United States Antimony (NYSE: UAMY) expands smelter, wins $27M grant despite H1 loss
United States Antimony Corporation reported lower sales and a swing to loss while significantly strengthening its balance sheet and advancing growth projects for the six months ended June 30, 2026. Revenue was $14,709,670, down from $17,525,128 a year earlier, with antimony sales declining and zeolite sales increasing. Cost inflation and sharply higher operating expenses, including $7,738,892 of share-based compensation, drove an operating loss of $14,498,095 versus prior-year operating income of $377,999. The company recorded a net loss of $11,184,200 compared with net income of $728,079 in 2025.
Liquidity improved through equity issuance and a federal grant. Cash and cash equivalents were $41,434,379 and total assets $190,616,714, while debt remained low at $334,775. An at-the-market stock program raised $49,070,838 net, and a $27.0 million Defense Production Act grant is funding expansion of the Thompson Falls, Montana facility, of which $12,848,246 has been recognized as a reduction of property, plant and equipment. The smelter expansion, with total estimated capital of about $39 million, was substantially completed in the quarter. The company also holds a $43,219,151 equity stake in Larvotto Resources Limited, generating significant unrealized gains, and secured a five-year IDIQ contract with the U.S. Defense Logistics Agency with a maximum value of $245 million, with initial shipments of approximately 82,000 pounds of antimony to be recognized as $2.6 million of third-quarter revenue.
Positive
- $27.0 million Defense Production Act grant supports expansion and modernization of domestic antimony processing and Alaskan mining operations, with $12.8 million already applied to reduce project capital costs.
- A five-year IDIQ contract with the U.S. Defense Logistics Agency for antimony metal ingots has a maximum value of $245 million, with initial shipments of about 82,000 pounds generating $2.6 million of revenue in July 2026.
- Cash and cash equivalents of $41,434,379 and low total debt of $334,775 reflect a strong liquidity position following an at-the-market equity raise of $49,070,838 net.
- The Thompson Falls, Montana smelting capacity expansion, with estimated capital expenditures of about $39 million, was substantially completed and $4.1 million of assets were placed in service in the quarter.
Negative
- Revenue declined to $14,709,670 for the first half of 2026 from $17,525,128 in 2025, driven by lower antimony sales.
- The company reported a net loss of $11,184,200 for the first six months of 2026 versus net income of $728,079 a year earlier, reflecting sharply higher operating expenses.
- Net cash used in operating activities increased to $20,720,183 for the first half of 2026 from $2,356,986, driven by losses, inventory build, and working capital outflows.
- Share-based compensation rose to $7,738,892 for the first half of 2026 from $832,297 in 2025, materially increasing operating expenses and contributing to the period’s loss.
Filing Explained
The $27 million grant is not fully committed: $16.2 million was obligated, while $14.2 million remained milestone- or authorization-dependent at June 30, 2026.
United States Antimony Corporation’s Form 10-Q, an unaudited quarterly report, records the company’s financial position as of
The company holds a
A
The company was obligated to make approximately
Although the grant award totals
The grant’s remaining funding is tied to milestone completion and formal acceptance through
Key Figures
Key Terms
Indefinite Delivery, Indefinite Quantity (IDIQ) contract regulatory
Defense Production Act regulatory
net smelter return royalty financial
at the market offerings financial
equity method of accounting financial
asset retirement obligations financial
Earnings Snapshot
AI-generated analysis. How Rhea-AI works. Not financial advice.
FAQ
How did UAMY perform financially for the six months ended June 30, 2026?
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Table of Contents
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM
(Mark One)
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Quarterly Report Pursuant to Section 13 Or 15(d) Of The Securities Exchange Act of 1934 |
For the quarterly period ended
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Transition Report Under Section 13 Or 15(d) Of The Securities Exchange Act of 1934 |
For the transition period ________ to ________
COMMISSION FILE NUMBER
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(Exact name of registrant as specified in its charter) |
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(State or other jurisdiction of incorporation or | | (IRS Employer Identification No.) |
organization) | | |
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(Address of principal executive office) | | (Postal Code) |
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(Registrant’s telephone number)
Securities registered pursuant to Section 12(b) of the Act:
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Title of Each Class | | Trading Symbol | | Name of Each Exchange on Which Registered |
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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 checkmark whether the registrant has submitted electronically every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit and post filed).
Indicate by checkmark whether the registrant is a large accelerated filer, an accelerated filer, or a non-accelerated filer. See definition of “Accelerated filer and large accelerated filer” in Rule 12b-2 of the Exchange Act (Check one):
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Large Accelerated Filer | ☐ | Accelerated Filer | ☐ |
☒ | Smaller Reporting Company | ||
Emerging Growth Company | | |
If an emerging growth company, indicate by check mark 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 is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes
As of August 7, 2026, there were
Table of Contents
Table of Contents
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PART I - FINANCIAL INFORMATION | | |
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ITEM 1. | FINANCIAL STATEMENTS | 3 |
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ITEM 2. | MANAGEMENT’S DISCUSSION AND ANALYSIS AND PLAN OF OPERATION. | 25 |
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ITEM 3. | QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK | 34 |
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ITEM 4. | CONTROLS AND PROCEDURES | 34 |
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PART II - OTHER INFORMATION | 35 | |
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ITEM 1. | LEGAL PROCEEDINGS. | 35 |
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ITEM 1A. | RISK FACTORS. | 35 |
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ITEM 2. | UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS. | 36 |
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ITEM 3. | DEFAULTS UPON SENIOR SECURITIES. | 36 |
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ITEM 4. | MINE SAFETY DISCLOSURES. | 36 |
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ITEM 5. | OTHER INFORMATION. | 36 |
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ITEM 6. | EXHIBITS. | 37 |
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PART I - FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS
UNITED STATES ANTIMONY CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)
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ASSETS |
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CURRENT ASSETS |
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Cash and cash equivalents | | $ | | | $ | |
Investment in debt securities held to maturity | |
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Accounts receivable, net | |
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Inventories | |
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Prepaid expenses and other current assets | |
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Note receivable | | | | | | |
Total current assets | |
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Property, plant and equipment, net | |
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Operating lease right-of-use assets | |
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Investment in debt securities held to maturity - noncurrent | |
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Investment in equity securities | | | | | | |
Investment in joint venture | | | | | | — |
Restricted cash | |
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Other assets, net | |
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Total assets | | $ | | | $ | |
LIABILITIES AND STOCKHOLDERS’ EQUITY | |
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CURRENT LIABILITIES | |
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Accounts payable | | $ | | | $ | |
Accrued liabilities | |
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Accrued liabilities - directors | |
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Current portion of operating lease liabilities | |
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Current portion of long-term debt | |
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Total current liabilities | |
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Operating lease liabilities, net of current portion | |
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Long-term debt, net of current portion | |
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Asset retirement obligations | |
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Total liabilities | |
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COMMITMENTS AND CONTINGENCIES (Note 16) | |
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STOCKHOLDERS’ EQUITY | |
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Preferred stock $ | |
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Series A - | |
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Series B - | |
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Series C - | |
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Series D - | |
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Common stock, $ | |
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Treasury stock ( | |
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Additional paid-in capital | |
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Accumulated deficit | |
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Total stockholders’ equity | |
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Total liabilities and stockholders’ equity | | $ | | | $ | |
The accompanying notes are an integral part of these condensed consolidated unaudited financial statements.
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UNITED STATES ANTIMONY CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)
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| | Three months ended June 30, | | Six months ended June 30, | ||||||||
| | 2026 | | 2025 | | 2026 | | 2025 | ||||
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Revenues | | $ | | | $ | | | $ | | | $ | |
Cost of revenues | |
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Gross profit | |
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Operating expenses: | |
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General and administrative | |
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Salaries and benefits | |
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Professional fees | |
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Gain on sale or disposal of property, plant and equipment, net | |
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Other operating expenses | |
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Total operating expenses | |
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Income (loss) from operations | |
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Other income (expense), net: | |
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Interest and investment income | |
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Unrealized gain on investment in equity securities | | | | | | — | | | | | | — |
Other miscellaneous income (expense), net | |
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Total other income (expense), net | |
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Income (loss) before income taxes and equity in loss of joint venture | |
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Income tax expense | |
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Income (loss) before equity in losses of joint venture | |
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Equity in losses of joint venture | | | ( | | | — | | | ( | | | — |
Net income (loss) | | | | | | | | | ( | | | |
Preferred dividends | |
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Net income (loss) available to common shareholders | | $ | | | $ | | | $ | ( | | $ | |
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Net income (loss) per share: | |
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Basic | | $ | nil | | $ | nil | | $ | ( | | $ | |
Diluted | | $ | nil | | $ | nil | | $ | ( | | $ | |
Weighted average shares outstanding: | |
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Basic | |
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Diluted | |
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The accompanying notes are an integral part of these condensed consolidated unaudited financial statements.
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UNITED STATES ANTIMONY CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY (UNAUDITED)
For the three and six months ended June 30, 2026 and 2025
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| | Preferred Stock | | Common stock | | | | | | | | | | | | | ||||||
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| | | | | | | | | | | | Paid-In | | Accumulated | | Treasury | | Stockholders’ | ||||
| | Shares | | Par Value | | Shares | | Par Value | | Capital | | Deficit | | Stock | | Equity | ||||||
Balance - December 31, 2025 | | | | $ | | | | | $ | | | $ | | | $ | ( | | $ | ( | | $ | |
Net loss | | — | | | — | | — | | | — | | | — | | | ( | | | — | | | ( |
Share-based compensation |
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Issuance of common stock under equity incentive plan |
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Issuance of common stock for cash, net of issuance costs |
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Issuance of common stock upon exercise of warrants |
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Balance - March 31, 2026 |
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Net income |
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Share-based compensation |
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Issuance of common stock under equity incentive plan |
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Issuance of common stock for cash, net of issuance costs |
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Issuance of common stock upon exercise of warrants |
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Balance - June 30, 2026 |
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| $ | |
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| | Preferred Stock | | Common stock | | | | | | | | | | ||||||
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| | Shares | | Par Value | | Shares | | Par Value | | Capital | | Deficit | | Equity | |||||
Balance - December 31, 2024 |
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Net income |
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Share-based compensation |
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Issuance of common stock under equity incentive plan |
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Issuance of common stock for cash, net of issuance costs | | — | | | — | | | | | | | | | | | — | | | |
Issuance of common stock upon exercise of warrants | | — | | | — | | | | | | | | | | | — | | | |
Balance - March 31, 2025 |
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Net income |
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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 | | — | | | — | | | | | | | | | | | — | | | |
Issuance of common stock upon exercise of warrants | | — | | | — | | | | | | | | | | | — | | | |
Balance - June 30, 2025 |
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| | | $ | | | $ | | | $ | ( | | $ | |
The accompanying notes are an integral part of these condensed consolidated unaudited financial statements.
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Table of Contents
UNITED STATES ANTIMONY CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
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| | Six months ended June 30, | ||||
| | 2026 | | 2025 | ||
CASH FLOWS FROM OPERATING ACTIVITIES: |
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Net income (loss) | | $ | ( | | $ | |
Adjustments to reconcile income (loss) to net cash used in 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 securities held to maturity | | | ( | | | ( |
Paid-in-kind interest from notes receivable | | | ( | | | — |
Gain on sale or disposal of property, plant and equipment, net | |
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| ( |
Equity in losses of joint venture | | | | | | — |
Write-down of inventory to net realizable value | | | | | | — |
Change in allowance for credit losses | | | | | | |
Unrealized gain on investment in equity securities | | | ( | | | — |
Changes in operating assets and liabilities: | |
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Accounts receivable | |
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Inventories | |
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Prepaid expenses and other current assets | |
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IVA receivable and other assets | |
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Accounts payable | |
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Accrued liabilities | |
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Accrued liabilities – directors | |
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Net cash used in operating activities | |
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CASH FLOWS FROM INVESTING ACTIVITIES: | |
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Proceeds from maturity of debt securities held to maturity | | | | | | — |
Purchases of debt securities held to maturity | | | ( | | | ( |
Proceeds from note receivable principal payment | |
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Additional advance under convertible note receivable | | | ( | | | — |
Proceeds from sales of property, plant and equipment | |
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Investment in joint venture | | | ( | | | — |
Proceeds from government grant related to capital expenditures | | | | | | — |
Purchases of property, plant and equipment | |
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Net cash used in investing activities | |
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CASH FLOWS FROM FINANCING ACTIVITIES: | |
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Principal payments on long-term debt | |
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Proceeds from exercises of stock options | | | | | | |
Treasury stock acquired | | | ( | | | — |
Proceeds from issuance of common stock, net of issuance costs | |
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Proceeds from exercise of warrants | |
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Net cash provided by financing activities | |
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NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS AND RESTRICTED CASH | |
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CASH AND CASH EQUIVALENTS AND RESTRICTED CASH AT BEGINNING OF PERIOD | |
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CASH AND CASH EQUIVALENTS AND RESTRICTED CASH AT END OF PERIOD | | $ | | | $ | |
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SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION: | |
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Interest paid in cash | | $ | | | $ | |
NON-CASH FINANCING AND INVESTING ACTIVITIES: | |
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Recognition of operating lease liability and right-of-use asset | | $ | — | | $ | |
Equipment purchased with note payable | | $ | | | $ | — |
Property and equipment included in accounts payable / accrued liabilities | | $ | | | $ | — |
The accompanying notes are an integral part of these condensed consolidated unaudited financial statements.
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UNITED STATES ANTIMONY CORPORATION AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
June 30, 2026
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. In April 1998, the Company formed US Antimony de Mexico, S.A. de C.V. (“USAMSA”) to produce antimony products in Mexico, and, in August 2005, the Company formed Antimonio de Mexico, S.A. de C.V. (“ADM”) to explore and develop antimony and precious metal deposits in Mexico. The Company formed Bear River Zeolite Company (“BRZ”) in 2000 where at its 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 in 2025 and 2026, the Company has acquired mining claims, real properties (patented claims) and leases located in Alaska, Montana and Ontario, Canada all of which are prospective for both antimony ore and other critical minerals. These acquisitions have the potential to increase antimony ore throughput at the Company’s facilities, reduce the cost of third-party antimony ore purchases, provide reliability of supply, expand the Company’s product offerings and diversify its critical mineral portfolio. The Company has also entered into an agreement to acquire certain exploration rights for mining properties located in the southeastern United States.
NOTE 2 - BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES
In the opinion of management, the accompanying unaudited condensed consolidated financial statements contain all adjustments, consisting of only normal recurring adjustments, necessary for a fair statement of its financial position as of June 30, 2026, and its results of operations and cash flows for the three and six months ended June 30, 2026 and 2025. The Condensed Consolidated Balance Sheet as of December 31, 2025, was derived from audited annual financial statements but does not contain all of the footnote disclosures from the annual financial statements.
These unaudited interim financial statements have been prepared by management in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”). These unaudited interim financial statements should be read in conjunction with the annual audited financial statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025, filed with the Securities and Exchange Commission on March 19, 2026.
Use of Estimates
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. Operating results for the three and six months ended June 30, 2026, are not necessarily indicative of the results that may be expected for the full year ending December 31, 2026.
Reclassifications
Certain reclassifications have been made to conform prior period amounts to the current period’s presentation. These reclassifications have no effect on the results of operations, stockholders’ equity or cash flows as previously reported.
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Table of Contents
UNITED STATES ANTIMONY CORPORATION AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
June 30, 2026
Investment in Joint Venture
In February 2026, the Company entered into a joint venture (“JV”) agreement with Americas Gold and Silver Corporation (“Americas”) to construct and operate a hydrometallurgical processing facility. The JV is owned
Under the equity method, the initial investment is recorded at cost and subsequently adjusted for the Company’s proportionate share of the JV’s net income or loss, additional capital contributions, and distributions received. The Company’s share of the JV’s results is recognized in “Equity in losses of joint venture” in the Condensed Consolidated Statements of Operations, and the investment is presented within noncurrent assets on the Condensed Consolidated Balance Sheets. The Company periodically reassesses whether it has a controlling financial interest in the JV and evaluates the investment for impairment when events or changes in circumstances indicate that the carrying amount may not be recoverable.
Recent Accounting Pronouncements
In November 2024, the Financial Accounting Standards Board (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 on 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. The Company early adopted this guidance effective January 1, 2026. See NOTE 9 – GOVERNMENT GRANT for further details.
The Company does not believe that issued, but not yet effective, accounting pronouncements, if currently adopted, would have a material effect on its condensed consolidated financial statements.
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NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
June 30, 2026
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 sets forth the calculation of basic and diluted weighted average shares outstanding and net income (loss) per share for the periods presented:
| | | | | | | | | | | | |
| | Three months ended June 30, | | Six months ended June 30, | ||||||||
| | 2026 | | 2025 | | 2026 | | 2025 | ||||
Numerator: |
| | |
| | | | | | | | |
Net income (loss) | | $ | | | $ | | | $ | ( | | $ | |
Preferred dividends | |
| ( | |
| ( | |
| ( | |
| ( |
Net income (loss) available to common shareholders | | $ | | | $ | | | $ | ( | | $ | |
Denominator: | |
| | |
| | |
| | |
| |
Weighted average shares - basic | |
| | |
| | |
| | |
| |
Add - dilutive effect of stock options | |
| | |
| | |
| — | |
| |
Add - dilutive effect of RSUs | |
| | |
| | |
| — | |
| |
Add - dilutive effect of warrants | |
| | |
| | |
| — | |
| |
Weighted average shares - diluted | |
| | |
| | |
| | |
| |
Net income (loss) per share: | |
| | |
| | |
| | |
| |
Basic | | $ | nil | | $ | nil | | $ | ( | | $ | |
Diluted | | $ | nil | | $ | nil | | $ | ( | | $ | |
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.
| | | | | | | | |
| | Three months ended June 30, | | Six months ended June 30, | ||||
| | 2026 | | 2025 | | 2026 | | 2025 |
Warrants |
| — |
| — |
| |
| — |
Stock options and RSU awards |
| |
| |
| |
| |
Total possible share dilution |
| |
| |
| |
| |
NOTE 4 – 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. |
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NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
June 30, 2026
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 investments 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.
NOTE 5 – REVENUE
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:
| | | | | | | | | | | | |
| | Three months ended June 30, | | Six months ended June 30, | ||||||||
| | 2026 | | 2025 | | 2026 | | 2025 | ||||
Antimony | | $ | | | $ | | | $ | | | $ | |
Zeolite | |
| | |
| | |
| | |
| |
Precious metals | |
| | |
| — | |
| | |
| ( |
Total revenues | | $ | | | $ | | | $ | | | $ | |
Domestic and foreign revenues were as follows:
| | | | | | | | | | | | |
| | Three months ended June 30, | | Six months ended June 30, | ||||||||
| | 2026 | | 2025 | | 2026 | | 2025 | ||||
Domestic | | $ | | | $ | | | $ | | | $ | |
Canada | |
| | |
| | |
| | |
| |
Total revenues | | $ | | | $ | | | $ | | | $ | |
The Company’s trade accounts receivable balance related to contracts with customers was $
In September 2025, the Company secured a
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UNITED STATES ANTIMONY CORPORATION AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
June 30, 2026
In November 2025, the Company executed a
NOTE 6 – INVESTMENT IN DEBT SECURITIES HELD TO MATURITY
The following is a summary of the Company’s investment securities held to maturity as of June 30, 2026:
| | | | | | | | | | | | |
| | | | | 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 | | $ | | | $ | | | $ | ( | | $ | |
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 | | Gain | | 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 | | $ | | | $ | | | $ | ( | | $ | |
During the three and six months ended June 30, 2026, the Company recognized interest income from the accretion of its U.S. Treasury Strips of $
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.
| | | | | | |
| | Amortized | | Estimated Fair | ||
| | Cost | | Value | ||
Maturing in next twelve months | | $ | | | $ | |
Maturing in next one to five years | |
| | |
| |
Total held-to-maturity securities | | $ | | | $ | |
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NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
June 30, 2026
Margin Credit Line
In 2025, the Company secured a $
NOTE 7 – INVENTORIES
Inventories at June 30, 2026 and December 31, 2025 consisted primarily of finished antimony metal ingots and antimony oxide products, antimony ore and concentrates, and finished zeolite products. Inventories are stated at the lower of first-in, first-out cost or estimated net realizable value. Finished antimony products and finished zeolite products primarily include direct materials, direct labor, overhead, depreciation, and freight. Inventories by type were as follows:
| | | | | | |
| | June 30, | | December 31, | ||
| | 2026 | | 2025 | ||
Antimony oxide | | $ | | | $ | |
Antimony metal ingots | |
| | |
| |
Antimony ore and concentrates | |
| | |
| |
Total antimony inventory | |
| | |
| |
Zeolite | |
| | |
| |
Total inventories | | $ | | | $ | |
At June 30, 2026 and December 31, 2025, inventories were 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 this inventory. During the six months ended June 30, 2026, the Company recorded a write-down of $
NOTE 8 – NOTE RECEIVABLE
In 2025, as part of an international strategic supply agreement with a supplier for the purchase of processed antimony meeting specified quality standards over an approximate
During the second quarter of 2026, the parties entered into a new Convertible Promissory Note (the “Convertible Note”), which replaced the previously outstanding note receivable. The Company entered into the Convertible Note as part of its ongoing strategic commercial relationship with the supplier. The additional funding is intended to support the supplier’s continued development of its antimony processing capabilities and future product supply.
The Convertible Note has a principal balance of $
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NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
June 30, 2026
Note, the Company received an exclusive license to this antimony processing technology for use in North America and Australia. In addition, the processed antimony being received from this supplier is below prevailing international market rates.
The Convertible Note is secured by substantially all of the assets of the borrower and is further supported by a personal guaranty from the borrower’s principal owner. The Convertible Note also contains mandatory prepayment provisions, setoff rights, and other customary creditor protections. Management evaluated the embedded conversion feature and concluded that separate derivative accounting was not required. The Company evaluated the collectability of the Convertible Note in accordance with its expected credit loss methodology and concluded that
NOTE 9 – GOVERNMENT GRANT
In March 2026, the Company was awarded a $
The award is structured as a milestone-based, firm fixed-price arrangement, with $
As part of those execution obligations, the Company is required to contribute approximately $
The Company has elected to early adopt ASU 2025-10, Government Grants (Topic 832), effective January 1, 2026, and account for the grant as a non-exchange transaction within the scope of ASC 832. Pursuant to this guidance, management evaluates the recognition of grant funding based on whether it is probable that the Company will comply with the substantive conditions of the agreement and that the grant will be received.
On March 25, 2026, the Company received formal approval from the DIBC confirming the achievement of three project milestones associated with $
The Thompson Falls facility expansion was substantially completed and $
As of June 30, 2026, the Company had not recognized any amounts related to $
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UNITED STATES ANTIMONY CORPORATION AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
June 30, 2026
NOTE 10 – PROPERTY, PLANT AND EQUIPMENT
The major components of the Company’s PP&E by segment were as follows:
| | | | | | | | | | | | |
June 30, 2026 | | 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, 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 | | $ | | | $ | | | $ | | | $ | |
In January 2026, the Company purchased substantially all assets associated with a precious metals milling facility located in Radersburg, Montana for total consideration of approximately $
Mineral rights and interests
In January 2026, the Company paid $
In January 2026, the Company paid approximately $
In March 2026, the Company completed a series of mineral rights purchases in Sanders County, Montana (commonly referred to as Stibnite Hill), including
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NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
June 30, 2026
In May 2026, the Company executed an agreement to acquire the ownership rights to various mining claims located in the Fairbanks District of Alaska. 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 | |
May 2026 | | $ | |
May 2027 | |
| |
May 2028 | |
| |
May 2029 | |
| |
Total | | $ | |
This agreement requires net smelter royalty payments by the Company based on the value realized from minerals produced from the mining claims. The agreement can be terminated without cause at any time by the Company with
The Company has entered into multiple agreements to acquire mining claims, leases, and exploration rights in Alaska, Canada, and the southeastern United States. Pursuant to the terms of these agreements, the Company is obligated as of June 30, 2026 to make aggregate payments to purchase these claims of approximately $
All payments related to these mining claims and leases that became due on or before June 30, 2026 were made by the Company pursuant to the terms of the underlying agreements. The payments made to acquire these mining claims and leases are capitalized in the “Mineral rights and interests” component of PP&E in the Condensed Consolidated Balance Sheets and included in the “All Other” category for segment reporting.
NOTE 11 – 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 the lease in March 2025 extending the term of the agreement to September 2, 2026. As a result of the amendment in March 2025, the Company reduced the ROU asset and corresponding lease liability 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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NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
June 30, 2026
Canada Operating Lease
On October 1, 2025, the Company leased office space located in Sudbury, Ontario, Canada with a lease term of
The following table summarizes expense and cash payments for both operating leases during the periods noted:
| | | | | | | | | | | | |
| | Three months ended | | Six months ended | ||||||||
| | June 30, | | June 30, | ||||||||
| | 2026 | | 2025 | | 2026 | | 2025 | ||||
Operating lease expense | | $ | | | $ | | | $ | | | $ | |
Cash paid for operating lease liabilities | |
| | |
| | |
| | |
| |
Cash paid for security deposit | |
| — | |
| — | |
| — | |
| |
At June 30, 2026, the weighted average remaining lease term of operating leases was
The following table is a maturity analysis of the future minimum lease payments for operating leases as of June 30, 2026:
| | | |
Twelve months ending June 30, | | Total | |
2027 | | $ | |
2028 | | | |
2029 | | | |
2030 | | | |
2031 | | | |
Total operating lease payments | |
| |
Less: discount on lease liabilities | |
| ( |
Total operating lease liabilities | |
| |
Less: current portion of operating lease liabilities | |
| ( |
Noncurrent operating lease liabilities | | $ | |
NOTE 12 – INVESTMENT IN EQUITY SECURITIES
In October 2025, the Company acquired
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NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
June 30, 2026
Australian dollar (“AUD”) / U.S. dollar (“USD”) exchange rate, or a combination of both. The Company’s Larvotto investment is classified as a non-current asset in the condensed consolidated balance sheets because it is considered a strategic investment that may be held long-term. As of June 30, 2026 and December 31, 2025, the fair value of the investment reflected in the condensed consolidated balance sheet was $
NOTE 13 – INVESTMENT IN JOINT VENTURE
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 “JV”). The Company holds a
The JV is expected to be funded in part through contributions of nonmonetary assets, including (i) rights to use proprietary hydrometallurgical processing technology to be contributed by the Company through a sublicense arrangement and (ii) rights to use and ultimately acquire the project site to be contributed by Americas through a staged lease-to-transfer structure. As of June 30, 2026, these nonmonetary contributions have not yet been made.
The Company has made capital contributions to the JV of $
The JV is currently in the early stages of organizational development and has not commenced any significant operational activities. For the three and six months ended June 30, 2026, the Company recognized equity in losses of the JV of $
Earlier this year, the Company made a formal application on behalf of the JV to the Department of War for grant awards to fund the construction of this new hydrometallurgical processing facility. The likelihood of such future awards cannot yet be determined.
NOTE 14 – LONG-TERM DEBT
Long-term debt was as follows:
| | | | | | |
| | June 30, 2026 | | December 31, 2025 | ||
Equipment financing - maturing May 2027 | | $ | | | $ | |
Equipment financing - maturing May 2030 | |
| | |
| — |
Total debt | | | | | | |
Less current portion of debt payments | | | ( | | | ( |
Long-term debt, net of current portion | | $ | | | $ | |
In May 2024, BRZ acquired a large front-end wheel loader pursuant to a financing arrangement with a total contractual obligation of approximately $
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UNITED STATES ANTIMONY CORPORATION AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
June 30, 2026
In April 2026, the Company acquired a mid-size front-end wheel loader to be used at its precious metals milling facility located in Radersburg, Montana pursuant to a financing arrangement with a total contractual obligation of approximately $
At June 30, 2026, principal payments on debt were due as follows:
| | | |
Twelve months ending June 30, | | Total | |
2027 | | $ | |
2028 | |
| |
2029 | | | |
2030 | | | |
2031 | | | — |
Total debt payments | | | |
Less: discount on debt | | | ( |
Total debt payments net of discount | | | |
Less: current portion of debt payments | | | ( |
Long-term debt, net of current portion | | $ | |
NOTE 15 – TAX
Management estimates the Company’s 2026 effective tax rate to be
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 $
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
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UNITED STATES ANTIMONY CORPORATION AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
June 30, 2026
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 16 – COMMITMENTS AND CONTINGENCIES
Mine Safety Matters
Historically, BRZ has been assessed fines and penalties by the Mine Safety and Health Administration (“MSHA”). During the six months ended June 30, 2026, BRZ received four citations from MSHA, none of which were significant and substantial. All four citations were rectified by BRZ and terminated by MSHA either on the day the citations were issued or the day after. At June 30, 2026 and December 31, 2025, BRZ had
BRZ’s Zeolite Lease
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”).
Thompson Falls, Montana Facility Expansion
In April 2025, the Company engaged 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 $
Inventory Purchase Commitments
As of June 30, 2026, the Company had outstanding purchase commitments for antimony inventory with an aggregate estimated cost of approximately $
Legal Matters
The Company’s Mexican subsidiary USAMSA is a defendant in a commercial lawsuit relating to historical obligations under an agreement for certain services related to mining claims in Mexico. The action is in its initial stages with the plaintiff seeking approximately $
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UNITED STATES ANTIMONY CORPORATION AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
June 30, 2026
resolution of the matter and until posting of a judicial surety bond to substitute for the attachment is completed. As a result, the Company has classified such amount as restricted cash in the accompanying Condensed Consolidated Balance Sheet as of June 30, 2026. The Company intends to vigorously defend the action and, based on the information currently available and after consultation with legal counsel, management does not believe a loss is probable. Accordingly,
The Company is from time to time involved in various other claims, legal proceedings and complaints arising in the ordinary course of business. The Company does not believe that adverse decisions in any such pending or threatened proceedings, or any amount that the Company might be required to pay by reason thereof, would have a material adverse effect on the financial condition or future results of the Company.
NOTE 17 – STOCKHOLDERS’ EQUITY
Issuance of Common Stock
During the six months ended June 30, 2026 and 2025, the Company issued
Sale of Common Stock
During the six months ended June 30, 2026, the Company sold
The Company also 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
Share-based compensation expense for the periods noted was as follows:
| | | | | | | | | | | | |
| | Three months Ended | | Six months Ended | ||||||||
| | June 30, | | June 30, | ||||||||
| | 2026 | | 2025 | | 2026 | | 2025 | ||||
Stock options | | $ | | | $ | | | $ | | | $ | |
RSUs | |
| | |
| | |
| | |
| |
Total share-based compensation expense | | $ | | | $ | | | $ | | | $ | |
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UNITED STATES ANTIMONY CORPORATION AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
June 30, 2026
The following table summarizes the aggregate non-cash stock-based compensation recognized in the Condensed Consolidated Statement of Operations for stock options and RSUs:
| | | | | | | | | | | | |
| | Three months Ended | | Six months Ended | ||||||||
| | June 30, | | June 30, | ||||||||
| | 2026 | | 2025 | | 2026 | | 2025 | ||||
General and administrative | | $ | | | $ | | | $ | | | $ | |
Salaries and benefits | |
| | |
| | |
| | |
| |
Professional fees | |
| | |
| | |
| | |
| |
Total non-cash share-based compensation expense | | $ | | | $ | | | $ | | | $ | |
Stock options
Stock options granted typically have a
| | | | |
| | Six Months Ended |
| |
Weighted-Average Grant Date Assumptions | | June 30, 2026 |
| |
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, 2025 |
| | | $ | |
| | $ | | |
Granted |
| | |
| |
| — | |
| — |
Exercised |
| ( | |
| |
| — | |
| — |
Forfeited |
| ( | |
| |
| — | |
| — |
Expired |
| — | |
| — |
| — | |
| — |
Options outstanding, June 30, 2026 |
| | | $ | |
| | $ | | |
Nonvested options, June 30, 2026 |
| | | $ | |
| | $ | | |
Vested and exercisable options, June 30, 2026 |
| | | $ | |
| | $ | | |
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UNITED STATES ANTIMONY CORPORATION AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
June 30, 2026
At June 30, 2026, total unrecognized share-based compensation expense related to stock options was $
During the six months ended June 30, 2025,
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, 2025 |
| | | $ | |
Granted |
| | |
| |
Vested |
| ( | |
| |
Forfeited |
| ( | |
| |
RSUs outstanding at June 30, 2026 |
| | | $ | |
At June 30, 2026, total unrecognized share-based compensation expense related to RSUs was $
Common stock warrants
During the six months ended June 30, 2026, the Company issued
Following is a summary of the Company’s warrant activity during the six months ended June 30, 2026:
| | | | | |
| | | | Weighted | |
| | Number of | | Average | |
| | Warrants | | Exercise Price | |
Balance at December 31, 2025 |
| | | $ | |
Exercised |
| ( | |
| |
Balance at June 30, 2026 |
| | | $ | |
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UNITED STATES ANTIMONY CORPORATION AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
June 30, 2026
Each warrant represents the right to receive
| | | | | | | |
Number of warrants | | Exercise Price | | Expiration Date | | Remaining life (years) | |
| $ | |
| 8/3/2026 |
| ||
Treasury Stock
The Company retains and holds shares of its common stock as treasury stock to manage the settlement of employee equity awards. Shares are retained primarily to cover the option exercise price and, if any, required tax withholding for cashless stock option exercises and to satisfy employees’ tax obligations upon RSU vesting. During the six months ended June 30, 2026, the Company withheld
NOTE 18 – BUSINESS SEGMENTS
The Company has
| ● | Our facility located in the Burns Mining District of Sanders County in Montana that processes raw antimony 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 raw antimony ore primarily into antimony metal ingots and a lower grade of antimony oxide. |
Our zeolite segment consists of our facility located in Preston, Idaho that mines, processes, and sells zeolite.
The following components of the Company’s business were not engaged in business activities at June 30, 2026 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 for a management employee, apartment complex in Thompson Falls, Montana for hourly employees, and flotation and concentration facility located in Radersburg, Montana, have been included in the “All Other” category for segment reporting. The Company’s chief operating decision maker is its chief executive officer.
Total assets by segment were as follows:
| | | | | | |
Total Assets | | June 30, 2026 | | December 31, 2025 | ||
Antimony segment | | $ | | | $ | |
Zeolite segment | |
| | |
| |
All other | |
| | |
| |
Total assets | | $ | | | $ | |
Total capital expenditures by segment were as follows:
| | | | | | | | | | | | |
| | Three months ended June 30, | | Six months ended June 30, | ||||||||
Capital expenditures | | 2026 | | 2025 | | 2026 | | 2025 | ||||
Antimony segment | | $ | | | $ | | | $ | | | $ | |
Zeolite segment | | | | |
| | |
| | |
| |
All other | | | | |
| | |
| | |
| |
Total capital expenditures | | $ | | | $ | | | $ | | | $ | |
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UNITED STATES ANTIMONY CORPORATION AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
June 30, 2026
Selected segment operational information were as follows:
| | | | | | | | | | | | |
Three months ended June 30, 2026 | | Antimony | | Zeolite | | All Other | | Total | ||||
Total revenues | | $ | | | $ | | | $ | — | | $ | |
Depreciation and amortization | |
| | |
| | |
| | |
| |
Loss from operations | |
| ( | |
| ( | |
| ( | |
| ( |
Other income | |
| | |
| | |
| | |
| |
Income tax expense | |
| | |
| | |
| | |
| — |
Equity in losses of joint venture | | | | | | | | | | | | ( |
Net income | |
| | |
| | |
| | | $ | |
| | | | | | | | | | | | |
Three months ended June 30, 2025 | | Antimony | | Zeolite | | All Other | | Total | ||||
Total revenues | | $ | | | $ | | | $ | — | | $ | |
Depreciation and amortization | |
| | |
| | |
| | |
| |
Income (loss) from operations | |
| | |
| ( | |
| ( | |
| |
Other income | |
| | |
| | |
| | |
| |
Income tax expense | |
| | |
| | |
| | |
| — |
Net income | |
| | |
| | |
| | | $ | |
| | | | | | | | | | | | |
Six months ended June 30, 2026 | | Antimony | | Zeolite | | All Other | | Total | ||||
Total revenues | | $ | | | $ | | | $ | — | | $ | |
Depreciation and amortization | |
| | |
| | |
| | |
| |
Loss from operations | |
| ( | |
| ( | |
| ( | |
| ( |
Other income | |
| | |
| | |
| | |
| |
Income tax expense | |
| | |
| | |
| | |
| — |
Equity in losses of joint venture | |
| | |
| | |
| | | | ( |
Net loss | | | | | | | | | | | $ | ( |
| | | | | | | | | | | | |
Six months ended June 30, 2025 | | Antimony | | Zeolite | | All Other | | Total | ||||
Total revenues | | $ | | | $ | | | $ | — | | $ | |
Depreciation and amortization | |
| | |
| | |
| | |
| |
Income (loss) from operations | |
| | |
| ( | |
| ( | |
| |
Other income | |
| | |
| | |
| | |
| |
Income tax expense | |
| | |
| | |
| | |
| — |
Net income | |
| | |
| | |
| | | $ | |
Note 19 - SUBSEQUENT EVENT
Shipments to DLA
During June 2026, the Company fulfilled its first
Common Stock Warrants
In July 2026, the Company issued
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ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS.
CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS
Readers should note that, in addition to the historical information contained herein, this Quarterly Report and the exhibits attached hereto contain “forward-looking statements” within the meaning of, and intended to be covered by, the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements are based upon current expectations and beliefs concerning future developments and their potential effects on United States Antimony Corporation (“US Antimony,” “USAC,” and the “Company”) including matters related to the Company’s operations, pending contracts and future revenues, financial performance, and profitability, ability to execute on its increased production and installation schedules for planned capital expenditures, and the size of forecasted deposits. Although the Company believes that the expectations reflected in the forward-looking statements and the assumptions upon which they are based are reasonable, it can give no assurance that such expectations and assumptions will prove to have been correct. The reader is cautioned not to put undue reliance on these forward-looking statements, as these statements are subject to numerous factors and uncertainties.
Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance (often, but not always using words or phrases such as “believes,” “expects” or “does not expect,” “is expected,” “outlook,” “anticipates” or “does not anticipate,” “plans,” “estimates,” “forecast,” “project,” “pro forma,” or “intends,” or stating that certain actions, events or results “may” or “could,” “would,” “might” or “will” be taken, occur or be achieved) are not statements of historical fact and may be forward-looking statements. Forward-looking statements are subject to numerous assumptions, risks and uncertainties, which change over time. Forward-looking statements speak only as of the date they are made and are subject to assumptions and uncertainties. Forward-looking statements are subject to a variety of known and unknown risks, uncertainties and other factors which could cause actual events or results to differ from those expressed or implied by the forward-looking statements, including, without limitation, risks related to:
| ● | The Company’s properties being in the exploration stage; |
| ● | Macroeconomic factors; |
| ● | The imposition of new tariffs, changes in trade policy or agreements, or the escalation of trade tensions between the United States and other countries or regions could have a material adverse impact on our business; |
| ● | Continued operational losses; |
| ● | Negative consequences related to mineral operations being subject to existing and new government regulations within and outside the United States; |
| ● | The Company’s ability to obtain additional capital to develop the Company’s resources, if any; |
| ● | Concentration of customers; |
| ● | Increase in energy costs; |
| ● | Mineral exploration and development activities; |
| ● | Mineral estimates; |
| ● | The Company’s insurance coverage for operating risks; |
| ● | The fluctuation of prices for antimony and precious metals, such as gold and silver; |
| ● | The competitive industry of mineral exploration; |
| ● | The title and rights in the Company’s mineral properties; |
| ● | Environmental hazards; |
| ● | The possible dilution of the Company’s common stock from additional financing activities; |
| ● | Metallurgical and other processing problems; |
| ● | Unexpected geological formations; |
| ● | Global economic and political conditions; |
| ● | Staffing in remote locations; |
| ● | Changes in product costing; |
| ● | Inflation on operational costs and profitability; |
| ● | Competitive technology positions and operating interruptions (including, but not limited to, labor disputes, leaks, fires, flooding, landslides, power outages, explosions, unscheduled downtime, transportation interruptions, war and terrorist activities); |
| ● | Global pandemics, natural disasters, or civil unrest; |
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| ● | Mexican labor and other 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; |
| ● | Potential conflicts of interest with the Company’s management; |
| ● | Mining exploration, development, and production not being economically viable; |
| ● | Processing and selling ore from new suppliers and internal sources not being economically viable; |
| ● | Mineral reserve estimates, including those prepared by “Qualified Persons” (as defined by SEC Regulation S-K 1300), are not guarantees of the volume or grade of ore that will ultimately be recovered; |
| ● | Risks associated with non-domestic supply of antimony ore that could negatively impact our financial condition and results of operations including, among others, receipt of ore later than expected or not at all, antimony content in ore being less than expected, higher costs than expected related to logistics, ore content making ore more difficult to process, more costly to process, and/or take more time to process than expected, and the inability to process ore due to its possible content of deleterious elements; |
| ● | Not achieving revenue growth, revenue diversification, and/or additional profit expected from initiatives and changes in our business that have been implemented or are being implemented could cause a significant negative impact on our financial condition and results of operations; |
| ● | Volatility in market prices related to the Company’s investment in equity securities could negatively impact our financial condition and results of operations; |
| ● | The Company’s supply contracts, including its sole-source contract with the DLA for antimony metal ingots, expose it to a variety of risks that could adversely impact performance and financial results; |
| ● | Not having the cash flow from operations or other sources or vehicles to fully fund and support the business, strategy, initiatives, changes, and operations, among others, could negatively impact our financial condition and results of operations; |
| ● | A discrepancy between the number of outstanding shares of our common stock as determined by the Transfer Agent and the number of outstanding shares of our common stock as determined by the Depositary Trust Company could have a material adverse effect on our financial reporting processes, regulatory compliance, corporate actions, investor confidence, and the market price of our common stock; |
| ● | Lack of personnel to execute the Company’s strategy could delay or derail the Company’s implementation of its strategy that could negatively impact our financial condition and results of operations; |
| ● | The Company is subject to significant operational and performance risks as the managing member of a joint venture that could negatively impact our financial condition and results of operations; |
| ● | The Company’s minority ownership position and capital funding obligations in the joint venture expose us to dilution, financing, and governance risks; |
| ● | The Company’s ability to receive funding under its Department of War grant award is subject to the achievement of specified milestones and ongoing compliance with program requirements, and any failure to satisfy these conditions or obtain continued authorization could result in delays, reductions, or loss of funding and adversely affect the Company’s financial condition and liquidity; |
| ● | The Company is exposed to credit and supply chain risks related to its $4.0 million Convertible Promissory Note and corresponding strategic relationship with a key international antimony supplier; |
| ● | The Company’s significant inventory position in Mexico may expose us to operational, inventory valuation, and liquidity risks; and |
| ● | Fluctuations in the price of the Company’s common stock. |
This list is not an exhaustive list of the factors that may affect the Company’s forward-looking statements. Some of the important risks and uncertainties that could affect forward-looking statements are described further under the sections titled “Risk Factors,” “Description of Business” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” of this Quarterly Report. If one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those anticipated, believed, estimated or expected. The Company cautions readers not to place undue reliance on any such forward-looking statements, which speak only as of the date made. United States Antimony Corporation disclaims any obligation subsequently to revise any forward-looking statements to reflect events or circumstances after the date of such statements or to reflect the occurrence of anticipated or unanticipated events, except as required by law. The Company advises readers to carefully review this Form 10-Q, the exhibits hereto, and the reports and documents incorporated by reference herein and filed with the Securities and Exchange Commission (the “SEC”).
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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, our actual results or performance may be materially different from those expressed or implied by forward-looking statements.
As used in this Quarterly Report, the terms “we,” “us,” “our,” “United States Antimony Corporation”, “US Antimony,” “USAC,” and the “Company” mean United States Antimony Corporation, unless otherwise indicated. All dollar amounts in this Quarterly Report are expressed in U.S. dollars, unless otherwise indicated.
Management’s Discussion and Analysis is intended to be read in conjunction with the Company’s consolidated financial statements and the integral notes (“Notes”) thereto included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2025.
DESCRIPTION OF BUSINESS
Overview
United States Antimony Corporation began operations in Montana in January 1970 with an initial strategy centered around antimony mining and processing in Montana. Antimony mining ceased in the U.S. in the 1980’s, including our antimony mining operations in Montana, due to a significant increase of less expensive antimony ore being imported into the United States from foreign countries. However, the Company continued to process ore sourced from certain foreign suppliers into antimony oxide, metal, and trisulfide and into precious metals, primarily gold and silver, at its smelting facility in Montana. In 2025, the Company purchased certain surface rights to one of its mining claims in Montana and mined 840 tons of antimony ore. While still procuring antimony ore from foreign suppliers, the Company’s operation in Montana is once again vertically integrated with the mining of its own ore.
In the early 2000’s, the Company 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 products to its customers, which is the Company’s goal for its businesses.
Beginning in 2024 and continuing in 2025 and 2026, the Company has acquired mining claims, real properties (patented claims) and leases located in Alaska, Montana and Ontario, Canada prospective for both antimony ore and other critical minerals which have the potential to increase antimony ore throughput at the Company’s facilities, reduce the cost of third-party antimony ore purchases, expand the Company’s product offerings and diversify its mineral portfolio. The Company has also entered into certain agreements to acquire exploration rights for mining properties located in the southeastern United States. We have invested in these mining properties to further our strategy of vertical integration, expand the Company’s product portfolio, and to lower our ore cost compared to third-party antimony ore purchases. No active, revenue-producing operations have been conducted thus far in 2026 from the Company’s mining claims and leases located in Los Juarez, Mexico (our ADM subsidiary), Ontario, Canada, Alaska, and Thompson Falls, Montana. However, the Company has performed exploration activities and limited surface mining at several locations.
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 January 2026, the Company paid $1.3 million to purchase 36 federal mining claims located in the Koyukuk Mining District of Alaska (commonly referred to as Nolan Creek) that are prospective for antimony and gold. This agreement does not require the Company to make any royalty payments.
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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 Company holds a 49% membership interest, with the remaining 51% held by Americas. While the Company is responsible for managing the day-to-day activities of the joint venture, governance is shared through a management committee with equal representation from each member, and all significant decisions require unanimous approval.
On March 11, 2026, the Company’s common stock began trading on the New York Stock Exchange (“NYSE”) and continued trading on NYSE Texas. Prior to that date, the Company’s common stock was listed on the NYSE American exchange and NYSE Texas.
In March 2026, the Company was awarded a $27.0 million grant from the U.S. Department of War under the Defense Production Act to support the expansion and modernization of its domestic antimony processing facilities and to fund a portion of the Company’s Alaskan antimony mining operations. The award is milestone-based, with $16.2 million currently obligated and an additional $10.8 million subject to future authorization by the U.S. government. On March 25, 2026, the Company received approval for three project milestones representing $12.8 million of committed funding for the Thompson Falls, Montana facility expansion. Based on the achievement and approval of the related milestones, the Company recognized the grant as a reduction of property, plant and equipment during the first quarter of 2026. The related cash proceeds were received in April 2026. Additional funding under the award is contingent upon the achievement and approval of future project milestones.
On April 10, 2026, the Company published an initial assessment technical report summary on its Fostung tungsten project. This Initial Assessment-level Technical Report Summary, dated January 31, 2026 (the “Fostung TRS”), was prepared in accordance with the mining property disclosure rules specified in subpart 1300 of Regulation S-K and filed as an exhibit to the Form 8-K filed by the Company on April 10, 2026. The Fostung project was acquired by the Company in 2025 and includes 50 single-cell tungsten mining claims located in the Sudbury District of Ontario. As noted, the Fostung TRS is an Initial Assessment-level report and, accordingly, does not establish any Mineral Reserves. The report does, however, estimate 14.8 million tons of inferred mineral resources containing approximately 54.2 million pounds of tungsten. Exploration of the deposit indicates potential to expand the resource further, and preliminary test work has demonstrated the ability to improve the grade of the tungsten-bearing material through sorting.
Operations
The Company has two reportable segments: antimony and zeolite. 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 Segment
Our antimony segment consists of:
| ● | Our facility located in the Burns Mining District of Sanders County in Montana that processes ore primarily into antimony oxide, antimony metal ingots, antimony trisulfide, and precious metals, and |
| ● | Our two facilities in our USAMSA subsidiary located in Mexico that process ore primarily into antimony metal and a lower grade of antimony oxide. |
Antimony is a mineral that is included in many products that are used every day, both by the military and industrial customers. USAC can provide this mineral in a form that can be used in these products.
Antimony is used in many products as a fire-retardant and primer and is on the Critical Minerals List 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. We process ore to remove impurities, refine the size, and increase the percentage of antimony contained in the ore to approximately 71.4% to make the finished product called antimony trisulfide, to approximately 83% to make the finished product called antimony oxide, and to approximately 99.65% to make the finished product called antimony metal. Antimony trisulfide, oxide, and metal can be sold as finished products to companies in many industries as well as government agencies. Antimony oxide is used to form a flame-retardant system for plastics, rubber, fiberglass, textile goods, paints, coatings, and paper, as a color fastener in paint, and as a phosphorescent agent in fluorescent light bulbs. Antimony metal is used in bearings, storage batteries, and ordnance. Antimony trisulfide is used as a primer in ammunition. The ore we purchase for our facility located in Montana contains antimony, gold, and silver. Our Montana facility
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processes this ore and sells the gold and silver to the company who sold us this ore, which represents all our precious metals sales, and sells the antimony to other companies in various industries. Our Mexico facilities have been processing ore primarily into antimony metal.
We estimate (but have not independently confirmed) that our present share of the domestic and international markets for antimony oxide products is approximately 4% and less than 1%, respectively. We believe we are competitive due to the following:
| ● | We are the only U.S. domestic operating, permitted processor of antimony products. |
| ● | We can process ore quickly and have minimal shipping time to domestic customers. |
| ● | We have a reputation for quality products delivered on a timely basis. |
| ● | Our smelter in Coahuila, Mexico is the largest operating smelter for the processing of antimony products in Mexico. |
| ● | We are a fully vertically integrated operation that includes mining, processing and selling antimony products. We believe there are no other companies in the world, outside of Russia or China, that can make that claim. |
Zeolite Segment
Our zeolite segment includes our vertically integrated Bear River Zeolite (“BRZ”) facility located in Preston, Idaho that mines, processes, and sells zeolite. Zeolite is a mineral that is included in many products that are used every day. BRZ can provide these minerals in a form that can be used in these products. Our zeolite has been used for many purposes including water filtration, sewage treatment, nuclear waste and other environmental cleanup, odor control, gas separation, animal nutrition, soil amendment and fertilizer, and other miscellaneous applications.
On July 24, 2025, the Company published a technical report summary on its zeolite mineral deposit located in Preston, Idaho. This Technical Report Summary, dated July 2, 2025 (the “TRS”), on the Bear River Zeolite Project was prepared in accordance with the mining property disclosure rules specified in subpart 1300 of Regulation S-K. The full text of the TRS is an exhibit to the Form 8-K filed by the Company on July 25, 2025.
BRZ has a lease with Zeolite, LLC that entitles BRZ to surface mine and process zeolite on the property in Preston, Idaho, in exchange for an annual payment and a royalty payment, which is based on the amount of zeolite shipped from the leased property (“BRZ Lease”). The BRZ Lease, which was extended in 2025, currently ends on December 31, 2034. In addition, BRZ can surface mine and process zeolite on property owned by the U.S. Bureau of Land Management that is located adjacent to the Company’s Preston, Idaho property after obtaining required permits.
“Zeolite” refers to a group of industrial minerals that consist of hydrated aluminosilicates that hold cations such as calcium, sodium, ammonium, various heavy metals, and potassium in their crystal lattice. Water is loosely held in cavities in the lattice. BRZ zeolite is regarded as one of the best zeolites in the world due to its high cation exchange capacity (CEC) of approximately 180-220 meq/100 gr. (which predicts plant nutrient availability and retention in soil), its hardness and high clinoptilolite content (which is an effective barrier to prevent problematic radionuclide movement), its absence of clay minerals, and its low sodium content. Our zeolite has been used in:
☐ | Soil Amendment and Fertilizer. 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. |
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☐ | 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. Zeolite can also be used for the cleanup of soluble metals such as mercury, chromium, copper, lead, zinc, arsenic, molybdenum, nickel, cobalt, antimony, calcium, silver and uranium. |
☐ | Odor Control. A major cause of odor around cattle, hog, and poultry feed lots is the generation of the ammonium in urea and manure. The ability of zeolite to absorb ammonium prevents the formation of ammonia gas, which disperses the odor. |
☐ | Gas Separation. Zeolite has been used for some time to separate gases, to re-oxygenate downstream water from sewage plants, smelters, pulp and paper plants, and fishponds and tanks, and to remove carbon dioxide, sulfur dioxide and hydrogen sulfide from methane generators as organic waste, sanitary landfills, municipal sewage systems, animal waste treatment facilities, and is excellent in pressure swing apparatuses. |
☐ | Animal Nutrition. According to third-party research, feeding up to 2% zeolite increases growth rates, decreases conversion rates, and prevents scours. |
☐ | Miscellaneous Uses. Other uses include catalysts, petroleum refining, concrete, solar energy and heat exchange, desiccants, pellet binding, horse and kitty litter, floor cleaner, traction control, ammonia removal from mining waste, and carriers for insecticides, pesticides and herbicides. |
SELECTED FINANCIAL DATA.
Consolidated Statements of Operations Information:
| | | | | | | | | | | | |
| | Three months ended June 30, | | Six months ended June 30, | ||||||||
| | 2026 | | 2025 | | 2026 | | 2025 | ||||
Revenues | | $ | 7,925,601 | | $ | 10,525,123 | | $ | 14,709,670 |
| $ | 17,525,128 |
Cost of revenues | | | 7,342,304 | | | 7,687,578 | | | 13,016,906 | | | 12,315,853 |
Gross profit | | | 583,297 | | | 2,837,545 | | | 1,692,764 |
| | 5,209,275 |
Total operating expenses | | | 7,564,197 | | | 2,817,538 | | | 16,190,859 | | | 4,831,276 |
Income (loss) from operations | | | (6,980,900) | | | 20,007 | | | (14,498,095) | | | 377,999 |
Total other income, net | | | 7,147,704 | | | 161,548 | | | 3,386,535 | | | 350,080 |
Income (loss) before income taxes and equity in loss of joint venture | | | 166,804 | | | 181,555 | | | (11,111,560) | | | 728,079 |
Income tax expense | |
| — | |
| — | |
| — |
| | — |
Income (loss) before equity in losses of joint venture | | | 166,804 | | | 181,555 | | | (11,111,560) |
| | 728,079 |
Equity in losses of joint venture | | | (56,514) | | | — | | | (72,640) | | | — |
Net income (loss) | | $ | 110,290 | | $ | 181,555 | | $ | (11,184,200) | | $ | 728,079 |
Consolidated Balance Sheet Information:
| | | | | | |
| | June 30, 2026 | | December 31, 2025 | ||
Working capital | | $ | 69,985,515 | | $ | 44,564,846 |
Total assets | |
| 190,616,714 | |
| 153,925,669 |
Accumulated deficit | |
| (56,672,749) | |
| (45,488,549) |
Total stockholders’ equity | |
| 181,021,838 | |
| 140,955,189 |
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Operational and Financial Performance of Continuing Operations by Segment:
Antimony
Financial and operational performance of our antimony business for the three months ended June 30, 2026 and 2025 was as follows:
| | | | | | | | | | | | |
| | Three months ended June 30, | | | | | |
| ||||
Antimony | | 2026 | | 2025 | | $ Change | | % Change |
| |||
Revenue (a) | | $ | 5,867,657 | | $ | 9,636,842 | | $ | (3,769,185) |
| (39) | % |
Gross profit (a) | | $ | 152,857 | | $ | 2,881,083 | | $ | (2,728,226) |
| (95) | % |
Pounds of antimony sold (a) | |
| 428,425 | |
| 340,305 | |
| 88,120 |
| 26 | % |
Average sales price per pound | | | 13.70 | | | 28.32 | | $ | (14.62) |
| (52) | % |
Average cost per pound | | | 13.34 | | | 19.85 | | $ | (6.51) |
| (33) | % |
Average gross profit per pound | | | 0.36 | | | 8.47 | | | (8.11) |
| (96) | % |
| a) | Revenue from sales of gold and silver totaled $196,980 and $nil for the three months ended June 30, 2026 and 2025, respectively, which are excluded from Revenue and Gross profit in the table above but included in the antimony segment. Pounds of antimony sold in the table above exclude the sales related to gold and silver for both periods presented. |
Financial and operational performance of our antimony business for the six months ended June 30, 2026 and 2025 was as follows:
| | | | | | | | | | | | |
| | Six months ended June 30, | | | | | |
| ||||
Antimony | | 2026 | | 2025 | | $ Change | | % Change |
| |||
Revenue (a) | | $ | 11,422,600 | | $ | 15,562,690 | | $ | (4,140,090) |
| (27) | % |
Gross profit (loss) (a) | | $ | 1,169,295 | | $ | 5,304,699 | | $ | (4,135,404) |
| (78) | % |
Pounds of antimony sold (a) | |
| 707,222 | |
| 702,952 | |
| 4,270 |
| 1 | % |
Average sales price per pound | |
| 16.15 | |
| 22.14 | | $ | (5.99) |
| (27) | % |
Average cost per pound | |
| 14.50 | |
| 14.59 | | $ | (0.09) |
| (1) | % |
Average gross profit (loss) per pound | |
| 1.65 | |
| 7.55 | | $ | (5.90) |
| (78) | % |
| a) | Revenue from sales of gold and silver totaled $410,193 and $(20,539) for the six months ended June 30, 2026 and 2025, respectively, which are excluded from Revenue and Gross profit in the table above but included in the antimony segment. Pounds of antimony sold in the table above exclude the sales related to gold and silver for both periods presented. |
Antimony revenue decreased $3.8 million, or 39%, and $4.1 million, or 27%, for the three and six months ended June 30, 2026, respectively, as compared to the corresponding periods in the prior year. These decreases were primarily attributable to lower market prices for antimony, which resulted in average sales prices per pound declining 52% and 27% during the three and six-month periods, respectively. The impact of lower selling prices was partially offset by a 26% increase in pounds of antimony sold during the three-month period, while sales volumes for the six-month period remained relatively consistent with the prior year.
Antimony gross profit decreased $2.7 million, or 95%, and $4.1 million, or 78%, for the three and six months ended June 30, 2026, respectively, as compared to the corresponding periods in the prior year. These decreases were primarily attributable to lower average selling prices for antimony, which reduced average gross profit per pound by 96% and 78% during the three and six-month periods, respectively. Average cost per pound declined 33% during the three-month period and remained relatively consistent with the prior year during the six-month period. Gross margin during the first six months of 2026 did not benefit from any processing of the Company’s in-house antimony mined in Montana or from any antimony deliveries under the Company’s contract with the DLA.
During June 2026, the Company fulfilled its first two shipments under the contract with the DLA. These shipments, which consisted of approximately 82,000 pounds of antimony metal ingots, were formally accepted by the DLA in July 2026. Under the terms of the contract, control transfers to the DLA when formal acceptance has occurred. As a result, the Company recognized the $2.6 million of revenue related to these shipments in July 2026, which will be included in the Company’s third-quarter financial results.
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Zeolite
Financial and operational performance of our zeolite business for the three months ended June 30, 2026 and 2025 was as follows:
| | | | | | | | | | | | |
| | Three months ended June 30, | | | | | |
| ||||
Zeolite | | 2026 | | 2025 | | $ Change | | % Change |
| |||
Revenue | | $ | 1,860,964 | | $ | 888,281 | | $ | 972,683 |
| 110 | % |
Gross profit (loss) | | $ | 353,603 | | $ | 122,447 | | $ | 231,156 |
| 189 | % |
Tons of zeolite sold | |
| 6,609 | |
| 3,084 | |
| 3,525 |
| 114 | % |
Average sales price per ton | | $ | 282 | | $ | 288 | | $ | (6) |
| (2) | % |
Average cost per ton | | $ | 228 | | $ | 248 | | $ | (20) |
| (8) | % |
Average gross profit (loss) per ton | | $ | 54 | | $ | 40 | | $ | 14 |
| 35 | % |
Financial and operational performance of our zeolite business for the six months ended June 30, 2026 and 2025 was as follows:
| | | | | | | | | | | | |
| | Six months ended June 30, | | | | | |
| ||||
Zeolite | | 2026 | | 2025 | | $ Change | | % Change |
| |||
Revenue | | $ | 2,876,877 | | $ | 1,982,977 | | $ | 893,900 |
| 45 | % |
Gross profit (loss) | | $ | 253,507 | | $ | 301,533 | | $ | (48,026) |
| (16) | % |
Tons of zeolite sold | |
| 10,290 | |
| 6,886 | |
| 3,404 |
| 49 | % |
Average sales price per ton | | $ | 280 | | $ | 288 | | $ | (8) |
| (3) | % |
Average cost per ton | | $ | 255 | | $ | 244 | | $ | 11 |
| 5 | % |
Average gross profit (loss) per ton | | $ | 25 | | $ | 44 | | $ | (19) |
| (43) | % |
Zeolite revenue increased $972,683, or 110%, and $893,900, or 45%, for the three and six months ended June 30, 2026, respectively, as compared to the corresponding periods in the prior year. These increases were primarily attributable to tons of zeolite sold increasing 114% and 49% during the three and six-month periods, respectively, which reflected the Company’s expanded sales efforts, including additional penetration into the cattle market, as well as continued growth in its traditional industrial markets. The impact of increased sales volumes was partially offset by decreases in the average sales price per ton of 2% and 3% during the three and six-month periods, respectively.
Gross profit increased $231,156, or 189%, for the three months ended June 30, 2026, and decreased $48,026, or 16%, for the six months ended June 30, 2026, as compared to the corresponding prior-year periods. The increase in gross profit during the second quarter of 2026 was primarily attributable to the significant increase in sales volume combined with lower average production costs, which more than offset the impact of the modest decrease in the average sales price per ton. The decrease in gross profit for the six-month period was primarily attributable to higher freight costs associated with the Company’s expanded geographic distribution.
Consolidated Financial Performance:
Operating Expenses
Operating expenses increased $4.7 million and $11.4 million for the three and six months ended June 30, 2026, respectively, compared to the corresponding prior-year periods. These increases were primarily attributable to higher non-cash share-based compensation resulting from equity awards granted following shareholder approval of the Amended and Restated 2023 Equity Incentive Plan in 2025, increased salaries and employee benefits to support the Company’s expanded operations and growth initiatives, and higher professional fees associated with various strategic initiatives.
Other Income, Net
Other income, net increased $7.0 million and $3.0 million for the three and six months ended June 30, 2026, respectively, as compared to the corresponding prior-year periods. These increases were primarily attributable to unrealized gains on the Company’s investment in Larvotto of $6.8 million during the second quarter of 2026 and $2.7 million for the six-month period. The remaining increases were primarily due to higher investment income resulting from increased cash balances invested in interest-bearing accounts and securities.
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Capital Resources and Liquidity:
| | | | | | |
| | June 30, | | December 31, | ||
Working Capital | | 2026 | | 2025 | ||
Current assets | | $ | 76,626,473 | | $ | 54,742,182 |
Current liabilities | |
| (6,640,958) | | | (10,177,336) |
Working capital | | $ | 69,985,515 | | $ | 44,564,846 |
| | | | | | |
| | Six months ended June 30, | ||||
Cash Flow Information | | 2026 | | 2025 | ||
Net cash (used in) provided by operating activities | | $ | (20,720,183) | | $ | (2,356,986) |
Net cash used in investing activities | |
| (11,122,075) | |
| (17,384,832) |
Net cash provided by financing activities | |
| 43,440,180 | |
| 7,279,344 |
| | $ | 11,597,922 | | $ | (12,462,474) |
Net cash used in operating activities was $20.7 million for the six months ended June 30, 2026, compared to $2.4 million in the prior year period. The increased use of operating cash was primarily driven by higher working capital requirements, including a $9.6 million increase in inventories as the Company built up its antimony inventory and a $4.5 million decrease in accounts payable, after giving effect to $1.5 million of property and equipment additions included in accounts payable at period end. Operating cash flows were also affected by a net loss of $11.2 million, partially offset by non-cash charges, including $7.7 million of share-based compensation expense and $0.9 million of depreciation and amortization expense.
Inventory by segment as of the date indicated was as follows:
| | | | | | | | | | | | |
| | June 30, 2026 | | December 31, 2025 | | June 30, 2025 | | December 31, 2024 | ||||
Antimony inventory | | $ | 21,380,103 | | $ | 12,016,138 | | $ | 6,427,717 | | $ | 744,550 |
Zeolite inventory | |
| 225,767 | |
| 505,871 | |
| 384,810 | |
| 501,174 |
Total inventories | | $ | 21,605,870 | | $ | 12,522,009 | | $ | 6,812,527 | | $ | 1,245,724 |
Net cash used in investing activities was $11.1 million for the six months ended June 30, 2026, compared to $17.4 million in the prior year comparative period. Investing activities in the current period were primarily driven by $22.8 million of capital expenditures and $1.1 million of additional advances made to a strategic supplier under a new convertible note receivable. Capital expenditures were primarily attributable to ongoing construction associated with the expansion of the Company’s existing smelting operations in Thompson Falls, Montana, the acquisition of the Radersburg flotation mill, and other capital investments, including the acquisition of additional mining claims and machinery and equipment. These cash outflows were partially offset by $12.8 million of government grant proceeds received during the period as reimbursement for qualifying capital expenditures.
Net cash provided by financing activities was $43.4 million during the first six months of 2026 as compared to $7.3 million of net cash provided by financing activities for the prior year six-month period. Significant financing activities in 2026 have included $49.1 million of net proceeds received from the sale of common stock in “at the market offerings” and $2.0 million of proceeds received from the exercise of pre-existing common stock warrants, offset in part by $7.8 million of treasury stock purchases.
Our mission is to service our employees, customers, and vendors well and grow our business profitably both organically and through strategic acquisitions and partnerships to increase shareholder value. The Company is focused on generating 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. 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 in U.S. Treasury Strips, which are pledged as collateral. During the first and second quarters of 2026, the Company borrowed $5.0 million and $10.0 million, respectively, under the margin credit line, with each borrowing repaid prior to the end of the respective quarter. The Company had no outstanding borrowings
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under the margin credit line as of June 30, 2026 or December 31, 2025. Availability under the margin credit line is subject to customary margin requirements based on a percentage of the value of the pledged securities.
In March 2026, the Company was awarded a $27.0 million grant from the U.S. Department of War under the Defense Production Act to support the expansion and modernization of its domestic antimony processing facilities and to fund a portion of the Company’s Alaskan antimony mining operations. The award is milestone-based, with $16.2 million currently obligated and an additional $10.8 million subject to future authorization by the U.S. government. On March 25, 2026, the Company received approval for three project milestones representing $12.8 million of committed funding for the Thompson Falls, Montana facility expansion. Based on the achievement and approval of the related milestones, the Company recognized the grant as a reduction of property, plant and equipment during the first quarter of 2026. The related cash proceeds were received in April 2026. Additional funding under the award is contingent upon the achievement and approval of future project milestones.
The Company could also receive additional funding from the U.S. Government for initiatives related to facility expansion and critical exploration and development mining. The Company has made formal applications in 2026 to several governmental agencies for a total of $274 million. However, there is no assurance that additional 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 June 30, 2026, the Company had cash and cash equivalents of $41.4 million and investments in debt securities of $20.7 million as available liquidity. We intend to fund our cash requirements with our cash and cash equivalents, cash generated from our operations, and capital raised from various investment vehicles and believe cash from these sources are sufficient to cover our requirements for the next 12 months. 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. 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.
ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
Not applicable.
ITEM 4. CONTROLS AND PROCEDURES
Conclusions of Management Regarding Effectiveness of Disclosure Controls and Procedures
At the end of the period covered by this Quarterly Report on Form 10-Q, an evaluation was carried out under the supervision and with the participation of the Company’s management, including the Principal Executive Officer (“PEO”) and Principal Financial Officer (“PFO”), of the effectiveness of the design and operations of the Company’s disclosure controls and procedures (as defined in Rule 13a – 15(e) and Rule 15d – 15(e) under the Exchange Act). Based on that evaluation, the PEO and the PFO 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 PEO and PFO, as appropriate, to allow for accurate and timely decisions regarding required disclosure.
The conclusion that our disclosure controls and procedures were not effective as of June 30, 2026 is a result of the previously identified material weakness in internal control over financial reporting described in Part II, Item 9A of the Company’s Annual Report on Form 10-K for the year ended December 31, 2025, which relates to insufficient qualified accounting personnel and the related design and operation of controls over the financial statement close and reporting process. Notwithstanding the material weakness, management has concluded that the unaudited condensed consolidated financial statements included in this Quarterly Report present fairly, in all material respects, the Company’s financial position, results of operations and cash flows for the periods presented in conformity with U.S. GAAP.
Management of the Company has taken proactive steps to address this material weakness by hiring employees to lead Sarbanes-Oxley compliance, SEC reporting, accounts payable, payroll, finance and accounting in Mexico and at BRZ, information technology, and the
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joint venture. 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 ongoing.
Changes in Internal Control over Financial Reporting
Other than the continued remediation efforts discussed above related to the design and implementation of sufficient controls and processes around internal controls over financial reporting, there have been no changes during the quarter ended June 30, 2026 in the Company’s internal controls over financial reporting that have materially affected, or are reasonably likely to materially affect, internal controls over financial reporting.
PART II - OTHER INFORMATION
ITEM 1. LEGAL PROCEEDINGS.
Information regarding the Company’s legal proceedings is included in Note 16—COMMITMENTS AND CONTINGENCIES to the unaudited condensed consolidated financial statements included in this Quarterly Report.
ITEM 1A. RISK FACTORS.
There have been no material changes from the risk factors previously disclosed in the Company’s Form 10-K for the year ended December 31, 2025, which was filed with the SEC on March 19, 2026, except as described below.
The Company’s receipt of funds under its Department of War award is subject to significant conditions, and failure to satisfy these conditions or obtain continued authorization could adversely impact its operations and financial condition. In March 2026, the Company was awarded up to $27.0 million in funding from the U.S. Department of War under the Defense Production Act, administered through the Defense Industrial Base Consortium (“DIBC”), to support the expansion and modernization of its domestic antimony processing operations. The award is structured as a milestone-based arrangement, with $16.2 million currently obligated and the remaining $10.8 million subject to future authorization at the discretion of the U.S. government. Payments are contingent upon the Company achieving specified project milestones, obtaining formal government approval of such milestones, and complying with ongoing requirements, including environmental, reporting, and project execution obligations.
There can be no assurance that the Company will successfully complete all required milestones, maintain compliance with all applicable conditions, or receive approval for additional funding. Any failure to meet these requirements, delays in milestone achievement or approval, changes in government priorities, or termination or modification of the agreement could result in a delay, reduction, or forfeiture of expected funding. In addition, the Company is required to fund a portion of the project costs, and if anticipated grant proceeds are not received in a timely manner or at all, the Company may be required to obtain alternative sources of financing or delay planned capital expenditures.
The Company’s financing and commercial arrangement with a key antimony supplier exposes us to credit, operational, and supply chain risks. We have entered into a commercial antimony sourcing arrangement with a supplier as part of our strategy to support and expand our antimony supply chain. This arrangement is supported by a $4.0 million Convertible Promissory Note (the “Convertible Note”) that is secured by substantially all assets of the supplier and supported by a personal guaranty from the supplier’s principal owner. While these protections are intended to mitigate our credit exposure, there can be no assurance that the supplier will have sufficient liquidity, operational capacity, or financial resources to satisfy its obligations under the note or related commercial agreements.
If the international supplier experiences financial distress, operational difficulties, liquidity constraints, regulatory challenges, equipment failures, or other adverse developments, it may be unable to repay amounts owed to us, deliver anticipated antimony products, or otherwise perform under its contractual obligations. In such circumstances, we could incur losses associated with the note receivable, experience delays or disruptions in anticipated antimony supply, incur additional costs to obtain alternative sources of supply, or be required to devote additional resources to enforcing our contractual rights.
In addition, although the Convertible Note provides us with the right to convert indebtedness into membership interests of the supplier, it is a privately held company and there can be no assurance that any equity interests received upon conversion would have a readily realizable value or provide a recovery equivalent to the amounts owed under the note. Any of these events could adversely affect our business, financial condition, results of operations, cash flows, and growth strategy.
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The Company’s significant inventory position in Mexico may expose us to operational, inventory valuation, and liquidity risks. The Company maintains a significant inventory of antimony materials at its facilities in Mexico. The ultimate realization of the value of this inventory depends upon our ability to efficiently process these materials into finished products that meet applicable customer specifications in a commercially acceptable and timely manner. Processing results may be affected by numerous factors, including the characteristics of the raw materials, recovery rates, production yields, equipment performance, operating efficiencies, and other manufacturing variables.
If we are unable to process these materials as anticipated, or if processing requires additional time, costs, or modifications to our production methods, the inventory may remain on hand longer than expected, resulting in increased carrying costs, reduced liquidity, and higher working capital requirements. In addition, if market prices for antimony continue to decline while such inventory remains on hand, or if the estimated net realizable value of the inventory falls below its carrying value for any reason, we may be required to recognize inventory write-downs, which could adversely affect our gross margins, operating results, financial condition, and cash flows.
Any significant delay or inability to convert this inventory into finished products that satisfy customer requirements could materially and adversely affect our business, financial condition, results of operations, and cash flows.
ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS.
Sales of Unregistered Equity Securities
Not applicable.
Issuer Purchases of Equity Securities
During the quarter ended June 30, 2026, the Company withheld 117,817 shares of its common stock with an aggregate value of $1,021,550 to satisfy the exercise price of stock options exercised and, in certain cases, to satisfy mandatory payroll tax withholding obligations. In addition, the Company withheld 222,073 shares of its common stock with an aggregate value of $2,023,903 to satisfy employees’ tax withholding obligations upon the vesting of restricted stock units. These shares were recorded as treasury stock.
ITEM 3. DEFAULTS UPON SENIOR SECURITIES.
None.
ITEM 4. MINE SAFETY DISCLOSURES.
The 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 report.
ITEM 5. OTHER INFORMATION.
During the quarter ended June 30, 2026, no director or officer of the Company adopted or terminated a “
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ITEM 6. EXHIBITS.
Exhibit No. | | 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). |
31.1 * | | Certification by Principal Executive Officer pursuant to Rule 13a-14(a) of the Securities Exchange Act of 1934, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. |
31.2 * | | Certification by Principal Financial Officer pursuant to Rule 13a-14(a) of the Securities Exchange Act of 1934, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. |
32.1 ** | | Certification of Principal Executive Officer and Principal Financial Officer pursuant to Section 1350, Chapter 63 of Title 18, United States Code, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. |
95 * | | Mine Safety Disclosure. |
| | |
101.INS | | Inline XBRL Instance Document. |
101.SCH | | Inline XBRL Taxonomy Extension Schema Document. |
101.CAL | | Inline XBRL Taxonomy Extension Calculation Linkbase Document. |
101.DEF | | Inline XBRL Taxonomy Extension Definition Linkbase Document. |
101.LAB | | Inline XBRL Taxonomy Extension Label Linkbase Document. |
101.PRE | | Inline XBRL Taxonomy Extension Presentation Linkbase Document. |
104 | | Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101). |
* | Filed herewith. |
** | Furnished herewith. |
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SIGNATURES
Pursuant to the requirements 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 | |
| | | |
Date: August 11, 2026 | | By: | /s/ Gary C. Evans |
| | | Gary C. Evans |
| | | Chairman of the Board and CEO |
| | | (principal executive officer) |
| | | |
Date: August 11, 2026 | | By: | /s/ Shawn P. Winkler |
| | | Shawn P. Winkler |
| | | Interim Chief Financial Officer |
| | | (principal financial officer) |
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