US Antimony (NYSE: UAMY) trims 2026 revenue outlook after antimony price slump
Rhea-AI Filing Summary
United States Antimony Corporation reported second quarter 2026 revenues of $7.9 million, down from $10.5 million a year earlier, as antimony prices fell sharply. Antimony segment revenue declined to $5.9 million despite a 26% increase in pounds sold, with average selling price dropping to $13.70 per pound from $28.32, and gross margin compressing to 7% from 27%. Operating expenses rose to $7.6 million, leading to an operating loss of $7.0 million, but a $6.8 million unrealized gain on the Larvotto Resources investment and higher interest income resulted in net income of $0.1 million.
Liquidity strengthened, with cash and cash equivalents of $41.4 million and total investments in U.S. Treasury securities of $20.7 million as of June 30, 2026, supported by $49.1 million in net equity proceeds and $2.0 million from warrant exercises. Inventory increased to $21.6 million, a 178% rise from year-end, reflecting strategic antimony feedstock buildup for commercial and Defense Logistics Agency deliveries, including DLA antimony ingot orders totaling $57.3 million. Zeolite revenue more than doubled to $1.9 million. The company cut full-year 2026 revenue guidance to $60–$75 million from $125 million due to lower antimony prices and shifted DLA shipment timing, while highlighting government grant funding of $12.8 million and ongoing Thompson Falls and Radersburg capacity expansions.
Positive
- Zeolite revenue more than doubled to $1.9 million in Q2 2026, driven by a 114% increase in tons sold to 6,609, supporting diversification away from antimony pricing pressure.
- Strong liquidity and capital raise: cash and cash equivalents reached $41.4 million with $20.7 million in Treasuries, aided by $49.1 million of net equity proceeds and $2.0 million from warrant exercises.
- Large government demand pipeline: the company reports $57.3 million of antimony ingot orders from the Defense Logistics Agency and expects $9.0–$10.0 million of additional Q3 sales to the U.S. government.
- Working capital and inventory expansion: working capital doubled to $70.0 million from $35.0 million at March 31, 2026, and inventory rose to $21.6 million to support anticipated production growth.
- Non-dilutive grant funding: $12.8 million was received in April 2026 under the Defense Production Act grant to help fund the Thompson Falls expansion and other strategic capital projects.
Negative
- Revenue and margin deterioration: Q2 2026 revenue fell to $7.9 million from $10.5 million, with gross margin dropping to 7% from 27% due to a 52% decline in antimony selling prices.
- Substantial operating loss: operating expenses rose to $7.6 million from $2.8 million, driving a $7.0 million operating loss versus essentially break-even a year earlier, largely from higher share-based compensation and staffing costs.
- Significant guidance cut: full-year 2026 revenue guidance was reduced to $60–$75 million from $125 million, reflecting lower antimony market prices and delayed Defense Logistics Agency shipment timing.
- Heavy cash use in operations and capex: the company used $20.7 million of operating cash and $22.8 million for capital expenditures in the first six months of 2026, indicating a cash-intensive growth phase.
- Year-to-date loss to common shareholders: for the first six months of 2026, net loss available to common shareholders was $11.2 million, compared with net income of $0.7 million in the prior-year period.
Filing Explained
First DLA shipments were delivered in June but accepted in July, delaying revenue recognition; the higher share count can reduce existing ownership percentages.
This Form 8-K furnishes United States Antimony Corporation’s second-quarter results and related operating updates. The first two Defense Logistics Agency shipments were delivered in June but formally accepted in July, so about
The June 30 balance sheet reports
8-K Event Classification
Key Figures
Key Terms
Defense Logistics Agency regulatory
Defense Production Act grant regulatory
indefinite-delivery, indefinite-quantity regulatory
asset retirement obligations financial
working capital financial
Earnings Snapshot
The company now expects full-year 2026 gross revenue of $60 million to $75 million due to lower antimony prices and adjusted timing of DLA shipments.
AI-generated analysis. How Rhea-AI works. Not financial advice.
FAQ
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CURRENT REPORT
Pursuant to Section 13 OR 15(d) of the Securities Exchange Act of 1934
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Item 2.02 Results of Operations and Financial Condition.
On August 11, 2026, United States Antimony Corporation (“USAC”, “US Antimony”, or the “Company”) issued a press release reporting its financial results for second quarter 2026. This press release is furnished as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated herein by reference.
The foregoing disclosure is qualified in its entirety by the full text of the Press Release.
The information in this Item 2.02, including Exhibit 99.1 attached hereto, of this Current Report on Form 8-K is being furnished and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall it be deemed to be incorporated by reference into any filing of the Company under the Securities Act of 1933, as amended, or the Exchange Act, whether made before or after the date hereof, except as shall be expressly set forth by specific reference in such a filing.
Cautionary Note Regarding Forward-Looking Statements
This Current Report on Form 8-K, including the Press Release furnished as Exhibit 99.1 to this Current Report on Form 8-K, contains forward-looking statements. Forward-looking statements reflect management's current knowledge, assumptions, judgment, and expectations regarding future performance or events. Although management believes that the expectations reflected in such statements are reasonable, they give no assurance that such expectations will prove to be correct, and you should be aware that actual events or results may differ materially from those contained in the forward- looking statements. Words such as "will," "expect," "intend," "plan," "potential," "possible," "goals," "accelerate," "continue," and similar expressions identify forward-looking statements.
Forward-looking statements are subject to a number of risks and uncertainties including, but not limited to, those described in the Company’s filings on Form 10-K, Form 10-Q, and Form 8-K with the United States Securities and Exchange Commission.
All forward-looking statements are expressly qualified in their entirety by this cautionary notice. You should not rely upon any forward-looking statements as predictions of future events. The Company undertakes no obligation to revise or update any forward-looking statements made in this Current Report on Form 8-K to reflect events or circumstances after the date hereof, to reflect new information or the occurrence of unanticipated events, to update the reasons why actual results could differ materially from those anticipated in the forward-looking statements, in each case, except as required by law.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits.
| Exhibit No. |
Description | |
| 99.1 | Press Release issued by United States Antimony Corporation dated August 11, 2026 | |
| 104 | Cover Page Interactive Data File (embedded with the inline XBRL document) |
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 hereunto duly authorized.
| UNITED STATES ANTIMONY CORPORATION | ||||
| Dated: | August 11, 2026 | By: | /s/ Shawn P. Winkler | |
| Shawn P. Winkler | ||||
| Interim Chief Financial Officer | ||||
Exhibit 99.1
United States Antimony Corporation Reports
Second Quarter and Six Months Ended June 30, 2026
Financial and Operating Results
Second Quarter 2026 Revenues of $7.9 Million; Net Income of $0.1 Million
Antimony pounds sold up 26% in the quarter (exclusive of DLA)
Zeolite revenues grew 110% year-over-year
Antimony Inventory up 178% from year-end
Working Capital Doubled to $70.0 Million from $35.0 Million at March 31, 2026
Positioned for a Stronger Second Half as DLA Shipments Continue to Increase
"The Critical Minerals and ZEO Company"
~ Antimony, Gold, Tungsten, and Zeolite ~
DALLAS, TX / ACCESS Newswire / August 11, 2026 / United States Antimony Corporation ("USAC," "US Antimony Corporation," or the "Company") (NYSE: UAMY) (NYSE Texas: UAMY), a leading producer and processor of antimony, zeolite, and other critical minerals, and the only fully integrated antimony company in the world outside of China and Russia, today reported its financial and operating results for the second quarter and six months ended June 30, 2026.
Second Quarter 2026 Highlights
| · | Revenue of $7.9 million, compared to revenue of $10.5 million in the 2025 quarter. |
| · | Gross profit of $0.6 million (7% gross margin), compared to $2.8 million (27% gross margin) in the 2025 quarter. |
| · | Operating loss of $7.0 million, including $3.4 million of net non-cash expense items compared to break-even operating results in the 2025 quarter. |
| · | Net income of $0.1 million, compared to net income of $0.2 million in the 2025 quarter. Operating loss in second quarter of 2026 was more than offset by $6.8 million of unrealized gain from investment in equity securities plus $0.4 million of interest income. |
| · | Delivered the first two shipments of approximately 82,000 pounds of antimony metal ingots under the Company’s contract with the DLA in June 2026. Because these shipments were formally accepted by the DLA in July 2026, approximately $2.6 million is expected to be recognized as third-quarter 2026 revenue. |
| DLA Delivery Schedule | ||||||||
| Shipment | Pounds | Value | ||||||
| 1 & 2 (Delivered) | ~82,000 | ~$2.60 Million | ||||||
| 3 & 4 (In Transit) | ~81,000 | ~$2.60 Million | ||||||
| 5, 6, 7 (Waiting on Inspection) | ~126,000 | ~$3.97 Million | ||||||
| ~$9.17 Million | ||||||||
| · | Zeolite segment revenue grew 110% year-over-year to $1.9 million, with tons sold up 114% year-over-year to 6,609 tons, driven by continued penetration into the cattle market and expanded distribution across the Company's traditional industrial markets. |
| · | Invested $22.8 million gross in capital expenditures during the first six months of 2026, primarily to substantially complete the Thompson Falls expansion, acquire the flotation facility (midstream) located in Radersburg, Montana, and fund investments including additional critical mineral rights acquisitions. |
| · | The Thompson Falls expansion was partially funded by a $12.8 million payment received in April 2026 for milestones achieved under the Defense Production Act Title III grant award from the U.S. Department of War (the “DoW”) which reduced the Company’s net cash outlay for these capital expenditures. |
| · | Commissioned the flotation facility (midstream) located in Radersburg, Montana and substantially completed the Thompson Falls, Montana expansion, further strengthening the Company's vertically integrated domestic antimony production platform. |
| · | Generated $49.1 million of net proceeds from equity issuances during the first six months of 2026, strengthening the Company's balance sheet and ending June 30, 2026, with $62.2 million of (cash plus U.S. Treasury securities held to maturity, plus a $43.2 million strategic equity investment in Larvotto Resources Limited. |
| · | Working capital doubled to $70.0 million on June 30, 2026 from $35.0 million at March 31, 2026, primarily driven by the equity issuances, providing meaningful operating and capital runway to support the Company's growth investments. |
| · | Continued expansion of the Company's domestic critical minerals platform through strategic mining claim acquisitions located in Alaska (Nolan Creek and Fairbanks District) and Montana, and advanced the Company’s Tungsten evaluation through the filing in April 2026 of a Technical Report Summary on the Fostung tungsten project in Ontario, Canada. |
| · | Mark-to-market value of the Company's strategic investment in Larvotto Resources Limited increased to USD $43.2 million at June 30, 2026 (USD $46.7 million based on the closing market price on August 10, 2026), reflecting continued appreciation of the Company's critical minerals investment portfolio. |
Strategic Overview
During the second quarter of 2026, the Company continued to advance its strategic focus of building a fully integrated critical minerals operation supporting U.S. national security and supply chain resiliency. Key accomplishments during the quarter included delivering the first two shipments under the Company’s contract with the DLA, receiving $12.8 million of funding under the Department of War Title III grant program, advancing the Thompson Falls expansion toward full operational status, adding a key processing capability through the acquisition and upgrading of the Radersburg processing facility including the addition of a lab, strengthening the Company's balance sheet through approximately $49.1 million of net equity proceeds during the first six months of 2026, and continuing to expand the Company's domestic mining and processing platform across Montana, Alaska, and Canada. (April 2026 filing of a Technical Report Summary on the Company's Fostung tungsten project in Ontario.) in addition, the Company's Zeolite segment continued its strong growth trajectory during the quarter, with revenue up 110% year-over-year, while the Company's strategic investment in Larvotto Resources Limited appreciated in value. Additionally, USAC announced its new joint venture with Americas Gold and Silver to build a state-of-the-art hydromet processing facility in Idaho. Collectively, these accomplishments have further established the operational foundation for the Company's next phase of growth by enabling increased production, expanding sales to both the U.S. government and commercial customers, greater utilization of its integrated processing platform, and improved financial performance during the second half of 2026.
Second Quarter 2026 Financial Results
Second quarter 2026 revenues were $7.9 million, compared to $10.5 million in the second quarter of 2025. Antimony segment revenues were $5.9 million, compared to $9.6 million in the prior-year period. While antimony pounds sold increased approximately 26% to 428,425 pounds from 340,305 pounds, average selling prices declined approximately 52% to $13.70 per pound from $28.32 per pound. The price decline reflects the impact of lower market prices for antimony compared to the stronger pricing environment experienced in the second quarter of 2025. Average cost per pound also declined approximately 33% to $13.34 from $19.85, partially mitigating the impact of lower selling prices.
Cost of revenues decreased to $7.3 million from $7.7 million in the prior-year period; however, gross profit declined to $0.6 million from $2.8 million due to the significant decline in antimony selling prices. Gross margin was approximately 7%, compared to 27% in the second quarter of 2025. During June 2026, the Company completed its first two shipments totaling approximately 82,000 pounds of antimony metal ingots under its contract with the DLA. Because these shipments were not formally accepted by the DLA until July 2026, no second quarter 2026 revenue was recognized; approximately $2.6 million is expected to be recognized as revenue in the third quarter of 2026.
Zeolite revenue increased to $1.9 million from $0.9 million in the prior-year period, driven primarily by a 114% increase in tons sold to 6,609 tons from 3,084 tons. The increase reflects the Company's expanded sales efforts, including continued penetration into the cattle market and growth in its traditional industrial markets. Zeolite gross profit increased to $0.4 million from $0.1 million, benefiting from higher sales volumes and lower average production costs.
The Company's inventory has grown to $21.6 million as of June 30, 2026, compared to $12.5 million as of December 31, 2025 and $6.8 million as of June 30, 2025. The inventory consists of both material sourced from third-party suppliers and ore mined from the Company's Stibnite Hill mining claims. The inventory buildup reflects the Company's strategic investment in antimony feedstock that will support the anticipated production growth for both our commercial and DLA customer delivery time tables.
Operating expenses were $7.6 million in the second quarter of 2026, compared to $2.8 million in the prior-year period. The increase primarily reflects higher non-cash share-based compensation, increased salaries and employee benefits associated with the Company's expanded leadership team and operational infrastructure, and higher professional fees supporting the Company's strategic growth initiatives.
The Company reported an operating loss of $7.0 million, compared to essentially break-even operating results in the prior year period. Net income was $0.1 million, compared to $0.2 million in the second quarter of 2025. Second quarter 2026 results included an unrealized gain of approximately $6.8 million on the Company's investment in Larvotto Resources Limited, which substantially offset the operating loss for the quarter. The operating loss includes approximately $3.4 million of net non-cash items, comprised principally of $2.9 million of share-based compensation expense and $0.5 million of depreciation and amortization.
Liquidity and Capital Resources
As of June 30, 2026, the Company had cash and cash equivalents of $41.4 million and investments in U.S. Treasury securities held to maturity of $20.7 million, compared to $30.5 million and $20.4 million, respectively, at December 31, 2025. The $11.6 million increase in cash, cash equivalents and restricted cash during the first six months of 2026 reflected net cash provided by financing activities of $43.4 million, which was primarily driven by $49.1 million of net proceeds received from the sale of common stock and $2.0 million of proceeds received from the exercise of pre-existing common stock warrants, partially offset by $7.8 million of treasury share repurchases related to the net settlement of employee equity awards. The Company used operating cash of $20.7 million during the six-month period to support operations and working capital, the majority of which consisted of strategic investments in antimony feedstock inventory. The Company also invested $22.8 million in capital expenditures during the first six months of 2026, primarily to advance the Thompson Falls expansion, acquire the milling facility located in Radersburg, Montana, and fund other strategic capital investments including additional critical mineral rights acquisitions. The Thompson Falls expansion was partially funded by the $12.8 million payment received in April 2026 for milestones achieved under the Defense Production Act grant award from the DoW.
The Company also holds an investment in Larvotto Resources Limited with a fair value of USD $43.2 million as of June 30, 2026.The Company recorded an unrealized gain of USD $6.8 million on the investment during the second quarter. Since quarter-end, the investment has continued to appreciate and had a market value of approximately USD $46.7 million based on the closing market price on August 10, 2026, an increase of approximately USD $3.5 million since June 30, 2026.
2026 Outlook
Updates Fiscal Year 2026 Revenue Guidance to a Range of $60 Million to $75 Million
The Company is updating its full-year 2026 gross revenue guidance to a range of $60 million to $75 million, revised from prior guidance of $125 million. The revised range reflects three principal factors: (1) a material decline in market prices for antimony since guidance was originally established in late 2025, when spot market pricing exceeded $28 per pound, versus spot market pricing (not the Company’s realized pricing) of approximately $10.50 per pound during the second quarter; (2) a shift to the future in the timing of certain DLA antimony metal ingot deliveries related to the pace of the Thompson Falls capacity expansion and the customary timing of government contract coordination; and (3) the Company's updated view of second half production and shipment cadence. Importantly, underlying government and industry demand for domestically sourced antimony remains robust, and the Company continues to expect the current DLA IDIQ contract to be a meaningful long-term revenue contributor. As Thompson Falls capacity utilization increases, in combination with our additional new processing capacity in our Radersburg facility, the Company expects to expand the volume of antimony products it can supply to both government and commercial customers, further supporting revenue growth and product diversification into the back half of 2026 and into 2027.
Management Commentary
Commenting on the second quarter and six months ended June 30, 2026 results, Mr. Gary C. Evans, Chairman and Chief Executive Officer of US Antimony Corporation, stated: "While our overall operations are continuing to improve markedly each month, those successes are only slowly trickling into our financial performance. While we made our first deliveries to the government during the second quarter, none of that achievement was reflected during this financial reporting period. We currently anticipate the third quarter should see a minimum of $9.0-$10.0 million of additional sales, all to the US Government. With a total of $57.3 Million in antimony ingot orders from the DLA on our books today, we are working tirelessly to fulfill these purchases orders by year-end. Worldwide antimony prices declined during the first six months of 2026 which has obviously affected our revenue projections. However, we took advantage of that opportunity by significantly increasing our existing inventory (up 178% from year-end) while our new smelter was being commissioned. Management’s current outlook reflects expectations for the balance of 2026 regarding increased shipments to both the DLA and our existing industrial customers, the Thompson Falls expansion becoming fully operational on all furnaces during the third quarter of 2026, continued ramp-up of in-house antimony ore processing in both Montana and Mexico, and sustained demand for critical minerals and our zeolite products."
Conference Call Details
US Antimony management will host a conference call on Tuesday, August 11, 2026 at 4:15 p.m. Eastern time to discuss its second quarter 2026 financial and operating results, followed by a question-and-answer period.
Date: Tuesday, August 11, 2026
Time: 4:15 p.m. Eastern time
Toll-free dial-in: 888-506-0062
International dial-in: 973-528-0011
Participant access code: 308365
Webcast URL: https://www.webcaster5.com/Webcast/Page/2604/54382
A replay of the conference call and the transcript will be available in the Investors section of the Company's website at https://www.usantimony.com/investors.
About United States Antimony Corporation
United States Antimony Corporation and its subsidiaries in the U.S., Mexico, and Canada ("USAC," "U.S. Antimony," the "Company," "Our," "Us," or "We") sell antimony, zeolite, and precious metals primarily in the U.S., Mexico, and Canada. The Company mines, purchases, and processes ore primarily into antimony oxide, antimony metal, antimony trisulfide, and precious metals 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. The Company also recovers precious metals, primarily gold and silver, at its Montana facility from third-party ore. 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. From 2024 through 2026, the Company has acquired mining claims, real properties (patented claims), and leases located in Alaska, Montana, and Ontario, Canada — including the Radersburg flotation mill acquired in the first quarter of 2026 — to reduce the cost of third-party antimony ore purchases and to expand its product offerings.
Learn more about United States Antimony Corporation at www.usantimony.com.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including, without limitation, statements regarding the Company's full-year 2026 revenue guidance, the expected commissioning of the Thompson Falls smelter expansion, the expected timing, volume and contribution of shipments under the DLA contract, the expected impact of in-house ore processing on margins, the recognition and continuation of funding under the DoW grant program, the value of and expected returns on the Company’s investment in Larvotto Resources Limited, the expected contribution of the Company’s mining claims and of the Fostung tungsten project, and other statements that are not historical facts. These statements are based on current expectations, estimates, forecasts, and projections about the industries in which the Company operates, as well as management's beliefs and assumptions. Words such as "anticipates," "expects," "intends," "plans," "believes," "seeks," "estimates," "may," "will," "should," "could," and variations of these words or similar expressions are intended to identify such forward-looking statements.
Forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from those indicated in such statements, including, but not limited to: fluctuations in the market prices and demand for antimony and zeolite; the Company’s dependence on the DLA contract and the U.S. government’s ability to modify, delay, reduce, or terminate orders, including for convenience, under that indefinite-delivery, indefinite-quantity contract, which does not guarantee any minimum purchase volume; the risk that the assumptions underlying the Company’s full-year 2026 revenue guidance prove incorrect; the Company’s ability to complete the Thompson Falls expansion and other capital projects on the anticipated timeline and budget and to achieve expected production rates; the availability, quality, and cost of third-party antimony feedstock, including deliveries from the Company’s partner in Bolivia; volatility in the market value of, and currency exposure relating to, the Company’s investment in Larvotto Resources Limited; dilution and other effects of the Company’s equity issuances; changes in domestic and global economic conditions; operational risks inherent in mining and mineral processing; geological or metallurgical conditions; availability and cost of energy, equipment, transportation, and labor; the Company’s ability to maintain or obtain permits, licenses, and regulatory approvals; changes in environmental and mining laws or regulations; competitive factors; the impact of geopolitical developments; and the effects of weather, natural disasters, or health pandemics on operations and supply chains. Additional information regarding risk factors that could cause actual results to differ materially is included in the Company’s filings with the U.S. Securities and Exchange Commission, including its Annual Report on Form 10-K and Quarterly Reports on Form 10-Q.
The Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise, except as required by law. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof.
Contacts
|
Investor Relations Contact: Jonathan Miller, VP, Investor Relations United States Antimony Corporation 4438 W. Lovers Lane, Unit 100 Dallas, Texas 75209 Email: Jmiller@usantimony.com Phone: 406-606-4117 |
Media Relations Contact: Anthony D. Andora Edge Consulting, Inc. 1560 Market Street, Suite 701 Denver, Colorado 80202 Email: Anthony@EdgeConsultingSolutions.com Phone: 720-317-8927 |
UNITED STATES ANTIMONY CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)
| Three months ended June 30, | Six months ended June 30, | |||||||||||||||
| 2026 | 2025 | 2026 | 2025 | |||||||||||||
| Revenues | $ | 7,925,601 | $ | 10,525,123 | $ | 14,709,670 | $ | 17,525,128 | ||||||||
| Cost of revenues | 7,342,304 | 7,687,578 | 13,016,906 | 12,315,853 | ||||||||||||
| Gross profit | 583,297 | 2,837,545 | 1,692,764 | 5,209,275 | ||||||||||||
| Operating expenses: | ||||||||||||||||
| General and administrative | 1,610,257 | 842,951 | 2,942,226 | 1,393,546 | ||||||||||||
| Salaries and benefits | 4,224,359 | 1,364,506 | 10,104,153 | 2,365,061 | ||||||||||||
| Professional fees | 1,089,554 | 536,869 | 2,370,685 | 918,905 | ||||||||||||
| Gain on sale or disposal of property, plant and equipment, net | - | - | (1,900 | ) | (500 | ) | ||||||||||
| Other operating expenses | 640,027 | 73,212 | 775,695 | 154,264 | ||||||||||||
| Total operating expenses | 7,564,197 | 2,817,538 | 16,190,859 | 4,831,276 | ||||||||||||
| Income (loss) from operations | (6,980,900 | ) | 20,007 | (14,498,095 | ) | 377,999 | ||||||||||
| Other income (expense), net: | ||||||||||||||||
| Interest and investment income | 425,612 | 154,770 | 753,900 | 322,156 | ||||||||||||
| Unrealized gain on investment in equity securities | 6,786,253 | - | 2,724,823 | - | ||||||||||||
| Other miscellaneous income (expense), net | (64,161 | ) | 6,778 | (92,188 | ) | 27,924 | ||||||||||
| Total other income (expense), net | 7,147,704 | 161,548 | 3,386,535 | 350,080 | ||||||||||||
| Income (loss) before income taxes and equity in loss of joint venture | 166,804 | 181,555 | (11,111,560 | ) | 728,079 | |||||||||||
| Income tax expense | - | - | - | - | ||||||||||||
| Income (loss) before equity in losses of joint venture | 166,804 | 181,555 | (11,111,560 | ) | 728,079 | |||||||||||
| Equity in losses of joint venture | (56,514 | ) | - | (72,640 | ) | - | ||||||||||
| Net income (loss) | 110,290 | 181,555 | (11,184,200 | ) | 728,079 | |||||||||||
| Preferred dividends | (1,875 | ) | (1,875 | ) | (3,750 | ) | (3,750 | ) | ||||||||
| Net income (loss) available to common shareholders | $ | 108,415 | $ | 179,680 | $ | (11,187,950 | ) | $ | 724,329 | |||||||
| Net income (loss) per share: | ||||||||||||||||
| Basic | $ | nil | $ | nil | $ | (0.08 | ) | $ | 0.01 | |||||||
| Diluted | $ | nil | $ | nil | $ | (0.08 | ) | $ | 0.01 | |||||||
| Weighted average shares outstanding: | ||||||||||||||||
| Basic | 146,607,277 | 118,261,366 | 144,123,564 | 115,994,982 | ||||||||||||
| Diluted | 151,754,172 | 127,223,435 | 144,123,564 | 124,343,635 | ||||||||||||
UNITED STATES ANTIMONY CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)
| June 30, 2026 | December 31, 2025 | |||||||
| ASSETS | ||||||||
| CURRENT ASSETS | ||||||||
| Cash and cash equivalents | 41,434,379 | $ | 30,494,320 | |||||
| Investment in debt securities held to maturity | 4,665,947 | 4,577,706 | ||||||
| Accounts receivable, net | 2,607,687 | 4,213,305 | ||||||
| Inventories | 21,605,870 | 12,522,009 | ||||||
| Prepaid expenses and other current assets | 2,312,590 | 434,842 | ||||||
| Note receivable | 4,000,000 | 2,500,000 | ||||||
| Total current assets | 76,626,473 | 54,742,182 | ||||||
| Property, plant and equipment, net | 53,449,214 | 42,374,839 | ||||||
| Operating lease right-of-use assets | 29,306 | 48,106 | ||||||
| Investment in debt securities held to maturity - noncurrent | 16,065,384 | 15,773,251 | ||||||
| Investment in equity securities | 43,219,151 | 40,494,328 | ||||||
| Investment in joint venture | 76,360 | - | ||||||
| Restricted cash | 820,619 | 162,756 | ||||||
| Other assets, net | 330,207 | 330,207 | ||||||
| Total assets | $ | 190,616,714 | $ | 153,925,669 | ||||
| LIABILITIES AND STOCKHOLDERS' EQUITY | ||||||||
| CURRENT LIABILITIES | ||||||||
| Accounts payable | 3,938,384 | $ | 6,924,518 | |||||
| Accrued liabilities | 2,377,849 | 2,937,842 | ||||||
| Accrued liabilities - directors | 128,875 | 143,931 | ||||||
| Current portion of operating lease liabilities | 19,937 | 34,103 | ||||||
| Current portion of long-term debt | 175,913 | 136,942 | ||||||
| Total current liabilities | 6,640,958 | 10,177,336 | ||||||
| Operating lease liabilities, net of current portion | 9,369 | 14,003 | ||||||
| Long-term debt, net of current portion | 158,862 | 58,483 | ||||||
| Asset retirement obligations | 2,785,687 | 2,720,658 | ||||||
| Total liabilities | 9,594,876 | 12,970,480 | ||||||
| COMMITMENTS AND CONTINGENCIES (Note 16) | ||||||||
| STOCKHOLDERS' EQUITY | ||||||||
| Preferred stock $0.01 par value, 50,000,000 shares authorized: | ||||||||
| Series A - no shares issued and outstanding | - | - | ||||||
| Series B - 750,000 shares issued and outstanding (liquidation preference $986,250 and $982,500, 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; 150,521,555 and 140,042,270 shares issued, respectively | 1,505,216 | 1,400,423 | ||||||
| Treasury stock (1,050,186 and 149,639 shares of common stock at cost, respectively) | (9,418,009 | ) | (574,153 | ) | ||||
| Additional paid-in capital | 245,598,101 | 185,608,189 | ||||||
| Accumulated deficit | (56,672,749 | ) | (45,488,549 | ) | ||||
| Total stockholders' equity | 181,021,838 | 140,955,189 | ||||||
| Total liabilities and stockholders' equity | $ | 190,616,714 | $ | 153,925,669 | ||||
UNITED STATES ANTIMONY CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
| Six months ended June 30, | ||||||||
| 2026 | 2025 | |||||||
| CASH FLOWS FROM OPERATING ACTIVITIES: | ||||||||
| Net income (loss) | $ | (11,184,200 | ) | $ | 728,079 | |||
| Adjustments to reconcile income (loss) to net cash (used in) provided by operating activities: | ||||||||
| Depreciation and amortization | 925,824 | 559,525 | ||||||
| Accretion of asset retirement obligation | 65,029 | 38,967 | ||||||
| Noncash operating lease expense | - | 244,510 | ||||||
| Share-based compensation | 7,738,892 | 832,297 | ||||||
| Accretion income from investment securities held to maturity | (386,648 | ) | (95,990 | ) | ||||
| Paid-in-kind interest from notes receivable | (127,276 | ) | - | |||||
| Gain on sale or disposal of property, plant and equipment, net | (1,900 | ) | (500 | ) | ||||
| Equity in losses of joint venture | 72,640 | - | ||||||
| Write-down of inventory to net realizable value | 161,456 | - | ||||||
| Change in allowance for credit losses | 436 | 884 | ||||||
| Unrealized gain on investment in equity securities | (2,724,823 | ) | - | |||||
| Changes in operating assets and liabilities: | ||||||||
| Accounts receivable | 1,605,182 | (1,387,733 | ) | |||||
| Inventories | (9,601,887 | ) | (5,566,803 | ) | ||||
| Prepaid expenses and other current assets | (1,877,748 | ) | (1,249,047 | ) | ||||
| IVA receivable and other assets | - | (483,360 | ) | |||||
| Accounts payable | (4,473,542 | ) | 4,201,001 | |||||
| Accrued liabilities | (896,562 | ) | (126,279 | ) | ||||
| Accrued liabilities – directors | (15,056 | ) | (52,537 | ) | ||||
| Net cash used in operating activities | (20,720,183 | ) | (2,356,986 | ) | ||||
| CASH FLOWS FROM INVESTING ACTIVITIES: | ||||||||
| Proceeds from maturity of debt securities held to maturity | 1,301,000 | - | ||||||
| Purchases of debt securities held to maturity | (1,294,726 | ) | (9,991,259 | ) | ||||
| Proceeds from note receivable principal payment | 100,000 | - | ||||||
| Additional advance under convertible note receivable | (1,116,154 | ) | - | |||||
| Proceeds from sales of property, plant and equipment | 1,900 | 500 | ||||||
| Investment in joint venture | (149,000 | ) | - | |||||
| Proceeds from government grant related to capital expenditures | 12,848,246 | - | ||||||
| Purchases of property, plant and equipment | (22,813,341 | ) | (7,394,073 | ) | ||||
| Net cash used in investing activities | (11,122,075 | ) | (17,384,832 | ) | ||||
| CASH FLOWS FROM FINANCING ACTIVITIES: | ||||||||
| Principal payments on long-term debt | (71,777 | ) | (65,550 | ) | ||||
| Proceeds from exercises of stock options | 259,501 | 55,000 | ||||||
| Treasury stock acquired | (7,782,194 | ) | - | |||||
| Proceeds from issuance of common stock, net of issuance costs | 49,070,838 | 5,064,483 | ||||||
| Proceeds from exercise of warrants | 1,963,812 | 2,225,411 | ||||||
| Net cash (used in) provided by financing activities | 43,440,180 | 7,279,344 | ||||||
| NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS AND RESTRICTED CASH | 11,597,922 | (12,462,474 | ) | |||||
| CASH AND CASH EQUIVALENTS AND RESTRICTED CASH AT BEGINNING OF PERIOD | 30,657,076 | 18,270,898 | ||||||
| CASH AND CASH EQUIVALENTS AND RESTRICTED CASH AT END OF PERIOD | $ | 42,254,998 | $ | 5,808,424 | ||||
| SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION: | ||||||||
| Interest paid in cash | $ | 64,357 | $ | 5,243 | ||||
| NON-CASH FINANCING AND INVESTING ACTIVITIES: | ||||||||
| Recognition of operating lease liability and right-of-use asset | $ | - | $ | 63,416 | ||||
| Equipment purchased with note payable | $ | 211,127 | $ | - | ||||
| Property and equipment included in accounts payable / accrued liabilities | $ | 1,823,977 | $ | - | ||||