US Antimony (UAMY) 2025 report shows contract wins, DPA award and strong antimony pricing
Rhea-AI Filing Summary
United States Antimony Corporation focuses on mining and processing antimony and precious metals in Montana and Mexico and zeolite in Idaho, and has expanded into new critical-mineral claims in Alaska, Montana and Canada. In 2025, antimony sales reached $35,380,271, up from $11,102,573 in 2024, driven largely by a higher average realized price of $25.12 per pound versus $7.61 a year earlier, amid a stronger Rotterdam market.
The company secured a five-year sole‑source IDIQ contract with the U.S. Defense Logistics Agency with a maximum value of $248 million for antimony metal ingots through September 2030, receiving delivery orders of about $12 million by early 2026. It also signed a five‑year industrial sales agreement for antimony trioxide and was awarded $27.0 million under the Defense Production Act to expand domestic antimony production.
US Antimony invested $37.2 million to acquire roughly 10% of Larvotto Resources Limited, extended a $2.5 million secured loan to an international antimony supplier, and entered a hydrometallurgical processing joint venture with Americas Gold and Silver Corporation. Customer concentration is high, with three customers providing 80% of 2025 revenue, and management disclosed material weaknesses in internal control over financial reporting as of December 31, 2025.
Positive
- Strong growth in antimony sales and pricing: Antimony revenue increased to $35,380,271 in 2025 from $11,102,573 in 2024, with average realized prices rising to $25.12 per pound versus $7.61, reflecting leverage to a stronger Rotterdam market.
- Long-term government and industrial contracts: A five‑year sole‑source DLA IDIQ contract with a maximum value of $248 million for antimony metal ingots and a separate five‑year industrial agreement for antimony trioxide provide multi‑year demand visibility.
- Strategic government support: The company was awarded $27.0 million under Title III of the Defense Production Act to fund expansion and modernization of domestic antimony production capabilities.
- Resource and processing platform expansion: New mining claims in Alaska, Montana and Ontario, acquisition of a flotation facility in Radersburg, Montana, and a hydrometallurgical joint venture with Americas Gold and Silver Corporation position the company for broader critical‑minerals production.
Negative
- High customer concentration risk: Three customers accounted for 80% of 2025 consolidated revenue, increasing exposure to any change in ordering patterns, contract terms or customer financial health.
- Material weaknesses in internal controls: Management concluded internal control over financial reporting was ineffective as of December 31, 2025, indicating elevated risk of financial reporting errors until remediation is completed.
- Reliance on non-domestic ore and single key supplier: The business remains heavily dependent on foreign antimony ore, including one major Canadian supplier, and faces shipping, political and quality risks that could disrupt feedstock and raise costs.
- JV and financing exposure: A $2.5 million loan to an international supplier and minority funding obligations in a hydrometallurgical joint venture introduce credit, dilution and execution risks if the counterparties underperform or projects face cost overruns.
- Volatile equity investment: The $37.2 million investment in Larvotto Resources Limited is marked to fair value, so price and currency swings can create significant non‑cash earnings volatility independent of core operating performance.
Insights
Antimony sales and strategic contracts expanded sharply, but risks around concentration, controls and capital deployment remain elevated.
United States Antimony reported strong operational momentum in 2025. Antimony sales rose to $35.4 million from $11.1 million, helped by a jump in average realized prices to $25.12 per pound. A five‑year, sole‑source DLA contract with a maximum value of $248 million and a new industrial offtake agreement provide multi‑year volume visibility.
The business is also being repositioned for growth through mine claims in Alaska, Montana and Ontario, expansion of the Montana processing facility, and a hydrometallurgical joint venture with Americas Gold and Silver. A $27.0 million Defense Production Act award supports domestic capacity expansion, while a $37.2 million Larvotto stake and a $2.5 million supplier loan increase exposure to upstream supply and equity volatility.
Key risks are pronounced: three customers generated 80% of 2025 revenue, the company remains reliant on foreign ore sources, and management reported material weaknesses in internal control over financial reporting as of December 31, 2025. Joint‑venture funding obligations, potential dilution mechanisms and the unsecured nature of future ore contracts could also pressure returns if execution stumbles or antimony prices weaken from the 2025 Rotterdam average of $23.88 per pound.
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form
ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 | |
For the fiscal year ended: |
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 | |
For the transition period from ________ to ________ |
Commission file number:
(Exact name of registrant as specified in its charter) |
| ||
(State or other jurisdiction of | (I.R.S. Employer | |
incorporation or organization) | Identification No.) | |
| ||
(Address of principal executive offices) | (Zip Code) |
Registrant’s telephone number, including area code: (
Securities registered under Section 12(b) of the Exchange Act:
Title of each class | | Trading Symbol(s) | | Name of each exchange on which registered |
Common Stock, $0.01 par value | UAMY | NYSE Texas |
Securities registered under Section 12(g) of the Exchange Act:
Title of class
None
Indicate by checkmark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.
Indicate by checkmark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. Yes ☐
Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act. (Check one):
Large accelerated filer | ☐ | Accelerated filer | ☐ |
☒ | Smaller reporting company | ||
Emerging Growth Company |
If an emerging growth company, indicate by checkmark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report.
If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements.
Indicate by check mark whether any of those error corrections are restatements requiring a recovery analysis of incentive-based compensation received by any of the registrant’s executive officers during the relevant recovery period pursuant to §240.10D-1(b). ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). Yes
As of June 30, 2025, which was the last business day of the registrant’s most recently completed second fiscal quarter, the aggregate market value of the registrant’s common stock held by non-affiliates was $
The number of shares outstanding of the registrant’s common stock as of March 12, 2026 was
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UNITED STATES ANTIMONY CORPORATION
INDEX TO THE FORM 10-K
FOR THE FISCAL YEAR ENDED DECEMBER 31, 2025
PART I | ||
ITEM 1. | BUSINESS | 6 |
ITEM 1A. | RISK FACTORS | 14 |
ITEM 1B. | UNRESOLVED STAFF COMMENTS | 31 |
ITEM 1C. | CYBERSECURITY | 31 |
ITEM 2. | PROPERTIES | 32 |
ITEM 3. | LEGAL PROCEEDINGS | 48 |
ITEM 4. | MINE SAFETY DISCLOSURES | 48 |
PART II | ||
ITEM 5. | MARKET FOR REGISTRANT’S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES | 49 |
ITEM 6. | [RESERVED] | 49 |
ITEM 7. | MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS | 50 |
ITEM 7A. | QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK | 57 |
ITEM 8. | FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA | 57 |
ITEM 9. | CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE | 91 |
ITEM 9A. | CONTROLS AND PROCEDURES | 91 |
ITEM 9B. | OTHER INFORMATION | 92 |
ITEM 9C. | DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS | 92 |
PART III | ||
ITEM 10. | DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE | 93 |
ITEM 11. | EXECUTIVE COMPENSATION | 98 |
ITEM 12. | SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS | 101 |
ITEM 13. | CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE | 102 |
ITEM 14. | PRINCIPAL ACCOUNTANT FEES AND SERVICES | 102 |
PART IV | ||
ITEM 15. | EXHIBIT AND FINANCIAL STATEMENT SCHEDULES | 104 |
ITEM 16. | FORM 10-K SUMMARY | 104 |
SIGNATURES | 105 | |
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CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS
Readers should note that, in addition to the historical information contained herein, this Annual Report and the exhibits attached hereto contain “forward-looking statements” within the meaning of, and intended to be covered by, the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements are based upon current expectations and beliefs concerning future developments and their potential effects on United States Antimony Corporation (“US Antimony,” “USAC,” and the “Company”) including matters related to the Company’s operations, pending contracts and future revenues, financial performance, and profitability, ability to execute on its increased production and installation schedules for planned capital expenditures, and the size of forecasted deposits. Although the Company believes that the expectations reflected in the forward-looking statements and the assumptions upon which they are based are reasonable, it can give no assurance that such expectations and assumptions will prove to have been correct. The reader is cautioned not to put undue reliance on these forward-looking statements, as these statements are subject to numerous factors and uncertainties.
Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance (often, but not always using words or phrases such as “believes,” “expects” or “does not expect,” “is expected,” “outlook,” “anticipates” or “does not anticipate,” “plans,” “estimates,” “forecast,” “project,” “pro forma,” or “intends,” or stating that certain actions, events or results “may” or “could,” “would,” “might” or “will” be taken, occur or be achieved) are not statements of historical fact and may be forward-looking statements. Forward-looking statements are subject to numerous assumptions, risks and uncertainties, which change over time. Forward-looking statements speak only as of the date they are made and are subject to assumptions and uncertainties. Forward-looking statements are subject to a variety of known and unknown risks, uncertainties and other factors which could cause actual events or results to differ from those expressed or implied by the forward- looking statements, including, without limitation, risks related to:
| ● | The Company’s properties being in the exploration stage; |
| ● | Macroeconomic factors; |
| ● | The imposition of new tariffs, changes in trade policy or agreements, or the escalation of trade tensions between the United States and other countries or regions could have a material adverse impact on our business; |
| ● | Continued operational losses; |
| ● | Negative consequences related to mineral operations being subject to existing and new government regulations within and outside the United States; |
| ● | The Company’s ability to obtain additional capital to develop the Company’s resources, if any; |
| ● | Concentration of customers; |
| ● | Increase in energy costs; |
| ● | Mineral exploration and development activities; |
| ● | Mineral estimates; |
| ● | The Company’s insurance coverage for operating risks; |
| ● | The fluctuation of prices for antimony and precious metals, such as gold and silver; |
| ● | The competitive industry of mineral exploration; |
| ● | The title and rights in the Company’s mineral properties; |
| ● | Environmental hazards; |
| ● | The possible dilution of the Company’s common stock from additional financing activities; |
| ● | Metallurgical and other processing problems; |
| ● | Unexpected geological formations; |
| ● | Global economic and political conditions; |
| ● | Staffing in remote locations; |
| ● | Changes in product costing; |
| ● | Inflation on operational costs and profitability; |
| ● | Competitive technology positions and operating interruptions (including, but not limited to, labor disputes, leaks, fires, flooding, landslides, power outages, explosions, unscheduled downtime, transportation interruptions, war and terrorist activities); |
| ● | Global pandemics, natural disasters, or civil unrest; |
| ● | Mexican labor and cartel issues regarding safety and organized control over our properties; |
| ● | The positions and associated outcomes of Mexican and other taxing authorities; |
| ● | Cybersecurity and business disruptions; |
| ● | Ineffective use of cash and cash equivalents, including proceeds from stock offerings; |
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| ● | Potential conflicts of interest with the Company’s management; |
| ● | Mining exploration, development, and production not being economically viable; |
| ● | Mineral reserve estimates, including those prepared by “Qualified Persons” (as defined by SEC Regulation S-K 1300), are not guarantees of the volume or grade of ore that will ultimately be recovered; |
| ● | Processing and selling ore from new suppliers and internal sources not being economically viable; |
| ● | Risks associated with non-domestic supply of antimony ore that could negatively impact our financial condition and results of operations including, among others, receipt of ore later than expected or not at all, antimony content in ore being less than expected, higher costs than expected related to logistics, ore content making ore more difficult to process, more costly to process, and/or take more time to process than expected, and the inability to process ore due to its possible content of deleterious elements; |
| ● | Not achieving revenue growth, revenue diversification, and/or additional profit expected from initiatives and changes in our business that have been implemented or are being implemented could cause a significant negative impact on our financial condition and results of operations; |
| ● | Volatility in market prices related to the Company’s investment in equity securities could negatively impact our financial condition and results of operations; |
| ● | The Company’s supply contracts, including its sole-source contract with the DLA for antimony metal ingots, expose it to a variety of risks that could adversely impact performance and financial results; |
| ● | Not having the cash flow from operations or other sources or vehicles to fully fund and support the business, strategy, initiatives, changes, and operations, among others, could negatively impact our financial condition and results of operations; |
| ● | A discrepancy between the number of outstanding shares of our common stock as determined by the Transfer Agent and the number of outstanding shares of our common stock as determined by the Depositary Trust Company could have a material adverse effect on our financial reporting processes, regulatory compliance, corporate actions, investor confidence, and the market price of our common stock; |
| ● | Lack of personnel to execute the Company’s strategy could delay or derail the Company’s implementation of its strategy that could negatively impact our financial condition and results of operations; |
| ● | The Company is subject to significant operational and performance risks as the managing member of a joint venture that could negatively impact our financial condition and results of operations; |
| ● | The Company’s minority ownership position and capital funding obligations in the joint venture expose us to dilution, financing, and governance risks; and |
| ● | Fluctuations in the price of the Company’s common stock. |
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This list is not an exhaustive list of the factors that may affect the Company’s forward-looking statements. Some of the important risks and uncertainties that could affect forward-looking statements are described further under the sections titled “Risk Factors,” “Description of Business” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” of this Annual Report. If one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those anticipated, believed, estimated or expected. The Company cautions readers not to place undue reliance on any such forward-looking statements, which speak only as of the date made. United States Antimony Corporation disclaims any obligation subsequently to revise any forward-looking statements to reflect events or circumstances after the date of such statements or to reflect the occurrence of anticipated or unanticipated events, except as required by law. The Company advises readers to carefully review this Form 10-K, the exhibits hereto, and the reports and documents incorporated by reference herein and filed with the Securities and Exchange Commission (the “SEC”).
You should read this report with the understanding that our actual future results, levels of activity, performance and events and circumstances may be materially different from what we expect and from our historical results.
This report contains estimates, projections and other information concerning our industry, our business and the markets for our products. We obtained the industry, market and similar data set forth in this report from our own internal estimates and research and from industry research, publications, surveys and studies conducted by third parties, including governmental agencies. Information that is based on estimates, forecasts, projections, market research or similar methodologies is inherently subject to uncertainties, and actual events or circumstances may differ materially from events and circumstances that are assumed in this information. While we believe that the data we use from third parties is reliable, we have not separately verified this data. You are cautioned not to give undue weight to any such information, projections and estimates.
As a result of a number of known and unknown risks and uncertainties, including without limitation, the important factors described in Part I. Item 1A “Risk Factors” in this Annual Report, our actual results or performance may be materially different from those expressed or implied by these forward-looking statements.
As used in this Annual Report, the terms “we,” “us,” “our,” “United States Antimony Corporation,” “US Antimony,” “USAC,” and the “Company,” mean United States Antimony Corporation and its subsidiaries, unless otherwise indicated. All dollar amounts in this Annual Report are expressed in U.S. dollars, unless otherwise indicated.
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PART I
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. 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. 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. 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.
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. 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. 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. 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. (“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. 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”). 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.
Antimony is on all the Critical Minerals Lists of the U.S. Government. Antimony mined from the ground, which is called antimony ore or ore, is typically not salable as a finished product primarily due to impurities in the ore, the ore size not being compatible with its intended use, and the percentage of antimony contained in the ore being too low. 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. 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. 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. 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. The Company’s facilities in Mexico process ore primarily into antimony metal ingots, a lower grade of antimony oxide, and precious metals.
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In September 2025, the Company secured a five-year, sole-source Indefinite Delivery, Indefinite Quantity (IDIQ) contract with the U.S. Defense Logistics Agency (DLA) Strategic Materials, which is responsible for managing the National Defense Stockpile (NDS). The contract, with a maximum value of $248 million, is for the sale of antimony metal ingots (99.65% purity) through September 2030. Pricing is determined at the time each 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. No revenue was recognized under this contract in fiscal 2025.
In November 2025, the Company executed a five-year sales agreement with a new industrial customer for the sale of antimony trioxide. The agreement specifies a monthly delivery schedule through December 2026. Thereafter, delivery volumes, pricing (subject to semiannual market-based adjustments), and delivery schedules are subject to mutual written agreement every six months.
Zeolite
Zeolite is a mineral used in a variety of filtration, cattle feed, and environmental applications. The Company mines, processes, and sells zeolite at its facility located in Idaho, which is included in the Company’s subsidiary, Bear River Zeolite Company (“BRZ”), that it formed in Idaho in 2000. 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 established formal mineral resources and reserves associated with the zeolite mine under lease through a Technical Report Summary filed in July 2025 (see exhibit to Form 8-K filed on July 25, 2025). This report was prepared by qualified experts pursuant to SEC S-K 1300 standards and reflects the results of comprehensive test hole drilling and metallurgical evaluation. 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.
In 2026, the Company began expanding its commercial presence in the animal nutrition industry through a third party with extensive relationships in that sector, where zeolite products are used as feed amendments. Through this relationship, the Company has received introductions to several animal nutrition customers and has begun supplying zeolite products to select customers introduced through this relationship. The Company is in the process of formalizing a definitive agreement with this third party to support further development of these relationships.
Mining Claims
Beginning in late 2024 and continuing into 2025 and 2026, the Company began acquiring mining claims and leases in Alaska, Montana, and Ontario, Canada. The Company believes these mining claims and leases will support further expansion of the Company’s future operations and product offerings.
During 2025, the Company executed four agreements to acquire ownership rights to mining claims located in the Fairbanks District of Alaska. In September 2025, the Company obtained required permits and conducted limited exploration trenching at two sites prior to the end of the mining season due to harsh weather conditions. Exploration activities were limited in scope and did not include mining or production activities.
In June 2025, the Company acquired the Fostung Properties in the Sudbury District of Ontario, consisting of 50 single-cell tungsten mining claims. The Company completed fieldwork but has not yet extracted any minerals from the 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. The Company also holds an option agreement covering 97 mining claims and three mining leases located in the Sudbury District of Ontario with identified potential for cobalt, nickel, and copper. The Company has not received approval to conduct mining activities on these properties. Permitted activities during 2025 were limited to geological mapping, resulting in minimal surface disturbance.
In May 2025, the Company acquired the surface rights related to one of its patented lode mining claims located in the Thompson Falls, Montana area. In addition, the Company addressed logistical constraints related to its workforce. Given the limited local availability of residential housing options in Thompson Falls, Montana, the Company purchased an existing housing development in the local area. 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 in Montana.
In November 2025, the Company entered into an agreement to acquire exploration rights for mining properties located in the southeastern United States. Additional purchases of mining properties in this region are in process.
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In January 2026, the Company purchased mining claims located in the Koyukuk Mining District of Alaska that are prospective for antimony and gold. This agreement does not require the Company to make any royalty payments.
Equity Securities
In October 2025, the Company acquired approximately 10% of the total issued share capital of Larvotto Resources Limited (“Larvotto”), an Australian-based mineral exploration and development company focused on critical minerals, particularly antimony and gold, through open-market cash purchases in the Australian market totaling $37.2 million.
Recent Developments
In 2026, the Company: i) completed the acquisition of a fully operational flotation and concentration facility in Radersburg, Montana, ii) 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, iii) acquired additional mining claims in the Thompson Falls, Montana area, iv) acquired mining claims located in the Koyukuk Mining District of Alaska, v) announced that it had been awarded $27.0 million by the U.S. Department of War under Title III of the Defense Production Act to fund the expansion and modernization of the Company’s domestic antimony production capabilities, vi) received gross proceeds of $1.4 million for sales of shares of common stock, and vii) received proceeds of $1.0 million from the exercise of warrants. See Note 16 of the Notes to Consolidated Financial Statements in this Annual Report for further details on these developments.
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. |
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. 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.
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. See further description of the Company’s segments in Note 15 of the Notes to Consolidated Financial Statements in this Annual Report.
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. |
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.
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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 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.
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. 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.
Located adjacent to the Thompson Falls smelting facility in Sanders County, Montana, the Stibnite Hill property is a project that produced approximately 840 tons of antimony-bearing material during a mechanized bulk sampling program initiated in October 2025. Following approval from the Montana Department of Environmental Quality to modify its operating plan, the Company utilized a mining method to extract material for processing and metallurgical evaluation at a recently purchased flotation facility. While Stibnite Hill represents a potential long-term source of feedstock for the Company’s smelting operations, mining remains seasonal and no mineral reserves or resources have been established to date. Future development remains subject to ongoing exploration and development results, further permitting, success in purchases of additional land, and prevailing market conditions.
The Company contracted with new ore suppliers in 2025 to provide antimony ore to our Madero facility in Mexico. The majority of the ore received from these sources in 2025 was of lower quality, but recent shipments have contained higher-grade material. These suppliers are expected to deliver additional volumes provided these higher-quality deliveries remain consistent, which we expect will significantly expand our ore supply base and reduce our dependence on any single source.
In October 2025, the Company entered into a supply agreement with an international supplier using a hydrometallurgical facility for the purchase of antimony that meets specified quality standards over a period of approximately 36 months. The Company also extended a promissory note for approximately $2.5 million to the supplier. The note currently bears interest at the lesser of the highest non-usurious rate of interest, if any, permitted by applicable law or 10%. Monthly principal and interest payments are scheduled to begin in March 2026, while the remaining balance of principal and interest are due in December 2026. The loan proceeds have been used by the supplier, subject to the Company’s approval, to purchase antimony concentrate and equipment. Payment of the promissory note is secured by all assets of the borrower and a corresponding personal guarantee from the principal owner.
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 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. The Company also entered into an agreement to acquire exploration rights for mining properties located in the southeastern United States.
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. Our purchasing consequently requires specificity regarding supply agreements, credit support, etc. and is tailored accordingly to specific suppliers.
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. |
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| ● | 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. |
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. 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. 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.
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. 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. Defense Logistics Agency (DLA) Strategic Materials, which is responsible for managing the National Defense Stockpile (NDS). The contract, with a maximum value of $248 million, is for the sale of antimony metal ingots (99.65% purity) through September 2030. Pricing is determined at the time each delivery order is placed. The Company received delivery orders under this contract in September 2025 and January 2026 totaling approximately $12 million. No revenue had been recognized under this contract as of December 31, 2025.
In November 2025, the Company executed a five-year sales agreement with an industrial customer for the sale of antimony trioxide. The agreement specifies a monthly delivery schedule through December 2026. Thereafter, delivery volumes, pricing (subject to semiannual market-based adjustments), and delivery schedules are subject to mutual written agreement every six months.
Zeolite Segment
Our zeolite segment includes our vertically integrated Bear River Zeolite (“BRZ”) facility located in Preston, Idaho that mines, processes, and sells zeolite. 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.
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
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leased property (“BRZ Lease”). 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.
“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. 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. (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. 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. Zeolite is used in underground mining operations to help mitigate ammonia generated from the detonation of ammonium nitrate/fuel oil (ANFO) explosives. When ANFO explosives are detonated, ammonia can be released into the mine’s ventilation air, potentially affecting air quality for underground workers. 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. 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. 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. 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. 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. 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. |
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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. We also must obtain and maintain various licenses and permits from various governmental agencies to operate our mines and plants and to conduct exploration. The following is a summary of governmental regulation compliance areas which we believe are significant to our business and may have a material effect on our consolidated financial statements, earnings and/or competitive position, although other regulations could be issued and/or become more material to our business and have a material effect on our consolidated financial statements, earnings and/or competitive position.
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. 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. Targets at our Los Juarez exploration project in Mexico can only be developed if we are successful in obtaining the necessary permits. 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. 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. Mine closure and reclamation regulations impose substantial costs on our operations and include requirements that we provide financial assurance supporting those obligations. We have about $163,000 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. Forest Service extensively regulates mining operations conducted in National Forests. The Department of Interior regulations, administered by BLM, regulate mining operations that could cause surface disturbance carried out on most other public lands. All operations by us involving the exploration for or the production of minerals are subject to existing laws and regulations relating to exploration procedures, safety precautions, employee health and safety, air quality standards, pollution of water sources, waste materials, odor, noise, dust and other environmental protection requirements adopted by federal, state and local governmental authorities. We may be required to prepare and present data to these regulatory authorities pertaining to the effect or impact that any proposed exploration
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for, or production of, minerals may have upon the environment. Any changes to our reclamation and remediation plans, which may be required due to changes in state or federal regulations, could have an adverse effect on our operations and cash flow.
We accrue asset retirement obligations based on comprehensive remediation plans approved by the various regulatory agencies in connection with permitting or bonding requirements and based on regulatory requirements. Our accruals are adjusted when revisions to our cost estimates are needed, which could be due to changes to regulatory requirements. When remediation activity physically commences, we refine and revise our estimates of costs required to fulfill future environmental tasks based on contemporaneous cost information, operating experience, and changes in regulatory requirements. When regulatory agencies require additional tasks to be performed in connection with our environmental responsibilities, we evaluate the costs required to perform those tasks and adjust our accrual accordingly. In all cases, our accrual at year-end is based on the best information available at that time to calculate our asset retirement obligations.
Retirement and Reclamation Obligations related to our Antimony and Zeolite Segments
We accrued for the retirement obligations at our closed antimony mine and mill (“the Stibnite Hill Mine Site”) and at our active smelter and precious metals plant, all of which are in the Burns Mining District of Sanders County, Montana. We are under the regulatory jurisdiction of the U.S. Forest Service and subject to the operating permit requirements of the Montana Department of Environmental Quality. Some reclamation activities have been performed under the supervision of the U.S. Forest Service and Montana Department of Environmental Quality.
We accrued for the retirement obligations in Mexico. These obligations are under The Secretary of Environment and Natural Resources (“SEMARNAT”) and The Federal Attorney for Environmental Protection (“PROFEPA”) based on the Program for Environmental Vigilance (“PVA”).
We accrued for the retirement obligation for BRZ in Idaho based on the retirement requirements of BRZ’s lease with Zeolite LLC and the regulatory authorities.
Changes in rules or regulations of these or other agencies could have a material adverse impact on our obligations and therefore on our accrual for these obligations.
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. 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. 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. This competition could adversely impact our ability to finance further exploration and to achieve the financing necessary to develop our mineral properties.
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.
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. However, we consider our antimony processing facilities proprietary in nature due to the complexities of our processes.
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Available Information
On March 11, 2026, the Company’s common stock began trading on the NYSE. Prior to that date, the Company’s common stock was listed on the NYSE American exchange. On July 1, 2025, the Company’s common stock also began trading on a new stock exchange, the NYSE Texas. The Company maintains its primary listing on the NYSE and trades with the same “UAMY” ticker symbol on both exchanges. We file annual, quarterly and current reports, proxy statements and other information with the SEC. 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. 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.
Item 1A. Risk Factors.
The following risks and uncertainties, together with the other information set forth in this report, should be carefully considered by those who invest in our securities. Any of the following material risk factors could adversely affect our business, financial condition or operating results and could decrease the value of our common or preferred stock or other outstanding securities. These are not all of the risks we face, and other factors not presently known to us or that we currently believe are immaterial may also affect our business materially if they occur.
Financial Risks
We have experienced losses in recent years and may continue to incur losses.
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. Many of the factors affecting our operating results are beyond our control, including, but not limited to, the volatility of metals prices; ore supply; smelter terms; rock and soil conditions; seismic events; natural disasters; availability of hydroelectric power; diesel fuel prices; interest rates; foreign exchange rates; global or regional political or economic policies; inflation; availability and cost of labor; economic developments and crises; governmental regulations; continuity of orebodies; ore grades; recoveries; performance of equipment; pandemics; global conflicts; price speculation by certain investors; and purchases and sales by central banks and other holders and producers of gold and silver in response to these factors. We cannot assure you that we will not experience net losses in the future. Continued losses may have an adverse effect on our cash and cash equivalents balance and liquidity, require us to curtail certain activities and investments, or may require us to raise additional capital or sell assets.
Macroeconomic factors, including inflation, high interest rates, recession risks, unemployment rates, rising labor and utility costs, fiscal policy, tariffs, geopolitical events and risks, climate-related and other environmental, social, and governance related risks, and the effects of the health pandemics, have caused downturns in key markets and created other commercial disruptions, which have and could further adversely impact our businesses.
Many macroeconomic factors affect our business and the industries and companies that purchase our products. As a result, these macroeconomic factors have and could cause further changes to demand for our products. These factors include, among others: (i) inflation; (ii) high interest rates; (iii) recession risks; (iv) rising labor and utility costs; (v) disruptions to supply chains; (vi) fiscal policy risks, including tariffs, import duties, and other similar charges, (vii) geopolitical events and risks, (viii) interruptions of international and regional commerce; (ix) climate-related and other environmental, social, and governance related risks; and (x) the effects of health pandemics. Tariffs imposed on imports into the United States from Canada, Mexico, or other countries, and reciprocal tariffs, could significantly increase the cost of our products, which could significantly lower our sales if our customers are unable or unwilling to purchase our products at a higher price, which could have a material adverse impact on our results and financial condition. 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.
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.
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. In addition, to the extent changes in the political environment have a negative impact on
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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.
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. 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. If additional financing is raised through the issuance of indebtedness, we will require additional financing in order to repay such indebtedness. Failure to obtain such additional financing could result in the delay or indefinite postponement of further acquisitions, investments, exploration and development, curtailment of business activities or even a loss of property interests.
We have broad discretion in the use of our cash and cash equivalents, including the net proceeds we receive from stock offerings, and may not use them effectively.
Our management has broad discretion to use our cash and cash equivalents, including proceeds received from stock offerings, to fund our operations and could spend these funds in ways with which you may not agree or in ways which do not improve our results of operations or enhance the value of our common stock. 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. 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. A substantial and/or extended decline in metals prices, and specifically the antimony market price, would have a material adverse effect on us, especially during the time period that the antimony market price was declining.
Our revenue is derived primarily from the sale of antimony and zeolite products, and to a lesser extent silver and gold products, and, as a result, our earnings are directly related to the prices of these metals and products. Antimony, zeolite, silver and gold prices fluctuate widely and are affected by numerous factors, including:
| ● | speculative activities; |
| ● | relative exchange rates of the U.S. dollar; |
| ● | global and regional demand and production; |
| ● | political instability; |
| ● | inflation, recession or increased or reduced economic activity; and |
| ● | other political, regulatory and economic conditions. |
These factors are beyond our control and are difficult to predict. If the market prices for these metals and products fall below our production, exploration or development costs for a sustained period of time, we may experience significant losses and may have to discontinue exploration, development, and/or operations, and may incur asset write-downs at one or more of our properties.
An extended decline in metals prices, an increase in operating or capital costs, mine accidents or closures, increasing regulatory obligations, or our inability to convert resources or exploration targets to reserves may cause us to record write-downs, which could negatively impact our results of operations.
When events or changes in circumstances indicate the carrying value of our long-lived assets may not be recoverable, we review the recoverability of the carrying value by estimating the future undiscounted cash flows expected to result from the use and eventual salvage values related to the disposition of the assets. Impairment must be recognized when the carrying value of the asset exceeds these cash flows. Recognizing impairment write-downs could negatively impact our results of operations. 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
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average estimated undiscounted cash flows resulting from operating plans using various metals price scenarios. 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.
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 addition, the perceived market value of the resources and exploration targets of our properties is dependent upon prevailing metals prices as well as our ability to discover economic ore. A decline in metals prices for an extended period of time or our inability to convert resources or exploration targets to reserves could significantly reduce our estimates of the value of the resources or exploration targets at our properties and result in asset write-downs.
Our profitability could be affected by the prices of other commodities.
Our profitability is sensitive to the costs of commodities, such as fuel, coal, and sodium carbonate, which have experienced price volatility historically. Material increases in these and other commodity costs could have a significant effect on our results of operations and financial condition.
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. 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. 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.
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. 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. 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.
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. 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. 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.
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. 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,
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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. 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.
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. |
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 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.
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. 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. 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. 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. 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. 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.
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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.
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 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.
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. 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.
Additionally, if our relationships with our significant customers should change materially, it could be difficult for us to immediately and profitably replace lost sales in a market with such concentration, which could have a material adverse effect on our operating and financial results. We could be adversely impacted by decreased customer demand for our products due to (i) the impact of current or future economic conditions on our customers, (ii) our customers’ loss of market share to their competitors that do not use our products, and (iii) our loss of market share 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. For example:
| ● | The inability or failure of our customers to meet their contractual obligations could have a material adverse effect on our business, financial position and results of operations. |
| ● | If we are unable to deliver products to our customers in accordance within the timeframe outlined in the order, the revenue associated with that order as well as future orders from that customer may not occur, which could have an adverse effect on the results of our operations and financial condition. |
| ● | A material change in payment terms with a significant customer could have a material adverse effect on our short-term cash flows. |
| ● | The concentration of our customer base may enable our customers to demand certain pricing and other terms unfavorable to us and make us more vulnerable to changes in demand by or issues with a given customer. |
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.
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. 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. 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. 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. Any combination of these factors could materially and adversely affect the Company’s financial condition, liquidity, and results of operations.
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Processing and selling ore from new suppliers and internal sources may not be economically viable.
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. 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. 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. 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.
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. 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. 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. 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. 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.
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.
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. Such matters could expose us to liability under the operating agreement, including potential claims of gross negligence or willful misconduct, and could result in reputational harm or the loss of our management rights.
The JV’s anticipated operations depend significantly on ore supplied by our majority partner from its current mining operations. If the Americas experiences production interruptions, operational setbacks, permitting issues, financial constraints, changes in business strategy, or declines in ore quality, the refining facility may not receive sufficient feedstock to operate at expected capacity levels. Reduced throughput or processing complications could materially impair the economic viability of the JV and reduce the return on our capital investment.
If any of these operational or other risks materialize, our financial condition, results of operations, cash flows, and ability to continue serving as operator could be materially adversely affected.
Our minority ownership position and capital funding obligations in the JV expose us to dilution, financing, and governance risks.
Although we serve as managing member, we hold a 49% minority interest in the JV and are required to fund 49% of all JV costs, including capital expenditures. The construction and operation of a refining facility are capital-intensive activities, and additional capital
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contributions may be required. If we are unable or unwilling to meet a capital call, the operating agreement permits our majority partner to treat any funding shortfall as a deficit loan bearing interest at 18% per annum or to convert such indebtedness into equity at a discounted conversion price. These provisions could result in substantial dilution of our ownership interest and reduction of our voting rights.
The operating agreement also provides for certain major decisions to require member approval and includes mechanisms that may be triggered in the event of a deadlock, including buy/sell provisions after a specified period. In such circumstances, we could be required either to sell our interest or to purchase our partner’s interest at a price determined under the agreement. Because our majority partner may have greater financial resources, we may be at a disadvantage in funding such a transaction and could be forced to divest our interest at an unfavorable time or valuation.
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.
If any of our facilities or the facilities of our suppliers, third-party service providers, or customers is affected by natural disasters, such as earthquakes, floods, fires, power shortages or outages, public health crises (such as pandemics and epidemics), political crises (such as terrorism, war, political instability or other conflict), or other events outside of our control, our operations or financial results could suffer. Any of these events could materially and adversely impact us in a number of ways, including through decreased production, increased costs, decreased demand for our products due to reduced economic activity or other factors, or the failure by counterparties to perform under contracts or similar arrangements.
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. Such events could result in the complete or partial closure of our operations, as well as the domestic and global economies and financial markets, resulting in an economic downturn that could impact our ability to raise capital.
Increases in energy costs may adversely affect our business, financial position, results of operations and liquidity.
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. These market-based contracts expose us to price volatility and fluctuations due to factors beyond our control and without any direct relationship to the price of our products. For example, extreme weather events over the past several years across the United States resulted in increases to power prices. More recently, market disruptions in global energy markets related to the war in Ukraine caused significant increases in market- based power prices. Market-based electricity contracts expose us to market price volatility and fluctuations driven by, among other things, coal and natural gas prices, renewable energy production, regulatory changes and weather events, in each case, without any direct relationship to the price of our products. There can be no assurance that our market-based power supply arrangements will result in favorable electricity costs. Any increase in our electricity and other energy prices not tied to corresponding increases in the prices for the commodities we sell could have a material adverse effect on our business, financial position, results of operations and liquidity.
Mining accidents or other adverse events at an operation could decrease our anticipated production or otherwise adversely affect our operations.
Production may be reduced below our historical or estimated levels for many reasons, including, but not limited to, mining accidents; unfavorable ground or shaft conditions; work stoppages or slow-downs; lower than expected ore grades; unexpected regulatory actions; if the metallurgical characteristics of ore are less economic than anticipated; or because our equipment or facilities fail to operate properly or as expected. Our operations are subject to risks relating to ground instability, including, but not limited to, pit wall failure, crown pillar collapse, seismic events, backfill and stope failure or the breach or failure of a tailings impoundment. The occurrence of an event such as those described above could result in loss of life or temporary or permanent cessation of operations, any of which could have a material adverse effect on our financial condition and results of operations. 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.
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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. In the past we have had employees, contractors, or employees of contractors get injured, sometimes fatally, while working in such challenging locations. An accident or injury to a person at or near one of our operations could have a material adverse effect on our financial condition and results of operations.
We may not be able to maintain the infrastructure necessary to conduct mining activities.
Our mining activities depend upon adequate infrastructure. Reliable roads, bridges, power sources and water supply are important factors which affect capital and operating costs. 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. Earthquakes, heavy rains, snowstorms, and floods could result in serious damage to or the destruction of facilities, equipment or means of access to our property, or could occasionally prevent us temporarily from conducting mining activities on our property. Because of their rural location and the lack of developed infrastructure in the area, our mineral properties in Montana and Idaho are occasionally impassable during the winter season. During this time, it may be difficult for us to access our property, maintain production rates, make repairs, or otherwise conduct mining activities on them.
In addition, the mining and exploration seasons in Alaska and Montana are inherently limited by seasonal weather conditions. Exploration, development, and extraction activities in these regions are often constrained to late spring, summer, and early fall months when ground conditions, daylight, and transportation access are most favorable. During the winter months, frozen ground, heavy snowfall, and limited daylight hours may significantly restrict or delay fieldwork, transportation of equipment and materials, and the movement of personnel to and from the properties. As a result, delays or interruptions during the limited operating season could materially impact the timing of exploration programs, development activities, and production schedules, which may increase operating costs or defer anticipated revenues.
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. Additionally, our properties and projects are subject to the laws of Mexico, and we may be negatively impacted by the existing laws and regulations of that country, as they apply to mineral exploration, land ownership, royalty interests and taxation, and by any potential changes of such laws and regulations.
Any changes in regulations or shifts in political conditions are beyond our control or influence and may adversely affect our business, or if significant enough, may result in the impairment or loss of mineral concessions or other mineral rights.
Our operations are subject to hazards and risks normally associated with the exploration and development of mineral properties.
Our operations are subject to hazards and risks normally associated with the exploration and development of mineral properties, any of which could cause delays in the progress of our exploration and development plans, damage or destruction of property, loss of life and/or environmental damage. Some of these risks include, but are not limited to, unexpected or unusual geological formations, rock bursts, cave-ins, flooding, fires, earthquakes; unanticipated changes in metallurgical characteristics and mineral recovery; unanticipated ground or water conditions; changes in the regulatory environment; industrial or labor disputes; hazardous weather conditions; cost overruns; land claims; and other unforeseen events. A combination of experience, knowledge and careful evaluation may not be able to overcome these risks.
The nature of these risks is such that liabilities may exceed any insurance policy coverages; the liabilities and hazards might not be insurable, or the Company might not elect to insure itself against such liabilities due to excess premium costs or other factors. Such liabilities may have a material adverse effect on our financial condition and operations and could reduce or eliminate any future profitability and result in increased costs and a decline in the value of our securities.
Our non-extractive properties may not be brought into the state of commercial production.
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,
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commodity prices, government policies and regulation and environmental protection. Fluctuations in the market prices of minerals may render reserves and deposits containing relatively lower grades of mineralization uneconomic. The development of our non-extractive properties will require obtaining land use consents, permits and the construction and operation of mines, processing plants and related infrastructure. 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. |
It is common in new mining operations to experience unexpected costs, problems and delays during development, construction and mine ramp-up. Accordingly, there are no assurances that our non-extractive properties will be brought into a state of commercial production.
Actual capital costs, operating costs, production and economic returns may differ significantly from those we have anticipated and there are no assurances that any future development activities will result in profitable mining operations.
The capital costs to take projects into commercial production may be significantly higher than anticipated. Capital costs, operating costs, production and economic returns and other estimates may prove to differ significantly from those used by us to decide to commence extraction, and there can be no assurance that our actual capital and operating costs will not be higher than currently anticipated. Due to higher capital and operating costs, production and economic returns may differ significantly from those we anticipated.
We may face equipment shortages, access restrictions and lack of infrastructure.
Natural resource exploration, development and mining activities are dependent on the availability of mining, drilling and related equipment in the areas where such activities are conducted. A limited supply of such equipment or access restrictions may affect the availability of such equipment to us and may delay exploration, development or extraction activities. Certain equipment may not be immediately available or may require long lead-time orders. A delay in obtaining necessary equipment for mineral exploration, including drill rigs, could have a material adverse effect on our operations and financial results.
Mining, processing, development and exploration activities also depend, to one degree or another, on the availability of adequate infrastructure. Reliable roads, bridges, power sources, fuel and water supply and the availability of skilled labor and other infrastructure are important determinants that affect capital and operating costs. The establishment and maintenance of infrastructure, and services are subject to several risks, including risks related to the availability of equipment and materials, inflation, cost overruns and delays, political or community opposition and reliance upon third parties, many of which are outside our control. 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.
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Exploration of mineral properties is less intrusive and requires fewer surface and access rights than properties developed for mining. No assurances can be provided that we will be able to secure required surface rights on favorable terms, or at all. Any failure by us to secure surface rights could prevent or delay the development of our projects.
Insurance may not be available to us.
Mineral exploration and processing is subject to risks of human injury, environmental and legal liability and loss of assets. We may elect not to have insurance for certain risks because of the high premiums associated with insuring those risks or, in some cases, insurance may not be available for certain risks. The occurrence of events for which we are not insured could have a material adverse effect on our financial position or results of operations.
Our business depends on the availability of skilled personnel and good relations with employees.
We are dependent upon the ability and experience of our executive officers, managers, employees, contractors and their employees, and other personnel, and we cannot assure you that we will be able to attract or retain such employees or contractors. We may at times have insufficient executive or operational personnel, or personnel whose skills require improvement. We compete with other companies both in and outside the mining industry in recruiting and retaining qualified employees and contractors knowledgeable about the mining business. From time to time, we have encountered, and may in the future encounter, difficulty recruiting skilled mining personnel at acceptable wage and benefit levels in a competitive labor market, and may be required to utilize contractors, which can be more costly. For example, in Thompson Falls, Montana, the limited availability of local residential housing creates a significant barrier to attracting and retaining the skilled labor required for our smelting expansion. As a result, the Company purchased a housing development in 2025 to provide a dedicated housing solution for our workforce in that area, but there is no guarantee that such an investment will be sufficient to help achieve our staffing requirements or offset the challenges of recruiting in a remote location. Temporary or extended lay-offs due to mine closures may exacerbate such issues and result in vacancies or the need to hire less skilled or efficient employees or contractors. The loss of skilled employees or contractors or our inability to attract and retain additional highly skilled employees and contractors could have an adverse effect on our business and future operations.
A significant disruption to our information technology could adversely affect our business, operating result and financial position.
We rely on a variety of information technology and automated systems to manage and support our operations. For example, we depend on our information technology systems for financial reporting, database management, operational and investment management and internal communications. These systems contain our proprietary business information and personally identifiable information of our employees. The proper functioning of these systems and the security of this data is critical to the efficient operation and management of our business. In addition, these systems could require upgrades as a result of technological changes or growth in our business. These changes could be costly and disruptive to our operations and could impose substantial demands on management time. Our systems and those of third-party providers, could be vulnerable to damage or disruption caused by catastrophic events, power outages, natural disasters, computer system or network failures, viruses, ransomware or malware, physical or electronic break-ins, unauthorized access, or cyber-attacks.
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.
To manage these risks and oversee our evolving technological requirements, we hired a Managing Director of Information Technology in 2025. This role is responsible for the strategic oversight of our digital infrastructure and the implementation of enhanced security protocols; however, the appointment of dedicated leadership does not eliminate the inherent risks of system failure or unauthorized access.
Any security breach could compromise our network, and the information contained therein could be improperly accessed, disclosed, lost or stolen. Because techniques used to sabotage, obtain unauthorized access to systems or prohibit authorized access to systems change frequently and generally are not detected until successfully launched against a target, we may not be able to anticipate these attacks nor prevent them from harming our business or network. Any unauthorized activities could disrupt our operations and be costly to fix, which could adversely affect our business and operating results.
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Competition from other mining companies may harm our business.
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. |
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.
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. As a result, our Board could authorize the issuance of a series of preferred stock that would grant to holders the preferred right to our assets upon liquidation, the right to receive dividend payments before dividends are distributed to the holders of common stock and the right to the redemption of the shares, together with a premium, prior to the redemption of our common stock. In addition, our Board could authorize the issuance of a series of preferred stock that has greater voting power than our common stock or that is convertible into our common stock, which could decrease the relative voting power of our common stock or result in dilution to our existing stockholders.
If we lose any of our key personnel, we may encounter difficulty replacing their expertise, which could impair our ability to implement our business plan successfully.
We believe that our ability to implement our business strategy and our future success depends on the continued employment of our management team. The loss of the technical knowledge and mining industry expertise of these key employees could make it difficult for us to execute our business plan effectively and could cause a diversion of resources while we seek replacements.
In addition, our operations require employees, consultants, advisors and contractors with a high degree of specialized technical, management and professional skills, such as engineers, trades people, geologists and equipment operators. We compete both locally and internationally for such professionals. We may be unsuccessful in attracting and maintaining key employees. 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 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; |
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| ● | 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. |
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.
In the event of our dissolution, the proceeds, if any, realized from the liquidation of our assets will be distributed to our stockholders only after the satisfaction of the claims of our creditors and preferred stockholders. The ability of a purchaser of shares to recover all, or any portion, of the purchase price for the shares, in that event, will depend on the amount of funds realized and the claims to be satisfied by those funds.
Our Series B preferred stock has a liquidation preference of $1.00 per share or $750,000 plus accumulated dividends.
If we were liquidated, holders of our preferred stock would be entitled to receive $750,000 plus any accumulated and unpaid dividends from any liquidation proceeds before holders of our common stock would be entitled to receive any proceeds.
Our Series C preferred stock has a liquidation preference of $0.55 per share or $97,847.
If we were liquidated, holders of our preferred stock would be entitled to receive $97,847 from any liquidation proceeds before holders of our common stock would be entitled to receive any proceeds.
The issuance of additional equity securities in the future could adversely affect holders of our common stock.
The market price of our common stock may be affected by the issuance, exercise, or conversion of preferred stock, options, restricted stock, warrants, convertible debt or other rights to acquire any preferred or common stock. Our Board is authorized to issue additional classes or series of preferred stock without any action on the part of our stockholders. This includes the power to set the terms of any such classes or series of preferred stock that may be issued, including voting rights, dividend rights and preferences over common stock with respect to dividends or upon the liquidation, dissolution or winding up of the business and other terms. If we issue preferred stock in the future that has preference over our common stock with respect to the payment of dividends or upon liquidation, dissolution or winding up, or if we issue preferred stock with voting rights that dilute the voting power of our common stock, the rights of holders of the common stock or the market price of the common stock could be adversely affected.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. Any transaction involving the issuance of previously authorized but unissued equity securities would result in dilution, possibly substantial, to stockholders. Based on the need for additional capital to fund expected expenditures and growth, it is likely that we will issue securities to provide such capital. Such additional issuances may involve the issuance of a significant number of equity securities at prices less than the current market price. Sales of substantial amounts of securities, or the availability of the securities for sale, could adversely affect the prevailing market prices for the securities and dilute investors’ earnings per share. 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.
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The provisions in our certificate of incorporation, our by-laws and Texas law could delay or deter tender offers or takeover attempts.
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. 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, amendment of most of the provisions described above requires approval of at least 80% of the outstanding voting stock.
Legal, Regulatory, and Compliance Risks
As a public company, we are obligated to develop and maintain proper and effective internal control over financial reporting. If we fail to develop and maintain an effective system of internal control over financial reporting, our ability to produce timely and accurate financial statements and other required disclosures and to comply with applicable laws and regulations could be impaired. Also, if deficiencies in our internal control over financial reporting are not properly remediated, it could adversely affect our business and results of operations.
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. Compliance with these rules and regulations may be difficult, time-consuming, or costly, and compliance may increase demand on processes, systems, and resources. The Exchange Act requires, among other things, that we file annual, quarterly, and current reports with respect to our business and operating results. The Sarbanes-Oxley Act requires, among other things, that we maintain effective internal control over financial reporting. Management reviews the Company’s internal control over financial reporting to determine if it is effective. A control deficiency exists when the design, operation, or lack of a control does not allow management or employees to prevent, or detect, and correct, misstatements on a timely basis. A material weakness is a deficiency, or a combination of deficiencies, in internal control over financial reporting such that there is a reasonable possibility that a material misstatement of annual or interim financial statements will not be prevented or detected on a timely basis. As described in “Item 9A. 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
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internal control over financial reporting. We intend to take the necessary steps to remediate these material weaknesses. However, we cannot assure you that we will be successful in implementing effective internal control over financial reporting or that, once successful, such controls will remain effective.
It may require significant resources and management oversight to effectively comply with our regulatory obligations and to avoid future violations. In addition, significant resources and management oversight may also be required to maintain and, if necessary, improve our disclosure controls and procedures and internal control over financial reporting. As a result of our efforts to comply with the above rules and regulations, management’s attention may be diverted from other business concerns, which could adversely affect our business, operating results, and financial condition. To comply with these requirements, we may need to hire more employees in the future or engage outside consultants, which would increase our costs and expenses. We may be unable to comply despite such efforts. Any failure to comply with applicable regulations could adversely affect our stock price and our ability to make accurate and timely financial and other disclosures to investors, attract and maintain key personnel and investors, and use our funds for intended purposes. It may also subject us to the risk of litigation or regulatory enforcement actions against us. In connection with our remediation efforts, we have engaged a third-party advisor to assist management in evaluating and improving our internal control over financial reporting and our processes designed to support compliance with the Sarbanes-Oxley Act. While the involvement of a third-party advisor may assist us in these efforts, there can be no assurance that our remediation efforts will be successful or that our internal control over financial reporting will be effective in future periods.
We have been informed by our transfer agent, Equiniti Trust Company (the “Transfer Agent”), that there is a discrepancy between the number of outstanding shares of our common stock as determined by the Transfer Agent and the number of outstanding shares of our common stock as determined by the Depositary Trust Company. We, together with the Transfer Agent, are working diligently to determine the reason for this discrepancy. If, following the conclusion of our review, we determine that the discrepancy constitutes a material weakness or significant deficiency in our internal controls, this could have a material adverse effect on our financial reporting processes, regulatory compliance, corporate actions, investor confidence, and the market price of our common stock.
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. 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. 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. 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 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.
We face substantial governmental regulations, including the Mine Safety and Health Act, various environmental laws and regulations and the 1872 Mining Law.
Our business is subject to extensive U.S. and foreign federal, state, and local laws and regulations governing environmental protection, natural resources, prospecting, development, production, post-closure reclamation, taxes, labor standards and occupational health and safety laws and regulations, including mine safety, toxic substances and other matters. The costs associated with compliance with such laws and regulations are substantial. Possible future laws and regulations, or more restrictive interpretations of current laws and regulations by governmental authorities, could cause additional expense, capital expenditures, restrictions on or suspensions of operations and delays in the development of new properties.
U.S. surface and underground mines like those at our Preston Operations are inspected periodically by MSHA, which inspections often lead to notices of violation under the Mine Safety and Health Act. Our facility or mine at Preston Idaho could be subject to a temporary or extended shutdown due to a violation alleged by MSHA. For more information on the status of inspections by MSHA, see Note 13 of the Notes to Consolidated Financial Statements in this Annual Report.
Some mining laws prevent mining companies that have been found to (i) have engaged in environmentally harmful conduct or (ii) be responsible for environmentally harmful conduct engaged in by affiliates or other third parties, including in other jurisdictions, from maintaining current or obtaining future permits until remediation or restitution has occurred. 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.
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We cannot assure you that we will always be in compliance with applicable laws, regulations and permitting requirements. Failure to comply with applicable laws, regulations and permitting requirements may result in lawsuits or regulatory actions, including orders issued by regulatory or judicial authorities causing operations to cease or be curtailed, which may require corrective measures including capital expenditures, installation of additional equipment or remedial actions. Any one or more of these liabilities could have a material adverse impact on our financial condition.
In addition to existing regulatory requirements, legislation and regulations may be adopted, regulatory procedures modified, or permit limits reduced at any time, any of which could result in additional exposure to liability, operating expense, capital expenditures or restrictions and delays in the mining, production or development of our properties. Mining accidents and fatalities or toxic waste releases, whether at our mines or related to metals mining, may increase the likelihood of additional regulation or changes in law or enhanced regulatory scrutiny. Enforcement or regulatory tools and methods available to regulatory bodies, such as MSHA or the U.S. Environmental Protection Agency (“EPA”), could be used against us or the industry in general and materially adversely affect our financial condition.
From time to time, the U.S. Congress considers proposed amendments to the 1872 Mining Law, which governs mining claims and related activities on federal lands. 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.
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.
Our operations, both in the United States and internationally, are subject to extensive environmental laws and regulations governing wastewater discharges; remediation, restoration and reclamation of environmental contamination; the generation, storage, treatment, transportation and disposal of hazardous substances; solid waste disposal; air emissions; protection of endangered and protected species and designation of critical habitats; mine closures and reclamation; and other related matters. In addition, we must obtain regulatory permits and approvals to start, continue and expand operations. New or revised environmental regulatory requirements are frequently proposed, many of which result in substantially increased costs for our business.
Our U.S. operations are subject to the Clean Water Act, which requires permits for certain discharges into waters of the United States. Such permitting has been a frequent subject of litigation and enforcement activity by environmental advocacy groups and the EPA, respectively, which has resulted in declines in such permits or extensive delays in receiving them, as well as the imposition of penalties for permit violations. In 2015, the regulatory definition of “waters of the United States” that are protected by the Clean Water Act was expanded by the EPA, thereby imposing significant additional restrictions on waterway discharges and land uses. However, in 2018, implementation of the relevant rule was suspended for two years, and in December 2019 a revised definition that narrows the 2015 version was implemented. In late 2021, the EPA and US Army Corps of Engineers proposed to revise the definition again, moving it back to its more inclusive, pre-2018 definition. If this rule change were to take effect or states take action to address a perceived fall-off in protection under the Clean Water Act, litigation involving water discharge permits could increase, which may result in delays in, or in some instances preclude, the commencement or continuation of development or production operations. Enforcement actions by the EPA or other federal or state agencies could also result. Adverse outcomes in lawsuits challenging permits or failure to comply with applicable regulations or permits could result in the suspension, denial, or revocation of required permits, or the imposition of penalties, any of which could have a material adverse impact on our cash flows, results of operations, or financial condition.
Some of the mining wastes from our U.S. mines currently are exempt to a limited extent from the extensive set of EPA regulations governing hazardous waste under the Resource Conservation and Recovery Act (“RCRA”). If the EPA were to repeal this exemption, and designate these mining wastes as hazardous under RCRA, we would be required to expend additional amounts on the handling of such wastes and to make significant expenditures to construct hazardous waste storage or disposal facilities. In addition, if any of these wastes or other substances we release or cause to be released into the environment cause or has caused contamination in or damage to the environment at a U.S. mining facility, that facility could be designated as a “Superfund” site under the Comprehensive Environmental Response, Compensation and Liability Act of 1980 (“CERCLA”). Under CERCLA, any present owner or operator of a Superfund site or the owner or operator at the time of contamination may be held jointly and severally liable regardless of fault and may be forced to undertake extensive remedial cleanup action or to pay for the cleanup efforts. 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.
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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. 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.
Some of our facilities are located in or near environmentally sensitive areas such as salmon fisheries, endangered species habitats, wilderness areas, national monuments and national forests, and we may incur additional costs to mitigate potential environmental harm in such areas.
Laws in the U.S. such as CERCLA and similar state laws may expose us to joint and several liability or claims for contribution made by the government (state or federal) or private parties. Moreover, exposure to these liabilities arises not only from our existing but also from closed operations, operations sold to third parties, or operations in which we had a leasehold, joint venture, or other interest. Because liability under CERCLA is often alleged on a joint and several basis against any property owner or operator or arranger for the transport of hazardous waste, and because we have been in operation since around 1968, our exposure to environmental claims may be greater because of the bankruptcy or dissolution of other mining companies which may have engaged in more significant activities at a mining site than we but which are no longer available for governmental agencies or other claimants to make claims against or obtain judgments from. Similarly, there is also the potential for claims against us based on agreements entered into by certain affiliates and predecessor companies relating to the transfer of businesses or properties, which contained indemnification provisions relating to environmental matters. 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.
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. 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.
We are required by U.S. federal and state laws and regulations and by laws and regulations in the foreign jurisdictions in which we operate to reclaim our mining properties. The specific requirements may change and vary among jurisdictions, but they are similar in that they aim to minimize long term effects of exploration and mining and processing disturbance by requiring the control of possible deleterious effluents and re-establishment to some degree of pre-disturbance landforms and vegetation. In some cases, we are required to provide financial assurances as security for reclamation costs, which may exceed our estimates for such costs. Conversely, our reclamation costs may exceed the financial assurances in place and those assurances may ultimately be unavailable to us.
The EPA and other state, provincial or federal agencies may also require financial assurance for investigation and remediation actions that are required under settlements of enforcement actions under CERCLA or equivalent state regulations. Currently there are no financial assurance requirements for active mining operations under CERCLA, and a lawsuit filed by several environmental organizations which sought to require the EPA to adopt financial assurance rules for mining companies with active mining operations was dismissed by a federal court. In the future, financial assurance rules under CERCLA, if adopted, could be financially material and adverse to us.
We are required to obtain governmental permits and other approvals in order to conduct mining operations.
In the ordinary course of business, mining companies are required to seek governmental permits and other approvals for continuation or expansion of existing operations or for the commencement of new operations. Obtaining the necessary governmental permits is a complex, time-consuming and costly process. The duration and success of our efforts to obtain permits are contingent upon many variables not within our control. Obtaining environmental permits, including the approval of reclamation plans, may increase costs and cause delays or halt the continuation of mining operations depending on the nature of the activity to be permitted and the interpretation of applicable requirements established by the permitting authority. Interested parties, including governmental agencies and non- governmental organizations or civic groups, may seek to prevent issuance of permits and intervene in the process or pursue extensive appeal rights. Past or ongoing violations of laws or regulations involving obtaining or complying with permits could provide a basis to revoke existing permits, deny the issuance of additional permits, or commence a regulatory enforcement action, each of which could have a material adverse impact on our operations or financial condition. 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
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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. It is possible that the costs and delays associated with the compliance with evolving standards and regulations could become such that we would not proceed with a particular development or operation.
We are often required to post surety bonds or cash collateral to secure our reclamation obligations and we may be unable to obtain the required surety bonds or may not have the resources to provide cash collateral, and the bonds or collateral may not fully cover the cost of reclamation and any such shortfall could have a material adverse impact on our financial condition. Further, when we use the services of a surety company to provide the required bond for reclamation, the surety companies often require us to post collateral with them, including letters of credit. In the event that we are unable to obtain necessary bonds or to post sufficient collateral, we may experience a material adverse effect on our operations or financial results.
New federal and state laws, regulations and initiatives could impact our operations.
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. 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.
We cannot guarantee title to all our properties as the properties may be subject to prior mineral rights applications with priority, prior unregistered agreements or transfers or indigenous peoples’ land claims, and title may be affected by undetected defects. Certain of the mineral rights held by us are held under applications for mineral rights or are subject to renewal applications and, until final approval of such applications is received, our rights to such mineral rights may not materialize and the exact boundaries of the Company’s properties may be subject to adjustment. For our operations in Mexico, we hold mining claims, mineral concession titles and mining leases that are obtained and held in accordance with the laws of the country, which provide the Company the right to exploit and explore the properties. The validity of the claims, concessions and leases could be uncertain and may be contested. Although we have conducted title reviews of our property holdings, title review does not necessarily preclude third parties (including governments) from challenging our title. In accordance with mining industry practice, we do not generally obtain title opinions until we decide to develop a property. Therefore, while we have attempted to acquire satisfactory title to our undeveloped properties, some titles may be defective. We do not maintain title insurance on our properties.
Mining Claims may not be feasible or economical.
The Company owns mining claims, however, the mineral resources and reserves contained in these mining claims may not be feasible or economical for mining, development, and production. If not feasible or economical, the Company would have no return on its investment and no owned ore supply from these mining claims, which could have a material adverse effect on the results of its operations and its financial condition.
Artificial intelligence may have a material adverse effect on our business, results of operations, and financial condition.
The advances and increased adoption of artificial intelligence could have significant and far-reaching effects on our business and our industry, which could adversely impact our mining and processing of minerals, the selling of our products, the demand for our products, the pricing of our products, the cost structure of our Company, and our ability to adequately compete in our industry, among other things. As a result, the impact of artificial intelligence could have a material adverse effect on the results of our operations and our financial condition.
There is uncertainty as to the termination and renewal of our mining concessions.
Under the laws of Mexico, mineral resources belong to the state, and therefore, concessions are required to explore or exploit mineral reserves. In Mexico, mineral rights derive from concessions granted, on a discretionary basis, by the Ministry of Economy, pursuant to Mexican mining law and regulations thereunder.
Mining concessions in Mexico may be terminated if the obligations of the concessioner are not satisfied. In Mexico, we are obligated, among other things, to explore or exploit the relevant concession, to pay any relevant fees, to comply with all environmental and safety standards, to provide information to the Ministry of Economy and to allow inspections by the Ministry of Economy. Any termination or
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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.
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. 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. 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. 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.
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. 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.
Currently, the Mexican government does not restrict the ability of Mexican companies or individuals to convert pesos into dollars or other currencies. 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. The imposition of exchange control policies could impair our ability to obtain imported goods and to meet its U.S. dollar-denominated obligations and could have an adverse effect on our business and financial condition.
Item 1B. Unresolved Staff Comments.
As a smaller reporting company, we are not required to provide disclosure under this item.
Item 1C. Cybersecurity.
Risk Management and Strategy
Our cybersecurity strategy prioritizes detection, analysis and response to known, anticipated or unexpected threats, effective management of security risks, and resiliency against incidents.
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.
We implement risk-based controls to protect our information, the information of our customers, suppliers, and other third parties, our information systems, our business operations, and our products. We maintain security programs that include physical and technical safeguards. We monitor cybersecurity vulnerabilities and potential attacks, and we evaluate the potential operational and financial effects
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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.
We continue to integrate our cyber practices into our enterprise risk management practices, which is overseen by our Board of Directors. In addition, we assess the risks from cybersecurity threats, periodically
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
Governance
Our
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.
Management, including the
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. 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.
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. 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. 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. The sections below that follow the table describe the Company’s properties by location and operating status.
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The following table provides a summary of the properties we were affiliated with at December 31, 2025:
Segment | | Location | | Owned or | | Mine, Processing | | Status | | Own | | 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:
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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. 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. 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. 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. 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.
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. 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. 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. 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. 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”).
Following are location maps related to this property:
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Properties in Mexico
The Company has two subsidiaries in Mexico, USAMSA and ADM. 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. 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.
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 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. 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. 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. 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. 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. 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. 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. 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. Puerto Blanco had no production operations in 2025 and 2024.
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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. Following are location maps related to this property:
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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”). 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. 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. 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. (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.
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. 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. 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. 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. Preston is a city in Franklin County, Idaho and is near the major north-south Interstate Highway 15 to Salt Lake City, UT or Pocatello, ID. Water is sourced from the landowner during the early spring and summer months. Late summer, water is generally scarcer but is obtained from the same source. 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:
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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. 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. 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.
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. 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.
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. 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. 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. 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. 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.
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Mineral resources represent mineralization with reasonable prospects for eventual economic extraction but which do not meet the criteria to be classified as mineral reserves. 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. 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. 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. No material environmental compliance issues have been identified for the Bear River Zeolite Mine.
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. 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. 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.
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. 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.
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.
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. 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. The site is characterized by forested terrain and seasonal weather conditions typical of historic antimony and base-metal mining districts in western Montana.
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Following is a location map related to this property.
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. 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. 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.
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. 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.
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. 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.
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. 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.
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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. Historical mining activities focused on the extraction of high-grade stibnite-bearing veins. 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.
Geology and Mineralization
Antimony mineralization at Stibnite Hill occurs in narrow, relatively flat-lying stibnite-bearing veins with an approximate dip of 25 degrees and strike lengths extending for several thousand feet. Mineralization is structurally controlled and hosted primarily within brecciated and fractured sedimentary and volcanic rocks. Stibnite is the predominant mineral, with minor associated sulfide minerals.
Historical mining and drilling, together with more recent exploration results, indicate that mineralized zones exhibit continuity both along strike and at depth; however, the full extent of mineralization remains subject to further evaluation. During 2025, the Company undertook a comprehensive technical review of historical records, publicly available technical information, and field observations, supported by a consulting geologist, to reassess the characteristics and continuity of known mineralization.
Mining and Processing Operations
The Stibnite Hill property is currently in the exploration stage. In October 2025, the Company received approval from the Montana Department of Environmental Quality, Hard Rock Mining Bureau, to modify its operating plan and initiated a mechanized exploration and bulk sampling program. Activities commenced in early October 2025, utilizing a surface-based selective recovery method involving removal of overburden, selective excavation of stibnite-bearing material, and progressive replacement of overburden in accordance with permit requirements.
Mining activities utilized hydraulic excavators and, where necessary, hydraulic hammers for fragmentation. By the time operations were seasonally suspended due to winter weather conditions, approximately 840 tons of antimony-bearing material had been extracted. Operations are expected to resume in the early spring of 2026 since winter weather conditions have been mild.
To facilitate the processing of this material, extracted ore has been stockpiled for future processing at a flotation mill near Radersburg, Montana, which was acquired by the Company in January 2026. This facility will be utilized for crushing, milling, metallurgical testing, and evaluation activities. Sampling and assay work is being conducted by an independent geological consulting firm, with samples submitted to an accredited third-party assayer recognized as a Qualified Person under Regulation S-K Subpart 1300.
The Company has not established mineral resources or mineral reserves for the Stibnite Hill property and has not completed a Technical Report Summary for the site in accordance with Regulation S-K Item 1300. No revenue has been recognized from mining activities yet, as no excavated material has been sold or entered commercial production.
Permitting, Environmental and Encumbrances
Exploration and bulk sampling activities are conducted pursuant to approvals issued by the Montana Department of Environmental Quality. Reclamation activities are performed concurrently with excavation in accordance with permit requirements. Any expansion of mining activities remains subject to the establishment of mineral resources or reserves, receipt of additional permits, operational considerations, and prevailing market conditions.
There are no known environmental liabilities or material encumbrances affecting the property and there are no royalty obligations attached to the property.
Alaska Mining Properties
Property Description and Location
The Company’s Alaska mining properties are located in interior Alaska, distributed across the Fairbanks Mining District, the Tok area, and the Maclaren River region. The Fairbanks-area claims include the Mohawk property (64.8721° N, 147.9879° W), the Quill claims
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(64.8726° N, 148.0051° W), and the RMA and Oliver claims (64.8734° N, 148.0159° W) near Ester Dome, approximately six miles northwest of Fairbanks. The Stibnite Creek claim group (63.2481° N, 143.7986° W) is located near the junction of the Alaska Highway and the Tok Cutoff and the Maclaren River claims (63.1735° N, 146.8295° W) are situated south of Delta Junction along the Denali Highway corridor. Collectively, these properties are located within historically productive mineral districts known for structurally controlled gold and antimony mineralization. Following is a location map related to these properties.
Ownership and Mineral Rights
The Company holds its Alaska properties through a combination of state and federal lode mining claims, federal placer mining claims, and patented federal lode mining claims located in the Fairbanks District and other interior Alaska regions. During 2025, the Company significantly expanded its Fairbanks District position through a series of strategic acquisition agreements, each subject to a purchase option with net smelter royalty obligations on production, with certain agreements also providing for royalty buyback rights.
In January 2025, the Company executed an agreement to acquire 120 mining claims in the Fairbanks District for aggregate consideration of $3.0 million payable in installments through July 2030. The agreement includes net smelter royalty obligations on production from the claims and certain surrounding areas, partial royalty buyback provisions, and a commitment to expend approximately $2.25 million on exploration and development activities over five years beginning January 2025.
In March 2025, the Company executed an agreement covering 25 mining claims and mineral leases in the Fairbanks District and Maclaren area for aggregate consideration of approximately $425,000 payable through March 2029. This agreement includes a net smelter royalty subject to partial buyback rights and a commitment to expend approximately $250,000 on exploration and development activities over approximately forty-one months.
Effective June 1, 2025, the Company entered into an agreement to acquire various patented federal lode mining claims in the Fairbanks District for aggregate consideration of approximately $2.0 million payable through June 2029. This agreement provides for net smelter royalty payments on production and includes a commitment to expend approximately $700,000 on exploration and development activities over approximately thirty-nine months.
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In September 2025, the Company executed an additional agreement to acquire mining claims in the Fairbanks District for aggregate consideration of approximately $500,000 payable through September 2029. This agreement includes a net smelter royalty with partial buyback rights and a commitment to expend approximately $250,000 on exploration activities over approximately thirty-six months beginning September 2026.
The Company currently holds the rights and privileges associated with the acquired mining claims and patented lode claims, subject to the terms of the respective acquisition agreements. To maintain and ultimately obtain full ownership of the claims under installment-based agreements, the Company must make scheduled payments, satisfy applicable royalty obligations, and meet required exploration expenditure commitments. Failure to satisfy these conditions could result in termination of the applicable agreement. All payments related to these mining claims and leases that became due on or before December 31, 2025 were made by the Company pursuant to the terms of the underlying agreements.
All of the above agreements may be terminated by the Company without cause upon notice in accordance with their respective terms.
Infrastructure and Accessibility
The Fairbanks-area claims are accessible by publicly maintained roads extending from Fairbanks. The Stibnite Creek claim group is located near the Alaska Highway and Tok Cutoff, and the Maclaren River claims are accessible via the Denali Highway corridor south of Delta Junction. The Mohawk property is located approximately 0.8 miles northeast of the junction of St. Patrick and Henderson Roads in Ester, Alaska and consists of patented mining claims held in fee simple. The properties benefit from proximity to established highway infrastructure, including the Alaska Highway, Richardson Highway, or Denali Highway. The approximate transport distance from Alaska’s processing facility in Fairbanks to the Company’s processing facilities in Thompson Falls, Montana is approximately 45 hours of transit time.
History of Operations
Certain of the Company’s Alaska properties, including the Mohawk property in the Ester Dome area, were historically developed for lode gold production during the early- to mid-20th century. Historical mining in the Fairbanks Mining District included both placer and underground hard-rock operations conducted by various operators. Antimony mineralization was historically associated with gold-bearing vein systems but was not economically attractive for production from prior operations. Following cessation of historical mining activities, the properties remained largely inactive prior to the Company’s recent exploration efforts.
Geology and Mineralization
The Alaska properties are prospective for structurally controlled antimony mineralization commonly associated with gold-bearing vein systems, as well as copper and tungsten in certain areas. The properties are located within historically productive mineral districts where high-grade antimony has been documented in association with gold mineralization. Based on the structurally controlled vein-hosted mineralization and historical underground production in the district, any future development would likely involve selective hard-rock mining methods; however, no mining method has been selected, and further technical evaluation is required.
Mining and Processing Operations
All of the Alaska properties are in the exploration stage and consist primarily of lode mining claims. Following receipt of applicable permits in 2025, the Company conducted initial field activities consisting of geological mapping, soil geochemical sampling, mechanized trenching, and evaluation of historical workings. These activities were undertaken for evaluation purposes only and did not constitute commercial mining or production. Exploration activities were suspended in October 2025 due to winter weather conditions and are expected to resume when conditions permit, which will likely be in May or June 2026. No mineral extraction, milling, or commercial production occurred during the 2025 fiscal year.
No mineral resources or mineral reserves have been established for any of the Alaska properties in accordance with Regulation S-K Item 1300, and no Technical Report Summary has been completed for these properties.
Permitting, Environmental and Encumbrances
During 2025, the Company submitted permit applications to various state and federal agencies for exploration activities in the Ester Dome and Stibnite Creek areas, including the Alaska Department of Fish and Game Habitat Division, the Alaska Department of
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Environmental Conservation Water Division, the Alaska Department of Natural Resources (“Alaska DNR”) Mining Division, and the U.S. Army Corps of Engineers. On September 5, 2025, the Company received approval from the Alaska DNR to conduct permitted exploration activities at the Mohawk property and the RMA and Oliver claims near Ester Dome. Exploration work was conducted within the scope of issued permits and focused on previously disturbed areas. Reclamation of disturbed areas commenced following completion of fieldwork, with only minor reclamation obligations, mainly seeding of the affected areas, expected to be completed when weather conditions permit.
There are no known environmental liabilities or material encumbrances affecting the properties other than the royalty obligations previously described which would reduce net proceeds from any future production. Certain agreements provide partial royalty buyback rights.
Ontario, Canada Mining Properties
Property Description and Location
The Company’s Canadian portfolio of mining properties consists of two strategic assets situated within the Sudbury Mining District of Ontario, a globally recognized hub for base and precious metal production. In June 2025, the Company acquired property located in the Sudbury District of Ontario, Canada, which was comprised of 50 single-cell mining claims (the “Fostung Properties) covering approximately 1,177 hectares (approximately 2,908 acres). The Fostung Properties are located approximately 70 kilometers west-southwest of Sudbury near the town of Espanola at approximately 46.2301° N latitude and 81.6513° W longitude. The Company also holds rights under an option agreement covering 97 mining claims and three mining leases located ten miles northwest of the Sudbury Basin (the “Iron Mask Properties”). The Iron Mask Properties, which cover approximately 1,696 hectares (approximately 4,200 acres), are located within approximately ten miles of the north rim of the Sudbury Basin at approximately 46.6000° N latitude and 81.1833° W longitude. These two properties are situated within a historically active mining district known for base and precious metal production. Following is a location map related to these properties.
Ownership and Mineral Rights
In June 2025, the Company acquired a 100% ownership interest in the Fostung Properties for cash consideration of $5.0 million. The Fostung Properties were originally subject to an aggregate 1.5% net smelter return (“NSR”) royalty, consisting of a 0.25% NSR payable
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to each of the two sellers plus a 1.0% NSR to a prior owner. In January 2026, the Company paid approximately $108,000 to buy back the 1.0% NSR related to the prior owner.
The Company’s acquisition of the Iron Mask Properties claims and leases is structured through a series of staged payments totaling $275,000, due in installments through August 2028. These properties are subject to a NSR royalty on future production, which includes a minimum royalty provision commencing on the fifth anniversary of the agreement and a partial buyback option. Additionally, the Company is committed to $250,000 in aggregate exploration and development expenditures over a four-year period. While the Company must satisfy the scheduled payment and exploration expenditure commitments to maintain its interest and achieve full ownership, the agreement may be terminated by us without cause upon 30 days’ notice. All payments related to the Iron Mask Properties that were due on or before December 31, 2025 were made by the Company pursuant to the terms of the underlying agreement.
Infrastructure and Accessibility
The Fostung Properties and the Iron Mask Properties both benefit from proximity to established infrastructure within the Sudbury mining district. The Fostung Properties are located near the town of Espanola and are accessible by regional roads. The Iron Mask Properties are accessible via a provincial highway and logging roads, and the Canadian Pacific Railway mainline is located within a few miles of portions of the claim boundary.
The properties are located within a region that hosts active mining operations, processing facilities, and related infrastructure, including open-pit and underground mines, flotation mills, smelters, and refineries that have operated in the district for decades.
History of Operations
The Sudbury Basin is one of Canada’s longest-operating and most productive mining districts, with mining activity dating to the late 1880s. Numerous operators have historically conducted exploration and mining in the region for nickel, copper, cobalt, and associated metals.
The Fostung Properties have been the subject of prior exploration programs, including drilling and technical evaluations conducted by previous owners. The Iron Mask Properties have likewise been subject to historical prospecting and exploration activities targeting cobalt, nickel, copper, and bismuth mineralization. No commercial mining operations have yet to be conducted by the Company on these properties.
Geology and Mineralization
The Fostung Properties deposit occurs within the Espanola Formation, part of the Huronian Supergroup meta-sedimentary sequence along the north shore of Lake Huron. Mineralization consists primarily of tungsten hosted within stratiform geological units. 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.
The Iron Mask Properties are prospective for cobalt, nickel, copper, and bismuth mineralization, with minor silver and gold values reported historically. These commodities occur within geological settings associated with the Sudbury Basin and surrounding formations. No mineral resources or mineral reserves have been established for the Basin Properties in accordance with SEC Regulation S-K Item 1300.
Mining and Processing Operations
During 2025, activities at the Iron Mask Properties were limited to geological mapping and surface sampling. At the Fostung Properties, the Company obtained authorization for mechanical stripping and conducted limited surface evaluation work with minimal disturbance. No mineral extraction, processing, or commercial production have yet to occur at either Ontario property during 2025.
Based on the SEC definition in Regulation S-K Item 1300, both Ontario properties are considered exploration stage properties.
Permitting, Environmental and Encumbrances
The Company has not sought or received approval to conduct commercial mining operations at either of the Ontario properties. Exploration activities conducted to-date have been authorized under applicable provincial permits.
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The Fostung Properties were originally subject to an aggregate 1.5% net smelter return (“NSR”) royalty, consisting of a 0.25% NSR payable to each of the two sellers plus a 1.0% NSR to a prior owner. In January 2026, the Company paid approximately $108,000 to buy back the 1.0% NSR related to the prior owner.
The Company has no known environmental liabilities or remediation obligations associated with the properties. The Company has not commenced development or mining operations and has not selected a mining method. Any future exploration or development activities would be subject to completion of technical and economic studies, environmental review, permitting, regulatory approvals, and community engagement in accordance with applicable provincial and federal requirements.
In 2025, the company staked mining claims in the Dubreuilville area of Ontario, following up on high grade silver values obtained in an Ontario Government helicopter-borne pre-Ambrosia lake sediment sampling program. The company intends to conduct soil sampling programs in the areas up-ice of the lakes and ponds with the high-grade silver values. The Company has also staked additional mining claims near the Iron Mask Properties. The total acreage for these two areas where the Company has staked mining claims is approximately 33,900 acres.
Los Juarez Antimony Mine – Querétaro, Mexico
Property Description and Location
The Los Juarez Property is located in the State of Querétaro, Mexico, approximately 40 kilometers (24.9 miles) by road from the town of Vizarrón de Montes and approximately 4 kilometers from the ejido of Los Juarez. The approximate center of the property is located at 20.8721° North latitude and 99.6704° West longitude. The property comprises mining concessions totaling approximately 629 acres (254 hectares). Access is provided primarily by paved highway, with the final approximately 4 kilometers reached via a dirt road constructed by the Company. The property is situated in a mountainous region of central Mexico. Following is a location map related to the Los Juarez property.
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Ownership and Mineral Rights
The Los Juarez Property consists of the San Miguel I and II mining claims, comprising approximately 100 acres (40 hectares) which the Company acquired in 2018 and the San Juan III mining concession, comprising approximately 529 acres (214 hectares), which is held under a lease agreement requiring a monthly payment of $1,000 and providing for a 10% NSR based on production from the property. Collectively, these claims and concessions total approximately 629 acres (254 hectares), and the associated mineral rights are governed by Mexican federal mining law and subject to applicable concession obligations and regulatory requirements.
Infrastructure and Accessibility
The Los Juarez property is situated within the mineralized highlands of the Sierra Madre Oriental, approximately 40 kilometers by road from Vizarrón de Montes, a regional center with established quarrying activity and supporting industrial infrastructure. Access is provided primarily by paved highways, with the final approximately four kilometers reached via a Company-constructed and maintained dirt road suitable for heavy equipment and haulage trucks. The property’s location supports over-the-road transportation of mineralized material to the Company’s Puerto Blanco flotation mill for concentration into antimony-bearing products.
Existing on-site infrastructure is limited and primarily supports exploration and limited mining activities. Improvements include a functional explosives magazine, a small staff support structure, and a generator/welder unit. The Company also maintains mobile equipment at the site to support exploration and bulk sampling activities. No permanent processing plant or large-scale production infrastructure is currently installed on the property.
History of Operations
In 2019, the Company commenced limited open pit mining operations at Los Juarez and extracted approximately 2,000 pounds of material for metallurgical testing and processing evaluation at its Puerto Blanco flotation mill. The purpose of the program was to evaluate recoverability and processing characteristics. Mineral extraction activities were suspended in 2020 to prioritize comprehensive geological modeling and to reconcile grade variability identified during the initial bulk sampling phase. While there have been no mining or commercial production activities at the property since 2020, the Company continues to evaluate geological data and assess development alternatives, potentially with other suitable companies active in mining operations in Mexico.
Geology and Mineralization
The Los Juarez Property is considered prospective for antimony, gold and silver mineralization. The Company has conducted geological mapping, sampling, and evaluation programs on the property, including bulk sampling associated with the 2019 test mining program. Although the property has demonstrated antimony-bearing material, the Company has not established mineral resources or mineral reserves for the Los Juarez Property in accordance with Regulation S-K Subpart 1300 and no Technical Report Summary has been prepared for the property.
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Mining and Processing Operations
The Los Juarez property is currently inactive. No mining operations, mineral extraction, or commercial production occurred during 2024 or 2025. Any decision to resume mining or advance the property would be subject to completion of further geological evaluation, engineering studies, economic analysis, and receipt of required permits and regulatory approvals under Mexican law. Ore extracted during the 2019 program was processed at the Company’s Puerto Blanco flotation facility; however, no ongoing processing operations are currently on going.
Permitting, Environmental and Encumbrances
Mining concessions in Mexico are subject to federal regulation, including environmental permitting requirements and compliance with applicable safety, explosives, and land-use regulations. The San Juan III concession is subject to a 10% NSR. The Company is also required to maintain concession rights in good standing under Mexican mining law, including payment of applicable mining duties and compliance with regulatory requirements. Future development or production would require updated permits, environmental review, and regulatory approvals from appropriate Mexican authorities.
Item 3. Legal Proceedings.
United States Antimony Corporation is not a party to any material legal proceedings. No director, officer or affiliate of United States Antimony Corporation and no owner of record or beneficial owner of more than 5% of the Company’s securities or any associate of any such director, officer or security holder is a party adverse to United States Antimony Corporation or has a material interest adverse to United States Antimony Corporation in reference to pending litigation.
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.
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PART II
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.
Holders of Record
The approximate number of shareholders of record of our common stock at December 31, 2025 is 1,800. The number of record holders is based upon the actual number of holders registered on our books at such date and does not include holders of shares in street name or persons, partnerships, associations, corporations or other entities identified in security position listings maintained by depository trust companies.
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.
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.
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.
Item 6. [Reserved]
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Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations
The following discussion and analysis of the Company’s financial condition and results of operations should be read in conjunction with our audited consolidated financial statements and the notes related thereto which are included in “Item 8. Financial Statements and Supplementary Data” of this Annual Report. Certain information contained in the discussion and analysis set forth below includes forward-looking statements. Our actual results may differ materially from those anticipated in these forward-looking statements as a result of many factors, including those set forth under “Cautionary Note Regarding Forward-Looking Statements,” “Item 1A. Risk Factors” and elsewhere in this Annual Report.
Overview
United States Antimony Corporation began operations in Montana in January 1970 with an initial strategy centered around antimony mining and processing in Montana. Antimony mining ceased in the U.S. in the 1980’s, including our antimony mining operations in Montana, due to a significant increase of less expensive antimony ore being imported into the United States from foreign countries. However, the Company continued to process ore sourced from certain foreign suppliers into antimony oxide, metal, and trisulfide and into precious metals, primarily gold and silver, at its facility in Montana. In 2025, the Company purchased the surface rights to one of its mining claims in Montana and mined 840 tons of antimony ore. While still procuring antimony ore from suppliers, the Company’s operation in Montana is once again vertically integrated with the mining of its own ore.
In the early 2000’s, the Company expanded its footprint with antimony and precious metals operations located in Mexico and zeolite operations located in Idaho. Our zeolite operations are vertically integrated from mining to selling zeolite, which is the Company’s goal for its businesses.
Management has made significant changes to the Company and its operations over the past couple years to vertically integrate and expand overall operations in new areas and to grow sales.
Operations
Beginning in 2024 and continuing in 2025, the Company began acquiring mining claims and leases located in Alaska, Montana, and Ontario, Canada. The Company has also entered into an agreement to acquire exploration rights for mining properties located in the southeastern United States. We invested in these mining properties to further our strategy of vertical integration and to lower our ore cost compared to third-party antimony ore purchases. No active, revenue-producing operations were conducted in 2025 from the Company’s mining claims and leases located in Los Juarez, Mexico (our ADM subsidiary), Ontario, Canada, Alaska, and Thompson Falls, Montana. Also, no mineral reserves or resources have been established yet for these mining claims. However, the Company performed exploration activities and limited surface mining at several locations.
In September 2025, the Company obtained government permits to begin exploration of its mining claims in Alaska that it purchased in 2025 and commenced limited surface mining at two of these sites before the mining season ended due to weather constraints.
In October 2025, the Company produced approximately 840 tons of antimony-bearing material during a mechanized bulk sampling program at its Montana Stibnite Hill mining claim it purchased in 2025. While Stibnite Hill represents a potential long-term source of feedstock for the Company’s smelting operations, mining remains seasonal due to weather and ceased in November 2025. Mining is expected to resume in the spring of 2026. Future development remains subject to ongoing assay results, further permitting, and prevailing market conditions.
In June 2025, the Company paid $5.0 million to acquire property located in the Sudbury District of Ontario, Canada, which included 50 single-cell tungsten mining claims (the Fostung Properties). We have completed fieldwork but have not yet extracted any minerals from the Fostung Properties. On March 3, 2026, the Company announced the completion of an initial resource engineering study regarding these mining claims to determine the property’s initial mineral resources; however, the report has not yet been filed with the SEC.
In October 2025, the Company completed the purchase of additional property in Fairbanks, Alaska that will be used for field operating activities, including ore separation and storage, as well as an office for its staff. In addition, the Company addressed logistical constraints related to its workforce by purchasing an existing housing development in Thompson Falls, Montana. This investment provides a dedicated housing solution to attract and retain the skilled labor to support increased staffing levels for our growing operations and smelting expansion.
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In November 2025, the Company entered into an agreement to acquire exploration rights for mining properties located in the southeastern United States. There were no mining activities on this property in 2025.
In January 2026, the Company completed the acquisition of a fully operational flotation and concentration facility in Radersburg, Montana for total cash consideration of $4.8 million. The Radersburg property is expected to enhance midstream processing capacity and further vertically integrate the Company’s domestic antimony supply chain. Management has budgeted approximately $2.0 million in capital expenditures to modernize equipment and add a new laboratory with the goal of optimizing operational efficiencies and mineral recovery rates.
In February 2026, the Company entered into a joint venture agreement with Americas Gold and Silver Corporation (“Americas”) to construct and operate a new, state-of-the-art hydrometallurgical processing facility. The joint venture will be owned 51% by Americas and 49% by the Company, with the Company serving as managing member.
Sales
In September 2025, the Company secured a five-year, sole-source Indefinite Delivery, Indefinite Quantity (IDIQ) contract with the U.S. Defense Logistics Agency (DLA) Strategic Materials, which is responsible for managing the National Defense Stockpile (NDS). The contract, with a maximum value of $248 million, is for the sale of antimony metal ingots (99.65% purity) through September 2030. Pricing is determined at the time each delivery order is placed. The Company received delivery orders under this contract in September 2025 and January 2026 totaling approximately $12 million. No revenue was recognized under this contract in fiscal 2025.
In November 2025, the Company executed a five-year sales agreement with a new industrial customer for the sale of antimony trioxide. The agreement specifies a monthly delivery schedule through December 2026. Thereafter, delivery volumes, pricing (subject to semiannual market-based adjustments), and delivery schedules are subject to mutual written agreement every six months.
In 2026, the Company began expanding its commercial presence in the animal nutrition industry through a third party with extensive relationships in that sector, where zeolite products are used as feed amendments. Through this relationship, the Company has received introductions to several animal nutrition customers and has begun supplying zeolite products to select customers introduced through this relationship. The Company is in the process of formalizing a definitive agreement with this third party to support further development of these relationships.
We review our strategic initiatives to ensure an adequate return on our investments. We also review the performance of our reportable segments and the performance of our Company with a focus on generating positive cash flow. A cornerstone of our strategy is the well-being of our employees as they are our most valuable asset. Our mission is to serve our employees, customers, and vendors with excellence while growing the business profitably through both organic growth and strategic acquisitions and partnerships to increase shareholder value. Beginning in 2024 and continuing into 2025, we have strengthened our organization through the addition of key personnel in the areas of customer service, sales, operations, finance, and plant management, as well as the appointment of new board members and the formation of new business partnerships. The Company also continues to expand its mining claim portfolio. These strategic additions enhance our operational capabilities and position the Company to advance its mission of disciplined execution, attentive service, and profitable growth in the critical minerals space.
Following is selected consolidated financial information:
Consolidated statement of operations information | ||||||
| Years Ended December 31, | |||||
| 2025 | | 2024 | |||
Revenues | $ | 39,257,708 | $ | 14,937,962 | ||
Costs of revenues |
| 29,384,196 |
| 11,471,044 | ||
Gross profit |
| 9,873,512 |
| 3,466,918 | ||
Total operating expenses |
| 18,332,377 |
| 5,857,730 | ||
Loss from operations |
| (8,458,865) |
| (2,390,812) | ||
Total other income |
| 4,119,339 |
| 660,408 | ||
Income tax expense |
| — |
| — | ||
Net loss | $ | (4,339,526) | $ | (1,730,404) | ||
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Consolidated balance sheet information | ||||||
| As of December 31, | |||||
| 2025 | | 2024 | |||
Working capital | $ | 44,564,846 | $ | 16,672,180 | ||
Total assets |
| 153,925,669 |
| 34,642,602 | ||
Accumulated deficit |
| (45,488,549) |
| (41,149,023) | ||
Total stockholders’ equity |
| 140,955,189 |
| 28,600,673 | ||
Revenues
Revenues increased by $24.3 million, or 163%, in fiscal year 2025 compared to fiscal year 2024 primarily due to:
| ● | Antimony revenue: |
| o | 230% increase in average sales price per pound. |
| ● | Zeolite revenue: |
| o | 8% increase in tons sold, and |
| o | 6% increase in average sales price per ton. |
The increase in antimony revenue was primarily driven by continued elevated market demand and reduced supply, which resulted in higher realized pricing during 2025. The average sales price per pound increased approximately 230% compared to the prior year. The increase in zeolite revenues was primarily attributable to higher sales volume, driven by strengthened customer relationships, improved supply reliability, and expanded market reach, along with an improvement in realized pricing.
Gross Profit
Gross profit was $9.9 million in fiscal year 2025 compared to $3.5 million in fiscal year 2024. The 185% increase between the years was primarily due to the following:
| ● | Higher realized pricing on antimony sales driven by sustained market demand that significantly increased margins per pound sold, |
| ● | Favorable ore input costs on antimony inventory purchased in the first half of 2025 which improved spreads but were partially offset by suppliers charging a higher percentage of prevailing market prices later in the year, and |
| ● | Zeolite segment margin expansion resulted from increased sales volumes and improved average selling prices, coupled with lower operating and maintenance costs following substantial nonrecurring repair work performed at the BRZ facility during the first three quarters of 2024. |
Operating Expenses
Operating expense increased by $12.5 million in fiscal year 2025 compared to fiscal year 2024 primarily due to:
| ● | Higher non-cash share-based compensation resulting from additional equity awards granted in 2025 following shareholder approval of the Amended and Restated 2023 Equity Incentive Plan, which expanded the shares available under the plan to better align management and shareholder interests and support executive recruitment and retention, |
| ● | Increased salaries and employee benefits associated with continued build out of the Company’s management and operational infrastructure to support expanded operations and future growth initiatives, and |
| ● | Higher professional fees related to strategic activities, including potential acquisitions, government funding efforts, mining claim activities, and expanded commercial development. |
Net Loss
The Company incurred a net loss of $4.3 million for the year ended December 31, 2025 compared to a net loss of $1.7 million in 2024. Included in the 2025 net loss was $6.7 million of net non-cash items, which consisted primarily of $7.1 million of non-cash share-based compensation expense, $1.3 million of an IVA refund reserve, and $1.2 million of depreciation and amortization expense, partly offset
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by $3.3 million of an unrealized gain on an investment in equity securities. Included in the 2024 net loss was $1.9 million of net non-cash items, which consisted primarily of $0.6 million of non-cash share-based compensation expense and $1.1 million of depreciation and amortization expense.
Working Capital
Working capital increased by $27.9 million to $44.6 million at December 31, 2025, compared to $16.7 million at December 31, 2024. This increase was driven by a $34.1 million rise in total current assets, primarily consisting of higher cash and cash equivalents, short-term investment securities, accounts receivable, inventories, and short-term note receivable. The $19.4 million increase in cash, investments, and the note receivable on a combined basis primarily reflects the partial use of proceeds received from common stock issuances and warrant exercises during 2025. Accounts receivable increased $3.1 million due to higher antimony sales levels and pricing, while inventories increased $11.3 million net as the Company held higher volumes of antimony on hand at a higher cost per pound. These increases were partially offset by a $6.2 million rise in current liabilities, mainly attributable to higher accounts payable and accrued liabilities. Accounts payable increased $5.4 million due to greater antimony purchases and suppliers charging a higher percentage of prevailing market prices, and accrued liabilities rose $1.4 million primarily from an increase in accrued compensation. Inventory balances by segment as of the date indicated was as follows:
As of December 31, | |||||||||
| 2025 | | 2024 | | 2023 | ||||
Antimony inventory | $ | 12,016,138 | $ | 744,550 | $ | 881,063 | |||
Zeolite inventory |
| 505,871 |
| 501,174 |
| 505,046 | |||
Total inventories | $ | 12,522,009 | $ | 1,245,724 | $ | 1,386,109 | |||
Comparison of Financial Information for the years ended December 31, 2025 and 2024
Antimony
Financial and operational antimony metrics were as follows:
Years ended December 31, |
| |||||||||||
Antimony | | 2025 | | 2024 | | $ Change | | % Change |
| |||
Revenue | $ | 35,380,271 | $ | 11,102,573 | $ | 24,277,698 |
| 219 | % | |||
Gross profit |
| 9,725,746 |
| 3,584,349 |
| 6,141,397 |
| 171 | % | |||
Pounds of antimony sold |
| 1,408,513 |
| 1,459,557 |
| (51,044) |
| (3) | % | |||
Average sales price per pound |
| 25.12 |
| 7.61 |
| 17.51 |
| 230 | % | |||
Average cost per pound |
| 18.21 |
| 5.15 |
| 13.06 |
| 254 | % | |||
Average gross profit per pound |
| 6.91 |
| 2.46 |
| 4.45 |
| 181 | % | |||
(a) | Revenue from sales of gold and silver totaled $519,902 and $525,087, respectively, and revenue from sales of antimony ore and concentrates totaled $nil and $368,627, respectively, for the years ended December 31, 2025 and 2024, which were excluded from Revenue and Gross Profit in the chart above but included in the antimony segment. Pounds of antimony sold in the chart above excludes the pounds sold related to gold, silver, and ore and concentrates for both years presented. |
Antimony revenue increased $24.3 million, or 219%, to $35.4 million in 2025 compared to $11.1 million in the prior year. The increase was primarily driven by sustained market demand and reduced supply, which resulted in a 230% increase in the average sales price per pound. Antimony market prices reached peak levels during the year but moderated during the second half of 2025. The favorable pricing impact was partially offset by a 3% decline in sales volume, which was primarily attributable to temporary workforce constraints that have since been resolved coupled with the refurbishing of furnaces at our Thompson Falls smelter.
Gross profit increased $6.1 million, or 171%, to $9.7 million in 2025 compared to $3.6 million in 2024. The increase was primarily attributable to higher average sales prices per pound driven by sustained demand, together with favorable ore input costs on purchases made during the first half of 2025. These margin improvements were partially offset by suppliers charging a higher percentage of prevailing market prices later in the year, as well as a year-end antimony net realizable value charge and higher IVA tax receivable reserves related to our Mexico operations.
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Zeolite
Financial and operational metrics of our zeolite segment were as follows:
Years ended December 31, |
| |||||||||||
Zeolite | | 2025 | | 2024 | | $ Change | | % Change |
| |||
Revenue | $ | 3,357,535 | $ | 2,941,675 | $ | 415,860 |
| 14 | % | |||
Gross profit (loss) | $ | 205,745 | $ | (642,635) | $ | 848,380 |
| 132 | % | |||
Tons of zeolite sold |
| 11,957 |
| 11,095 |
| 862 |
| 8 | % | |||
Average sales price per ton | $ | 281 | $ | 265 | $ | 16 |
| 6 | % | |||
Average cost per ton | $ | 264 | $ | 323 | $ | (59) |
| (18) | % | |||
Average gross profit (loss) per ton | $ | 17 | $ | (58) | $ | 75 |
| 129 | % | |||
Zeolite revenue increased $0.4 million, or 14%, to $3.4 million in 2025 compared to $2.9 million in 2024. Revenue growth was the result of an 8% increase in sales volume, driven by strengthened customer relationships, improved supply reliability, and broader customer reach coupled with a 6% improvement in the average sales price per ton.
Gross profit was $0.2 million in 2025 compared to a gross loss of ($0.6 million) in 2024. This improvement in gross profit was largely due to both sales volume growth and higher average sales prices, coupled with a decrease in maintenance and related costs. Our BRZ facility incurred significant repair and related costs during the first three quarters of 2024 to address deferred maintenance on older equipment and stabilize operational performance.
Liquidity and Capital Resources
Our mission is to serve our employees, customers, and vendors with excellence while growing the business profitably through both organic growth and strategic acquisitions and partnerships to increase shareholder value. The Company is focused on generating positive cash flow to fund its mission.
One method of generating cash is through the sale or issuance of common stock, warrants, debt, and other investment vehicles, which the Company has been successful at executing in the past. During 2025, the Company generated $36.7 million of net proceeds from the sale of common stock in “at the market offerings,” $67.6 million of net proceeds from three direct common stock offerings with certain institutional investors, and $5.7 million of proceeds from the exercise of pre-existing common stock warrants. Total proceeds received by the Company from these capital raising activities in 2025 were $110 million. However, our ability to access capital or raise funds when needed is not assured and, if capital is not available when, and in the amounts and terms needed, or if capital is not available at all, the Company could be required to significantly curtail its operations, modify existing strategic plans, and/or dispose of certain operations or assets, which could materially harm our business, prospects, financial condition, and operating results.
In 2025, the Company secured a $19.0 million margin credit line with a national bank, which bears interest at one percent above the base commercial rate. Borrowings under the facility are secured by the Company’s investment securities held to maturity, specifically its U.S. Treasury Strips, which are pledged as collateral. Availability under the margin credit line is subject to customary margin requirements based on the value of the pledged securities. As of December 31, 2025, the Company had no outstanding borrowings under the facility.
On March 5, 2026, the Company announced that it had been awarded $27.0 million by the U.S. Department of War under Title III of the Defense Production Act to fund the expansion and modernization of the Company’s domestic antimony production capabilities. Funds will be awarded to the Company as established project milestones are met.
The Company could also receive additional funds from the U.S. Government for initiatives related to facility expansion and mining exploration and development. However, there is no assurance that further U.S. Government funding will be accessible to the Company.
In addition, the Company continues to review each segment’s operational and financial results for opportunities to improve cash flow and to make informed decisions that benefit the Company overall.
As of December 31, 2025, the Company had cash and cash equivalents of $30.5 million. We believe that our cash and cash equivalents should be sufficient to fund our operations and meet our working capital, capital expenditure, and contractual obligations for the next 12 months.
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Material Cash Requirements
We intend to continue to invest in our employees, customers, infrastructure, and operations with the goals of increasing production, decreasing costs, and growing revenue profitably. Also, we intend to fund our cash requirements in 2026 with our cash and cash equivalents. We may also use our available cash to acquire businesses or additional properties. The nature of these investments and transactions, however, makes it difficult to predict the amount and timing of such future cash requirements.
Cash flow information was as follows:
Years Ended December 31, | ||||||
Cash Flow Information | | 2025 | | 2024 | ||
Net cash (used in) provided by operating activities | $ | (9,690,993) | $ | 2,220,303 | ||
Net cash used in investing activities |
| (87,402,914) |
| (42,073) | ||
Net cash provided by financing activities |
| 109,480,085 |
| 4,138,033 | ||
$ | 12,386,178 | $ | 6,316,263 | |||
Net cash used in operating activities was $9.7 million in 2025, compared to net cash provided by operating activities of $2.2 million in 2024. The use of operating cash in 2025 was primarily driven by increased working capital requirements. Inventories increased by $12.2 million, reflecting substantially higher levels of antimony inventory on hand. Of this increase, approximately $0.9 million related to a non-cash net realizable value (“NRV”) adjustment, which is reflected separately within non-cash reconciling items in operating activities. Processing on $4 million of the antimony inventory at December 31, 2025 started in the first quarter of 2026 due to timing of receipt. Accounts receivable increased by $3.1 million, primarily due to higher sales pricing. These uses of cash were partially offset by a $5.4 million increase in accounts payable, which included higher antimony purchases and suppliers charging a greater percentage of prevailing market prices, and a $1.4 million increase in accrued liabilities due to an increase in accrued compensation.
Net cash used in investing activities was $87.4 million in 2025 as compared to net cash used in investing activities of $42 thousand in 2024. Investing activities in 2025 consisted of $19.9 million for purchases of U.S. Treasury Strips, $37.2 million for purchases of an investment in equity securities, $27.8 million in capital expenditures, and the issuance of a $2.5 million note receivable. Our capital expenditures included $5.0 million for the purchase of the Fostung Properties, approximately $17.1 million of construction in progress expenditures primarily associated with the expansion of our existing smelting operations located in Thompson Falls, Montana that will largely be reimbursed with proceeds from the approved $27.0 million award from the U.S. Department of War, and $5.7 million of other additions, which included equipment purchases for BRZ, the purchase of residential properties in Thompson Falls, Montana, and the acquisition of residential and storage facilities in Fairbanks, Alaska.
Net cash provided by financing activities was $109.5 million in 2025 as compared to $4.1 million of net cash provided by financing activities in 2024. Significant financing activities in 2025 included $36.7 million of net proceeds received from the sale of common stock in “at the market offerings”, $67.6 million of net proceeds received from three direct common stock offerings with certain institutional investors, and $5.7 million of proceeds received from the exercise of pre-existing common stock warrants. Total proceeds received by the Company for these capital raising activities in 2025 were $110 million.
Off-Balance Sheet Arrangements
The Company has no significant off-balance sheet arrangements.
Critical Accounting Estimates
In connection with the preparation of our consolidated financial statements in conformity with United States generally accepted accounting principles (“U.S. GAAP”), we are required to make estimates and assumptions about future events and apply judgments that affect the reported amounts of assets, liabilities, sales, expenses and the related disclosures. Predicting future events is inherently an imprecise activity and as such requires the use of judgment. We base our assumptions, estimates and judgments on historical experience, current trends and other factors that management believes to be relevant at the time our consolidated financial statements are prepared. On a regular basis, management reviews the accounting policies, assumptions, estimates and judgments to ensure that our consolidated financial statements are presented fairly and in accordance with U.S. GAAP. However, because future events and their effects cannot be determined with certainty, actual results could differ from our assumptions and estimates, and such differences could be material.
Management believes the accounting estimates discussed below are the most critical because they require management’s most difficult, subjective or complex judgments, resulting from the need to make estimates about the effect of matters that are inherently uncertain.
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Impairment of Long-lived Assets
The Company reviews and evaluates the net carrying value of its long-lived assets for impairment upon the occurrence of events or changes in circumstances that indicate that the related carrying amounts may not be recoverable. A test for recoverability is performed based on the estimated undiscounted future cash flows that will be generated from operations at each property and the estimated salvage value of the assets. There are many assumptions underlying future cash flows that are subject to significant risks and uncertainties, which include the estimated value of the assets. Estimates of undiscounted future cash flows and salvage values are dependent upon, among other factors, estimates of: (i) product and metals to be recovered from identified mineralization and other resources, (ii) future production and capital costs, (iii) estimated selling prices over the estimated remaining life of the asset and (iv) market values of assets. The Company reviews its business and operations for indications of impairment and, when indications are present, performs an impairment test. The Company will involve a third-party expert if needed. However, it is possible that changes could occur in the near term that could adversely affect estimates of salvage values and future cash flows to be generated from operating assets resulting in an impairment loss.
Asset Retirement Obligations
The asset retirement obligations included in our Consolidated Balance Sheet are based on estimates of future costs to reclaim properties and retire fixed assets as required by permits, government regulations, and lease or other contractual requirements upon cessation of our operations. Determination of any amounts included in the fair value of asset retirement obligations can change periodically as the calculation of the fair value of asset retirement obligations is based upon numerous estimates and assumptions, including, among others, future retirement costs, future inflation rate, and the Company’s credit-adjusted risk-free interest rate. Also, there are uncertainties associated with the nature, timing, and extent of costs associated with asset retirement obligations, including, among others, the extent of environmental contamination, revisions to laws and regulations by regulatory authorities, and changes in remediation technology. As a result, the ultimate cost as well as the timing of the retirement obligation could change in the future. The Company continually reviews its asset retirement obligations for indications that estimated costs or timing have changed and, when indications are present, recalculates its asset retirement obligation. When calculating an additional asset retirement obligation liability resulting from upward revisions in estimated retirement costs, management compares the revised undiscounted cash flows to the most recent inflation-adjusted undiscounted cash flow estimate underlying the existing asset retirement obligation. Only the incremental increase is recognized as a new asset retirement obligation layer and measured at fair value using an expected present value technique, reflecting updated assumptions regarding future cash flows, inflation, and discount rate. The estimation of asset retirement obligations requires significant judgment and involves numerous complex technical assumptions, including, among others, the timing, method, scope, and cost of retirement activities, as well as applicable regulatory and environmental requirements. As appropriate, the Company may engage qualified third-party specialists to assist in the evaluation and remeasurement of its asset retirement obligations. Actual costs incurred to reclaim and retire property and fixed assets upon cessation of operations may differ materially from estimated amounts due to, among other reasons, changes in laws and regulations, site conditions, inflation, labor and material costs, or remediation techniques.
Share-based Compensation
The Company records compensation costs related to stock-based awards in accordance with U.S. GAAP, whereby the Company measures stock-based compensation cost at the grant date based on the estimated fair value of the award. Compensation cost is recognized on a straight-line basis over the requisite service period of the award. Where necessary, the Company utilizes the Black-Scholes option-pricing model to estimate the fair value of stock options granted, which requires the input of highly subjective assumptions including, among others: the expected option life, the risk-free rate, the dividend yield, the volatility of the Company’s stock price and an assumption for employee forfeitures. The risk-free rate is based on the U.S. Treasury bill rate at the date of the grant with maturity dates approximately equal to the expected term of the option. The Company has not historically issued any dividends and does not expect to in the near future. Changes in any of these subjective input assumptions can materially affect the fair value estimates and the resulting stock-based compensation recognized.
In addition, the Company’s stock plan includes awards that vest based on performance criteria. Stock-based compensation expense for these awards is estimated quarterly, including adjustments to previous recognized expense, based on anticipated achievement of performance criteria. The quarterly estimated vesting percentage reflects management’s assessment of progress in accomplishing defined objectives. Upon vesting, current period expense is adjusted based on the actual achievement of performance criteria. Given the subjective nature of these assumptions and estimates, changes in market conditions, employee behavior, or our stock price, among others, could result in materially different stock-based compensation expense in future periods.
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Item 7A. Quantitative and Qualitative Disclosures about Market Risk
Not applicable.
Item 8. Financial Statements and Supplementary Data.
Index to Financial Statements:
1. | Report of Independent Registered Public Accounting Firm; PCAOB ID - | 58 |
2. | Consolidated Balance Sheets as of December 31, 2025 and 2024; | 59 |
3. | Consolidated Statements of Operations for the years ended December 31, 2025 and 2024 | 60 |
4. | Consolidated Statements of Changes in Stockholders’ Equity | 61 |
5. | Consolidated Statements of Cash Flows for the years ended December 31, 2025 and 2024 | 62 |
6. | Notes to Consolidated Financial Statements | 63 |
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REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
To the shareholders and the board of directors of United States Antimony Corporation
Opinion on the Financial Statements
We have audited the accompanying consolidated balance sheets of United States Antimony Corporation (the “Company”) as of December 31, 2025 and 2024, the related consolidated statements of operations, changes in stockholders’ equity and cash flows for each of the years then ended, and the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Company as of December 31, 2025 and 2024, and the results of its operations and its cash flows for each of the years then ended, in conformity with accounting principles generally accepted in the United States of America.
Basis for Opinion
These financial statements are the responsibility of the Company’s management. Our responsibility is to express an opinion on the Company’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Company is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Company’s internal control over financial reporting. Accordingly, we express no such opinion.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.
Critical Audit Matter
Critical audit matters are matters arising from the current-period audit of the financial statements that were communicated or required to be communicated to the audit committee and that (1) relate to accounts or disclosures that are material to the financial statements and (2) involved our especially challenging, subjective, or complex judgments. We determined that there were no critical audit matters.
We have served as the Company’s independent auditor since 1998.
March 19, 2026
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UNITED STATES ANTIMONY CORPORATION AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
| December 31, | |||||
2025 | | 2024 | ||||
ASSETS |
| |
| | ||
CURRENT ASSETS |
| |
| | ||
Cash and cash equivalents | $ | | $ | | ||
Investment in debt securities held to maturity |
| |
| — | ||
Accounts receivable, net |
| |
| | ||
Inventories |
| |
| | ||
Prepaid expenses and other current assets |
| |
| | ||
Note receivable | | — | ||||
Total current assets |
| |
| | ||
Property, plant and equipment, net |
| |
| | ||
Operating lease right-of-use assets |
| |
| | ||
Investment in debt securities held to maturity - noncurrent |
| |
| — | ||
Investment in equity securities | | — | ||||
Restricted cash for reclamation bonds |
| |
| | ||
IVA receivable and other assets, net |
| |
| | ||
Total assets | $ | | $ | | ||
LIABILITIES AND STOCKHOLDERS’ EQUITY |
| |
| | ||
CURRENT LIABILITIES |
| |
| | ||
Accounts payable | $ | | $ | | ||
Accrued liabilities |
| |
| | ||
Accrued liabilities - directors |
| |
| | ||
Current portion of operating lease liabilities |
| |
| | ||
Current portion of long-term debt |
| |
| | ||
Total current liabilities |
| |
| | ||
Operating lease liabilities, net of current portion |
| |
| | ||
Long-term debt, net of current portion |
| |
| | ||
Asset retirement obligations |
| |
| | ||
Total liabilities |
| |
| | ||
COMMITMENTS AND CONTINGENCIES (Note 4,7,13) |
| |
| | ||
STOCKHOLDERS’ EQUITY |
| |
| | ||
Preferred stock $ |
| |
| | ||
Series A - |
| — |
| — | ||
Series B - |
| |
| | ||
Series C - |
| |
| | ||
Series D - |
| — |
| — | ||
Common stock, $ |
| |
| | ||
Treasury stock ( |
| ( |
| — | ||
Additional paid-in capital |
| |
| | ||
Accumulated deficit |
| ( |
| ( | ||
Total stockholders’ equity |
| |
| | ||
Total liabilities and stockholders’ equity | $ | | $ | | ||
The accompanying notes are an integral part of these consolidated financial statements.
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UNITED STATES ANTIMONY CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
Years ended December 31, | ||||||
| 2025 | | 2024 | |||
Revenues | $ | | $ | | ||
Cost of revenues |
| |
| | ||
Gross profit |
| |
| | ||
Operating expenses: |
| |
| | ||
General and administrative |
| |
| | ||
Salaries and benefits |
| |
| | ||
Professional fees |
| |
| | ||
Loss on sale or disposal of property, plant and equipment, net |
| |
| | ||
Gain on lease termination |
| ( |
| — | ||
Other operating expenses |
| |
| | ||
Total operating expenses |
| |
| | ||
Loss from operations |
| ( |
| ( | ||
Other income (expense), net: |
| |
| | ||
Interest and investment income |
| |
| | ||
Unrealized gain on investment in equity securities | | — | ||||
Other miscellaneous income (expense), net |
| ( |
| ( | ||
Total other income, net |
| |
| | ||
Loss before income taxes |
| ( |
| ( | ||
Income tax expense |
| — |
| — | ||
Net loss |
| ( |
| ( | ||
Preferred dividends |
| ( |
| ( | ||
Net loss available to common shareholders | $ | ( | $ | ( | ||
Net loss per share: |
| |
| | ||
Basic | $ | ( | $ | ( | ||
Diluted | $ | ( | $ | ( | ||
Weighted average shares outstanding: |
| |
| | ||
Basic |
| |
| | ||
Diluted |
| |
| | ||
The accompanying notes are an integral part of these consolidated financial statements.
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CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY
Additional | Total | |||||||||||||||||||||
Preferred Stock | Common Stock | Paid-In | Accumulated | Treasury | Stockholders’ | |||||||||||||||||
| Shares | | Par Value | | Shares | | Par Value | | Capital | | Deficit | | Stock | | Equity | |||||||
Balance - December 31, 2023 | | $ | | | $ | | $ | | $ | ( | $ | — | $ | | ||||||||
Net loss | — | — | — | — | — | ( | — | ( | ||||||||||||||
Share-based compensation |
| — |
| — |
| — |
| — |
| |
| — |
| — |
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Issuance of common stock under equity incentive plan |
| — |
| — |
| |
| |
| ( |
| — |
| — |
| — | ||||||
Issuance of common stock for cash, net of issuance costs |
| — |
| — |
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| — |
| — |
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Issuance of common stock upon exercise of warrants |
| — |
| — |
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| — |
| — |
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Balance - December 31, 2024 |
| |
| |
| |
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| |
| ( |
| — |
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Net loss | — | — | — | — | — | ( | — | ( | ||||||||||||||
Share-based compensation |
| — |
| — |
| — |
| — |
| |
| — |
| — |
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Issuance of common stock under equity incentive plan |
| — |
| — |
| |
| |
| |
| — |
| ( |
| ( | ||||||
Issuance of common stock for cash, net of issuance costs |
| — |
| — |
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| — |
| — |
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Issuance of common stock upon exercise of warrants |
| — |
| — |
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| — |
| — |
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Balance - December 31, 2025 |
| | $ | | | $ | | $ | | $ | ( | $ | ( | $ | | |||||||
The accompanying notes are an integral part of these consolidated financial statements.
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CONSOLIDATED STATEMENTS OF CASH FLOWS
Years ended December 31, | ||||||
| 2025 | | 2024 | |||
CASH FLOWS FROM OPERATING ACTIVITIES: |
| |
| | ||
Net loss | $ | ( | $ | ( | ||
Adjustments to reconcile loss to net cash (used in) provided by operating activities: |
| |
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Depreciation and amortization |
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Accretion of asset retirement obligation |
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Noncash operating lease expense |
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Share-based compensation |
| |
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Accretion income from investment in debt securities held to maturity |
| ( |
| — | ||
Loss on sale or disposal of property, plant and equipment, net |
| |
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Gain on lease termination |
| ( |
| — | ||
Write-down of inventory to net realizable value |
| |
| | ||
Change in allowance for credit losses |
| ( |
| ( | ||
Unrealized gain on investment in equity securities | ( | — | ||||
Change in IVA receivable reserve | | | ||||
Other noncash items |
| — |
| ( | ||
Changes in operating assets and liabilities: |
| |
| | ||
Accounts receivable |
| ( |
| ( | ||
Inventories |
| ( |
| | ||
Prepaid expenses and other current assets |
| ( |
| ( | ||
IVA receivable and other assets, net |
| ( |
| ( | ||
Accounts payable |
| |
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Accrued liabilities |
| |
| | ||
Accrued liabilities – directors |
| |
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Stock payable to directors | — | ( | ||||
Net cash (used in) provided by operating activities |
| ( |
| | ||
CASH FLOWS FROM INVESTING ACTIVITIES: |
| |
| | ||
Proceeds from redemption of certificates of deposit |
| — |
| | ||
Purchases of investment in debt securities held to maturity |
| ( |
| — | ||
Purchases of equity investment securities | ( | — | ||||
Issuance of note receivable | ( | — | ||||
Proceeds from sales or disposals of property, plant and equipment |
| |
| | ||
Purchases of property, plant and equipment |
| ( |
| ( | ||
Net cash used in investing activities |
| ( |
| ( | ||
CASH FLOWS FROM FINANCING ACTIVITIES: |
| |
| | ||
Principal payments on long-term debt |
| ( |
| ( | ||
Proceeds from exercises of stock options |
| |
| — | ||
Acquisition of treasury stock related to equity awards |
| ( |
| — | ||
Proceeds from issuance of common stock, net of issuance costs |
| |
| | ||
Proceeds from exercise of warrants |
| |
| | ||
Net cash provided by financing activities |
| |
| | ||
NET INCREASE IN CASH AND CASH EQUIVALENTS AND RESTRICTED CASH |
| |
| | ||
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH AT BEGINNING OF PERIOD |
| |
| | ||
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH AT END OF PERIOD | $ | | $ | | ||
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION: |
| |
| | ||
Interest paid in cash | $ | | $ | | ||
NON-CASH FINANCING AND INVESTING ACTIVITIES: |
| |
| | ||
Recognition of operating lease liability and right-of-use asset | $ | | $ | | ||
Equipment purchased with note payable | $ | — | $ | | ||
Property and equipment included in accounts payable | $ | | $ | — | ||
The accompanying notes are an integral part of these consolidated financial statements.
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UNITED STATES ANTIMONY CORPORATION AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
NOTE 1 - NATURE OF OPERATIONS
United States Antimony Corporation and its subsidiaries in the U.S., Mexico, and Canada (“USAC,” the “Company,” “Our,” “Us,” or “We”) sell antimony, zeolite, and precious metals primarily in the U.S. and Canada. The Company mines, purchases and processes ore primarily into antimony oxide, antimony metal ingots, antimony trisulfide, and precious metals, primarily gold and silver, at its facilities located in Montana and Mexico. 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 metal ingots are used in bearings, storage batteries, and ordnance. Antimony trisulfide is used as a primer in ammunition. The Company also recovers precious metals, primarily gold and silver at its Montana facility from third party ore. At its Bear River Zeolite facility located in Idaho, the Company mines and processes zeolite, a group of industrial minerals used in water filtration, sewage treatment, nuclear waste and other environmental cleanup, odor control, gas separation, animal nutrition, soil amendment and fertilizer, and other miscellaneous applications. Beginning in 2024 and continuing into 2025, the Company acquired mining claims, real properties (patented claims) and leases located in Alaska, Montana, and Ontario, Canada to reduce the cost of third-party antimony ore purchases and to expand its product offerings. The Company also entered into an agreement to acquire exploration rights for mining properties located in the southeastern United States.
NOTE 2 - BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES
Principles of Consolidation
The Company’s consolidated financial statements include the accounts of its wholly owned subsidiaries, Bear River Zeolite Company (“BRZ”), AGAU Mines, Inc., Stibnite Holding Company US Inc., Antimony Mining and Milling US LLC, Lanxess Laurel de Mexico, S.A. de C.V., Great Land Minerals, LLC, Denali Minerals, LLC, Alaska Antimony LLC, UAMY Cobalt Corporation, TFRE Holdings LLC, and TFPROP LLC, and its majority owned subsidiaries, USAMSA and ADM. All intercompany balances and transactions are eliminated in consolidation. AGAU Mines, Inc., Stibnite Holding Company US Inc., Antimony Mining and Milling US LLC, and Lanxess Laurel de Mexico, S.A. de C.V. are inactive.
Use of Estimates
The accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”) and applicable rules and regulations of the Securities and Exchange Commission (“SEC”). The preparation of financial statements in accordance with U.S. GAAP requires the use of estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities known to exist as of the date the financial statements are published, and the reported amounts of revenues and expenses during the reporting period. Uncertainties with respect to such estimates and assumptions are inherent in the preparation of the Company’s consolidated financial statements; accordingly, it is possible that the actual results could differ from these estimates and assumptions, which could have a material effect on the reported amounts of the Company’s consolidated financial position and results of operations.
Reclassifications
Certain reclassifications have been made to conform the amounts presented in the December 31, 2024 financial statements to the current presentation. These reclassifications have no effect on the results of operations, stockholders’ equity and cash flows as previously reported.
Cash and Cash Equivalents
The Company considers cash in banks and investments with original maturities of three months or less when purchased to be cash and cash equivalents. At December 31, 2025, the $
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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
Restricted Cash for Reclamation Bonds
Restricted cash of $
Investment in Debt Securities Held to Maturity
During 2025, the Company purchased investment grade U.S. Treasury Strips in an effort to protect itself from anticipated interest rate drops. These securities are classified as held-to-maturity and carried at amortized cost because the Company has both the intent and ability to hold them until their contractual maturity date. Since these U.S. Treasury Strips are zero-coupon instruments that do not pay periodic interest, the original investment amount is adjusted for the accretion of discounts using the effective interest method over the period from acquisition to maturity. Discount accretion is recognized as “Interest and investment income” in the Consolidated Statements of Operations.
Consistent with the Company’s classification of its U.S. Treasury Strips as held to maturity, those securities scheduled to mature in the next twelve months after the reporting date are considered current assets and those having maturity dates more than twelve months after the applicable reporting date are considered non-current assets. Unrealized gains and losses on held-to-maturity debt securities are not recognized in the Company’s consolidated financial statements. Instead, these amounts are closely monitored and disclosed in the footnotes to the consolidated financial statements.
The Company accounts for credit losses on its held-to-maturity debt securities in accordance with the expected credit loss model, as prescribed by U.S. GAAP. An allowance for credit losses is recognized to reflect the Company’s estimate of expected credit losses over the contractual life of its held-to-maturity debt securities. In accordance with the accounting guidance prescribed for credit losses on held-to-maturity debt securities, the Company has presumed the expected credit losses on its U.S. Treasury Strips are negligible since they are explicitly guaranteed by the U.S. government.
Accounts Receivable
Accounts receivable is stated at the amount the Company expects to collect from outstanding balances. The Company provides for probable uncollectible amounts through an allowance for credit losses. Changes to the allowance are based on the Company’s judgment, considering historical write-offs, collections, and current credit conditions. Account balances, which remain outstanding after the Company has made reasonable collection efforts, are written off through a charge to the allowance for credit losses and a reduction to the applicable accounts receivable. Payments received on receivables after being written off are considered a bad debt recovery.
Inventories
Inventories consist of finished antimony products (oxide and metal ingots), antimony ore and concentrates, and finished zeolite products. Finished antimony products (oxide and metal ingots), finished zeolite products and work in process inventories primarily include costs related to direct materials, direct labor, facility overhead, depreciation, and freight allocated based on production quantity. Since the Company’s antimony inventory is a commodity with a sales value that is subject to market prices that are beyond the Company’s control, a significant change in the market price of antimony could have a significant effect on the net realizable value (“NRV”) of its inventories. Inventory is carried at the lower of first-in, first-out cost or estimated NRV. The Company periodically reviews its inventory quantities on hand to identify instances where the estimated NRV has declined below weighted average cost. Any adjustments to reflect inventory at its estimated NRV are recognized in “Cost of revenues” in the Consolidated Statements of Operations.
Prepaid Expenses
Prepaid expenses relate to goods or services that have been paid for but for which the good or service has not yet been received. These costs are recorded in “Prepaid expenses and other current assets” in the Consolidated Balance Sheet and expensed in the Consolidated Statement of Operations as the asset’s benefits are realized. Prepaid expenses are recorded as a current asset in the Consolidated Balance Sheet if the benefits will be realized within twelve months from the date of the Consolidated Balance Sheet or as a long-term asset if the benefits will be realized after twelve months from the date of the Consolidated Balance Sheet.
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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
Note Receivable
The Company’s note receivable is stated at amortized cost. The Company evaluates the note for expected credit losses and records an allowance based on management’s estimate of lifetime expected credit losses. In developing this estimate, management considers the financial condition of the borrower, contractual repayment terms, collateral or security interests, historical payment performance, current economic conditions, and reasonable and supportable forecasts. As of December 31, 2025, management determined that
Foreign Currency Transactions
All amounts in the financial statements are presented in U.S. dollars, which is the functional currency of the Company and its subsidiaries. Foreign currency transaction gains and losses are recognized as a foreign currency exchange gain or loss in “other miscellaneous income (expense)” in the Consolidated Statements of Operations. Monetary assets and liabilities denominated in foreign currencies are remeasured at period-end exchange rates with resulting gains and losses recognized in earnings as described above. Nonmonetary assets and liabilities denominated in foreign currencies are recorded using the exchange rate in effect at the date of initial recognition and are not subsequently remeasured for changes in exchange rates.
Property, Plant and Equipment
Property, plant, and equipment are stated at historical cost and are depreciated using the straight-line method over estimated useful lives ranging from to
The costs to obtain the legal right to explore, extract and retain at least a portion of the benefits from mineral deposits are capitalized in the year of acquisition as “Mineral rights and interests” in “Property, plant, and equipment” in the Consolidated Balance Sheets. These capitalized costs are amortized in the statement of operations over the estimated economic life of the mineral resource, if one is identified, based on the units-of-production or straight-line method.
The Company expenses costs as incurred during the mine exploration stage. The mine development stage begins once the Company has determined an ore body is feasible. Expenditures incurred during the development stage are capitalized as deferred development costs and amortized using the units-of-production method, based upon estimating the units of mineral resource, or the straight-line method, based upon the estimated lives of the properties. Costs to improve, alter, or rehabilitate primary development assets which appreciably extend the life, increase capacity, or improve the efficiency of such assets are also capitalized. The development stage ends when the production stage of mining begins.
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 at an asset group level may not be recoverable. If there are indicators of impairment, a test for recoverability is performed based on the estimated undiscounted future cash flows that will be generated from operations at each property plus the estimated salvage value of the underlying assets. When performing recoverability tests, management utilizes assumptions based on current conditions and available information that are subject to significant risks and uncertainties. Estimates of undiscounted future cash flows and salvage values are dependent upon, among other factors, estimates of: (i) product and metals to be recovered from identified mineralization and other resources, (ii) future production and capital costs, (iii) estimated selling prices (considering current, historical, and future prices) over the estimated remaining life of the asset, and (iv) market values of assets. It is possible that changes may occur in the near term that could adversely affect the estimated salvage values and future cash flows to be generated from operating assets. If estimated undiscounted cash flows and/or salvage values are less than the carrying value of an asset, an impairment loss is recognized for the difference between the carrying value of the asset and its estimated fair value based on discounted cash flows, quoted market prices or other valuation techniques.
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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
Investment in Equity Securities
In October 2025, the Company acquired through open-market cash purchases approximately ten percent of the outstanding shares of an Australian-based public company that was initially recorded at cost plus brokerage commissions paid. Because the Company owns less than 20% of the outstanding shares and does not have board representation, governance rights, or other indicators of significant influence, its investment is subsequently measured at fair value each reporting period using readily determinable fair values with changes in fair value recognized in “Other income (expense), net”, in the Consolidated Statements of Operations. The Company periodically reassesses whether it has the ability to exercise significant influence over the investee, including consideration of potential changes in ownership interest, governance rights, board representation, or other relevant factors.
Since this investment in equity securities is denominated in a foreign currency, the investment is treated as a non-monetary asset that is translated using the exchange rate at the reporting date. Accordingly, the effects of foreign currency fluctuations are reflected within the overall fair value changes recognized in the Consolidated Statements of Operations, rather than being presented separately as foreign currency transaction gains or losses. Upon disposition of an equity security, the Company determines the cost of the securities sold using the specific-identification method, and any resulting realized gain or loss is recorded in “Other income (expense), net”, in the Consolidated Statements of Operations.
Accrued Liabilities
The Company records accrued liabilities for expenses that have been incurred prior to the reporting date but not paid. The accrued liabilities balance at December 31, 2025 of $
Leases
The Company determines if an arrangement contains a lease at inception. An arrangement contains a lease if it implicitly or explicitly identifies an asset to be used and conveys the right to control the use of the identified asset in exchange for consideration. As a lessee, the Company includes operating leases in “Operating lease right-of-use assets” and “Current and noncurrent operating lease liabilities” in its Consolidated Balance sheet. Right-of-use (“ROU”) assets represent the Company’s right to use an underlying asset for the lease term and lease liabilities represent the Company’s obligation to make lease payments arising from the lease. Operating lease ROU assets and liabilities are recognized upon commencement of the lease based on the present value of the lease payments over the lease term. Incremental costs of a lease that would not have been incurred if the lease had not been obtained are capitalized as initial direct costs (“IDC”). The Company amortizes the undiscounted fixed lease cost and the IDC on a straight-line basis over the lease term. If a lease does not provide an implicit interest rate, the Company uses its incremental borrowing rate based on the information available at commencement date to determine the present value of lease payments.
Asset Retirement Obligations
The Company’s mining operations are subject to retirement requirements, which include mine retirement standards that have been established by various governmental agencies and retirement requirements included in certain Company contracts, including contracts related to the leasing of certain of the Company’s properties. There are costs that will be incurred to satisfy these retirement requirements upon cessation of our operations. The Company records the fair value of these costs as an asset retirement obligation in its Consolidated Balance Sheet in the period in which the Company has both a legal obligation and an obligating event for the retirement of long-lived assets if it is probable, meaning it can reasonably be expected or believed, that such costs will be incurred and if the costs are reasonably estimable. The asset retirement obligation liability is accreted each reporting period to reflect the passage of time, with the accretion expense recognized in the Consolidated Statements of Operations. A corresponding asset is also recorded and amortized over the life of the assets on a units-of-production or straight-line basis. After the initial measurement of the asset retirement obligation, this liability may be adjusted to reflect changes in assumptions used to estimate the expected cash flows required to settle the asset retirement obligation, including changes in timing, method, scope, or cost of retirement activities. When calculating an additional asset retirement obligation liability resulting from upward revisions in estimated retirement costs, management compares the revised undiscounted cash flows to the most recent inflation-adjusted undiscounted cash flow estimate underlying the existing asset retirement obligation. Only the incremental increase is recognized as a new asset retirement obligation layer and measured at fair value using an expected present value technique, reflecting updated assumptions for future cash flows, inflation, and discount rates. Determination of any amounts included
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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
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. The asset retirement obligation is classified as current or noncurrent based on the expected timing of expenditures.
There are uncertainties associated with the nature, timing, and extent of costs associated with asset retirement obligations, including, among others, the extent of environmental contamination, revisions to laws and regulations by regulatory authorities, and changes in remediation technology. As a result, the ultimate cost as well as the timing of the retirement obligation could change in the future. The Company continually reviews its asset retirement obligations for indications that its asset retirement obligation cost or timing has changed and, when indications are present, recalculates its asset retirement obligation.
Revenue Recognition
Products consist primarily of the following:
☐ | Antimony: primarily includes antimony oxide, antimony metal ingots, and antimony trisulfide. |
☐ | Zeolite: includes coarse and fine zeolite crushed in various product sizes. |
☐ | Precious Metals: includes unrefined and refined gold and silver. |
For antimony, zeolite, and precious metals products, revenue is recognized when the following have been satisfied: 1) the Company has completed its contractual performance obligations, in which rarely will there be more than one performance obligation, which typically consists of the shipment of the specified quantity of product pursuant to a customer’s sales order or similar contractual document, 2) the amount of consideration or price for the transaction can be reasonably determined, 3) control of the product, including legal title and the risks and rewards of ownership, has transferred to the customer, which typically occurs either upon shipment of the product from the Company’s warehouse locations or upon receipt of the product by the customer as specified in individual sales orders and/or shipping documents, 4) it is assessed as a remote possibility that product will be rejected by the customer, and 5) the Company has the right to payment for the product. Shipping costs related to sales of our products are recorded to cost of sales as incurred. For zeolite products, royalty expenses due to a third party by the Company are also recorded to cost of sales upon sale in accordance with terms of underlying royalty agreements.
The Company has determined that its customer contracts do not include a significant financing component. Prepayments from customers, which are not common, received prior to satisfaction of revenue recognition criteria are recorded as deferred revenue. The Company does not have warranty obligations and sales returns have been historically immaterial. For precious metals sales, a provisional payment of 75% is typically received within 45 days of the date the product is delivered to the customer. After an exchange of assays, a final payment is normally received within 90 days of product delivery.
Common Stock Issued for Consideration Other than Cash
All transactions in which goods or services are received for the issuance of shares of the Company’s common stock are accounted for based on the fair value of the common stock issued, which is typically based on the trading price of the Company’s common shares on the date of the issuance.
Preferred Stock
The Company’s Articles of Incorporation authorize
Series B
In 1993, the Board of Directors established a Series B preferred stock, consisting of
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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
default in payment of declared dividends); and is entitled to cumulative dividends of $
Series C
In 2000, the Board of Directors established a Series C preferred stock. The Series C preferred stock has preference over the Company’s common stock and has voting rights equal to that number of shares outstanding, but no conversion or dividend rights.
Treasury Stock
The Company accounts for purchases of treasury stock using the cost method. Shares acquired are recorded at their acquisition price, with a corresponding debit to the treasury stock account. Treasury shares are presented as a reduction of stockholders’ equity. Upon subsequent sale, the treasury stock account is credited for the shares’ cost using the average cost method, and any difference between the selling price and cost is recognized in additional paid-in capital. The Company does not recognize gains or losses on treasury stock transactions in net income.
The Company primarily acquires and holds its common shares as treasury stock to manage the settlement of employee equity awards. When requested by an employee, shares are retained primarily to cover an employees’ option exercise price and, when applicable, required tax withholding and to cover an employees’ tax withholding obligations upon RSU vesting. During 2025,
Share-Based Compensation
The Company’s share-based awards consist of restricted stock units (“RSUs”) and stock options granted to employees, consultants, and directors of the Company.
RSUs are stock awards entitling the award recipient to a specified number of shares of the Company’s common stock as the award vests. The RSUs granted have primarily included a service-based vesting condition. The Company calculates the fair value of RSUs on the grant date using the market price of the Company’s common stock on the grant date. The Company recognizes the grant date fair value of RSUs as share-based compensation expense ratably over the requisite service period, other than RSUs or portions of RSUs that vest on the grant date, in which case the grant date fair value of that RSU or portion of RSU is recognized as share-based compensation expense on the grant date. The Company recognizes forfeitures as they occur.
Stock options grant recipients the option to purchase a specified number of shares of the Company’s common stock at an exercise price per share specified in the grant agreement as the stock options vest. Stock option grants include either a service-based vesting condition or performance-based vesting conditions with a specified contractual term. The Company calculates the fair value of stock options on the grant date using the Black-Scholes option-pricing model, which requires the Company to make estimates and assumptions, such as expected volatility, expected term, and risk-free interest rate. Service and performance conditions are not considered in determining the award’s fair value on the grant date. The Company recognizes share-based compensation expense related to stock option awards from the grant date through the vesting date. For service-based vesting stock option awards, the Company expenses the grant date fair value of the award ratably over the requisite service period. For performance-based vesting stock option awards, the Company expenses the grant date fair value of the award ratably from the grant date through the vesting date based on the probability and timing of achieving the performance conditions. The Company recognizes forfeitures as they occur.
Share-based compensation expense related to employees, consultants and Board of Directors is reflected in “Salaries and benefits,” “Professional fees,” and “General and administrative, respectively, in the Consolidated Statements of Operations.
Income Taxes
The Company’s income tax expense and deferred tax assets and liabilities reflect the Company’s best assessment of estimated future taxes to be paid or refunded. Significant judgments and estimates are required in determining consolidated income tax expense. Deferred
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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
income taxes arise from temporary differences between the tax and financial statement recognition of revenue and expense. In evaluating the Company’s ability to recover its deferred tax assets, the Company considers all available positive and negative evidence, including scheduled reversals of deferred tax liabilities, projected future taxable income, tax planning strategies and recent financial operations. In projecting future taxable income, the Company develops assumptions including the amount of future state and federal pretax operating income, the reversal of temporary differences, and the implementation of feasible and prudent tax planning strategies. These assumptions require significant judgment about the forecasts of future taxable income and whether they are consistent with the plans and estimates that the Company is using to manage its underlying businesses. The Company provides a valuation allowance for deferred tax assets that the Company does not consider more likely than not to be realized. Changes in tax laws and rates could also affect recorded deferred tax assets and liabilities in the future and are reflected on a prospective nature in the period of the enactment. The Company’s policy is to recognize interest and penalties related to income tax matters in income tax expense. The Company evaluates its tax positions taken or expected to be taken while preparing its tax returns to determine whether the tax positions will more likely than not be sustained by the applicable tax authority. Tax positions not deemed to meet the more-likely-than-not threshold are not recorded as a tax benefit or expense in the current year.
Fair Value of Financial Instruments
The Company’s financial instruments include cash and cash equivalents, restricted cash for reclamation bonds, which consist of certificates of deposits, investment in debt securities held to maturity, note receivable, investment in equity securities, and long-term debt. Except as discussed below, the carrying value of these instruments approximates fair value based on their contractual terms.
Fair Value Measurements
The Company uses the fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, essentially an exit price, based on the highest and best use of the asset or liability. The levels of the fair value hierarchy are:
| ● | Level 1—Quoted market prices in active markets for identical assets or liabilities; |
| ● | Level 2—Significant other observable inputs (i.e., quoted prices for similar items in active markets, quoted prices for identical or similar items in markets that are not active, inputs other than quoted prices that are observable, such as interest rate and yield curves, and market-corroborated inputs); and |
| ● | Level 3—Unobservable inputs in which there is little or no market data, which require the reporting unit to develop its own assumptions. |
The classification of fair value measurements within the established three-level hierarchy is based upon the lowest level of input that is significant to the measurements. Financial instruments, although not recorded at fair value on a recurring basis, include cash and cash equivalents, held-to-maturity debt securities, restricted cash for reclamation bonds, note receivable and debt obligations. Equity investments with readily determinable fair values are measured at fair value on a recurring basis, with changes in fair value recognized in earnings.
The carrying amount of cash and cash equivalents approximates fair value because of its short-term nature. The estimated fair values of investment in debt securities held to maturity were based on Level 2 inputs. The carrying amount of restricted cash for reclamation bonds and the note receivable approximate fair value based on their contractual terms. The fair value of the Company’s debt is estimated to be face value based on the contractual terms of the underlying debt arrangements and market-based expectations. The Company’s investment in equity securities is classified as a Level 1 fair value measurement because it is valued each reporting period using readily available quoted market prices from the Australian Securities Exchange.
Contingencies
In determining accruals and disclosures with respect to loss contingencies, the Company evaluates such accruals and contingencies each reporting period. Estimated losses from loss contingencies are accrued by a charge to income when information available prior to
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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
issuance of the financial statements indicates that it is probable that a liability could be incurred, and the amount of the loss can be reasonably estimated. Legal expenses associated with the contingency are expensed as incurred. If a loss contingency is not probable or reasonably estimable, disclosure of the loss contingency is made in the financial statements when it is at least reasonably possible that a material loss could be incurred.
New Accounting Pronouncements
In December 2023, the Financial Accounting Standards Board (the “FASB”) issued ASU 2023-09, Income Taxes (Topic 740): Improvement to Income Tax Disclosures, amending income tax disclosure requirements for the effective tax rate reconciliation and income taxes paid. The amendments in ASU 2023-09 are effective for fiscal years beginning after December 15, 2024 and are applied prospectively. Early adoption and retrospective application of the amendments are permitted. These new disclosure requirements became effective for the Company in its Annual Report on Form 10-K for the fiscal year ended December 31, 2025. Other than the new disclosure requirements, this guidance did not have any impact on the Company’s consolidated financial statements. See Note 12 of the Notes to Consolidated Financial Statements in this Annual Report for further details.
In November 2024, the FASB issued ASU 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses, which requires disclosure about the types of costs and expenses included in certain expense captions presented in the income statement. The new disclosure requirements are effective for the Company’s annual periods for fiscal years beginning after December 15, 2026, and interim periods within fiscal years beginning after December 15, 2027, with early adoption permitted, and may be applied either prospectively or retrospectively. The Company is currently evaluating the potential impact this update will have on its consolidated financial statements and expense disclosures in the notes to the consolidated financial statements.
In September 2025, the FASB issued ASU No. 2025-06, Intangibles - Goodwill and Other - Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software. The amendments in this ASU clarify and refine the criteria for capitalizing costs related to internal-use software. Under the new guidance, capitalization is permitted when both of the following conditions are met: (i) management has authorized and committed to funding the software project, and (ii) it is probable that the project will be completed, and the software will be used to perform the function intended. This ASU will be effective for annual periods beginning after December 15, 2027, for interim reporting periods beginning within those annual periods, and early adoption is permitted. Management is currently evaluating this update to determine its impact on the Company’s consolidated financial statements.
In December 2025, the FASB issued ASU No. 2025-10, Government Grants (Topic 832): Accounting for Government Grants by Business Entities. This ASU provides guidance on the recognition, measurement, presentation, and disclosure of government grants received by business entities. Under the new guidance, government grants are recognized when there is reasonable assurance that the Company will comply with the conditions of the grant and that the grant will be received. Grants related to income are presented either as other income or as a reduction of the related expense, while grants related to assets are recorded either as deferred income or as a reduction of the carrying amount of the related asset. The guidance in this ASU is effective for fiscal years beginning after December 15, 2028, and interim reporting periods within those annual reporting periods. Early adoption is permitted in both interim and annual reporting periods in which financial statements have not yet been issued or made available for issuance. If a business entity adopts the amendments in this ASU in an interim reporting period, it must adopt them as of the beginning of the annual reporting period that includes that interim reporting period. Management is currently evaluating this update to determine its impact on the Company’s consolidated financial statements.
The Company does not believe that issued, but not yet effective, accounting pronouncements, if currently adopted, would have a material effect on the Company’s financial statements.
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NOTE 3 – EARNINGS PER SHARE
Basic Earnings Per Share (“EPS”) is computed as net income (loss) available to common stockholders divided by the weighted average number of common shares outstanding for the period. Diluted EPS is calculated the same as Basic EPS but reflects the potential dilution that could occur from common shares issuable through stock options, restricted stock units (“RSUs”), and warrants in the weighted average number of common shares outstanding. Each stock option, RSU, and warrant represents the right to receive one share of the Company’s common stock.
The following table summarizes potentially dilutive common stock equivalents that were excluded from the computation of diluted net loss per share because their effect would have been anti-dilutive.
Years ended December 31, | ||||
| 2025 | | 2024 | |
Warrants |
| |
| |
Stock options and RSU awards |
| |
| |
Total possible share dilution |
| |
| |
NOTE 4 – REVENUE
The Company’s products consist of the following:
· | Antimony: includes antimony oxide, antimony metal ingots, and antimony trisulfide. |
· | Zeolite: includes coarse and fine zeolite crushed in various product sizes. |
· | Precious metals: includes unrefined and refined gold and silver. |
Sales by product were as follows:
Years ended December 31, | ||||||
| 2025 | | 2024 | |||
Antimony | $ | | $ | | ||
Zeolite |
| |
| | ||
Precious metals |
| |
| | ||
Total revenues | $ | | $ | | ||
Domestic and foreign revenues were as follows:
Years ended December 31, | ||||||
| 2025 | | 2024 | |||
Domestic | $ | | $ | | ||
Canada |
| |
| | ||
Mexico |
| — |
| | ||
Total revenues | $ | | $ | | ||
Sales to customers representing more than 10% of our total revenues were as follows:
| Years ended December 31, |
| |||||
| 2025 | | 2024 |
| |||
Customer A | $ | | $ | | |||
Customer B |
| |
| | |||
Customer C |
| |
| | |||
Total customer revenues | $ | | $ | | |||
Total customer revenues as a % of total revenues |
| | % |
| | % | |
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Customer receivables representing more than 10% of our net accounts receivable balance were as follows:
As of December 31, |
| ||||||
| 2025 | | 2024 |
| |||
Customer A | $ | — | $ | | |||
Customer B |
| |
| — | |||
Customer C |
| |
| — | |||
Total customer accounts receivable | $ | | $ | | |||
Total customer receivables as a % of accounts receivable, net |
| | % |
| | % | |
The Company’s trade accounts receivable balance related to contracts with customers was $
In September 2025, the Company secured a
In November 2025, the Company executed a
In October 2025, the Company entered into an agreement with an international supplier for the purchase of antimony that meets specified quality standards over a period of approximately
NOTE 5 – INVESTMENT IN DEBT SECURITIES HELD TO MATURITY
In 2025, the Company purchased $
The following is a summary of the Company’s investment securities held to maturity as of December 31, 2025:
Gross | Gross | |||||||||||
Amortized | Unrealized | Unrealized | Estimated Fair | |||||||||
| Cost | | Gains | | Losses | | Value | |||||
Held-to-maturity securities – current: | ||||||||||||
U.S. Treasury Strips | $ | | $ | | $ | — | $ | | ||||
Held-to-maturity securities – noncurrent: | ||||||||||||
U.S. Treasury Strips |
| |
| |
| ( |
| | ||||
Total held-to-maturity securities | $ | | $ | | $ | ( | $ | | ||||
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The Company recognized $
Consistent with the Company’s classification of its U.S. Treasury Strips as held to maturity, those securities scheduled to mature in the next twelve months after the reporting date are considered current assets and those having maturity dates more than twelve months after the reporting date are considered non-current assets. At December 31, 2025, the Company’s held to maturity securities were scheduled to mature as follows:
Amortized | Estimated Fair | |||||
| Cost | | Value | |||
Maturing in next twelve months | $ | | $ | | ||
Maturing in next one to five years |
| |
| | ||
Total held-to-maturity securities | $ | | $ | | ||
Margin Credit Line
In 2025, the Company secured a $
NOTE 6 – INVENTORIES
Inventories by type were as follows:
As of December 31, | ||||||
| 2025 | | 2024 | |||
Antimony oxide | $ | | $ | | ||
Antimony metal ingots |
| |
| | ||
Antimony ore and concentrates |
| |
| | ||
Total antimony inventory |
| |
| | ||
Zeolite |
| |
| | ||
Total inventories | $ | | $ | | ||
Inventories are valued at cost, except for the portion of inventory that is valued at net realizable value because costs are greater than the amount the Company expects to receive on the sale of the inventory. As of December 31, 2025, the Company recorded a write-down of $
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NOTE 7 – PROPERTY, PLANT AND EQUIPMENT
The components of the Company’s property, plant and equipment (“PP&E”) by segment were as follows:
December 31, 2025 | | Antimony | | Zeolite | | All Other | | TOTAL | ||||
Plant and equipment | $ | | $ | | $ | | $ | | ||||
Buildings |
| |
| |
| |
| | ||||
Mineral rights and interests |
| — |
| |
| |
| | ||||
Land |
| |
| — |
| |
| | ||||
Construction in progress |
| |
| |
| — |
| | ||||
Total property, plant and equipment |
| |
| |
| |
| | ||||
Accumulated depreciation |
| ( |
| ( |
| ( |
| ( | ||||
Property, plant and equipment, net | $ | | $ | | $ | | $ | | ||||
December 31, 2024 | | Antimony | | Zeolite | | All Other | | TOTAL | ||||
Plant and equipment | $ | | $ | | $ | | $ | | ||||
Buildings |
| |
| |
| |
| | ||||
Mineral rights and interests |
| — |
| |
| |
| | ||||
Land |
| |
| — |
| |
| | ||||
Construction in progress |
| — |
| |
| — |
| | ||||
Total property, plant and equipment |
| |
| |
| |
| | ||||
Accumulated depreciation |
| ( |
| ( |
| ( |
| ( | ||||
Property, plant and equipment, net | $ | | $ | | $ | | $ | | ||||
Domestic and foreign net property, plant and equipment was as follows:
As of December 31, | ||||||
| 2025 | | 2024 | |||
Domestic | $ | | $ | | ||
Mexico |
| |
| | ||
Canada |
| |
| | ||
Property, plant and equipment, net | $ | | $ | | ||
In February 2025, the Company purchased a personal residence located near its operations in Thompson Falls, Montana for $
In October 2025, the Company purchased property in Fairbanks, Alaska for a total purchase price of $
In December 2025, the Company purchased
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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
Mineral rights and interests
In January 2025, the Company executed an agreement to acquire the ownership rights to mining claims located in the Fairbanks District of Alaska (“January Fairbanks Agreement”). Payments to acquire these claims have been or will be made by the Company on or around the payment dates indicated as follows:
Payment Date | | Payment Amount | |
January 2025 | $ | | |
July 2025 |
| | |
January 2026 |
| | |
July 2026 |
| | |
January 2027 |
| | |
July 2027 |
| | |
January 2028 |
| | |
July 2028 |
| | |
January 2029 |
| | |
July 2029 |
| | |
January 2030 |
| | |
July 2030 |
| | |
Total | $ | | |
The January Fairbanks Agreement requires a royalty payment by the Company based on the value realized from ore mined from the claims (“Net Smelter Royalty on Claims”) and another royalty payment by the Company based on the value realized from ore mined, if any, from certain areas surrounding these mining claims (“Net Smelter Royalty on Surrounding Area”). A certain percentage of the Net Smelter Royalty on Claims can be purchased back by the Company with certain factors causing an escalation in this buyback amount. Also, the January Fairbanks Agreement includes a commitment by the Company to spend an aggregate of $
In March 2025, the Company executed an agreement to acquire the ownership rights to
Payment Date | | Payment Amount | |
March 2025 | $ | | |
September 2025 |
| | |
March 2026 |
| | |
March 2027 |
| | |
March 2028 |
| | |
March 2029 |
| | |
Total | $ | | |
The March Fairbanks Agreement requires a royalty payment by the Company based on the value realized from ore mined from the claims and leases (“Net Smelter Royalty”). A certain percentage of the Net Smelter Royalty can be purchased back by the Company. Also, the March Fairbanks Agreement includes a commitment by the Company to spend an aggregate of $
In May 2025, the Company paid $
In June 2025, the Company acquired property located in the Sudbury District of Ontario, Canada, which included
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In January 2026, the Company paid approximately $
In June 2025, the Company executed an agreement to acquire the ownership rights to various patented federal lode mining claims located in the Fairbanks District of Alaska (“June Fairbanks Agreement”). Payments to acquire these claims are scheduled to be made by the Company as follows:
Payment Date | | Payment Amount | |
Within 10 days of June 1, 2025 | $ | | |
December 2025 |
| | |
June 2026 |
| | |
June 2027 |
| | |
June 2028 |
| | |
June 2029 |
| | |
Total | $ | | |
The June Fairbanks Agreement requires net smelter royalty payments be made by the Company based on the value realized from ore mined from the claims. Also, the agreement includes a commitment by the Company to spend an aggregate of $
In September 2025, the Company executed an agreement to acquire the ownership rights to mining claims located in the Fairbanks District of Alaska (“September Fairbanks Agreement”). Payments to acquire these claims have been or will be made by the Company on or around the payment dates indicated as follows:
Payment Date | | Payment Amount | |
September 2025 | $ | | |
March 2026 |
| | |
September 2026 |
| | |
September 2027 |
| | |
September 2028 |
| | |
September 2029 |
| | |
Total | $ | | |
The September Fairbanks Agreement requires a royalty payment by the Company based on the value realized from ore mined from the claims (“Net Smelter Royalty”). A certain percentage of the Net Smelter Royalty can be purchased back by the Company. Also, the September Fairbanks Agreement includes a commitment by the Company to spend an aggregate of $
In November 2025, the Company executed an agreement to acquire exploration rights for mining properties located in the southeastern United States (the “ Southeastern Project”). Payments required pursuant to this agreement will be made by the Company on or around the payment dates indicated as follows:
Payment Date | | Payment Amount | |
November 2025 | $ | | |
November 2027 |
| | |
November 2028 |
| | |
Total | $ | | |
The Southeastern Project agreement requires net smelter royalty payments be made by the Company based on the value realized from ore mined from the mining properties. Also, the agreement includes a commitment by the Company to spend an aggregate of $
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In August 2024, the Company executed an option agreement to acquire the ownership rights to
All payments related to these mining claims and leases that became due on or before December 31, 2025 were made by the Company pursuant to the terms of the underlying agreements. The payments made to acquire these mining claims and leases, including any direct transaction costs, are capitalized in the “Mineral rights and interests” component of PP&E in the Consolidated Balance Sheets and included in the “All Other” category for segment reporting.
NOTE 8 – LEASES
Philipsburg Operating Lease
In September 2024, the Company executed a contract to lease a metals concentration facility located in Philipsburg, Montana. The Company amended this lease in March 2025 by extending the term of the lease to September 2, 2026 and modifying the fixed monthly lease payments to $
During the years ended December 31, 2025 and 2024, the Company recognized lease expense, including initial direct costs (“IDC”), related to this lease of $
On September 22, 2025, the lessor terminated the Philipsburg operating lease agreement one year early. This event resulted in derecognition of the associated account balances, specifically reducing operating lease liabilities by $
Dallas Operating Lease
In the first quarter of 2025, the Company executed a contract to lease office space for its corporate headquarters located in Dallas, Texas with a lease term of
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cannot terminate the lease without cause and must provide the office space to the lessor at the end of the lease in the same condition as it was received.
The lease liability related to this operating lease, which represents the present value of the lease payments, and corresponding ROU asset were both $
Canada Operating Lease
On October 1, 2025, the Company leased office space located in Sudbury, Ontario, Canada with a lease term of
During 2025, the Company recorded lease expense in U.S. dollars of $
The following table summarizes expense and cash payments for operating leases during the periods noted:
Years ended | ||||||
December 31, | ||||||
| 2025 | | 2024 | |||
Operating lease expense | $ | | $ | | ||
Cash paid for operating lease liability |
| |
| | ||
Cash paid for security deposit |
| |
| | ||
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The following table contains the weighted average remaining lease term and discount rate for operating leases as of the end of the period:
| As of December 31, |
| |
2025 |
| ||
Remaining lease term - operating lease |
| ||
Discount rate - operating lease |
| | % |
The table below presents a maturity analysis of the future minimum lease payments for operating leases as of December 31, 2025:
Twelve months ending December 31, | | Total | |
2026 | $ | | |
2027 | | ||
2028 | | ||
2029 | | ||
2030 |
| | |
Total operating lease payments |
| | |
Less: discount on lease liability |
| ( | |
Total operating lease liability |
| | |
Less: current portion of operating lease liability |
| ( | |
Noncurrent operating lease liability | $ | | |
NOTE 9 – INVESTMENT IN EQUITY SECURITIES
In October 2025, the Company acquired
NOTE 10 – ASSET RETIREMENT OBLIGATIONS
Changes in the asset retirement obligations were as follows:
Year ended December 31, | ||||||
| 2025 | | 2024 | |||
Asset retirement obligations, beginning of period | $ | | $ | | ||
Revisions to estimated retirement obligation cash flows |
| |
| — | ||
Accretion expense |
| |
| | ||
Asset retirement obligations, end of period | $ | | $ | | ||
The Company recorded accretion expense of $
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NOTE 11 – DEBT
Long term debt was as follows:
| As of December 31, | |||||
2025 | 2024 | |||||
Installment contract payable to Komatsu, bearing interest at | $ | | $ | | ||
Less current portion of debt |
| ( |
| ( | ||
Long-term debt, net | $ | | $ | | ||
At December 31, 2025, principal payments on debt were due as follows:
Twelve months ending December 31, | | Total | |
2026 | $ | | |
2027 |
| | |
Total | $ | | |
NOTE 12 – INCOME AND OTHER TAXES
On January 1, 2025, the Company adopted ASU 2023-09, Improvements to Income Tax Disclosures, which requires disaggregated information about its effective tax rate reconciliation as well as information on income taxes paid. Because the Company adopted ASU 2023-09 in 2025 using a prospective method, disclosures for historical periods were not revised to conform to this ASU.
There was
Domestic and foreign components of loss before income taxes were as follows:
Years ended December 31, | ||||||
| 2025 | | 2024 | |||
Domestic | $ | ( | $ | ( | ||
Foreign |
| ( |
| ( | ||
Loss before income taxes | $ | ( | $ | ( | ||
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The income tax expense (benefit) for the year ended December 31, 2025 differs from the amount of income tax determined by applying the U.S. federal income tax rate to pre-tax income (loss) due to the following:
| Year ended December 31, 2025 |
| ||||
| $ | | % |
| ||
U.S. federal statutory tax benefit | $ | ( | | % | ||
State tax effects |
| | | |||
| ( | | % | |||
Montana worldwide election and apportionment |
| ( | | % | ||
Foreign tax effects |
| | | |||
Mexico |
| | | |||
Impact of change in foreign exchange rate |
| ( | | % | ||
Foreign tax rate difference |
| ( | | % | ||
Inflation indexation of net operating loss carryforwards |
| ( | | % | ||
Expiration of net operating loss carryforwards |
| | ( | % | ||
Adjustment for prior year tax estimate |
| ( | | % | ||
Release of valuation allowance due to net operating loss expiration |
| ( | | % | ||
Change in valuation allowance |
| | ( | % | ||
Other |
| ( | | % | ||
Canada |
| | | |||
Change in valuation allowance |
| | ( | % | ||
Other |
| ( | | % | ||
Change in valuation allowance |
| | ( | % | ||
Nontaxable or nondeductible items |
| | | |||
Share-based compensation |
| | ( | % | ||
Excess tax benefits from stock-based compensation |
| ( | | % | ||
Other adjustments |
| | | |||
Adjustment for prior year tax estimate |
| | ( | % | ||
Other |
| | ( | % | ||
$ | — | — | % | |||
(1) State taxes in Montana made up the majority (greater than 50 percent) of the tax effect in this category.
The income tax expense (benefit) for the year ended December 31, 2024 differs from the amount of income tax determined by applying the U.S. federal income tax rate to pre-tax income (loss) due to the following:
| Year ended | ||
December 31, | |||
2024 | |||
U.S. federal statutory tax provision (benefit) | $ | ( | |
State income tax provision (benefit) net |
| ( | |
Foreign taxes |
| ( | |
VAT refund reserve and other non-deductible items |
| | |
Adjustment for prior year tax estimate to actual-domestic |
| | |
Adjustment for prior year tax estimate to actual-foreign |
| | |
Share-based compensation |
| | |
Impact on change in foreign exchange rate |
| | |
Change in valuation allowance - Domestic |
| | |
Change in valuation allowance - Foreign |
| ( | |
$ | — | ||
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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
The Company’s net deferred tax assets and liabilities were as follows:
As of December 31, | ||||||
| 2025 | | 2024 | |||
Deferred tax asset: |
| |
| | ||
Domestic net operating loss carry forward | $ | | $ | | ||
Foreign net operating loss carry forward |
| |
| | ||
Share-based compensation |
| |
| | ||
Other |
| |
| | ||
| |
| | |||
Valuation allowance (domestic) |
| ( |
| ( | ||
Valuation allowance (foreign) |
| ( |
| ( | ||
Total deferred tax asset |
| |
| | ||
Deferred tax liability: |
| |
| | ||
Property, plant, and equipment |
| ( |
| ( | ||
Investment in equity securities |
| ( |
| — | ||
Total deferred tax liability |
| ( |
| ( | ||
Net deferred tax asset after valuation allowance | $ | — | $ | — | ||
At December 31, 2025 and 2024, the Company had deferred tax assets arising principally from net operating loss carry forwards for income tax purposes. As management cannot determine that it is more likely than not the benefit of the net deferred tax asset will be realized, a valuation allowance equal to
Changes in the valuation allowance (foreign) for 2025 were as follows:
| Year ended | ||
December 31, | |||
2025 | |||
Balance at beginning of period | $ | | |
Change in valuation allowance - Mexico |
| | |
Change in valuation allowance - Canada |
| | |
Release of valuation allowance due to NOL expiration |
| ( | |
Inflation indexation of net operating loss carryforwards |
| ( | |
Balance at end of period | $ | | |
At December 31, 2025, the Company has federal net operating loss (“NOL”) carry forwards of approximately $
During the years ended December 31, 2025 and 2024, there were no material uncertain tax positions taken by the Company. The Company’s United States income tax filings are subject to examination for the years 2022 through 2025, for the years 2020 through 2025 in Mexico, and for the years 2024 and 2025 in Canada. However, for tax attributes from prior years, the statute remains open. The Company records penalties on assessments to general and administrative expense and records interest charges to interest expense.
Mexico Tax Assessment
In 2015, the Mexican tax authority (“SAT”) initiated an audit of USAMSA’s 2013 income tax return. In October 2016, as a result of its audit, SAT assessed the Company $
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In 2019, the Company was notified that SAT re-opened its assessment of USAMSA’s 2013 income tax return and, in November 2019, SAT assessed the Company $
In January 2026, the Federal Administrative Justice Court (Tribunal Federal de Justicia Administrativa, “TFJA”) issued a final judgment in favor of the Company with respect to the SAT’s reassessment of USAMSA’s 2013 income tax return. The TFJA declared both the underlying tax credit and the related administrative appeal resolution invalid, including prior assessments and associated interest, penalties, and additional employee profit sharing. The ruling addressed the substantive merits of the case and determined that the Company was not subject to the obligations asserted by SAT. As a result of this final judgment, the matter is considered resolved with
Mexico Import Value Added Tax
USAMSA recorded a receivable of $
NOTE 13 – COMMITMENTS AND CONTINGENCIES
Historically, from time to time, the Company is assessed fines and penalties by the Mine Safety and Health Administration (“MSHA”). Using appropriate regulatory channels, management may contest these proposed assessments. In 2025, BRZ received
BRZ 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”).
In April 2025, the Company contracted with engineering and construction firms to expand its existing smelting operating capacity located in Thompson Falls, Montana. Total capital expenditures associated with the expansion plans are estimated to be approximately $
The Company committed in 2025 to the purchase of inventory with an aggregate estimated cost of approximately $
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NOTE 14 – STOCKHOLDERS’ EQUITY
Issuance of Common Stock
During the years ended December 31, 2025 and 2024, the Company issued
Sale of Common Stock
During the year ended December 31, 2025, the Company sold
In 2025, the Company completed
During the year ended December 31, 2025, the Company issued
Share-Based Compensation
In December 2023, shareholders approved the Company’s 2023 Equity Incentive Plan (“the Plan”), which provided for the grant of incentive stock options, and non-qualified stock options and other types of awards. The general purpose of the Plan is to provide a means whereby eligible employees, officers, directors and other service providers develop a sense of proprietorship and personal involvement in the development and financial success of the Company, and to encourage them to devote their best efforts to our business, thereby advancing our interests and the interests of our shareholders. On July 31, 2025, the Company’s shareholders approved the Amended and Restated 2023 Equity Incentive Plan (the “Amended Plan”) which increased the maximum number of shares of common stock available for issuance under the Amended Plan to
During the years ended December 31, 2025 and 2024, the Company granted stock options and RSUs totaling
Share-based compensation expense for stock options and RSUs was as follows:
Years Ended | ||||||
December 31, | ||||||
| 2025 | | 2024 | |||
Stock options | $ | | $ | | ||
RSUs |
| |
| | ||
Total share-based compensation expense | $ | | $ | | ||
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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
The following table summarizes the aggregate non-cash stock-based compensation recognized in the Consolidated Statement of Operations for stock options and RSUs:
Year Ended | ||||||
December 31, | ||||||
| 2025 | | 2024 | |||
General and administrative | $ | | $ | | ||
Salaries and benefits |
| |
| | ||
Professional fees |
| |
| | ||
Total non-cash share-based compensation expense | $ | | $ | | ||
Stock options
Stock options granted have either a
| Year Ended |
| ||
December 31, |
| |||
Weighted-Average Grant Date Assumptions | 2025 |
| ||
Expected term (in years) |
| |||
Risk-free interest rate |
| | % | |
Expected dividend yield |
| — | % | |
Expected volatility |
| | % | |
Fair value per share | $ | | ||
Expected term – The expected term represents the period of time that options are expected to be outstanding. As the Company does not have sufficient historical exercise behavior, it uses the contractual term of the option or the simplified method as defined in Staff Accounting Bulletin Topic 14 for the expected term assumption.
Risk-free interest rate – The risk-free interest rate is based on the U.S. Treasury rate in effect at the time of the grant with an equivalent term approximating the expected term of the options.
Expected dividend yield—The Company bases the expected dividend yield assumption on the fact that it has never paid cash dividends and has no present intention to pay cash dividends.
Expected volatility – The expected volatility is based on the historical volatility of our stock price over the expected term of the stock option.
Activity with respect to stock options is summarized as follows:
Weighted- | Weighted- | |||||||||
Average | Average | |||||||||
Exercise | Remaining | Aggregate | ||||||||
Price Per | Contractual | Intrinsic | ||||||||
| Shares | | Share | | Term (in years) | | Value | |||
Options outstanding, December 31, 2024 |
| | $ | |
| $ | | |||
Granted |
| |
| |
| — |
| — | ||
Exercised |
| ( |
| |
| — |
| — | ||
Forfeited |
| ( |
| |
| — |
| — | ||
Expired |
| — |
| — |
| — |
| — | ||
Options outstanding, December 31, 2025 |
| | $ | |
| $ | | |||
Nonvested options, December 31, 2025 |
| | $ | |
| $ | | |||
Vested and exercisable options, December 31, 2025 |
| | $ | |
| $ | | |||
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UNITED STATES ANTIMONY CORPORATION AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
At December 31, 2025, total unrecognized share-based compensation expense related to stock options was $
Restricted stock units
Activity with respect to RSUs is summarized as follows:
Weighted- | |||||
Average | |||||
Grant Date | |||||
Fair Value | |||||
| Shares | | Per Share | ||
RSUs outstanding at December 31, 2024 |
| | $ | | |
Granted |
| |
| | |
Vested |
| ( |
| | |
Forfeited |
| — |
| — | |
RSUs outstanding at December 31, 2025 |
| | $ | | |
At December 31, 2025, total unrecognized share-based compensation expense related to RSUs was $
Common Stock Warrants
During the year ended December 31, 2025, the Company issued
Following is a summary of the Company’s warrant activity in 2025 and 2024:
Weighted | |||||
Number of | Average | ||||
| Warrants | | Exercise Price | ||
Balance at December 31, 2023 |
| | $ | | |
Exercised | ( | | |||
Balance at December 31, 2024 | | | |||
Exercised |
| ( |
| | |
Balance at December 31, 2025 |
| | $ | | |
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UNITED STATES ANTIMONY CORPORATION AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
Each warrant represents the right to receive
Number of warrants | | Exercise Price | | Expiration Date | | Remaining life (years) | |
| $ | |
| 1/27/2026 |
| ||
| $ | |
| 8/3/2026 |
| ||
| $ | |
| 2/1/2026 |
| ||
|
| |
| |
| | |
All outstanding warrants of the Company expire on or before August 3, 2026.
Preferred Stock
The Company’s Articles of Incorporation authorize
Series B
The Company had
Series C
The Company had
Treasury Stock
During the year ended December 31, 2025,
NOTE 15 – BUSINESS SEGMENTS
The Company has
| ● | Our facility located in the Burns Mining District of Sanders County in Montana that processes ore primarily into antimony oxide, antimony metal ingots, antimony trisulfide, and precious metals, and |
| ● | Our facilities in our USAMSA subsidiary located in Mexico that process ore primarily into antimony metal ingots, a lower grade of antimony oxide, and precious metals. |
Our Montana facility processes ore containing antimony and precious metals, which consist of gold and silver. The gold and silver in this ore represent all precious metals processing and sales of the Company. Even though these are different types of metals, our precious metals operations and financial results are included in our antimony segment for the following reasons: Ore processing activities at the Company’s Montana facility are integrated, and the associated production costs for antimony, gold, and silver cannot be meaningfully separated. Also, our chief operating decision maker reviews the operating results of our Montana facility on a consolidated basis, which includes both antimony and precious metals processing and sales. Therefore, our precious metals operations and financial results are included in our antimony segment.
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UNITED STATES ANTIMONY CORPORATION AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
Our zeolite segment consists of our facility located in Preston, Idaho that mines, processes, and sells zeolite.
The accounting policies of these segments are the same as those described in the basis of presentation and significant accounting policies in Note 2 of the Notes to Consolidated Financial Statements in this Annual Report.
The chief operating decision maker evaluates the performance of the Company’s reportable segments based on segment profit or loss from operations, which is inclusive of all respective expenses. The profitability target of each segment is at the profit or loss from operations level, which is how the chief operating decision maker assesses performance. The chief operating decision maker also uses profit or loss from operations to allocate capital and personnel to the segments, which is typically done to improve the efficiency and effectiveness of operations or for expansion of operations, and ultimately to increase profit from operations. Included in profit or loss from operations is an allocation of centralized costs based on each segment’s total expense relative to the Company’s total expense. The Company’s reportable segments are strategic business units that offer different products. They are managed separately because each business requires different expertise to ensure quality products are produced in an efficient manner and because each business has a different customer base. Both businesses started as separate units with management selected based on specific skill sets and knowledge related to the product and the industry. The Company’s chief operating decision maker is its chief executive officer.
The following components of the Company’s business were not engaged in business activities at December 31, 2025 from which they generated revenue offset by related expenses: Los Juarez, Mexico in our ADM subsidiary, Ontario, Canada, Alaska, and the mining claims in Thompson Falls, Montana. Therefore, these components, along with the Company’s personal residence and apartment complex in Thompson Falls, Montana, have been included in the “All Other” category for segment reporting.
Total assets by segment were as follows:
| As of December 31, | |||||
Total Assets | 2025 | 2024 | ||||
Antimony segment | $ | | $ | | ||
Zeolite segment |
| |
| | ||
All other |
| |
| | ||
Total assets | $ | | $ | | ||
Total capital expenditures by segment were as follows:
Year ended December 31, | ||||||
Capital expenditures | | 2025 | 2024 | |||
Antimony segment | $ | | $ | | ||
Zeolite segment |
| |
| | ||
All other |
| |
| | ||
Total capital expenditures | $ | | $ | | ||
The zeolite segment’s capital expenditures for the year ended December 31, 2024 excludes $
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UNITED STATES ANTIMONY CORPORATION AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
Selected segment operational information were as follows:
Year ended December 31, 2025 | | Antimony | | Zeolite | | All Other | | Total | ||||
Total revenues | $ | | $ | | $ | — | $ | | ||||
Depreciation and amortization |
| |
| |
| |
| | ||||
Loss from operations |
| ( |
| ( |
| ( |
| ( | ||||
Other income |
| |
| |
| |
| | ||||
Income tax expense |
| |
| |
| |
| — | ||||
Net loss |
| |
| |
| | $ | ( | ||||
Year ended December 31, 2024 | | Antimony | | Zeolite | | All Other | | Total | ||||
Total revenues | $ | | $ | | $ | — | $ | | ||||
Depreciation and amortization |
| |
| |
| |
| | ||||
Income (loss) from operations |
| |
| ( |
| ( |
| ( | ||||
Other income |
| |
| |
| |
| | ||||
Income tax expense |
| |
| |
| |
| — | ||||
Net loss |
| |
| |
| | $ | ( | ||||
NOTE 16 – SUBSEQUENT EVENTS
Radersburg Facility Acquisition
On January 16, 2026, the Company completed the acquisition of a fully operational flotation and concentration facility located in Radersburg, Montana for total cash consideration of $
Joint Venture Agreement
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
Common stock warrants
In January 2026, the Company issued
Resolution of Mexico Tax Assessment
In January 2026, the TFJA issued a final judgment in favor of the Company with respect to the SAT’s reassessment of USAMSA’s 2013 income tax return as described above in more detail under Note 12—Income and Other Taxes. As a result of this final judgment, the matter is resolved with no amounts due from the Company. This resolution had no impact on the Company’s consolidated financial statements, as no liability had been recorded in connection with this matter.
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UNITED STATES ANTIMONY CORPORATION AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
Purchase of Thompson Falls, Montana Surface Rights
In March 2026, the Company paid $
Acquisition of Mining Claims
In January 2026, the Company paid $
Acquisition of Royalty Agreement Interest
In January 2026, the Company paid approximately $
Sales of Common Stock
During March 2026, the Company sold
Department of War Funding Award
On March 5, 2026, the Company announced that it had been awarded $
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Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure
None.
Item 9A. Controls and Procedures
Evaluation of disclosure controls and procedures
As of the end of the period covered by this Annual Report, an evaluation was carried out under the supervision of and with the participation of our management, including the principal executive officer and the principal financial officer of the effectiveness of the design and operations of our disclosure controls and procedures (as defined in Rule 13a – 15(e) and Rule 15d – 15(e) under the Exchange Act) as of the end of the period covered by this report. Based on that evaluation, the principal executive officer and the principal financial officer have concluded that our disclosure controls and procedures were not effective in ensuring that: (i) information required to be disclosed by the Company in reports that it files or submits to the SEC under the Exchange Act is recorded, processed, summarized, and reported within the time periods specified in applicable rules and forms, and (ii) material information required to be disclosed in our reports filed under the Exchange Act is accumulated and communicated to our management, including our principal executive officer and principal financial officer, as appropriate, to allow for accurate and timely decisions regarding required disclosure.
Internal control over financial reporting
Management’s annual report on internal control over financial reporting
Our management is responsible for establishing and maintaining adequate internal control over financial reporting to provide reasonable assurance regarding the reliability of our financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. Internal control over financial reporting includes those policies and procedures that (i) pertain to the maintenance of records that in reasonable detail accurately and fairly reflect the transactions and dispositions of the assets of our company; (ii) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the Company are being made only in accordance with authorizations of our management and directors; and (iii) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of the Company’s assets that could have a material effect on the financial statements.
Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.
Management assessed our internal control over financial reporting as of December 31, 2025, the end of our fiscal year. Management based its assessment on criteria established in Internal Control—Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (2013). Management’s assessment included evaluation of such elements as the design and operating effectiveness of key financial reporting controls, process documentation, accounting policies, and our overall control environment.
Based on our assessment, management has concluded that our internal control over financial reporting was not effective, as of the end of the fiscal year, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external reporting purposes in accordance with generally accepted accounting principles, due to material weaknesses in the design, documentation, and monitoring of our internal control over financial reporting, the absence of proper segregation of duties, and the potential for management override of internal controls.
The Company’s limited staff has made it difficult to have an effective design, documentation, and monitoring of its internal control over financial reporting and proper segregation of duties. Due to the significance of potential misstatement that could result due to the deficient controls and the absence of sufficient mitigating controls, we determined that this control deficiency resulted in more than a remote likelihood that a material misstatement or lack of disclosure within the annual or interim financial statements may not be prevented or detected.
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Management’s Remediation Initiatives
Because of the inherent limitations in all control systems, no evaluation of controls can provide absolute assurance that misstatements due to error or fraud will not occur or that all control issues within the Company have been detected. These inherent limitations include the realities that judgments in decision-making can be faulty and that breakdowns can occur because of simple errors or mistakes. The design of any system of controls is based in part on certain assumptions about the likelihood of future events, and there can be no assurance that any design will succeed in achieving its stated goals under all potential future conditions. Projections of any evaluation of controls effectiveness to future periods are subject to risks.
Management of the Company believes that these material weaknesses are more so due to the small size of the Company’s accounting staff. To continue to address this matter, in 2025, the Company hired employees to lead Sarbanes-Oxley compliance, SEC reporting, accounts payable, finance and accounting in Mexico, and information technology. In addition, the Company hired a third-party firm in 2025 to assist with the implementation of new accounting software and to assist with gaining compliance with Sarbanes-Oxley, all of which is expected to be completed in 2026.
Changes in Internal Control Over Financial Reporting
There were no changes in our internal control over financial reporting (as defined in Rule 15d-15(f) under the Exchange Act) that occurred during our most recent quarter ended December 31, 2025, that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.
Item 9B. Other information.
Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections.
Not applicable.
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PART III
Item 10. Directors, Executive Officers and Corporate Governance.
Executive Officers and Directors
The following sets forth certain information related to our executive officers and directors as of March 12, 2026:
Name | | Age | | Position |
|
Gary C. Evans | 68 | Chairman and CEO (PEO) | |||
Lloyd Joseph Bardswich | 81 | EVP, Chief Mining Engineer and Director | |||
Richard R. Isaak | 58 | SVP and Chief Financial Officer (PFO) | |||
John C. Gustavsen | 77 | President of Antimony Division | |||
Jeffrey R. Fink | 41 | VP & General Manager of Bear River Zeolite Company | |||
Melissa M. Pagen | 50 | President of Bear River Zeolite Company | |||
Dr. Blaise Aguirre | 61 | Director | |||
Joseph A. Carrabba | 73 | Director | |||
Michael A. McManus | 83 | Director | |||
General John M. Keane | 83 | Director | |||
Jon R. Marinelli | 57 | Director |
Business Experience of Executive Officers and Directors
Gary C. Evans – Chairman & CEO – Gary C. Evans joined the Board of Directors in November 2022. Mr. Evans became Chairman of our Board in July 2023 and served as Chairman and Co-CEO from March 2024 to November 2024. Mr. Evans currently serves as our Chairman and CEO since December 2024. He is a serial entrepreneur and transformational leader. The Company is headquartered in Dallas, Texas where Mr. Evans resides.
Mr. Evans is also the Chairman and Chief Executive Officer of Evergreen Sustainable Enterprises, Inc. a “green” publicly held bitcoin mining company that owns a hydroelectric dam located in Costa Rica that serves as the power source for bitcoin mining. The Company is capitalizing on the intersection of sustainable energy and Bitcoin mining. Mr. Evans began investing in certain Bitcoin companies in early 2021 and is now deeply involved in the sector.
Mr. Evans previously led Magnum Hunter Resources Corporation for seven years, a NYSE listed multibillion dollar public energy company specializing in unconventional resource plays predominately in the Appalachian Basin and the Eagle Ford. These assets are now part of Southwestern Energy Co. (NYSE: SWN). Mr. Evans was also founder and CEO of Eureka Hunter Holdings, LLC, a mid-stream gas gathering company transporting and managing over 1 BCF of daily natural gas volumes from wells producing in West Virginia and Ohio on approximately 200 miles of newly constructed pipeline during the similar seven-year period.
Additionally, Mr. Evans previously founded and served as the Chairman and Chief Executive Officer of Magnum Hunter Resources Inc. (MHRI), a NYSE listed company, for twenty years before selling MHRI to Cimarex Energy for approximately $2.2 billion in June 2005. These assets are now part of Coterra Energy, Inc. (NYSE: CTRA). Later that year, Mr. Evans formed Wind Hunter Energy, LLC, a renewable energy company which was subsequently acquired in December 2006 by GreenHunter Energy, Inc., an emerging water resource company focusing on oil field water management and clean water technologies active in the Marcellus and Utica resource plays in Appalachia. As founder, Mr. Evans has served as Chairman and Chief Executive Officer of GreenHunter Energy, Inc. from December 2006 until May 2016, upon the sale of its assets to a private equity fund.
Throughout his career, Mr. Evans has raised various forms of capital on Wall Street that has exceeded $8 billion. Mr. Evans has previously served for 24 years, last serving as an independent director of Novavax Inc., a NASDAQ-listed (“NVAX”) vaccine biotechnology company that successfully reached commercialization of a critical Covid-19 Vaccine Nuvaxovid™ (also known as NVX-CoV2373), along with its Matrix-M™ adjuvant, a deployed malaria vaccine developed in collaboration with The University of Oxford. NVAX reached a market capitalization in excess of $20 billion during the pandemic. Mr. Evans previously also served as Chairman, CEO, and Lead Director of Novavax.
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Mr. Evans was recognized by Ernst and Young as the Southwest Area 2004 Entrepreneur of the Year for the Energy Sector and was subsequently inducted into the World Hall of Fame for Ernst & Young Entrepreneurs. Mr. Evans was also recognized as the Energy Industry Leader of the year in 2013 and chosen by Finance Monthly in 2013 as one of the most respected CEO’s. Mr. Evans was chosen as the Best CEO in the “Large Company” category by Texas Top Producers in 2013. He additionally won the Deal Maker of the Year Award in 2013 by Finance Monthly.
Mr. Evans serves on the Board of the Maguire Energy Institute at Southern Methodist University (“SMU”) and has historically lectured at SMU and currently speaks on the current affairs surrounding the antimony industry. Mr. Evans also periodically speaks at various industry conferences, on radio networks, podcasts, and national television programs.
Lloyd Joseph Bardswich – EVP, Chief Mining Engineer & Director - Lloyd Joseph Bardswich joined the Board of Directors in February 2021. Mr. Bardswich served as Co-CEO and director from March 2024 to November 2024. Mr. Bardswich currently serves as EVP, Chief Mining Engineer and director since December 2024. He has extensive experience in mining, mining engineering, management, drilling, metallurgy and plant design. He is a registered Professional Mining Engineer, can serve as a QP (Qualified Person) regarding reporting to NI43-101 standards and has worked as a Mine Safety Engineer, Mine Foreman, Mine Manager and Mining Consultant. Since July 15, 2015, he has served as President of L.J. Bardswich Mine Consultant Inc., a Montana S corporation which provides consulting services to the mining industry. He also served as a director of Northern Vertex Mining Corporation (TSXV-NEE) from 2010 to February 2021, when Northern Vertex Mining Corporation (TSXV - NEE) acquired Eclipse Gold Mining Corporation (EGLD - TSXV). Also, he serves as President and as a Director of Frisco Gold Corporation, an Arizona S corporation, since October 14, 2019 to the present.
Richard R. Isaak – SVP and Chief Financial Officer (PFO) – Richard R. Isaak has served as the Company’s SVP and Chief Financial Officer (PFO) since July 2023. Rick started his career at Ernst & Young as a CPA in the assurance and advisory business services area for 12 years with extensive experience with managing public company audits and SEC reporting primarily for large, multinational companies as well as with information technology audits related to companies in various industries and data centers. After Ernst & Young, Rick served in several senior leadership roles including CFO, Chief Accounting Officer, Controller, Treasurer, and Head of Investor Relations at four different companies over 20 years. In these senior level roles, Rick was very involved with strategic planning and execution and led large, company-wide transformational projects both domestically and internationally including projects in finance, operations, real estate, treasury, investor relations, and shared services.
John C. Gustavsen – President of Antimony Division - John C. Gustavsen has served as President of our Antimony Division since March 2024. He joined the Company in November 2011 as one of its Vice Presidents and, from June 2020 to March 2024, served as our Chief Executive Officer. He also served on our Board of Directors from August 2022 to August 2023. He graduated from Rutgers University in 1970 with a BS in chemistry and started work for Harshaw Chemical (purchased by Amspec Chemical Corporation), a major producer of antimony trioxide, where he became president and treasurer in 1983 and was promoted to CEO in 1990.
Jeffrey Fink – VP & General Manager of Bear River Zeolite Company – Jeffrey Fink has served as VP & General Manager of Bear River Zeolite Company since January 2024. He recently worked at Enviva Biomass as Regional Director of Operations, responsible for all aspects of manufacturing operations for three pellet manufacturing mills with about 300 employees. Prior to Enviva, Jeff was Vice President of Operations at US Minerals where he led all manufacturing operations at five plants located throughout the U.S. Accomplishments included reducing direct per ton production costs and closing unprofitable businesses. Jeff holds a degree in Mechanical Engineering (Magna Cum Laude) and a master’s in business administration, both from Virginia Tech University. He also holds several relevant industry licenses.
Melissa Pagen – President & COO of Bear River Zeolite Company – Melissa Pagen was named President of Bear River Zeolite Company in January 2026. Prior to that, she served as SVP, Corporate Development and Governmental Relations since May 2024 and also served the Company with consulting services from April 2023 through December 2023. Ms. Pagen built over twenty years of professional and executive experience in managerial and officer positions in several industries and in both the private and public sectors with a demonstrated history in consumer goods, business development, investor relations, and industrial technologies within both the energy sector and water treatment sector. From 2019 to 2024, Melissa worked as Senior Vice President of Corporate Development under the leadership of Gary C. Evans at Evergreen Sustainable Enterprises, Inc. where she managed all marketing and investor relations, developed data center projects across the U.S. through relationships with utilities and private landowners, and branded, trademarked, and launched two consumer goods product lines. Melissa holds a BA from the University of California, Los Angeles (summa cum laude) with an emphasis in writing.
Dr. Blaise Aguirre – Director – Dr. Blaise Aguirre, who joined the Board of Directors in August 2019, is an Assistant Professor of Psychiatry at Harvard Medical School and is the founding Medical Director of 3East at McLean Hospital in Belmont, Massachusetts.
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In 2011, Dr. Aguirre was elected to the Board of Directors at Investors Capital Holdings, Ltd, and remained on the board until it was sold to RCS Capital Corporation. In addition, Dr. Aguirre sits on the boards of various privately held companies. He has developed and maintained relationships with institutional money managers, venture capitalists, angel investors and has developed expertise as a small cap stock analyst as a broker with series 7 and 63 securities licenses. He received his Medical Doctor’s degree in 1989 from the University of Witwatersrand, Johannesburg, South Africa, and performed his residency at Boston University School of Medicine from 1991 to 1994.
Joseph A. Carrabba – Director – Joseph A. Carrabba joined the Board of Directors in February 2024. He is the Retired Chairman, President and Chief Executive Officer of Cliffs Natural Resources, Inc., formerly Cleveland-Cliffs, Inc., from May 2007 to November 2013. He also previously served as Cliffs President & CEO from 2006 to 2007 and as President and Chief Operating Officer from 2005 to 2006. Prior to these executive positions, Mr. Carrabba previously served as President and Chief Operating Officer of Diavik Diamond Mines from 2003 to 2006. He serves or has previously served on the boards of several other NYSE listed companies including Newmont Mining and Timken Steel, as well as several TSX listed companies, AECON and NioCorp.
Michael A. McManus – Director – Michael A. McManus joined the Board of Directors in August 2023. He is a recognized leader and builder of enterprises with successes as a public company CEO, senior government experience, a lawyer, new product development leader, and has served as a board member of several companies. He served as a board member of Novavax, a biotechnology company committed to help address serious infectious diseases globally through the discovery, development, and delivery of innovative vaccines to patients around the world from 1998 to 2022. Mr. McManus has previously served as president, chief executive officer, and director at Misonix, Inc., a medical, scientific, and industrial provider of ultrasonic and air pollution systems, from 1998 to 2016. Prior to that tenure, he was president and chief executive officer at New York Bancorp Inc. from 1991 to 1998. From 1990 through November 1991, Mr. McManus was president and chief executive officer at Jamcor Pharmaceuticals Inc. Previously, Mr. McManus served as an Assistant to the President of the United States from 1982 to 1985 and held positions with Pfizer Inc. and Revlon Group. Mr. McManus received a BA in economics from the University of Notre Dame and a JD from the Georgetown University Law Center. He served in the US Army Infantry from 1968 through 1970. He is also a recipient of the Ellis Island Medal of Honor.
General John M. (“Jack”) Keane – Director – General Jack Keane is a foreign policy and national security authority who provides nationwide analysis and commentary in speeches, articles, congressional testimony and through several hundred television and radio interviews annually. He serves as an advisor to presidents, cabinet officials, members of congress, international leaders, CEOs and business leaders. He is the Chairman of the Institute for the Study of War, a member of the prestigious Secretary of Defense Policy Board, having advised four Defense Secretaries and a member of the 2018 and 2022 Congressional Commission on the National Defense Strategy.
General Keane, a four-star general, completed 37 years of public service in December 2003, culminating in his appointment as acting Chief of Staff and Vice Chief of Staff of the U.S. Army. As the chief operating officer of the Army for over 4 years, he directed 1.5 million soldiers and civilians in 120 countries, with an annual operating budget of $110 Billion. General Keane was in the Pentagon on 9/11 and provided oversight and support for the wars in Afghanistan and Iraq. General Keane is a career infantry paratrooper, a combat veteran of the Vietnam War decorated for valor, who spent much of his military life in operational commands, including command of the famed 101st Airborne Division (Air Assault) and the legendary 18th Airborne Corps, the Army’s largest warfighting organization. General Keane holds a bachelor’s degree from Fordham University and a master’s degree from Western Kentucky University. He is a graduate of the Army War College and the Army Command and General Staff College. Among his awards, General Keane was the first military leader to be honored with the Ronald Reagan Peace Through Strength Award and the prestigious Bradley Prize. In March of 2020, General Keane was presented with the Presidential Medal of Freedom at the White House. General Keane’s numerous military service medals and citations include two Defense and two Army Distinguished Service Medals, five Legions of Merit, the Silver Star, Bronze Star, three Vietnam Service medals, Combat Infantryman Badge, Master Parachutist Badge and Ranger Tab.
Jon R. Marinelli – Director – Jon R. Marinelli is a seasoned financial executive and investment professional with more than 25 years of experience in capital markets, M&A, and strategic advisory roles, and has an early-career background in technology. He is the Founder and currently Principal of 1042 Capital Partners, where he manages public and private investments. Previously, he spent over 15 years at BMO Capital Markets where he served as Group Head and Managing Director of U.S. Energy. Before that he held senior roles in Deutsche Bank’s Global Banking-Natural Resources Group, the successor to Bankers Trust. Over his career, Mr. Marinelli has advised on more than $285 billion in M&A, public and private equity, and debt transactions. He holds an MBA from Rice University and a BS from Miami University.
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Legal Proceedings
We are not aware of any involvement by our directors or executive officers during the past ten years in legal proceedings that are material to an evaluation of the ability or integrity of any director or executive officer.
Corporate Governance
Our Board directs the management of our business and affairs and conducts its business through meetings of the Board and standing committees. We have a standing audit committee, compensation committee, nominating and corporate governance committee, and finance committee. The Board has determined that five of our seven directors, Blaise Aguirre, Joseph Carrabba, Michael McManus, General Jack Keane, and Jon Marinelli are “independent” within the meaning of applicable NYSE and SEC standards for service on the Board of an NYSE listed company. During the year ended December 31, 2025, the Board of Directors held eight meetings. In November 2025, the Board appointed Jon Marinelli, who has extensive experience in investment banking and capital markets, as an independent director. The Board subsequently approved the formation of a Finance Committee, which will be established in 2026, with Mr. Marinelli expected to serve as Chair.
Audit Committee
We have a standing Audit Committee and audit committee charter, which complies with Rule 10A-3 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), and the requirements of the NYSE. The Audit Committee consists of Michael McManus, Blaise Aguirre, and Joseph Carrabba, each of whom is independent (in accordance with Rule 10A-3 of the Exchange Act and the requirements of Section 303A of the NYSE Company Guide) and financially sophisticated (pursuant to the requirements of Section 303A.07 of the NYSE Company Guide). Mr. McManus satisfies the requirement of an “audit committee financial expert” as defined under Item 407(d)(5) of Regulation S-K.
Our Audit Committee meets with our management and our external auditors to review matters affecting financial reporting, the system of internal accounting and financial controls and procedures, audit procedures, and audit plans. Our Audit Committee reviews our significant financial risks and is involved in the appointment of senior financial executives.
Our Audit Committee monitors our audit and the preparation of financial statements, and all financial disclosures contained in our SEC filings. Our Audit Committee appoints our external auditors, monitors their qualifications and independence, and determines the appropriate level of their remuneration. The external auditors report directly to the Audit Committee. Our Audit Committee can terminate our external auditors’ engagement and approve in advance any services provided by them that are not related to the audit.
During the fiscal year ended December 31, 2025, the Audit Committee met four times. A copy of the Audit Committee charter is available on our website at www.usantimony.com.
Compensation Committee
Our Compensation Committee is composed of the following directors, each of whom is independent (under Section 303A of the NYSE Company Guide): Joseph Carrabba, Blaise Aguirre, Jon R. Marinelli, and Michael McManus.
We have a Compensation Committee charter that complies with the requirements of the NYSE. Our Compensation Committee is responsible for considering and authorizing terms of employment and compensation of executive officers and providing advice on compensation structures in the various jurisdictions in which we operate. Our Chief Executive Officer may not be present during the voting determination or deliberations of his or her compensation; however, our Compensation Committee does consult with our Chief Executive Officer in determining and recommending the compensation of directors and other executive officers.
In addition, our Compensation Committee reviews both our overall salary objectives and significant modifications made to employee benefit plans, including those applicable to executive officers, and proposes stock awards, if any. The Compensation Committee has determined that the Company’s compensation policies and practices for its employees generally, not only with respect to executive officers, are not reasonably likely to encourage behavior that would create an abnormal amount of risk to the Company.
The Compensation Committee does not and cannot delegate its authority to determine director and executive officer compensation.
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During the fiscal year ended December 31, 2025, the Compensation Committee met seven times. A copy of the Compensation Committee charter is available on our website at www.usantimony.com.
Nominating and Corporate Governance Committee
Our Nominating and Corporate Governance Committee is composed of the following directors, each of whom is independent as determined under Section 303A of the NYSE Company Guide: Joseph Carrabba, Michael McManus, and Blaise Aguirre.
Our Nominating and Corporate Governance Committee is responsible for developing our approach to corporate governance issues. The Committee evaluates the qualifications of potential candidates for director positions and recommends to the Board nominees for election at the next annual meeting or any special meetings of shareholders, and any person to be considered to fill a Board vacancy resulting from death, disability, removal, resignation or an increase in Board size. The Committee’s charter describes the criteria the Board will assess in connection with the consideration of a candidate, including the candidate’s integrity, reputation, judgment, knowledge, independence, experience, accomplishments, commitment and skills, all in the context of an assessment of the perceived needs of the Board at that time.
The Nominating and Corporate Governance Committee considers diversity in the selection of nominees for directors as part of its overall selection strategy. In considering diversity of the Board as a criterion for selecting nominees, the Nominating and Corporate Governance Committee considers various factors and perspectives, including differences of viewpoint, professional experience, education, personal and professional skills and other individual qualities and attributes that contribute to Board heterogeneity, as well as race, gender and national origin. The Nominating and Corporate Governance Committee seeks individuals with leadership experience in many contexts. The Nominating and Corporate Governance Committee believes that this conceptualization of diversity is the most effective means to implement Board diversity. The Nominating and Corporate Governance Committee will assess the effectiveness of this approach as part of its annual review of its charter.
The Committee will consider recommendations for director nominees made by shareholders and others if these individuals meet the criteria set forth in the Committee’s charter. For consideration by the Committee, the nominating shareholder or other person must provide the Corporate Secretary’s Office with information about the nominee, including a detailed background of the suggested candidate that will demonstrate how the individual meets our director nomination criteria. If a candidate proposed by a shareholder meets the criteria, the individual will be considered on the same basis as other candidates. No shareholder or shareholders holding 5% or more of our outstanding stock, either individually or in aggregate, has recommended a nominee for election to the Board.
During the fiscal year ended December 31, 2025, the Nominating and Corporate Governance Committee met once. A copy of the Nominating and Corporate Governance Committee charter is available on our website at www.usantimony.com.
Delinquent Section 16(a) Reports
Section 16(a) of the Exchange Act requires our directors and executive officers and the holders of 10% or more of our common stock to file reports of ownership and changes in ownership with the Securities and Exchange Commission. Officers, directors and stockholders holding more than 10% of our common stock are required by the regulation to furnish us with copies of all Section 16(a) forms they have filed.
Based solely on our review of copies of Forms 3, 4 and 5 filed with the SEC during or relating to 2025 and written representations provided to the Company, the Company has determined that General Jack Keane and Jon R. Marinelli filed their Forms 3 late in an earlier fiscal period. The Company also determined that Gary C. Evans, Lloyd Joseph Bardswich, Jeffrey R. Fink, and Melissa M. Pagen, filed various Forms 4 late in an earlier fiscal period. All such delinquent reports were subsequently filed.
Code of Ethics
The Company has adopted a Code of Ethics that applies to the Company’s directors, officers, and employees, including our principal executive officer, principal financial officer, principal accounting officer, and controller, or persons performing similar functions. A copy of the code is available on our corporate website, at https://www.usantimony.com. We intend to disclose any amendment to, or waiver from, a provision of the code of ethics that applies to our principal executive officer, principal financial officer, principal accounting officer, or controller on our corporate website. The information on any of our websites is deemed not to be incorporated in this Annual Report or to be part of this Annual Report.
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Item 11. Executive Compensation.
This section discusses the material components of the executive compensation program for our executive officers who are named in the “Summary Compensation Table” below. We comply with the executive compensation disclosure rules applicable to “smaller reporting companies,” as such term is defined in the rules promulgated under the Securities Act, which require compensation disclosure for the last two completed fiscal years for our principal executive officer during the year ended December 31, 2025, the two most highly compensated executive officers other than our principal executive officer who were serving as executive officers as of December 31, 2025 and whose total compensation for 2025 exceeded $100,000, and up to two additional individuals for whom disclosure would have been provided but for the fact that the individual was not serving as an executive officer as of December 31, 2025. These officers are referred to as our named executive officers.
In 2025, our “named executive officers” and their positions were as follows:
| ● | Gary C. Evans, CEO and Chairman (PEO); |
| ● | Lloyd Joseph Bardswich, EVP, Chief Mining Engineer and Director; and, |
| ● | Richard R. Isaak, SVP, Chief Financial Officer (PFO). |
Summary Compensation Table
The following table provides information related to compensation of our named executive officers:
| | | | Stock | | Option | | All Other | | |||||||||||
Name and Principal Position | Year | Salary | Bonus | Awards (1) | Awards (2) | Compensation | Total | |||||||||||||
Gary C. Evans, Chairman and CEO (3) |
| 2025 | $ | 314,769 | $ | 330,000 | $ | 2,295,000 | $ | 2,092,500 | $ | 6,219 | $ | 5,038,488 | ||||||
| 2024 | $ | — | $ | 200,000 | $ | 165,000 | $ | 120,000 | $ | 167,084 | $ | 652,084 | |||||||
Lloyd Joseph Bardswich, EVP, Chief Mining Engineer & Director (4) |
| 2025 | $ | 150,000 | $ | 200,000 | $ | 550,800 | $ | 627,750 | $ | 2,827 | $ | 1,531,377 | ||||||
| 2024 | $ | 12,692 | $ | 100,000 | $ | 110,000 | $ | 80,000 | $ | 89,167 | $ | 391,859 | |||||||
Richard R. Isaak, SVP, Chief Financial Officer (5) |
| 2025 | $ | 192,462 | $ | 170,000 | $ | 550,800 | $ | 558,000 | $ | 3,853 | $ | 1,475,115 | ||||||
| 2024 | $ | 174,635 | $ | 150,000 | $ | 44,000 | $ | 64,000 | $ | — | $ | 432,635 | |||||||
(1) | The value represents the aggregate grant date fair value of Restricted Stock Units as computed in accordance with FASB ASC Topic 718. Such grant date fair value does not take into account any estimated forfeitures related to service-vesting conditions. For information on the valuation assumptions used in calculating the grant-date fair value of the awards reported in this column, refer to Note 14, Stockholders’ Equity of the footnotes to the Company’s consolidated financial statements included in this 2025 Form 10-K. |
(2) | The value represents the aggregate grant date fair value of stock options as computed in accordance with FASB ASC Topic 718. Such grant date fair value does not take into account any estimated forfeitures related to service-vesting conditions. For information on the valuation assumptions used in calculating the grant-date fair value of the options reported in this column, refer to Note 14, Stockholders’ Equity of the footnotes to the Company’s consolidated financial statements included in this 2025 Form 10-K. |
(3) | All other compensation in 2025 represents the Company’s contribution to the employee 401(k) retirement plan. All other compensation in 2024 represents fees paid for board service. |
(4) | All other compensation in 2025 represents the Company’s contribution to the employee 401(k) retirement plan. All other compensation in 2024 represents fees paid for board service. |
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(5) | All other compensation in 2025 represents the Company’s contribution to the employee 401(k) retirement plan. |
Compensation for all executive officers, except for the CEO position, is recommended to the compensation committee of the Board by the CEO. The compensation committee makes a recommendation for the compensation of the CEO. The compensation committee has identified a peer group of companies to aid in reviewing the CEO’s compensation recommendations for executives, and for reviewing the compensation of the CEO. The full Board approves the compensation amounts recommended by the compensation committee. The material compensation components of named executive officers include salary, bonus, and equity awards.
The following table provides information related to outstanding equity awards of our named executive officers as of December 31, 2025:
| Number of | | | | Number of | | Value of | |||||
Securities | Shares or | Shares or | ||||||||||
Underlying | Units of | Units of | ||||||||||
Unexercised | Option | Option | Stock that | Stock that | ||||||||
Options (#) | Exercise | Expiration | have not | have not | ||||||||
Name and Principal Position | unexercisable | Price ($) | Date | Vested (#) | Vested ($) | |||||||
Gary C. Evans, Chairman and CEO |
| 500,000 | $ | 0.22 |
| 3/1/2027 |
| 250,000 | | $ | 1,255,000 | |
| 750,000 | $ | 2.57 |
| 5/27/2035 |
| 500,000 | | $ | 2,510,000 | ||
Lloyd Joseph Bardswich, EVP, Chief Mining Engineer & Director |
| 333,333 | $ | 0.22 |
| 3/1/2027 |
| 166,666 | | $ | 836,663 | |
| 225,000 | $ | 2.57 |
| 5/27/2035 |
| 120,000 | | $ | 602,400 | ||
Richard R. Isaak, SVP, Chief Financial Officer |
| 266,667 | $ | 0.22 |
| 3/1/2027 |
| 66,667 | | $ | 334,668 | |
| 200,000 | $ | 2.57 |
| 5/27/2035 |
| 120,000 | | $ | 602,400 | ||
Equity Award Timing
The Board and compensation committee are responsible for approving stock grants for executive officers.
Insider Trading Policy
The Company has
Compensation of Directors
The following table provides information related to compensation of our directors for the year ended December 31, 2025:
| Fees Earned or | | | | ||||||||
Name | Paid in Cash | Stock Awards (1) | Option Awards (1) | Total | ||||||||
Dr. Blaise Aguirre, Director | $ | 124,000 | $ | 175,274 | $ | 69,564 | $ | 368,838 | ||||
Joseph A. Carrabba, Director | $ | 140,000 | $ | 175,274 | $ | 69,564 | $ | 383,338 | ||||
Michael A. McManus, Director | $ | 137,500 | $ | 175,274 | $ | 69,564 | $ | 382,338 | ||||
General John M. Keane, Director | $ | 34,780 | $ | 290,532 | $ | 115,258 | $ | 440,570 | ||||
Jon R. Marinelli, Director | $ | 9,181 | $ | 149,995 | $ | 74,999 | $ | 234,175 | ||||
(1) | The amounts reported in the ‘Stock Awards’ and ‘Option Awards’ columns reflect the aggregate grant date fair value of awards granted during 2025, computed in accordance with FASB ASC Topic 718. As of December 31, 2025, the aggregate number of |
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unvested stock awards and the aggregate number of option awards (vested and unvested) held by each non-employee director were as follows:
| Aggregate | | Aggregate | |
Unvested Stock | Unexercised | |||
Name | Awards | Option Awards | ||
Dr. Blaise Aguirre, Director |
| 128,801 |
| 534,100 |
Joseph A. Carrabba, Director |
| 87,133 |
| 284,100 |
Michael A. McManus, Director |
| 128,801 |
| 367,433 |
General John M. Keane, Director |
| 68,200 |
| 34,100 |
Jon R. Marinelli, Director |
| 24,509 |
| 15,182 |
The fees earned by our directors follow the results of a study prepared an independent firm using peer data, among other things, to determine market pay for our directors and can be calculated as follows: $65,000 annual retainer for each Board member, $70,000 additional annual retainer for the chairman, $30,000 additional annual retainer for the lead director, which the Board does not have at this time, $20,000, $15,500, $13,500, and $13,500 additional annual retainers for the chairs of the audit, finance, compensation, and nominating and governance committees, respectively, $10,000, $7,500, $7,500, and $5,000 additional annual retainer for each member of the audit, finance, compensation, and nominating and governance committees, respectively, $2,500 for each Board member for attending each Board meeting, $2,000 for the audit committee chair for attending each audit committee meeting, $1,500 for the finance committee chair for attending each finance committee meeting $1,500 for each audit committee member for attending each audit committee meeting, $1,500 for each finance committee member for attending each finance committee meeting, and $1,500 for each compensation and nominating and governance committee chair and member for attending each compensation and nominating and governance committee meeting.
Restricted stock and stock options are granted to our directors as a means of developing a sense of proprietorship and personal involvement in our development and financial success and encouraging them to devote their best efforts to our business, thereby advancing our interests and the interests of our shareholders. These grants typically vest over three years to aid with board service longevity.
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Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters.
The following table sets forth information regarding beneficial ownership of our common stock as of March 12, 2026 by (i) each person who is known by us to beneficially own more than 5% of our Series B and C preferred stock or common stock; (ii) each of our executive officers and directors; and (iii) all of our executive officers and directors as a group. Unless otherwise stated, each person’s address is c/o United States Antimony Corporation, 4438 W. Lovers Lane, Unit 100, Dallas, Texas 75209.
| | Amount and | | |
| ||||
Nature of | Percent of |
| |||||||
Title of Class of | Name and Address of | Beneficial | Percent of | Voting |
| ||||
Stock | Beneficial Owner (1) | Ownership | Class (1) | Stock (1) |
| ||||
More than 5% owners: |
| |
| |
| |
| | |
Common Stock |
| State Street Corporation, One Congress Street, Suite 1, Boston, MA 02114 |
| 7,669,026 |
| 5.3 | % | 5.3 | % |
Common Stock |
| The Vanguard Group, 100 Vanguard Blvd., Malvern, PA 19355 |
| 7,436,911 |
| 5.2 | % | 5.2 | % |
Common Stock |
| Creative Planning, LLC, 5454 W. 110th Street Overland Park, KS 66211 |
| 7,435,101 |
| 5.2 | % | 5.2 | % |
Series B Preferred |
| Excel Mineral Company, P.O. Box 3800 Santa Barbara, CA 93130 |
| 750,000 | (2) | 100.0 | % | N/A | |
Series C Preferred |
| Walter Maquire, Sr., PO Box 129, Keller, VA 23401 |
| 49,091 | (3) | 27.6 | % | — | % |
Series C Preferred |
| Richard A. Woods, 59 Penn Circle West Penn Plaza Apts. Pittsburgh, PA 15206 |
| 48,305 | (3) | 27.2 | % | — | % |
Series C Preferred |
| Dr. Warren A. Evans, 69 Ponfret Landing Road Brooklyn, CT 06234 |
| 48,305 | (3) | 27.2 | % | — | % |
Series C Preferred |
| Edward Robinson, 1007 Spruce Street, 1st floor Philadelphia, PA 19107 |
| 32,203 | (3) | 18.1 | % | — | % |
Directors and Executive Officers: |
| |
| |
| |
| | |
Common Stock |
| Dr. Blaise Aguirre |
| 912,669 |
| 0.6 | % | 0.6 | % |
Common Stock |
| Lloyd Joseph Bardswich |
| 1,065,210 |
| 0.7 | % | 0.7 | % |
Common Stock |
| Joseph A. Carrabba |
| 321,034 |
| 0.2 | % | 0.2 | % |
Common Stock |
| Gary C. Evans |
| 3,629,565 |
| 2.5 | % | 2.5 | % |
Common Stock |
| Jeffrey Fink |
| 147,590 |
| 0.1 | % | 0.1 | % |
Common Stock |
| John C. Gustavsen |
| 665,375 |
| 0.5 | % | 0.5 | % |
Common Stock |
| Richard R. Isaak |
| 598,220 |
| 0.4 | % | 0.4 | % |
Common Stock |
| General John M. Keane |
| — |
| — | % | — | % |
Common Stock |
| Jon R. Marinelli |
| — |
| — | % | — | % |
Common Stock |
| Michael A. McManus |
| 788,601 |
| 0.5 | % | 0.5 | % |
Common Stock |
| Melissa M. Pagen |
| 163,829 |
| 0.1 | % | 0.1 | % |
Common Stock |
| All Directors and Executive Officers as a Group |
| 8,292,093 |
| 5.7 | % | 5.7 | % |
Common and Preferred Voting Stock |
| All Directors and Executive Officers as a Group |
| 8,292,093 |
| 5.7 | % | 5.7 | % |
| (1) | Beneficial Ownership is determined in accordance with the rules of the Securities and Exchange Commission and generally includes voting or investment power with respect to securities, which includes the power to dispose of or to direct the disposition of the security or the right to acquire such powers within 60 days. In computing the number of shares of our common stock beneficially owned by a person or entity and the percentage ownership, we deem outstanding shares of our stock subject to options, warrants or other rights held by that person or entity that are currently exercisable or exercisable within 60 days of March 12, 2026. We do not deem these shares outstanding, however, for the purpose of computing the percentage ownership of any other person or entity. Unless otherwise indicated, and subject to applicable community property laws, we believe that the persons and entities named in the table have sole voting and investment power with respect to all shares of stock beneficially owned by them. “Percent of Class” is based on 143,371,936 shares of common stock, 750,000 shares of Series B Preferred Stock and 177,904 shares of Series C Preferred Stock outstanding on March 12, 2026. “Percent of Voting Stock” is based on 143,549,840 shares, which is the total of all the common stock issued and all Series C Preferred Stock outstanding at March 12, 2026. |
| (2) | The outstanding Series B preferred shares carry voting rights only if the Company is in default in the payment of declared dividends. The Board of Directors has not declared any dividends as due and payable for the Series B preferred stock. |
| (3) | The outstanding Series C preferred shares carry voting rights equal to the same number of shares of common stock. |
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Securities Authorized for Issuance under Equity Compensation Plans
The following table summarizes equity compensation plans that were approved by our shareholders and equity compensation plans that were not approved by our shareholders as of December 31, 2025:
| | | Number of securities | ||||
remaining available | |||||||
for future issuance | |||||||
Number of securities | under equity | ||||||
to be issued upon | Weighted-average | compensation plans | |||||
exercise of | exercise price of | (excluding securities | |||||
outstanding options, | outstanding options, | reflected in column | |||||
Plan category | | warrants and rights | | warrants and rights | | (a)) | |
| (a) |
| (b) |
| (c) | ||
Equity compensation plans approved by shareholders |
| 5,635,748 | $ | 1.21 |
| 12,000,276 | |
Equity compensation plans not approved by shareholders |
| — |
| — |
| — | |
| 5,635,748 | $ | 1.21 |
| 12,000,276 | ||
Item 13. Certain Relationships and Related Transactions, and Director Independence
Except as described below, there were no transactions during 2025, and there are no currently proposed transactions, in which we were a party to and in which any director, executive officer or beneficial owner of five percent (5%) or more of any class of our voting securities or relatives of our directors, executive officers or five percent (5%) beneficial owners had a direct or indirect material interest.
Effective March 1, 2026, the Company hired Angel Beltran, the son-in-law of Gary C. Evans, the Company’s Chairman and Chief Executive Officer, in a position within the Company’s antimony operations. Mr. Beltran’s compensation is consistent with that of other employees with similar responsibilities and experience.
Item 14. Principal Accountant Fees and Services
Principal Accounting Fees and Services
The aggregate fees billed by Assure CPA, LLC (“Assure CPA”) for professional services rendered to us were as follows:
| Years ended December 31, | |||||
2025 | | 2024 | ||||
Audit Fees (1) | $ | 181,006 | $ | 175,219 | ||
Audit-Related Fees(2) |
| 13,725 |
| 7,825 | ||
Tax Fees (3) |
| 41,142 |
| 19,075 | ||
All Other Fees (4) |
| 1,787 |
| 10,400 | ||
Total | $ | 237,660 | $ | 212,519 | ||
| (1) | Audit fees consist of fees billed for professional services rendered for the audit of our financial statements and review of interim consolidated financial statements included in quarterly reports and services that are normally provided by the principal accountants in connection with statutory and regulatory filings or engagements. |
| (2) | Audit-related fees relate to services for stock registrations. |
| (3) | Tax fees consist of fees billed for professional services for tax compliance, tax advice and tax planning. |
| (4) | All other fees consist of services on our legal entity structure and potential acquisitions. |
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Pre-Approval Policy
Our Board and Audit Committee review and approve audit and permissible non-audit services performed by Assure CPA, as well as the fees charged by Assure CPA for such services. In its review of non-audit service fees and its appointment of Assure CPA as our independent accountants, the Board considered whether the provision of such services is compatible with maintaining Assure CPA independence. All services provided by Assure CPA in 2025 and 2024 were pre-approved by the Board and the audit committee.
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PART IV
Item 15. Exhibits and Financial Statement Schedules
1. EXHIBITS
The exhibits listed in (b) below are filed as part of this Annual Report and incorporated herein by reference.
(b) Exhibits:
Exhibit Number | | Description |
3.1 | Certificate of Formation (incorporated by reference as Exhibit 3.1 to the Company’s current Report on Form 8-K filed with the SEC on August 28, 2025). | |
3.2 | Bylaws (incorporated by reference as Exhibit 3.2 to the Company’s Current Report on Form 8-K filed with the SEC on August 28, 2025). | |
4.1* | Description of Securities | |
4.2 | Common Stock Purchase Warrant (incorporated by reference to Exhibit 4.1 to the Company’s Current Report on Form 8-K filed with the SEC on Form 8-K on February 2, 2021). | |
4.3 | Common Stock Purchase Warrant (incorporated by reference to Exhibit 4.3 to the Company’s Current Report on Form 8-K filed with the SEC on Form 8-K on July 27, 2020). | |
10.1 * | Operating Agreement of US Americas Refining JV, LLC (Portions of this exhibit have been omitted pursuant to Item 601(b)(10) of Regulation S-K) | |
10.2* | Compensation Committee Charter | |
14.1* | Code of Ethics | |
14.2 * | Code of Conduct | |
19 * | Insider Trading Policy (included in Exhibit 14.1) | |
21.1 * | Subsidiaries of the Company | |
23.1 * | Consent of Independent Registered Public Accounting Firm, Assure CPA, LLP | |
31.1 * | Certification of Principal Executive Officer pursuant to Rule 13a-14(a) and Rule 15d-14(a) under the Exchange Act, as adopted pursuant to Section 302 of the Sarbanes Oxley Act of 2002. | |
31.2 * | Certification of Principal Financial Officer pursuant to Rule 13a-14(a) and Rule 15d-14(a) under the Exchange Act, as adopted pursuant to Section 302 of the Sarbanes Oxley Act of 2002. | |
32.1 * | Certifications of Principal Executive Officer and Principal Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes Oxley Act of 2002. | |
95 * | Mine Safety Disclosure | |
97 * | United States Antimony Clawback Policy | |
101.INS | XBRL Instance Document | |
101.SCH | XBRL Taxonomy Extension Schema Document | |
101.CAL | XBRL Taxonomy Extension Calculation Linkbase Document | |
101.DEF | XBRL Taxonomy Extension Definition Linkbase Document | |
101.LAB | XBRL Taxonomy Extension Label Linkbase Document | |
101.PRE | XBRL Taxonomy Extension Presentation Linkbase Document | |
104 | Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101) |
* | Filed herewith. |
Item 16. Form 10-K Summary
Not applicable.
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SIGNATURES
Pursuant to the requirements of Section 13 or 15(b) of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
UNITED STATES ANTIMONY CORPORATION | | |||
(Registrant) | ||||
By: | /s/ Richard R. Isaak | Date: March 19, 2026 | ||
Richard R. Isaak | ||||
SVP and Chief Financial Officer | ||||
(principal financial officer and principal accounting officer) | ||||
Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.
By: | /s/ Gary C. Evans | | Date: | March 19, 2026 |
Gary C. Evans, Chairman and CEO (principal executive officer) | ||||
By: | /s/ Lloyd Joseph Bardswich | | Date: | March 19, 2026 |
Lloyd Joseph Bardswich, Executive Vice President, Chief Mining Engineer and Director | ||||
By: | /s/ Richard R. Isaak | | Date: | March 19, 2026 |
Richard R. Isaak, SVP and Chief Financial Officer (principal financial officer and principal accounting officer) | ||||
By: | /s/ Rachel Hubert | | Date: | March 19, 2026 |
Rachel Hubert, Controller | ||||
By: | /s/ Dr. Blaise Aguirre | | Date: | March 19, 2026 |
Dr. Blaise Aguirre, Director | ||||
By: | /s/ Joseph A. Carrabba | | Date: | March 19, 2026 |
Joseph A. Carrabba, Director | ||||
By: | /s/ General John M. Keane | | Date: | March 19, 2026 |
General John M. Keane, Director | ||||
By: | /s/ Jon R. Marinelli | | Date: | March 19, 2026 |
John R. Marinelli, Director | ||||
By: | /s/ Michael A. McManus | Date: | March 19, 2026 | |
Michael A. McManus, Director | ||||
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FAQ
How did United States Antimony (UAMY) perform in 2025 in its antimony business?
What is the significance of UAMY’s $248 million DLA contract?
How concentrated are United States Antimony’s (UAMY) customers?
What did UAMY disclose about internal controls over financial reporting?
What strategic investments and partnerships did United States Antimony make?
How is UAMY expanding its resource base and processing capacity?
Where does the zeolite segment fit in United States Antimony’s business?
