What changed in this filing

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Item 1. Business

2026-03-19 compared with 2025-03-20 · 162 added, 109 removed, 103 unchanged (72% of the section changed)

United States Antimony Corporation’s (“US Antimony,” “USAC,” the “Company,” “we,” “us,” and “our,”) principal business is in the processing and sale of antimony and precious metals, primarily gold and silver, at its facilities located in Montana and Mexico, and the mining, processing, and sale of zeolite at its facility located in Idaho.

The Company acquired mining claims and leases located in Alaska and Ontario, Canada in 2024 that could expand its operations as well as its product offerings.

Antimony and zeolite are minerals that are included in many products that are used every day.

USAC can provide these minerals in a form that can be used in these 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 70% to make the finished product called antimony trisulfide, to approximately 83% to make the finished product called antimony oxide, and to approximately 99.65% to make the finished product called antimony metal.

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

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

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

Antimony trisulfide is used as a primer in ammunition.

The ore we purchase for our facility located in Montana contains antimony, gold, and silver.

Our Montana facility processes this ore and 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.

The Company was formed in Montana in 1970 not only to process antimony ore but also to mine antimony ore.

However, antimony mining ceased in the U.S.

in the 1980’s, including our antimony mining in Montana, due to a significant increase of less expensive antimony ore being imported into the United States.

Since then, the Company continued to process ore sourced from foreign suppliers at its facility in Montana.

United States Antimony Corporation’s (“US Antimony,” “USAC,” the “Company,” “we,” “us,” and “our,”) principal business is in the mining, procuring, processing and sale of antimony and precious metals, primarily gold and silver, in Montana and Mexico, and the mining, processing, and sale of zeolite in Idaho.

Beginning in late 2024 and continuing in 2025, the Company acquired mining claims in Alaska, Montana, and Canada prospective for antimony, tungsten, cobalt and other critical minerals.

In addition, the Company entered into an agreement to acquire exploration rights for mining properties located in the southeastern United States.

The Company also procured antimony ore from new international suppliers and is nearing construction completion of an expansion of its antimony processing facility located in Montana that is expected to more than triple its current capacity.

This additional antimony supply and processing capacity will be used to fulfill the Company’s two new five-year sales contracts with the U.S.

Defense Logistics Agency and an industrial customer, both of which were secured in 2025.

On March 11, 2026, the Company’s common stock began trading on the New York Stock Exchange (“NYSE”).

Prior to that date, the Company’s common stock was listed on the NYSE American exchange and the NYSE Texas.

Antimony and zeolite are minerals used in a wide range of industrial, commercial, and governmental applications, and the Company supplies these minerals in processed forms suitable for end-use applications.

The Company began operations in Montana in 1970 to mine and process antimony ore.

Antimony mining ceased in the U.S.

in the 1980’s, including our antimony mining operation located in Montana, due to a significant increase of less expensive antimony ore being imported into the United States.

However, the Company continued to process ore sourced from foreign suppliers into antimony trioxide, antimony metal, and antimony trisulfide and into precious metals, primarily gold and silver, at its facility in Montana.

In 2025, the Company purchased the surface rights for some of its patented mining claims in Montana and mined 840 tons of antimony ore.

While still procuring antimony ore from foreign suppliers, the Company’s operation in Montana is once again vertically integrated with the mining of its own ore in 2025.

The Company also processes antimony ore at its two facilities located in Mexico, which are included in the Company’s subsidiary, US Antimony de Mexico, S.A.

(“USAMSA”), that it formed in Mexico in 1998.

The Company formed another subsidiary, Antimonio de Mexico, S.A.

The Company established another subsidiary, Antimonio de Mexico, S.A.

(“ADM”), in Mexico in 2005 to explore and develop antimony and precious metal deposits in Mexico.

Our Los Juarez mining claims and concessions in Mexico are included in ADM.

Currently, the Company has no active operations in Los Juarez, Mexico.

Zeolite is used in many products as filtration.

Currently, the Company has no active operations in the Los Juarez, Mexico area.

Effective August 28, 2025, the Company completed its reincorporation from the State of Montana to the State of Texas (the “Texas Reincorporation”).

Approved by stockholders at the Company’s 2025 Annual Meeting, the transition was a structural change in the Company’s legal domicile and did not result in any changes to its business operations, management, personnel, or financial condition.

The Company’s corporate headquarters is located in Dallas, Texas, and its common stock continues to trade without interruption on the two listed exchanges.

Antimony is on all the Critical Minerals Lists of the U.S.

The Company processes antimony ore to remove impurities, refine particle size, and increase antimony content to approximately 71.4% to make the finished product called antimony trisulfide, to approximately 83% to make the finished product called antimony oxide or trioxide, and to approximately 99.65% to make the finished product called antimony metal ingots.

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

Antimony trioxide 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 for ammunition and in other applications.

The ore we purchase for our processing facility located in Montana contains antimony, gold, and silver.

Our Montana facility processes this ore and generally sells the recovered gold and silver back to the ore supplier, which represents substantially all of the Company’s precious metals sales, and sells the antimony to other companies in various industries.

The Company’s facilities in Mexico process ore primarily into antimony metal ingots, a lower grade of antimony oxide, and precious metals.

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 $248 million, is for the sale of antimony metal ingots (99.65% purity) through September 2030.

Pricing is determined at the time each sales order is placed by the DLA.

The Company received sales orders under this contract in September 2025 and January 2026 totaling approximately $12 million.

No revenue was recognized under this contract in fiscal 2025.

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

The agreement specifies a monthly delivery schedule through December 2026.

Thereafter, delivery volumes, pricing (subject to semiannual market-based adjustments), and delivery schedules are subject to mutual written agreement every six months.

Zeolite is a mineral used in a variety of filtration, cattle feed, and environmental applications.

The Company mines, processes, and sells zeolite at its facility located in Idaho, which is included in the Company’s subsidiary, Bear River Zeolite Company (“BRZ”), that it formed in Idaho in 2000.

Zeolite can be used for water filtration, sewage treatment, nuclear waste and other environmental cleanup, odor control, gas separation, animal nutrition, soil amendment and fertilizer, and other miscellaneous applications.

The Company is in the process of completing a technical report summary documenting the estimate of total mineral resources and reserves associated with the zeolite mine under lease.

The Company has completed test hole drilling and retained a qualified third-party expert to issue the report.

Given the environmental disturbance related to mining, we work with government agencies to comply with environmental regulations and health and safety standards and strive to grow responsibly for the health, safety, and protection of our employees and the environment.

In 2024, the Company acquired mining claims and leases in Alaska 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.

In certain of these areas, the Company intends to start with a geophysics study and a geological, structural, and petrographic study to enable future development with ultimate plans for a comprehensive drilling program.

The Company also leased a metals concentration facility with two flotation circuits located in Philipsburg, Montana in 2024 (“Philipsburg Lease”).

The Company has no active operations yet in Alaska or Ontario, Canada, nor has any material been processed yet through the metals concentration facility located in Philipsburg, Montana.

See Note 14 of the Notes to Consolidated Financial Statements in this Annual Report for further details on the Philipsburg Lease.

The Company established formal mineral resources and reserves associated with the zeolite mine under lease through a Technical Report Summary filed in July 2025 (see exhibit to Form 8-K filed on July 25, 2025).

This report was prepared by qualified experts pursuant to SEC S-K 1300 standards and reflects the results of comprehensive test hole drilling and metallurgical evaluation.

Given the environmental disturbance related to mining, the Company works with government agencies to comply with applicable environmental regulations and health and safety standards and strives to operate responsibly for the health, safety, and protection of our employees and the environment.

In 2026, the Company began expanding its commercial presence in the animal nutrition industry through a third party with extensive relationships in that sector, where zeolite products are used as feed amendments.

Through this relationship, the Company has received introductions to several animal nutrition customers and has begun supplying zeolite products to select customers introduced through this relationship.

The Company is in the process of formalizing a definitive agreement with this third party to support further development of these relationships.

Mining Claims

Beginning in late 2024 and continuing into 2025 and 2026, the Company began acquiring mining claims and leases in Alaska, Montana, and Ontario, Canada.

The Company believes these mining claims and leases will support further expansion of the Company’s future operations and product offerings.

During 2025, the Company executed four agreements to acquire ownership rights to mining claims located in the Fairbanks District of Alaska.

In September 2025, the Company obtained required permits and conducted limited exploration trenching at two sites prior to the end of the mining season due to harsh weather conditions.

Exploration activities were limited in scope and did not include mining or production activities.

In June 2025, the Company acquired the Fostung Properties in the Sudbury District of Ontario, consisting of 50 single-cell tungsten mining claims.

The Company completed fieldwork but has not yet extracted any minerals from the properties.

On March 3, 2026, the Company announced the completion of an initial resource engineering study regarding these mining claims to determine the property’s initial mineral resources;

however, the report has not yet been filed with the SEC.

The Company also holds an option agreement covering 97 mining claims and three mining leases located in the Sudbury District of Ontario with identified potential for cobalt, nickel, and copper.

The Company has not received approval to conduct mining activities on these properties.

Permitted activities during 2025 were limited to geological mapping, resulting in minimal surface disturbance.

In May 2025, the Company acquired the surface rights related to one of its patented lode mining claims located in the Thompson Falls, Montana area.

In addition, the Company addressed logistical constraints related to its workforce.

Given the limited local availability of residential housing options in Thompson Falls, Montana, the Company purchased an existing housing development in the local area.

This investment provides a dedicated housing solution to attract and retain the skilled labor to support increased staffing levels for our growing operations and smelting expansion in Montana.

In November 2025, the Company entered into an agreement to acquire exploration rights for mining properties located in the southeastern United States.

Additional purchases of mining properties in this region are in process.

In January 2026, the Company purchased mining claims located in the Koyukuk Mining District of Alaska that are prospective for antimony and gold.

This agreement does not require the Company to make any royalty payments.

Equity Securities

In 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 in the Australian market totaling $37.2 million.

Recent Developments

The Company’s USAMSA subsidiary primarily includes two processing facilities, its Madero facility in Parras de la Fuente Coahuila, Mexico and its Puerto Blanco facility in San Luis de la Paz Guanajuato, Mexico.

In March 2024, the Company shut down the operations of USAMSA and announced its intent to sell its USAMSA subsidiary.

The accounting requirements for reporting USAMSA as a discontinued operation were met in the first quarter of 2024.

In December 2024, the Company announced plans to restart its Madero facility in Mexico and made the decision not to sell its USAMSA subsidiary because of substantially increased demand and market price for antimony.

Therefore, the Company reclassified its USAMSA subsidiary’s assets and liabilities in its Consolidated Balance Sheets and related Notes to Consolidated Financial Statements from its presentation in the interim quarterly financial statements for the quarterly periods ended March 31, 2024, June 30, 2024, and September 30, 2024 to held-and-used for all periods presented in this Annual Report.

Also, the Company reported its USAMSA subsidiary’s operations in continuing operations in its Consolidated Statements of Operations, Consolidated Statements of Cash Flows, and related Notes to Consolidated Financial Statements for all periods presented in this Annual Report.

In 2026, the Company:

i) executed an option agreement to acquire mining claims in the Fairbanks District of Alaska, ii) executed an agreement to extend ore supply for its Montana smelting facility, iii) extended its existing mineral property lease in Preston, Idaho, for an additional 10 years, iv) modified the terms and conditions of the existing property lease in Philipsburg, Montana, which substantially reduced and deferred future monthly payments specifically in calendar year 2025, v) purchased a personal residence in Thompson Falls, Montana for a key employee required to transfer and move to that location, vi) sold shares of its common stock, and vii) received proceeds from the exercise of warrants.

i) completed the acquisition of a fully operational flotation and concentration facility in Radersburg, Montana, ii) entered into a joint venture agreement with Americas Gold and Silver Corporation (“Americas”) to construct and operate a new, state-of-the-art hydrometallurgical processing facility, iii) acquired additional mining claims in the Thompson Falls, Montana area, iv) acquired mining claims located in the Koyukuk Mining District of Alaska, v) announced that it had been awarded $27.0 million by the U.S.

Department of War under Title III of the Defense Production Act to fund the expansion and modernization of the Company’s domestic antimony production capabilities, vi) received gross proceeds of $1.4 million for sales of shares of common stock, and vii) received proceeds of $1.0 million from the exercise of warrants.

See Note 16 of the Notes to Consolidated Financial Statements in this Annual Report for further details on these developments.

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Our products consist primarily of the following:

includes antimony oxide, antimony metal, and antimony trisulfide;

includes antimony oxide, antimony metal ingots, and antimony trisulfide;

includes coarse and fine zeolite crushed in various sizes;

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includes refined and unrefined gold and silver.

All sales of antimony, zeolite, and precious metals products are to customers in the United States, Mexico, and Canada.

The Company is organized and managed in two reportable segments, antimony and zeolite.

Our Montana facility processes ore containing antimony and precious metals, which are gold and silver.

The gold and silver in this ore represent all precious metals processing and sales for the Company.

However, our ore processing costs related to antimony, gold, and silver cannot be separated between antimony and precious metals.

Therefore, our precious metals operations and financial results are included in our antimony segment.

Also, the Company has no active operations yet at Los Juarez, Mexico, Ontario, Canada, and Alaska, nor at its leased facility in Philipsburg, Montana.

Therefore, the Company has not included these locations in a reportable segment, but rather in its “All Other” category for segment reporting.

All sales of antimony, zeolite, and precious metals products are to customers primarily in the United States and Canada.

The Company’s operations are organized and managed through two reportable segments, antimony and zeolite.

Our Montana facility processes ore containing antimony and precious metals, specifically gold and silver.

While gold and silver account for all precious metals processing and sales for the Company, the associated extraction and processing costs cannot be meaningfully separated between antimony and precious metals.

Therefore, our precious metals operations and corresponding financial results are included within our antimony segment.

Additionally, the Company has no active, revenue-producing operations yet at its mining claims and leases in Los Juarez, Mexico, Ontario, Canada, Montana, or Alaska.

Therefore, the Company has included these locations as well as its apartment complex and residential home in Thompson Falls, MT in its “All Other” category for segment reporting.

See further description of the Company’s segments in Note 15 of the Notes to Consolidated Financial Statements in this Annual Report.

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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 and a lower grade of antimony oxide.

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

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

● Our two facilities in our USAMSA subsidiary located in Mexico that process ore primarily into antimony metal ingots and a lower grade of antimony trioxide.

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

Uses of Our Antimony Products

Antimony oxide is a fine, white powder that is used in conjunction with a halogen to form a synergistic flame-retardant system for plastics, rubber, fiberglass, textile goods, paints, coatings, and paper.

Antimony oxide is also used as a color fastener in paint and as a phosphorescent agent in fluorescent light bulbs.

Antimony trioxide is a fine, white powder that is used in conjunction with a halogen to form a synergistic flame-retardant system for plastics, rubber, fiberglass, textile goods, paints, coatings, and paper.

Antimony trioxide is also used as a color fastener in paint and as a phosphorescent agent in fluorescent light bulbs.

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

Antimony trisulfide is used as a primer in ammunition.

The precious metals processed in Montana include gold and silver.

Our Montana facility purchases ore primarily from one supplier in Canada.

The Company renewed its annual contract with this supplier and will continue to purchase ore from this supplier for calendar year 2025.

See Note 14 of the Notes to Consolidated Financial Statements in this Annual Report for further details on this contract renewal.

The precious metals processed at our Montana facility include gold and silver.

Historically, our Montana facility has purchased ore primarily from one supplier in Canada.

The Company renewed its annual contract with this supplier and plans to continue to purchase ore from this supplier throughout calendar year 2026.

The ore purchased from this supplier in Canada contains antimony, gold, and silver.

Therefore, the metallurgical techniques employed by our Montana facility for the recovery of antimony from this ore are altered to also recover the gold and silver.

After the gold and silver are recovered, our supplier of ore in Canada purchases the gold and silver back from the Company.

The sales of gold and silver are intermittent throughout the year.

Our Mexico facilities did not renew their contract with their ore supplier in 2023 and were shut-down for most of 2024.

However, the Company contracted with two new ore suppliers who will each supply ore to our Madero facility in Mexico in 2025.

These two suppliers will deliver additional ore if their initial deliveries are acceptable, which will expand our ore supply base and lessen our dependence on any one supplier.

After the gold and silver are recovered, our supplier of ore in Canada typically purchases the gold and silver back from the Company on an intermittent basis throughout the year.

Located adjacent to the Thompson Falls smelting facility in Sanders County, Montana, the Stibnite Hill property is a project that produced approximately 840 tons of antimony-bearing material during a mechanized bulk sampling program initiated in October 2025.

Following approval from the Montana Department of Environmental Quality to modify its operating plan, the Company utilized a mining method to extract material for processing and metallurgical evaluation at a recently purchased flotation facility.

While Stibnite Hill represents a potential long-term source of feedstock for the Company’s smelting operations, mining remains seasonal and no mineral reserves or resources have been established to date.

Future development remains subject to ongoing exploration and development results, further permitting, success in purchases of additional land, and prevailing market conditions.

The Company contracted with new ore suppliers in 2025 to provide antimony ore to our Madero facility in Mexico.

The majority of the ore received from these sources in 2025 was of lower quality, but recent shipments have contained higher-grade material.

These suppliers are expected to deliver additional volumes provided these higher-quality deliveries remain consistent, which we expect will significantly expand our ore supply base and reduce our dependence on any single source.

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

The Company also extended a promissory note for approximately $2.5 million to the supplier.

The note currently bears interest at the lesser of the highest non-usurious rate of interest, if any, permitted by applicable law or 10%.

Monthly principal and interest payments are scheduled to begin in March 2026, while the remaining balance of principal and interest are due in December 2026.

The loan proceeds have been 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.

We have relied on sources outside the U.S.

for antimony ore since 1983, and there are risks of interruption in procurement from these sources and volatile changes in world market prices for these materials that are not controllable by us.

As a result, we continue to actively pursue additional domestic and foreign sources for antimony ore that are economically profitable.

In addition, we purchased some mining claims in Alaska and Ontario, Canada in 2024 with the goal of owning our ore supply of antimony and other minerals.

The purchase of antimony ore is technically complex and there are complicating factors with each purchase, some of which include the contents of the ore, the performance of the ore during our processing, the amount of ore that can be supplied monthly, and the country’s laws and regulations.

As a result, we have procured antimony ore from new suppliers in 2025 located in different countries in order to lessen dependence on any one supplier.

In addition, the Company purchased in 2024 and 2025 mining claims in Alaska, Montana, and Ontario, Canada with the goal of owning and securing our ore supply of antimony and other critical minerals.

The Company also entered into an agreement to acquire exploration rights for mining properties located in the southeastern United States.

The procurement of antimony ore is technically complex and there are complicating factors with each purchase, some of which include the contents of the ore, the performance of the ore during our processing, the amount of ore that can be supplied monthly, and the country’s laws and regulations.

Our purchasing consequently requires specificity regarding supply agreements, credit support, etc.

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● We are the only U.S.

domestic processor of antimony products.

We can process ore quickly and have minimal shipping time to domestic customers.

We have a reputation for quality products delivered on a timely basis.

We have the only operating, permitted antimony smelter located in the U.S.

based domestic processor of antimony products.

● We have short processing times so domestic customers can obtain antimony finished products relatively quickly.

● We have a long reputation for delivering quality products on a timely basis.

● We have the only operating, vertically integrated, and permitted antimony smelter located in the United States.

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

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Following is a schedule of our antimony sales for the years ended December 31, 2025 and 2024 and the related change from the prior year:

Sales ($) (a)

$ ∆ from prior

Pounds Sold (a)

prior year (a)

Average Sales Price/Pound Sold

$ (1,727,190 )

Revenue from sales of gold and silver totaled $525,087 and $326,496 and revenue from sales of antimony ore and concentrates totaled $368,627 and $nil for the years ended December 31, 2024 and 2023, respectively, which are excluded from Antimony Sales in the chart above but included in the antimony segment.

(a) Revenue from sales of gold and silver totaled $519,902 and $525,087 and revenue from sales of antimony ore and concentrates totaled $nil and $368,627 for the years ended December 31, 2025 and 2024, respectively, which are excluded from Antimony Sales in the chart above but included in the antimony segment.

Antimony Pounds Sold in the chart above excludes the pounds sold related to gold, silver, and ore and concentrates for both years presented.

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We report our average antimony sales price per pound using antimony sales from our antimony products.

However, our sales and operating results from our antimony products have been and will continue to be tied to the Rotterdam antimony market price, which has fluctuated widely over the past several years.

The Rotterdam average market price per pound of antimony was $10.44 in 2024 and $5.50 in 2023.

The market price of antimony is determined by several variables out of our control.

These variables include the available supply of ore, the availability of processing facilities, the availability and price of imported antimony metal, the quantity of new antimony metal supply, and industrial demand for antimony metal.

If the antimony market price declines and remains depressed, our revenues and profitability may be adversely affected, especially during the time when the market price is declining.

However, our sales and operating results from our antimony products have been and will continue to be somewhat tied to the Rotterdam antimony market price, which has fluctuated widely over the past several years.

The Rotterdam average market price per pound of antimony was approximately $23.88 in 2025 and $10.44 in 2024.

The market price of antimony is determined by several variables which are out of our control.

These variables include the available supply of ore, the availability of processing facilities, the availability and price of imported antimony metal ingots, the quantity of new antimony metal ingots supply, and industrial demand for antimony metal ingots.

If the antimony market price declines and remains depressed, our revenues and profitability will likely be adversely affected, especially during the time when the market price is declining.

Government and Industrial Sales Agreements

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 $248 million, is for the sale of antimony metal ingots (99.65% purity) through September 2030.

Pricing is determined at the time each delivery order is placed.

The Company received delivery orders under this contract in September 2025 and January 2026 totaling approximately $12 million.

No revenue had been recognized under this contract as of December 31, 2025.

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

The agreement specifies a monthly delivery schedule through December 2026.

Thereafter, delivery volumes, pricing (subject to semiannual market-based adjustments), and delivery schedules are subject to mutual written agreement every six months.

Zeolite Segment

Our zeolite segment includes our vertically integrated Bear River Zeolite (“BRZ”) facility located in Preston, Idaho that mines, processes, and sells zeolite.

Our zeolite has been used for many purposes including water filtration, sewage treatment, nuclear waste and other environmental cleanup, odor control, gas separation, animal nutrition, soil amendment and fertilizer, and other miscellaneous applications.

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”).

The BRZ Lease was recently extended and now ends on December 31, 2034.

See Note 14 of the Notes to Consolidated Financial Statements in this Annual Report for further details on the BRZ Lease.

BRZ pays two other royalties on the sale of zeolite products.

In addition, BRZ can surface mine and process zeolite on property owned by the U.S.

Bureau of Land Management that is located adjacent to the Company’s Preston, Idaho property after obtaining required permits.

“Zeolite” refers to a group of industrial minerals that consist of hydrated aluminosilicates that hold cations such as calcium, sodium, ammonium, various heavy metals, and potassium in their crystal lattice.

Water is loosely held in cavities in the lattice.

BRZ zeolite is regarded as one of the best zeolites in the world due to its high cation exchange capacity (CEC) of approximately 180-220 meq/100 gr.

(which predicts plant nutrient availability and retention in soil), its hardness and high clinoptilolite content (which is an effective barrier to prevent problematic radionuclide movement), its absence of clay minerals, and its low sodium content.

Our zeolite has been used in:

Our zeolite has been used for many purposes including water filtration, absorption of ammonia from underground mining ventilation air, sewage treatment, nuclear waste and other environmental cleanup, odor control, gas separation, animal nutrition, soil amendment and fertilizer, and other miscellaneous applications.

BRZ has a lease through December 31, 2034 with Zeolite, LLC that entitles BRZ to surface mine and process zeolite on property located 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”).

BRZ pays two additional royalties on the sale of zeolite products tied to this property.

In addition, BRZ can surface mine and process zeolite from mining claims on federal lands administered by the U.S.

Bureau of Land Management (“BLM”) located adjacent to the Company’s Preston, Idaho property, subject to obtaining the required government operating permits.

“Zeolite” refers to a group of industrial minerals consisting of hydrated aluminosilicates that hold cations such as calcium, sodium, ammonium, various heavy metals, and potassium in their crystal lattice.

Water is loosely held in cavities within the lattice.

BRZ’s zeolite is considered to be one of the best zeolites in the world for water filtration, soil amendment, animal feed additive, and industrial absorption due to its high cation exchange capacity (CEC) averaging 146 meq/100 gr.

Our zeolite products have been used in the following applications:

Soil Amendment and Fertilizer .

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Zeolite is used for particulate, heavy metal and ammonium removal in swimming pools, municipal water systems, industrial water discharge streams, fisheries, fish farms, and aquariums.

Mine Underground Ventilation.

Zeolite is used in underground mining operations to help mitigate ammonia generated from the detonation of ammonium nitrate/fuel oil (ANFO) explosives.

When ANFO explosives are detonated, ammonia can be released into the mine’s ventilation air, potentially affecting air quality for underground workers.

Zeolite is employed as an absorbent material to capture ammonia from the ventilation stream, helping to reduce airborne ammonia concentrations and maintain a cleaner breathing environment for miners.

Sewage Treatment .

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Zeolite has shown a strong ability to selectively remove strontium, cesium, radium, uranium, and various other radioactive isotopes from solution.

Zeolite can also be used for the cleanup of soluble metals such as mercury, chromium, copper, lead, zinc, arsenic, molybdenum, nickel, cobalt, antimony, calcium, silver and uranium.

It can also be used for the cleanup of industrial discharge water by removing soluble metals such as mercury, chromium, copper, lead, zinc, arsenic, molybdenum, nickel, cobalt, antimony, calcium, silver and uranium.

Odor Control .

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Gas Separation .

Zeolite has been used for some time to separate gases, to re-oxygenate downstream water from sewage plants, smelters, pulp and paper plants, and fishponds and tanks, and to remove carbon dioxide, sulfur dioxide and hydrogen sulfide from methane generators as organic waste, sanitary landfills, municipal sewage systems, animal waste treatment facilities, and is excellent in pressure swing apparatuses.

Zeolite has been utilized in gas separation and purification processes, including re-oxygenation of downstream water from sewage plants, smelters, pulp and paper plants, and fishponds and tanks, and to remove carbon dioxide, sulfur dioxide and hydrogen sulfide from methane generators as organic waste, sanitary landfills, municipal sewage systems, animal waste treatment facilities.

Zeolite is also effective in pressure swing apparatuses.

Animal Nutrition .

According to third-party research, feeding up to 2% zeolite increases growth rates, decreases conversion rates, and prevents scours.

According to third-party research, the inclusion of up to 2% zeolite in animal feed may increase growth rates, improve feed conversion, and reduce digestive disorders.

Miscellaneous Uses .

Other uses include catalysts, petroleum refining, concrete, solar energy and heat exchange, desiccants, pellet binding, horse and kitty litter, floor cleaner, traction control, ammonia removal from mining waste, and carriers for insecticides, pesticides and herbicides.

Additional uses include catalysts, petroleum refining, concrete, solar energy and heat exchange, desiccants, pellet binding, horse and kitty litter, floor cleaner, traction control, ammonia removal from mining waste, and carriers for insecticides, pesticides and herbicides.

Concentration of Sales

During the years ended December 31, 2025 and 2024, customers accounting for 10% or more of the Company’s sales included the following:

For the years ended

Customer A revenue

Customer B revenue

Customer C revenue

Total customer revenue as a % of total Company revenues

Years ended December 31,

Total customer revenues

Total customer revenues as a % of total revenues

Regulatory Matters

We are subject to the requirements of the Federal Mining Safety and Health Act of 1977, the Occupational Safety and Health Administration’s regulations, the states of Montana and Idaho, federal and state health and safety statutes and Sanders County, Montana and Franklin County, Idaho health ordinances, as well as various governmental agencies in Mexico.

We are subject to the requirements of the Federal Mine Safety and Health Act of 1977, the Occupational Safety and Health Administration’s regulations, the states of Montana, Idaho, and Alaska, federal and state health and safety statutes and state and county health ordinances, as well as various governmental agencies in Mexico and Canada.

We also must obtain and maintain various licenses and permits from various governmental agencies to operate our mines and plants and to conduct exploration.

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Health and Safety

We are subject to the regulations of the Mine Safety and Health Administration (“MSHA”) in the United States and the Mexico Ministry of Economy and Mining in Mexico.

We are subject to the regulations of the Mine Safety and Health Administration (“MSHA”) in the United States, the Canadian Centre for Occupational Health and Safety (“CCOHS”) in Canada, The Ontario Ministry of Labor in Ontario, Canada (Occupational Health and Safety Act (OHSA) and Regulations for Mines & Mining Plants) and the Mexico Ministry of Economy and Mining in Mexico.

We work with these agencies to address issues outlined in any inspection or review and to ensure compliance.

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In addition, our operations and exploration activities in the United States, Canada, and Mexico are conducted pursuant to claims, concessions, or permits granted by the host government, and are subject to claims renewal and minimum work commitment requirements, which are subject to certain political risks associated with foreign operations.

In Canada, we are obligated to consult with the appropriate First Nations in our areas of operations.

Environmental

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Forest Service extensively regulates mining operations conducted in National Forests.

Department of Interior regulations cover mining operations carried out on most other public lands.

The Department of Interior regulations, administered by BLM, regulate mining operations that could cause surface disturbance carried out on most other public lands.

All operations by us involving the exploration for or the production of minerals are subject to existing laws and regulations relating to exploration procedures, safety precautions, employee health and safety, air quality standards, pollution of water sources, waste materials, odor, noise, dust and other environmental protection requirements adopted by federal, state and local governmental authorities.

We may be required to prepare and present data to these regulatory authorities pertaining to the effect or impact that any proposed exploration for, or production of, minerals may have upon the environment.

We may be required to prepare and present data to these regulatory authorities pertaining to the effect or impact that any proposed exploration

for, or production of, minerals may have upon the environment.

Any changes to our reclamation and remediation plans, which may be required due to changes in state or federal regulations, could have an adverse effect on our operations and cash flow.

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Changes in rules or regulations of these or other agencies could have a material adverse impact on our obligations and therefore on our accrual for these obligations.

We compete with other mineral resource exploration and development companies for financing and for the acquisition of new mineral properties and for equipment and labor related to exploration and development of mineral properties.

Although we are the only fully vertically integrated antimony mining operation in the United States, we compete with other mineral resource exploration and development companies for financing and for the acquisition of new mineral properties and for equipment and labor related to exploration and development of mineral properties.

Many of the mineral resource exploration and development companies with whom we compete have greater financial and technical resources.

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We provide no assurance we will be able to effectively compete in any of our business areas with current or future competitors or that the competitive pressures faced by us will not have a material adverse effect on the business, financial condition and operating results.

As of December 31, 2024, we employed 60 full-time employees and 2 part-time employees, most of which are located in Montana, Idaho, and Mexico.

As of December 31, 2025, we employed 100 full-time employees and 1 part-time employee, most of which are located in Montana, Idaho, and Mexico.

The number of full-time employees may vary seasonally.

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Intellectual Property

We hold no material patents, licenses, franchises or concessions.

However, we consider our antimony processing facilities proprietary in nature.

As of December 31, 2025, we hold no material patents, licenses, franchises or concessions.

However, we consider our antimony processing facilities proprietary in nature due to the complexities of our processes.

Available Information

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

On March 11, 2026, the Company’s common stock began trading on the NYSE.

Prior to that date, the Company’s common stock was listed on the NYSE American exchange.

On July 1, 2025, the Company’s common stock also began trading on a new stock exchange, the NYSE Texas.

The Company maintains its primary listing on the NYSE and trades with the same “UAMY” ticker symbol on both exchanges.

We file annual, quarterly and current reports, proxy statements and other information with the SEC.

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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-K

Item 1. Business