. Annual gold production was approximately 35 ounces in 2024 and approximately 36 ounces in 2023.
The electrical furnaces are used to produce antimony trisulfide. The furnaces are maintained to modern standards. Annual antimony production was approximately 1,409,000 pounds in 2025 and approximately 1,460,000 pounds in 2024. This plant is also equipped for the treatment and production of precious metals. Annual gold production was approximately 13 ounces in 2025 and approximately 35 ounces in 2024.
We have 6 operational Small Rotary Furnaces (SRF’s) and 2 operational electric furnaces and have permits for up to 9 SRF’s and 4 electrical furnaces. The SRF’s are used to roast various antimony ore inputs and can produce either finished antimony oxide or finished antimony metal in the form of ingots. The electrical furnaces are used to produce antimony trisulfide.
We have 8 operational Small Rotary Furnaces (SRF’s) and a permit for up to 15 SRF’s. Also, we are using 2 of our 4 operational electric furnaces. The SRF’s are used to roast various antimony ore inputs and can produce either finished antimony trioxide or finished antimony metal in the form of ingots.
Electricity is provided by the local electric company and is fairly reliable. Personnel are sourced, mainly from Preston, but also from North Logan. Following are location maps related to this property: 31 Table of Contents
Electricity is provided by the local electric company and is fairly reliable. Personnel are sourced, mainly from Preston, but also from North Logan.
An oxide circuit was added to the plant in 2013 and 2014 to mill oxide ores from Los Juarez and other properties. In 2019 a cyanide leach circuit for recovery of precious metals was built and permits were obtained for this circuit. This cyanide leach circuity is not yet in operation and has not been used.
In 2019 a cyanide leach circuit for recovery of precious metals was built and permits were obtained for this circuit. This cyanide leach circuity is not yet in operation and has not been used.
In addition, BRZ can surface mine and process zeolite on the 480 acres of property owned by the U.S. Bureau of Land Management and held by our 24, 20-acre Placer claims, that is adjacent to the Company’s Preston, Idaho property, after obtaining required permits.
In addition, after obtaining required permits, BRZ can surface mine and process zeolite on the 1,000 acres of property owned by the BLM and held by our 50, 20-acre Placer claims, that is adjacent to the Company’s Preston, Idaho property. The BRZ mine is a surface mining operation located near Preston, Idaho and represents the Company’s sole production-staged mine.
Following is a location map related to this property: Puerto Blanco Flotation Mill and Precious Metals Processing Facility in Guanajuato, Mexico The Puerto Blanco facility in Guanajuato, Mexico is about 100 acres and is included in our antimony segment. Construction started on the property in 2010.
Personnel are sourced mainly from the nearby community of about 100 residents. The Madero smelter currently employs 30 people. Following is a location map related to this property: Puerto Blanco Flotation Mill and Precious Metals Processing Facility in Guanajuato, Mexico The Puerto Blanco facility in Guanajuato, Mexico is about 100 acres and is included in our antimony segment.
Electricity is supplied by CFE, the socialized electricity provider in Mexico and provides adequate and fairly reliable power. Water is sourced from a well at the smelter. Personnel are sourced mainly from the nearby community of about 100 people.
Paila is about halfway between Torreon and Saltillo, both in the state of Coahila on state highway 40 and is accessible by truck. Electricity is supplied by CFE, the socialized electricity provider in Mexico and provides adequate and fairly reliable power. Water is sourced from a well located at the smelter.
The facility contains a flotation mill and oxide circuit that are used in increasing the concentration of antimony in ore and a cyanide leach circuit this is use in the processing of precious metals. The flotation mill can be used for the processing of ore from the Company’s mine in Los Juarez and other unrelated third-party properties.
Construction started on the property in 2010. The facility contains a flotation mill and gravity circuit that are used in increasing the concentration of antimony in ore and a cyanide leach circuit this is used in the processing of precious metals.
This property is about 7 kms north of the gas station known as Paila Coahuila and less than 1 km from a railroad and the ejido Estacion Madero, Coahuila. Paila is about halfway between Torreon and Saltillo, both in the state of Coahila on state highway 40, and is accessible by truck.
There was production operations in fiscal 2025 but no finished goods sold in 2025. This property is about 7 kms north of the gas station known as Paila Coahuila and less than 1 km from a railroad and the ejido Estacion Madero, Coahuila.
BRZ has all necessary MSHA and operational permits and is regularly inspected by MSHA for compliance with State and Federal requirements. See Note 11 of the Notes to Consolidated Financial Statements in this Annual Report for the status of inspections by MSHA. Annual zeolite production was approximately 11,100 tons in 2024 and approximately 10,100 tons in 2023.
BRZ pays two other royalties based on the sale of zeolite products. BRZ holds all necessary MSHA and operational permits and is regularly inspected by MSHA for compliance with State and Federal requirements. Annual zeolite production was approximately 12,000 tons in 2025 and approximately 11,100 tons in 2024.
Our facility is considered a large quantity generator (“LQG”) of hazardous waste and must comply with the Montana Hazardous Waste Act, which is regulated by the Montana Department of Environmental Quality (“DEQ”). Following are location maps related to this property: 27 Table of Contents Properties in Mexico The Company has two subsidiaries in Mexico, USAMSA and ADM.
Personnel are sourced from nearby cities like Belknap, Plains, and Missoula. Our facility is considered a large quantity generator (“LQG”) of hazardous waste and must comply with the Montana Hazardous Waste Act, which is regulated by the Montana Department of Environmental Quality (“DEQ”).
Annual silver production was approximately 14,600 ounces in 2024 and approximately 21,400 ounces in 2023. We do not mine at this facility but rather process ore into finished products. This facility is approximately 16 miles west of Thompson Falls on Montana Secondary Highway 471 with GPS coordinates latitude 47.548077 north and longitude 115.591828 west.
Annual silver production was approximately 8,755 ounces in 2025 and approximately 14,600 ounces in 2024. We do not mine at this facility but rather process ore into finished products.
Rock trucks are being used to haul 18 to 20 tons per load, and the cycle time is approximately 30 minutes. BRZ is in the southeast corner of Idaho and is accessible by seven miles of paved road and about l/4 mile of gravel road from Preston, Idaho.
The mining operation is currently configured to support a production capacity of approximately 120 tons of zeolite per hour, providing a consistent supply of raw material to the mill. BRZ is in the southeast corner of Idaho and is accessible by seven miles of paved road and about l/4 mile of gravel road from Preston, Idaho.
The following table provides a summary of the properties we were affiliated with at December 31, 2024: Segment Location Owned or Leased Mine, Processing Facility, or Warehouse Active or Inactive Own Mining Claims Executed Surface Rights Agreement Antimony Sanders County, Montana Owned Processing Facility Active n/a n/a Antimony Madero in Coahuila, Mexico Owned Processing Facility Active n/a n/a Antimony Puerto Blanco in Guanajuato, Mexico Owned Processing Facility Active n/a n/a Zeolite Preston, Idaho Leased Mine and Processing Facility Active Yes Yes Zeolite Lethbridge, Canada Leased Warehouse Active n/a n/a There are no material encumbrances on any of our properties at December 31, 2024.
The sections below that follow the table describe the Company’s properties by location and operating status. 32 Table of Contents The following table provides a summary of the properties we were affiliated with at December 31, 2025: Segment ​ ​ ​ Location ​ ​ ​ Owned or Leased 1 ​ ​ ​ Mine, Processing Facility, or Warehouse ​ ​ ​ Status ​ ​ ​ Own Mining Claims ​ ​ ​ Acreage Antimony ​ Sanders County, Montana ​ Owned ​ Processing Facility ​ Active ​ n/a ​ 14 ​ Antimony ​ Madero in Coahuila, Mexico ​ Owned ​ Processing Facility ​ Active ​ n/a ​ 16 ​ Antimony ​ Puerto Blanco in Guanajuato, Mexico ​ Owned ​ Processing Facility ​ Active ​ n/a ​ 100 ​ All Other ​ Los Juarez in Queretaro, Mexico ​ Leased / Owned ​ Mine ​ Exploration ​ No / Yes ​ 529 / 100 ​ Zeolite ​ Preston, Idaho ​ Leased / Owned ​ Mine / Processing ​ Production ​ No / Yes ​ 320 / 994 ​ All Other ​ Sanders County, Montana ​ n/a / Owned ​ Mine ​ Exploration ​ Yes ​ 2,400 / 30 ​ All Other ​ Alaska ​ n/a ​ Mine ​ Exploration ​ Yes ​ 22,800 ​ All Other ​ Ontario, Canada ​ n/a / Owned ​ Mine ​ Exploration ​ Yes ​ 38,100 / 2,900 ​ Zeolite ​ Lethbridge, Canada ​ Leased ​ Warehouse ​ Active ​ n/a ​ n/a ​ 1 - see additional property description information below. ​ The following is a map of the Company’s properties: 33 Table of Contents DESCRIPTION OF PROPERTIES Antimony and Precious Metals Facility in Sanders County, Montana We own 14 acres of land in the Burns Mining District in Sanders County, Montana, where we operate a facility that includes our antimony smelter and precious metals equipment.
Removed
DESCRIPTION OF PROPERTIES Antimony and Precious Metals Facility in Sanders County, Montana We own 14 acres of land in the Burns Mining District in Sanders County, Montana, where we operate a facility that includes our antimony smelter and precious metals equipment. This facility was built in 1971, started operating in 1972, and is included in our antimony segment.
Added
Item 2. Properties. The Company owns, leases, and operates a portfolio of domestic and international properties supporting its antimony, precious metals, and zeolite businesses, and has invested in other properties prospective for tungsten, cobalt, and other critical minerals. These properties include processing and smelting facilities, a production-stage zeolite mine, exploration-stage mineral properties, and supporting infrastructure.
Removed
Puerto Blanco had no processing in 2024 with its closure for most of 2024, as described in the “ Recent Developments ” section in this Annual Report, and processed approximately 20,000 pounds of antimony ore in 2023, which contained an average of 25% antimony.
Added
The Company’s property portfolio is organized across its antimony and zeolite segments and is intended to support an integrated supply chain encompassing mineral extraction, concentration, and processing.
Removed
The BRZ Lease ends December 31, 2034. See Note 14 of the Notes to Consolidated Financial Statements in this Annual Report for further details on the BRZ Lease. BRZ pays two other royalties based on the sale of zeolite products.
Added
The Company’s principal operating assets include its antimony smelting and precious metals processing facility in Sanders County, Montana; two antimony and precious metals processing facilities in Mexico; and the Bear River Zeolite (“BRZ”) surface mine and processing facility in Preston, Idaho, which represents the Company’s sole production-stage mine.
Removed
The deposit on the land owned by Zeolite, LLC is a thick, sedimentary deposit of zeolitized volcanic ash of Tertiary age known as the Salt Lake Formation. The sedimentary interval where the clinoptilolite occurs is over 1,000 feet thick.
Added
In addition, the Company holds exploration-stage mineral properties in Mexico, Montana, Alaska, the southeastern United States, and Ontario, Canada, which are prospective for antimony, tungsten, cobalt, and other critical and base metals.
Removed
Thick intervals of the zeolite are separated by thin limestone and sandstone beds deposited in the freshwater lake where the volcanic ash accumulated. The deposit includes an 800-foot mountain. Zeolite can be sampled over a vertical extent of 800 feet on more than 700 acres. The current pit covers more than 3 acres.
Added
All properties described below have not yet established mineral resources or mineral reserves other than the BRZ surface mine, and mining or commercial production activities at those sites are subject to further technical evaluation, permitting, and market conditions.
Removed
Depending on the location, the zeolite is overlain by 1 to 12 feet of zeolite-rich soil. On the ridges, the cover is very little, and in the draws, the soil is thicker. The overburden is stripped using a tractor dozer, moved to the toe of the pit, and will eventually be dozed back over the pit for reclamation.
Added
In April 2025, the Company entered into definitive engineering and construction service agreements with a third-party contractor to support an expansion of its smelting operations at this location that will more than triple its capacity. The project has been designed to maintain existing smelting operations without material interruption.
Removed
Although near-surface rock is easily ripped, it is more economical to drill and blast it as breakage is generally good. Initial benches are 20 feet high, and each bench is accessed by a road. Haulage is over approximately 4,000 feet of road on an uphill grade of 2.5% to the mill. On higher benches, the grade will eventually be downhill.
Added
Construction activities commenced in 2025, and the expansion is expected to be completed in April 2026. Management believes the expansion project is strategically important to supporting domestic antimony supply. This facility is approximately 16 miles west of Thompson Falls on Montana Secondary Highway 471 with GPS coordinates latitude 47.548077 north and longitude 115.591828 west.
Added
Following are location maps related to this property: 34 Table of Contents Properties in Mexico The Company has two subsidiaries in Mexico, USAMSA and ADM.
Added
The flotation mill can be used for the processing of ore from the Company’s mine in Los Juarez and other unrelated third-party properties. A gravity circuit was added to the plant in 2013 and 2014 to mill oxide ores from Los Juarez and other properties.
Added
It is accessible by highway to all vehicles.
Added
BRZ’s zeolite is considered to be one of the best zeolites in the world for water filtration, soil amendment, animal feed additive, and industrial absorption due to its high cation exchange capacity (CEC) averaging 146 meq/100 gr.
Added
(which predicts plant nutrient availability and retention in soil), its hardness and high clinoptilolite content (which is an effective barrier to prevent problematic radionuclide movement), its low clay content, and its low sodium content.
Added
Operations at the BRZ mine are conducted via conventional open-pit methods, organized into a series of stepped levels, or benches, typically ranging from 10 to 20 feet in height. The operation begins with the removal of a thin layer of overburden using standard dozers and excavators; this material is stockpiled for future land reclamation and site restoration.
Added
Once the surface is cleared, the volcanic zeolite rock is broken into manageable pieces primarily through controlled drilling and blasting, though softer material near the surface may be extracted using tractor-mounted rippers.
Added
During the loading phase, operators and geologists utilize visual sorting to separate high-grade zeolite from waste rock, a process facilitated by the distinct physical characteristics of the ore which minimizes dilution. Extracted material is loaded into 18- to 20-ton haul trucks and transported approximately 4,000 feet to the onsite processing mill.
Added
Following are location maps related to this property: ​ 37 Table of Contents Mineral Reserves and Resources On July 24, 2025, the Company published a Technical Report Summary (the “TRS”) dated July 2, 2025, covering the BRZ mining deposits.
Added
The TRS was prepared by an independent Qualified Person in accordance with Regulation S-K Subpart 1300 and summarizes the geological setting, mineral reserve and resource estimates, mining and processing methods, infrastructure, environmental and permitting considerations, and economic assumptions applicable to the BRZ operation. The full TRS is filed as an exhibit to the Company’s Form 8-K dated July 25, 2025.
Added
The mineral reserve and resource estimates disclosed below are derived from, and consistent with, the TRS, and the Company is not aware of any material changes since the TRS effective date that would affect the estimates as of December 31, 2025.
Added
The mineral resource estimates in the TRS are effective as of May 24, 2024, while the mineral reserve estimates are effective as of May 31, 2025. The difference in dates reflects the timing of the geological modeling and mine planning used to calculate resources versus reserves.
Added
The mineral reserve and resource estimates disclosed below are point-in-time estimates as of their respective effective dates. A year-over-year mineral reserve reconciliation is not presented because there was previously no independent Technical Report Summary or comparable reserve study prepared prior to the TRS mineral estimates that are effective as of May 31, 2025.
Added
Mineral reserves represent the economically mineable portion of the BRZ mine and are reported exclusive of mineral resources. Reserves are classified as proven or probable based on geological confidence, mine planning, and economic analysis.
Added
As of May 31, 2025, total proven and probable mineral reserves were estimated at approximately 5.1 million short tons, with an average grade of approximately 146 meq/100g cation exchange capacity (“CEC”), all of which are considered saleable product. Proven mineral reserves totaled approximately 2.3 million short tons and probable mineral reserves totaled approximately 2.8 million short tons.
Added
Mineral reserves were estimated using long-term zeolite product price forecasts and operating cost assumptions that include mining, processing, and general and administrative costs. The mineral reserve estimate was prepared in compliance with the disclosure standards of SEC Regulation S-K 1300 by independent Qualified Person Randall K. Martin, SME-RM.
Added
The estimate is based on the measured and indicated mineral resources, incorporating inputs derived from the 2024 geologic model and operational data provided by site management. A 3D pit optimization analysis was conducted utilizing the Colorado School of Mines MineFlow™ software, incorporating geotechnical slope angles, economic assumptions, and operational data provided by site management.
Added
At the current production rate of approximately 12,000 short tons per year, proven and probable mineral reserves of approximately 5.1 million short tons support a theoretical mine life exceeding 400 years. 38 Table of Contents Mineral resources represent mineralization with reasonable prospects for eventual economic extraction but which do not meet the criteria to be classified as mineral reserves.
Added
As of May 22, 2024, mineral resources exclusive of mineral reserves included approximately 339,000 short tons of measured and indicated mineral resources and approximately 426,000 short tons of inferred mineral resources, at average grades ranging from approximately 140 to 147 meq/100g CEC.
Added
The mineral resource estimate was prepared using a 3D block model constrained by geologic interpretation and a cutoff grade of 100 meq/100g CEC. Resources were classified as measured, indicated, or inferred based on drill density, lithologic confidence, and data quality. No capping or compositing was required.
Added
Estimation was conducted in accordance with SEC Regulation S-K 1300 standards using validated drill data and surface mapping. Environmental and Reclamation Mining operations are conducted in compliance with applicable federal and state environmental regulations. Overburden is stockpiled and used for concurrent reclamation of mined areas, and the Company maintains reclamation plans consistent with lease and permit requirements.
Added
No material environmental compliance issues have been identified for the Bear River Zeolite Mine.
Added
Internal Controls over Mineral Reserve and Resource Disclosures The Company maintains internal controls and procedures designed to support the preparation of the TRS for its BRZ mining operations and to provide reasonable assurance that the disclosures included therein are prepared in accordance with Regulation S-K Subpart 1300.
Added
These controls and procedures address the collection, evaluation, and systematic review of geological, mining, processing, and economic information specific to the BRZ facility. Information underlying the BRZ TRS is derived from the Company’s internal mine records, historical production data, mine planning information, processing and recovery data, and operating cost records maintained at the BRZ operation.
Added
The Company utilizes standardized data collection protocols and maintains a centralized database to ensure the integrity of the technical data. Such information is reviewed by management personnel with relevant operational and technical expertise and by a Qualified Person (as defined in Item 1300 of Regulation S-K) prior to inclusion in the TRS.
Added
The Company’s internal controls also include procedures to evaluate the key assumptions, estimates, and forward-looking information included in the TRS, including those related to mining methods, production rates, processing performance, and capital and operating costs.
Added
Management reviews the TRS for consistency with other disclosures included in this Annual Report on Form 10-K to ensure alignment between technical estimates and financial reporting.
Added
While these controls and procedures are designed to provide reasonable assurance regarding the reliability of the TRS disclosures, the preparation of such information involves significant estimates and judgments and is subject to inherent uncertainties in the geological and economic environment.
Added
Stibnite Hill Antimony Mine – Sanders County, Montana Property Description and Location The Stibnite Hill property is located in the Prospect Creek Mining District of Sanders County, Montana, approximately 15 miles west of Thompson Falls. The approximate center of the property is located at 47.548077° North latitude and 115.591828° West longitude. The property lies within the U.S.
Added
Geological Survey Thompson Falls 7.5-minute quadrangle and is situated in a mountainous, historically mined area of northwestern Montana. Access to the property is available from Thompson Falls via Montana Highway 200, with direct access provided by Montana Highway 471 and associated secondary county and forest service roads extending into the Prospect Creek area.
Added
The site is characterized by forested terrain and seasonal weather conditions typical of historic antimony and base-metal mining districts in western Montana. 39 Table of Contents Following is a location map related to this property.
Added
Ownership and Mineral Rights The property comprises approximately 30 acres of surface estate associated with our patented lode mining claims, which are owned in fee simple by the Company.
Added
During 2025, the Company expanded its land position by staking 2,400 acres of additional unpatented federal mining claims covering extensions of known mineralized structures on adjacent open ground immediately adjacent to the Company’s antimony smelting facility in Thompson Falls, Montana.
Added
In March 2026, the Company paid $320,000 to acquire additional surface rights associated with patented lode mining claims in the area. Operations at Stibnite Hill are conducted pursuant to permits issued by the State of Montana.
Added
Infrastructure and Accessibility Access to the Stibnite Hill property is provided by Montana Highway 200, which intersects with Montana Secondary Highway 471 approximately seven miles west of Thompson Falls. The property is accessed directly via Highway 471, the primary paved route through the Prospect Creek Mining District, with final access provided by secondary county and U.S.
Added
Forest Service roads leading to the claim blocks and historical workings. The Company has established a centralized processing chain to manage mineralized material extracted from the Stibnite Hill project. Under this operational framework, excavated material was transported via regional highway networks to the Company’s recently acquired flotation mill property located in Radersburg, Montana.
Added
This facility provides a dedicated flotation circuit capable of processing bulk samples and production-scale material into high-grade antimony concentrates. The Radersburg location is strategically positioned within central Montana’s transportation network, supporting the efficient movement of processed concentrates to the Company’s downstream smelting operations.
Added
Although the mine and mill are located in separate regions of the state, the haul route utilizes established commercial trucking corridors, including Montana Highway 200 and connecting Interstate 90 and U.S. Highway 12 routes, with an estimated one-way drive time of approximately five to six hours under normal road conditions, providing a consistent logistical link between extraction and concentration activities.
Added
While the lower elevations of Highway 471 remain accessible for much of the year, the site is subject to seasonal transit constraints typical of western Montana. Heavy snowfall during the winter months generally limits surface exploration and bulk haulage activities.
Added
The site currently maintains limited permanent infrastructure consistent with its exploration-stage status, though it benefits from proximity to the regional power grid and available industrial services. 40 Table of Contents History of Operations The Stibnite Hill property was previously operated by the Company using underground narrow-vein extraction methods from 1968 until operations were discontinued in 1983 due to prevailing market conditions.
Added
Historical mining activities focused on the extraction of high-grade stibnite-bearing veins.
Added
Following cessation of underground operations, the property remained inactive for several decades prior to renewed technical evaluation and exploration activities conducted by the Company, which included the mining of 840 tons of stibnite ore grading approximately 10% antimony in the fourth quarter of 2025 that was trucked to our flotation mill in Radersburg, Montana.

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Item 4. Mine Safety Disclosures

Mine Safety Disclosures — required of mining issuers

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Item 4. Mine Safety Disclosures. Information concerning mine safety violations or other regulatory matters required by section 1503(a) of the Dodd-Frank Wall Street Reform and Consumer Protection Act and Item 104 of Regulation S-K is included in Exhibit 95 to this Annual Report. 32 Table of Contents PART II
Item 4. Mine Safety Disclosures. Information concerning mine safety violations or other regulatory matters required by section 1503(a) of the Dodd-Frank Wall Street Reform and Consumer Protection Act and Item 104 of Regulation S-K is included in Exhibit 95 to this Annual Report. ​ 48 Table of Contents PART II

Item 5. Market for Registrant's Common Equity

Market for Common Equity — stock, dividends, buybacks

27 edited+65 added−27 removed4 unchanged
Dividend Policy We have not declared or paid any cash dividends to our common stockholders during the last five years and do not anticipate paying cash dividends on our common stock in the foreseeable future. Instead, we expect to retain earnings for the operation, improvement, and expansion of our business. Sales of Unregistered Equity Securities Not applicable.
Dividend Policy We have not declared or paid any cash dividends to our common stockholders during the last five years and do not anticipate paying cash dividends on our common stock in the foreseeable future. Instead, we expect to retain earnings for the operation, improvement, and continued expansion of our business. Sales of Unregistered Equity Securities Not applicable.
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 asset. There are many assumptions underlying future cash flows that are subject to significant risks and uncertainties, which include the estimated value of the assets.
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.
Determination of any amounts included in the fair value of the asset retirement obligation can change periodically as the calculation of the fair value of the asset retirement obligation 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.
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.
Securities Authorized for Issuance Under Equity Compensation Plans Information regarding our equity compensation plans as of December 31, 2024 is described in Item 12 “Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters” of this Annual Report.
Securities Authorized for Issuance Under Equity Compensation Plans Information regarding our equity compensation plans as of December 31, 2025 is described in Item 12 “Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters” 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.
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.
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. 38 Table of Contents The Company could also receive funds from the U.S.
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.
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.
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.
The Company is focused on generating positive cash flow to fund its mission. One method of generating cash is through the sale of common stock, warrants, debt, and other investment vehicles, which the Company has been successful at executing in the past.
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.
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.
Item 6. [Reserved] ​ ​ ​ ​ 49 Table of Contents 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.
Government for initiatives related to facility expansion and mining exploration and development. However, there is no assurance that 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.
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.
Item 5. Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities. Market information The principal market for our common stock is the NYSE American where it is traded under the symbol UAMY. Holders of Record The approximate number of shareholders of record of our common stock at December 31, 2024 is 23,500.
Item 5. Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities. Market information The principal markets for our common stock are the NYSE and NYSE Texas stock exchanges where it is traded under the symbol UAMY.
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 in Montana, due to a significant increase of less expensive antimony ore being imported into the United States.
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.
Following is selected consolidated financial information: Consolidated statement of operations information: For the years ended December 31, 2024 December 31, 2023 Revenues $ 14,937,962 $ 8,693,155 Costs of revenues 11,471,044 12,037,939 Gross profit (loss) 3,466,918 (3,344,784 ) Total operating expenses 5,857,730 3,724,217 Loss from operations (2,390,812 ) (7,069,001 ) Total other income 660,408 720,714 Income tax expense - - Net loss $ (1,730,404 ) $ (6,348,287 ) Consolidated balance sheet information: December 31, 2024 December 31, 2023 Working capital $ 16,672,180 $ 13,178,748 Total assets $ 34,642,602 $ 28,094,995 Accumulated deficit $ (41,149,023 ) $ (39,418,619 ) Total stockholders’ equity $ 28,600,673 $ 25,520,968 Revenues Revenues increased by $6.2 million, or 72%, in fiscal year 2024 compared to fiscal year 2023 primarily due to: · Antimony revenue: o 34% increase in pounds sold, and o 40% increase in average sales price per pound. · Zeolite revenue: o 9% increase in tons sold, and o 9% increase in average sales price per ton.
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.
However, the Company continued to process ore sourced from foreign suppliers into antimony oxide, metal, and trisulfide and into precious metals, primarily gold and silver, at its facility in Montana. 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.
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.
Our mission is to service our employees, customers, and vendors well and grow our business profitably both organically as well as through strategic acquisitions to increase shareholder value.
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.
However, it is possible that changes could occur in the near term that could adversely affect the estimates of salvage values and future cash flows to be generated from operating assets resulting in an impairment loss. · The asset retirement obligation in our Consolidated Balance Sheet is based on an estimate 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.
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.
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 2025 with our cash and cash equivalents. We may use cash to acquire businesses.
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.
The nature of these investments and transactions, however, makes it difficult to predict the amount and timing of such cash requirements.
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.
Off-Balance Sheet Arrangements The Company has no significant off-balance sheet arrangements. 39 Table of Contents Critical Accounting Estimates We have the following critical accounting estimates: · 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.
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.
Pounds of Antimony Sold in the chart above excludes the pounds sold related to gold, silver, and ore and concentrates for both years presented. 35 Table of Contents Antimony revenue increased $5.2 million, or 88%, for the year ended December 31, 2024, as compared to the year ended December 31, 2023, primarily due to higher volume and price, which were both fueled by an increased demand for antimony.
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 Company continually reviews its asset retirement obligations for indications that its asset retirement obligation cost or timing has changed and, when indications are present, recalculates its asset retirement obligation. Also, there are many technical components of an asset retirement obligation. Therefore, the Company will involve a third-party expert if needed to recalculate its asset retirement obligations.
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.
Comparison of Financial Information for the years ended December 31, 2024 and 2023 Antimony Financial and operational antimony metrics for the years ended December 31, 2024 and 2023 were as follows: For the years ended Antimony December 31, 2024 December 31, 2023 $ Change % Change Revenue (a) $ 11,102,573 $ 5,904,480 $ 5,198,093 88% Gross profit (loss) (a) $ 3,584,349 $ (3,072,839 ) $ 6,657,188 217% Pounds of antimony sold (a) 1,459,557 1,086,176 373,381 34% Average sales price per pound $ 7.61 $ 5.44 $ 2.17 40% Average cost per pound $ 5.15 $ 8.27 $ (3.12 ) (38)% Average gross profit (loss) per pound $ 2.46 $ (2.83 ) $ 5.29 187% (a) Revenue from sales of gold and silver totaled $525,087 and $326,496 and revenue from sales of antimony ore and concentrates totaled $368,627 and $nil for the years ended December 31, 2024 and 2023, respectively, which are excluded from Revenue and Gross Profit (Loss) in the chart above but included in the antimony segment.
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.
Cash flow information for the years ended December 31, 2024 and 2023 was as follows: Cash Flow Information For the years ended December 31, 2024 December 31, 2023 Net cash provided (used) by operating activities $ 2,220,303 $ (4,750,026 ) Net cash provided (used) by investing activities (42,073 ) (1,341,713 ) Net cash provided (used) by financing activities 4,138,033 (1,071,292 ) Total net cash flow increase (decrease) $ 6,316,263 $ (7,163,031 ) Cash flow provided by operating activities improved by $7.0 million for the year ended December 31, 2024, as compared to the year ended December 31, 2023, primarily due to better operational management resulting in a lower net loss, better inventory management, and increased trade payables.
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.
During 2024, the Company generated proceeds from the sale of its common stock, net of issuance costs, of $2.8 million, and $1.5 million through the exercise of warrants.
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.
Our zeolite operations are vertically integrated from mining to selling zeolite, which is the Company’s goal for its businesses. Consistent with this strategy of vertical integration, the Company acquired mining claims and leases located in Alaska and Ontario, Canada in 2024 that could expand its operations as well as its product offerings.
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.
Operating Expenses Operating expense increased by $2.1 million in fiscal year 2024 compared to fiscal year 2023 primarily due to: · Increased compensation costs primarily related to the build-out of the Company’s management and operational team to cover our expanded business operations and growth initiatives, · Increased project costs in 2024 related to mining claim purchases in Alaska and Ontario, Canada, preparing a mineral resource and reserve report for BRZ, potential acquisitions, and efforts to obtain government funding and sales. · Increased non-cash stock compensation expense as the Company issued stock grants in 2024 from an equity incentive plan approved by its shareholders at the end of 2023, · Increased board fees in 2024 associated with market pay comparability and adjustments, and · Higher costs in Mexico in 2023 versus 2024 related to contractual expenses and asset retirement obligation expenses.
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.
Zeolite Financial and operational metrics of our zeolite segment for the years ended December 31, 2024 and 2023 were as follows: For the years ended Zeolite December 31, 2024 December 31, 2023 $ Change % Change Revenue $ 2,941,675 $ 2,462,179 $ 479,496 19% Gross profit (loss) $ (642,635 ) $ (495,981 ) $ (146,654 ) (30)% Tons of zeolite sold 11,095 10,145 950 9% Average sales price per ton $ 265 $ 243 $ 22 9% Average cost per ton $ 323 $ 292 $ 31 11% Average gross profit (loss) per ton $ (58 ) $ (49 ) $ (9 ) (18)% Zeolite revenue increased $0.5 million, or 19%, for the year ended December 31, 2024, as compared to the year ended December 31, 2023, primarily due to: · The increased tons of zeolite sold, which was primarily due to our ability to deliver customer orders more reliably and more timely, and · The increased average sales price per ton, which was mainly related to a price increase that became fully effective in early 2024.
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.
Removed
Issuer Purchases of Equity Securities There were no repurchases of the Company’s common stock during the quarter ended December 31, 2024. Item 6. [Reserved] Item 7.
Added
Holders of Record The approximate number of shareholders of record of our common stock at December 31, 2025 is 1,800.
Removed
The Company intends to start with a geophysics study and a geological, structural, and petrographic study to enable future development with plans for a comprehensive drilling program in Alaska and Ontario. 33 Table of Contents We review our strategic initiatives to ensure an adequate return on our investment.
Added
Issuer Purchases of Equity Securities During the quarter ended December 31, 2025, 55,059 newly issued common shares with a cost of $124,678 were retained by the Company as treasury stock to pay for the aggregate exercise price of stock options exercised and 94,580 of newly issued common shares with a cost of $449,475 were retained by the Company as treasury stock to satisfy the mandatory payroll tax obligations resulting from the vesting of restricted stock units.
Removed
Recently, our Company added some key personnel in the areas of customer service, sales, operations, finance, and plant management, a few new board members, several new business partners, and new mining claims, all of which will help achieve our strategic goals and our mission of attentive service and profitable growth.
Added
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.
Removed
There was higher demand for antimony products in 2024 compared to 2023 primarily due to a shortage of supply and a shortage of processors, which increased the pounds of antimony we sold in 2024.
Added
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.
Removed
This higher demand also increased our average sales price per pound in 2024, which is tied to the market price per pound of antimony that averaged $5.50 in 2023 and $10.44 in 2024.
Added
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.
Removed
We sold more zeolite in 2024 compared to 2023 as we increased our production reliability and on-hand inventory balance and improved our on-time delivery of product to our customers during 2024.
Added
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.
Removed
Also, our average sales price per ton increased in 2024 compared to 2023 as our price increase became fully effective in early 2024. 34 Table of Contents Gross Profit (Loss) Gross profit was $3.5 million in fiscal year 2024 compared to a gross loss of ($3.3 million) in fiscal year 2023.
Added
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.
Removed
This increase between the years was primarily due to the following: · Higher average sales price of our antimony products in 2024 versus 2023 as described above in the “Revenues” section, · Improved antimony plant efficiencies with more antimony volume in 2024 compared to 2023, including efficiencies in the areas of labor, utilities, and supplies, · Higher inventory write-downs to net realizable value related to our Mexico operations in 2023 compared to 2024, which was primarily due higher facility processing costs as a result of the low percentage of antimony contained in the ore that was purchased, and · Higher reserve in 2023 compared to 2024 on the receivable related to the refund of import value-added tax (“IVA tax” or “VAT”) in Mexico.
Added
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.
Removed
Working Capital Working capital increased by $3.5 million at December 31, 2024 compared to December 31, 2023 primarily due to increased cash and cash equivalents, partially offset by increased trade payables and accrued liabilities. The increase in cash and cash equivalents was primarily related to proceeds received from the sale of our common stock and the exercise of warrants.
Added
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.
Removed
Trade payables increased mainly due to the increased cost of antimony ore linked to the increased antimony market price. The increase in accrued liabilities was primarily related to compensation costs incurred but not paid at December 31, 2024 compared to December 31, 2023.
Added
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).
Removed
The increase in net accounts receivable is primarily due to the increase in our average sales price per pound as it is linked to the increased antimony market price.
Added
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.
Removed
Our average sales price of $7.61 per pound for fiscal year 2024 was lower than the antimony market price of $10.44 per pound for the same period primary due to two factors.
Added
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.
Removed
First, our sales price per pound related to the processing of customer-owned antimony ore into antimony metal excludes the ore cost and is therefore lower than the antimony market price per pound.
Added
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.
Removed
Second, our sales price per pound is set when a customer orders product, which can be one to two months prior to the product shipping causing our sales price per pound to be lower than the market price during times of rising market prices.
Added
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.
Removed
Gross profit increased $6.7 million for the year ended December 31, 2024, as compared to the year ended December 31, 2023, primarily due to cost efficiencies with higher volume in the current year, a higher average sales price per pound in 2024, and higher inventory write-downs and IVA tax receivable reserves in 2023 related to our Mexico operations.
Added
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.
Removed
Gross profit decreased by $0.1 million for the year ended December 31, 2024, as compared to the year ended December 31, 2023, primarily due to increased costs related to repairing older machinery and equipment and backup equipment leases, especially during production downtime. Non-GAAP Financial Measure In addition to our results determined in accordance with U.S.
Added
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).
Removed
GAAP, we believe Earnings Before Interest, Tax, Depreciation and Amortization (“EBITDA”), a non-GAAP financial measure, is a useful measure of our operating performance because it eliminates non-cash expenses that do not reflect our underlying business performance.
Added
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.
Removed
We use this measure to facilitate a comparison of our operating performance on a consistent basis from period to period and to analyze the factors and trends affecting our business. EBITDA is intended as a supplemental measure of our performance that is neither required by, nor presented in accordance with, U.S. GAAP.
Added
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.
Removed
We believe that the use of EBITDA provides an additional tool for investors to use in evaluating ongoing operating results and trends and in comparing our financial measures with those of comparable companies, which may present similar non-GAAP financial measures to investors.
Added
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.
Removed
EBITDA should not be considered in isolation or as a substitute for performance measures calculated in accordance with U.S. GAAP.
Added
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.
Removed
Our EBITDA was a loss of ($635,788) for the year ended December 31, 2024, as compared to a loss of ($5,387,063) for the year ended December 31, 2023. 36 Table of Contents EBITDA by segment was prepared using the policies described in Note 13 of the Notes to Consolidated Financial Statements in this Annual Report.
Added
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.
Removed
EBIDTA by segment for the years ended December 31, 2024 and 2023 was as follows: Antimony For the years ended December 31, 2024 December 31, 2023 $ Change % Change Revenue $ 11,996,287 $ 6,230,976 $ 5,765,311 93% Cost of sales (7,518,224 ) (8,977,319 ) 1,459,095 16% Gross profit 4,478,063 (2,746,343 ) 7,224,406 263% Total operating expenses (3,500,936 ) (3,111,946 ) (388,990 ) -12% Income (loss) from operations 977,127 (5,858,289 ) 6,835,416 117% Total other income (expense) 673,471 736,378 (62,907 ) -9% Income tax expense - - - - Income (loss) 1,650,598 (5,121,911 ) 6,772,509 132% Interest expense - (6,504 ) 6,504 100% Income tax expense - - - - Depreciation and amortization 705,047 684,644 20,403 3% EBITDA $ 2,355,645 $ (4,443,771) $ 6,799,416 153% Zeolite For the years ended December 31, 2024 December 31, 2023 $ Change % Change Revenue $ 2,941,675 $ 2,462,179 $ 479,496 19% Cost of sales (3,584,310 ) (2,958,160 ) (626,150 ) -21% Gross profit (loss) (642,635 ) (495,981 ) (146,654 ) -30% Total operating expenses (1,973,542 ) (600,092 ) (1,373,450 ) -229% Income (loss) from operations (2,616,177 ) (1,096,073 ) (1,520,104 ) -139% Total other income (expense) (13,063 ) (15,664 ) 2,601 17% Income tax expense - - - - Income (loss) (2,629,240 ) (1,111,737 ) (1,517,503 ) -136% Interest expense 8,869 8,283 586 7% Income tax expense - - - - Depreciation and amortization 364,209 258,741 105,468 41% EBITDA $ (2,256,162 ) $ (844,713 ) $ (1,411,449 ) -167% 37 Table of Contents All Other For the years ended December 31, 2024 December 31, 2023 $ Change % Change Revenue $ - $ - $ - - Cost of sales (368,510 ) (102,460 ) (266,050 ) -260% Gross profit (368,510 ) (102,460 ) (266,050 ) -260% Total operating expenses (383,252 ) (12,179 ) (371,073 ) -3047% Income (loss) from operations (751,762 ) (114,639 ) (637,123 ) -556% Total other income (expense) - - - - Income (loss) (751,762 ) (114,639 ) (637,123 ) -556% Interest expense - - - - Depreciation and amortization 16,491 16,060 431 3% EBITDA $ (735,271 ) $ (98,579 ) $ (636,692 ) -646% Consolidated For the years ended December 31, 2024 December 31, 2023 $ Change % Change Revenue $ 14,937,962 $ 8,693,155 $ 6,244,807 72% Cost of sales (11,471,044 ) (12,037,939 ) 566,895 5% Gross profit 3,466,918 (3,344,784 ) 6,811,702 204% Total operating expenses (5,857,730 ) (3,724,217 ) (2,133,513 ) -57% Income (loss) from operations (2,390,812 ) (7,069,001 ) 4,678,189 66% Total other income (expense) 660,408 $ 720,714 (60,306 ) -8% Income tax expense - - - - Income (loss) (1,730,404 ) (6,348,287 ) 4,617,883 73% Interest expense 8,869 1,779 7,090 399% Income tax expense - - - - Depreciation and amortization 1,085,747 959,445 126,302 13% EBITDA $ (635,788 ) $ (5,387,063 ) $ 4,751,275 88% Liquidity and Capital Resources Our mission is to service our employees, customers, and vendors well and grow our business profitably both organically and through strategic acquisitions and partnerships to increase shareholder value.
Added
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.
Removed
Our cash and cash equivalents balance at December 31, 2024 was $18,172,120. 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.
Added
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.
Removed
Trade payables increased at December 31, 2024 as compared to December 31, 2023 mainly due to the increased cost of antimony ore linked to the antimony market price.
Added
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.
Removed
Cash flow used by investing activities decreased by $1.3 million for the year ended December 31, 2024, as compared to the year ended December 31, 2023, primarily due to less fixed asset purchases and the sale of our personal residence. See Note 6 and Note 13 of the Notes to Consolidated Financial Statements in this Annual Report for further information.
Added
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.
Removed
Cash flow provided by financing activities improved by $5.2 million for the year ended December 31, 2024, as compared to the year ended December 31, 2023, primarily due to proceeds received in 2024 from the sale of the Company’s stock, net of issuance costs, of $2.8 million, and $1.5 million from the exercise of warrants and the payment of a dividend in 2023 of $787,730 to the holders of 1,692,672 shares of Series D Preferred stock.
Added
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.
Removed
However, actual costs to reclaim and retire property and fixed assets when we cease operations may differ from our estimates.

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Item 7. Management's Discussion & Analysis

Management's Discussion & Analysis (MD&A) — revenue / margin commentary

54 edited+44 added−5 removed124 unchanged
These impediments include: · the classification of our Board into three classes serving staggered three-year terms, which makes it more difficult to quickly replace board members; · the ability of our Board to issue shares of preferred stock with rights as it deems appropriate without stockholder approval; · a provision that special meetings of our board of directors may be called only by our chief executive officer or a majority of our Board; · a provision that special meetings of stockholders may only be called (i) pursuant to a resolution approved by a majority of our Board or (ii) by the Chairman of the Board or the Secretary of the Company upon the written request or requests of one or more persons that own shares representing at least 25% of the voting power of the stock entitled to vote on the matter or matters to be brought before the proposed special meeting; 20 Table of Contents · a prohibition against action by written consent of our stockholders; · a provision that our directors may only be removed for cause and by an affirmative vote of at least 80% of the outstanding voting stock; · a provision that our stockholders comply with advance-notice provisions to bring director nominations or other matters before meetings of our stockholders; · a prohibition against certain business combinations with an acquirer of 15% or more of our common stock for three years after such acquisition unless the stock acquisition or the business combination is approved by our Board prior to the acquisition of the 15% interest, or after such acquisition our Board and the holders of two-thirds of the other common stock approve the business combination; and · a prohibition against our entering into certain business combinations with interested stockholders without the affirmative vote of the holders of at least 80% of the voting power of the then outstanding shares of voting stock.
These impediments include: ● the classification of our Board into three classes serving staggered three-year terms, which makes it more difficult to quickly replace board members; ● the ability of our Board to issue shares of preferred stock with rights as it deems appropriate without stockholder approval; ● a provision that special meetings of our board of directors may be called only by our chief executive officer or a majority of our Board; ● a provision that special meetings of stockholders may only be called (i) pursuant to a resolution approved by a majority of our Board or (ii) by the Chairman of the Board or the Secretary of the Company upon the written request or requests of one or more persons that own shares representing at least 25% of the voting power of the stock entitled to vote on the matter or matters to be brought before the proposed special meeting; ● a prohibition against action by written consent of our stockholders; ● a provision that our directors may only be removed for cause and by an affirmative vote of at least 80% of the outstanding voting stock; ● a provision that our stockholders comply with advance-notice provisions to bring director nominations or other matters before meetings of our stockholders; ● a prohibition against certain business combinations with an acquirer of 15% or more of our common stock for three years after such acquisition unless the stock acquisition or the business combination is approved by our Board prior to the acquisition of the 15% interest, or after such acquisition our Board and the holders of two-thirds of the other common stock approve the business combination; and ● a prohibition against our entering into certain business combinations with interested stockholders without the affirmative vote of the holders of at least 80% of the voting power of the then outstanding shares of voting stock.
In addition to objective standards, the NYSE American may delist the securities of an issuer if it determines that the securities are unsuitable for continued trading, which could be the result if the issuer sells or disposes of principal operating assets, ceases to be an operating company, or discontinues a substantial portion of its operations or business.
In addition to objective standards, the NYSE may delist the securities of an issuer if it determines that the securities are unsuitable for continued trading, which could be the result if the issuer sells or disposes of principal operating assets, ceases to be an operating company, or discontinues a substantial portion of its operations or business.
We are subject to all the risks associated with establishing new mining operations, including: 16 Table of Contents · the timing and cost, which can be considerable, of the construction of mining and processing facilities and related infrastructure; · the availability and cost of skilled labor and mining equipment; · the availability and cost of appropriate smelting and/or refining arrangements; · the need to obtain and maintain necessary environmental and other governmental approvals and permits, and the timing of those approvals and permits; · in the event that the required permits are not obtained in a timely manner, mine construction and ramp-up will be delayed and the risks of government environmental authorities issuing directives or commencing enforcement proceedings to cease operations or administrative, civil and criminal sanctions being imposed on our company, directors and employees; · delays in obtaining, or a failure to obtain, access to surface rights required for current or future operations; · the availability of funds to finance construction and development activities; · potential opposition from non-governmental organizations, environmental groups or local community groups which may delay or prevent development activities; and · potential increases in construction and operating costs due to changes in the cost of fuel, power, materials and supplies and foreign exchange rates.
We are subject to all the risks associated with establishing new mining operations, including: ● the timing and cost, which can be considerable, of the construction of mining and processing facilities and related infrastructure; ● the availability and cost of skilled labor and mining equipment; ● the availability and cost of appropriate smelting and/or refining arrangements; ● the need to obtain and maintain necessary environmental and other governmental approvals and permits, and the timing of those approvals and permits; ● in the event that the required permits are not obtained in a timely manner, mine construction and ramp-up will be delayed and the risks of government environmental authorities issuing directives or commencing enforcement proceedings to cease operations or administrative, civil and criminal sanctions being imposed on our company, directors and employees; ● delays in obtaining, or a failure to obtain, access to surface rights required for current or future operations; ● the availability of funds to finance construction and development activities; ● potential opposition from non-governmental organizations, environmental groups or local community groups which may delay or prevent development activities; and ● potential increases in construction and operating costs due to changes in the cost of fuel, power, materials and supplies and foreign exchange rates.
Our Board is also authorized to issue additional shares of common stock and rights to acquire common stock. We cannot predict the number of additional equity securities that will be issued or the effect, if any, that future issuances and sales of the securities will have on the market price of the common stock.
Our Board is also authorized to issue additional shares of common stock and rights to acquire common stock. We cannot predict the number of additional equity securities that will be issued or the effect, if any, that future issuances and sales of these securities will have on the market price of the common stock.
We may not be able to satisfy these standards and remain listed on the NYSE American, which could adversely affect the market price of our common stock and our ability to raise funds through the sale of our common stock, which could adversely affect our liquidity.
We may not be able to satisfy these standards and remain listed on the NYSE, which could adversely affect the market price of our common stock and our ability to raise funds through the sale of our common stock, which could adversely affect our liquidity.
To maintain our NYSE American listing, we must maintain certain standards, such as various corporate governance standards as well as minimum levels or values related to share price, shareholders’ equity balance, market capitalization value, and various share distribution levels.
To maintain our NYSE listing, we must maintain certain standards, such as various corporate governance standards as well as minimum levels or values related to share price, shareholders’ equity balance, market capitalization value, and various share distribution levels.
Other closures or impacts on operations or production may occur at any of our mines at any time, whether related to accidents, changes in conditions, changes to regulatory policy, or as precautionary measures. 15 Table of Contents In addition, our operations are typically in remote locations, where conditions can be inhospitable, including with respect to weather, surface conditions, interactions with wildlife or otherwise in or near dangerous conditions.
Other closures or impacts on operations or production may occur at any of our mines at any time, whether related to accidents, changes in conditions, changes to regulatory policy, or as precautionary measures. 20 Table of Contents In addition, our operations are typically in remote locations, where conditions can be inhospitable, including with respect to weather, surface conditions, interactions with wildlife or otherwise in or near dangerous conditions.
If we are unable to acquire the talents we seek, we could experience higher operating costs, poorer results, and an overall lack of success in implementing our business plans. The price of our common stock has a history of volatility and could decline in the future. Shares of our common stock are listed on NYSE American.
If we are unable to acquire the talents we seek, we could experience higher operating costs, poorer results, and an overall lack of success in implementing our business plans. The price of our common stock has a history of volatility and could decline in the future. Shares of our common stock are listed on NYSE and NYSE Texas.
The lack of availability of acceptable terms or the delay in the availability of any one or more of these items could prevent or delay the development or ongoing operation of our projects. 17 Table of Contents Exploration of mineral properties is less intrusive and requires fewer surface and access rights than properties developed for mining.
The lack of availability of acceptable terms or the delay in the availability of any one or more of these items could prevent or delay the development or ongoing operation of our projects. 22 Table of Contents Exploration of mineral properties is less intrusive and requires fewer surface and access rights than properties developed for mining.
As a public company, we are subject to the reporting requirements of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), the Sarbanes-Oxley Act of 2002 (the “Sarbanes-Oxley Act”), the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010, the listing requirements of NYSE American, and other applicable securities rules and regulations.
As a public company, we are subject to the reporting requirements of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), the Sarbanes-Oxley Act of 2002 (the “Sarbanes-Oxley Act”), the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010, the listing requirements of NYSE and NYSE Texas, and other applicable securities rules and regulations.
Certain provisions in our restated certificate of incorporation, our by-laws and Montana law could make it more difficult for a third party to acquire control of us, even if that transaction could be beneficial to stockholders.
Certain provisions in our restated certificate of incorporation, our by-laws and Texas law could make it more difficult for a third party to acquire control of us, even if that transaction could be beneficial to stockholders.
Energy costs, including electrical power costs, represent one of the larger components of our cost of goods sold. As a result, the availability of electricity and other energy costs at competitive prices is critical to the profitability of our operations. In the U.S., our facilities receive all their electricity requirements under market-based electricity contracts.
Energy costs, including electrical power costs, propane costs, and natural gas costs, represent one of the larger components of our cost of goods sold. As a result, the availability of electricity and other energy costs at competitive prices is critical to the profitability of our operations. In the U.S., our facilities receive all their electricity requirements under market-based electricity contracts.
Development of mineral properties involves a high degree of risk and few properties that are explored are ultimately developed into producing mines. The commercial viability of a mineral deposit depends on factors beyond our control, including the deposit's attributes, commodity prices, government policies and regulation and environmental protection.
Development of mineral properties involves a high degree of risk and few properties that are explored are ultimately developed into producing mines. The commercial viability of a mineral deposit depends on factors beyond our control, including the deposit’s attributes, 21 Table of Contents commodity prices, government policies and regulation and environmental protection.
The market price of our stock at any given point in time may not accurately reflect our value, and may prevent stockholders from realizing a profit on, or recovering, their investment. 19 Table of Contents If we were liquidated, our common stockholders could lose part, or all, of their investment .
The market price of our stock at any given point in time may not accurately reflect our value, and may prevent stockholders from realizing a profit on, or recovering, their investment. If we were liquidated, our common stockholders could lose part, or all, of their investment.
To the extent any such initiative was passed and became law, there could be a material adverse impact on our financial condition, results of operations or cash flows. 24 Table of Contents We cannot guarantee title to all of our properties.
To the extent any such initiative was passed and became law, there could be a material adverse impact on our financial condition, results of operations or cash flows. We cannot guarantee title to all of our properties.
In addition, evolving reclamation or environmental concerns may threaten our ability to renew existing permits or obtain new permits in connection with future development, expansions and operations. We cannot assure you that all necessary approvals and permits will be obtained and, if obtained, that the costs involved will not exceed those that we previously estimated.
In addition, evolving reclamation or environmental concerns may threaten our ability to renew existing permits or obtain new permits in connection with future development, expansions and 29 Table of Contents operations. We cannot assure you that all necessary approvals and permits will be obtained and, if obtained, that the costs involved will not exceed those that we previously estimated.
For more information on the status of inspections by MSHA, see Note 11 of the Notes to Consolidated Financial Statements in this Annual Report.
For more information on the status of inspections by MSHA, see Note 13 of the Notes to Consolidated Financial Statements in this Annual Report.
If we are found to be responsible for any such conduct, our ability to operate existing projects or develop new projects might be impaired until we satisfy costly conditions. We cannot assure you that we will always be in compliance with applicable laws, regulations and permitting requirements.
If we are found to be responsible for any such conduct, our ability to operate existing projects or develop new projects might be impaired until we satisfy costly conditions. 27 Table of Contents We cannot assure you that we will always be in compliance with applicable laws, regulations and permitting requirements.
We could lose market share with our customers to our competitors or to our customers themselves, should they decide to become more vertically integrated and produce the products that we currently provide. 14 Table of Contents In addition, even if our customers continue to do business with us, we could be adversely effected by a number of other potential developments with our customers.
We could lose market share with our customers to our competitors or to our customers themselves, should they decide to become more vertically integrated and produce the products that we currently provide. In addition, even if our customers continue to do business with us, we could be adversely affected by a number of other potential developments with our customers.
A decline in the market prices of the securities could impair our ability to raise additional capital through the sale of additional securities should we desire to do so. The provisions in our certificate of incorporation, our by-laws and Montana law could delay or deter tender offers or takeover attempts.
A decline in the market prices of the securities could impair our ability to raise additional capital through the sale of additional securities should we desire to do so. 25 Table of Contents The provisions in our certificate of incorporation, our by-laws and Texas law could delay or deter tender offers or takeover attempts.
Our business could be materially and adversely affected by the risks, or the public perception of the risks, related to a pandemic or other health crisis, such as the recent outbreak of novel coronavirus. A significant outbreak of contagious diseases in the human population could result in a widespread health crisis that could adversely affect our planned operations.
Our business could be materially and adversely affected by the risks, or the public perception of the risks, related to a pandemic or other health crisis. A significant outbreak of contagious diseases in the human population could result in a widespread health crisis that could adversely affect our planned operations.
Controls and Procedures” of this Annual Report, we have concluded that our internal control over financial reporting was ineffective as of December 31, 2024 due to material weaknesses in our internal control over financial reporting. We intend to take the necessary steps to remediate these material weaknesses.
Controls and Procedures” of this Annual Report, we have concluded that our internal control over financial reporting was ineffective as of December 31, 2025 due to material weaknesses in our 26 Table of Contents internal control over financial reporting. We intend to take the necessary steps to remediate these material weaknesses.
Any unauthorized activities could disrupt our operations and be costly to fix, which could adversely affect our business and operating results. Competition from other mining companies may harm our business.
Any unauthorized activities could disrupt our operations and be costly to fix, which could adversely affect our business and operating results. 23 Table of Contents Competition from other mining companies may harm our business.
Unusual or infrequent weather phenomena, sabotage, government or other interference in the maintenance or provision of such infrastructure could adversely affect our mining activities and financial condition. Our mining activities may be adversely affected by the local climate. The local climate sometimes affects our mining activities on our properties.
Unusual or infrequent weather phenomena, sabotage, government or other interference in the maintenance or provision of such infrastructure could adversely affect our mining activities and financial condition. Our mining activities may be adversely affected by the local climate, especially in Alaska and Montana due to harsh winters. The local climate sometimes affects our mining activities on our properties.
The market price for our common stock has been volatile, sometimes based on: · changes in metals prices, particularly antimony; · our results of operations and financial condition as reflected in our public news releases or periodic filings with the SEC; · factors unrelated to our financial performance or prospects, such as global economic developments, market perceptions of the attractiveness of industries, or the reliability of metals markets; · political and regulatory risk; · the success of our exploration, pre-development, and capital programs; · ability to meet production estimates; · environmental, safety and legal risk; · the extent and nature of analytical coverage concerning our business; · the trading volume and general market interest in our securities; and · delayed financial filings with the Securities Exchange Commission.
The market price for our common stock has historically been volatile, and has been impacted at times by: ● changes in metals prices, particularly antimony; ● our results of operations and financial condition as reflected in our public news releases or periodic filings with the SEC; ● factors unrelated to our financial performance or prospects, such as global economic developments, market perceptions of the attractiveness of industries, or the reliability of metals markets; ● political and regulatory risk; ● the success of our exploration, pre-development, and capital programs; 24 Table of Contents ● ability to meet production estimates; ● government grants and contracts; ● environmental, safety and legal risk; ● the extent and nature of analytical coverage concerning our business; ● the trading volume and general market interest in our securities; and ● delayed financial filings with the SEC.
We cannot provide any assurance that political developments and economic conditions in Mexico, including any changes to economic policies, changes to government regulations, requirements, and restrictions on VAT refunds, the adoption of other reforms proposed by existing or future administrations in Mexico, or the advent of drug-related violence in the country, will not have a material adverse effect on the price of our securities, our ability to obtain financing, and our results of operations or financial condition. 25 Table of Contents Mexican inflation, restrictive exchange control policies and fluctuations in the peso exchange rate may adversely affect our financial condition and results of operations.
We cannot provide any assurance that political developments and economic conditions in Mexico, including any changes to economic policies, changes to government regulations, requirements, and restrictions on VAT refunds, the adoption of other reforms proposed by existing or future administrations in Mexico, or the advent of drug-related violence in the country, will not have a material adverse effect on the price of our securities, our ability to obtain financing, and our results of operations or financial condition.
Our common stock is currently listed on the NYSE American. We are subject to the continued listing standards of the NYSE American and such exchange will consider suspending dealings in, or delisting, securities of an issuer that does not meet its continued listing standards.
We are subject to the continued listing standards of the NYSE and such exchange will consider suspending dealings in, or delisting, securities of an issuer that does not meet its continued listing standards.
Historically, we have received most of our ore supply for antimony from one supplier in Canada. Because of this concentration of supply with one supplier, a decrease in ore from this supplier or an increase in the cost of this supplier’s ore could have a material adverse effect on our business, results of operations, and cash flow.
A decrease in the supply or an increase in the cost of this supplier’s ore could have a material adverse effect on our business, results of operations, and financial condition. While we have sourced ore from various international suppliers, we have historically received most of our ore supply for antimony from one supplier in Canada.
Certain operations are in Mexico and may be subject to geo-political risk. Certain operations are in Mexico. Any political or social disruptions unique to Mexico would have a material impact on our operations, financial performance and stability.
Any political or social disruptions unique to Mexico would have a material impact on our operations, financial performance and stability.
We compete with other mining companies, some of which have greater financial resources than we do or other advantages, in various areas which include: · attracting and retaining key executives, skilled labor, and other employees; · for the services of other skilled personnel and contractors and their specialized equipment, components and supplies, such as drill rigs, necessary for exploration and development; · for contractors that perform mining and other activities and milling facilities which we lease or toll mill through; and · for rights to mine properties. 18 Table of Contents Organizational and Common Stock Risks Our Articles of Incorporation allow for our board to create new series of preferred stock without further approval by our stockholders, which could adversely affect the rights of the holders of our common stock.
We compete with other mining companies, some of which have greater financial resources than we do or other advantages, in various areas which include: ● attracting and retaining key executives, skilled labor, and other employees; ● for the services of other skilled personnel and contractors and their specialized equipment, components and supplies, such as drill rigs, necessary for exploration and development; ● for contractors that perform mining and other activities and milling facilities which we lease or toll mill through; and ● for rights to mine properties.
Compliance with environmental regulations, and litigation based on such regulations, involves significant costs and can threaten existing operations or constrain expansion opportunities.
Our operations are subject to complex, evolving and increasingly stringent environmental laws and regulations. Compliance with environmental regulations, and litigation based on such regulations, involves significant costs and can threaten existing operations or constrain expansion opportunities.
We have renewed this lease agreement related to our BRZ business periodically with minor changes to the terms and conditions in the past. However, changes to this lease agreement or the inability to renew this lease agreement could have a material adverse effect on our business, results of operations, and cash flow.
Changes to this lease agreement could have a material adverse effect on our business, results of operations, and financial condition. We have renewed this lease agreement related to our BRZ business periodically with minor changes to the terms and conditions in the past. This lease was recently extended through December 31, 2034.
Any termination or unfavorable modification of the terms of one or more of our concessions, or failure to obtain renewals of such concessions subject to renewal or extensions, could have an adverse effect on our financial condition and prospects. Mexican economic and political conditions, as well as drug-related violence, may have an adverse impact on our business.
Any termination or 30 Table of Contents unfavorable modification of the terms of one or more of our concessions, or failure to obtain renewals of such concessions subject to renewal or extensions, could have an adverse effect on our financial condition and prospects.
Further, substantial costs and liabilities, including for restoring the environment after the closure of mines, are inherent in our operations. There is no assurance that any such law, regulation, enforcement or private claim, or reclamation activity, would not have a material adverse effect on our financial condition, results of operations or cash flows.
There is no assurance that any such law, regulation, enforcement or private claim, or reclamation activity, would not have a material adverse effect on our financial condition, results of operations or cash flows.
Proposed measures could also result in increased cost of fuel and other consumables used at our operations. Adoption of these or similar new environmental regulations or more stringent application of existing regulations may materially increase our costs, threaten certain operating activities and constrain our expansion opportunities.
Adoption of these or similar new environmental regulations or more stringent application of existing regulations may materially increase our costs, threaten certain operating activities and constrain our expansion opportunities.
While we do not expect the Mexican government to impose any restrictions or exchange control policies in the future, it is an area we closely monitor. We cannot assure you the Mexican government will maintain its current policies with regard to the peso or that the peso’s value will not fluctuate significantly in the future.
We cannot assure you the Mexican government will maintain its current policies with regard to the peso or that the peso’s value will not fluctuate significantly in the future.
Legislative and regulatory measures to address climate change and greenhouse gas emissions are in various phases of consideration. If adopted, such measures could increase our cost of environmental compliance and also delay or otherwise negatively affect efforts to obtain permits and other regulatory approvals with regard to existing and new facilities.
If adopted, such measures could increase our cost of environmental compliance and also delay or otherwise negatively affect efforts to obtain permits and other regulatory approvals with regard to existing and new facilities. Proposed measures could also result in increased cost of fuel and other consumables used at our operations.
The owner or operator also may be liable to federal, state and tribal governmental entities for the cost of damages to natural resources, which could be substantial. Additional regulations or requirements also are imposed on our tailings and waste disposal areas under the federal Clean Water Act.
The owner or operator also may be liable to federal, state and tribal governmental entities for the cost of damages to natural resources, which could be substantial.
Natural disasters, public health crises, political crises, and other catastrophic events or other events outside of our control may materially and adversely affect our business or financial results.
Any of these governance or funding risks could materially and adversely affect our ownership position, influence over the JV, financial condition, and results of operations. Natural disasters, public health crises, political crises, and other catastrophic events or other events outside of our control may materially and adversely affect our business or financial results.
Our board of directors (the “Board”) has the authority to fix and determine the relative rights and preferences of preferred stock. Our Board also has the authority to issue preferred stock without further stockholder approval.
Our Board also has the authority to issue preferred stock without further stockholder approval.
We are substantially dependent on one supplier in Canada that supplies the majority of the ore we process and sell to our antimony customers. A decrease in the supply or an increase in the cost of this supplier’s ore could have a material adverse effect on our business, results of operations, and financial condition.
Because of this concentration of supply with one supplier, a decrease in ore from this supplier or an increase in the cost of this supplier’s ore could have a material adverse effect on our business, results of operations, and cash flow. 17 Table of Contents We are substantially dependent on a lease agreement related to the property that we mine, process, and sell zeolite.
In 2024, our two largest customers accounted for 43% of our consolidated revenues. Additionally, not all our customers make purchases every year. Because of this variability, we believe that comparisons of our operating results in any quarterly period may not be a reliable indicator of future performance.
Because of this variability, we believe that comparisons of our operating results in any quarterly period may not be a reliable indicator of future performance.
As has occurred in other metal producing countries, the mining industry may be perceived as a source of additional fiscal revenue. In addition, public safety organizations in Mexico are under significant stress, because of drug-related violence. This situation creates potential risks, particularly for transportation of minerals and finished products, which may affect a small portion of our production.
In addition, public safety organizations in Mexico are under significant stress, because of drug-related violence. This situation creates potential risks, particularly for transportation of minerals and finished products, which may affect a small portion of our production. Drug-related violence has had a limited impact on our operations, as it has tended to concentrate outside of our areas of production.
It may also subject us to the risk of litigation or regulatory enforcement actions against us. 21 Table of Contents We may be unable to comply with NYSE American continued listing standards and our common stock may be delisted from the NYSE American market, which would likely cause the liquidity and market price of the common stock to decline.
We may be unable to comply with NYSE continued listing standards and our common stock may be delisted from the NYSE, which would likely cause the liquidity and market price of the common stock to decline. Our common stock is currently listed on the NYSE.
In recent years there have been several proposed or implemented ballot initiatives that sought to directly or indirectly curtail or eliminate mining in certain states including Montana.
There have been proposed or implemented ballot initiatives that sought to directly or indirectly curtail or eliminate mining in certain states including Montana. Future initiatives to curtail or eliminate mining could be on the ballot in states or jurisdictions (including local or international) in which we currently or may in the future operate.
Although all our Mexican operations’ sales of metals are priced and invoiced in U.S. dollars, a substantial portion of its costs are denominated in pesos. Accordingly, when inflation in Mexico increases without a corresponding depreciation of the peso, the net income generated by our Mexican operations is adversely affected.
Mexican inflation, restrictive exchange control policies and fluctuations in the peso exchange rate may adversely affect our financial condition and results of operations. Although all our Mexican operations’ sales of metals are priced and invoiced in U.S. dollars, a substantial portion of its costs are denominated in pesos.
The extent of any future changes is not known and the potential impact on us because of U.S. Congressional action is difficult to predict.
The extent of any future changes is not known and the potential impact on us because of U.S. Congressional action is difficult to predict. Changes to the 1872 Mining Law, if adopted, could adversely affect our ability to economically develop mineral reserves on federal lands, which could materially adversely affect our financial condition.
Drug-related violence has had a limited impact on our operations, as it has tended to concentrate outside of our areas of production. The potential risks to our operations might increase if the violence spreads to our areas of production.
The potential risks to our operations might increase if the violence spreads to our areas of production.
In each of the types of cases described in this paragraph, the government (federal or state) or private parties could seek to hold the Company liable for the actions of their subsidiaries or predecessors. 23 Table of Contents The laws and regulations, changes in such laws and regulations, and lawsuits and enforcement actions described in this risk factor could lead to the imposition of substantial fines, remediation costs, penalties and other civil and criminal sanctions against us.
In each of the types of cases described in this paragraph, the government (federal or state) or private parties could seek to hold the Company liable for the actions of their subsidiaries or predecessors.
Item 7. Management ’ s Discussion and Analysis of Financial Condition and Results of Operations and Note 2 of the Notes to Consolidated Financial Statements in this Annual Report. Operational and Mining Industry Risks Mining is an inherently speculative business. The properties on which we have the right to mine are not known to have any proven and probable reserves.
Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations and Note 2 of the Notes to Consolidated Financial Statements in this Annual Report. Operational and Mining Industry Risks Mining exploration, development, and production may not be economically viable.
We are substantially dependent on a lease agreement related to the property that we mine, process, and sell zeolite. Changes to this lease agreement could have a material adverse effect on our business, results of operations, and financial condition.
Any future changes to this lease agreement or the inability to renew it could have a material adverse effect on our business, results of operations, and cash flow. We are substantially dependent on a few significant customers, and we face significant risks associated with changes in our relationship with these significant customers.
The Mexican economy is highly sensitive to economic developments in the United States, mainly because of its high level of exports to this market. Other risks in Mexico are increases in taxes on the mining sector, higher royalties, and increased government regulations, requirements, and restrictions on Value Added Tax (“VAT” or “IVA”) refunds.
Other risks in Mexico are increases in taxes on the mining sector, higher royalties, and increased government regulations, requirements, and restrictions on Value Added Tax (“VAT” or “IVA”) refunds. As has occurred in other metal producing countries, the mining industry may be perceived as a source of additional fiscal revenue.
We are substantially dependent on a few significant customers, and we face significant risks associated with changes in our relationship with these significant customers. Some of the markets we serve have a limited number of customers. As a result, most of our revenues are concentrated with a limited number of customers.
Some of the markets we serve have a limited number of customers. As a result, most of our revenues are concentrated with a limited number of customers. In 2025, our three largest customers accounted for 80% of our consolidated revenues. Additionally, not all our customers make purchases every year.
The peso has been subject in the past to significant volatility, which may not have been proportionate to the inflation rate and may not be proportionate to the inflation rate in the future. Currently, the Mexican government does not restrict the ability of Mexican companies or individuals to convert pesos into dollars or other currencies.
Accordingly, when inflation in Mexico increases without a corresponding depreciation of the peso, the net income generated by our Mexican operations is adversely affected. The peso has been subject in the past to significant volatility, which may not have been proportionate to the inflation rate and may not be proportionate to the inflation rate in the future.
Removed
We extracted zeolite without completing the technical work required to declare a mineral reserve. If we are unable to extract zeolite at a profit, our business could fail. Mining is a business that by its nature is speculative.
Added
On July 24, 2025, the Company published its technical report summary (“TRS”) in accordance with the mining property disclosure rules specified in subpart 1300 of Regulation S-K (“SK 1300”) on its zeolite mineral deposit located in Preston, Idaho. This TRS is an exhibit to the Form 8-K filed by the Company on July 25, 2025.
Removed
The Company is in the process of completing a technical report summary documenting the estimate of total mineral resources and reserves associated with the zeolite mine under lease.
Added
However, the Company has not completed a TRS for any of its other properties. Until a TRS is completed for the Company’s properties in accordance with SK 1300, there can be no guarantee or assurance of the contents, quantity, or grade of mineral resources or reserves at the location.
Removed
Unusual or unexpected geological formations, geological formation pressures, fires, power outages, labor disruptions, flooding, explosions, cave-ins, landslides and the inability to obtain suitable or adequate machinery, equipment or labor are just some of the many risks involved in mineral exploration programs. If we are unable to extract zeolite at a profit, our zeolite business could fail.
Added
Any indication of the contents, quantity, or grade of minerals at these properties can be materially inaccurate. See “Cautionary Note Concerning Disclosure of Mineral Resources,” above. In addition, we have not established proven or probable reserves, as defined under SK 1300 or NI 43-101, through the completion of a feasibility study for these mining claims and leases.
Removed
Changes to the 1872 Mining Law, if adopted, could adversely affect our ability to economically develop mineral reserves on federal lands, which could materially adversely affect our financial condition. 22 Table of Contents Our operations are subject to complex, evolving and increasingly stringent environmental laws and regulations.
Added
As a result, there is increased uncertainty and risk that may result in economic and technical failure which may materially adversely impact our future profitability, financial condition, and results of operations. We are substantially dependent on one supplier in Canada that currently supplies the majority of the ore we process and sell to our antimony customers.
Removed
While a water treatment initiative in Montana was defeated by voters in November 2018, in the future similar or other initiatives that could impact our operations may be on the ballot in these states or other jurisdictions (including local or international) in which we currently or may in the future operate.
Added
The Company’s sales 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.
Added
The Company’s sales contracts, including its sole-source contract with the DLA for antimony metal ingots and its five-year sales agreement with a new industrial customer for the sale of antimony trioxide, expose it to a variety of risks that could adversely impact performance and financial results.
Added
These risks include non-performance by the Company or its suppliers; cost increases for materials, energy, transportation, and labor; and volatility in market pricing of antimony that may affect profitability under fixed-price or long-term contracts. The Company may also experience increased working capital requirements associated with inventory purchases, production timing, and customer payment terms.
Added
Operational challenges such as equipment downtime, supply chain disruptions, or securing adequate quantities of compliant materials could delay deliveries or increase costs. Additionally, the Company is subject to regulatory, compliance, and quality control requirements that may impose additional costs or potential penalties if not met.
Added
Broader geopolitical and national security factors, including trade restrictions, sanctions, or changes in government procurement policies, could further impact the Company’s ability to perform under existing or future contracts.
Added
Any combination of these factors could materially and adversely affect the Company’s financial condition, liquidity, and results of operations. 18 Table of Contents Processing and selling ore from new suppliers and internal sources may not be economically viable.
Added
Ore sourced from new suppliers as well as from our mine sites may not be processed profitably, which could have a material adverse effect on our results of operations and financial condition. Additional risk associated with non-domestic supply of antimony ore. The Company purchases ore from non-domestic suppliers, each purchase of which is typically for a material amount.
Added
There are many risks associated with purchasing ore from non-domestic suppliers including, but not limited to, shipping disruptions, such as extended delays at intermediary ports. Due diligence is performed on each supplier, however, there can be no assurance that the information obtained is credible or accurate.
Added
In addition, there is no guarantee that the suppliers’ product will be delivered to the Company, even after payment is made by the Company. Also, there can be no assurance that the product content, quantity, or grade will be as expected.
Added
As a result, there is increased uncertainty and risk related to purchasing product from non-domestic suppliers that could have a material adverse impact on our future profitability, financial condition, and results of operations. The $2.5 million loan made to an international supplier exposes us to credit and liquidity risks, and any default could disrupt our ore supply chain.
Added
In October 2025, the Company extended a promissory note of approximately $2.5 million to an international antimony supplier to fund their purchase of concentrate and equipment.
Added
Although the note is secured by the borrower’s assets and a personal guarantee, our ability to recover these funds depends on the financial viability of the supplier and the enforceability of security interests in a foreign jurisdiction.
Added
Any failure by the supplier to meet the monthly repayment schedule beginning in March 2026 could result in a significant financial loss and negatively impact our cash flows. In addition, this loan is tied to a 36-month supply agreement.
Added
If the supplier encounters operational difficulties or fails to utilize the loan proceeds effectively to secure quality antimony, we may face a shortage of feedstock for our smelting operations.
Added
A default on the note or a breach of the supply agreement would force us to seek alternative, potentially more expensive ore sources, which could materially and adversely affect our production costs and results of operations. The Company is subject to significant operational and performance risks as the managing member of a joint venture entered into in February 2026.
Added
On February 10, 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.
Added
As the managing member, we are responsible for construction oversight, project execution, regulatory compliance, technical performance, and day-to-day management of the refining facility. Construction delays, cost overruns, budget variances, permitting deficiencies, environmental compliance issues, or technical failures in the hydrometallurgical processing operations could adversely affect the JV’s financial performance and may be attributed to our management.

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