STOCK TITAN
  1. Home
  2. Sec-filings
  3. UAMY
  4. [10-Q] United States Antimony Corporation Quarterly Earnings Report

[10-Q] United States Antimony Corporation Quarterly Earnings Report

Filing Impact
(Neutral)
Filing Sentiment
(Neutral)
Form Type
10-Q
Rhea-AI Filing Summary

United States Antimony Corporation (UAMY) reported strong year-over-year revenue growth driven by antimony price gains: second-quarter revenue rose to $10,525,123 from $3,662,977 a year earlier and six-month revenue reached $17,525,128 versus $6,735,044. Antimony prices per pound increased sharply (quarterly average $28.32 versus $6.96), which more than offset lower sales volumes and expanded gross profit to $2,837,545 for the quarter and $5,209,275 year-to-date. The company recorded net income of $181,555 for the quarter and $728,079 for the six months.

Balance sheet and cash flow changes reflect an investment and expansion phase: total assets grew to $47,498,322 from $34,642,602, property, plant and equipment rose to $19,725,995, inventories increased to $6,812,527, and the company purchased $9,991,259 of U.S. Treasury Strips. Cash and cash equivalents declined to $5,708,660 from $18,172,120, largely from $17,384,832 used in investing activities including a $5,000,000 acquisition of Ontario mining claims (Fostung Properties) and ongoing claim acquisition commitments. The company also raised capital through stock sales and warrant exercises totaling over $7 million net proceeds year-to-date.

United States Antimony Corporation (UAMY) ha registrato una forte crescita dei ricavi su base annua, sostenuta dall'aumento del prezzo dell'antimonio: i ricavi del secondo trimestre sono saliti a $10,525,123 rispetto a $3,662,977 dell'anno precedente, mentre i ricavi nei primi sei mesi hanno raggiunto $17,525,128 contro $6,735,044. Il prezzo dell'antimonio per libbra è aumentato bruscamente (media trimestrale $28,32 rispetto a $6,96), compensando la riduzione dei volumi venduti e portando il margine lordo a $2,837,545 nel trimestre e a $5,209,275 da inizio anno. La società ha registrato un utile netto di $181,555 per il trimestre e di $728,079 nei sei mesi.

I cambiamenti nello stato patrimoniale e nei flussi di cassa riflettono una fase di investimento ed espansione: le attività totali sono salite a $47,498,322 da $34,642,602, le immobilizzazioni materiali a $19,725,995, le scorte a $6,812,527 e la società ha acquistato U.S. Treasury Strips per $9,991,259. La liquidità e gli equivalenti sono diminuiti a $5,708,660 da $18,172,120, principalmente a causa dei $17,384,832 impiegati in attività di investimento, inclusi $5,000,000 per l'acquisizione di concessioni minerarie in Ontario (Fostung Properties) e impegni continuativi per acquisizioni di concessioni. La società ha inoltre raccolto capitale tramite la vendita di azioni e l'esercizio di warrant per oltre $7 milioni di proventi netti da inizio anno.

United States Antimony Corporation (UAMY) informó un sólido crecimiento interanual de los ingresos impulsado por la subida del precio del antimonio: los ingresos del segundo trimestre aumentaron a $10,525,123 desde $3,662,977 un año antes, y los ingresos en seis meses alcanzaron $17,525,128 frente a $6,735,044. El precio del antimonio por libra se incrementó bruscamente (promedio trimestral $28,32 frente a $6,96), lo que compensó con creces la menor cantidad vendida y elevó el beneficio bruto a $2,837,545 en el trimestre y a $5,209,275 en lo que va de año. La compañía registró un beneficio neto de $181,555 en el trimestre y de $728,079 en los seis meses.

Los cambios en el balance y en los flujos de efectivo reflejan una fase de inversión y expansión: los activos totales crecieron a $47,498,322 desde $34,642,602, las propiedades, planta y equipo aumentaron a $19,725,995, los inventarios subieron a $6,812,527 y la empresa compró U.S. Treasury Strips por $9,991,259. El efectivo y equivalentes disminuyeron a $5,708,660 desde $18,172,120, en gran parte debido a los $17,384,832 utilizados en actividades de inversión, incluida la adquisición de concesiones mineras en Ontario (Fostung Properties) por $5,000,000 y compromisos continuos de adquisición de concesiones. Además, la compañía ha recaudado capital mediante la venta de acciones y el ejercicio de warrants por más de $7 millones de ingresos netos en el año hasta la fecha.

United States Antimony Corporation (UAMY)는 안티몬 가격 상승에 힘입어 전년 대비 매출이 크게 증가했다고 보고했습니다: 2분기 매출은 $10,525,123로 작년의 $3,662,977에서 증가했으며, 상반기 매출은 $17,525,128로 전년의 $6,735,044를 상회했습니다. 파운드당 안티몬 가격이 급등(분기 평균 $28.32 대 $6.96)하면서 판매량 감소를 상쇄했고, 분기 총이익은 $2,837,545, 연초 대비로는 $5,209,275로 확대되었습니다. 회사는 분기 순이익 $181,555, 상반기 순이익 $728,079을 기록했습니다.

대차대조표와 현금흐름의 변화는 투자·확장 국면을 반영합니다: 총자산은 $34,642,602에서 $47,498,322로 증가했고, 유형자산은 $19,725,995, 재고자산은 $6,812,527로 늘었으며, 회사는 미 재무부 채권(U.S. Treasury Strips)을 $9,991,259어치 매입했습니다. 현금 및 현금성자산은 $18,172,120에서 $5,708,660으로 감소했는데, 이는 주로 투자활동에 사용된 $17,384,832(그중 온타리오 광산 채굴권(Fostung Properties) 인수에 $5,000,000 포함) 때문입니다. 또한 회사는 올해 들어 주식 매각 및 워런트 행사로 700만 달러가 넘는 순수익을 조달했습니다.

United States Antimony Corporation (UAMY) a annoncé une forte hausse annuelle de son chiffre d'affaires, soutenue par l'augmentation du prix de l'antimoine : le chiffre d'affaires du deuxième trimestre est passé à $10,525,123 contre $3,662,977 un an plus tôt, et le chiffre d'affaires sur six mois s'élève à $17,525,128 contre $6,735,044. Le prix de l'antimoine par livre a fortement augmenté (moyenne trimestrielle $28,32 contre $6,96), compensant la baisse des volumes vendus et portant la marge brute à $2,837,545 pour le trimestre et à $5,209,275 depuis le début de l'année. La société a enregistré un résultat net de $181,555 pour le trimestre et de $728,079 sur six mois.

Les évolutions du bilan et des flux de trésorerie reflètent une phase d'investissement et d'expansion : l'actif total est passé de $34,642,602 à $47,498,322, les immobilisations corporelles ont atteint $19,725,995, les stocks $6,812,527, et la société a acquis des U.S. Treasury Strips pour $9,991,259. La trésorerie et les équivalents ont diminué à $5,708,660 contre $18,172,120, principalement en raison des $17,384,832 utilisés en activités d'investissement, dont l'acquisition de concessions minières en Ontario (Fostung Properties) pour $5,000,000 et des engagements d'acquisition en cours. La société a également levé plus de $7 millions de produits nets depuis le début de l'année via la vente d'actions et l'exercice de warrants.

United States Antimony Corporation (UAMY) meldete ein starkes Umsatzwachstum im Jahresvergleich, getragen von steigenden Antimonpreisen: Der Umsatz im zweiten Quartal stieg auf $10,525,123 gegenüber $3,662,977 im Vorjahr, und der Sechsmonatsumsatz erreichte $17,525,128 gegenüber $6,735,044. Der Antimonpreis pro Pfund zog deutlich an (Quartalsdurchschnitt $28,32 vs. $6,96), was den Rückgang der Absatzmengen mehr als ausglich und den Bruttogewinn auf $2,837,545 für das Quartal bzw. $5,209,275 seit Jahresbeginn erhöhte. Das Unternehmen verzeichnete einen Nettogewinn von $181,555 im Quartal und $728,079 für die sechs Monate.

Bilanz- und Cashflow-Veränderungen spiegeln eine Investitions- und Expansionsphase wider: Die Gesamtaktiva stiegen auf $47,498,322 von $34,642,602, Sachanlagen erhöhten sich auf $19,725,995, die Vorräte auf $6,812,527, und das Unternehmen erwarb U.S. Treasury Strips im Wert von $9,991,259. Kassenbestand und Zahlungsmitteläquivalente sanken auf $5,708,660 von $18,172,120, vor allem aufgrund der $17,384,832, die in Investitionstätigkeiten geflossen sind, darunter eine Übernahme von Bergbaurechten in Ontario (Fostung Properties) für $5,000,000 sowie laufende Verpflichtungen zum Erwerb weiterer Rechte. Zudem hat das Unternehmen seit Jahresbeginn durch Aktienverkäufe und die Ausübung von Warrants über $7 Millionen an Nettoerlösen aufgenommen.

Positive
  • Material revenue growth: Q2 revenue of $10.53M and six-month revenue of $17.53M, up substantially year-over-year
  • Profitability improvement: Net income of $181,555 for Q2 and $728,079 year-to-date versus prior-year loss YTD
  • Strategic acquisitions and asset growth: $5,000,000 Fostung Properties acquisition and additions to mineral rights
  • Defensive liquidity investment: $9,991,259 invested in U.S. Treasury Strips yielding ~4% and classified held-to-maturity
  • Successful equity financing: Stock sales and warrant exercises generated over $7 million in proceeds in H1 2025
Negative
  • Significant cash decline: Cash and equivalents fell to $5,708,660 from $18,172,120 at year-end 2024
  • Large investing outflows: $17,384,832 used in investing activities in six months, pressuring liquidity
  • Increased inventories: Inventories rose to $6,812,527 from $1,245,724, tying up working capital
  • Higher accounts payable: Accounts payable increased to $5,746,709 from $1,545,708, reflecting supplier/payable buildup
  • Committed future cash obligations: Multiple multi-year purchase and exploration payment schedules and royalty commitments totaling millions

Insights

TL;DR

UAMY shows materially stronger operating performance in H1 2025 driven by much higher antimony prices, translating to meaningful revenue and profit improvements; expansion investments are consuming cash.

Analysis: Revenues jumped to $17.5M YTD with gross margin expansion driven by price increases (quarterly antimony price $28.32/lb). Net income of $728k YTD contrasts with a prior-year loss, signifying an operational inflection. The balance sheet expanded: assets rose to $47.5M and equity to $37.5M, reflecting acquisitions and PP&E additions. However, free cash flow is negative due to $17.4M investing outflows, including nearly $10M in Treasury Strips and $5M for the Fostung Properties; cash fell to $5.7M. Impact: impactful for investors—operational improvement is clear, but liquidity and execution of the $17M expansion plan merit monitoring.

TL;DR

UAMY is actively consolidating mineral assets and scaling production capacity; acquisitions are strategic but increase capital requirements and royalty commitments.

Analysis: The company acquired multiple claim packages in Alaska and Ontario (notably the $5,000,000 Fostung Properties) and committed to multi-year earn-outs and exploration spend obligations (e.g., $3.0M, $2.0M, and other scheduled payments). These transactions increase mineral rights on the balance sheet and support future production growth, classifying the developments as impactful from a strategic-growth perspective. Offsetting this, the agreements include net smelter royalty obligations and multi-year expenditure commitments and will require successful exploration and permitting to realize value. Execution risk and funding needs make the near-term outlook neutral-to-cautiously positive.

United States Antimony Corporation (UAMY) ha registrato una forte crescita dei ricavi su base annua, sostenuta dall'aumento del prezzo dell'antimonio: i ricavi del secondo trimestre sono saliti a $10,525,123 rispetto a $3,662,977 dell'anno precedente, mentre i ricavi nei primi sei mesi hanno raggiunto $17,525,128 contro $6,735,044. Il prezzo dell'antimonio per libbra è aumentato bruscamente (media trimestrale $28,32 rispetto a $6,96), compensando la riduzione dei volumi venduti e portando il margine lordo a $2,837,545 nel trimestre e a $5,209,275 da inizio anno. La società ha registrato un utile netto di $181,555 per il trimestre e di $728,079 nei sei mesi.

I cambiamenti nello stato patrimoniale e nei flussi di cassa riflettono una fase di investimento ed espansione: le attività totali sono salite a $47,498,322 da $34,642,602, le immobilizzazioni materiali a $19,725,995, le scorte a $6,812,527 e la società ha acquistato U.S. Treasury Strips per $9,991,259. La liquidità e gli equivalenti sono diminuiti a $5,708,660 da $18,172,120, principalmente a causa dei $17,384,832 impiegati in attività di investimento, inclusi $5,000,000 per l'acquisizione di concessioni minerarie in Ontario (Fostung Properties) e impegni continuativi per acquisizioni di concessioni. La società ha inoltre raccolto capitale tramite la vendita di azioni e l'esercizio di warrant per oltre $7 milioni di proventi netti da inizio anno.

United States Antimony Corporation (UAMY) informó un sólido crecimiento interanual de los ingresos impulsado por la subida del precio del antimonio: los ingresos del segundo trimestre aumentaron a $10,525,123 desde $3,662,977 un año antes, y los ingresos en seis meses alcanzaron $17,525,128 frente a $6,735,044. El precio del antimonio por libra se incrementó bruscamente (promedio trimestral $28,32 frente a $6,96), lo que compensó con creces la menor cantidad vendida y elevó el beneficio bruto a $2,837,545 en el trimestre y a $5,209,275 en lo que va de año. La compañía registró un beneficio neto de $181,555 en el trimestre y de $728,079 en los seis meses.

Los cambios en el balance y en los flujos de efectivo reflejan una fase de inversión y expansión: los activos totales crecieron a $47,498,322 desde $34,642,602, las propiedades, planta y equipo aumentaron a $19,725,995, los inventarios subieron a $6,812,527 y la empresa compró U.S. Treasury Strips por $9,991,259. El efectivo y equivalentes disminuyeron a $5,708,660 desde $18,172,120, en gran parte debido a los $17,384,832 utilizados en actividades de inversión, incluida la adquisición de concesiones mineras en Ontario (Fostung Properties) por $5,000,000 y compromisos continuos de adquisición de concesiones. Además, la compañía ha recaudado capital mediante la venta de acciones y el ejercicio de warrants por más de $7 millones de ingresos netos en el año hasta la fecha.

United States Antimony Corporation (UAMY)는 안티몬 가격 상승에 힘입어 전년 대비 매출이 크게 증가했다고 보고했습니다: 2분기 매출은 $10,525,123로 작년의 $3,662,977에서 증가했으며, 상반기 매출은 $17,525,128로 전년의 $6,735,044를 상회했습니다. 파운드당 안티몬 가격이 급등(분기 평균 $28.32 대 $6.96)하면서 판매량 감소를 상쇄했고, 분기 총이익은 $2,837,545, 연초 대비로는 $5,209,275로 확대되었습니다. 회사는 분기 순이익 $181,555, 상반기 순이익 $728,079을 기록했습니다.

대차대조표와 현금흐름의 변화는 투자·확장 국면을 반영합니다: 총자산은 $34,642,602에서 $47,498,322로 증가했고, 유형자산은 $19,725,995, 재고자산은 $6,812,527로 늘었으며, 회사는 미 재무부 채권(U.S. Treasury Strips)을 $9,991,259어치 매입했습니다. 현금 및 현금성자산은 $18,172,120에서 $5,708,660으로 감소했는데, 이는 주로 투자활동에 사용된 $17,384,832(그중 온타리오 광산 채굴권(Fostung Properties) 인수에 $5,000,000 포함) 때문입니다. 또한 회사는 올해 들어 주식 매각 및 워런트 행사로 700만 달러가 넘는 순수익을 조달했습니다.

United States Antimony Corporation (UAMY) a annoncé une forte hausse annuelle de son chiffre d'affaires, soutenue par l'augmentation du prix de l'antimoine : le chiffre d'affaires du deuxième trimestre est passé à $10,525,123 contre $3,662,977 un an plus tôt, et le chiffre d'affaires sur six mois s'élève à $17,525,128 contre $6,735,044. Le prix de l'antimoine par livre a fortement augmenté (moyenne trimestrielle $28,32 contre $6,96), compensant la baisse des volumes vendus et portant la marge brute à $2,837,545 pour le trimestre et à $5,209,275 depuis le début de l'année. La société a enregistré un résultat net de $181,555 pour le trimestre et de $728,079 sur six mois.

Les évolutions du bilan et des flux de trésorerie reflètent une phase d'investissement et d'expansion : l'actif total est passé de $34,642,602 à $47,498,322, les immobilisations corporelles ont atteint $19,725,995, les stocks $6,812,527, et la société a acquis des U.S. Treasury Strips pour $9,991,259. La trésorerie et les équivalents ont diminué à $5,708,660 contre $18,172,120, principalement en raison des $17,384,832 utilisés en activités d'investissement, dont l'acquisition de concessions minières en Ontario (Fostung Properties) pour $5,000,000 et des engagements d'acquisition en cours. La société a également levé plus de $7 millions de produits nets depuis le début de l'année via la vente d'actions et l'exercice de warrants.

United States Antimony Corporation (UAMY) meldete ein starkes Umsatzwachstum im Jahresvergleich, getragen von steigenden Antimonpreisen: Der Umsatz im zweiten Quartal stieg auf $10,525,123 gegenüber $3,662,977 im Vorjahr, und der Sechsmonatsumsatz erreichte $17,525,128 gegenüber $6,735,044. Der Antimonpreis pro Pfund zog deutlich an (Quartalsdurchschnitt $28,32 vs. $6,96), was den Rückgang der Absatzmengen mehr als ausglich und den Bruttogewinn auf $2,837,545 für das Quartal bzw. $5,209,275 seit Jahresbeginn erhöhte. Das Unternehmen verzeichnete einen Nettogewinn von $181,555 im Quartal und $728,079 für die sechs Monate.

Bilanz- und Cashflow-Veränderungen spiegeln eine Investitions- und Expansionsphase wider: Die Gesamtaktiva stiegen auf $47,498,322 von $34,642,602, Sachanlagen erhöhten sich auf $19,725,995, die Vorräte auf $6,812,527, und das Unternehmen erwarb U.S. Treasury Strips im Wert von $9,991,259. Kassenbestand und Zahlungsmitteläquivalente sanken auf $5,708,660 von $18,172,120, vor allem aufgrund der $17,384,832, die in Investitionstätigkeiten geflossen sind, darunter eine Übernahme von Bergbaurechten in Ontario (Fostung Properties) für $5,000,000 sowie laufende Verpflichtungen zum Erwerb weiterer Rechte. Zudem hat das Unternehmen seit Jahresbeginn durch Aktienverkäufe und die Ausübung von Warrants über $7 Millionen an Nettoerlösen aufgenommen.

 

 UNITED STATES

 SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

 

FORM 10-Q

(Mark One)

 

☒

Quarterly Report Pursuant to Section 13 Or 15(d) Of The Securities Exchange Act of 1934

 

 For the quarterly period ended June 30, 2025

 

☐

Transition Report Under Section 13 Or 15(d) Of The Securities Exchange Act of 1934

 

For the transition period ________ to ________

 

COMMISSION FILE NUMBER 001-08675

 

 UNITED STATES ANTIMONY CORPORATION

(Exact name of registrant as specified in its charter) 

 

Montana

 

81-0305822

(State or other jurisdiction of

 incorporation or organization)

 

 (IRS Employer

Identification No.)

4438 W. Lovers Lane, Unit 100, Dallas, TX

 

 75209

(Address of principal executive office)

 

(Postal Code)

 

(406) 606-4117

(Registrant’s telephone number)

Securities registered pursuant to Section 12(b) of the Act:

 

Title of Each Class

 

Trading Symbol

Name of Each Exchange on Which Registered

Common Stock, $0.01 par value

Common Stock, $0.01 par value

 

UAMY

UAMY

NYSE American

NYSE Texas

 

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. Yes ☒ No ☐

 

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). Yes ☒ No ☐

 

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):

 

Large Accelerated Filer

☐

Accelerated Filer

☐

Non-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 ☐ No ☒

 

As of August 8, 2025, there were 120,723,320 shares outstanding of the registrant’s $0.01 par value common stock. 

 

 

 

 

Table of Contents

 

PART I - FINANCIAL INFORMATION

 

 

 

 

 

 

 

ITEM 1.

FINANCIAL STATEMENTS

 

3

 

 

 

 

 

 

ITEM 2.

MANAGEMENT’S DISCUSSION AND ANALYSIS AND PLAN OF OPERATION.

 

24

 

 

 

 

 

 

ITEM 3.

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

 

32

 

 

 

 

 

 

ITEM 4.

CONTROLS AND PROCEDURES

 

32

 

 

 

 

 

 

PART II - OTHER INFORMATION

 

 

 

 

 

 

 

ITEM 1.

LEGAL PROCEEDINGS.

 

33

 

 

 

 

 

 

ITEM 1A.

RISK FACTORS.

 

33

 

 

 

 

 

 

ITEM 2.

RECENT SALES OF UNREGISTERED SECURITIES.

 

33

 

 

 

 

 

 

ITEM 3.

DEFAULTS UPON SENIOR SECURITIES.

 

33

 

 

 

 

 

 

ITEM 4.

MINE SAFETY DISCOSURES.

 

34

 

 

 

 

 

 

ITEM 5.

OTHER INFORMATION.

 

34

 

 

 

 

 

 

ITEM 6.

EXHIBITS.

 

34

 

 

 
2

Table of Contents

 

PART I - FINANCIAL INFORMATION 

 

ITEM 1. FINANCIAL STATEMENTS

 

UNITED STATES ANTIMONY CORPORATION AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)

 

 

 

June 30,

2025

 

 

December 31,

 2024

 

ASSETS

 

 

 

 

 

 

CURRENT ASSETS

 

 

 

 

 

 

Cash and cash equivalents

 

$5,708,660

 

 

$18,172,120

 

Investment securities held to maturity

 

 

1,258,665

 

 

 

-

 

Accounts receivable, net

 

 

2,543,413

 

 

 

1,156,564

 

Inventories

 

 

6,812,527

 

 

 

1,245,724

 

Prepaid expenses and other current assets

 

 

1,353,208

 

 

 

104,161

 

Total current assets

 

 

17,676,473

 

 

 

20,678,569

 

Property, plant and equipment, net

 

 

19,725,995

 

 

 

12,891,447

 

Operating lease right-of-use assets

 

 

275,627

 

 

 

565,289

 

Investment securities held to maturity - noncurrent

 

 

8,828,584

 

 

 

-

 

Restricted cash for reclamation bonds

 

 

99,764

 

 

 

98,778

 

IVA receivable and other assets, net

 

 

891,879

 

 

 

408,519

 

Total assets

 

$47,498,322

 

 

$34,642,602

 

LIABILITIES AND STOCKHOLDERS’ EQUITY

 

 

 

 

 

 

 

 

CURRENT LIABILITIES

 

 

 

 

 

 

 

 

Accounts payable

 

$5,746,709

 

 

$1,545,708

 

Accrued liabilities

 

 

1,251,778

 

 

 

1,427,146

 

Accrued liabilities - directors

 

 

88,750

 

 

 

141,287

 

Royalties payable

 

 

182,523

 

 

 

133,434

 

Current portion of operating lease liabilities

 

 

592,695

 

 

 

626,562

 

Current portion of long-term debt

 

 

134,577

 

 

 

132,252

 

Total current liabilities

 

 

7,997,032

 

 

 

4,006,389

 

Operating lease liabilities, net of current portion

 

 

117,722

 

 

 

129,007

 

Long-term debt, net of current portion

 

 

127,550

 

 

 

195,425

 

Asset retirement obligations

 

 

1,750,075

 

 

 

1,711,108

 

Total liabilities

 

 

9,992,379

 

 

 

6,041,929

 

COMMITMENTS AND CONTINGENCIES (Note 12)

 

 

 

 

 

 

 

 

STOCKHOLDERS' EQUITY

 

 

 

 

 

 

 

 

Preferred stock $0.01 par value, 10,000,000 shares authorized:

 

 

 

 

 

 

 

 

Series A - no shares issued and outstanding

 

 

-

 

 

 

-

 

Series B - 750,000 shares issued and outstanding (liquidation preference   $978,750 and $975,000, respectively)

 

 

7,500

 

 

 

7,500

 

Series C - 177,904 shares issued and outstanding (liquidation preference $97,847 both periods)

 

 

1,779

 

 

 

1,779

 

Series D - no shares issued and outstanding

 

 

-

 

 

 

-

 

Common stock, $0.01 par value, 250,000,000 shares authorized;  119,200,980 and 112,951,317 shares issued and outstanding, respectively

 

 

1,192,010

 

 

 

1,129,512

 

Additional paid-in capital

 

 

76,725,598

 

 

 

68,610,905

 

Accumulated deficit

 

 

(40,420,944)

 

 

(41,149,023)

Total stockholders' equity

 

 

37,505,943

 

 

 

28,600,673

 

Total liabilities and stockholders' equity

 

$47,498,322

 

 

$34,642,602

 

 

The accompanying notes are an integral part of these condensed consolidated unaudited financial statements.

 

 
3

Table of Contents

 

UNITED STATES ANTIMONY CORPORATION AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)

 

 

 

Three months ended June 30,

 

 

Six months ended June 30,

 

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

Revenues

 

$10,525,123

 

 

$3,662,977

 

 

$17,525,128

 

 

$6,735,044

 

Cost of revenues

 

 

7,687,578

 

 

 

2,412,754

 

 

 

12,315,853

 

 

 

4,895,336

 

Gross profit

 

 

2,837,545

 

 

 

1,250,223

 

 

 

5,209,275

 

 

 

1,839,708

 

Operating expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

General and administrative

 

 

842,951

 

 

 

502,874

 

 

 

1,393,546

 

 

 

1,003,160

 

Salaries and benefits

 

 

1,364,506

 

 

 

285,359

 

 

 

2,365,061

 

 

 

526,964

 

Professional fees

 

 

536,869

 

 

 

240,708

 

 

 

918,905

 

 

 

453,016

 

(Gain) loss on sale or disposal of property, plant and equipment, net

 

 

-

 

 

 

-

 

 

 

(500)

 

 

17,494

 

Other operating expenses

 

 

73,212

 

 

 

165,274

 

 

 

154,264

 

 

 

253,520

 

Total operating expenses

 

 

2,817,538

 

 

 

1,194,215

 

 

 

4,831,276

 

 

 

2,254,154

 

Income (loss) from operations

 

 

20,007

 

 

 

56,008

 

 

 

377,999

 

 

 

(414,446)

Other income (expense), net:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest and investment income

 

 

154,770

 

 

 

151,921

 

 

 

322,156

 

 

 

302,772

 

Trademark and licensing income

 

 

6,627

 

 

 

8,360

 

 

 

17,470

 

 

 

14,728

 

Other miscellaneous income (expense)

 

 

151

 

 

 

(13,497)

 

 

10,454

 

 

 

(23,030)

Total other income, net

 

 

161,548

 

 

 

146,784

 

 

 

350,080

 

 

 

294,470

 

Income (loss) before income taxes

 

 

181,555

 

 

 

202,792

 

 

 

728,079

 

 

 

(119,976)

Income tax expense

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

Net income (loss)

 

 

181,555

 

 

 

202,792

 

 

 

728,079

 

 

 

(119,976)

Preferred dividends

 

 

(1,875)

 

 

(1,875)

 

 

(3,750)

 

 

(3,750)

Net income (loss) available to common shareholders

 

$179,680

 

 

$200,917

 

 

$724,329

 

 

$

(123,726)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income (loss) per share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$nil

 

 

$nil

 

 

$0.01

 

 

$nil

 

Diluted

 

$nil

 

 

$nil

 

 

$0.01

 

 

$nil

 

Weighted average shares outstanding:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

 

118,261,366

 

 

 

108,438,984

 

 

 

115,994,982

 

 

 

108,173,645

 

Diluted

 

 

127,223,435

 

 

 

108,943,126

 

 

 

124,343,635

 

 

 

108,173,645

 

 

The accompanying notes are an integral part of these condensed consolidated unaudited financial statements.

 

 
4

Table of Contents

 

UNITED STATES ANTIMONY CORPORATION AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY (UNAUDITED)

For the three and six months ended June 30, 2025 and 2024

 

 

 

Preferred Stock

 

 

Common stock

 

 

Additional

Paid-In

 

 

Accumulated  

 

 

Total Stockholders' 

 

 

 

Shares

 

 

Par Value

 

 

Shares

 

 

Par Value

 

 

Capital

 

 

Deficit

 

 

Equity

 

Balance - December 31, 2024

 

 

927,904

 

 

$9,279

 

 

 

112,951,317

 

 

$1,129,512

 

 

$68,610,905

 

 

$

(41,149,023)

 

 

$28,600,673

 

Net income

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

546,524

 

 

 

546,524

 

Share-based compensation

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

245,384

 

 

 

-

 

 

 

245,384

 

Exercise of stock options and distribution of restricted stock units

 

 

-

 

 

 

-

 

 

 

1,101,231

 

 

 

11,013

 

 

 

(11,013)

 

 

-

 

 

 

-

 

Issuance of common stock for cash, net of issuance costs

 

 

-

 

 

 

-

 

 

 

1,107,923

 

 

 

11,079

 

 

 

2,381,238

 

 

 

-

 

 

 

2,392,317

 

Issuance of common stock upon exercise of warrants

 

 

-

 

 

 

-

 

 

 

948,750

 

 

 

9,488

 

 

 

796,950

 

 

 

-

 

 

 

806,438

 

Balance - March 31, 2025

 

 

927,904

 

 

 

9,279

 

 

 

116,109,221

 

 

 

1,161,092

 

 

 

72,023,464

 

 

 

(40,602,499)

 

 

32,591,336

 

Net income

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

181,555

 

 

 

181,555

 

Share-based compensation

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

586,913

 

 

 

-

 

 

 

586,913

 

Exercise of stock options and distribution of restricted stock units

 

 

-

 

 

 

-

 

 

 

370,866

 

 

 

3,709

 

 

 

51,291

 

 

 

-

 

 

 

55,000

 

Issuance of common stock for cash, net of issuance costs

 

 

-

 

 

 

-

 

 

 

750,000

 

 

 

7,500

 

 

 

2,664,666

 

 

 

-

 

 

 

2,672,166

 

Issuance of common stock upon exercise of warrants

 

 

-

 

 

 

-

 

 

 

1,970,893

 

 

 

19,709

 

 

 

1,399,264

 

 

 

-

 

 

 

1,418,973

 

Balance - June 30, 2025

 

 

927,904

 

 

$9,279

 

 

 

119,200,980

 

 

$1,192,010

 

 

$76,725,598

 

 

$

(40,420,944)

 

 

$37,505,943

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Preferred Stock

 

 

 

Common stock

 

 

Additional

Paid-In

 

 

Accumulated

Total Stockholders'

 

 

 

Shares

 

 

Par Value

 

 

Shares

 

 

Par Value

 

 

Capital

 

 

Deficit

 

 

Equity

 

Balance - December 31, 2023

 

 

927,904

 

 

$9,279

 

 

 

107,647,317

 

 

$1,076,472

 

 

$63,853,836

 

 

$

(39,418,619)

 

 

$25,520,968

 

Net loss

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(322,768)

 

 

(322,768)

Share-based compensation

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

205,925

 

 

 

-

 

 

 

205,925

 

Distribution of restricted stock units

 

 

-

 

 

 

-

 

 

 

791,667

 

 

 

7,917

 

 

 

(7,917)

 

 

-

 

 

 

-

 

Balance - March 31, 2024

 

 

927,904

 

 

 

9,279

 

 

 

108,438,984

 

 

 

1,084,389

 

 

 

64,051,844

 

 

 

(39,741,387)

 

 

25,404,125

 

Net income

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

202,792

 

 

 

202,792

 

Share-based compensation

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

94,922

 

 

 

-

 

 

 

94,922

 

Balance - June 30, 2024

 

 

927,904

 

 

$9,279

 

 

 

108,438,984

 

 

$1,084,389

 

 

$64,146,766

 

 

$

(39,538,595)

 

 

$25,701,839

 

 

The accompanying notes are an integral part of these condensed consolidated unaudited financial statements.

 

 
5

Table of Contents

 

UNITED STATES ANTIMONY CORPORATION AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)

 

 

 

For the six months

ended June 30,

 

 

 

2025

 

 

2024

 

CASH FLOWS FROM OPERATING ACTIVITIES:

 

 

 

 

 

 

Net income (loss)

 

$728,079

 

 

$

(119,976)

 

Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:

 

 

 

 

 

 

 

Depreciation and amortization

 

 

559,525

 

 

 

220,633

 

Accretion of asset retirement obligation

 

 

38,967

 

 

 

36,541

 

Noncash operating lease expense

 

 

244,510

 

 

 

-

 

Share-based compensation

 

 

832,297

 

 

 

300,847

 

(Gain) loss on sale or disposal of property, plant and equipment, net

 

 

(500)

 

 

17,494

 

Accretion of income from investment securities held to maturity

 

 

(95,990)

 

 

-

 

Write-down of inventory to net realizable value

 

 

-

 

 

 

10,501

 

Change in allowance for credit losses

 

 

884

 

 

 

(14,258)

Other noncash items

 

 

-

 

 

 

(16,106)

Changes in operating assets and liabilities:

 

 

 

 

 

 

 

 

Accounts receivable

 

 

(1,387,733)

 

 

(800,182)

Inventories

 

 

(5,566,803)

 

 

913,254

 

Prepaid expenses and other current assets

 

 

(1,249,047)

 

 

(203,722)

IVA receivable and other assets, net

 

 

(483,360)

 

 

32,758

 

Accounts payable

 

 

4,201,001

 

 

 

217,972

 

Accrued liabilities

 

 

(175,368)

 

 

38,283

 

Accrued liabilities – directors

 

 

(52,537)

 

 

36,439

 

Royalties payable

 

 

49,089

 

 

 

(39,512)

Net cash (used in) provided by operating activities

 

 

(2,356,986)

 

 

630,966

 

CASH FLOWS FROM INVESTING ACTIVITIES:

 

 

 

 

 

 

 

 

Proceeds from redemption of certificates of deposit

 

 

-

 

 

 

50,682

 

Purchases of investment securities held to maturity

 

 

(9,991,259)

 

 

-

 

Proceeds from sales of property, plant and equipment

 

 

500

 

 

 

-

 

Purchases of property, plant and equipment

 

 

(7,394,073)

 

 

(150,721)

Net cash used in investing activities

 

 

(17,384,832)

 

 

(100,039)

CASH FLOWS FROM FINANCING ACTIVITIES:

 

 

 

 

 

 

 

 

Principal payments on long-term debt

 

 

(65,550)

 

 

(39,071)

Proceeds from exercises of stock options

 

 

55,000

 

 

 

-

 

Proceeds from issuance of common stock, net of issuance costs

 

 

5,064,483

 

 

 

-

 

Proceeds from exercise of warrants

 

 

2,225,411

 

 

 

-

 

Net cash provided by (used in) financing activities

 

 

7,279,344

 

 

 

(39,071)

NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS AND RESTRICTED CASH

 

 

(12,462,474)

 

 

491,856

 

CASH AND CASH EQUIVALENTS AND RESTRICTED CASH AT BEGINNING OF PERIOD

 

 

18,270,898

 

 

 

11,954,635

 

CASH AND CASH EQUIVALENTS AND RESTRICTED CASH AT END OF PERIOD

 

$5,808,424

 

 

$12,446,491

 

 

 

 

 

 

 

 

 

 

SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:

 

 

 

 

 

 

 

 

Interest paid in cash

 

$5,243

 

 

$2,092

 

NON-CASH FINANCING AND INVESTING ACTIVITIES:

 

 

 

 

 

 

 

 

Recognition of operating lease liability and right-of-use asset

 

$63,416

 

 

$-

 

Equipment purchased with note payable

 

$-

 

 

$402,722

 

 

The accompanying notes are an integral part of these condensed consolidated unaudited financial statements.

 

 
6

Table of Contents

 

UNITED STATES ANTIMONY CORPORATION AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

June 30, 2025

 

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 processes third party ore primarily into antimony oxide, antimony metal, 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 is used in bearings, storage batteries, and ordnance. Antimony trisulfide is used as a primer in ammunition. At its Bear River Zeolite (“BRZ”) 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. In 2024 and 2025, the Company leased a metals concentration facility located in Montana and began acquiring mining claims and leases located in Alaska, Montana and Ontario, Canada, in an effort to expand its operations as well as its product offerings.

 

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, 2025, and its results of operations and cash flows for the three and six months ended June 30, 2025 and 2024. The Condensed Consolidated Balance Sheet as of December 31, 2024, 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/A for the year ended December 31, 2024, filed with the Securities and Exchange Commission on April 18, 2025.

 

This summary of significant accounting policies of the Company is presented to assist in understanding the Company’s financial statements. These accounting policies conform to U.S. GAAP and have been consistently applied in the preparation of the financial statements.

 

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, 2025, are not necessarily indicative of the results that may be expected for the full year ending December 31, 2025.

 

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. 

 

 
7

Table of Contents

 

UNITED STATES ANTIMONY CORPORATION AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

June 30, 2025

 

Investment Securities Held to Maturity

 

The Company purchased short-term and long-term investment grade U.S. Treasury Strips in the second quarter of 2025 in an effort to protect itself from anticipated interest rate drops. These securities are classified as held-to-maturity and carried at amortized cost because the Company has both the intent and ability to hold them until their contractual maturity date. Since these U.S. Treasury Strips are zero-coupon instruments that do not pay periodic interest, the original investment amount is adjusted for the accretion of discounts using the effective interest method over the period from acquisition to maturity. Discount accretion is recognized as “Interest and investment income” in the Condensed Consolidated Statements of Operations.

 

Consistent with the Company’s classification of its U.S. Treasury Strips as held to maturity, those securities scheduled to mature in the next twelve months after the reporting date are considered current assets and those having maturity dates more than twelve months after the applicable reporting date are considered non-current assets. Unrealized gains and losses on held-to-maturity securities are not recognized in the Company’s condensed consolidated financial statements. Instead, these amounts are closely monitored and disclosed in the footnotes to the condensed consolidated financial statements.

 

The Company accounts for credit losses on its held-to-maturity securities in accordance with the expected credit loss model, as prescribed by U.S. GAAP. An allowance for credit losses is recognized to reflect the Company's estimate of expected credit losses over the contractual life of its held-to-maturity securities. In accordance with the accounting guidance prescribed for credit losses on held-to-maturity debt securities, the Company has presumed the expected credit losses on its U.S. Treasury Strips are negligible since they are explicitly guaranteed by the U.S. government.

 

Recent Accounting Pronouncements

 

In December 2023, the Financial Accounting Standards Board (the “FASB”) issued Accounting Standards Update (“ASU”) 2023-09, Income Taxes (Topic 740): Improvement to Income Tax Disclosures, amending income tax disclosure requirements for the effective tax rate reconciliation and income taxes paid. The amendments in this ASU are effective for fiscal years beginning after December 15, 2024 and are applied prospectively. Early adoption and retrospective application of the amendments are permitted. These new disclosure requirements will be effective in the Company’s Annual Report on Form 10-K for the fiscal year ending December 31, 2025. Other than the new disclosure requirements, this guidance is not expected to have an impact on the Company’s consolidated financial statements.

 

In November 2024, the FASB issued ASU 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses, which requires disclosure about the types of costs and expenses included in certain expense captions presented on the income statement. These new disclosure requirements are effective for the Company's annual periods 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.

 

The Company does not believe that issued, but not yet effective, accounting pronouncements, if currently adopted, would have a material effect on the Company’s financial statements.

 

 
8

Table of Contents

 

UNITED STATES ANTIMONY CORPORATION AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

June 30, 2025

 

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,

 

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

Numerator:

 

 

 

 

 

 

 

 

 

 

 

 

Net income (loss)

 

$181,555

 

 

$202,792

 

 

$728,079

 

 

($119,976)

 

Preferred dividends

 

 

(1,875)

 

 

(1,875)

 

 

(3,750)

 

 

(3,750)

Net income (loss) available to common shareholders

 

$179,680

 

 

$200,917

 

 

$724,329

 

 

$

(123,726)

 

Denominator:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average shares - basic

 

 

118,261,366

 

 

 

108,438,984

 

 

 

115,994,982

 

 

 

108,173,645

 

Add - dilutive effect of stock options

 

 

2,499,367

 

 

 

-

 

 

 

2,412,816

 

 

 

-

 

Add - dilutive effect of RSUs

 

 

1,210,001

 

 

 

504,142

 

 

 

1,150,838

 

 

 

-

 

Add - dilutive effect of warrants

 

 

5,252,701

 

 

 

-

 

 

 

4,784,999

 

 

 

-

 

Weighted average shares - diluted

 

 

127,223,435

 

 

 

108,943,126

 

 

 

124,343,635

 

 

 

108,173,645

 

Net income (loss) per share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$nil

 

 

$nil

 

 

$0.01

 

 

$nil

 

Diluted

 

$nil

 

 

$nil

 

 

$0.01

 

 

$nil

 

 

The potentially dilutive common stock equivalents not included in the calculation of diluted earnings per share as their effect would have been anti-dilutive were as follows:

 

 

 

Three months ended June 30,

 

 

Six months ended June 30,

 

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

Warrants

 

 

-

 

 

 

12,346,215

 

 

 

-

 

 

 

12,346,215

 

Stock options and RSU awards

 

 

1,897,034

 

 

 

3,945,000

 

 

 

1,997,034

 

 

 

5,778,333

 

Total possible share dilution

 

 

1,897,034

 

 

 

16,291,215

 

 

 

1,997,034

 

 

 

18,124,548

 

 

 
9

Table of Contents

 

UNITED STATES ANTIMONY CORPORATION AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

June 30, 2025

 

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.

 

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 securities, and debt obligations.

 

The carrying amounts of cash and cash equivalents approximate fair value because of its short-term nature. The estimated fair values of investment securities held to maturity were based on Level 2 inputs. 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.

 

NOTE 5 – REVENUE RECOGNITION

 

The Company’s products consist of the following:

 

 

·

Antimony: includes antimony oxide, antimony metal, antimony trisulfide.

 

·

Zeolite: includes coarse and fine zeolite crushed in various sizes.

 

·

Precious metals: includes unrefined and refined gold and silver.

 

Sales by product type for the three and six months ended June 30, 2025 and 2024 were as follows:

 

 

 

Three months ended June 30,

 

 

Six months ended June 30,

 

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

Antimony

 

$9,636,842

 

 

$2,663,975

 

 

$15,562,690

 

 

$5,133,037

 

Zeolite

 

 

888,281

 

 

 

994,386

 

 

 

1,982,977

 

 

 

1,597,391

 

Precious metals

 

 

-

 

 

 

4,616

 

 

 

(20,539)

 

 

4,616

 

Total revenues

 

$10,525,123

 

 

$3,662,977

 

 

$17,525,128

 

 

$6,735,044

 

 

Domestic and foreign revenues for the three and six months ended June 30, 2025 and 2024 were as follows:

 

 

 

Three Months Ended June 30,

 

 

Six Months Ended June 30,

 

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

Domestic

 

$10,344,931

 

 

$2,796,962

 

 

$17,246,258

 

 

$5,318,413

 

Canada

 

 

180,192

 

 

 

644,957

 

 

 

278,870

 

 

 

1,195,573

 

Mexico

 

 

-

 

 

 

221,058

 

 

 

-

 

 

 

221,058

 

Total revenues

 

$10,525,123

 

 

$3,662,977

 

 

$17,525,128

 

 

$6,735,044

 

 

 
10

Table of Contents

 

UNITED STATES ANTIMONY CORPORATION AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

June 30, 2025

 

The Company’s trade accounts receivable balance related to contracts with customers was $2,543,413 at June 30, 2025 and $1,156,564 at December 31, 2024, which is net of an allowance for credit losses of $11,049 and $10,165 at June 30, 2025 and December 31, 2024, respectively. The Company’s products do not involve any warranty agreements and product returns are not typical.

 

NOTE 6 – INVESTMENT SECURITIES HELD TO MATURITY

 

In April 2025, the Company purchased $9,991,259 of U.S. Treasury Strips with maturities ranging from approximately 12 to 54 months. These U.S. Treasury Strips are scheduled to mature approximately equally about every six months beginning in May 2026 and will generate interest yields of approximately 4%.

 

The Company has classified these securities as held-to-maturity because it has the intent and ability to hold them until their contractual maturity date. As a result, these securities are carried at amortized cost, which represents the original investment amount adjusted for the amortization of discounts using the effective interest method over the period from acquisition to maturity.

 

The following is a summary of the Company’s investment securities held to maturity as of June 30, 2025:

 

 

 

Amortized

Cost

 

 

Gross

Unrealized

Gains

 

 

Gross

Unrealized

Losses

 

 

Estimated

Fair

Value

 

Investment securities held to maturity - current:

 

 

 

 

 

 

 

 

 

 

 

 

U.S. Treasury Strips

 

$1,258,665

 

 

$-

 

 

$(117)

 

$1,258,548

 

Investment securities held to maturity - noncurrent:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S. Treasury Strips

 

 

8,828,584

 

 

 

37,152

 

 

 

-

 

 

 

8,865,736

 

Total investment securities held-to-maturity

 

$10,087,249

 

 

$37,152

 

 

$(117)

 

$10,124,284

 

 

The Company recognized interest income accretion on its U.S. Treasury Strips of $95,990 during both the three and six months ended June 30, 2025. There were no investment securities outstanding at December 31, 2024 or held during the six months ended June 30, 2024.

 

Consistent with the Company’s classification of its U.S. Treasury Strips as held to maturity, those securities scheduled to mature in the next twelve months after the reporting date are considered current assets and those having maturity dates more than twelve months after the reporting date are considered non-current assets. At June 30, 2025, the Company’s held to maturity securities were scheduled to mature as follows:

 

Twelve months ending June 30,

 

Amortized

Cost

 

 

Estimated

Fair

Value

 

2026

 

$1,258,665

 

 

$1,258,548

 

2027 to 2029

 

 

8,828,584

 

 

 

8,865,736

 

         Total investment securities held to maturity

 

$10,087,249

 

 

$10,124,284

 

 

Line of Credit

 

The Company secured a $5,000,000 line of credit facility (“LOC”) in April 2025, which bears interest at one percent above the base commercial rate. The Company’s investment securities serve as collateral for the LOC on which the Company had no outstanding borrowings at June 30, 2025.

 

 
11

Table of Contents

 

UNITED STATES ANTIMONY CORPORATION AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

June 30, 2025

 

NOTE 7 – INVENTORIES

 

Inventories at June 30, 2025 and December 31, 2024 consisted primarily of finished antimony metal 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 at June 30, 2025 and December 31, 2024 were as follows:

 

 

 

June 30,

2025

 

 

December 31,

2024

 

Antimony oxide

 

$287,704

 

 

$254,372

 

Antimony metal

 

 

1,888,290

 

 

 

154,590

 

Antimony ore and concentrates

 

 

4,251,723

 

 

 

335,588

 

Total antimony inventory

 

 

6,427,717

 

 

 

744,550

 

Zeolite

 

 

384,810

 

 

 

501,174

 

Total inventories

 

$6,812,527

 

 

$1,245,724

 

 

At June 30, 2025 and December 31, 2024, inventories were valued at cost, except for the portion of inventory related to zeolite at December 31, 2024, which was valued at net realizable value because costs were greater than the amount the Company expected to receive upon the sale of the inventory. The adjustment to value zeolite inventory at net realizable value was $65,647 at December 31, 2024.

 

Antimony oxide, metal, and ore and concentrates were held primarily at the Company’s plants located in Montana and Mexico. Some antimony metal is used in processing antimony ore into antimony oxide. Zeolite inventory was held at the Company’s plant located in Idaho.

 

NOTE 8 – PROPERTY, PLANT AND EQUIPMENT

 

The major components of the Company’s property, plant and equipment (“PP&E”) by segment at June 30, 2025 and December 31, 2024 were as follows:

 

June 30, 2025

 

Antimony

 

 

Zeolite

 

 

All Other

 

 

TOTAL

 

Plant and equipment

 

$13,730,854

 

 

$6,629,086

 

 

$469,320

 

 

$20,829,260

 

Buildings

 

 

1,106,303

 

 

 

1,705,893

 

 

 

456,970

 

 

 

3,269,166

 

Mineral rights and interests

 

 

230,000

 

 

 

16,753

 

 

 

5,504,863

 

 

 

5,751,616

 

Land

 

 

2,083,094

 

 

 

-

 

 

 

914,443

 

 

 

2,997,537

 

Construction in progress

 

 

996,878

 

 

 

97,634

 

 

 

-

 

 

 

1,094,512

 

Total property, plant and equipment

 

 

18,147,129

 

 

 

8,449,366

 

 

 

7,345,596

 

 

 

33,942,091

 

Accumulated depreciation

 

 

(9,941,059)

 

 

(4,007,975)

 

 

(267,062)

 

 

(14,216,096)

Property, plant and equipment, net

 

$8,206,070

 

 

$4,441,391

 

 

$7,078,534

 

 

$19,725,995

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

December 31, 2024

 

Antimony

 

 

Zeolite

 

 

All Other

 

 

TOTAL

 

Plant and equipment

 

$13,512,321

 

 

$6,597,781

 

 

$427,720

 

 

$20,537,822

 

Buildings

 

 

1,106,303

 

 

 

1,705,893

 

 

 

11,970

 

 

 

2,824,166

 

Mineral rights and interests

 

 

-

 

 

 

16,753

 

 

 

125,000

 

 

 

141,753

 

Land

 

 

2,083,094

 

 

 

-

 

 

 

914,443

 

 

 

2,997,537

 

Construction in progress

 

 

-

 

 

 

101,938

 

 

 

-

 

 

 

101,938

 

Total property, plant and equipment

 

 

16,701,718

 

 

 

8,422,365

 

 

 

1,479,133

 

 

 

26,603,216

 

Accumulated depreciation

 

 

(9,602,469)

 

 

(3,857,785)

 

 

(251,515)

 

 

(13,711,769)

Property, plant and equipment, net

 

$7,099,249

 

 

$4,564,580

 

 

$1,227,618

 

 

$12,891,447

 

 

 
12

Table of Contents

 

UNITED STATES ANTIMONY CORPORATION AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

June 30, 2025

 

In February 2025, the Company purchased a personal residence located near its operations in Thompson Falls, Montana for $445,000, which is presently being used by management personnel that were transferred there and are now working in Montana predominantly on our expansion efforts. This asset and related expenses are included in the “All Other” category in the Company’s segment reporting.

 

Mineral rights and interests

 

In January 2025, the Company executed an agreement to acquire the ownership rights to one hundred and twenty mining claims located in the Fairbanks District of Alaska (“January Fairbanks Agreement”). Payments to acquire these claims have been or will be made by the Company on or around the payment dates indicated as follows:

 

Payment Date

 

Payment Amount

 

January 2025

 

$100,000

 

July 2025

 

 

50,000

 

January 2026

 

 

50,000

 

July 2026

 

 

50,000

 

January 2027

 

 

50,000

 

July 2027

 

 

50,000

 

January 2028

 

 

50,000

 

July 2028

 

 

50,000

 

January 2029

 

 

100,000

 

July 2029

 

 

100,000

 

January 2030

 

 

100,000

 

July 2030

 

 

2,250,000

 

Total

 

$3,000,000

 

 

The January Fairbanks Agreement requires a royalty payment by the Company based on the actual production from the claims (“Net Smelter Royalty on Claims”) and another royalty payment by the Company based on the actual production, if any, from certain areas surrounding these one hundred and twenty mining claims (“Net Smelter Royalty on Surrounding Area”). A certain percentage of the Net Smelter Royalty on Claims can be purchased back by the Company with certain factors causing an escalation in this buyback amount. Also, the January Fairbanks Agreement includes a commitment by the Company to spend an aggregate of $2,250,000 on exploring and developing these claims over five years beginning January 2025, with various milestones over this five-year period. The January Fairbanks Agreement can be terminated without cause at any time by the Company with notice.

 

 
13

Table of Contents

 

UNITED STATES ANTIMONY CORPORATION AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

June 30, 2025

 

In March 2025, the Company executed an agreement to acquire the ownership rights to twenty-five additional mining claims and leases located in the Fairbanks District of Alaska (“March Fairbanks Agreement”). Payments to acquire these claims and leases have been or will be made by the Company on or around the payment dates indicated as follows:

 

Payment Date

 

Payment Amount

 

March 2025

 

$50,000

 

September 2025

 

 

25,000

 

March 2026

 

 

25,000

 

March 2027

 

 

25,000

 

March 2028

 

 

25,000

 

March 2029

 

 

275,000

 

     Total

 

$425,000

 

 

The March Fairbanks Agreement requires a royalty payment by the Company based on the actual production from the claims and leases (“Net Smelter Royalty”). A certain percentage of the Net Smelter Royalty can be purchased back by the Company. Also, the March Fairbanks Agreement includes a commitment by the Company to spend an aggregate of $250,000 on exploring and developing these claims and leases over approximately forty-one months beginning March 2025, with various milestones over this period. The March Fairbanks Agreement can be terminated without cause by the Company with notice.

 

In May 2025, the Company paid $230,000 to acquire the surface rights related to its patented lode mining claim located in Thompson Falls, Montana.

 

In June 2025, the Company acquired property located in the Sudbury District of Ontario, Canada, which included 50 single-cell mining claims (the Fostung Properties) for $5,000,000. Direct transaction costs related to this acquisition totaled $25,120. In addition, the agreement requires the Company to pay a net smelter return royalty based on actual production from the property.

 

Effective June 1, 2025, the Company executed an agreement to acquire the ownership rights to various patented federal lode mining claims located in the Fairbanks District of Alaska (“June Fairbanks Agreement”). Payments to acquire these claims are scheduled to be made by the Company as follows:

 

Payment Date

 

Payment Amount

 

Within 10 days of June 1, 2025

 

$150,000

 

December 2025

 

 

100,000

 

June 2026

 

 

100,000

 

June 2027

 

 

100,000

 

June 2028

 

 

100,000

 

June 2029

 

 

1,450,000

 

     Total

 

$2,000,000

 

 

 
14

Table of Contents

 

UNITED STATES ANTIMONY CORPORATION AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

June 30, 2025

 

The June Fairbanks Agreement requires net smelter royalty payments be made by the Company based on actual production from the claims. Also, the agreement includes a commitment by the Company to spend an aggregate of $700,000 in exploring and developing these claims based on various milestones scheduled to occur over approximately thirty-nine months from the effective date of the agreement. This agreement can be terminated without cause at any time by the Company with ninety-days’ notice.

 

The payments made to acquire these mining claims and leases, including any direct transaction costs, are capitalized in the “Mineral rights and interests” component of “Property, plant and equipment, net” in the Condensed Consolidated Balance Sheets and included in the “All Other” category for segment reporting.

 

NOTE 9 – LEASES

 

Philipsburg Operating Lease

 

In September 2024, the Company executed a contract to lease a metals concentration facility located in Philipsburg, Montana. The Company amended this lease in March 2025 extending the term of the lease to September 2, 2026 and modifying the fixed monthly lease payments to $10,000 per month through the month of June 2025, $20,000 per month during the months of July 2025 to October 2025, and $95,000 per month thereafter to the end of the lease term. The $95,000 per month payment includes a fixed monthly fee of $45,000 and a minimum milling fee of $50,000 per month. An additional payment of $50 per ton is due each month in the last twelve months of the lease for all milling in excess of 1,000 tons per month. The Company has not included any milling fee payments above the minimum in its lease liability as it is not deemed probable at this time. The Company recorded the present value of the original fixed lease cost in September 2024 over the lease term as a lease liability and Right of Use ("ROU") asset. As a result of the amendment in March 2025, the Company reduced the ROU asset and corresponding lease liability by $37,448. The Company used its incremental borrowing rate of 3.49% when determining the present value of future payments of this operating lease as the rate implicit in the lease was not readily determinable. The lease includes provisions for the Company to use the existing mill building and all contents related to its use and to process owned and non-owned ore containing antimony and other minerals. The lease does not include any transfer of ownership of the facility at the end of the lease, nor any option to extend the lease or purchase the facility, nor any residual value guarantees. The Company can terminate the lease without cause with thirty days’ notice and must provide the facility to the lessor at the end of the lease in the same condition as it was received.

 

The lease liability related to this operating lease, which represents the present value of the lease payments, was $701,557 at inception of the lease amendment and $664,817 and $755,569 at June 30, 2025 and December 31, 2024, respectively. The ROU asset, which includes the unamortized portion of initial direct costs (“IDC”) and is adjusted for any accrued or prepaid lease, was $230,027 and $565,289 at June 30, 2025 and December 31, 2024, respectively. During the three and six months ended June 30, 2025, the Company recorded $127,548 and $304,510, respectively, of lease expense related to this lease and IDC in "Cost of Revenues" in the Condensed Consolidated Statements of Operations. Lease payments were $40,000 and $70,000 during the three and six months ended June 30, 2025, respectively, which were included in operating cash flows. For the three and six months ended June 30, 2024, there were no payments made or expense recorded for this lease.

 

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 24 months and total fixed payments during the term of $3,945 per month, or $94,680 in total. The Company is amortizing the lease on a straight-line basis over the term of the lease. The Company recorded the present value of the lease payments over the term as a lease liability and ROU asset. The Company's incremental borrowing rate of 3.49% was used as the discount rate as the rate implicit in the lease was not readily determinable. The lease does not include any transfer of ownership of the office space at the end of the lease, nor any option to extend the lease or purchase the facility, nor any residual value guarantees. The Company cannot terminate the lease without cause and must provide the office space to the lessor at the end of the lease in the same condition as it was received.

 

 
15

Table of Contents

 

UNITED STATES ANTIMONY CORPORATION AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

June 30, 2025

 

The lease liability related to this operating lease, which represents the present value of the lease payments, and ROU asset were $63,416 at inception of the lease and $45,600 and $nil at June 30, 2025 and December 31, 2024, respectively. During the three and six months ended June 30, 2025, the Company recorded $11,835 and $19,725, respectively, of lease expense related to this lease in “General and administrative” in the Condensed Consolidated Statements of Operations. Lease payments were $11,835 and $19,725 during the three and six months ended June 30, 2025, respectively, which were included in operating cash flows. The Company made a security deposit payment of $3,945 at the inception of the lease. For the three and six months ended June 30, 2024, there were no payments made or expense recorded for this lease.

 

The following table summarizes expense and cash payments for both operating leases during the periods noted:

 

 

 

Three months ended June 30,

 

 

Six months ended June 30,

 

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

Operating lease expense

 

$139,383

 

 

$-

 

 

$324,235

 

 

$-

 

Cash paid for operating lease liability

 

 

51,835

 

 

 

-

 

 

 

89,725

 

 

 

-

 

Cash paid for security deposit

 

 

-

 

 

 

-

 

 

 

3,945

 

 

 

-

 

 

At June 30, 2025, the weighted average remaining lease term of operating leases was 14 months and the weighted average discount rate for operating leases was 3.49%.

 

The following table is a maturity analysis of the future minimum lease payments for operating leases as of June 30, 2025:

 

Twelve months ending June 30,

 

 

 

2026

 

$887,340

 

2027

 

 

217,615

 

Total operating lease payments

 

 

1,104,955

 

Less: discount on lease liability

 

 

(394,538)

Total operating lease liability

 

 

710,417

 

Less: current portion of operating lease liability

 

 

(592,695)

Noncurrent operating lease liability

 

$117,722

 

 

NOTE 10 – LONG-TERM DEBT

 

Long-term debt at June 30, 2025 and December 31, 2024 was as follows:

 

 

 

June 30,

2025

 

 

December 31,

2024

 

Installment contract payable to Komatsu, bearing interest at 3.49%, payable in 36 monthly installments of $11,799 maturing May 2027; collateralized by the Wheel Loader

 

$262,127

 

 

$327,677

 

Less current portion of debt

 

 

(134,577)

 

 

(132,252)

Long-term debt, net

 

$127,550

 

 

$195,425

 

 

At June 30, 2025, principal payments on debt were due as follows:

 

Twelve months ending June 30,

 

Total

 

2026

 

$134,577

 

2027

 

 

127,550

 

Total

 

$262,127

 

 

 
16

Table of Contents

 

UNITED STATES ANTIMONY CORPORATION AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

June 30, 2025

 

NOTE 11 – INCOME AND OTHER TAXES

 

Management estimates that the Company’s 2025 effective tax rate will be 0% due to the Company’s cumulative loss position, historical net operating losses, and other available evidence related to the Company’s ability to generate taxable income. Accordingly, there is no income tax expense or benefit recorded for the three- and six-month periods ended June 30, 2025.

 

Mexico Tax Assessment

 

In 2015, the Mexican tax authority (“SAT”) initiated an audit of the U.S. Antimony de Mexico, S.A. de C.V. (“USAMSA”) 2013 income tax return. In October 2016, as a result of its audit, SAT assessed the Company $13.8 million pesos, which was approximately $666,400 in U.S. Dollars (“USD”) as of December 31, 2016. SAT’s assessment was based on the disallowance of specific costs that the Company deducted on the 2013 USAMSA income tax return. The assessment was settled in 2018 with no assessment due from 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 $16.3 million pesos, which was approximately $865,000 USD as of December 31, 2019. Management reviewed the 2019 assessment notice from SAT and, similar to the earlier assessment, believed the findings have no merit. An appeal was filed by the Company in November 2019 suspending SAT from taking immediate action regarding the assessment. In August 2020, the Company filed a lawsuit against SAT for resolution of the process and, in December 2020, filed closing arguments.  In 2022, the Mexican court ruled against the Company in the above matter, which was subsequently appealed by the Company.

 

As of December 31, 2023, the updated SAT assessment was approximately $22.4 million pesos, or approximately $1,320,000 USD, which includes $352,000 of unpaid income taxes and $968,000 of interest and penalties. Management, along with its legal counsel, assessed the possible outcomes for this tax audit and believed, based on discussions with its attorneys located in Mexico, that the most likely outcome would be that the Company would be successful in its appeal resulting in no tax due. Management determined that no amount should be accrued at December 31, 2023 relating to this potential tax liability.

 

In March 2024, Mexico’s appellate court ruled in favor of the Company with no assessment due related to this audit of USAMSA’s 2013 income tax return by SAT and instructed the lower court to issue a new ruling. In May 2024, Mexico’s lower court issued a final ruling on this matter in favor of the Company but left open the possibility for the SAT to re-open their audit. Subsequent to this judgment, the Company requested a final ruling on whether SAT can re-open this matter, on which the appellate court has not ruled. These rulings support the Company’s position on this tax matter and have had no impact on the Company’s financial statements.

 

Mexico Import Value Added Tax

 

USAMSA has a receivable of $1,346,690 and $907,408 at June 30, 2025 and December 31, 2024, respectively, related to Import Value Added Tax (“IVA tax” or “VAT”) it pays on certain goods and services, which represents the amounts to be reimbursed from the Mexican government. USAMSA also has established an allowance for estimated uncollectible amounts associated with this IVA tax receivable of $785,018 and $575,151 at June 30, 2025 and December 31, 2024, respectively. The net IVA tax receivable of $561,672 and $332,257 at June 30, 2025 and December 31, 2024, respectively, is recorded in “IVA receivable and other assets, net” in the Condensed Consolidated Balance Sheets.

 

 
17

Table of Contents

 

UNITED STATES ANTIMONY CORPORATION AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

June 30, 2025

 

NOTE 12 – COMMITMENTS AND CONTINGENCIES

 

Historically, BRZ has from time to time been assessed fines and penalties by the Mine Safety and Health Administration (“MSHA”). During the six months ended June 30, 2025, BRZ received three citations from MSHA, one of which was significant and substantial. All three citations were rectified by BRZ and terminated by MSHA on the day the citations were issued. At June 30, 2025 and December 31, 2024, BRZ had “accrued liabilities” in the Condensed Consolidated Balance Sheets of $4,827 and $19,074, respectively, relating to MSHA citations.

 

BRZ has a lease with Zeolite, LLC that entitles BRZ to surface mine and process zeolite on property in Preston, Idaho, in exchange for an annual payment and a royalty payment, which is based on the amount of zeolite shipped from the leased property (“BRZ Lease”). In February 2025, the Company extended the BRZ Lease through December 31, 2034 with similar terms and conditions as the prior agreement.

 

In April 2025, the Company began contracting for engineering and construction services to expand its existing smelting operations located in Thompson Falls, Montana. Total capital expenditures associated with the expansion plans are estimated to be approximately $17,000,000 of which approximately $4,500,000 has been formally agreed to with various third-party vendors.

 

NOTE 13 – STOCKHOLDERS’ EQUITY

 

Issuance of Common Stock

 

During the six months ended June 30, 2025 and 2024, the Company issued 1,472,097 shares and 791,667 shares, respectively, of its common stock in conjunction with the vesting of restricted stock units (“RSUs”) and exercising of stock options. See the “Share-Based Compensation” section below for further details.

 

Sale of Common Stock

 

During the six months ended June 30, 2025, the Company sold 1,857,923 shares of its common stock in an “at the market offering” and received gross proceeds of $5,158,787 based on a weighted average price of $2.78 per share. Direct issuance costs totaling $94,304 were incurred related to these sales. The Company did not sell any of its common stock during the six months ended June 30, 2024.

The Company also issued 2,919,643 shares of its common stock in the first six months of 2025 related to the exercise of pre-existing warrants. See the “Common Stock Warrants” section below for further details.

 

Share-based compensation

 

In December 2023, the shareholders of the Company approved our 2023 Equity Incentive Plan (“the Plan”), which provides for the grant of incentive stock options, 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 our development and financial success, and to encourage them to devote their best efforts to our business, thereby advancing our interests and the interests of our shareholders. During the six months ended June 30, 2025, the Company granted stock options and RSUs totaling 757,300 and 654,600, respectively, pursuant to the Plan. Once vested, each stock option and RSU represent the right to receive one share of the Company’s common stock. The maximum number of shares of common stock available for issuance in connection with stock options, RSUs, and other awards granted under the Plan is 8,700,000.

 

 
18

Table of Contents

 

UNITED STATES ANTIMONY CORPORATION AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

June 30, 2025

 

Share-based compensation expense for the periods noted was as follows:

 

 

 

Three Months Ended June 30,

 

 

Six Months Ended June 30,

 

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Stock options

 

$251,571

 

 

$47,558

 

 

$404,083

 

 

$63,469

 

RSUs

 

 

335,342

 

 

 

47,364

 

 

 

428,214

 

 

 

237,378

 

Total share-based compensation expense

 

$586,913

 

 

$94,922

 

 

$832,297

 

 

$300,847

 

 

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 June 30,

 

 

Six Months Ended June 30,

 

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

 

 

 

 

 

 

 

 

 

 

 

 

 

General and administrative

 

$263,385

 

 

$67,708

 

 

$331,093

 

 

$227,777

 

Salaries and benefits

 

 

319,627

 

 

 

27,214

 

 

 

493,403

 

 

 

73,070

 

Professional fees

 

 

3,901

 

 

 

-

 

 

 

7,801

 

 

 

-

 

Total non-cash share-based compensation expense

 

$586,913

 

 

$94,922

 

 

$832,297

 

 

$300,847

 

 

Stock options

 

Stock options granted have either a 3-year or 10-year contractual term and are subject to either service or performance-based vesting conditions. The following table summarizes the weighted-average assumptions used to value stock options granted during the six months ended June 30, 2025 using the Black-Scholes method:

 

Weighted-Average Grant Date Assumptions

 

Six Months Ended

June 30, 2025

 

Expected term (in years)

 

 

8.3

 

Risk-free interest rate

 

 

4.4%

Expected dividend yield

 

 

0.0%

Expected volatility

 

 

97.0%

Fair value per share

 

$1.80

 

 

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.

 

 
19

Table of Contents

 

UNITED STATES ANTIMONY CORPORATION AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

June 30, 2025

 

Activity with respect to stock options is summarized as follows:

 

 

 

Shares

 

 

Weighted-Average

Exercise

Price Per Share

 

 

Weighted-Average Remaining

 Contractual

Term (in years)

 

 

Aggregate

 Intrinsic

Value

 

Options outstanding, December 31, 2024

 

 

4,330,000

 

 

$0.23

 

 

 

3.7

 

 

$6,652,700

 

Granted

 

 

757,300

 

 

 

2.08

 

 

 

-

 

 

 

-

 

Exercised

 

 

(622,500)

 

 

0.23

 

 

 

-

 

 

 

-

 

Forfeited

 

 

(166,667)

 

 

0.22

 

 

 

-

 

 

 

-

 

Expired

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

Options outstanding, June 30, 2025

 

 

4,298,133

 

 

$0.56

 

 

 

4.4

 

 

$7,058,358

 

Nonvested options, June 30, 2025

 

 

3,718,966

 

 

$0.61

 

 

 

4.6

 

 

$5,932,566

 

Vested and exercisable options, June 30, 2025

 

 

579,167

 

 

$0.24

 

 

 

3.7

 

 

$1,125,792

 

 

At June 30, 2025, total unrecognized share-based compensation expense related to stock options was $1,496,779, which is expected to be recognized over a weighted-average remaining period of 1.9 years. During the six months ended June 30, 2025, 622,500 stock options were exercised to purchase shares of common stock. These exercises included 250,000 options for cash proceeds of $55,000 and cashless exercises where 50,269 shares of common stock were surrendered to the Company to pay for the aggregate exercise price of the stock options and 322,231 shares of common stock were issued. The total intrinsic value of the 622,500 stock options exercised during the six months ended June 30, 2025 was $1,061,033.

 

Restricted stock units

 

Activity with respect to RSUs is summarized as follows:

 

 

 

Shares

 

 

Weighted-Average

Grant Date

Fair Value

Per Share

 

RSUs outstanding at December 31, 2024

 

 

2,090,000

 

 

$0.24

 

Granted

 

 

654,600

 

 

 

2.26

 

Vested and issued

 

 

(899,866)

 

 

0.40

 

Forfeited

 

 

-

 

 

 

-

 

RSUs outstanding at June 30, 2025

 

 

1,844,734

 

 

 

0.88

 

 

At June 30, 2025, total unrecognized share-based compensation expense related to RSUs was $1,382,688, which is expected to be recognized over a weighted-average remaining period of 2.1 years. The weighted-average remaining contractual term of the nonvested RSU shares was 1.4 years at June 30, 2025.

 

 
20

Table of Contents

 

UNITED STATES ANTIMONY CORPORATION AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

June 30, 2025

 

Common stock warrants

 

During the first six months of 2025, the Company issued 2,919,643 shares of common stock related to the exercise of pre-existing warrants and received gross proceeds of $2,225,411, based on a weighted average exercise price of $0.76 per share. No warrants were issued or expired during the six months ended June 30, 2025 and 2024 nor were any warrants exercised during the six months ended June 30, 2024.

 

Following is a summary of the Company’s warrant activity during the six months ended June 30, 2025:

 

 

 

Number of

Warrants

 

 

Weighted Average

Exercise Price

 

Balance at December 31, 2024

 

 

10,142,215

 

 

$0.77

 

Exercised

 

 

(2,919,643)

 

 

0.76

 

Balance at June 30, 2025

 

 

7,222,572

 

 

$0.77

 

 

Each warrant represents the right to receive one share of the Company’s common stock. The composition of the Company’s warrants outstanding at June 30, 2025 was as follows:

 

Number of warrants

 

 

Exercise Price

 

 

Expiration Date

 

Remaining life (years)

 

 

1,428,572

 

 

$0.46

 

 

1/27/2026

 

 

0.58

 

 

4,987,500

 

 

$0.85

 

 

8/3/2026

 

 

1.09

 

 

806,500

 

 

$0.85

 

 

2/1/2026

 

 

0.59

 

 

7,222,572

 

 

 

 

 

 

 

 

 

 

 

 

All outstanding warrants of the Company expire on or before August 3, 2026.

 

NOTE 14 – BUSINESS SEGMENTS

 

The Company has two reportable segments: antimony and zeolite. Our antimony segment consists of:

 

 

·

Our facility located in the Burns Mining District of Sanders County in Montana that processes ore primarily into antimony oxide, antimony metal, antimony trisulfide, and precious metals, and

 

 

 

 

·

Our two facilities in our USAMSA subsidiary located in Mexico that process ore primarily into antimony metal, a lower grade of antimony oxide, and precious metals.

 

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 do not currently engage in business activities from which they recognize revenue and incur expenses:  Los Juarez, Mexico in our ADM subsidiary, Ontario, Canada, Alaska, Philipsburg, Montana, and the mining claims in Thompson Falls, Montana. Therefore, these components, along with the Company’s personal residence in Thompson Falls, 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 at June 30, 2025 and December 31, 2024 were as follows: 

 

Total Assets

 

June 30,

 2025

 

 

December 31,

2024

 

Antimony segment:

 

$34,261,561

 

 

$27,230,312

 

Zeolite segment

 

 

5,897,295

 

 

 

5,604,003

 

All other

 

 

7,339,466

 

 

 

1,808,287

 

Total assets

 

$47,498,322

 

 

$34,642,602

 

 

 
21

Table of Contents

 

UNITED STATES ANTIMONY CORPORATION AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

June 30, 2025

 

Total capital expenditures by segment for the three and six months ended June 30, 2025 and 2024 were as follows: 

 

 

 

Three months ended June 30,

 

 

Six months ended June 30,

 

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

Antimony segment

 

$1,269,129

 

 

$-

 

 

$1,445,411

 

 

$-

 

Zeolite segment

 

 

25,970

 

 

 

98,008

 

 

 

82,199

 

 

 

150,721

 

All other

 

 

5,236,463

 

 

 

-

 

 

 

5,866,463

 

 

 

-

 

Total capital expenditures

 

$6,531,562

 

 

$98,008

 

 

$7,394,073

 

 

$150,721

 

 

Selected segment operational information for the three and six months ended June 30, 2025 and 2024 were as follows:

 

For the three months ended June 30, 2025

 

Antimony

 

 

Zeolite

 

 

All Other

 

 

Total

 

Total revenues

 

$9,636,842

 

 

$888,281

 

 

$-

 

 

$10,525,123

 

Depreciation and amortization

 

 

171,040

 

 

 

98,031

 

 

 

8,484

 

 

 

277,555

 

Income (loss) from operations

 

 

832,735

 

 

 

(122,252)

 

 

(690,476)

 

 

20,007

 

Other income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

161,548

 

Income tax expense

 

 

 

 

 

 

 

 

 

 

 

 

 

 

-

 

Net income

 

 

 

 

 

 

 

 

 

 

 

 

 

$181,555

 

 

For the three months ended June 30, 2024

 

Antimony

 

 

Zeolite

 

 

All Other

 

 

Total

 

Total revenues

 

$2,668,591

 

 

$994,386

 

 

$-

 

 

$3,662,977

 

Depreciation and amortization

 

 

19,902

 

 

 

90,560

 

 

 

4,024

 

 

 

114,486

 

Income (loss) from operations

 

 

548,978

 

 

 

(349,805)

 

 

(143,165)

 

 

56,008

 

Other income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

146,784

 

Income tax expense

 

 

 

 

 

 

 

 

 

 

 

 

 

 

-

 

Net loss

 

 

 

 

 

 

 

 

 

 

 

 

 

$202,792

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

For the six months ended June 30, 2025

 

Antimony

 

 

Zeolite

 

 

All Other

 

 

Total

 

Total revenues

 

$15,542,151

 

 

$1,982,977

 

 

$-

 

 

$17,525,128

 

Depreciation and amortization

 

 

338,591

 

 

 

205,387

 

 

 

15,547

 

 

 

559,525

 

Income (loss) from operations

 

 

1,976,575

 

 

 

(430,028)

 

 

(1,168,548)

 

 

377,999

 

Other income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

350,080

 

Income tax expense

 

 

 

 

 

 

 

 

 

 

 

 

 

 

-

 

Net income

 

 

 

 

 

 

 

 

 

 

 

 

 

$728,079

 

 

For the six months ended June 30, 2024

 

Antimony

 

 

Zeolite

 

 

All Other

 

 

Total

 

Total revenues

 

$5,137,653

 

 

$1,597,391

 

 

$-

 

 

$6,735,044

 

Depreciation and amortization

 

 

39,697

 

 

 

172,888

 

 

 

8,048

 

 

 

220,633

 

Income (loss) from operations

 

 

767,769

 

 

 

(1,007,134)

 

 

(175,081)

 

 

(414,446)

Other income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

294,470

 

Income tax expense

 

 

 

 

 

 

 

 

 

 

 

 

 

 

-

 

Net income

 

 

 

 

 

 

 

 

 

 

 

 

 

($119,976)

 

 

 
22

Table of Contents

 

UNITED STATES ANTIMONY CORPORATION AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

June 30, 2025

 

Note 15 - SUBSEQUENT EVENTS

 

Sales of Common Stock

 

In July 2025, the Company sold 1,522,340 shares of its common stock in an “at the market offering” and received gross proceeds of $5,405,126 based on a weighted average price of $3.55 per share. A total of $97,694 in direct issuance costs were incurred related to this sale.

 

Letter of Credit

 

In July 2025, the Company issued a letter of credit (the “LC”) for approximately $1.8 million related to the purchase of antimony ore from an international supplier. This supplier will be paid for the ore it supplies via the LC if certain conditions are met. Approximately $1.8 million of the Company’s cash was used as collateral for the LC.

 

Amended and Restated 2023 Equity Incentive Plan

 

On July 31, 2025, the Company’s shareholders approved the Amended and Restated 2023 Equity Incentive Plan (the “Amended Plan”) to increase the number of shares of common stock reserved for issuance under the Amended Plan from 8,700,000 shares to 23,700,000 shares, among other changes.

 

 
23

Table of Contents

 

ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS AND PLAN OF OPERATION.

 

CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS

 

Readers should note that, in addition to the historical information contained herein, this Quarterly Report and the exhibits attached hereto contain “forward-looking statements” within the meaning of, and intended to be covered by, the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements are based upon current expectations and beliefs concerning future developments and their potential effects on United States Antimony Corporation (“US Antimony,” “USAC,” or 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;

 

 
24

Table of Contents

 

 

·

Inflation on operational costs and profitability;

 

·

Competitive technology positions and operating interruptions (including, but not limited to, labor disputes, leaks, fires, flooding, landslides, power outages, explosions, unscheduled downtime, transportation interruptions, war and terrorist activities);

 

·

Global pandemics, natural disasters, or civil unrest;

 

·

Mexican labor and other issues regarding safety and organized control over our properties;

 

·

The positions and associated outcomes of Mexican and other taxing authorities;

 

·

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;

 

·

Mineral reserve estimates, including those prepared by "Qualified Persons" (as defined by SEC Regulation S-K 1300), are not guarantees of the volume or grade of ore that will ultimately be recovered;

 

·

Processing and selling ore from new suppliers and internal sources not being economically viable;

 

·

More risk associated with non-domestic supply of antimony ore; and

 

·

Fluctuations in the Company’s common stock.

 

This list is not an exhaustive list of the factors that may affect the Company’s forward-looking statements. Some of the important risks and uncertainties that could affect forward-looking statements are described further under the sections titled “Risk Factors,” “Description of Business” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” of this Quarterly Report. If one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those anticipated, believed, estimated or expected. The Company cautions readers not to place undue reliance on any such forward-looking statements, which speak only as of the date made. United States Antimony Corporation disclaims any obligation subsequently to revise any forward-looking statements to reflect events or circumstances after the date of such statements or to reflect the occurrence of anticipated or unanticipated events, except as required by law. The Company advises readers to carefully review this Form 10-Q, the exhibits hereto, and the reports and documents incorporated by reference herein and filed with the Securities and Exchange Commission (the “SEC”).

 

You should read this report with the understanding that our actual future results, levels of activity, performance and events and circumstances may be materially different from what we expect and from our historical results.

 

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/A for the fiscal year ended December 31, 2024.

 

 
25

Table of Contents

 

DESCRIPTION OF BUSINESS

 

History

 

United States Antimony Corporation’s principal business is the production and sale of antimony, precious metals, and zeolite products. The Company was incorporated in Montana in January 1970 to mine and produce antimony products. In December 1983, the Company suspended its antimony mining operations in the U.S. but continued to produce antimony products using foreign sources of antimony 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 for the purpose of mining and producing zeolite products in Idaho.  In 2024, the Company leased a metals concentration facility with two flotation circuits located in Philipsburg, Montana. In 2024 and 2025, the Company acquired mining claims and leases located in Alaska, Montana and Ontario, Canada, which necessitated forming three entities related to the Alaska mining claims, Great Land Minerals, LLC, Denali Minerals, LLC, and Alaska Antimony LLC, and one entity related to the Ontario mining claims and leases, UAMY Cobalt Corporation. We expect these mining claims and leases will expand the Company’s operations and product offerings. Currently, no active operations are being conducted, nor is any revenue being generated, from the Company's business components located in Los Juarez, Mexico (our ADM subsidiary), Ontario, Canada, Alaska, Philipsburg, Montana, and the mining claims in Thompson Falls, Montana. The Company is also considering the acquisition of additional property in Alaska to be used for operating activities, including ore separation and storage, as well as an office for its staff.

 

In May 2012, our shares of common stock started trading on the NYSE MKT exchange (now NYSE AMERICAN) under the symbol UAMY. On July 1, 2025, the Company’s common stock also began trading on a new stock exchange, the NYSE Texas. The Company continues to maintain its primary listing on the NYSE American Stock Exchange and trades with the same “UAMY” ticker symbol on both exchanges.

 

On July 31, 2025, the Company’s shareholders approved the conversion of the Company from a corporation organized under the laws of the State of Montana to a corporation organized under the laws of the State of Texas (the “Texas Reincorporation”). After the Texas Reincorporation is complete, the rights of the Company’s shareholders previously governed by the Montana Business Corporation Act, as amended, and the Company’s Articles of Incorporation and Bylaws in effect prior to the Texas Reincorporation, will be governed by the Texas Business Organizations Code and the Certificate and Bylaws filed and adopted by the Company under Texas law. The Texas Reincorporation will not result in any change in business, jobs, management, properties, location of any of our offices or facilities, number of employees, obligations, assets, liabilities or net worth. Also, the Company intends to maintain its corporate headquarters in Texas and does not expect there to be any interruption in the trading of its common stock. The Texas Reincorporation is expected to become effective as soon as practicable following the 2025 Annual Meeting.

 

The Company has two reportable segments: antimony and zeolite.

 

Antimony Segment

 

Our antimony segment consists of:

 

 

·

Our facility located in the Burns Mining District of Sanders County in Montana that processes ore primarily into antimony oxide, antimony metal, antimony trisulfide, and precious metals, and

 

·

Our two facilities in our USAMSA subsidiary located in Mexico that process ore primarily into antimony metal, a lower grade of antimony oxide, and precious metals.

 

Antimony is a mineral that is included in many products that are used every day, both by the military and by industrial customers. USAC can provide this mineral in a form that can be used in these products.

 

 
26

Table of Contents

 

Antimony is used in many products as a fire-retardant and a primer and is on the Critical Minerals List of the U.S. Government. Antimony 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 processes this ore and typically 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 and only current operating smelter for the processing of antimony products in Mexico.

 

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 was recently extended and now 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:

 

 
27

Table of Contents

 

 

☐

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.

 

 

 

 

☐

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:

 

 

 

For the Three Months

Ended June 30,

 

 

For the Six Months

Ended June 30,

 

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

Revenues

 

$10,525,123

 

 

$3,662,977

 

 

$17,525,128

 

 

$6,735,044

 

Costs of revenues

 

 

7,687,578

 

 

 

2,412,754

 

 

 

12,315,853

 

 

 

4,895,336

 

Gross profit

 

 

2,837,545

 

 

 

1,250,223

 

 

 

5,209,275

 

 

 

1,839,708

 

Total operating expenses

 

 

2,817,538

 

 

 

1,194,215

 

 

 

4,831,276

 

 

 

2,254,154

 

Income (loss) from operations

 

 

20,007

 

 

 

56,008

 

 

 

377,999

 

 

 

(414,446)

Total other income, net

 

 

161,548

 

 

 

146,784

 

 

 

350,080

 

 

 

294,470

 

Income tax expense

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

Net income (loss)

 

$181,555

 

 

$202,792

 

 

$728,079

 

 

($119,976)

 

 

Consolidated Balance Sheets Information:

 

 

 

June 30,

2025

 

 

December 31,

2024

 

Working capital

 

$9,679,441

 

 

$16,672,180

 

Total assets

 

 

47,498,322

 

 

 

34,642,602

 

Accumulated deficit

 

 

(40,420,944)

 

 

(41,149,023)

Total stockholders’ equity

 

 

37,505,943

 

 

 

28,600,673

 

 

 
28

Table of Contents

 

Operational and Financial Performance of Operations by Segment:

 

Antimony

 

Financial and operational performance of antimony for the three months ended June 30, 2025 and 2024 was as follows:

 

 

 

For the three months

ended June 30,

 

 

 

 

 

 

 

Antimony

 

2025

 

 

2024

 

 

$ Change

 

 

% Change

 

Revenue (a)

 

$9,636,842

 

 

$2,663,975

 

 

$6,972,867

 

 

 

262%

Gross profit (a)

 

$2,881,083

 

 

$1,239,598

 

 

$1,641,485

 

 

 

132%

Pounds of antimony sold (a)

 

 

340,305

 

 

 

382,769

 

 

 

(42,464)

 

(11)

 %

Average sales price per pound

 

$28.32

 

 

$6.96

 

 

$21.36

 

 

 

307%

Average cost per pound

 

$19.85

 

 

$3.72

 

 

$16.13

 

 

 

433%

Average gross profit per pound

 

$8.47

 

 

$3.24

 

 

$5.23

 

 

 

161%

 

 

a.

Revenue from sales of gold and silver totaled $nil and $4,616 for the three months ended June 30, 2025 and 2024, 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 sales related to gold and silver for both periods presented.

 

Financial and operational performance of antimony for the six months ended June 30, 2025 and 2024 was as follows:

 

 

 

For the six months

ended June 30,

 

 

 

 

 

Antimony

 

2025

 

 

2024

 

 

$ Change

 

 

% Change

 

Revenue (b)

 

$15,562,690

 

 

$5,133,037

 

 

$10,429,653

 

 

 

203%

Gross profit (b)

 

$5,304,699

 

 

$2,147,576

 

 

$3,157,123

 

 

 

147%

Pounds of antimony sold (b)

 

 

702,952

 

 

 

884,815

 

 

 

(181,863)

 

 

(21)%

Average sales price per pound

 

$22.14

 

 

$5.80

 

 

$16.34

 

 

 

282%

Average cost per pound

 

$14.59

 

 

$3.37

 

 

$11.22

 

 

 

333%

Average gross profit per pound

 

$7.55

 

 

$2.43

 

 

$5.12

 

 

 

211%

 

 

b.

Revenue from sales of gold and silver totaled negative $(20,539) and $4,616 for the six months ended June 30, 2025 and 2024, 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 sales related to gold and silver for both periods presented.

 

For the three and six months ended June 30, 2025, antimony revenue increased $6,972,867, or 262%, and $10,429,653, or 203%, respectively, as compared to the corresponding periods in the prior year. This growth was primarily driven by heightened demand for antimony, which resulted in the average sales price per pound increasing for both the three and six-month periods. This positive impact from higher prices was partially offset by declines in sales volume of 11% and 21% during the three and six months ended June 30, 2025, respectively.

 

Gross profit increased $1,641,485, or 132%, and $3,157,123, or 147%, for the three and six months ended June 30, 2025, respectively, as compared to the three and six months ended June 30, 2024. These increases were primarily attributable to higher average sales prices per pound, driven by greater demand, coupled with favorable ore costs from earlier purchases made during the first half of 2025. This positive impact was partially offset by an increasing percentage of market prices charged by suppliers.

 

 
29

Table of Contents

 

Zeolite

 

Financial and operational performance of zeolite for the three months ended June 30, 2025 and 2024 was as follows:

 

 

 

For the three months

ended June 30,

 

 

 

 

 

Zeolite

 

2025

 

 

2024

 

 

$ Change

 

 

% Change

 

Revenue

 

$888,281

 

 

$994,386

 

 

$(106,105)

 

 

(11)%

Gross profit

 

$122,447

 

 

$50,669

 

 

$71,778

 

 

 

142%

Tons of zeolite sold

 

 

3,084

 

 

 

3,735

 

 

 

(651)

 

 

(17)%

Average sales price per ton

 

$288

 

 

$266

 

 

$22

 

 

 

8%

Average cost per ton

 

$248

 

 

$253

 

 

$(5)

 

 

(2)%

Average gross profit per ton

 

$40

 

 

$14

 

 

$26

 

 

 

186%

 

 Financial and operational performance of zeolite for the six months ended June 30, 2025 and 2024 was as follows:

 

 

 

For the six months

ended June 30,

 

 

 

 

 

 

 

Zeolite

 

2025

 

 

2024

 

 

$ Change

 

 

% Change

 

Revenue

 

$1,982,977

 

 

$1,597,391

 

 

$385,586

 

 

 

24%

Gross profit (loss)

 

$301,533

 

 

$(242,164)

 

$543,697

 

 

 

225%

Tons of zeolite sold

 

 

6,886

 

 

 

6,008

 

 

 

878

 

 

 

15%

Average sales price per ton

 

$288

 

 

$266

 

 

$22

 

 

 

8%

Average cost per ton

 

$244

 

 

$306

 

 

$(62)

 

(20)

%

Average gross profit (loss) per ton

 

$44

 

 

($40)

 

 

$84

 

 

 

210%

 

For the six months ended June 30, 2025, Zeolite revenue increased $385,586, or 24%, as compared to the corresponding prior year period. This increase was largely a result of higher sales volume, stemming from enhanced customer relationships, improved supply reliability, and broader customer reach. In contrast, Zeolite revenue in the second quarter of 2025 experienced a decline of $106,105, or 11%, when compared to the prior year's second quarter. This quarterly decrease was predominantly due to a 17% decrease in tons of Zeolite sold, partially offset by an 8% increase in the average sales price per ton.

 

Gross profit increased $543,697, or 225%, for the six months ended June 30, 2025, as compared to the corresponding period in 2024. This increase was largely due to both sales volume growth and higher average sales prices, coupled with a decrease in maintenance and related costs. In the first two quarters of 2024, our BRZ facility incurred substantial maintenance and related costs to repair older operating equipment due to historically poor maintenance practices. Despite these overall positive trends, Zeolite's gross profit saw more modest growth, increasing only $71,778, or 142%, in the second quarter of 2025 as compared to the prior year's second quarter. This was primarily the result of a decline in Zeolite sales volume during the second quarter of 2025.

 

Capital Resources and Liquidity:

 

Working Capital

 

June 30, 2025

 

 

December 31, 2024

 

Current assets

 

$17,676,473

 

 

$20,678,569

 

Current liabilities

 

 

(7,997,032)

 

 

(4,006,389)

Working capital

 

$9,679,441

 

 

$16,672,180

 

 

 

 

 

 

 

 

 

 

 

 

For the Six Months

Ended June 30,

 

Cash Flow Information

 

2025

 

 

2024

 

Net cash (used in) provided by operating activities

 

($2,356,986)

 

 

$630,966

 

Net cash used in investing activities

 

 

(17,384,832)

 

 

(100,039)

Net cash provided by (used in ) financing activities

 

 

7,279,344

 

 

 

(39,071)

Net (decrease) increase in cash

 

($12,462,474)

 

 

$491,856

 

 

 
30

Table of Contents

 

Net cash used in operating activities was $2,356,986 for the six months ended June 30, 2025 as compared to $630,966 of net cash provided by operating activities for the six months ended June 30, 2024. This use of cash in 2025 primarily related to significantly increased antimony inventory on hand throughout the first two quarters of 2025, as shown in the inventory chart below. This use of cash was partly offset by an increased accounts payable balance during the first six months of 2025, which was largely due to the higher cost of supplier invoices related to antimony.

 

Inventory by segment as of the date indicated was as follows:

 

 

 

December 31,

 2023

 

 

June 30,

2024

 

 

December 31,

2024

 

 

June 30,

2025

 

Antimony inventory

 

$881,063

 

 

$85,426

 

 

$744,550

 

 

$6,427,717

 

Zeolite inventory

 

 

505,046

 

 

 

376,928

 

 

 

501,174

 

 

 

384,810

 

Total inventories

 

$1,386,109

 

 

$462,354

 

 

$1,245,724

 

 

$6,812,527

 

 

Also, prepaid expenses and other current assets totaled $1,353,208 and $104,161 as of June 30, 2025 and December 31, 2024, respectively, which is an increase of $1,249,047. This increase was due in part to a payment made during the second quarter of 2025 for a shipment of inventory that had not been received by June 30, 2025. This resulted in an increase in “prepaid expenses and other current assets” of approximately $840,000 from December 31, 2024 to June 30, 2025. Also, prepaid insurance increased by approximately $342,000 from December 31, 2024 to June 30, 2025, due to insurance renewal payments made during the second quarter of 2025 to continue coverage for the next policy year.

 

In addition, accrued liabilities totaled $1,251,778 and $1,427,146 as of June 30, 2025 and December 31, 2024, respectively, and relate primarily to accrued compensation and accruals for goods or services received but not invoiced as of the reporting date. The $175,368 decrease reflected a reduction in accrued compensation that was primarily due to timing differences associated with payroll accruals.

 

Net cash used in investing activities increased to $17,384,832 for the six months ended June 30, 2025 as compared to $100,039 for the six months ended June 30, 2024. Investing activities in the first six months of 2025 were comprised of $9,991,259 for the purchase of U.S. Treasury Strips and capital expenditures totaling $7,394,073. These capital expenditures included $5,025,120 for the Fostung Properties, a mining property consisting of 50 single-cell mining claims located in the Sudbury District of Ontario, Canada. See Note 8 of the Notes to Condensed Consolidated Financial Statements in this Quarterly Report for further information.

 

Net cash provided by financing activities was $7,279,344 for the six months ended June 30, 2025 as compared to $39,071 of net cash used in financing activities for the six months ended June 30, 2024. Financing activities in the first six months of 2025 included $5,064,483 of net proceeds received from the sale of common stock in an “at the market offering” and $2,225,411 of proceeds received from the exercise of pre-existing common stock warrants.

 

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.

 

 
31

Table of Contents

  

The Company secured a $5,000,000 LOC facility in April 2025, which bears interest at one percent above the base commercial rate. The Company’s U.S. Treasury Strips serve as collateral for this LOC. The Company could generate funds or working capital by drawing on its LOC as it had no outstanding borrowings on the LOC at June 30, 2025.

 

The Company could also receive funds from the U.S. Government for initiatives related to facility expansion and mining exploration and development. However, there is no assurance that U.S. Government funding will ultimately 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, 2025, the Company had cash and cash equivalents of $5,708,660. 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 methods and believe cash from these sources are sufficient to cover our requirements for the next 12 months. We may use cash to acquire businesses. As noted per the “DESCRIPTION OF BUSINESS – History” section above, the Company is currently considering the acquisition of additional property in Alaska to be used for operating activities, including ore separation and storage, as well as an office for its staff. The nature of these investments and transactions, however, makes it difficult to predict the amount and timing of such 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 principal executive officer and principal financial officer, as appropriate, to allow for accurate and timely decisions regarding required disclosure.

 

Management of the Company believes that these material weaknesses are more so due to the small size of the Company’s accounting staff. To continue to address this matter, in 2025, the Company has hired employees to lead Sarbanes-Oxley compliance, SEC and other reporting, accounts payable, finance and accounting in Mexico, and information technology. The Company is reviewing additional plans to strengthen its internal controls. These plans are ongoing and include: (i) reviewing accounting software packages for improved internal controls, (ii) determining whether controls can be implemented to mitigate segregation of duties issues, (iii) automating manual processes to improve the effectiveness and efficiency of internal controls, and (v) designing certain entity-level controls for a more effective control environment.

 

Changes in Internal Control over Financial Reporting

 

There have been no changes during the quarter ended June 30, 2025 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.

 

 
32

Table of Contents

  

PART II - OTHER INFORMATION

 

ITEM 1. LEGAL PROCEEDINGS.

 

United States Antimony Corporation is not a party to any material legal proceedings. No director, officer or affiliate of United States Antimony Corporation and no owner of record or beneficial owner of more than 5% of the Company’s securities or any associate of any such director, officer or security holder is a party adverse to United States Antimony Corporation or has a material interest adverse to United States Antimony Corporation in reference to pending litigation.

 

ITEM 1A. RISK FACTORS.

 

There have been no material changes from the risk factors previously disclosed in the Company’s Form 10-K/A for the year ended December 31, 2024, which was filed with the SEC on April 18, 2025, except as described below.

 

 

·

Changes in United States trade policies, including the imposition of tariffs and retaliatory tariffs, may adversely impact our business, financial condition, and results of operations. Potential tariffs and trade restrictions may, among other things, cause the prices of ore and our product upon import into the US to increase, which could reduce demand for such products given the increased cost, and have a material adverse impact on our revenues, financial condition, and results of operations. In addition, to the extent changes in the political environment have a negative impact on us or on the markets in which we operate our business, our results of operations and financial condition could be materially and adversely impacted in the future.

 

 

 

 

·

Mining exploration, development, and production may not be economically viable. On July 24, 2025, the Company published its technical report summary (“TRS”) in accordance with the mining property disclosure rules specified in subpart 1300 of Regulation S-K (“SK 1300”) on its zeolite mineral deposit located in Preston, Idaho. This TRS is an exhibit to the Form 8-K filed by the Company on July 25, 2025. However, the Company has not completed a TRS for any of its other properties. Until a TRS is completed for the Company’s properties in accordance with SK 1300 or Canadian National Instrument 43-101 (“NI 43-101”), there can be no guarantee or assurance of the contents, quantity, or grade of mineral resources or reserves at the location. Any indication of the contents, quantity, or grade of minerals at these properties can be materially inaccurate. See “Cautionary Note Concerning Disclosure of Mineral Resources,” above. In addition, we have not established proven or probable reserves, as defined under S-K 1300 or NI 43-101, through the completion of a feasibility study for these mining claims and leases. As a result, there is increased uncertainty and risk that may result in economic and technical failure which may materially adversely impact our future profitability, financial condition, and results of operations.

 

 

 

 

·

Processing and selling ore from new suppliers and internal sources may not be economically viable. Ore sourced from new suppliers as well as ore sourced from our mine sites may not be able to be processed profitably, which could have a material adverse effect on our results of operations and financial condition.

 

 

 

 

·

More risk associated with non-domestic supply of antimony ore. The Company purchases ore from non-domestic suppliers, each purchase of which is typically for a material amount. There are many risks associated with purchasing ore from non-domestic suppliers. Due diligence is performed on each supplier, however, there can be no assurance that the information obtained is credible or accurate. In addition, there is no guarantee that the suppliers’ product will be delivered to the Company, even after payment is made by the Company. Also, there can be no assurance that the product content, quantity, or grade will be as expected. As a result, there is increased uncertainty and risk related to purchasing product from non-domestic suppliers that could materially adversely impact our future profitability, financial condition, and results of operations.

 

ITEM 2. RECENT SALES OF UNREGISTERED SECURITIES.

 

Not applicable.

 

ITEM 3. DEFAULTS UPON SENIOR SECURITIES.

 

None.

 

ITEM 4. MINE SAFETY DISCOSURES.

 

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.

 

None.

 

 
33

Table of Contents

  

ITEM 6. EXHIBITS.

 

Exhibit No.

 

Description

3.1

 

Third Restated Articles of Incorporation (incorporated by reference to Exhibit 3.1 to the Company’s current Report on Form 8-K filed with the SEC on August 5, 2024).

3.2

 

First Restated Bylaws (incorporated by reference to Exhibit 3.1 to the Company’s Current Report on Form 8-K filed with the SEC on May 20, 2024).

31.1 *

 

Rule 15d-14(a) Certification by Principal Executive Officer.

31.2 *

 

Rule 15d-14(a) Certification by Principal Financial Officer.

32.1 *

 

Section 1350 Certification of Principal Executive Officer and Principal Financial Officer.

95 *

 

Mine Safety Disclosure.

96.1

 

Technical Report Summary per SEC S-K 1300 - Bear River Zeolite (incorporated by reference to Exhibit 96.1 to the Company’s Current Report on Form 8-K filed with the SEC on July 25, 2025)

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.

 

 
34

Table of Contents

  

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 12, 2025

By:

/s/ Gary C. Evans

 

 

 

Gary C. Evans

 

 

 

Chairman of the Board and CEO

(principal executive officer)

 

 

 

 

 

Date: August 12, 2025

By:

/s/ Richard R. Isaak

 

 

 

Richard R. Isaak

 

 

 

SVP, Chief Financial Officer

(principal financial officer)

 

 

 

 
35

 

Source: View Original Filing on SEC EDGAR

FAQ

What were UAMY's revenues for Q2 and the six months ended June 30, 2025?

Q2 revenues were $10,525,123 and six-month revenues were $17,525,128.

Did UAMY report net income in the period?

Yes. Net income was $181,555 for the three months and $728,079 for the six months ended June 30, 2025.

What significant acquisitions or investments did UAMY make in H1 2025?

UAMY purchased $9,991,259 of U.S. Treasury Strips and acquired the Fostung Properties in Ontario for $5,000,000 (plus direct costs).

How did UAMY's cash position change during the period?

Cash and cash equivalents decreased to $5,708,660 at June 30, 2025 from $18,172,120 at December 31, 2024, primarily due to investing activities.

Does UAMY have access to credit facilities?

Yes. The company secured a $5,000,000 line of credit in April 2025, collateralized by investment securities, with no borrowings outstanding at June 30, 2025.

What are UAMY's near-term capital commitments?

The company outlined multi-year payments to acquire mining claims (examples: $3,000,000 total for January Fairbanks Agreement; $2,000,000 for June Fairbanks Agreement) and estimated expansion capex of approximately $17,000,000 overall.
Stock UAMY logo
United States Antimony

NYSE:UAMY

UAMY Rankings

#3326 Ranked by Market Cap
N/A Ranked by Dividends

UAMY Latest News

Aug 13, 2025
United States Antimony CEO to be Featured on Bloomberg Television Today
Aug 12, 2025
United States Antimony Corporation Reports Second Quarter and Six Months Ended June 30, 2025 Financial and Operating Results
Aug 5, 2025
United States Antimony Corporation Announces Date For Release of Second Quarter and Six Months Ended June 30, 2025 Financial and Operating Results
Jul 24, 2025
United States Antimony Reports First Zeolite Mineral Reserve Technical Report
Jul 18, 2025
United States Antimony CEO to be Featured on Fox Business

UAMY Latest SEC Filings

Aug 12, 2025
[8-K] United States Antimony Corporation Reports Material Event
Aug 6, 2025
[8-K] United States Antimony Corporation Reports Material Event
Aug 4, 2025
[8-K] United States Antimony Corporation Reports Material Event
Jul 25, 2025
[8-K] United States Antimony Corporation Reports Material Event
Jul 15, 2025
[8-K] United States Antimony Corporation Reports Material Event

UAMY Stock Data

451.39M
97.76M
17.92%
23.12%
13.04%
Other Industrial Metals & Mining
Primary Smelting & Refining of Nonferrous Metals
Link
United States
DALLAS