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Item 8. Financial Statements and Supplementary Data

2026-03-19 compared with 2025-03-20 · 639 added, 401 removed, 443 unchanged (70% of the section changed)

29 unchanged sentences

Critical audit matters are matters arising from the current-period audit of the financial statements that were communicated or required to be communicated to the audit committee and that (1) relate to accounts or disclosures that are material to the financial statements and (2) involved our especially challenging, subjective, or complex judgments.

We determined that there are no critical audit matters.

We determined that there were no critical audit matters.

We have served as the Company’s independent auditor since 1998.

Assure CPA, LLC

Spokane, Washington

March 19, 2026

1 unchanged sentence

CONSOLIDATED BALANCE SHEETS

December 31, 2024 and 2023

CURRENT ASSETS

Cash and cash equivalents

Certificates of deposit

Investment in debt securities held to maturity

Accounts receivable, net

Prepaid expenses and other current assets

Note receivable

Total current assets

Properties, plants and equipment, net

Operating lease right-of-use asset

Property, plant and equipment, net

Operating lease right-of-use assets

Investment in debt securities held to maturity - noncurrent

Investment in equity securities

Restricted cash for reclamation bonds

5 unchanged sentences

Accrued liabilities - directors

Royalties payable

Current portion of operating lease liability

Long-term debt, current portion

Current portion of operating lease liabilities

Current portion of long-term debt

Total current liabilities

Noncurrent liabilities:

Noncurrent operating lease liability

Operating lease liabilities, net of current portion

Long-term debt, net of current portion

Stock payable to directors

Asset retirement obligations

3 unchanged sentences

Preferred stock $ 0.01 par value, 50,000,000 shares authorized:

0 shares issued and outstanding

750,000 shares issued and outstanding (liquidation preference $ 975,000 and $ 967,500 , respectively)

177,904 shares issued and outstanding (liquidation preference $ 97,847 both years)

0 shares issued and outstanding

Series A - no shares issued and outstanding

Series B - 750,000 shares issued and outstanding (liquidation preference $ 982,500 and $ 975,000 , respectively)

Series C - 177,904 shares issued and outstanding (liquidation preference $ 97,847 both periods)

Series D - no shares issued and outstanding

Common stock, $ 0.01 par value, 250,000,000 shares authorized;

140,042,270 and 112,951,317 shares issued and outstanding, respectively

Treasury stock ( 149,639 and no shares of common stock at cost, respectively)

Additional paid-in capital

7 unchanged sentences

CONSOLIDATED STATEMENTS OF OPERATIONS

For the years ended December 31, 2024 and 2023

For the years ended

Years ended December 31,

Cost of revenues

GROSS PROFIT (LOSS)

( 3,344,784 )

Operating expenses:

3 unchanged sentences

Loss on sale or disposal of property, plant and equipment, net

Gain on lease termination

Other operating expenses

3 unchanged sentences

( 2,390,812 )

OTHER INCOME (EXPENSE):

Other income (expense), net:

Interest and investment income

Trademark and licensing income

Other miscellaneous income (expense)

TOTAL OTHER INCOME

Unrealized gain on investment in equity securities

Other miscellaneous income (expense), net

Total other income, net

Loss before income taxes

5 unchanged sentences

Preferred dividends

Net loss available to common stockholders

Net loss available to common shareholders

( 4,347,026 )

( 1,737,904 )

Net loss per share of common stock:

Net loss per share:

Weighted average shares outstanding:

2 unchanged sentences

CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY

For the years ended December 31, 2024 and 2023

Total Preferred Stock

Balances, December 31, 2022

Preferred Stock

Stockholders’

Balance - December 31, 2023

( 39,418,619 )

( 1,730,404 )

Common stock buyback and retirement

Conversion of Preferred Series D to Common Stock

( 1,730,404 )

Share-based compensation

Issuance of common stock under equity incentive plan

Issuance of common stock for cash, net of issuance costs

Issuance of common stock upon exercise of warrants

Balance - December 31, 2024

( 41,149,023 )

( 4,339,526 )

Balances, December 31, 2023

( 4,339,526 )

Share-based compensation

Issuance of common stock under equity incentive plan

Issuance of common stock for cash, net of issuance costs

Common stock issued upon exercise of warrants

( 1,730,404 )

Balances, December 31, 2024

Issuance of common stock upon exercise of warrants

Balance - December 31, 2025

( 45,488,549 )

2 unchanged sentences

CONSOLIDATED STATEMENTS OF CASH FLOWS

For the years ended December 31, 2024 and 2023

For the years ended

December 31, 2024

December 31, 2023

Years ended December 31,

CASH FLOWS FROM OPERATING ACTIVITIES:

1 unchanged sentence

( 1,730,404 )

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

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

Depreciation and amortization

Accretion of asset retirement obligation

Changes in asset retirement obligation estimates

Noncash operating lease expense

Share-based compensation

Accretion income from investment in debt securities held to maturity

Loss on sale or disposal of property, plant and equipment, net

Gain on lease termination

Write-down of inventory to net realizable value

Change in allowance for doubtful accounts on accounts receivable

Change in IVA receivable and other assets, net

Change in allowance for credit losses

Unrealized gain on investment in equity securities

( 3,321,486 )

Change in IVA receivable reserve

Other noncash items

2 unchanged sentences

( 3,104,278 )

( 12,195,338 )

Prepaid expenses and other current assets

IVA receivable and other assets, net

( 1,222,308 )

Accounts payable

2 unchanged sentences

Stock payable to directors

Change in operating lease liability

Royalties payable

Net cash provided (used) by operating activities

Net cash (used in) provided by operating activities

( 9,690,993 )

1 unchanged sentence

Proceeds from redemption of certificates of deposit

Proceeds from sale of properties, plants and equipment

Purchases of properties, plant, and equipment

Purchases of investment in debt securities held to maturity

( 19,934,953 )

Net cash used by investing activities

Purchases of equity investment securities

( 37,172,842 )

Issuance of note receivable

( 2,500,000 )

Proceeds from sales or disposals of property, plant and equipment

Purchases of property, plant and equipment

( 27,808,485 )

Net cash used in investing activities

( 87,402,914 )

CASH FLOWS FROM FINANCING ACTIVITIES:

Payments on dividends payable

Principal payments on long-term debt

Proceeds from exercises of stock options

Acquisition of treasury stock related to equity awards

Proceeds from issuance of common stock, net of issuance costs

Proceeds from exercise of warrants

Net cash provided (used) by financing activities

( 1,071,292 )

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

( 7,163,031 )

Net cash provided by financing activities

NET INCREASE IN CASH AND CASH EQUIVALENTS AND RESTRICTED CASH

CASH AND CASH EQUIVALENTS AND RESTRICTED CASH AT BEGINNING OF PERIOD

3 unchanged sentences

NON-CASH FINANCING AND INVESTING ACTIVITIES:

Equipment purchased with note payable

Recognition of operating lease liability and right-of-use asset

Common stock buyback and retirement

Conversion of Preferred Series D to Common Stock

Equipment purchased with note payable

Property and equipment included in accounts payable

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

3 unchanged sentences

United States Antimony Corporation and its subsidiaries in the U.S., Mexico, and Canada (“USAC,” the “Company,” “Our,” “Us,” or “We”) sell antimony, zeolite, and precious metals primarily in the U.S.

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

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

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

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

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

Antimony trisulfide is used as a primer in ammunition.

The Company also recovers precious metals, primarily gold and silver at its Montana facility from third party ore.

At its 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.

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

Recent Development

The Company has two subsidiaries in Mexico, US Antimony de Mexico, S.A.

(“USAMSA”) and Antimonio de Mexico, S.A.

The USAMSA subsidiary primarily includes the Company’s Madero antimony and precious metals facility in Parras de la Fuente Coahuila, Mexico and its Puerto Blanco antimony and precious metals 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.

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.

At its Bear River Zeolite 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 and continuing into 2025, the Company acquired mining claims, real properties (patented claims) and leases located in Alaska, Montana, and Ontario, Canada to reduce the cost of third-party antimony ore purchases and to expand its product offerings.

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

NOTE 2 - BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES

1 unchanged sentence

The Company’s consolidated financial statements include the accounts of its wholly owned subsidiaries, Bear River Zeolite Company (“BRZ”), AGAU Mines, Inc., Stibnite Holding Company US Inc., Antimony Mining and Milling US LLC, Lanxess Laurel de Mexico, S.A.

de C.V., Great Land Minerals, LLC, Denali Minerals, LLC, Alaska Antimony LLC, and UAMY Cobalt Corporation, and its majority owned subsidiaries, USAMSA and ADM.

de C.V., Great Land Minerals, LLC, Denali Minerals, LLC, Alaska Antimony LLC, UAMY Cobalt Corporation, TFRE Holdings LLC, and TFPROP LLC, and its majority owned subsidiaries, USAMSA and ADM.

All intercompany balances and transactions are eliminated in consolidation.

2 unchanged sentences

Use of Estimates

The preparation of financial statements in accordance with accounting principles generally accepted in the United States of America 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.

The accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“U.S.

GAAP”) and applicable rules and regulations of the Securities and Exchange Commission (“SEC”).

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.

UNITED STATES ANTIMONY CORPORATION AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

Reclassifications

3 unchanged sentences

The Company considers cash in banks and investments with original maturities of three months or less when purchased to be cash and cash equivalents.

At December 31, 2024, the $ 18,270,898 presented in the Consolidated Statements of Cash Flows consists of $ 18,172,120 of cash and cash equivalents and $ 98,778 of restricted cash for reclamation bonds.

At December 31, 2023, the $ 11,954,635 presented in the Consolidated Statements of Cash Flows consists of $ 11,899,574 of cash and cash equivalents and $ 55,061 of restricted cash for reclamation bonds.

Restricted Cash

Restricted cash at December 31, 2024 and 2023 consists of cash held for reclamation performance bonds and is held in certificates of deposit with financial institutions.

At December 31, 2025, the $ 30,657,076 presented in the Consolidated Statements of Cash Flows consists of $ 30,494,320 of cash and cash equivalents and $ 162,756 of restricted cash.

At December 31, 2024, the $ 18,270,898 presented in the Consolidated Statements of Cash Flows consists of $ 18,172,120 of cash and cash equivalents and $ 98,778 of restricted cash.

UNITED STATES ANTIMONY CORPORATION AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

Restricted Cash for Reclamation Bonds

Restricted cash of $ 162,756 and $ 98,778 at December 31, 2025 and 2024, respectively, consists of cash held for reclamation performance bonds and is held in certificates of deposit with financial institutions.

Investment in Debt Securities Held to Maturity

During 2025, the Company purchased 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 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 debt securities are not recognized in the Company’s consolidated financial statements.

Instead, these amounts are closely monitored and disclosed in the footnotes to the consolidated financial statements.

The Company accounts for credit losses on its held-to-maturity debt securities in accordance with the expected credit loss model, as prescribed by U.S.

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 debt 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.

Accounts Receivable

Accounts receivables are stated at the amount the Company expects to collect from outstanding balances.

The Company provides for probable uncollectible amounts through an allowance for doubtful accounts.

Changes to the allowance for doubtful accounts are based on the Company’s judgment, considering historical write-offs, collections, and current credit conditions.

Balances which remain outstanding after the Company has made reasonable collection efforts are written off through a charge to the allowance for doubtful accounts and a credit to the applicable accounts receivable.

Accounts receivable is stated at the amount the Company expects to collect from outstanding balances.

The Company provides for probable uncollectible amounts through an allowance for credit losses.

Changes to the allowance are based on the Company’s judgment, considering historical write-offs, collections, and current credit conditions.

Account balances, which remain outstanding after the Company has made reasonable collection efforts, are written off through a charge to the allowance for credit losses and a reduction to the applicable accounts receivable.

Payments received on receivables after being written off are considered a bad debt recovery.

Inventories at December 31, 2024 and 2023 consisted of finished antimony products (oxide and metal), antimony concentrates, antimony ore, and finished zeolite products, and are stated at the lower of first-in, first-out weighted average cost or estimated net realizable value, whichever is lower.

Finished antimony products (oxide and metal) and finished zeolite products include costs related to direct materials, direct labor, facility overhead, depreciation, and freight allocated based on production quantity.

Stockpiled ore is carried at the lower of average cost or net realizable value.

Since the Company’s antimony inventory is a commodity with a sales value that is subject to world prices for antimony that are beyond the Company’s control, a significant change in the world market price of antimony could have a significant effect on the net realizable value of inventories.

The Company periodically reviews its inventories to identify excess and obsolete inventories and to estimate reserves for excess and obsolete inventories as necessary to reflect inventories at net realizable value.

Cost related to recording reserves for excess and obsolete inventory is recognized in “cost of revenues” in the Consolidated Statements of Operations.

Inventories consist of finished antimony products (oxide and metal ingots), antimony ore and concentrates, and finished zeolite products.

Finished antimony products (oxide and metal ingots), finished zeolite products and work in process inventories primarily include costs related to direct materials, direct labor, facility overhead, depreciation, and freight allocated based on production quantity.

Since the Company’s antimony inventory is a commodity with a sales value that is subject to market prices that are beyond the Company’s control, a significant change in the market price of antimony could have a significant effect on the net realizable value (“NRV”) of its inventories.

Inventory is carried at the lower of first-in, first-out cost or estimated NRV.

The Company periodically reviews its inventory quantities on hand to identify instances where the estimated NRV has declined below weighted average cost.

Any adjustments to reflect inventory at its estimated NRV are recognized in “Cost of revenues” in the Consolidated Statements of Operations.

Prepaid Expenses

Prepaid expenses relate to goods or services that have been paid for but for which the good or service has not yet been received.

These costs are recorded in “Prepaid expenses and other current assets” in the Consolidated Balance Sheet and expensed in the Consolidated Statement of Operations as the asset’s benefits are realized.

Prepaid expenses are recorded as a current asset in the Consolidated Balance Sheet if the benefits will be realized within twelve months from the date of the Consolidated Balance Sheet or as a long-term asset if the benefits will be realized after twelve months from the date of the Consolidated Balance Sheet.

UNITED STATES ANTIMONY CORPORATION AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

Note Receivable

The Company’s note receivable is stated at amortized cost.

The Company evaluates the note for expected credit losses and records an allowance based on management’s estimate of lifetime expected credit losses.

In developing this estimate, management considers the financial condition of the borrower, contractual repayment terms, collateral or security interests, historical payment performance, current economic conditions, and reasonable and supportable forecasts.

As of December 31, 2025, management determined that no allowance for credit losses was required.

Notes deemed uncollectible are written off against the allowance when collection efforts have been exhausted.

Recoveries of amounts previously written off are recorded when received.

Foreign Currency Transactions

2 unchanged sentences

Foreign currency transaction gains and losses are recognized as a foreign currency exchange gain or loss in “other miscellaneous income (expense)” in the Consolidated Statements of Operations.

UNITED STATES ANTIMONY CORPORATION AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

Properties, Plants and Equipment

Properties, plants, and equipment are stated at historical cost and are depreciated using the straight-line method over estimated useful lives ranging from three to forty years.

The estimated useful life of plant and equipment ranges from three to twenty years and buildings ranges from twenty to forty years.

Depreciation expense is in included in “Cost of revenues” in the Consolidated Statements of Operations.

Monetary assets and liabilities denominated in foreign currencies are remeasured at period-end exchange rates with resulting gains and losses recognized in earnings as described above.

Nonmonetary assets and liabilities denominated in foreign currencies are recorded using the exchange rate in effect at the date of initial recognition and are not subsequently remeasured for changes in exchange rates.

Property, Plant and Equipment

Property, plant, and equipment are stated at historical cost and are depreciated using the straight-line method over estimated useful lives ranging from three to forty years .

The estimated useful lives of plant and equipment range from three to twenty years and buildings range from twenty to forty years .

Depreciation expense is included in “Cost of revenues” in the Consolidated Statements of Operations.

Maintenance and repairs are charged to operations as incurred.

Expenditures for property, plant, equipment, and improvements that extend the useful life or functionality of the asset are capitalized.

When assets are retired or sold, the costs and related accumulated depreciation are eliminated from the accounts and any resulting gain or loss is reflected in the results of operations.

The costs to obtain the legal right to explore, extract and retain at least a portion of the benefits from mineral deposits are capitalized in the year of acquisition as “Mineral rights and interests” in “Properties, plants, and equipment” in the Consolidated Balance Sheets.

These capitalized costs are amortized in the statement of operations over the estimated economic life of the mineral resource, if one is identified, based on the units-of-production method.

If a mineral resource is not identified, these capitalized costs are expensed.

Expenditures for property, plant, and equipment and related improvements that extend the useful life or functionality of the asset are capitalized.

When assets are retired or sold, the costs and related accumulated depreciation are removed from the accounts and any resulting gain or loss is reflected in the results of operations.

The costs to obtain the legal right to explore, extract and retain at least a portion of the benefits from mineral deposits are capitalized in the year of acquisition as “Mineral rights and interests” in “Property, plant, and equipment” in the Consolidated Balance Sheets.

These capitalized costs are amortized in the statement of operations over the estimated economic life of the mineral resource, if one is identified, based on the units-of-production or straight-line method.

The Company expenses costs as incurred during the mine exploration stage.

4 unchanged sentences

Impairment of Long-lived Assets

The Company reviews and evaluates the net carrying value of its long-lived assets for impairment upon the occurrence of events or changes in circumstances that indicate that the related carrying amounts may not be recoverable.

A test for recoverability is performed based on the estimated undiscounted future cash flows that will be generated from operations at each property and the estimated salvage value of asset.

Although management has made what it believes to be a reasonable estimate of factors based on current conditions and information, assumptions underlying future cash flows, which includes the estimated value of assets, are subject to significant risks and uncertainties.

If there are indicators of impairment, a test for recoverability is performed based on the estimated undiscounted future cash flows that will be generated from operations at each property plus the estimated salvage value of the underlying assets.

When performing recoverability tests, management utilizes assumptions based on current conditions and available information that are subject to significant risks and uncertainties.

Estimates of undiscounted future cash flows and salvage values are dependent upon, among other factors, estimates of:

(i) product and metals to be recovered from identified mineralization and other resources, (ii) future production and capital costs, (iii) estimated selling prices (considering current, historical, and future prices) over the estimated remaining life of the asset, and (iv) market values of assets.

It is possible that changes could occur in the near term that could adversely affect the estimate of salvage values and future cash flows to be generated from operating assets.

Prepaid Expenses

Prepaid expenses relate to goods or services that have been paid for but for which the good or service has not yet been received.

These costs are recorded in “Prepaid expenses and other current assets” in the Consolidated Balance Sheet and expensed in the Consolidated Statement of Operations as the asset's benefits are realized.

It is possible that changes may occur in the near term that could adversely affect the estimated salvage values and future cash flows to be generated from operating assets.

If estimated undiscounted cash flows and/or salvage values are less than the carrying value of an asset, an impairment loss is recognized for the difference between the carrying value of the asset and its estimated fair value based on discounted cash flows, quoted market prices or other valuation techniques.

UNITED STATES ANTIMONY CORPORATION AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

Assets Held for Sale and Discontinued Operations

The Company classifies assets and liabilities to be sold ("Disposal Group") as held for sale in the period when all of the applicable criteria are met, including:

(i) management commits to a plan to sell, (ii) the Disposal Group is available to sell in its present condition, (iii) there is an active program to locate a buyer, (iv) the Disposal Group is being actively marketed at a reasonable price in relation to its fair value, (v) significant changes to the plan to sell are unlikely, and (vi) the sale of the Disposal Group is generally probable of being completed within one year.

Management performs an assessment at least quarterly or when events or changes in business circumstances indicate that a change in classification may be necessary.

If a change in classification is warranted, the Company reclassifies the disposal group’s assets and liabilities to held-and-used and reports the results of operations and cash flows in continuing operations.

Assets and liabilities held for sale are presented separately within the Consolidated Balance Sheets with any adjustments necessary to measure the Disposal Group at the lower of its carrying value or fair value less costs to sell.

Depreciation of property and equipment are not recorded while these assets are classified as held for sale.

For each period the Disposal Group remains classified as held for sale, its recoverability is reassessed and any necessary adjustments are made to its carrying value.

The Company categorizes the assets and liabilities of a Disposal Group, or business component, as discontinued operations once management commits to a plan to sell, the business segment is available for immediate sale, management has initiated a plan to sell at a price that is reasonable in relation to its fair value, management anticipates the sale will occur within one year, and it is unlikely that significant changes will be made to the plan to sell.

In addition, the business component must be comprised of operations and cash flows that are clearly distinguished from the rest of the entity.

The results of discontinued operations are aggregated and presented separately in the Consolidated Balance Sheets, Consolidated Statements of Operations, and Consolidated Statements of Cash Flows.

Investment in Equity Securities

In October 2025, the Company acquired through open-market cash purchases approximately ten percent of the outstanding shares of an Australian-based public company that was initially recorded at cost plus brokerage commissions paid.

Because the Company owns less than 20% of the outstanding shares and does not have board representation, governance rights, or other indicators of significant influence, its investment is subsequently measured at fair value each reporting period using readily determinable fair values with changes in fair value recognized in “Other income (expense), net”, in the Consolidated Statements of Operations.

The Company periodically reassesses whether it has the ability to exercise significant influence over the investee, including consideration of potential changes in ownership interest, governance rights, board representation, or other relevant factors.

Since this investment in equity securities is denominated in a foreign currency, the investment is treated as a non-monetary asset that is translated using the exchange rate at the reporting date.

Accordingly, the effects of foreign currency fluctuations are reflected within the overall fair value changes recognized in the Consolidated Statements of Operations, rather than being presented separately as foreign currency transaction gains or losses.

Upon disposition of an equity security, the Company determines the cost of the securities sold using the specific-identification method, and any resulting realized gain or loss is recorded in “Other income (expense), net”, in the Consolidated Statements of Operations.

Accrued Liabilities

The Company records accrued liabilities for expenses that have been incurred prior to the reporting date but not paid.

The accrued liabilities balance at December 31, 2024 of $ 1.4 million consists of $ 1.2 million of accrued compensation and $0.2 million of miscellaneous accrued liabilities.

The accrued liabilities balance at December 31, 2023 of $ 0.1 million consists primarily of $ 0.1 million of accrued compensation.

The accrued liabilities balance at December 31, 2025 of $ 2.9 million consisted of $ 2.2 million of accrued compensation and $ 0.7 million of other miscellaneous accrued liabilities.

The accrued liabilities balance at December 31, 2024 of $ 1.6 million consisted primarily of $ 1.2 million of accrued compensation and $ 0.4 million of miscellaneous accrued liabilities.

The Company determines if an arrangement contains a lease at inception.

1 unchanged sentence

As a lessee, the Company includes operating leases in “Operating lease right-of-use assets” and “Current and noncurrent operating lease liabilities” in its Consolidated Balance sheet.

Right-of-use assets represent the Company's right to use an underlying asset for the lease term and lease liabilities represent the Company's obligation to make lease payments arising from the lease.

Operating lease right-of-use assets and liabilities are recognized upon commencement of the lease based on the present value of the lease payments over the lease term.

Right-of-use (“ROU”) assets represent the Company’s right to use an underlying asset for the lease term and lease liabilities represent the Company’s obligation to make lease payments arising from the lease.

Operating lease ROU assets and liabilities are recognized upon commencement of the lease based on the present value of the lease payments over the lease term.

Incremental costs of a lease that would not have been incurred if the lease had not been obtained are capitalized as initial direct costs (“IDC”).

1 unchanged sentence

If a lease does not provide an implicit interest rate, the Company uses its incremental borrowing rate based on the information available at commencement date to determine the present value of lease payments.

UNITED STATES ANTIMONY CORPORATION AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

Asset Retirement Obligations

2 unchanged sentences

The Company records the fair value of these costs as an asset retirement obligation in its Consolidated Balance Sheet in the period in which the Company has both a legal obligation and an obligating event for the retirement of long-lived assets if it is probable, meaning it can reasonably be expected or believed, that such costs will be incurred and if the costs are reasonably estimable.

The asset retirement obligation liability is accreted each reporting period to reflect the passage of time, with the accretion expense recognized in the Consolidated Statements of Operations.

A corresponding asset is also recorded and amortized over the life of the assets on a units-of-production or straight-line basis.

After the initial measurement of the asset retirement obligation, this liability will be adjusted to reflect changes in the estimated costs or timing of the future cash flows underlying the obligation.

Determination of any amounts included in the fair value of the asset retirement obligation can change periodically as the calculation of the fair value of the asset retirement obligation is based upon numerous estimates and assumptions, including, among others, future retirement costs, future inflation rate, and the Company’s credit-adjusted risk-free interest rate.

After the initial measurement of the asset retirement obligation, this liability may be adjusted to reflect changes in assumptions used to estimate the expected cash flows required to settle the asset retirement obligation, including changes in timing, method, scope, or cost of retirement activities.

When calculating an additional asset retirement obligation liability resulting from upward revisions in estimated retirement costs, management compares the revised undiscounted cash flows to the most recent inflation-adjusted undiscounted cash flow estimate underlying the existing asset retirement obligation.

Only the incremental increase is recognized as a new asset retirement obligation layer and measured at fair value using an expected present value technique, reflecting updated assumptions for future cash flows, inflation, and discount rates.

Determination of any amounts included

UNITED STATES ANTIMONY CORPORATION AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

in the fair value of the asset retirement obligation can change periodically as the calculation of the fair value of the asset retirement obligation is based upon numerous estimates and assumptions, including, among others, future retirement costs, future inflation rate, and the Company’s credit-adjusted risk-free interest rate.

The asset retirement obligation is classified as current or noncurrent based on the expected timing of expenditures.

4 unchanged sentences

Products consist primarily of the following:

includes antimony oxide, antimony metal, and antimony trisulfide

includes coarse and fine zeolite crushed in various sizes

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

includes coarse and fine zeolite crushed in various product sizes.

Precious Metals:

1 unchanged sentence

For antimony, zeolite, and precious metals products, revenue is recognized when the following have been satisfied:

1) the completion of the contractual performance obligations, in which rarely will there be more than one performance obligation, that being shipment of the specified quantity of the specified product per the customer’s sales order or similar document, 2) the amount of consideration or price for the transaction can be reasonably estimated, 3) legal title to and risk and rewards of ownership of the product are transferred to the customer, which typically occurs either upon shipment of the product from the Company’s warehouse locations or upon receipt of the product by the customer as specified in individual sales orders and/or shipping documents, 4) it is assessed as very unlikely product will be rejected by the customer, and 5) the Company has the right to payment for the product.

1) the Company has completed its contractual performance obligations, in which rarely will there be more than one performance obligation, which typically consists of the shipment of the specified quantity of product pursuant to a customer’s sales order or similar contractual document, 2) the amount of consideration or price for the transaction can be reasonably determined, 3) control of the product, including legal title and the risks and rewards of ownership, has transferred to the customer, which typically occurs either upon shipment of the product from the Company’s warehouse locations or upon receipt of the product by the customer as specified in individual sales orders and/or shipping documents, 4) it is assessed as a remote possibility that product will be rejected by the customer, and 5) the Company has the right to payment for the product.

Shipping costs related to sales of our products are recorded to cost of sales as incurred.

5 unchanged sentences

After an exchange of assays, a final payment is normally received within 90 days of product delivery.

UNITED STATES ANTIMONY CORPORATION AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

Common Stock Issued for Consideration Other than Cash

All transactions in which goods or services are received for the issuance of shares of the Company’s common stock are accounted for based on the fair value of the common stock issued, which is typically based on the trading price of the Company’s common shares on the date of the issuance.

Preferred Stock

The Company’s Articles of Incorporation authorize 50,000,000 shares of $ 0.01 par value preferred stock available for issuance with such rights and preferences, including liquidation, dividend, conversion, and voting rights, as the Board of Directors may determine.

In 1993, the Board of Directors established a Series B preferred stock, consisting of 750,000 shares.

The Series B preferred stock has preference over the Company’s common stock and Series A preferred stock (none of which is outstanding);

has no voting rights (absent

UNITED STATES ANTIMONY CORPORATION AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

default in payment of declared dividends);

and is entitled to cumulative dividends of $ 0.01 per share per year, payable if and when declared by the Board of Directors.

In the event of dissolution or liquidation of the Company, the preferential amount payable to Series B preferred stockholders is $ 1.00 per share plus dividends in arrears.

In 2000, the Board of Directors established a Series C preferred stock.

The Series C preferred stock has preference over the Company’s common stock and has voting rights equal to that number of shares outstanding, but no conversion or dividend rights.

Treasury Stock

When the Company’s stock is acquired, it is initially valued at cost and presented as treasury stock.

Other than formal or constructive retirement or when ultimate disposition has not yet been decided, the cost of the acquired stock is presented as treasury stock separately as a deduction from the total of common stock, additional paid-in capital and accumulated deficit.

Gains on sales of treasury stock not previously accounted for as constructively retired are credited to additional paid-in capital, and losses are charged to additional paid-in capital to the extent that previous net gains from sales or retirements of the same class of stock are included therein, with the remainder charged to accumulated deficit.

When the Company's stock is purchased for constructive retirement, any excess purchase price over par value is allocated between additional paid-in capital to the extent that previous net gains from sales or retirements are included therein, and the remainder to accumulated deficit.

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

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

Treasury shares are presented as a reduction of stockholders’ equity.

Upon subsequent sale, the treasury stock account is credited for the shares’ cost using the average cost method, 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 net income.

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

When requested by an employee, shares are retained primarily to cover an employees’ option exercise price and, when applicable, required tax withholding and to cover an employees’ tax withholding obligations upon RSU vesting.

During 2025, 149,639 shares with a cost of $ 574,153 were acquired and recorded as treasury stock for these purposes.

There were no common shares acquired and transferred to treasury stock during 2024.

Share-Based Compensation

1 unchanged sentence

RSUs are stock awards entitling the award recipient to a specified number of shares of the Company’s common stock as the award vests.

Each RSU granted includes a service-based vesting condition.

The Company calculates the fair value of RSUs on the grant date using the closing market price of the Company’s common stock on the grant date.

The RSUs granted have primarily included a service-based vesting condition.

The Company calculates the fair value of RSUs on the grant date using the market price of the Company’s common stock on the grant date.

The Company recognizes the grant date fair value of RSUs as share-based compensation expense ratably over the requisite service period, other than RSUs or portions of RSUs that vest on the grant date, in which case the grant date fair value of that RSU or portion of RSU is recognized as share-based compensation expense on the grant date.

The Company recognizes forfeitures as they occur.

Stock options grant award recipients the option to purchase a specified number of shares of the Company’s common stock at an exercise price per share specified in the grant agreement as the stock options vest.

Stock options grant recipients the option to purchase a specified number of shares of the Company’s common stock at an exercise price per share specified in the grant agreement as the stock options vest.

Stock option grants include either a service-based vesting condition or performance-based vesting conditions with a specified contractual term.

2 unchanged sentences

The Company recognizes share-based compensation expense related to stock option awards from the grant date through the vesting date.

For service-based vesting stock option grants, the Company expenses the grant date fair value of the award ratably over the requisite service period.

For performance-based vesting stock option grants, the Company expenses the grant date fair value of the award ratably from the grant date through the vesting date based on the probability and timing of achieving the performance conditions.

For service-based vesting stock option awards, the Company expenses the grant date fair value of the award ratably over the requisite service period.

For performance-based vesting stock option awards, the Company expenses the grant date fair value of the award ratably from the grant date through the vesting date based on the probability and timing of achieving the performance conditions.

The Company recognizes forfeitures as they occur.

The expense related to employee and consultant share-based awards is recorded in “Salaries and benefits” and the expense related to director share-based awards is recorded in “General and administrative” in the Consolidated Statements of Operations.

Share-based compensation expense related to employees, consultants and Board of Directors is reflected in “Salaries and benefits,” “Professional fees,” and “General and administrative, respectively, in the Consolidated Statements of Operations.

The Company’s income tax expense and deferred tax assets and liabilities reflect the Company’s best assessment of estimated future taxes to be paid or refunded.

Significant judgments and estimates are required in determining consolidated income tax expense.

UNITED STATES ANTIMONY CORPORATION AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

The Company’s income tax expense and deferred tax assets and liabilities reflect the Company’s best assessment of estimated future taxes to be paid or refunded.

Significant judgments and estimates are required in determining the consolidated income tax expense.

Deferred income taxes arise from temporary differences between the tax and financial statement recognition of revenue and expense.

income taxes arise from temporary differences between the tax and financial statement recognition of revenue and expense.

In evaluating the Company’s ability to recover its deferred tax assets, the Company considers all available positive and negative evidence, including scheduled reversals of deferred tax liabilities, projected future taxable income, tax planning strategies and recent financial operations.

In projecting future taxable income, the Company develops assumptions including the amount of future state and federal pretax operating income, the reversal of temporary differences, and the implementation of feasible and prudent tax planning strategies.

These assumptions require significant judgment about the forecasts of future taxable income and the assumptions are consistent with the plans and estimates that the Company is using to manage its underlying businesses.

These assumptions require significant judgment about the forecasts of future taxable income and whether they are consistent with the plans and estimates that the Company is using to manage its underlying businesses.

The Company provides a valuation allowance for deferred tax assets that the Company does not consider more likely than not to be realized.

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Fair Value of Financial Instruments

The Company’s financial instruments include cash and cash equivalents, certificates of deposits, restricted cash, and long-term debt.

The carrying value of these instruments approximates fair value based on their contractual terms.

The Company’s financial instruments include cash and cash equivalents, restricted cash for reclamation bonds, which consist of certificates of deposits, investment in debt securities held to maturity, note receivable, investment in equity securities, and long-term debt.

Except as discussed below, the carrying value of these instruments approximates fair value based on their contractual terms.

Fair Value Measurements

When required to measure assets or liabilities at fair value, the Company uses a fair value hierarchy based on the level of independent, objective evidence surrounding the inputs used.

The Company determines the level within the fair value hierarchy in which the fair value measurements in their entirety fall.

The categorization within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement.

Level 1 uses quoted prices in active markets for identical assets or liabilities, Level 2 uses significant other observable inputs, and Level 3 uses significant unobservable inputs.

The amount of the total gains or losses for the period are included in earnings that are attributable to the change in unrealized gains or losses relating to those assets and liabilities still held at the reporting date.

At December 31, 2024 and 2023, the Company has no financial assets or liabilities that are adjusted to fair value on a recurring basis.

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);

● 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 debt securities, restricted cash for reclamation bonds, note receivable and debt obligations.

Equity investments with readily determinable fair values are measured at fair value on a recurring basis, with changes in fair value recognized in earnings.

The carrying amount of cash and cash equivalents approximates fair value because of its short-term nature.

The estimated fair values of investment in debt securities held to maturity were based on Level 2 inputs.

The carrying amount of restricted cash for reclamation bonds and the note receivable approximate fair value based on their contractual terms.

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.

The Company’s investment in equity securities is classified as a Level 1 fair value measurement because it is valued each reporting period using readily available quoted market prices from the Australian Securities Exchange.

Contingencies

In determining accruals and disclosures with respect to loss contingencies, the Company evaluates such accruals and contingencies for each reporting period.

Estimated losses from loss contingencies are accrued by a charge to income when information available prior to issuance of the financial statements indicates that it is probable that a liability could be incurred, and the amount of the loss can be reasonably estimated.

Legal expenses associated with the contingency are expensed as incurred.

If a loss contingency is not probable or reasonably estimable, disclosure of the loss contingency is made in the financial statements when it is at least reasonably possible that a material loss could be incurred.

In determining accruals and disclosures with respect to loss contingencies, the Company evaluates such accruals and contingencies each reporting period.

Estimated losses from loss contingencies are accrued by a charge to income when information available prior to

UNITED STATES ANTIMONY CORPORATION AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

issuance of the financial statements indicates that it is probable that a liability could be incurred, and the amount of the loss can be reasonably estimated.

Legal expenses associated with the contingency are expensed as incurred.

New Accounting Pronouncements

In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280):

Improvements to Reportable Segment Disclosures, amending reportable segment disclosure requirements to include disclosure of incremental segment information on an annual and interim basis.

Among the disclosure enhancements are new disclosures regarding significant segment expenses that are regularly provided to the chief operating decision-maker and included within each reported measure of segment profit or loss, as well as other segment items bridging segment revenue to each reported measure of segment profit or loss.

The amendments in ASU 2023-07 are effective for fiscal years beginning after December 15, 2023, and for interim periods beginning January 1, 2025, and are applied retrospectively.

The Company adopted this pronouncement for its fiscal year ended December 31, 2024 and applied it retrospectively.

See Note 13 of the Notes to Consolidated Financial Statements in this Annual Report for further details.

In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740):

In December 2023, the Financial Accounting Standards Board (the “FASB”) issued 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.

1 unchanged sentence

Early adoption and retrospective application of the amendments are permitted.

We are currently evaluating the impact of this update on our consolidated financial statements and disclosures.

These new disclosure requirements became effective for the Company in its Annual Report on Form 10-K for the fiscal year ended December 31, 2025.

Other than the new disclosure requirements, this guidance did not have any impact on the Company’s consolidated financial statements.

See Note 12 of the Notes to Consolidated Financial Statements in this Annual Report for further details.

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.

Disaggregation of Income Statement Expenses , which requires disclosure about the types of costs and expenses included in certain expense captions presented in the income statement.

The new disclosure requirements are effective for the Company’s annual periods for fiscal years 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.

We are currently evaluating the ASU to determine its impact on our consolidated financial statements and disclosures.

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.

In December 2025, the FASB issued ASU No.

2025-10, Government Grants (Topic 832):

Accounting for Government Grants by Business Entities .

This ASU provides guidance on the recognition, measurement, presentation, and disclosure of government grants received by business entities.

Under the new guidance, government grants are recognized when there is reasonable assurance that the Company will comply with the conditions of the grant and that the grant will be received.

Grants related to income are presented either as other income or as a reduction of the related expense, while grants related to assets are recorded either as deferred income or as a reduction of the carrying amount of the related asset.

The guidance in this ASU is effective for fiscal years beginning after December 15, 2028, and interim reporting periods within those annual reporting periods.

Early adoption is permitted in both interim and annual reporting periods in which financial statements have not yet been issued or made available for issuance.

If a business entity adopts the amendments in this ASU in an interim reporting period, it must adopt them as of the beginning of the annual reporting period that includes that interim reporting period.

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.

UNITED STATES ANTIMONY CORPORATION AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

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 reflects the potential dilution that could occur from common shares issuable through stock options, RSUs, warrants, and convertible preferred stock.

At December 31, 2024 and 2023, each warrant, stock option, and RSU represents one share of our common stock and 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:

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 following table summarizes potentially dilutive common stock equivalents that were excluded from the computation of diluted net loss per share because their effect would have been anti-dilutive.

Years ended December 31,

Stock options and RSU awards

Total possible share dilution

See Note 12 of the Notes to Consolidated Financial Statements in this Annual Report for further details on these warrants, stock options, and RSUs.

UNITED STATES ANTIMONY CORPORATION AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

NOTE 4 – REVENUE RECOGNITION

Products consist of the following:

includes antimony oxide, antimony metal, and antimony trisulfide

includes coarse and fine zeolite crushed in various sizes

NOTE 4 – REVENUE

The Company’s products consist of the following:

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

includes coarse and fine zeolite crushed in various product sizes.

Precious metals:

includes unrefined and refined gold and silver.

Sales by product for the years ended December 31, 2024 and 2023 were as follows:

For the years ended

Antimony product revenue

Zeolite product revenue

Precious metals product revenue

Sales by product were as follows:

Years ended December 31,

Precious metals

Total revenues

The Company also received royalties related to a trademark and licensing agreement in its antimony business segment, which is recorded in “Trademark and licensing income” under the caption “Other Income (Expense)” in its Consolidated Statements Operations.

The following is sales information by geographic area based on the location of customers for the years ended December 31, 2024 and 2023:

For the years ended

Domestic revenues

Canada revenues

Mexico revenues

Domestic and foreign revenues were as follows:

Years ended December 31,

Total revenues

Sales to customers representing more than 10% of our total revenues during the years ended December 31, 2024 and 2023 were as follows:

For the years ended

Customer A revenue

Customer B revenue

Customer C revenue

Total customer revenue as a % of total Company revenues

Sales to customers representing more than 10% of our total revenues were as follows:

Years ended December 31,

Total customer revenues

Total customer revenues as a % of total revenues

UNITED STATES ANTIMONY CORPORATION AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

Customer receivables representing more than 10 % of our net accounts receivable balance as of December 31, 2024 and 2023 were as follows:

For the years ended

Customer A receivable

Customer B receivable

Total customer receivables as a % of Company net accounts receivable

The Company’s trade accounts receivable balance related to contracts with customers was $ 1,156,564 at December 31, 2024 and $ 625,256 at December 31, 2023, which is net of an allowance for doubtful accounts related to trade accounts receivables of $ 10,165 and $ 271,212 at December 31, 2024 and December 31, 2023, respectively.

Customer receivables representing more than 10% of our net accounts receivable balance were as follows:

As of December 31,

Total customer accounts receivable

Total customer receivables as a % of accounts receivable, net

The Company’s trade accounts receivable balance related to contracts with customers was $ 4,213,305 at December 31, 2025 and $ 1,099,771 at December 31, 2024, which is net of an allowance for credit losses of $ 909 and $ 10,165 at December 31, 2025 and December 31, 2024, respectively.

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

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) 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.

Subsequent to entering into this agreement, the Company received delivery orders under this contract in September 2025 and January 2026 totaling approximately $ 12 million.

No revenue was recognized in 2025 under this contract.

In November 2025, the Company executed a five-year sales 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.

During 2025, the Company recognized $ 3.6 million of revenue related to this contract.

In October 2025, the Company entered into an agreement with an international supplier 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 10.0 %.

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

Since the note receivable is scheduled to mature within twelve months of the reporting date, it is recorded as a current asset in the Consolidated Balance Sheet.

NOTE 5 – INVESTMENT IN DEBT SECURITIES HELD TO MATURITY

In 2025, the Company purchased $ 19,934,953 of U.S.

Treasury Strips with maturities ranging from approximately 12 to 62 months .

Treasury Strips have staggered maturities occurring every six months starting in May 2026 through November 2029, followed by a final maturity one year thereafter.

The portfolio has an expected yield to maturity of approximately 3.8 %.

The following is a summary of the Company’s investment securities held to maturity as of December 31, 2025:

Estimated Fair

Held-to-maturity securities – current:

Treasury Strips

Held-to-maturity securities – noncurrent:

Treasury Strips

Total held-to-maturity securities

UNITED STATES ANTIMONY CORPORATION AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

The Company recognized $ 416,004 of interest income from the accretion of its U.S.

Treasury Strips in 2025.

There was no interest income accretion recognized in 2024 as the Company did not hold any U.S.

Treasury Strips during that year.

Consistent with the Company’s classification of its U.S.

At December 31, 2025, the Company’s held to maturity securities were scheduled to mature as follows:

Estimated Fair

Maturing in next twelve months

Maturing in next one to five years

Total held-to-maturity securities

Margin Credit Line

In 2025, the Company secured a $ 19,000,000 margin credit line with a national bank, which bears interest at one percent above the base commercial rate.

The Company’s investment securities held to maturity, specifically its U.S.

Treasury Strips, serve as collateral for the margin credit line on which the Company had no outstanding borrowings at December 31, 2025.

Availability under the margin credit line is subject to customary margin requirements based on the value of the pledged securities.

NOTE 6 – INVENTORIES

Inventories by type at December 31, 2024 and 2023 were as follows:

Antimony oxide inventory

Antimony metal inventory

Antimony ore and concentrates inventory

Inventories by type were as follows:

As of December 31,

Antimony oxide

Antimony metal ingots

Antimony ore and concentrates

Total antimony inventory

Zeolite inventory

Total inventories

As of December 31, 2024 and 2023, inventories were valued at cost, except for the portion of inventory, which was valued at net realizable value because costs were greater than the amount the Company expected to receive on the sale of the inventory.

The adjustment to value inventory at net realizable value was $ 65,647 and $nil for zeolite for the years ended December 31, 2024 and 2023, respectively, and $nil and $ 2,073,404 for antimony related to our Mexico facilities for the years ended December 31, 2024 and 2023, respectively.

Antimony oxide and metal inventory consisted of finished products held by the Company’s facility located in Montana.

Antimony ore and concentrates were held primarily at its facilities located in Montana and Mexico.

The Company’s zeolite inventory consisted primarily of saleable zeolite material at the Company’s facility located in Idaho.

Inventories are valued at cost, except for the portion of inventory that is valued at net realizable value because costs are greater than the amount the Company expects to receive on the sale of the inventory.

As of December 31, 2025, the Company recorded a write-down of $ 919,053 to adjust antimony inventory to its NRV, compared to $ nil in 2024.

Conversely, the zeolite inventory NRV adjustment was $ nil for the year ended December 31, 2025, compared to a write-down of $ 65,647 in the prior year.

UNITED STATES ANTIMONY CORPORATION AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

NOTE 6 – PROPERTIES, PLANTS AND EQUIPMENT

The components of the Company’s properties, plants and equipment (“PP&E”) by segment at December 31, 2024 and December 31, 2023 were as follows:

NOTE 7 – PROPERTY, PLANT AND EQUIPMENT

The components of the Company’s property, plant and equipment (“PP&E”) by segment were as follows:

December 31, 2025

2 unchanged sentences

Construction in progress

Total property, plant and equipment

Accumulated depreciation

2 unchanged sentences

( 14,735,752 )

Property, plant and equipment, net

December 31, 2024

2 unchanged sentences

Construction in progress

Total property, plant and equipment

Accumulated depreciation

2 unchanged sentences

( 13,711,769 )

The properties, plants and equipment by location was as follows:

Domestic PP&E, net

Mexico PP&E, net

Canada PP&E, net

Total PP&E, net

Property, plant and equipment, net

Domestic and foreign net property, plant and equipment was as follows:

As of December 31,

Property, plant and equipment, net

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 transferred there to work primarily on our plant expansion efforts.

This asset and related expenses are included in the “All Other” category in the Company’s segment reporting.

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

The property included four residential homes, a duplex, a storage building, and approximately 17 acres of land.

The payment made to acquire these assets, along with $ 22,951 in direct transaction costs and $ 99,817 in assumed liabilities, was allocated to the land and buildings based on their relative fair values and included in the “All Other” category for segment reporting.

Based on their condition and the remaining estimated economic utility, one of the acquired homes was assigned an estimated useful life of 15 years and the remaining homes, duplex, and storage building were each assigned a useful life of 20 years .

In December 2025, the Company purchased four residential duplex buildings and a four-bay detached garage located near its operations in Thompson Falls, Montana for a price of $ 1,368,376 , which includes direct transaction costs of $ 2,751 .

The purchase price was allocated to the land and buildings based on their relative fair values and included in the “All Other” category for segment reporting.

The buildings will be depreciated over their estimated remaining useful life of 25 years .

This property will be used as residential housing for personnel working at its facility in Thompson Falls, Montana as well as third-party tenants.

UNITED STATES ANTIMONY CORPORATION AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

In May 2024, the Company made the decision to sell a non-core asset of its zeolite segment, which was a personal residence (“BRZ Home”) located near its operations in Idaho.

In September 2024, the Company sold its BRZ Home and recorded a gain on this sale as follows:

Proceeds from the sale

Net carrying value of the BRZ Home

Gain on sale of PP&E

Sudbury Agreement for Mining Claims and Leases

In August 2024, the Company executed an option agreement to acquire the ownership rights to ninety-seven mining claims and three mining leases located in the Sudbury District of Ontario, Canada (“Sudbury Agreement”).

Payments are to be made by the Company as follows to acquire these claims:

November 2024

February 2025

The payments to acquire these mining claims and leases are capitalized when paid in the “Mineral rights and interests” component of “Properties, plants and equipment, net” in the Consolidated Balance Sheets, which totaled $ 25,000 as of December 31, 2024, and are included in the “All Other” category for segment reporting.

The Sudbury Agreement requires a royalty payment by the Company based on potential future production from the claims (“Net Smelter Royalty”) with a minimum royalty payment beginning on the fifth anniversary of the agreement.

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 Amount

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 Amount

September 2025

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 Sudbury Agreement includes a commitment by the Company to spend an aggregate of $250,000 on exploring and developing these claims over four years from the agreement date, with various milestones over this four-year period .

The Sudbury Agreement can be terminated without cause at any time by the Company with thirty days’ notice.

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 required the Company to pay a 1.5 % net smelter return royalty based on the value realized from ore mined from the property.

UNITED STATES ANTIMONY CORPORATION AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

In January 2026, the Company paid approximately $ 108,000 to buy back 1 % of the net smelter royalty associated with the Fostung Properties.

In June 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 Amount

Within 10 days of June 1, 2025

December 2025

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.

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

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

Payment Amount

September 2025

September 2026

September 2027

September 2028

September 2029

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

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

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

The September Fairbanks Agreement can be terminated without cause by the Company with notice.

In November 2025, the Company executed an agreement to acquire exploration rights for mining properties located in the southeastern United States (the “ Southeastern Project”).

Payments required pursuant to this agreement will be made by the Company on or around the payment dates indicated as follows:

Payment Amount

November 2025

November 2027

November 2028

The Southeastern Project agreement requires net smelter royalty payments be made by the Company based on the value realized from ore mined from the mining properties.

Also, the agreement includes a commitment by the Company to spend an aggregate of $ 1,200,000 in exploring and developing these mining properties based on various milestones scheduled to occur over approximately thirty-six

UNITED STATES ANTIMONY CORPORATION AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

months from the effective date of the agreement.

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

In August 2024, the Company executed an option agreement to acquire the ownership rights to ninety-seven mining claims and three mining leases located in the Sudbury District of Ontario, Canada.

Payments totaling $ 275,000 are to be made by the Company over time to acquire these claims.

This agreement requires a royalty payment by the Company based on potential future production from the claims (“Net Smelter Royalty”) with a minimum royalty payment beginning on the fifth anniversary of the agreement.

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

Also, the agreement includes a commitment by the Company to spend an aggregate of $ 250,000 on exploring and developing these claims over four years from the agreement date, with various milestones over this four-year period.

The agreement can be terminated without cause at any time by the Company with thirty days ’ notice.

All payments related to these mining claims and leases that became due on or before December 31, 2025 were made by the Company pursuant to the terms of the underlying agreements.

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 Consolidated Balance Sheets and included in the “All Other” category for segment reporting.

NOTE 8 – LEASES

In September 2024, the Company leased a metals concentration facility located in Philipsburg, Montana, which was accounted for as an operating lease (also called “Philipsburg Lease”).

The Philipsburg Lease has a term of 18 months with fixed cash payments in advance in the first six months of the lease of $10,000 per month, or $60,000 in total, and fixed cash payments in advance in the last twelve months of the lease of $95,000 per month, or $1.14 million in total, which consists of a fixed monthly fee of $45,000 and a minimum milling fee of $50,000 per month.

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

The Company has not included any milling fee payments above the minimum in its calculation of the lease liability as it is not deemed probable at this time.

$ 10,000 was paid upon signing the lease, which is being accounted for as an initial direct cost ("IDC").

The Company is amortizing the undiscounted fixed lease cost and the IDC on a straight-line basis over the term of the lease.

The Company recorded the present value of the fixed lease cost over the lease term as an operating lease liability and Right of Use ("ROU") asset.

The Company used its incremental borrowing rate of 3.49 % as of the date of initial possession of the leased asset when determining the present value of future payments of this operating lease as the rate implicit in the lease was not readily determinable.

The lease includes provisions for the Company to use the existing mill building and all contents related to its use and to process owned and non-owned ore containing antimony and other minerals.

The lease does not include any transfer of ownership of the facility at the end of the lease, nor any option to extend the lease or purchase the facility, nor any residual value guarantees.

The Company can terminate the lease without cause with thirty days’ notice and must provide the facility to the lessor at the end of the lease in the same condition as it was received.

The lease liability related to this operating lease, which represents the present value of the lease payments, was $ 787,477 at inception and $ 755,569 and $nil at December 31, 2024 and December 31, 2023, respectively.

The ROU asset, which includes the unamortized portions of the IDC and is adjusted for any accrued or prepaid lease, was $ 565,289 and $nil at December 31, 2024 and December 31, 2023, respectively.

During the years ended December 31, 2024 and 2023, the Company recorded $ 235,280 and $nil, respectively, of lease expense related to this lease and IDC in "Cost of Revenues" in the Consolidated Statements of Operations.

IDC paid upon signing this lease was $ 10,000 and $nil and lease payments were $ 45,000 and $nil during the years ended December 31, 2024 and 2023, respectively, which were included in operating cash flows.

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 by 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 to be paid 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 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 years ended December 31, 2025 and 2024, the Company recognized lease expense, including initial direct costs (“IDC”), related to this lease of $ 389,542 and $ 235,280 , respectively, within “Cost of Revenues” in the Consolidated Statements of Operations.

Cash paid for this lease was $ 100,000 and $ 45,000 for the years ended December 31, 2025 and 2024, respectively, all of which are classified within 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 included in the Consolidated Statements of Operations as a separate item within the Operating Expenses section.

In addition, 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, was transferred to a different operating site and 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 an 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.

UNITED STATES ANTIMONY CORPORATION AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

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 corresponding ROU asset were both $ 63,416 at inception of the lease and $ 27,887 as of December 31, 2025.

During 2025, the Company recognized $ 43,395 of lease expense related to this lease in “General and administrative” in the Consolidated Statements of Operations.

Cash paid for this lease was $ 43,395 , all of which was classified within operating cash flows.

The Company made a security deposit payment of $ 3,945 at the inception of the lease.

There were no payments made or expense recorded for this lease in 2024.

Canada Operating Lease

On October 1, 2025, the Company leased office space located in Sudbury, Ontario, Canada with a lease term of 60 months that expires on September 30, 2030.

The Company is required to make monthly base rent payments of $ 1,050 in Canadian dollars which are converted to U.S.

dollars using the spot exchange rate in effect on the payment date.

The Company recorded $ 22,772 in U.S.

dollars as the present value of the rent payments as a lease liability and corresponding ROU asset and is amortizing the lease on a straight-line basis over the term of the lease.

Since the monthly rent payments are made in Canadian dollars, the lease liability was initially measured using the spot exchange rate in effect on the lease commencement date and is remeasured into U.S.

dollars at each reporting date with any resulting foreign currency transaction gains or losses recognized in earnings.

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 purchase the facility, nor any residual value guarantees.

The Company has the option to renew or extend the lease for one additional term of five years , provided written notice is given to the landlord at least six months prior to the lease expiring.

The Company did not consider the additional lease term covered by the renewal option in the initial lease liability since exercise of the renewal option was not reasonably certain at lease commencement.

During 2025, the Company recorded lease expense in U.S.

dollars of $ 2,711 for this lease in “General and administrative” in the Consolidated Statements of Operations.

Lease payments totaling $ 2,750 were made and included in operating cash flows.

The Company also made a security deposit payment of $ 1,223 at the inception of the lease.

There were no payments made or expense recorded for this lease in 2024.

The following table summarizes expense and cash payments for operating leases during the periods noted:

For the years ended

Operating lease expense

Cash paid for operating lease liability

Cash paid for initial direct cost

The following table contains the remaining lease term and discount rate as of the end of the period:

Remaining lease term - operating lease

Discount rate - operating lease

Cash paid for security deposit

UNITED STATES ANTIMONY CORPORATION AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

The table below is a maturity analysis of the future minimum lease payments as of December 31, 2024.

The following table contains the weighted average remaining lease term and discount rate for operating leases as of the end of the period:

As of December 31,

Remaining lease term - operating lease

Discount rate - operating lease

The table below presents a maturity analysis of the future minimum lease payments for operating leases as of December 31, 2025:

Twelve months ending December 31,

Total undiscounted future minimum lease payments

Total operating lease payments

discount on lease liability

Total discounted lease liability at December 31, 2024

Total operating lease liability

current portion of operating lease liability

Noncurrent operating lease liability

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

NOTE 8 – ASSET RETIREMENT OBLIGATION

Changes in the asset retirement obligations for the years ended December 31, 2024 and 2023 were as follows:

NOTE 9 – INVESTMENT IN EQUITY SECURITIES

In October 2025, the Company acquired 51.7 million, or approximately ten percent at that time, of the issued and outstanding shares of Larvotto Resources Limited (“Larvotto”) through twelve open-market cash purchases totaling $ 37,172,842 (measured in U.S.

Larvotto is an Australian-based public company engaged in the exploration and development of critical minerals, particularly antimony and gold, whose shares are traded on the Australian Securities Exchange.

Since the Company has less than a 20 % ownership interest in Larvotto and does not exert significant influence through board representation, contractual governance rights, or other mechanisms that would allow participation in the financial or operational policy decisions of the business, the Company recorded this transaction as an investment in equity securities.

The investment is measured at fair value each reporting period using readily available quoted market prices from the Australian Securities Exchange.

As a result, the Company has classified the Larvotto investment as a Level 1 fair value measurement within the fair value hierarchy and all changes in its fair value are recorded as other income (expense), net, in the consolidated statements of operations.

These changes in fair value may result from movements in Larvotto’s share price, changes in the Australian dollar (“AUD”) / U.S.

dollar (“USD”) exchange rate, or a combination of both.

The Company’s Larvotto investment is classified as a non-current asset in the consolidated balance sheets because it is considered a strategic investment that will be held long-term.

At December 31, 2025, the fair value of the investment reflected in the consolidated balance sheet was $ 40,494,328 and unrealized gains of $ 3,321,486 were recorded as other income in the 2025 consolidated statement of operations.

NOTE 10 – ASSET RETIREMENT OBLIGATIONS

Changes in the asset retirement obligations were as follows:

Year ended December 31,

Asset retirement obligation, beginning of period

Revisions to estimate of retirement obligations

Asset retirement obligations, beginning of period

Revisions to estimated retirement obligation cash flows

Accretion expense

Changes in asset retirement obligation estimates

Asset retirement obligation, end of period

Asset retirement obligations, end of period

The Company recorded accretion expense of $ 77,932 and $ 73,081 during the years ended December 31, 2025 and 2024, respectively.

During the year ended December 31, 2023, the Company recalculated its asset retirement obligations based on indications that the associated costs had changed.

Based on these changes in the estimate of cash flow costs and timing, the Company's asset retirement obligation liability increased by $ 1,075,061 and the Company’s asset retirement obligation expense increased by $ 324,984 during the year ended December 31, 2023.

The Company added layers to its asset retirement obligations and assets at its credit-adjusted risk-free rate of 6.65 % during the year ended December 31, 2023.

At December 31, 2025, the Company recalculated its asset retirement obligations based on indications that the associated costs had changed.

Based on these changes in the estimate of cash flow costs and timing, the Company’s asset retirement obligation liability and the corresponding asset retirement cost both increased by $ 931,618 .

The Company recorded additional asset retirement obligation layers and corresponding assets during the year ended December 31, 2025 using a credit-adjusted risk-free rate of 5.04 %.

UNITED STATES ANTIMONY CORPORATION AND SUBSIDIARIES

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NOTE 11 – DEBT

Long term debt at December 31, 2024 and December 31, 2023 was as follows:

Long term debt was as follows:

As of December 31,

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

Installment contract payable to Caterpillar Financial Services, bearing interest at 6.65%, payable in 24 monthly installments of $7,210 maturing April 28, 2024;

collateralized by 2007 Caterpillar 740 articulated truck

Less current portion of debt

Long term portion of debt

Long-term debt, net

At December 31, 2025, principal payments on debt were due as follows:

Twelve months ending December 31,

UNITED STATES ANTIMONY CORPORATION AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

NOTE 12 – INCOME AND OTHER TAXES

On January 1, 2025, the Company adopted ASU 2023-09, Improvements to Income Tax Disclosures, which requires disaggregated information about its effective tax rate reconciliation as well as information on income taxes paid.

Because the Company adopted ASU 2023-09 in 2025 using a prospective method, disclosures for historical periods were not revised to conform to this ASU.

There was no income tax expense (benefit) for the years ended December 31, 2025 and 2024.

Domestic and foreign components of loss before income taxes for the years ended December 31, 2024 and 2023 were as follows:

Domestic and foreign components of loss before income taxes were as follows:

Years ended December 31,

( 1,091,499 )

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( 1,730,404 )

The income tax expense (benefit) differs from the amount of income tax determined by applying the U.S.

federal income tax rate to pre-tax income (loss) for the years ended December 31, 2024 and 2023 due to the following:

UNITED STATES ANTIMONY CORPORATION AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

The income tax expense (benefit) for the year ended December 31, 2025 differs from the amount of income tax determined by applying the U.S.

federal income tax rate to pre-tax income (loss) due to the following:

Year ended December 31, 2025

federal statutory tax benefit

State tax effects

State income tax, net of federal benefit (1)

Montana worldwide election and apportionment

Foreign tax effects

Impact of change in foreign exchange rate

Foreign tax rate difference

Inflation indexation of net operating loss carryforwards

Expiration of net operating loss carryforwards

Adjustment for prior year tax estimate

Release of valuation allowance due to net operating loss expiration

Change in valuation allowance

Nontaxable or nondeductible items

Share-based compensation

Excess tax benefits from stock-based compensation

Other adjustments

Adjustment for prior year tax estimate

Total income tax expense

(1) State taxes in Montana made up the majority (greater than 50 percent) of the tax effect in this category.

The income tax expense (benefit) for the year ended December 31, 2024 differs from the amount of income tax determined by applying the U.S.

federal income tax rate to pre-tax income (loss) due to the following:

federal statutory tax provision (benefit)

$ ( 363,000 )

$ ( 1,333,000 )

State income tax provision (benefit) net

10 unchanged sentences

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

At December 31, 2024 and 2023, the Company had net deferred tax assets and liabilities as follows:

The Company’s net deferred tax assets and liabilities were as follows:

As of December 31,

Deferred tax asset:

2 unchanged sentences

Share-based compensation

Deferred tax asset

Valuation allowance (domestic)

5 unchanged sentences

Property, plant, and equipment

Investment in equity securities

Total deferred tax liability

( 1,664,000 )

Net deferred tax asset after valuation allowance

1 unchanged sentence

As management cannot determine that it is more likely than not the benefit of the net deferred tax asset will be realized, a valuation allowance equal to 100 % of the net deferred tax asset has been recorded at December 31, 2025 and 2024.

At December 31, 2024, the Company has federal net operating loss (“NOL”) carry forwards of approximately $ 1.96 million, $1.91 million of which will never expire but is limited to offsetting up to 80% of taxable income in any future year, and $0.05 million of which will expire at the end of 2037 but is not limited regarding offsetting taxable income in future years .

Changes in the valuation allowance (foreign) for 2025 were as follows:

Balance at beginning of period

Change in valuation allowance - Mexico

Change in valuation allowance - Canada

Release of valuation allowance due to NOL expiration

Inflation indexation of net operating loss carryforwards

Balance at end of period

At December 31, 2025, the Company has federal net operating loss (“NOL”) carry forwards of approximately $ 4.2 million, all of which will never expire but is limited to offsetting up to 80% of taxable income in any future year.

The Company has Montana state NOL carry forwards of approximately $ 4.4 million which expire between 2029 and 2035, and Idaho state NOL carry forwards of approximately $ 3.9 million, which expire between 2034 and 2045.

The Company has approximately $ 7.5 million of Mexican NOL carry forwards which expire between 2025 and 2033.

The Company also has approximately $ 9.4 million of Mexican NOL carry forwards which expire between 2030 and 2035 and $ 462,000 of Canadian NOL carry forwards which expire between 2044 and 2045.

All carryforwards in all jurisdictions are subject to certain limitations.

During the years ended December 31, 2025 and 2024, there were no material uncertain tax positions taken by the Company.

The Company’s United States income tax filings are subject to examination for the years 2021 through 2024 and for the years 2019 through 2024 in Mexico.

The Company’s United States income tax filings are subject to examination for the years 2022 through 2025, for the years 2020 through 2025 in Mexico, and for the years 2024 and 2025 in Canada.

However, for tax attributes from prior years, the statute remains open.

The Company charges penalties on assessments to general and administrative expense and charges interest to interest expense.

UNITED STATES ANTIMONY CORPORATION AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

The Company records penalties on assessments to general and administrative expense and records interest charges to interest expense.

Mexico Tax Assessment

In 2015, the Mexican tax authority (“SAT”) initiated an audit of the USAMSA’s 2013 income tax return.

In 2015, the Mexican tax authority (“SAT”) initiated an audit of USAMSA’s 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.

2 unchanged sentences

The assessment was settled in 2018 with no assessment due from the Company.

UNITED STATES ANTIMONY CORPORATION AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

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.

Management reviewed the 2019 assessment notice from SAT and, similar to the earlier assessment, believed the findings had no merit.

An appeal was filed by the Company in November 2019 suspending SAT from taking immediate action regarding the assessment.

1 unchanged sentence

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.

1 unchanged sentence

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.

In January 2026, the Federal Administrative Justice Court (Tribunal Federal de Justicia Administrativa, “TFJA”) issued a final judgment in favor of the Company with respect to the SAT’s reassessment of USAMSA’s 2013 income tax return.

The TFJA declared both the underlying tax credit and the related administrative appeal resolution invalid, including prior assessments and associated interest, penalties, and additional employee profit sharing.

The ruling addressed the substantive merits of the case and determined that the Company was not subject to the obligations asserted by SAT.

As a result of this final judgment, the matter is considered resolved with no amounts due from the Company.

This resolution had no impact on the Company’s consolidated financial statements, as no liability had been recorded in connection with this matter.

Mexico Import Value Added Tax

USAMSA recorded a receivable of $ 1,875,771 and $ 907,408 at December 31, 2025 and December 31, 2024, respectively, for the Import Value Added Tax (“IVA tax” or “VAT”) it pays on certain goods and services representing amounts to be reimbursed from the Mexican government.

USAMSA also recorded a reserve on this IVA tax receivable of $ 575,151 and $ 687,534 at December 31, 2024 and December 31, 2023, respectively.

The net IVA tax receivable of $ 332,257 and $ 435,094 at December 31, 2024 and 2023, respectively, is recorded in “IVA receivable and other assets, net” in the Consolidated Balance Sheets.

USAMSA recorded reserves against its IVA tax receivable balances of $ 1,875,771 and $ 575,151 at December 31, 2025 and December 31, 2024, respectively.

The net IVA tax receivable of $ 332,257 at December 31, 2024 is recorded in “Other assets, net” in the Consolidated Balance Sheets.

NOTE 13 – COMMITMENTS AND CONTINGENCIES

1 unchanged sentence

Using appropriate regulatory channels, management may contest these proposed assessments.

In 2024, Bear River Zeolite Company (“BRZ”), a wholly owned subsidiary of the Company, received four significant and substantial citations from MSHA, all of which have been rectified.

At December 31, 2024 and December 31, 2023, BRZ had $ 19,074 and $nil, respectively, of accrued liabilities relating to MSHA citations.

BRZ pays royalties on the sale of zeolite products and had accrued royalties payable of $ 133,434 and $ 153,429 at December 31, 2024 and 2023, respectively.

In 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 December 31, 2025 and December 31, 2024, BRZ had $ nil and $ 19,074 , respectively, of accrued liabilities relating to MSHA citations.

BRZ has a lease through December 31, 2034 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 April 2025, the Company contracted with engineering and construction firms 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 $ 27 million, of which approximately $ 23 million has been formally agreed to with various third-party vendors.

As of December 31, 2025, the Company has paid approximately $ 17 million toward these commitments which is included in the “Construction in progress” component of PP&E in the Consolidated Balance Sheets.

The Company committed in 2025 to the purchase of inventory with an aggregate estimated cost of approximately $ 3.2 million from suppliers that is not included in the Consolidated Balance Sheet as of December 31, 2025.

The Company expects to receive this inventory in 2026.

UNITED STATES ANTIMONY CORPORATION AND SUBSIDIARIES

2 unchanged sentences

Issuance of Common Stock

On January 25, 2023, the holders of 1,692,672 shares of Series D Preferred stock converted the preferred shares and the Company issued 1,692,672 shares of common stock.

The Company also paid the holders $ 787,730 for cumulative dividends payable as declared on November 28, 2022.

1,590,672 shares of the 1,692,672 shares of Series D Preferred stock that were converted and $ 740,261 of the $ 787,730 of dividends paid related to the estate of John Lawrence, who was the prior President and Chairman of the Company.

On January 26, 2023, in conjunction with its share repurchase plan, the Company returned to treasury and cancelled 418,696 of its common shares which were repurchased prior to December 31, 2022 for $202,980 .

During the year ended December 31, 2024, the Company issued 800,000 shares of its common stock in conjunction with the vesting of Restricted Stock Units.

During the years ended December 31, 2025 and 2024, the Company issued 2,394,865 shares and 800,000 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

In the fourth quarter of 2024, the Company sold 2.3 million shares of its common stock in an “at the market offering” at a weighted average price of $ 1.27 for gross proceeds of $ 2,925,069 .

A total of $ 165,388 of direct issuance costs were incurred related to this sale.

The Company also issued 2,204,000 shares of its common stock in the fourth quarter of 2024 related to the exercise of warrants.

During the year ended December 31, 2025, the Company sold 7,510,109 shares of common stock in “at the market offerings” and received gross proceeds of $ 37,382,880 based on a weighted average price of $ 4.98 per share.

The aggregate net proceeds received by the Company, after deducting direct issuance costs of $ 726,256 , totaled $ 36,656,624 .

In 2024, the Company sold 2,300,000 shares of common stock in “at the market offerings” and received gross proceeds of $ 2,925,069 based on a weighted average price of $ 1.27 per share.

The aggregate net proceeds received by the Company, after deducting direct issuance costs of $ 165,388 , totaled $ 2,759,681 .

In 2025, the Company completed three separate registered direct offerings of common stock with certain institutional investors.

The Company sold 4,000,000 shares in August 2025 at $ 4.50 per share in the first offering, 3,500,000 shares in October 2025 at $ 7.50 per share in the second offering, and 2,377,657 shares in October 2025 at $ 10.50 per share in the third offering.

In total, 9,877,657 shares were sold for aggregate gross proceeds of $ 69,215,399 .

After deducting direct issuance costs of $ 1,660,809 , net proceeds totaled $ 67,554,590 .

There were no registered direct offerings of the Company’s common stock in 2024.

During the year ended December 31, 2025, the Company issued 7,308,322 shares of common stock and received proceeds of $ 5,732,931 pursuant to the exercise of pre-existing warrants.

In 2024, the Company issued 2,204,000 shares of common stock and received proceeds of $ 1,481,840 related to the exercise of pre-existing warrants.

See the “Common Stock Warrants” section below for further details.

Share-Based Compensation

In December 2023, the shareholders of the Company approved our 2023 Equity Incentive Plan (“the Plan”), which provides for the grant of incentive stock options and non-qualified stock options to purchase shares of our common stock 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.

By means of the Plan, we seek to retain the services of such eligible persons and to provide incentives for such persons to exert maximum efforts for our success and the success of our subsidiaries.

The maximum number of shares of common stock available for issuance in connection with options and other awards granted under the Plan is 8,700,000 .

The Company had no equity awards outstanding during fiscal year 2023.

During the year ended December 31, 2024, stock option and RSU awards were granted in accordance with the Plan.

The Company recognized $ 568,588 and $nil during the years ended December 31, 2024 and 2023, respectively, of share-based compensation expense arising from stock option and RSU grants as follows:

For The Years Ended December 31,

Share-based compensation expense:

In December 2023, shareholders approved the Company’s 2023 Equity Incentive Plan (“the Plan”), which provided for the grant of incentive stock options, and 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 the development and financial success of the Company, 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”) which increased the maximum number of shares of common stock available for issuance under the Amended Plan to 23,700,000 shares.

During the years ended December 31, 2025 and 2024, the Company granted stock options and RSUs totaling 4,653,891 and 7,220,000 , 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 stock options and RSUs was as follows:

Stock options

Total share-based compensation expense

For the year ended December 31, 2024, the Company recognized in its Consolidated Statements of Operations $ 363,195 of share-based compensation expense in “General and administrative” expenses, $ 198,891 of share-based compensation expense in “Salaries and benefits” expenses, and $ 6,502 of share-based compensation expense in “Professional fees.”

UNITED STATES ANTIMONY CORPORATION AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

The following table summarizes the aggregate non-cash stock-based compensation recognized in the Consolidated Statement of Operations for stock options and RSUs:

General and administrative

Salaries and benefits

Professional fees

Total non-cash share-based compensation expense

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 shows the annual weighted-average assumptions used to value options granted during the year ended December 31, 2024:

For The Year Ended

Grant-Date Weighted-Average Assumptions

December 31, 2024

The following table summarizes the weighted-average assumptions used to value options granted during the year ended December 31, 2025 using the Black-Scholes method:

Weighted-Average Grant Date Assumptions

Expected term (in years)

2 unchanged sentences

Expected volatility

Fair value per share of options granted

Fair value per share

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 for the expected term assumption.

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.

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

3 unchanged sentences

Activity with respect to stock options is summarized as follows:

Weighted-Average

Exercise Price

Term (in years)

6 unchanged sentences

At December 31, 2025, total unrecognized share-based compensation expense related to stock options was $ 2,446,124 , which is expected to be recognized over a weighted average remaining period of 1.1 years.

During the year ended December 31, 2025, 951,667 stock options were exercised to purchase shares of common stock.

These exercises included 516,667 options for cash proceeds of $ 117,667 and cashless exercises where 55,059 shares of common stock were acquired by the Company as treasury stock to pay for the aggregate exercise price of the stock options and 379,941 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 951,667 stock options exercised during the year ended December 31, 2025 was $ 3,708,327 .

There were no stock option exercises in 2024.

Restricted stock units

Activity with respect to RSUs is summarized as follows:

Weighted-Average

Nonvested shares at December 31, 2023

Nonvested shares at December 31, 2024

RSUs outstanding at December 31, 2024

( 1,443,198 )

RSUs outstanding at December 31, 2025

At December 31, 2025, total unrecognized share-based compensation expense related to RSUs was $ 3,899,790 , which is expected to be recognized over a weighted-average remaining period of 2.0 years.

The weighted average remaining contractual term of the nonvested RSU shares was 1.3 years at December 31, 2025.

UNITED STATES ANTIMONY CORPORATION AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

During the years ended December 31, 2025 and 2024, 1,443,198 and 791,667 shares of common stock, respectively, were issued upon the vesting of RSUs with a total fair value of $ 2,938,183 and $ 174,167 , respectively.

In related transactions, 94,580 of the newly issued common shares were acquired by the Company as treasury stock to satisfy the mandatory payroll tax withholding obligations resulting from the RSU vesting.

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

Common Stock Warrants

During the fourth quarter of 2024, the Company issued 2,204,000 shares of common stock related to the exercise of warrants and received gross proceeds, at a weighted average exercise price of $ 0.67 , of $ 1,481,840 .

No other warrants were exercised during the years ended December 31, 2024 and 2023.

Also, no warrants were issued or expired during the years ended December 31, 2024 and 2023.

Following is a summary of the Company’s warrant activity:

Weighted Average

During the year ended December 31, 2025, the Company issued 7,308,322 shares of common stock related to the exercise of pre-existing warrants and received gross proceeds of $ 5,732,931 based on a weighted average exercise price of $ 0.78 per share.

In 2024, the Company issued 2,204,000 shares of common stock related to the exercise of pre-existing warrants and received gross proceeds of $ 1,481,840 based on a weighted average exercise price of $ 0.67 per share.

There were no warrants issued or that expired during 2025 and 2024.

Following is a summary of the Company’s warrant activity in 2025 and 2024:

Exercise Price

Balance outstanding at December 31, 2023 and 2022

Balance at December 31, 2023

( 2,204,000 )

Balance outstanding at December 31, 2024

Each warrant represents one share of the Company’s common stock.

Balance at December 31, 2024

( 7,308,322 )

Balance at December 31, 2025

UNITED STATES ANTIMONY CORPORATION AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

Each warrant represents the right to receive one share of the Company’s common stock.

The composition of the Company’s warrants outstanding at December 31, 2025 was as follows:

3 unchanged sentences

Remaining life (years)

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

Preferred Stock

In 1993, the Board established a Series B preferred stock, consisting of 750,000 shares.

The Series B preferred stock has preference over the Company’s common stock and Series A preferred stock (none of which are outstanding);

has no voting rights (absent default in payment of declared dividends);

and is entitled to cumulative dividends of $ 0.01 per share per year, payable if and when declared by the Board of Directors.

During each of the years ended December 31, 2024 and 2023, the Company recognized $ 7,500 in Series B preferred stock dividend.

In the event of dissolution or liquidation of the Company, the preferential amount payable to Series B preferred stockholders is $ 1.00 per share plus dividends in arrears.

The Company had 750,000 shares of Series B preferred stock issued and outstanding at both December 31, 2025 and 2024.

During each of the years ended December 31, 2025 and 2024, the Company recognized $ 7,500 in Series B preferred stock dividends.

No dividends have been declared or paid with respect to the Series B preferred stock.

1 unchanged sentence

At December 31, 2025 and 2024, cumulative dividends in arrears on the outstanding Series B shares were $ 232,500 and $ 225,000 , respectively.

In 2000, the Board established a Series C preferred stock.

The Series C preferred stock has preference over the Company’s common stock and has voting rights equal to that number of shares outstanding, but no conversion or dividend rights.

The Company had 177,904 shares of Series C preferred stock issued and outstanding at both December 31, 2025 and 2024.

In the event of dissolution or liquidation of the Company, the preferential amount payable to Series C preferred stockholders is $ 0.55 per share, or $ 97,847 in total.

UNITED STATES ANTIMONY CORPORATION AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

Treasury Stock

During the year ended December 31, 2025, 55,059 newly issued common shares with a cost of $ 124,678 were retained by the Company as treasury stock to pay for the aggregate exercise price of stock options exercised and 94,580 of newly issued common shares with a cost of $ 449,475 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 2024.

NOTE 15 – BUSINESS SEGMENTS

2 unchanged sentences

Our antimony segment consists of:

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

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

● 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

● Our facilities in our USAMSA subsidiary located in Mexico that process ore primarily into antimony metal ingots, a lower grade of antimony oxide, and precious metals.

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

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

Even though these are different types of metals, our precious metals operations and financial results are included in our antimony segment for several reasons.

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

Also, our chief operating decision maker reviews the operating results of our Montana facility that includes both antimony and precious metals processing and sales.

Even though these are different types of metals, our precious metals operations and financial results are included in our antimony segment for the following reasons:

Ore processing activities at the Company’s Montana facility are integrated, and the associated production costs for antimony, gold, and silver cannot be meaningfully separated.

Also, our chief operating decision maker reviews the operating results of our Montana facility on a consolidated basis, which includes both antimony and precious metals processing and sales.

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

UNITED STATES ANTIMONY CORPORATION AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

Our zeolite segment consists of our facility located in Preston, Idaho that mines, processes, and sells zeolite.

7 unchanged sentences

Both businesses started as separate units with management selected based on specific skill sets and knowledge related to the product and the industry.

The Company’s chief operating decision maker is the chief executive officer.

The Company has no active operations at, nor any revenue being generated from the following four components of its business:

Los Juarez, Mexico, Ontario, Canada, Alaska, and Philipsburg, Montana.

Also, the chief operating decision maker does not regularly review the operating results of these components.

Therefore, these components have been included in the “All Other” category for segment reporting.

Total expense related to these components was $ 751,762 and $ 114,639 for the years ended December 31, 2024 and 2023, respectively.

All expenses related to these components for the year end December 31, 2023 relate to Los Juarez, Mexico.

Prior year segment reporting was recast to conform to the current year segment reporting related to the following:

precious metals, Los Jaurez, Mexico, and centralized costs.

First, precious metals is included in the antimony segment for the year ended December 31, 2024, whereas precious metals was a reportable segment for the year ended December 31, 2023.

Revenue related to the precious metals segment was $ 525,087 and $ 326,496 for the years ended December 31, 2024 and 2023, respectively.

Second, our Los Juarez, Mexico component or location is included in the “All Other” category for the year ended December 31, 2024, whereas Los Juarez, Mexico was included in the antimony reportable segment for the year ended December 31, 2023.

There was no revenue related to the Los Juarez, Mexico component for the years ended December 31, 2024 and 2023, and the Los Juarez, Mexico loss from operations was $ 104,785 and $ 114,639 for the years ended December 31, 2024 and 2023, respectively.

Third, centralized costs were allocated to the segments for the year ended December 31, 2024, whereas centralized costs were included in the antimony reportable segment for the year ended December 31, 2023.

For the year ended December 31, 2023, centralized costs in the antimony reportable segment decreased by $ 342,146 and centralized costs in the zeolite reportable segment and “All Other” category increased by $ 331,467 and $ 10,679 , respectively.

UNITED STATES ANTIMONY CORPORATION AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

Total assets by segment at December 31, 2024 and December 31, 2023 were as follows:

The Company’s chief operating decision maker is its chief executive officer.

The following components of the Company’s business were not engaged in business activities at December 31, 2025 from which they generated 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 and apartment complex in Thompson Falls, Montana, have been included in the “All Other” category for segment reporting.

Total assets by segment were as follows:

As of December 31,

Antimony segment

Zeolite segment

Total capital expenditures by segment for the years ended December 31, 2024 and 2023 were as follows:

For the years ended

Total capital expenditures by segment were as follows:

Year ended December 31,

Capital expenditures

2 unchanged sentences

Total capital expenditures

The zeolite segment’s capital expenditures for the years ended December 31, 2024 excludes $ 402,722 related to a wheel loader purchased with a note payable.

Selected segment operational information for the years ended December 31, 2024 and 2023 were as follows:

For the year ended December 31, 2024

The zeolite segment’s capital expenditures for the year ended December 31, 2024 excludes $ 402,722 related to a wheel loader purchased with a note payable.

UNITED STATES ANTIMONY CORPORATION AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

Selected segment operational information were as follows:

Year ended December 31, 2025

Total revenues

Depreciation and amortization

Income (loss) from operations

Loss from operations

( 3,758,111 )

1 unchanged sentence

( 3,403,933 )

( 8,458,865 )

Income tax expense

( 4,339,526 )

For the year ended December 31, 2023

Year ended December 31, 2024

Total revenues

3 unchanged sentences

( 2,390,812 )

( 7,069,001 )

Income tax expense

( 1,730,404 )

UNITED STATES ANTIMONY CORPORATION AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

NOTE 16 – SUBSEQUENT EVENTS

Fairbanks Agreement for Mining Claims

In January 2025, the Company executed an option agreement to acquire the ownership rights to one hundred and twenty mining claims located in the Fairbanks District of Alaska (“Fairbanks Agreement”).

Payments are to be made by the Company as follows to acquire these claims:

These payments will be capitalized when paid in the “Mineral rights and interests” component of “Properties, plants and equipment, net” in the Consolidated Balance Sheets.

The Fairbanks Agreement requires a royalty payment by the Company based on the production from the claims (“Net Smelter Royalty on Claims”) and another royalty payment by the Company based on the production 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 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 from the agreement date, with various milestones over this five-year period.

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

Supply Agreement

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

In February 2025, the Company renewed its annual contract with this supplier for calendar year 2025, which had similar terms and conditions as the prior contract other than as follows:

i) larger quantities of ore supply for fiscal year 2025 were projected, ii) pricing terms were amended to include tiered pricing based on ore supply volume, and iii) immediate termination or suspension of the contract by either party was included should the cost of any tariff, import duty, or other similar charge make this arrangement uneconomical.

Radersburg Facility Acquisition

On January 16, 2026, the Company completed the acquisition of a fully operational flotation and concentration facility located in Radersburg, Montana for total cash consideration of $ 4.8 million.

The Radersburg property, located approximately 250 miles from the Company’s Thompson Falls smelting operations, is expected to enhance midstream processing capacity and further vertically integrate the Company’s domestic antimony supply chain.

Management has budgeted approximately $ 2 million in capital expenditures to modernize equipment and add a laboratory, with the goal of optimizing operational efficiencies and mineral recovery rates.

Joint Venture Agreement

On February 10, 2026, the Company 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.

The joint venture will be owned 51 % by Americas and 49 % by the Company, with the Company serving as managing member.

Under the terms of the agreement, Americas will contribute the project site and existing infrastructure, while the Company will contribute its proprietary North American hydrometallurgical processing technology and technical expertise.

Capital contributions for the facility’s construction are expected to be funded pro-rata based on ownership interests, unless otherwise agreed.

Primary site-level environmental and operating permits have been obtained, while construction permits are pending.

Common stock warrants

In January 2026, the Company issued 1,563,643 shares of common stock and received gross proceeds of $ 994,811 related to the exercise of warrants, based on a weighted average exercise price of $ 0.64 per share.

Resolution of Mexico Tax Assessment

In January 2026, the TFJA issued a final judgment in favor of the Company with respect to the SAT’s reassessment of USAMSA’s 2013 income tax return as described above in more detail under Note 12— Income and Other Taxes .

As a result of this final judgment, the matter is resolved with no amounts due from the Company.

This resolution had no impact on the Company’s consolidated financial statements, as no liability had been recorded in connection with this matter.

UNITED STATES ANTIMONY CORPORATION AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

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.

Personal Residence Purchase

In February 2025, the Company purchased a personal residence located near its operations in Thompson Falls, Montana for $ 445,000 , which will be used by management personnel working in Montana.

This asset and related expenses will be included in the “All Other” category in the Company’s segment reporting.

Philipsburg Lease

The Company leases a metals concentration facility in Philipsburg, Montana.

In February 2025, the Company amended its Philipsburg Lease extending the term of the lease to September 2, 2026 and changing the fixed monthly lease payments to $ 10,000 per month through the month of June 2025, $ 25,000 per month during the months of July 2025 to October 2025, and $ 95,000 per month thereafter to the end of the lease term.

Sale of Common Stock

In February 2025, the Company sold 200,000 shares of its common stock in an “at the market offering” at a weighted average price of $ 2.042 for gross proceeds of $ 408,400 .

Common Stock Warrants

In February and March of 2025, the Company issued 400,000 shares of common stock related to the exercise of warrants and received gross proceeds, at a weighted average exercise price of $ 0.85 , of $ 340,000 .

Purchase of Thompson Falls, Montana Surface Rights

In March 2026, the Company paid $ 320,000 to acquire the surface rights related to a patented lode mining claim located in Thompson Falls, Montana.

Acquisition of Mining Claims

In January 2026, the Company paid $ 1.3 million to purchase 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.

Acquisition of Royalty Agreement Interest

In January 2026, the Company paid approximately $ 108,000 to buy back 1 % of the net smelter royalty associated with the Fostung Properties.

Sales of Common Stock

During March 2026, the Company sold 126,436 shares of its common stock in “at the market offerings” and received gross proceeds of $ 1,426,183 based on a weighted average price of $ 11.28 per share.

Department of War Funding Award

On March 5, 2026, the Company 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.

Funds will be awarded to the Company as established project milestones are met.

Changes in and Disagreements with Accountants on Accounting and Financial Disclosure

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 8. Financial Statements and Supplementary Data