What changed in this filing

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Item 2. Management’s Discussion and Analysis

2025-11-12 compared with 2025-08-12 · 98 added, 90 removed, 178 unchanged (51% of the section changed)

69 unchanged sentences

The Company formed Bear River Zeolite Company (“BRZ”) in 2000 for the purpose of mining and producing zeolite products in Idaho.

In 2024, the Company leased a metals concentration facility with two flotation circuits located in Philipsburg, Montana.

In 2024 and 2025, the Company acquired mining claims and leases located in Alaska, Montana and Ontario, Canada, which necessitated forming three entities related to the Alaska mining claims, Great Land Minerals, LLC, Denali Minerals, LLC, and Alaska Antimony LLC, and one entity related to the Ontario mining claims and leases, UAMY Cobalt Corporation.

We expect these mining claims and leases will expand the Company’s operations and product offerings.

Currently, no active operations are being conducted, nor is any revenue being generated, from the Company's business components located in Los Juarez, Mexico (our ADM subsidiary), Ontario, Canada, Alaska, Philipsburg, Montana, and the mining claims in Thompson Falls, Montana.

The Company is also considering the acquisition of additional property in Alaska to be used for operating activities, including ore separation and storage, as well as an office for its staff.

Beginning in 2024, the Company began acquiring mining claims and leases located in Alaska, Montana and Ontario, Canada, which necessitated forming three entities related to the Alaska mining claims, Great Land Minerals, LLC, Denali Minerals, LLC, and Alaska Antimony LLC, and one entity related to the Ontario mining claims and leases, UAMY Cobalt Corporation.

We invested in these mining claims and leases in an effort to reduce the cost of third party antimony ore purchases.

Currently, no active operations are being conducted, nor is any revenue being generated, from the Company’s business components located in Los Juarez,

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

In September 2025, the Company obtained government permits to begin exploration of its mining claims in Alaska and commenced limited surface mining at two of these sites before the mining season ended due to weather constraints.

In October 2025, the Company completed the purchase of additional property in Fairbanks, Alaska that will be used for operating activities, including ore separation and storage, as well as an office for its staff.

In May 2012, our shares of common stock started trading on the NYSE MKT exchange (now NYSE AMERICAN) under the symbol UAMY.

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The Company continues to maintain its primary listing on the NYSE American Stock Exchange and trades with the same “UAMY” ticker symbol on both exchanges.

On July 31, 2025, the Company’s shareholders approved the conversion of the Company from a corporation organized under the laws of the State of Montana to a corporation organized under the laws of the State of Texas (the “Texas Reincorporation”).

After the Texas Reincorporation is complete, the rights of the Company’s shareholders previously governed by the Montana Business Corporation Act, as amended, and the Company’s Articles of Incorporation and Bylaws in effect prior to the Texas Reincorporation, will be governed by the Texas Business Organizations Code and the Certificate and Bylaws filed and adopted by the Company under Texas law.

The Texas Reincorporation will not result in any change in business, jobs, management, properties, location of any of our offices or facilities, number of employees, obligations, assets, liabilities or net worth.

Also, the Company intends to maintain its corporate headquarters in Texas and does not expect there to be any interruption in the trading of its common stock.

The Texas Reincorporation is expected to become effective as soon as practicable following the 2025 Annual Meeting.

In June 2025, the Company acquired property located in the Sudbury District of Ontario, Canada, which included 50 single-cell tungsten mining claims (the Fostung Properties).

We have completed fieldwork but not yet extracted any minerals from the Fostung Properties and we have not previously prepared a technical report summary making a determination on the property’s mineral resources or mineral reserves.

However, the Company has recently retained a qualified third-party expert who is in the process of preparing a technical reserve report for the Fostung Properties.

On August 28, 2025, the Company completed the conversion of its state of incorporation from the State of Montana to the State of Texas (the “Texas Reincorporation”) by means of a Plan of Conversion, effective August 13, 2025.

The Texas Reincorporation, including the principal terms of the Plan of Conversion, was submitted to a vote of, and approved by, the Company’s stockholders at the Company’s 2025 Annual Meeting of Stockholders held on July 31, 2025.

Upon completing the Texas Reincorporation, the rights of the Company’s shareholders previously governed by the Montana Business Corporation Act, as amended, and the Company’s Articles of Incorporation and Bylaws in effect prior to the Texas Reincorporation, are now governed by the Texas Business Organizations Code and the Certificate and Bylaws filed and adopted by the Company under Texas law.

The Texas Reincorporation did not result in any change in business, jobs, management, properties, location of any of our offices or facilities, number of employees, obligations, assets, liabilities or net worth.

Also, the Company continues to maintain its corporate headquarters in Texas and no interruption in the trading of its common stock occurred.

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 supply 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.

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 and to-date, no revenue has been recognized related to this contract.

The Company has two reportable segments:

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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.

Antimony is a mineral that is included in many products that are used every day, both by the military and by industrial customers.

USAC can provide this mineral in a form that can be used in these products.

USAC can provide this mineral in a form that can be used in various products.

Antimony is used in many products as a fire-retardant and a primer and is on the Critical Minerals List of the U.S.

Antimony mined from the ground, which is called antimony ore or ore, is typically not salable as a finished product primarily due to impurities in the ore, the ore size not being compatible with its intended use, and the percentage of antimony contained in the ore being too low.

We process ore to remove impurities, refine the size, and increase the percentage of antimony contained in the ore to approximately 71.4% to make the finished product called antimony trisulfide, to approximately 83% to make the finished product called antimony oxide, and to approximately 99.65% to make the finished product called antimony metal.

Antimony trisulfide, oxide, and metal can be sold as finished products to companies in many industries as well as government agencies.

Antimony trisulfide, oxide, and metal can be sold

as finished products to companies in many industries as well as government agencies.

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

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

Antimony metal ingots are used in bearings, storage batteries, and ordnance.

Antimony trisulfide is used as a primer in ammunition.

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Our Montana facility processes this ore and typically sells the gold and silver to the company who sold us this ore, which represents all our precious metals sales, and sells the antimony to other companies in various industries.

Our Mexico facilities have been processing ore primarily into antimony metal.

Our Mexico facilities have been processing ore primarily into antimony metal ingots.

We estimate (but have not independently confirmed) that our present share of the domestic and international markets for antimony oxide products is approximately 4% and less than 1%, respectively.

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● Our smelter in Coahuila, Mexico is the largest and only current operating smelter for the processing of antimony products in Mexico.

● We are a fully vertically integrated operation that includes mining, processing and selling antimony products.

We believe there are no other companies in the world, outside of Russia or China, that can make that claim.

Zeolite Segment

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SELECTED FINANCIAL DATA.

Consolidated Statements of Operations Information:

For the Three Months

Ended June 30,

For the Six Months

Ended June 30,

Costs of revenues

Total operating expenses

Income (loss) from operations

Total other income, net

Income tax expense

Net income (loss)

Consolidated Balance Sheets Information:

Working capital

Accumulated deficit

(40,420,944 )

(41,149,023 )

Total stockholders’ equity

Operational and Financial Performance of Operations by Segment:

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

For the three months

ended June 30,

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

Three months ended September 30,

Gross profit (a)

3 unchanged sentences

Average gross profit per pound

Revenue from sales of gold and silver totaled $nil and $4,616 for the three months ended June 30, 2025 and 2024, respectively, which are excluded from Revenue and Gross profit in the table above but included in the antimony segment.

Revenue from sales of gold and silver totaled $nil and $399,433 for the three months ended September 30, 2025 and 2024, respectively, which are excluded from Revenue and Gross profit in the table above but included in the antimony segment.

Pounds of antimony sold in the table above exclude sales related to gold and silver for both periods presented.

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

For the six months

ended June 30,

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

Nine months ended September 30,

Gross profit (b)

3 unchanged sentences

Average gross profit per pound

Revenue from sales of gold and silver totaled negative $(20,539) and $4,616 for the six months ended June 30, 2025 and 2024, respectively, which are excluded from Revenue and Gross profit in the table above but included in the antimony segment.

Revenue from sales of gold and silver totaled negative $(20,539) and $404,049 for the nine months ended September 30, 2025 and 2024, respectively, which are excluded from Revenue and Gross profit in the table above but included in the antimony segment.

Pounds of antimony sold in the table above exclude sales related to gold and silver for both periods presented.

For the three and six months ended June 30, 2025, antimony revenue increased $6,972,867, or 262%, and $10,429,653, or 203%, respectively, as compared to the corresponding periods in the prior year.

This growth was primarily driven by heightened demand for antimony, which resulted in the average sales price per pound increasing for both the three and six-month periods.

This positive impact from higher prices was partially offset by declines in sales volume of 11% and 21% during the three and six months ended June 30, 2025, respectively.

Gross profit increased $1,641,485, or 132%, and $3,157,123, or 147%, for the three and six months ended June 30, 2025, respectively, as compared to the three and six months ended June 30, 2024.

These increases were primarily attributable to higher average sales prices per pound, driven by greater demand, coupled with favorable ore costs from earlier purchases made during the first half of 2025.

For the three and nine months ended September 30, 2025, antimony revenue increased $6,540,207, or 439%, and $16,969,860, or 256%, respectively, as compared to the corresponding periods in the prior year.

This growth was primarily driven by continued heightened

demand for antimony, which resulted in the average sales price per pound increasing for both the three and nine-month periods.

During the third quarter of 2025, antimony revenue growth was also positively impacted by 12% growth in sales volume.

For the nine months ended September 30, 2025, the positive impact of a 311% increase in average sales price per pound was partially offset by a 13% decline in sales volume attributable mostly to a shortage of available workforce which has since been rectified.

Gross profit increased $1,908,022, or 679%, and $5,065,145, or 209%, for the three and nine months ended September 30, 2025, respectively, as compared to the three and nine months ended September 30, 2024.

These increases were primarily attributable to higher average sales prices per pound, driven by continued demand, coupled with favorable ore costs from earlier purchases made during the first half of 2025.

This positive impact was partially offset by an increasing percentage of market prices charged by suppliers.

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

For the three months

ended June 30,

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

Three months ended September 30,

Gross profit (loss)

Tons of zeolite sold

1 unchanged sentence

Average cost per ton

Average gross profit per ton

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

For the six months

ended June 30,

Average gross profit (loss) per ton

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

Nine months ended September 30,

Gross profit (loss)

3 unchanged sentences

Average gross profit (loss) per ton

For the six months ended June 30, 2025, Zeolite revenue increased $385,586, or 24%, as compared to the corresponding prior year period.

For the nine months ended September 30, 2025, Zeolite revenue increased $374,585, or 16%, as compared to the corresponding prior year period.

This increase was largely a result of higher sales volume, stemming from enhanced customer relationships, improved supply reliability, and broader customer reach.

In contrast, Zeolite revenue in the second quarter of 2025 experienced a decline of $106,105, or 11%, when compared to the prior year's second quarter.

This quarterly decrease was predominantly due to a 17% decrease in tons of Zeolite sold, partially offset by an 8% increase in the average sales price per ton.

Gross profit increased $543,697, or 225%, for the six months ended June 30, 2025, as compared to the corresponding period in 2024.

This increase was largely due to both sales volume growth and higher average sales prices, coupled with a decrease in maintenance and related costs.

In the first two quarters of 2024, our BRZ facility incurred substantial maintenance and related costs to repair older operating equipment due to historically poor maintenance practices.

Despite these overall positive trends, Zeolite's gross profit saw more modest growth, increasing only $71,778, or 142%, in the second quarter of 2025 as compared to the prior year's second quarter.

This was primarily the result of a decline in Zeolite sales volume during the second quarter of 2025.

In contrast, Zeolite revenue in the third quarter of 2025 experienced a decline of $11,001, or 2%, when compared to the prior year’s third quarter.

This quarterly decrease was primarily due to the 4% decrease in tons of Zeolite sold, partially offset by a 3% increase in the average sales price per ton.

For the nine months ended September 30, 2025, gross profit was $275,720 compared to a negative gross margin of $(450,556) during the corresponding period in 2024.

This improvement in gross profit was largely due to both sales volume growth and higher average sales prices, coupled with a decrease in maintenance and related costs.

During the first three quarters of 2024, our BRZ facility incurred substantial maintenance and related costs to repair older operating equipment due to historically poor maintenance practices.

In the third quarter of 2025, Zeolite’s gross profit improved by $182,579 from a negative gross margin of $(208,392) in the prior year third quarter to a negative gross margin of $(25,813).

Gross profit in the third quarter of 2025 benefited from lower maintenance costs coupled with a higher average sales price per ton.

Condensed Consolidated Statements of Operations Information:

Three Months Ended September 30,

Nine Months Ended September 30,

Costs of revenues

Total operating expenses

Loss from operations

Total other income, net

Income tax expense

Capital Resources and Liquidity:

Working Capital

June 30, 2025

December 31, 2024

Current assets

1 unchanged sentence

Working capital

For the Six Months

Ended June 30,

Nine Months Ended September 30,

Cash Flow Information

Net cash (used in) provided by operating activities

Net cash used in investing activities

(17,384,832 )

Net cash (used in) provided by investing activities

Net cash provided by (used in) financing activities

Net (decrease) increase in cash

($12,462,474)

Net cash used in operating activities was $2,356,986 for the six months ended June 30, 2025 as compared to $630,966 of net cash provided by operating activities for the six months ended June 30, 2024.

This use of cash in 2025 primarily related to significantly increased antimony inventory on hand throughout the first two quarters of 2025, as shown in the inventory chart below.

This use of cash was partly offset by an increased accounts payable balance during the first six months of 2025, which was largely due to the higher cost of supplier invoices related to antimony.

Net increase in cash

Net cash used in operating activities was $6,220,686 for the nine months ended September 30, 2025, compared to net cash provided by operating activities of $1,042,162 for the same period in 2024.

The significant net use of cash in 2025 primarily reflected significant working capital investments made during the nine-month period.

The Company experienced a $7,167,437 increase in inventory, driven by substantially higher levels of antimony inventory on hand, as illustrated in the inventory chart below.

In addition, prepaid expenses and other current assets increased by $1,716,295, and accounts receivable rose by $798,413.

The increase in accounts receivable reflected higher sales levels.

These outflows were partially offset by a $2,672,335 increase in accounts payable, largely due to an increase in antimony purchases and an increasing percentage of market prices charged by suppliers for antimony.

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

December 31, 2023

September 30, 2024

December 31, 2024

September 30, 2025

Antimony inventory

1 unchanged sentence

Total inventories

Also, prepaid expenses and other current assets totaled $1,353,208 and $104,161 as of June 30, 2025 and December 31, 2024, respectively, which is an increase of $1,249,047.

This increase was due in part to a payment made during the second quarter of 2025 for a shipment of inventory that had not been received by June 30, 2025.

This resulted in an increase in “prepaid expenses and other current assets” of approximately $840,000 from December 31, 2024 to June 30, 2025.

Also, prepaid insurance increased by approximately $342,000 from December 31, 2024 to June 30, 2025, due to insurance renewal payments made during the second quarter of 2025 to continue coverage for the next policy year.

In addition, accrued liabilities totaled $1,251,778 and $1,427,146 as of June 30, 2025 and December 31, 2024, respectively, and relate primarily to accrued compensation and accruals for goods or services received but not invoiced as of the reporting date.

The $175,368 decrease reflected a reduction in accrued compensation that was primarily due to timing differences associated with payroll accruals.

Net cash used in investing activities increased to $17,384,832 for the six months ended June 30, 2025 as compared to $100,039 for the six months ended June 30, 2024.

Investing activities in the first six months of 2025 were comprised of $9,991,259 for the purchase of U.S.

The increase in prepaid expenses and other currents assets was primarily due to payments made for inventory shipments that were pending receipt at September 30, 2025.

This resulted in an increase in “prepaid expenses and other current assets” of approximately $1,469,000 from December 31, 2024 to September 30, 2025.

Also, prepaid insurance increased by approximately $229,000 from December 31, 2024 to September 30, 2025, due to insurance renewal payments made during the second quarter of 2025 to continue coverage for the next policy year.

Net cash used in investing activities was $35,995,481 for the nine months ended September 30, 2025 as compared to net cash provided by investing activities of $141,708 for the nine months ended September 30, 2024.

Investing activities in the first nine months of 2025 were comprised of $19,934,953 for purchases of U.S.

Treasury Strips and capital expenditures totaling $16,069,244.

These capital expenditures included $5,025,120 for the Fostung Properties, a mining property consisting of 50 single-cell mining claims located in the Sudbury District of Ontario, Canada.

These capital expenditures included $5,025,120 for the purchase of the Fostung Properties, a mining property consisting of 50 single-cell mining claims located in the Sudbury District of Ontario, Canada and approximately $9 million of construction in progress expenditures primarily associated with the expansion of our existing smelting operations located in Thompson Falls, Montana.

See Note 8 of the Notes to Condensed Consolidated Financial Statements in this Quarterly Report for further information.

Net cash provided by financing activities was $7,279,344 for the six months ended June 30, 2025 as compared to $39,071 of net cash used in financing activities for the six months ended June 30, 2024.

Financing activities in the first six months of 2025 included $5,064,483 of net proceeds received from the sale of common stock in an “at the market offering” and $2,225,411 of proceeds received from the exercise of pre-existing common stock warrants.

Net cash provided by financing activities was $42,415,350 for the nine months ended September 30, 2025 as compared to $71,139 of net cash used in financing activities for the corresponding period in the prior year.

Significant financing activities in the first nine months of 2025 included $38,440,596 of net proceeds received from the sale of common stock in “at the market offerings” and one direct offering with an institutional investor, and $4,427,756 of proceeds received from the exercise of pre-existing common stock warrants.

In October 2025, the Company received approximately $66 million of additional net proceeds pursuant to “at the market offerings” and two direct offerings to certain institutional investors.

The Company incurred a net loss of $4.1 million for the nine months ended September 30, 2025.

Included in this loss was $5.2 million of non-cash expenses, which consisted primarily of $4.7 million of non-cash share-based compensation expense and $0.8 million of non-cash depreciation and amortization expense, partly offset by $0.2 million of net non-cash lease income.

The Company has entered into a Letter of Intent to acquire an existing custom precious metals mill and flotation facility to enhance its processing capabilities.

Separately, given the limited local availability of residential housing options in Thompson Falls, Montana, the Company has entered into a contract pending resolution of certain closing contingencies to purchase an existing housing development in the local area to ensure adequate housing levels are available for new employees who will work in the new expansion facility of our existing smelting operations.

Our mission is to service our employees, customers, and vendors well and grow our business profitably both organically and through strategic acquisitions and partnerships to increase shareholder value.

2 unchanged sentences

However, our ability to access capital or raise funds when needed is not assured and, if capital is not available when, and in the amounts and terms needed, or if capital is not available at all, the Company could be required to significantly curtail its operations, modify existing strategic plans, and/or dispose of certain operations or assets, which could materially harm our business, prospects, financial condition, and operating results.

The Company secured a $5,000,000 LOC facility in April 2025, which bears interest at one percent above the base commercial rate.

The Company secured a $5,000,000 LOC facility with a national bank in April 2025, 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 U.S.

Treasury Strips serve as collateral for this LOC.

The Company could generate funds or working capital by drawing on its LOC as it had no outstanding borrowings on the LOC at June 30, 2025.

The Company could also receive funds from the U.S.

The Company could generate funds or working capital by drawing on its LOC as it had no outstanding borrowings on the LOC at September 30, 2025.

The Company could also in the future receive funds from the U.S.

Government for initiatives related to facility expansion and mining exploration and development.

2 unchanged sentences

In addition, the Company continues to review each segment’s operational and financial results for opportunities to improve cash flow and to make informed decisions that benefit the Company overall.

As of June 30, 2025, the Company had cash and cash equivalents of $5,708,660.

We intend to fund our cash requirements with our cash and cash equivalents, cash generated from our operations, and capital raised from various investment vehicles and methods and believe cash from these sources are sufficient to cover our requirements for the next 12 months.

As of September 30, 2025, the Company had cash and cash equivalents of $18,338,679.

We may use cash to acquire businesses.

As noted per the “DESCRIPTION OF BUSINESS – History” section above, the Company is currently considering the acquisition of additional property in Alaska to be used for operating activities, including ore separation and storage, as well as an office for its staff.

The nature of these investments and transactions, however, makes it difficult to predict the amount and timing of such cash requirements.

2 unchanged sentences

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 2. Management’s Discussion and Analysis