What changed in this filing

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Item 1. Financial Statements

2025-11-12 compared with 2025-08-12 · 308 added, 212 removed, 412 unchanged (56% of the section changed)

2 unchanged sentences

CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)

September 30,

CURRENT ASSETS

31 unchanged sentences

130,338,196 and 112,951,317 shares issued and outstanding, respectively

Treasury stock ( 140,860 and no shares of common stock at cost, respectively)

Additional paid-in capital

7 unchanged sentences

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)

Three months ended June 30,

Six months ended June 30,

Three months ended September 30,

Nine months ended September 30,

Cost of revenues

3 unchanged sentences

Professional fees

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

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

Gain on lease termination

Other operating expenses

Total operating expenses

Income (loss) from operations

Loss from operations

( 4,917,182 )

( 4,539,183 )

( 1,305,467 )

Other income (expense), net:

1 unchanged sentence

Trademark and licensing income

Other miscellaneous income (expense)

Other miscellaneous expense

Total other income, net

Income (loss) before income taxes

Loss before income taxes

( 4,780,700 )

( 4,052,621 )

Income tax expense

Net income (loss)

( 4,780,700 )

( 4,052,621 )

Preferred dividends

Net income (loss) available to common shareholders

Net loss available to common shareholders

( 4,782,575 )

Net income (loss) per share:

( 4,058,246 )

Net loss per share:

Weighted average shares outstanding:

2 unchanged sentences

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

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

For the three and nine months ended September 30, 2025 and 2024

Preferred Stock

Total Stockholders'

Stockholders'

Balance - December 31, 2024

1 unchanged sentence

Share-based compensation

Exercise of stock options and distribution of restricted stock units

Issuance of common stock under equity incentive plan

Issuance of common stock for cash, net of issuance costs

3 unchanged sentences

Share-based compensation

Exercise of stock options and distribution of restricted stock units

Issuance of common stock under equity incentive plan

Issuance of common stock for cash, net of issuance costs

2 unchanged sentences

( 40,420,944 )

( 4,780,700 )

Share-based compensation

Issuance of common stock under equity incentive plan

Issuance of common stock for cash, net of issuance costs

Issuance of common stock upon exercise of warrants

Balance - September 30, 2025

( 45,201,644 )

Preferred Stock

Total Stockholders'

Stockholders'

Balance - December 31, 2023

1 unchanged sentence

Share-based compensation

Distribution of restricted stock units

Issuance of common stock under equity incentive plan

Balance - March 31, 2024

3 unchanged sentences

( 39,538,595 )

Share-based compensation

Balance - September 30, 2024

( 40,266,104 )

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

1 unchanged sentence

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)

For the six months

ended June 30,

Nine months ended September 30,

CASH FLOWS FROM OPERATING ACTIVITIES:

Net income (loss)

( 4,052,621 )

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

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

Depreciation and amortization

2 unchanged sentences

Share-based compensation

Accretion income from investment securities held to maturity

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

Accretion of income from investment securities held to maturity

Gain on lease termination

Write-down of inventory to net realizable value

4 unchanged sentences

( 7,167,437 )

( 5,566,803 )

Prepaid expenses and other current assets

5 unchanged sentences

Royalties payable

Stock payable to directors

Net cash (used in) provided by operating activities

7 unchanged sentences

( 16,069,244 )

Net cash used in investing activities

Net cash (used in) provided by investing activities

( 35,995,481 )

2 unchanged sentences

Proceeds from exercises of stock options

Treasury stock acquired

Proceeds from issuance of common stock, net of issuance costs

1 unchanged sentence

Net cash provided by (used in) financing activities

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

( 12,462,474 )

NET INCREASE IN CASH AND CASH EQUIVALENTS AND RESTRICTED CASH

CASH AND CASH EQUIVALENTS AND RESTRICTED CASH AT BEGINNING OF PERIOD

8 unchanged sentences

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

June 30, 2025

September 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.

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.

The Company mines, purchases and processes third party ore primarily into antimony oxide, antimony metal ingots, antimony trisulfide, and precious metals, primarily gold and silver, at its facilities located in Montana and Mexico.

Antimony oxide is used to form a flame-retardant system for plastics, rubber, fiberglass, textile goods, paints, coatings, and paper, as a color fastener in paint, and as a phosphorescent agent in fluorescent light bulbs.

Antimony metal is used in bearings, storage batteries, and ordnance.

Antimony metal ingots are 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.

Beginning in 2024, the Company began acquiring mining claims, real properties (patented claims) and leases located in Alaska, Montana and Ontario, Canada, in an effort to reduce the cost of third party antimony ore purchases.

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.

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 September 30, 2025, and its results of operations and cash flows for the three and nine months ended September 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.

9 unchanged sentences

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.

Operating results for the three and nine months ended September 30, 2025, are not necessarily indicative of the results that may be expected for the full year ending December 31, 2025.

Reclassifications

3 unchanged sentences

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

June 30, 2025

September 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.

During 2025, the Company purchased short and long-term investment grade U.S.

Treasury Strips in an effort to protect itself from anticipated interest rate drops.

These securities are classified as held-to-maturity and carried at amortized cost because the Company has both the intent and ability to hold them until their contractual maturity date.

21 unchanged sentences

The Company is currently evaluating the potential impact this update will have on its consolidated financial statements and expense disclosures in the notes to the consolidated financial statements.

In September 2025, the FASB issued ASU No.

2025-06, Intangibles - Goodwill and Other - Internal-Use Software (Subtopic 350-40):

Targeted Improvements to the Accounting for Internal-Use Software.

The amendments in this ASU clarify and refine the criteria for capitalizing costs related to internal-use software.

Under the new guidance, capitalization is permitted when both of the following conditions are met:

(i) management has authorized and committed to funding the software project, and (ii) it is probable that the project will be completed, and the software will be used to perform the function intended.

This ASU will be effective for annual periods beginning after December 15, 2027, for interim reporting periods beginning within those annual periods, and early adoption is permitted.

Management is currently evaluating this update to determine its impact on the Company’s consolidated financial statements.

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.

1 unchanged sentence

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

June 30, 2025

September 30, 2025

NOTE 3 – EARNINGS PER SHARE

2 unchanged sentences

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,

Net income (loss)

Preferred dividends

Net income (loss) available to common shareholders

$ ( 123,726 )

Weighted average shares - basic

Add - dilutive effect of stock options

Add - dilutive effect of RSUs

Add - dilutive effect of warrants

Weighted average shares - diluted

Net income (loss) per share:

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,

Three months ended September 30,

Nine months ended September 30,

Stock options and RSU awards

Total possible share dilution

UNITED STATES ANTIMONY CORPORATION AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

June 30, 2025

NOTE 4 – FAIR VALUE MEASUREMENTS

12 unchanged sentences

The Company’s products consist of the following:

includes antimony oxide, antimony metal, antimony trisulfide.

includes coarse and fine zeolite crushed in various sizes.

primarily includes antimony oxide, antimony metal ingots, and antimony trisulfide.

includes coarse and fine zeolite crushed in various product 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,

UNITED STATES ANTIMONY CORPORATION AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

September 30, 2025

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

Three months ended September 30,

Nine months ended September 30,

Precious metals

Total revenues

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,

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

Three months ended September 30,

Nine months ended September 30,

Total revenues

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.

In September 2025, the Company secured a five-year , sole-source Indefinite Delivery, Indefinite Quantity (IDIQ) contract with the U.S.

Defense Logistics Agency (DLA) Strategic Materials, which is responsible for managing the National Defense Stockpile (NDS).

The contract, with a maximum value of $ 245 million, is for the sale of antimony metal ingots ( 99.65 % purity) to replenish the NDS through September 2030.

Pricing is determined at the time each delivery order is placed based on prevailing market rates and each shipment will represent a separate performance obligation satisfied at a point in time.

As a result, revenue will be recognized when each shipment of antimony metal ingots is delivered to the DLA’s depot and formally accepted by the government.

At the end of September 2025, the Company announced it had received the first delivery order under its contract with the DLA.

This initial order for the purchase of 315,000 pounds of antimony metal ingots is valued at approximately $ 10 million.

During the three and nine months ended September 30, 2025, no revenue has been recognized related to this contract.

The Company’s trade accounts receivable balance related to contracts with customers was $ 1,898,184 at September 30, 2025 and $ 1,099,771 at December 31, 2024, which are net of allowances for credit losses of $ 15,963 and $ 10,165 , respectively.

The Company’s products do not involve any warranty agreements and product returns are not typical.

3 unchanged sentences

Treasury Strips are scheduled to mature approximately equally about every six months beginning in May 2026 and will generate interest yields of approximately 3.9 %.

In September 2025, the Company purchased an additional $ 9,943,694 of U.S.

Treasury Strips with maturities ranging from approximately 14 to 62 months .

Treasury Strips are scheduled to mature approximately equally every 12 months beginning in November 2026 and will generate interest yields of approximately 3.7 %.

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:

UNITED STATES ANTIMONY CORPORATION AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

September 30, 2025

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

Estimated Fair

Investment securities held to maturity - current:

4 unchanged sentences

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.

Treasury Strips of $ 126,450 and $ 222,440 during the three and nine months ended September 30, 2025, respectively.

There were no investment securities outstanding at December 31, 2024 or held during the nine months ended September 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,

At September 30, 2025, the Company’s held to maturity securities were scheduled to mature as follows:

Estimated Fair

Twelve months ending September 30,

Total investment securities held-to-maturity

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.

UNITED STATES ANTIMONY CORPORATION AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

June 30, 2025

The Company secured a $ 5,000,000 line of credit facility (“LOC”) in April 2025 with a national bank, which bears interest at one percent above the base commercial rate.

In September 2025, the LOC was increased to $ 10,000,000 .

The Company’s investment securities serve as collateral for the LOC on which the Company had no outstanding borrowings at September 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 at September 30, 2025 and December 31, 2024 consisted primarily of finished antimony metal ingots and antimony oxide products, antimony ore and concentrates, and finished zeolite products.

Inventories are stated at the lower of first-in, first-out cost or estimated net realizable value.

Finished antimony products and finished zeolite products primarily include direct materials, direct labor, overhead, depreciation, and freight.

Inventories at June 30, 2025 and December 31, 2024 were as follows:

Inventories consisted of the following:

September 30,

Antimony oxide

Antimony metal

Antimony metal ingots

Antimony ore and concentrates

1 unchanged sentence

Total inventories

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.

At September 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.

UNITED STATES ANTIMONY CORPORATION AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

September 30, 2025

Antimony oxide, metal ingots, and ore and concentrates were held primarily at the Company’s plants located in Montana and Mexico.

Some antimony metal ingots are 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

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

September 30, 2025

Plant and equipment

17 unchanged sentences

Property, plant and equipment, net

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.

3 unchanged sentences

Payment Amount

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”).

UNITED STATES ANTIMONY CORPORATION AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

September 30, 2025

The January Fairbanks Agreement requires a royalty payment by the Company based on the value realized from ore mined from the claims (“Net Smelter Royalty on Claims”) and another royalty payment by the Company based on the value realized from ore mined, if any, from certain areas surrounding these 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.

1 unchanged sentence

The January Fairbanks Agreement can be terminated without cause at any time by the Company with notice.

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”).

2 unchanged sentences

September 2025

The March Fairbanks Agreement requires a royalty payment by the Company based on the actual production from the claims and leases (“Net Smelter Royalty”).

The March Fairbanks Agreement requires a royalty payment by the Company based on the value realized from ore mined from the claims and leases (“Net Smelter Royalty”).

A certain percentage of the Net Smelter Royalty can be purchased back by the Company.

4 unchanged sentences

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.

In addition, the agreement requires the Company to pay a net smelter return royalty based on the value realized from ore mined 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”).

3 unchanged sentences

December 2025

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.

The June Fairbanks Agreement requires net smelter royalty payments be made by the Company based on the value realized from ore mined from the claims.

Also, the agreement includes a commitment by the Company to spend an aggregate of $ 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.

UNITED STATES ANTIMONY CORPORATION AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

September 30, 2025

In September 2025, the Company executed an agreement to acquire the ownership rights to mining claims located in the Fairbanks District of Alaska (“September Fairbanks Agreement”).

Payments to acquire these claims have been or will be made by the Company on or around the payment dates indicated as follows:

Payment Amount

September 2025

September 2026

September 2027

September 2028

September 2029

The September Fairbanks Agreement requires a royalty payment by the Company based on the value realized from ore mined from the claims (“Net Smelter Royalty”).

A certain percentage of the Net Smelter Royalty can be purchased back by the Company.

Also, the September Fairbanks Agreement includes a commitment by the Company to spend an aggregate of $ 250,000 on exploring and developing these claims over approximately thirty-six months beginning September 2026, with various milestones over this period.

The September Fairbanks Agreement can be terminated without cause by the Company with 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 PP&E in the Condensed Consolidated Balance Sheets and included in the “All Other” category for segment reporting.

NOTE 9 – LEASES

2 unchanged sentences

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 $ 95,000 per month payment included a fixed monthly fee of $ 45,000 and a minimum milling fee of $ 50,000 per month.

An additional payment of $ 50 per ton was due each month in the last twelve months of the lease for all milling in excess of 1,000 tons per month.

The Company did not include any milling fee payments above the minimum in its lease liability as it was not deemed probable at that 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.

1 unchanged sentence

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.

During the three and nine months ended September 30, 2025, the Company recorded $ 85,032 and $ 389,542 , respectively, of lease expense related to this lease and initial direct costs (“IDC”) in “Cost of Revenues” in the Condensed Consolidated Statements of Operations.

Lease payments were $ 40,000 and $ 110,000 during the three and nine months ended September 30, 2025, respectively, which were included in operating cash flows.

For both the three and nine months ended September 30, 2024, the Company recorded $ 33,611 of lease expense and IDC related to this lease.

Lease payments totaling $ 15,000 were made during the three and nine months ended September 30, 2024, and included in operating cash flows.

The Company paid $ 10,000 of IDC at the inception of the original lease agreement.

On September 22, 2025, the lessor terminated the Philipsburg operating lease agreement one year early.

This event resulted in derecognition of the associated account balances, specifically reducing operating lease liabilities by $ 631,690 , right-of-use assets by $ 151,868 , and prepaid rent by $ 10,000 .

The resulting difference was a non-cash gain on lease termination of $ 469,822 , which was presented in the Condensed Consolidated Statements of Operations as a separate item within the Operating Expenses section.

Furthermore, no termination penalties were incurred or incentives received in connection with the lease termination.

Machinery and equipment with a net book value of $ 29,621 , which had been used at the Philipsburg location, will be used at a different operating site.

UNITED STATES ANTIMONY CORPORATION AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

September 30, 2025

Finally, unpaid operating charges, such as utility and labor costs incurred through the termination date, were recognized separately as ordinary operating expenses and not included in the calculation of the gain.

Dallas Operating Lease

2 unchanged sentences

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 Company’s incremental borrowing rate of 3.49 % was used as the discount rate since 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.

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 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 $ 36,288 and $ nil at September 30, 2025 and December 31, 2024, respectively.

During the three and nine months ended September 30, 2025, the Company recorded $ 11,835 and $ 31,560 , 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 $ 31,560 during the three and nine months ended September 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.

For the three and nine months ended September 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,

Three months ended

Nine months ended

September 30,

Operating lease expense

1 unchanged sentence

Cash paid for security deposit

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,

At September 30, 2025, the remaining lease term of the Dallas operating lease was 16 months and the discount rate used was 3.49 %.

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

Twelve months ending September 30,

Total operating lease payments

3 unchanged sentences

Noncurrent operating lease liability

UNITED STATES ANTIMONY CORPORATION AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

September 30, 2025

NOTE 10 – LONG-TERM DEBT

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

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

September 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;

2 unchanged sentences

Long-term debt, net

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

Twelve months ending June 30,

UNITED STATES ANTIMONY CORPORATION AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

June 30, 2025

At September 30, 2025, the scheduled maturities of debt outstanding for each of the next two years were as follows:

Twelve months ending September 30,

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.

Management estimates that the Company’s 2025 effective tax rate will be 0 % due to the Company’s historical operating losses, tax loss carryforward, 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 nine-month periods ended September 30, 2025.

Mexico Tax Assessment

18 unchanged sentences

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.

UNITED STATES ANTIMONY CORPORATION AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

June 30, 2025

September 30, 2025

Mexico Import Value Added Tax

USAMSA has a receivable of $ 1,350,940 and $ 907,408 at September 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 $ 772,501 and $ 575,151 at September 30, 2025 and December 31, 2024, respectively.

The net IVA tax receivable of $ 578,439 and $ 332,257 at September 30, 2025 and December 31, 2024, respectively, is recorded in “IVA receivable and other assets, net” in the Condensed Consolidated Balance Sheets.

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.

During the nine months ended September 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.

At September 30, 2025 and December 31, 2024, BRZ had “accrued liabilities” in the Condensed Consolidated Balance Sheets of $ nil 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.

In April 2025, the Company began contracting for engineering and construction services to expand its existing smelting operating capacity located in Thompson Falls, Montana.

Total capital expenditures associated with the expansion plans are estimated to be approximately $ 22.4 million of which approximately $ 17.8 million has been formally agreed to with various third-party vendors.

As of September 30, 2025, the Company has paid approximately $ 8 million toward these commitments which is included in the “Construction in progress” component of PP&E in the Condensed Consolidated Balance Sheets.

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.

During the nine months ended September 30, 2025 and 2024, the Company issued 2,100,699 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.

During the nine months ended September 30, 2025, the Company sold 5,513,358 shares of its common stock in an “at the market offering” and received gross proceeds of $ 21,387,718 based on a weighted average price of $ 3.88 per share.

Direct issuance costs totaling $ 435,862 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.

The aggregate net proceeds received by the Company, after deducting offering fees and expenses, totaled $ 20,951,856 .

The Company did not sell any of its common stock during the nine months ended September 30, 2024.

On August 27, 2025, the Company completed a registered direct offering with an institutional investor.

The offering resulted in the sale of 4,000,000 shares of common stock at a purchase price of $ 4.50 per share for $ 18,000,000 in gross proceeds.

For this offering, the Company incurred direct issuance costs of $ 511,260 , which consisted primarily of placement agent commissions and various legal, accounting, and filing costs.

The aggregate net proceeds received by the Company, after deducting offering fees and expenses, totaled $ 17,488,740 .

During the nine months ended September 30, 3025, the Company issued 5,772,822 shares of its common stock and received proceeds of $ 4,427,756 pursuant 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 .

UNITED STATES ANTIMONY CORPORATION AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

June 30, 2025

September 30, 2025

Share-based compensation

In December 2023, shareholders approved the Company’s 2023 Equity Incentive Plan (“the Plan”), which provides for the grant of incentive stock options, non-qualified stock options and other types of awards.

On July 31, 2025, the Company’s shareholders approved the Amended and Restated 2023 Equity Incentive Plan (the “Amended Plan”).

The maximum number of shares of common stock available for issuance under the Amended Plan is 23,700,000 shares.

During the nine months ended September 30, 2025, the Company granted stock options and RSUs totaling 2,391,400 and 2,182,800 , respectively.

Once vested, each stock option and RSU represents the right to receive one share of the Company’s common stock.

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

Three Months Ended June 30,

Six Months Ended June 30,

Three Months Ended

Nine Months Ended

September 30,

Stock options

1 unchanged sentence

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,

Three Months Ended

Nine Months Ended

September 30,

General and administrative

4 unchanged sentences

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:

The following table summarizes the weighted-average assumptions used to value stock options granted during the nine months ended September 30, 2025 using the Black-Scholes method:

Weighted-Average Grant Date Assumptions

Six Months Ended

June 30, 2025

Expected term (in years)

5 unchanged sentences

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.

UNITED STATES ANTIMONY CORPORATION AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

September 30, 2025

Risk-free interest rate – The risk-free interest rate is based on the U.S.

2 unchanged sentences

Expected volatility – The expected volatility is based on the historical volatility of our stock price over the expected term of the stock option.

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:

Weighted-Average

Price Per Share

Weighted-Average Remaining

Term (in years)

Options outstanding, December 31, 2024

Options outstanding, June 30, 2025

Nonvested options, June 30, 2025

Vested and exercisable options, June 30, 2025

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 .

Options outstanding, September 30, 2025

Nonvested options, September 30, 2025

Vested and exercisable options, September 30, 2025

At September 30, 2025, total unrecognized share-based compensation expense related to stock options was $ 3,992,315 , which is expected to be recognized over a weighted-average remaining period of 0.8 years.

During the nine months ended September 30, 2025, 672,500 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 52,461 shares of common stock were acquired by the Company as treasury stock to pay for the aggregate exercise price of the stock options and 370,039 shares of common stock were issued to the award recipients.

See the “Treasury Stock” section below for further details.

The total intrinsic value of the 672,500 stock options exercised during the nine months ended September 30, 2025 was $ 1,410,033 .

Restricted stock units

Activity with respect to RSUs is summarized as follows:

Weighted-Average

RSUs outstanding at December 31, 2024

Vested and issued

RSUs outstanding at June 30, 2025

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.

( 1,428,199 )

RSUs outstanding at September 30, 2025

UNITED STATES ANTIMONY CORPORATION AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

June 30, 2025

September 30, 2025

At September 30, 2025, total unrecognized share-based compensation expense related to RSUs was $ 4,306,192 , 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 1.5 years at September 30, 2025.

During the nine months ended September 30, 2025, 1,428,199 shares of common stock were issued pursuant to the vesting of RSUs.

In a related transaction, 88,399 of the newly issued common shares were acquired by the Company as treasury stock to satisfy the mandatory payroll tax obligations resulting from the RSU vesting.

See the “Treasury Stock” section below for further details.

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:

Weighted Average

During the first nine months of 2025, the Company issued 5,772,822 shares of common stock related to the exercise of pre-existing warrants and received gross proceeds of $ 4,427,756 , based on a weighted average exercise price of $ 0.77 per share.

No warrants were issued or expired during the nine months ended September 30, 2025 and 2024 nor were any warrants exercised during the nine months ended September 30, 2024.

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

Exercise Price

1 unchanged sentence

( 5,772,822 )

Balance at June 30, 2025

Balance at September 30, 2025

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:

The composition of the Company’s warrants outstanding at September 30, 2025 was as follows:

Number of warrants

3 unchanged sentences

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

Treasury Stock

The Company accounts for purchases and sales of treasury stock using the cost method.

Shares are recorded at their acquisition price, with a corresponding debit to the treasury stock account.

Upon subsequent sale, the treasury stock account is credited for the shares’ original cost, and any difference between the selling price and cost is recognized in additional paid-in capital.

The Company does not recognize gains or losses on treasury stock transactions in the consolidated statement of operations

The Company retains and holds shares of its common stock as treasury stock to manage the settlement of employee equity awards.

Shares are retained primarily to cover the option exercise price and, if any, required tax withholding for cashless stock option exercises and to satisfy employees’ tax obligations upon RSU vesting.

During the nine months ended September 30, 2025, 52,461 newly issued common shares with a cost of $ 101,429 were retained by the Company as treasury stock to pay for the aggregate exercise price of the stock options and 88,399 of newly issued common shares with a cost of $ 409,246 were retained by the Company as treasury stock to satisfy the mandatory payroll tax obligations resulting from the vesting of RSUs.

There were no common shares retained and transferred to treasury stock during the nine months ended September 30, 2024.

UNITED STATES ANTIMONY CORPORATION AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

September 30, 2025

NOTE 14 – BUSINESS SEGMENTS

2 unchanged sentences

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

● Two facilities in our USAMSA subsidiary located in Mexico, one being a rock crushing mill and the other a smelter, that process ore primarily into antimony metal ingots, 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.

The following components of the Company’s business were not engaged in business activities at September 30, 2025 from which they recognized revenue offset by related expenses:

Los Juarez, Mexico in our ADM subsidiary, Ontario, Canada, Alaska, and the mining claims in Thompson Falls, Montana.

Therefore, these components, along with the Company’s personal residence 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 by segment at September 30, 2025 and December 31, 2024 were as follows:

September 30, 2025

December 31, 2024

Antimony segment

Zeolite segment

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,

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

Three months ended September 30,

Nine months ended September 30,

Antimony segment

1 unchanged sentence

Total capital expenditures

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

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

Three months ended September 30, 2025

Total revenues

Depreciation and amortization

Income (loss) from operations

Loss from operations

( 3,646,313 )

( 1,034,449 )

( 4,917,182 )

Income tax expense

For the three months ended June 30, 2024

( 4,780,700 )

Three months ended September 30, 2024

Total revenues

Depreciation and amortization

Income (loss) from operations

Loss from operations

Income tax expense

For the six months ended June 30, 2025

UNITED STATES ANTIMONY CORPORATION AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

September 30, 2025

Nine months ended September 30, 2025

Total revenues

Depreciation and amortization

Income (loss) from operations

Loss from operations

( 1,669,738 )

( 2,202,997 )

( 4,539,183 )

Income tax expense

For the six months ended June 30, 2024

( 4,052,621 )

Nine months ended September 30, 2024

Total revenues

2 unchanged sentences

( 1,720,314 )

( 1,305,467 )

Income tax expense

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.

During October 2025, the Company sold 1,996,751 shares of its common stock in an “at the market offering” and received gross proceeds of $ 15,995,150 based on a weighted average price of $ 8.01 per share.

Registered Direct Offerings of Common Stock

On October 6, 2025, the Company completed a registered direct offering with the same institutional investor as was completed on August 27, 2025 (see Note 13 — Stockholders’ Equity ) .

This offering resulted in the sale of 3,500,000 shares of common stock at a purchase price of $ 7.50 per share for $ 26,250,000 in gross proceeds.

On October 10, 2025, the Company completed a registered direct offering with a leading long-only mutual fund investor.

This offering resulted in the sale of 2,377,657 shares of common stock at a purchase price of $ 10.50 per share for $ 24,965,399 in gross proceeds.

Aggregate gross proceeds from these two registered direct offerings combined with the gross proceeds from the registered direct offering completed on August 27, 2025, as noted above, totaled $ 69,215,399 .

Common stock warrants

In October 2025, the Company issued 1,535,500 shares of common stock related to the exercise of warrants and received gross proceeds of $ 1,305,175 , based on their exercise price of $ 0.85 per share.

Supply Agreement and Promissory Note

In October 2025, the Company entered into a supply agreement with an international supplier for the purchase of antimony that meets specified quality standards over a period of approximately 36 months .

On the same date as this agreement, the Company extended a promissory note for $ 2,500,000 to the supplier.

This note bears interest at 3.81 % with principal and interest payments scheduled to be made in weekly installments of $ 500,000 beginning in December 2025, with the remaining balance of principal and interest due in January 2026.

The loan proceeds are to be used by the supplier, subject to the Company’s approval, to purchase antimony concentrate and equipment.

Payment of the promissory note is secured by all assets of the borrower and a corresponding personal guarantee from the principal owner.

UNITED STATES ANTIMONY CORPORATION AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

September 30, 2025

Purchase of Property in Alaska

In October 2025, the Company completed the acquisition of property in Fairbanks, Alaska for a total purchase price of $ 1,200,000 .

The property includes five buildings and approximately 17 acres of land.

The payment made to acquire these assets, along with any direct transaction costs and liabilities assumed, will be allocated to the land and buildings based on their relative fair values and included in the “All Other” category for segment reporting.

Investment in Australian-Based Mineral Exploration and Development Company

During October 2025, the Company acquired approximately 10 % of the total issued share capital of Larvotto Resources Limited (“Larvotto”), an Australian-based mineral exploration and development company focused on critical minerals, particularly antimony and gold, through open-market cash purchases totaling $ 37 million.

Supply Agreement with New Industrial Customer

In November 2025, the Company executed a five-year supply agreement with a new industrial customer for the sale of antimony trioxide.

After completing the monthly delivery schedule through December 2026 specified in the agreement, subsequent deliveries, pricing (pursuant to semiannual market-based adjustments), and volume commitments are subject to mutual written agreement every six months.

Acquisition of Mining Claims

In November 2025, the Company executed a mining option agreement to acquire certain mining rights to mining claims located in the state of Alabama.

This agreement includes payments totaling $ 375,000 to be made by the Company over the next three years to acquire these mining claims, a commitment by the Company to spend an aggregate of $ 1,200,000 over the next three years to explore and develop these claims, and royalty payments to be made by the Company based on the value realized from ore mined from these claims.

This agreement can be terminated without cause at any time by the Company with notice.

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-Q

Item 1. Financial Statements