UNITED STATES ANTIMONY CORP 10-Q

ITEM 1. FINANCIAL STATEMENTS UNITED STATES ANTIMONY CORPORATION AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) ​ ​ ​ ​ ​ ​ ​ ​ September 30, December 31, ​ ​ 2025 ​ 2024 ASSETS ​ ​ CURRENT ASSETS ​ ​ Cash and cash equivalents ​ $ 18,338,679 ​ $ 18,172,120 Investment securities held to maturity ​ 1,270,666 ​ — Accounts receivable, net ​ 1,898,184 ​ 1,099,771 Inventories ​ 8,413,161 ​ 1,245,724 Prepaid expenses and other current assets ​ 1,877,249 ​ 160,954 Total current assets ​ 31,797,939 ​ 20,678,569 Property, plant and equipment, net ​ 28,121,338 ​ 12,891,447 Operating lease right-of-use assets ​ 36,288 ​ 565,289 Investment securities held to maturity - noncurrent ​ 18,886,727 ​ — Restricted cash for reclamation bonds ​ 131,402 ​ 98,778 IVA receivable and other assets, net ​ 908,647 ​ 408,519 Total assets ​ $ 79,882,341 ​ $ 34,642,602 LIABILITIES AND STOCKHOLDERS' EQUITY ​ ​ CURRENT LIABILITIES ​ ​ Accounts payable ​ $ 4,218,043 ​ $ 1,545,708 Accrued liabilities ​ 1,581,627 ​ 1,427,146 Accrued liabilities - directors ​ 89,530 ​ 141,287 Royalties payable ​ 207,445 ​ 133,434 Current portion of operating lease liabilities ​ 28,990 ​ 626,562 Current portion of long-term debt ​ 135,754 ​ 132,252 Total current liabilities ​ 6,261,389 ​ 4,006,389 Operating lease liabilities, net of current portion ​ 7,298 ​ 129,007 Long-term debt, net of current portion ​ 93,167 ​ 195,425 Asset retirement obligations ​ 1,769,557 ​ 1,711,108 Total liabilities ​ 8,131,411 ​ 6,041,929 COMMITMENTS AND CONTINGENCIES (Note 12) ​ ​ STOCKHOLDERS' EQUITY ​ ​ Preferred stock $ 0.01 par value, 50,000,000 shares authorized: ​ ​ Series A - no shares issued and outstanding ​ — ​ — Series B - 750,000 shares issued and outstanding (liquidation preference $ 980,625 and $ 975,000 , respectively) ​ 7,500 ​ 7,500 Series C - 177,904 shares issued and outstanding (liquidation preference $ 97,847 both periods) ​ 1,779 ​ 1,779 Series D - no shares issued and outstanding ​ — ​ — Common stock, $ 0.01 par value, 250,000,000 shares authorized; 130,338,196 and 112,951,317 shares issued and outstanding, respectively ​ 1,303,382 ​ 1,129,512 Treasury stock ( 140,860 and no shares of common stock at cost, respectively) ​ ( 510,675 ) ​ — Additional paid-in capital ​ 116,150,588 ​ 68,610,905 Accumulated deficit ​ ( 45,201,644 ) ​ ( 41,149,023 ) Total stockholders' equity ​ 71,750,930 ​ 28,600,673 Total liabilities and stockholders' equity ​ $ 79,882,341 ​ $ 34,642,602 ​ The accompanying notes are an integral part of these condensed consolidated unaudited financial statements. ​ 3 Table of Contents UNITED STATES ANTIMONY CORPORATION AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended September 30, ​ Nine months ended September 30, ​ 2025 2024 2025 2024 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Revenues ​ $ 8,701,951 ​ $ 2,572,178 ​ $ 26,227,079 ​ $ 9,307,222 Cost of revenues ​ 6,688,509 ​ 2,148,349 ​ 19,004,362 ​ 7,043,685 Gross profit ​ 2,013,442 ​ 423,829 ​ 7,222,717 ​ 2,263,537 Operating expenses: ​ ​ ​ ​ General and administrative ​ 882,909 ​ 610,888 ​ 2,276,455 ​ 1,614,048 Salaries and benefits ​ 4,940,319 ​ 429,438 ​ 7,305,380 ​ 956,402 Professional fees ​ 522,531 ​ 184,402 ​ 1,441,436 ​ 637,418 (Gain) loss on sale or disposal of property, plant and equipment ​ ( 8,216 ) ​ ( 16,252 ) ​ ( 8,716 ) ​ 1,242 Gain on lease termination ​ ( 469,822 ) ​ — ​ ( 469,822 ) ​ — Other operating expenses ​ 1,062,903 ​ 106,374 ​ 1,217,167 ​ 359,894 Total operating expenses ​ 6,930,624 ​ 1,314,850 ​ 11,761,900 ​ 3,569,004 Loss from operations ​ ( 4,917,182 ) ​ ( 891,021 ) ​ ( 4,539,183 ) ​ ( 1,305,467 ) Other income (expense), net: ​ ​ ​ ​ Interest and investment income ​ 150,563 ​ 157,757 ​ 472,719 ​ 460,529 Trademark and licensing income ​ 7,867 ​ 6,553 ​ 25,337 ​ 21,281 Other miscellaneous expense ​ ( 21,948 ) ​ ( 798 ) ​ ( 11,494 ) ​ ( 23,828 ) Total other income, net ​ 136,482 ​ 163,512 ​ 486,562 ​ 457,982 Loss before income taxes ​ ( 4,780,700 ) ​ ( 727,509 ) ​ ( 4,052,621 ) ​ ( 847,485 ) Income tax expense ​ — ​ — ​ — ​ — Net loss ​ ( 4,780,700 ) ​ ( 727,509 ) ​ ( 4,052,621 ) ​ ( 847,485 ) Preferred dividends ​ ( 1,875 ) ​ ( 1,875 ) ​ ( 5,625 ) ​ ( 5,625 ) Net loss available to common shareholders ​ $ ( 4,782,575 ) ​ $ ( 729,384 ) ​ $ ( 4,058,246 ) ​ $ ( 853,110 ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net loss per share: ​ ​ ​ ​ Basic ​ $ ( 0.04 ) ​ $ ( 0.01 ) ​ $ ( 0.03 ) ​ $ ( 0.01 ) Diluted ​ $ ( 0.04 ) ​ $ ( 0.01 ) ​ $ ( 0.03 ) ​ $ ( 0.01 ) Weighted average shares outstanding: ​ ​ ​ ​ Basic ​ 123,412,910 ​ 108,438,984 ​ 118,494,796 ​ 108,262,091 Diluted ​ 123,412,910 ​ 108,438,984 ​ 118,494,796 ​ 108,262,091 ​ The accompanying notes are an integral part of these condensed consolidated unaudited financial statements. ​ 4 Table of Contents UNITED STATES ANTIMONY CORPORATION AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY (UNAUDITED) For the three and nine months ended September 30, 2025 and 2024 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Preferred Stock ​ Common stock ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Additional ​ ​ ​ ​ ​ ​ ​ Total ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Paid-In ​ Accumulated ​ Treasury ​ Stockholders' ​ Shares Par Value Shares Par Value Capital Deficit Stock Equity Balance - December 31, 2024 ​ 927,904 ​ $ 9,279 ​ 112,951,317 ​ $ 1,129,512 ​ $ 68,610,905 ​ $ ( 41,149,023 ) ​ $ — ​ $ 28,600,673 Net income ​ — ​ ​ — ​ — ​ ​ — ​ ​ — ​ ​ 546,524 ​ ​ — ​ ​ 546,524 Share-based compensation — ​ — — ​ — ​ 245,384 ​ — ​ — ​ 245,384 Issuance of common stock under equity incentive plan — ​ — 1,101,231 ​ 11,013 ​ ( 11,013 ) ​ — ​ — ​ — Issuance of common stock for cash, net of issuance costs — ​ — 1,107,923 ​ 11,079 ​ 2,381,238 ​ — ​ — ​ 2,392,317 Issuance of common stock upon exercise of warrants — ​ — 948,750 ​ 9,488 ​ 796,950 ​ — ​ — ​ 806,438 Balance - March 31, 2025 927,904 ​ 9,279 116,109,221 ​ 1,161,092 ​ 72,023,464 ​ ( 40,602,499 ) ​ — ​ 32,591,336 Net income — ​ — — ​ — ​ — ​ 181,555 ​ — ​ 181,555 Share-based compensation — ​ — — ​ — ​ 586,913 ​ — ​ — ​ 586,913 Issuance of common stock under equity incentive plan — ​ — 370,866 ​ 3,709 ​ 51,291 ​ — ​ — ​ 55,000 Issuance of common stock for cash, net of issuance costs — ​ — 750,000 ​ 7,500 ​ 2,664,666 ​ — ​ — ​ 2,672,166 Issuance of common stock upon exercise of warrants — ​ — 1,970,893 ​ 19,709 ​ 1,399,264 ​ — ​ — ​ 1,418,973 Balance - June 30, 2025 927,904 ​ 9,279 119,200,980 ​ 1,192,010 ​ 76,725,598 ​ ( 40,420,944 ) ​ — ​ 37,505,943 Net loss — ​ — — ​ — ​ — ​ ( 4,780,700 ) ​ — ​ ( 4,780,700 ) Share-based compensation — ​ — — ​ — ​ 3,856,475 ​ — ​ — ​ 3,856,475 Issuance of common stock under equity incentive plan — ​ — 628,602 ​ 6,286 ​ 95,143 ​ — ​ ( 510,675 ) ​ ( 409,246 ) Issuance of common stock for cash, net of issuance costs — ​ — 7,655,435 ​ 76,555 ​ 33,299,558 ​ — ​ — ​ 33,376,113 Issuance of common stock upon exercise of warrants — ​ — 2,853,179 ​ 28,531 ​ 2,173,814 ​ — ​ — ​ 2,202,345 Balance - September 30, 2025 927,904 ​ $ 9,279 130,338,196 ​ $ 1,303,382 ​ $ 116,150,588 ​ $ ( 45,201,644 ) ​ $ ( 510,675 ) ​ $ 71,750,930 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Preferred Stock ​ Common stock ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Additional ​ ​ ​ Total ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Paid-In ​ Accumulated ​ Stockholders' ​ Shares Par Value Shares Par Value Capital Deficit Equity Balance - December 31, 2023 927,904 ​ $ 9,279 107,647,317 ​ $ 1,076,472 ​ $ 63,853,836 ​ $ ( 39,418,619 ) ​ $ 25,520,968 Net loss — ​ — — ​ — ​ — ​ ( 322,768 ) ​ ( 322,768 ) Share-based compensation — ​ — — ​ — ​ 205,925 ​ — ​ 205,925 Issuance of common stock under equity incentive plan — ​ — 791,667 ​ 7,917 ​ ( 7,917 ) ​ — ​ — Balance - March 31, 2024 927,904 ​ 9,279 108,438,984 ​ 1,084,389 ​ 64,051,844 ​ ( 39,741,387 ) ​ 25,404,125 Net income — ​ — — ​ — ​ — ​ 202,792 ​ 202,792 Share-based compensation — ​ — — ​ — ​ 94,922 ​ — ​ 94,922 Balance - June 30, 2024 927,904 ​ 9,279 108,438,984 ​ 1,084,389 ​ 64,146,766 ​ ( 39,538,595 ) ​ 25,701,839 Net loss — ​ — — ​ — ​ — ​ ( 727,509 ) ​ ( 727,509 ) Share-based compensation — ​ — — ​ — ​ 152,719 ​ — ​ 152,719 Balance - September 30, 2024 927,904 ​ $ 9,279 108,438,984 ​ $ 1,084,389 ​ $ 64,299,485 ​ $ ( 40,266,104 ) ​ $ 25,127,049 ​ The accompanying notes are an integral part of these condensed consolidated unaudited financial statements. ​ 5 Table of Contents UNITED STATES ANTIMONY CORPORATION AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) ​ ​ ​ ​ ​ ​ ​ ​ ​ Nine months ended September 30, ​ 2025 2024 CASH FLOWS FROM OPERATING ACTIVITIES: ​ ​ Net loss ​ $ ( 4,052,621 ) ​ $ ( 847,485 ) Adjustments to reconcile loss to net cash (used in) provided by operating activities: ​ ​ Depreciation and amortization ​ 839,353 ​ 340,217 Accretion of asset retirement obligation ​ 58,449 ​ 54,813 Noncash operating lease expense ​ 289,542 ​ 18,611 Share-based compensation ​ 4,688,772 ​ 453,566 Accretion income from investment securities held to maturity ​ ( 222,440 ) ​ — (Gain) loss on sale or disposal of property, plant and equipment, net ​ ( 8,716 ) ​ 1,242 Gain on lease termination ​ ( 469,822 ) ​ — Write-down of inventory to net realizable value ​ — ​ 63,574 Change in allowance for credit losses ​ 5,798 ​ ( 30,746 ) Other noncash items ​ — ​ ( 16,107 ) Changes in operating assets and liabilities: ​ ​ Accounts receivable ​ ( 804,211 ) ​ ( 175,748 ) Inventories ​ ( 7,167,437 ) ​ 324,264 Prepaid expenses and other current assets ​ ( 1,726,295 ) ​ ( 87,824 ) IVA receivable and other assets, net ​ ( 500,128 ) ​ 60,856 Accounts payable ​ 2,672,335 ​ 889,242 Accrued liabilities ​ 154,481 ​ 46,129 Accrued liabilities – directors ​ ( 51,757 ) ​ 34,355 Royalties payable ​ 74,011 ​ ( 48,255 ) Stock payable to directors ​ — ​ ( 38,542 ) Net cash (used in) provided by operating activities ​ ( 6,220,686 ) ​ 1,042,162 CASH FLOWS FROM INVESTING ACTIVITIES: ​ ​ Proceeds from redemption of certificates of deposit ​ — ​ 50,641 Purchases of investment securities held to maturity ​ ( 19,934,953 ) ​ — Proceeds from sales of property, plant and equipment ​ 8,716 ​ 314,125 Purchases of property, plant and equipment ​ ( 16,069,244 ) ​ ( 223,058 ) Net cash (used in) provided by investing activities ​ ( 35,995,481 ) ​ 141,708 CASH FLOWS FROM FINANCING ACTIVITIES: ​ ​ Principal payments on long-term debt ​ ( 98,756 ) ​ ( 71,139 ) Proceeds from exercises of stock options ​ 55,000 ​ — Treasury stock acquired ​ ( 409,246 ) ​ — Proceeds from issuance of common stock, net of issuance costs ​ 38,440,596 ​ — Proceeds from exercise of warrants ​ 4,427,756 ​ — Net cash provided by (used in) financing activities ​ 42,415,350 ​ ( 71,139 ) NET INCREASE IN CASH AND CASH EQUIVALENTS AND RESTRICTED CASH ​ 199,183 ​ 1,112,731 CASH AND CASH EQUIVALENTS AND RESTRICTED CASH AT BEGINNING OF PERIOD ​ 18,270,898 ​ 11,954,635 CASH AND CASH EQUIVALENTS AND RESTRICTED CASH AT END OF PERIOD ​ $ 18,470,081 ​ $ 13,067,366 ​ ​ ​ ​ ​ ​ ​ SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION: ​ ​ Interest paid in cash ​ $ 14,642 ​ $ 5,630 NON-CASH FINANCING AND INVESTING ACTIVITIES: ​ ​ Recognition of operating lease liability and right-of-use asset ​ $ 63,416 ​ $ 787,477 Equipment purchased with note payable ​ $ — ​ $ 402,722 ​ The accompanying notes are an integral part of these condensed consolidated unaudited financial statements. ​ ​ 6 Table of Contents UNITED STATES ANTIMONY CORPORATION AND SUBSIDIARIES NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) 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., Mexico, and Canada. 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 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. 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 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. These unaudited interim financial statements have been prepared by management in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”). These unaudited interim financial statements should be read in conjunction with the annual audited financial statements included in the Company’s Annual Report on Form 10-K/A for the year ended December 31, 2024, filed with the Securities and Exchange Commission on April 18, 2025. This summary of significant accounting policies of the Company is presented to assist in understanding the Company’s financial statements. These accounting policies conform to U.S. GAAP and have been consistently applied in the preparation of the financial statements. Use of Estimates The preparation of financial statements in accordance with U.S. GAAP requires the use of estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities known to exist as of the date the financial statements are published, and the reported amounts of revenues and expenses during the reporting period. Uncertainties with respect to such estimates and assumptions are inherent in the preparation of the Company’s consolidated financial statements; accordingly, it is possible that the actual results could differ from these estimates and assumptions, which could have a material effect on the reported amounts of the Company’s consolidated financial position and results of operations. Operating results for the three and 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 Certain reclassifications have been made to conform prior period amounts to the current period’s presentation. These reclassifications have no effect on the results of operations, stockholders’ equity or cash flows as previously reported. 7 Table of Contents UNITED STATES ANTIMONY CORPORATION AND SUBSIDIARIES NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) September 30, 2025 Investment Securities Held to Maturity 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. Since these U.S. Treasury Strips are zero-coupon instruments that do not pay periodic interest, the original investment amount is adjusted for the accretion of discounts using the effective interest method over the period from acquisition to maturity. Discount accretion is recognized as “Interest and investment income” in the Condensed Consolidated Statements of Operations. Consistent with the Company’s classification of its U.S. Treasury Strips as held to maturity, those securities scheduled to mature in the next twelve months after the reporting date are considered current assets and those having maturity dates more than twelve months after the applicable reporting date are considered non-current assets. Unrealized gains and losses on held-to-maturity securities are not recognized in the Company’s condensed consolidated financial statements. Instead, these amounts are closely monitored and disclosed in the footnotes to the condensed consolidated financial statements. The Company accounts for credit losses on its held-to-maturity securities in accordance with the expected credit loss model, as prescribed by U.S. GAAP. An allowance for credit losses is recognized to reflect the Company’s estimate of expected credit losses over the contractual life of its held-to-maturity securities. In accordance with the accounting guidance prescribed for credit losses on held-to-maturity debt securities, the Company has presumed the expected credit losses on its U.S. Treasury Strips are negligible since they are explicitly guaranteed by the U.S. government. Recent Accounting Pronouncements In December 2023, the Financial Accounting Standards Board (the “FASB”) issued Accounting Standards Update (“ASU”) 2023-09, Income Taxes (Topic 740): Improvement to Income Tax Disclosures, amending income tax disclosure requirements for the effective tax rate reconciliation and income taxes paid. The amendments in this ASU are effective for fiscal years beginning after December 15, 2024 and are applied prospectively. Early adoption and retrospective application of the amendments are permitted. These new disclosure requirements will be effective in the Company’s Annual Report on Form 10-K for the fiscal year ending December 31, 2025. Other than the new disclosure requirements, this guidance is not expected to have an impact on the Company’s consolidated financial statements. In November 2024, the FASB issued ASU 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses, which requires disclosure about the types of costs and expenses included in certain expense captions presented on the income statement. These new disclosure requirements are effective for the Company’s annual periods beginning after December 15, 2026, and interim periods within fiscal years beginning after December 15, 2027, with early adoption permitted, and may be applied either prospectively or retrospectively. The Company is currently evaluating the potential impact this update will have on its consolidated financial statements and expense disclosures in the notes to the consolidated financial statements. 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. 8 Table of Contents UNITED STATES ANTIMONY CORPORATION AND SUBSIDIARIES NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) September 30, 2025 ​ NOTE 3 – EARNINGS PER SHARE Basic earnings per share (“EPS”) is computed as net income (loss) available to common stockholders divided by the weighted average number of common shares outstanding for the period. Diluted EPS is calculated the same as Basic EPS but reflects the potential dilution that could occur from common shares issuable through stock options, restricted stock units (“RSUs”), and warrants in the weighted average number of common shares outstanding. Each stock option, RSU, and warrant represents the right to receive one share of the Company’s common stock. The 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 September 30, ​ Nine months ended September 30, ​ 2025 2024 2025 2024 Warrants 4,369,393 12,346,215 4,369,393 12,346,215 Stock options and RSU awards 8,726,834 6,408,333 8,726,834 6,408,333 Total possible share dilution 13,096,227 18,754,548 13,096,227 18,754,548 ​ ​ ​ NOTE 4 – FAIR VALUE MEASUREMENTS The Company uses the fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, essentially an exit price, based on the highest and best use of the asset or liability. The levels of the fair value hierarchy are: Level 1—Quoted market prices in active markets for identical assets or liabilities; Level 2—Significant other observable inputs (i.e., quoted prices for similar items in active markets, quoted prices for identical or similar items in markets that are not active, inputs other than quoted prices that are observable, such as interest rate and yield curves, and market-corroborated inputs); and Level 3—Unobservable inputs in which there is little or no market data, which require the reporting unit to develop its own assumptions. The classification of fair value measurements within the established three-level hierarchy is based upon the lowest level of input that is significant to the measurements. Financial instruments, although not recorded at fair value on a recurring basis, include cash and cash equivalents, held-to-maturity securities, and debt obligations. The carrying amounts of cash and cash equivalents approximate fair value because of its short-term nature. The estimated fair values of investment securities held to maturity were based on Level 2 inputs. The fair value of the Company’s debt is estimated to be face value based on the contractual terms of the underlying debt arrangements and market-based expectations. ​ NOTE 5 – REVENUE RECOGNITION The Company’s products consist of the following: · Antimony: primarily includes antimony oxide, antimony metal ingots, and antimony trisulfide. · Zeolite: includes coarse and fine zeolite crushed in various product sizes. · Precious metals: includes unrefined and refined gold and silver. ​ 9 Table of Contents 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, ​ 2025 2024 2025 2024 Antimony ​ $ 8,030,005 ​ $ 1,489,798 ​ $ 23,592,695 ​ $ 6,622,835 Zeolite ​ 671,946 ​ 682,947 ​ 2,654,923 ​ 2,280,338 Precious metals ​ — ​ 399,433 ​ ( 20,539 ) ​ 404,049 Total revenues ​ $ 8,701,951 ​ $ 2,572,178 ​ $ 26,227,079 ​ $ 9,307,222 ​ 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, ​ 2025 2024 2025 2024 Domestic ​ $ 8,542,248 ​ $ 1,897,121 ​ $ 25,788,506 ​ $ 7,215,534 Canada ​ 159,703 ​ 523,900 ​ 438,573 ​ 1,719,473 Mexico ​ — ​ 151,157 ​ — ​ 372,215 Total revenues ​ $ 8,701,951 ​ $ 2,572,178 ​ $ 26,227,079 ​ $ 9,307,222 ​ 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. ​ NOTE 6 – INVESTMENT SECURITIES HELD TO MATURITY In April 2025, the Company purchased $ 9,991,259 of U.S. Treasury Strips with maturities ranging from approximately 12 to 54 months . These U.S. Treasury Strips are scheduled to mature approximately equally about every six months beginning in May 2026 and will generate interest yields of approximately 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 . These U.S. 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. 10 Table of Contents 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: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Gross ​ Gross ​ ​ ​ ​ ​ Amortized ​ Unrealized ​ Unrealized ​ Estimated Fair ​ Cost Gains Losses Value Investment securities held to maturity - current: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ U.S. Treasury Strips ​ $ 1,270,666 ​ $ 684 ​ $ — ​ $ 1,271,350 Investment securities held to maturity - noncurrent: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ U.S. Treasury Strips ​ 18,886,727 ​ 37,526 ​ ( 4,604 ) ​ 18,919,649 Total investment securities held-to-maturity ​ $ 20,157,393 ​ $ 38,210 ​ $ ( 4,604 ) ​ $ 20,190,999 ​ The Company recognized interest income accretion on its U.S. 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 September 30, 2025, the Company’s held to maturity securities were scheduled to mature as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Amortized ​ Estimated Fair Twelve months ending September 30, Cost Value 2026 ​ $ 1,270,666 ​ $ 1,271,350 2027 to 2030 ​ 18,886,727 ​ 18,919,649 Total investment securities held-to-maturity ​ $ 20,157,393 ​ $ 20,190,999 ​ Line of Credit 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 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 consisted of the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, ​ December 31, ​ 2025 2024 Antimony oxide ​ $ 607,508 ​ $ 254,372 Antimony metal ingots ​ 2,411,845 ​ 154,590 Antimony ore and concentrates ​ 4,972,787 ​ 335,588 Total antimony inventory ​ 7,992,140 ​ 744,550 Zeolite ​ 421,021 ​ 501,174 Total inventories ​ $ 8,413,161 ​ $ 1,245,724 ​ 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. 11 Table of Contents 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 September 30, 2025 and December 31, 2024 were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, 2025 Antimony Zeolite All Other TOTAL Plant and equipment ​ $ 13,754,833 ​ $ 6,658,125 ​ $ 520,926 ​ $ 20,933,884 Buildings ​ 1,106,303 ​ 1,705,893 ​ 456,970 ​ 3,269,166 Mineral rights and interests ​ 230,000 ​ 16,753 ​ 5,669,863 ​ 5,916,616 Land ​ 2,083,094 ​ — ​ 929,443 ​ 3,012,537 Construction in progress ​ 9,131,631 ​ 353,429 ​ — ​ 9,485,060 Total property, plant and equipment ​ 26,305,861 ​ 8,734,200 ​ 7,577,202 ​ 42,617,263 Accumulated depreciation ​ ( 10,111,874 ) ​ ( 4,106,653 ) ​ ( 277,398 ) ​ ( 14,495,925 ) Property, plant and equipment, net ​ $ 16,193,987 ​ $ 4,627,547 ​ $ 7,299,804 ​ $ 28,121,338 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2024 Antimony Zeolite All Other TOTAL Plant and equipment ​ $ 13,512,321 ​ $ 6,597,781 ​ $ 427,720 ​ $ 20,537,822 Buildings ​ 1,106,303 ​ 1,705,893 ​ 11,970 ​ 2,824,166 Mineral rights and interests ​ — ​ 16,753 ​ 125,000 ​ 141,753 Land ​ 2,083,094 ​ — ​ 914,443 ​ 2,997,537 Construction in progress ​ — ​ 101,938 ​ — ​ 101,938 Total property, plant and equipment ​ 16,701,718 ​ 8,422,365 ​ 1,479,133 ​ 26,603,216 Accumulated depreciation ​ ( 9,602,469 ) ​ ( 3,857,785 ) ​ ( 251,515 ) ​ ( 13,711,769 ) Property, plant and equipment, net ​ $ 7,099,249 ​ $ 4,564,580 ​ $ 1,227,618 ​ $ 12,891,447 ​ 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 plant expansion efforts. This asset and related expenses are included in the “All Other” category in the Company’s segment reporting. Mineral rights and interests In January 2025, the Company executed an agreement to acquire the ownership rights to one hundred and twenty mining claims located in the Fairbanks District of Alaska (“January Fairbanks Agreement”). Payments to acquire these claims have been or will be made by the Company on or around the payment dates indicated as follows: ​ ​ ​ ​ ​ Payment Date Payment Amount January 2025 ​ $ 100,000 July 2025 ​ 50,000 January 2026 ​ 50,000 July 2026 ​ 50,000 January 2027 ​ 50,000 July 2027 ​ 50,000 January 2028 ​ 50,000 July 2028 ​ 50,000 January 2029 ​ 100,000 July 2029 ​ 100,000 January 2030 ​ 100,000 July 2030 ​ 2,250,000 Total ​ $ 3,000,000 ​ 12 Table of Contents 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. Also, the January Fairbanks Agreement includes a commitment by the Company to spend an aggregate of $ 2,250,000 on exploring and developing these claims over five years beginning January 2025, with various milestones over this five-year period. The January Fairbanks Agreement can be terminated without cause at any time by the Company with notice. In March 2025, the Company executed an agreement to acquire the ownership rights to twenty-five additional mining claims and leases located in the Fairbanks District of Alaska (“March Fairbanks Agreement”). Payments to acquire these claims and leases have been or will be made by the Company on or around the payment dates indicated as follows: ​ ​ ​ ​ ​ Payment Date Payment Amount March 2025 ​ $ 50,000 September 2025 ​ 25,000 March 2026 ​ 25,000 March 2027 ​ 25,000 March 2028 ​ 25,000 March 2029 ​ 275,000 Total ​ $ 425,000 ​ The March Fairbanks Agreement requires a royalty payment by the Company based on the 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. Also, the March Fairbanks Agreement includes a commitment by the Company to spend an aggregate of $ 250,000 on exploring and developing these claims and leases over approximately forty-one months beginning March 2025, with various milestones over this period. The March Fairbanks Agreement can be terminated without cause by the Company with notice. In May 2025, the Company paid $ 230,000 to acquire the surface rights related to its patented lode mining claim located in Thompson Falls, Montana. In June 2025, the Company acquired property located in the Sudbury District of Ontario, Canada, which included 50 single-cell mining claims (the Fostung Properties) for $ 5,000,000 . Direct transaction costs related to this acquisition totaled $ 25,120 . In addition, the agreement requires the Company to pay a net smelter return royalty based on 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”). Payments to acquire these claims are scheduled to be made by the Company as follows: ​ ​ ​ ​ ​ Payment Date Payment Amount Within 10 days of June 1, 2025 ​ $ 150,000 December 2025 ​ 100,000 June 2026 ​ 100,000 June 2027 ​ 100,000 June 2028 ​ 100,000 June 2029 ​ 1,450,000 Total ​ $ 2,000,000 ​ 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. 13 Table of Contents 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 Date Payment Amount September 2025 ​ $ 50,000 March 2026 ​ 25,000 September 2026 ​ 50,000 September 2027 ​ 50,000 September 2028 ​ 50,000 September 2029 ​ 275,000 Total ​ $ 500,000 ​ 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 Philipsburg Operating Lease In September 2024, the Company executed a contract to lease a metals concentration facility located in Philipsburg, Montana. The Company amended this lease in March 2025 extending the term of the lease to September 2, 2026 and modifying the fixed monthly lease payments to $ 10,000 per month through the month of June 2025, $ 20,000 per month during the months of July 2025 to October 2025, and $ 95,000 per month thereafter to the end of the lease term. The $ 95,000 per month payment 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. As a result of the amendment in March 2025 , the Company reduced the ROU asset and corresponding lease liability by $ 37,448 . The Company used its incremental borrowing rate of 3.49 % when determining the present value of future payments of this operating lease as the rate implicit in the lease was not readily determinable. 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. 14 Table of Contents 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 In the first quarter of 2025, the Company executed a contract to lease office space for its corporate headquarters located in Dallas, Texas with a lease term of 24 months and total fixed payments during the term of $ 3,945 per month, or $ 94,680 in total. The Company is amortizing the lease on a straight-line basis over the term of the lease. The Company recorded the present value of the lease payments over the term as a lease liability and ROU asset. The Company’s incremental borrowing rate of 3.49 % was used as the discount rate 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. 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 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 ​ Nine months ended ​ ​ September 30, ​ September 30, ​ 2025 2024 2025 2024 Operating lease expense ​ $ 96,867 ​ $ 33,611 ​ $ 421,102 ​ $ 33,611 Cash paid for operating lease liability ​ 51,835 ​ 15,000 ​ 131,560 ​ 15,000 Cash paid for security deposit ​ — ​ 10,000 ​ 3,945 ​ 10,000 ​ 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, ​ ​ 2026 ​ $ 47,340 2027 ​ 15,780 Total operating lease payments ​ 63,120 Less: discount on lease liability ​ ( 26,832 ) Total operating lease liability ​ 36,288 Less: current portion of operating lease liability ​ ( 28,990 ) Noncurrent operating lease liability ​ $ 7,298 ​ ​ 15 Table of Contents 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 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; collateralized by the Wheel Loader ​ $ 228,921 ​ $ 327,677 Less current portion of debt ​ ( 135,754 ) ​ ( 132,252 ) Long-term debt, net ​ $ 93,167 ​ $ 195,425 ​ 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, Total 2026 ​ $ 135,754 2027 ​ 93,167 Total ​ $ 228,921 ​ ​ ​ NOTE 11 – INCOME AND OTHER TAXES 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 In 2015, the Mexican tax authority (“SAT”) initiated an audit of the U.S. Antimony de Mexico, S.A. de C.V. (“USAMSA”) 2013 income tax return. In October 2016, as a result of its audit, SAT assessed the Company $ 13.8 million pesos, which was approximately $ 666,400 in U.S. Dollars (“USD”) as of December 31, 2016. SAT’s assessment was based on the disallowance of specific costs that the Company deducted on the 2013 USAMSA income tax return. The assessment was settled in 2018 with no assessment due from the Company. In 2019, the Company was notified that SAT re-opened its assessment of USAMSA’s 2013 income tax return and, in November 2019, SAT assessed the Company $ 16.3 million pesos, which was approximately $ 865,000 USD as of December 31, 2019. Management reviewed the 2019 assessment notice from SAT and, similar to the earlier assessment, believed the findings have no merit. An appeal was filed by the Company in November 2019 suspending SAT from taking immediate action regarding the assessment. In August 2020, the Company filed a lawsuit against SAT for resolution of the process and, in December 2020, filed closing arguments. In 2022, the Mexican court ruled against the Company in the above matter, which was subsequently appealed by the Company. As of December 31, 2023, the updated SAT assessment was approximately $ 22.4 million pesos, or approximately $ 1,320,000 USD, which includes $ 352,000 of unpaid income taxes and $ 968,000 of interest and penalties. Management, along with its legal counsel, assessed the possible outcomes for this tax audit and believed, based on discussions with its attorneys located in Mexico, that the most likely outcome would be that the Company would be successful in its appeal resulting in no tax due. Management determined that no amount should be accrued at December 31, 2023 relating to this potential tax liability. In March 2024, Mexico’s appellate court ruled in favor of the Company with no assessment due related to this audit of USAMSA’s 2013 income tax return by SAT and instructed the lower court to issue a new ruling. In May 2024, Mexico’s lower court issued a final ruling on this matter in favor of the Company but left open the possibility for the SAT to re-open their audit. Subsequent to this judgment, the Company requested a final ruling on whether SAT can re-open this matter, on which the appellate court has not ruled. These rulings support the Company’s position on this tax matter and have had no impact on the Company’s financial statements. 16 Table of Contents UNITED STATES ANTIMONY CORPORATION AND SUBSIDIARIES NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) 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 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 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 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 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 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 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. 17 Table of Contents UNITED STATES ANTIMONY CORPORATION AND SUBSIDIARIES NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) 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. 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. 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 ​ Nine Months Ended ​ ​ September 30, ​ September 30, ​ 2025 2024 2025 2024 Stock options ​ $ 2,083,722 ​ $ 97,655 ​ $ 2,487,805 ​ $ 161,124 RSUs ​ 1,772,753 ​ 55,064 ​ 2,200,967 ​ 292,442 Total share-based compensation expense ​ $ 3,856,475 ​ $ 152,719 ​ $ 4,688,772 ​ $ 453,566 ​ 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 ​ Nine Months Ended ​ ​ September 30, ​ September 30, ​ 2025 2024 2025 2024 General and administrative ​ $ 145,828 ​ $ 67,708 ​ $ 476,921 ​ $ 295,485 Salaries and benefits ​ 3,706,746 ​ 82,410 ​ 4,200,149 ​ 155,480 Professional fees ​ 3,901 ​ 2,601 ​ 11,702 ​ 2,601 Total non-cash share-based compensation expense ​ $ 3,856,475 ​ $ 152,719 ​ $ 4,688,772 ​ $ 453,566 ​ Stock options Stock options granted have either a 3 -year or 10 -year contractual term and are subject to either service or performance-based vesting conditions. The following table summarizes the weighted-average assumptions used to value stock options granted during the nine months ended September 30, 2025 using the Black-Scholes method: ​ ​ ​ ​ ​ ​ ​ Nine Months ​ ​ Ended ​ ​ September Weighted-Average Grant Date Assumptions ​ 30, 2025 Expected term (in years) ​ 9.3 ​ Risk-free interest rate ​ 4.3 % Expected dividend yield ​ 0.0 % Expected volatility ​ 96.0 % Fair value per share ​ $ 2.49 ​ ​ Expected term – The expected term represents the period of time that options are expected to be outstanding. As the Company does not have sufficient historical exercise behavior, it uses the contractual term of the option or the simplified method as defined in Staff Accounting Bulletin Topic 14 for the expected term assumption. 18 Table of Contents 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. Treasury rate in effect at the time of the grant with an equivalent term approximating the expected term of the options. Expected dividend yield —The Company bases the expected dividend yield assumption on the fact that it has never paid cash dividends and has no present intention to pay cash dividends. Expected volatility – The expected volatility is based on the historical volatility of our stock price over the expected term of the stock option. Activity with respect to stock options is summarized as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted- ​ Weighted- ​ ​ ​ ​ ​ ​ ​ Average ​ Average ​ ​ ​ ​ ​ ​ ​ Exercise ​ Remaining ​ Aggregate ​ ​ ​ ​ Price Per ​ Contractual ​ Intrinsic ​ Shares Share Term (in years) Value Options outstanding, December 31, 2024 4,330,000 ​ $ 0.23 3.7 ​ $ 6,652,700 Granted 2,391,400 ​ 2.41 — ​ — Exercised ( 672,500 ) ​ 0.23 — ​ — Forfeited ( 166,667 ) ​ 0.22 — ​ — Expired — ​ — — ​ — Options outstanding, September 30, 2025 5,882,233 ​ $ 1.12 5.7 ​ $ 29,818,109 Nonvested options, September 30, 2025 5,190,566 ​ $ 1.21 5.8 ​ $ 25,801,817 Vested and exercisable options, September 30, 2025 691,667 ​ $ 0.39 4.4 ​ $ 4,016,292 ​ 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 ​ ​ ​ ​ Grant Date ​ ​ ​ ​ Fair Value ​ Shares Per Share RSUs outstanding at December 31, 2024 2,090,000 ​ $ 0.24 Granted 2,182,800 ​ 2.86 Vested ( 1,428,199 ) ​ 1.16 Forfeited — ​ — RSUs outstanding at September 30, 2025 2,844,601 ​ $ 1.79 ​ 19 Table of Contents UNITED STATES ANTIMONY CORPORATION AND SUBSIDIARIES NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) 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 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: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ ​ Number of ​ Average ​ Warrants Exercise Price Balance at December 31, 2024 10,142,215 ​ $ 0.77 Exercised ( 5,772,822 ) ​ 0.77 Balance at September 30, 2025 4,369,393 ​ $ 0.77 ​ Each warrant represents the right to receive one share of the Company’s common stock. The composition of the Company’s warrants outstanding at September 30, 2025 was as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ Number of warrants Exercise Price Expiration Date Remaining life (years) 857,143 ​ $ 0.46 1/27/2026 0.33 806,500 ​ $ 0.85 2/1/2026 0.34 2,705,750 ​ $ 0.85 8/3/2026 0.84 4,369,393 ​ ​ 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. ​ 20 Table of Contents UNITED STATES ANTIMONY CORPORATION AND SUBSIDIARIES NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) September 30, 2025 NOTE 14 – BUSINESS SEGMENTS The Company has two reportable segments: antimony and zeolite. Our antimony segment consists of: ● Our facility located in the Burns Mining District of Sanders County in Montana that processes ore primarily into antimony oxide, antimony metal 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 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 September 30, 2025 and December 31, 2024 were as follows: ​ ​ ​ ​ ​ ​ ​ ​ Total Assets September 30, 2025 December 31, 2024 Antimony segment ​ $ 66,518,746 ​ $ 27,230,312 Zeolite segment ​ 5,815,663 ​ 5,604,003 All other ​ 7,547,932 ​ 1,808,287 Total assets ​ $ 79,882,341 ​ $ 34,642,602 ​ 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, ​ 2025 2024 2025 2024 Antimony segment ​ $ 7,928,732 ​ $ — ​ $ 9,374,143 ​ $ — Zeolite segment ​ 284,833 ​ 62,337 ​ 367,032 ​ 213,058 All other ​ 461,606 ​ 10,000 ​ 6,328,069 ​ 10,000 Total capital expenditures ​ $ 8,675,171 ​ $ 72,337 ​ $ 16,069,244 ​ $ 223,058 ​ 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 Antimony Zeolite All Other Total Total revenues ​ $ 8,030,005 ​ $ 671,946 ​ $ — ​ $ 8,701,951 Depreciation and amortization ​ 170,813 ​ 98,678 ​ 10,337 ​ 279,828 Loss from operations ​ ( 3,646,313 ) ​ ( 236,420 ) ​ ( 1,034,449 ) ​ ( 4,917,182 ) Other income ​ ​ ​ ​ 136,482 Income tax expense ​ ​ ​ ​ — Net loss ​ ​ ​ ​ $ ( 4,780,700 ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended September 30, 2024 Antimony Zeolite All Other Total Total revenues ​ $ 1,889,231 ​ $ 682,947 ​ $ — ​ $ 2,572,178 Depreciation and amortization ​ 19,901 ​ 95,659 ​ 4,024 ​ 119,584 Loss from operations ​ ( 44,384 ) ​ ( 713,180 ) ​ ( 133,457 ) ​ ( 891,021 ) Other income ​ ​ ​ ​ 163,512 Income tax expense ​ ​ ​ ​ — Net loss ​ ​ ​ ​ $ ( 727,509 ) 21 Table of Contents UNITED STATES ANTIMONY CORPORATION AND SUBSIDIARIES NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) September 30, 2025 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Nine months ended September 30, 2025 Antimony Zeolite All Other Total Total revenues ​ $ 23,572,156 ​ $ 2,654,923 ​ $ — ​ $ 26,227,079 Depreciation and amortization ​ 509,404 ​ 304,065 ​ 25,884 ​ 839,353 Loss from operations ​ ( 1,669,738 ) ​ ( 666,448 ) ​ ( 2,202,997 ) ​ ( 4,539,183 ) Other income ​ ​ ​ ​ 486,562 Income tax expense ​ ​ ​ ​ — Net loss ​ ​ ​ ​ $ ( 4,052,621 ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Nine months ended September 30, 2024 Antimony Zeolite All Other Total Total revenues ​ $ 7,026,884 ​ $ 2,280,338 ​ $ — ​ $ 9,307,222 Depreciation and amortization ​ 59,598 ​ 268,547 ​ 12,072 ​ 340,217 Income (loss) from operations ​ 723,385 ​ ( 1,720,314 ) ​ ( 308,538 ) ​ ( 1,305,467 ) Other income ​ ​ ​ ​ 457,982 Income tax expense ​ ​ ​ ​ — Net loss ​ ​ ​ ​ $ ( 847,485 ) ​ ​ Note 15 - SUBSEQUENT EVENTS Sales of Common Stock 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. 22 Table of Contents 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. ​ ​ 23 Table of Contents