UNITED STATES ANTIMONY CORP 10-K

Item 8. Financial Statements and Supplementary Data. Index to Financial Statements: ​ ​ ​ ​ 1. Report of Independent Registered Public Accounting Firm; PCAOB ID - 444 58 2. Consolidated Balance Sheets as of December 31, 2025 and 2024; 59 3. Consolidated Statements of Operations for the years ended December 31, 2025 and 2024 60 4. Consolidated Statements of Changes in Stockholders’ Equity 61 5. Consolidated Statements of Cash Flows for the years ended December 31, 2025 and 2024 62 6. Notes to Consolidated Financial Statements 63 ​ ​ ​ 57 Table of Contents REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM To the shareholders and the board of directors of United States Antimony Corporation Opinion on the Financial Statements We have audited the accompanying consolidated balance sheets of United States Antimony Corporation (the “Company”) as of December 31, 2025 and 2024, the related consolidated statements of operations, changes in stockholders’ equity and cash flows for each of the years then ended, and the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Company as of December 31, 2025 and 2024, and the results of its operations and its cash flows for each of the years then ended, in conformity with accounting principles generally accepted in the United States of America. Basis for Opinion These financial statements are the responsibility of the Company’s management. Our responsibility is to express an opinion on the Company’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB. We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Company is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Company’s internal control over financial reporting. Accordingly, we express no such opinion. Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion. Critical Audit Matter 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 were no critical audit matters. We have served as the Company’s independent auditor since 1998. ​ ​ Assure CPA, LLC Spokane, Washington March 19, 2026 ​ 58 Table of Contents UNITED STATES ANTIMONY CORPORATION AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ ​ 2025 ​ ​ ​ 2024 ASSETS ​ ​ ​ ​ CURRENT ASSETS ​ ​ ​ ​ Cash and cash equivalents ​ $ 30,494,320 ​ $ 18,172,120 Investment in debt securities held to maturity ​ 4,577,706 ​ — Accounts receivable, net ​ 4,213,305 ​ 1,099,771 Inventories ​ 12,522,009 ​ 1,245,724 Prepaid expenses and other current assets ​ 434,842 ​ 160,954 Note receivable ​ ​ 2,500,000 ​ ​ — Total current assets ​ 54,742,182 ​ 20,678,569 Property, plant and equipment, net ​ 42,374,839 ​ 12,891,447 Operating lease right-of-use assets ​ 48,106 ​ 565,289 Investment in debt securities held to maturity - noncurrent ​ 15,773,251 ​ — Investment in equity securities ​ ​ 40,494,328 ​ ​ — Restricted cash for reclamation bonds ​ 162,756 ​ 98,778 IVA receivable and other assets, net ​ 330,207 ​ 408,519 Total assets ​ $ 153,925,669 ​ $ 34,642,602 LIABILITIES AND STOCKHOLDERS’ EQUITY ​ ​ ​ ​ CURRENT LIABILITIES ​ ​ ​ ​ Accounts payable ​ $ 6,924,518 ​ $ 1,545,708 Accrued liabilities ​ 2,937,842 ​ 1,560,580 Accrued liabilities - directors ​ 143,931 ​ 141,287 Current portion of operating lease liabilities ​ 34,103 ​ 626,562 Current portion of long-term debt ​ 136,942 ​ 132,252 Total current liabilities ​ 10,177,336 ​ 4,006,389 Operating lease liabilities, net of current portion ​ 14,003 ​ 129,007 Long-term debt, net of current portion ​ 58,483 ​ 195,425 Asset retirement obligations ​ 2,720,658 ​ 1,711,108 Total liabilities ​ 12,970,480 ​ 6,041,929 COMMITMENTS AND CONTINGENCIES (Note 4,7,13) ​ ​ ​ ​ STOCKHOLDERS’ EQUITY ​ ​ ​ ​ Preferred stock $ 0.01 par value, 50,000,000 shares authorized: ​ ​ ​ ​ Series A - no shares issued and outstanding ​ — ​ — Series B - 750,000 shares issued and outstanding (liquidation preference $ 982,500 and $ 975,000 , respectively) ​ 7,500 ​ 7,500 Series C - 177,904 shares issued and outstanding (liquidation preference $ 97,847 both periods) ​ 1,779 ​ 1,779 Series D - no shares issued and outstanding ​ — ​ — Common stock, $ 0.01 par value, 250,000,000 shares authorized; 140,042,270 and 112,951,317 shares issued and outstanding, respectively ​ 1,400,423 ​ 1,129,512 Treasury stock ( 149,639 and no shares of common stock at cost, respectively) ​ ( 574,153 ) ​ — Additional paid-in capital ​ 185,608,189 ​ 68,610,905 Accumulated deficit ​ ( 45,488,549 ) ​ ( 41,149,023 ) Total stockholders’ equity ​ 140,955,189 ​ 28,600,673 Total liabilities and stockholders’ equity ​ $ 153,925,669 ​ $ 34,642,602 ​ The accompanying notes are an integral part of these consolidated financial statements. ​ 59 Table of Contents UNITED STATES ANTIMONY CORPORATION AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF OPERATIONS ​ ​ ​ ​ ​ ​ ​ ​ ​ Years ended December 31, ​ ​ ​ ​ 2025 ​ ​ ​ 2024 ​ ​ ​ ​ ​ ​ ​ Revenues ​ $ 39,257,708 ​ $ 14,937,962 Cost of revenues ​ 29,384,196 ​ 11,471,044 Gross profit ​ 9,873,512 ​ 3,466,918 Operating expenses: ​ ​ ​ ​ General and administrative ​ 3,125,033 ​ 2,052,852 Salaries and benefits ​ 11,580,637 ​ 2,350,021 Professional fees ​ 2,355,641 ​ 968,750 Loss on sale or disposal of property, plant and equipment, net ​ 51,350 ​ 11,097 Gain on lease termination ​ ( 469,822 ) ​ — Other operating expenses ​ 1,689,538 ​ 475,010 Total operating expenses ​ 18,332,377 ​ 5,857,730 Loss from operations ​ ( 8,458,865 ) ​ ( 2,390,812 ) Other income (expense), net: ​ ​ ​ ​ Interest and investment income ​ 810,546 ​ 668,543 Unrealized gain on investment in equity securities ​ ​ 3,321,486 ​ ​ — Other miscellaneous income (expense), net ​ ( 12,693 ) ​ ( 8,135 ) Total other income, net ​ 4,119,339 ​ 660,408 Loss before income taxes ​ ( 4,339,526 ) ​ ( 1,730,404 ) Income tax expense ​ — ​ — Net loss ​ ( 4,339,526 ) ​ ( 1,730,404 ) Preferred dividends ​ ( 7,500 ) ​ ( 7,500 ) Net loss available to common shareholders ​ $ ( 4,347,026 ) ​ $ ( 1,737,904 ) ​ ​ ​ ​ ​ ​ ​ Net loss per share: ​ ​ ​ ​ Basic ​ $ ( 0.04 ) ​ $ ( 0.02 ) Diluted ​ $ ( 0.04 ) ​ $ ( 0.02 ) Weighted average shares outstanding: ​ ​ ​ ​ Basic ​ 123,635,364 ​ 108,591,429 Diluted ​ 123,635,364 ​ 108,591,429 ​ The accompanying notes are an integral part of these consolidated financial statements. ​ 60 Table of Contents UNITED STATES ANTIMONY CORPORATION AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Additional ​ ​ ​ ​ ​ ​ ​ Total ​ ​ Preferred Stock ​ Common Stock ​ Paid-In ​ Accumulated ​ Treasury ​ Stockholders’ ​ ​ ​ ​ Shares ​ ​ ​ Par Value ​ ​ ​ Shares ​ ​ ​ Par Value ​ ​ ​ Capital ​ ​ ​ Deficit ​ ​ ​ Stock ​ ​ ​ Equity Balance - December 31, 2023 ​ 927,904 ​ $ 9,279 ​ 107,647,317 ​ $ 1,076,472 ​ $ 63,853,836 ​ $ ( 39,418,619 ) ​ $ — ​ $ 25,520,968 Net loss ​ — ​ ​ — ​ — ​ ​ — ​ ​ — ​ ​ ( 1,730,404 ) ​ ​ — ​ ​ ( 1,730,404 ) Share-based compensation — ​ — — ​ — ​ 568,588 ​ — ​ — ​ 568,588 Issuance of common stock under equity incentive plan — ​ — 800,000 ​ 8,000 ​ ( 8,000 ) ​ — ​ — ​ — Issuance of common stock for cash, net of issuance costs — ​ — 2,300,000 ​ 23,000 ​ 2,736,681 ​ — ​ — ​ 2,759,681 Issuance of common stock upon exercise of warrants — ​ — 2,204,000 ​ 22,040 ​ 1,459,800 ​ — ​ — ​ 1,481,840 Balance - December 31, 2024 927,904 ​ 9,279 112,951,317 ​ 1,129,512 ​ 68,610,905 ​ ( 41,149,023 ) ​ — ​ 28,600,673 Net loss ​ — ​ ​ — ​ — ​ ​ — ​ ​ — ​ ​ ( 4,339,526 ) ​ ​ — ​ ​ ( 4,339,526 ) Share-based compensation — ​ — — ​ — ​ 7,081,705 ​ — ​ — ​ 7,081,705 Issuance of common stock under equity incentive plan — ​ — 2,394,865 ​ 23,950 ​ 218,395 ​ — ​ ( 574,153 ) ​ ( 331,808 ) Issuance of common stock for cash, net of issuance costs — ​ — 17,387,766 ​ 173,878 ​ 104,037,336 ​ — ​ — ​ 104,211,214 Issuance of common stock upon exercise of warrants — ​ — 7,308,322 ​ 73,083 ​ 5,659,848 ​ — ​ — ​ 5,732,931 Balance - December 31, 2025 927,904 ​ $ 9,279 ​ 140,042,270 ​ $ 1,400,423 ​ $ 185,608,189 ​ $ ( 45,488,549 ) ​ $ ( 574,153 ) ​ $ 140,955,189 ​ The accompanying notes are an integral part of these consolidated financial statements. ​ 61 Table of Contents UNITED STATES ANTIMONY CORPORATION AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH FLOWS ​ ​ ​ ​ ​ ​ ​ ​ ​ Years ended December 31, ​ ​ ​ ​ 2025 ​ ​ ​ 2024 CASH FLOWS FROM OPERATING ACTIVITIES: ​ ​ ​ ​ Net loss ​ $ ( 4,339,526 ) ​ $ ( 1,730,404 ) Adjustments to reconcile loss to net cash (used in) provided by operating activities: ​ ​ ​ ​ Depreciation and amortization ​ 1,166,579 ​ 1,085,747 Accretion of asset retirement obligation ​ 77,932 ​ 73,081 Noncash operating lease expense ​ 289,542 ​ 190,280 Share-based compensation ​ 7,081,705 ​ 568,588 Accretion income from investment in debt securities held to maturity ​ ( 416,004 ) ​ — Loss on sale or disposal of property, plant and equipment, net ​ 51,350 ​ 11,097 Gain on lease termination ​ ( 469,822 ) ​ — Write-down of inventory to net realizable value ​ 919,053 ​ 65,647 Change in allowance for credit losses ​ ( 9,256 ) ​ ( 261,047 ) Unrealized gain on investment in equity securities ​ ​ ( 3,321,486 ) ​ ​ — Change in IVA receivable reserve ​ ​ 1,300,620 ​ ​ 140,057 Other noncash items ​ — ​ ( 16,107 ) Changes in operating assets and liabilities: ​ ​ ​ ​ Accounts receivable ​ ( 3,104,278 ) ​ ( 213,468 ) Inventories ​ ( 12,195,338 ) ​ 74,738 Prepaid expenses and other current assets ​ ( 283,888 ) ​ ( 68,585 ) IVA receivable and other assets, net ​ ( 1,222,308 ) ​ ( 39,339 ) Accounts payable ​ 3,404,226 ​ 1,088,773 Accrued liabilities ​ 1,377,262 ​ 1,273,310 Accrued liabilities – directors ​ 2,644 ​ 16,477 Stock payable to directors ​ ​ — ​ ​ ( 38,542 ) Net cash (used in) provided by operating activities ​ ( 9,690,993 ) ​ 2,220,303 CASH FLOWS FROM INVESTING ACTIVITIES: ​ ​ ​ ​ Proceeds from redemption of certificates of deposit ​ — ​ 72,898 Purchases of investment in debt securities held to maturity ​ ( 19,934,953 ) ​ — 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 ​ 13,366 ​ 315,625 Purchases of property, plant and equipment ​ ( 27,808,485 ) ​ ( 430,596 ) Net cash used in investing activities ​ ( 87,402,914 ) ​ ( 42,073 ) CASH FLOWS FROM FINANCING ACTIVITIES: ​ ​ ​ ​ Principal payments on long-term debt ​ ( 132,252 ) ​ ( 103,488 ) Proceeds from exercises of stock options ​ 117,667 ​ — Acquisition of treasury stock related to equity awards ​ ( 449,475 ) ​ — Proceeds from issuance of common stock, net of issuance costs ​ 104,211,214 ​ 2,759,681 Proceeds from exercise of warrants ​ 5,732,931 ​ 1,481,840 Net cash provided by financing activities ​ 109,480,085 ​ 4,138,033 NET INCREASE IN CASH AND CASH EQUIVALENTS AND RESTRICTED CASH ​ 12,386,178 ​ 6,316,263 CASH AND CASH EQUIVALENTS AND RESTRICTED CASH AT BEGINNING OF PERIOD ​ 18,270,898 ​ 11,954,635 CASH AND CASH EQUIVALENTS AND RESTRICTED CASH AT END OF PERIOD ​ $ 30,657,076 ​ $ 18,270,898 ​ ​ ​ ​ ​ ​ ​ SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION: ​ ​ ​ ​ Interest paid in cash ​ $ 16,654 ​ $ 8,869 NON-CASH FINANCING AND INVESTING ACTIVITIES: ​ ​ ​ ​ Recognition of operating lease liability and right-of-use asset ​ $ 86,188 ​ $ 787,477 Equipment purchased with note payable ​ $ — ​ $ 402,722 Property and equipment included in accounts payable ​ $ 1,974,584 ​ $ — ​ The accompanying notes are an integral part of these consolidated financial statements. ​ ​ 62 Table of Contents UNITED STATES ANTIMONY CORPORATION AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS NOTE 1 - NATURE OF OPERATIONS United States Antimony Corporation and its subsidiaries in the U.S., Mexico, and Canada (“USAC,” the “Company,” “Our,” “Us,” or “We”) sell antimony, zeolite, and precious metals primarily in the U.S. and Canada. 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 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 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 Principles of Consolidation 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, 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. AGAU Mines, Inc., Stibnite Holding Company US Inc., Antimony Mining and Milling US LLC, and Lanxess Laurel de Mexico, S.A. de C.V. are inactive. Use of Estimates 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. Reclassifications Certain reclassifications have been made to conform the amounts presented in the December 31, 2024 financial statements to the current presentation. These reclassifications have no effect on the results of operations, stockholders’ equity and cash flows as previously reported. Cash and Cash Equivalents 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, 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. 63 Table of Contents 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. GAAP. An allowance for credit losses is recognized to reflect the Company’s estimate of expected credit losses over the contractual life of its held-to-maturity 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. government. 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 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. 64 Table of Contents 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 All amounts in the financial statements are presented in U.S. dollars, which is the functional currency of the Company and its subsidiaries. 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. 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, 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. The mine development stage begins once the Company has determined an ore body is feasible. Expenditures incurred during the development stage are capitalized as deferred development costs and amortized using the units-of-production method, based upon estimating the units of mineral resource, or the straight-line method, based upon the estimated lives of the properties. Costs to improve, alter, or rehabilitate primary development assets which appreciably extend the life, increase capacity, or improve the efficiency of such assets are also capitalized. The development stage ends when the production stage of mining begins. 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 at an asset group level may not be recoverable. 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 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. 65 Table of Contents UNITED STATES ANTIMONY CORPORATION AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 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, 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. Leases The Company determines if an arrangement contains a lease at inception. An arrangement contains a lease if it implicitly or explicitly identifies an asset to be used and conveys the right to control the use of the identified asset in exchange for consideration. 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 (“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”). The Company amortizes the undiscounted fixed lease cost and the IDC on a straight-line basis over the lease term. 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. Asset Retirement Obligations The Company’s mining operations are subject to retirement requirements, which include mine retirement standards that have been established by various governmental agencies and retirement requirements included in certain Company contracts, including contracts related to the leasing of certain of the Company’s properties. There are costs that will be incurred to satisfy these retirement requirements upon cessation of our operations. 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 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 66 Table of Contents 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. There are uncertainties associated with the nature, timing, and extent of costs associated with asset retirement obligations, including, among others, the extent of environmental contamination, revisions to laws and regulations by regulatory authorities, and changes in remediation technology. As a result, the ultimate cost as well as the timing of the retirement obligation could change in the future. The Company continually reviews its asset retirement obligations for indications that its asset retirement obligation cost or timing has changed and, when indications are present, recalculates its asset retirement obligation. Revenue Recognition Products consist primarily of the following: ☐ Antimony: primarily includes antimony oxide, antimony metal ingots, and antimony trisulfide. ☐ Zeolite: includes coarse and fine zeolite crushed in various product sizes. ☐ Precious Metals: includes unrefined and refined gold and silver. For antimony, zeolite, and precious metals products, revenue is recognized when the following have been satisfied: 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. For zeolite products, royalty expenses due to a third party by the Company are also recorded to cost of sales upon sale in accordance with terms of underlying royalty agreements. The Company has determined that its customer contracts do not include a significant financing component. Prepayments from customers, which are not common, received prior to satisfaction of revenue recognition criteria are recorded as deferred revenue. The Company does not have warranty obligations and sales returns have been historically immaterial. For precious metals sales, a provisional payment of 75% is typically received within 45 days of the date the product is delivered to the customer. After an exchange of assays, a final payment is normally received within 90 days of product delivery. 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. Series B 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 67 Table of Contents 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. Series C ​ 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 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 The Company’s share-based awards consist of restricted stock units (“RSUs”) and stock options granted to employees, consultants, and directors of the Company. RSUs are stock awards entitling the award recipient to a specified number of shares of the Company’s common stock as the award vests. 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 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. The Company calculates the fair value of stock options on the grant date using the Black-Scholes option-pricing model, which requires the Company to make estimates and assumptions, such as expected volatility, expected term, and risk-free interest rate. Service and performance conditions are not considered in determining the award’s fair value on the grant date. 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 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. 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. Income Taxes 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. Deferred 68 Table of Contents UNITED STATES ANTIMONY CORPORATION AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 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 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. Changes in tax laws and rates could also affect recorded deferred tax assets and liabilities in the future and are reflected on a prospective nature in the period of the enactment. The Company’s policy is to recognize interest and penalties related to income tax matters in income tax expense. The Company evaluates its tax positions taken or expected to be taken while preparing its tax returns to determine whether the tax positions will more likely than not be sustained by the applicable tax authority. Tax positions not deemed to meet the more-likely-than-not threshold are not recorded as a tax benefit or expense in the current year. No reserve for uncertain tax positions has been recorded. Fair Value of Financial Instruments 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 The Company uses the fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, essentially an exit price, based on the highest and best use of the asset or liability. The levels of the fair value hierarchy are: ● Level 1—Quoted market prices in active markets for identical assets or liabilities; ● Level 2—Significant other observable inputs (i.e., quoted prices for similar items in active markets, quoted prices for identical or similar items in markets that are not active, inputs other than quoted prices that are observable, such as interest rate and yield curves, and market-corroborated inputs); and ● Level 3—Unobservable inputs in which there is little or no market data, which require the reporting unit to develop its own assumptions. The classification of fair value measurements within the established three-level hierarchy is based upon the lowest level of input that is significant to the measurements. Financial instruments, although not recorded at fair value on a recurring basis, include cash and cash equivalents, held-to-maturity 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 each reporting period. Estimated losses from loss contingencies are accrued by a charge to income when information available prior to 69 Table of Contents 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. 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. New Accounting Pronouncements 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. The amendments in ASU 2023-09 are effective for fiscal years beginning after December 15, 2024 and are applied prospectively. Early adoption and retrospective application of the amendments are permitted. These new disclosure requirements 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 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. 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. 70 Table of Contents 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 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, ​ ​ ​ ​ 2025 ​ ​ ​ 2024 Warrants 2,833,893 10,142,215 Stock options and RSU awards 8,504,859 6,420,000 Total possible share dilution 11,338,752 16,562,215 ​ ​ ​ NOTE 4 – REVENUE The Company’s products consist of the following: · Antimony: includes antimony oxide, antimony metal ingots, and antimony trisulfide. · Zeolite: includes coarse and fine zeolite crushed in various product sizes. · Precious metals: includes unrefined and refined gold and silver. ​ Sales by product were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Years ended December 31, ​ ​ ​ ​ 2025 ​ ​ ​ 2024 Antimony ​ $ 35,380,271 ​ $ 11,471,200 Zeolite ​ 3,357,535 ​ 2,941,675 Precious metals ​ 519,902 ​ 525,087 Total revenues ​ $ 39,257,708 ​ $ 14,937,962 ​ Domestic and foreign revenues were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Years ended December 31, ​ ​ ​ ​ 2025 ​ ​ ​ 2024 Domestic ​ $ 38,116,217 ​ $ 12,572,625 Canada ​ 1,141,491 ​ 1,996,710 Mexico ​ — ​ 368,627 Total revenues ​ $ 39,257,708 ​ $ 14,937,962 ​ Sales to customers representing more than 10% of our total revenues were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Years ended December 31, ​ ​ ​ ​ 2025 ​ ​ ​ 2024 Customer A ​ $ 12,852,288 ​ $ 4,389,735 ​ Customer B ​ 9,328,800 ​ 26,360 ​ Customer C ​ 9,223,606 ​ 1,998,589 ​ Total customer revenues ​ $ 31,404,694 ​ $ 6,414,684 ​ Total customer revenues as a % of total revenues ​ 80 % 43 % ​ 71 Table of Contents UNITED STATES ANTIMONY CORPORATION AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS Customer receivables representing more than 10% of our net accounts receivable balance were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, ​ ​ ​ ​ 2025 ​ ​ ​ 2024 Customer A ​ $ — ​ $ 682,551 ​ Customer B ​ 2,592,400 ​ — ​ Customer C ​ 1,008,384 ​ — ​ Total customer accounts receivable ​ $ 3,600,784 ​ $ 682,551 ​ Total customer receivables as a % of accounts receivable, net ​ 85 % 62 % ​ 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 . These U.S. 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: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Gross ​ Gross ​ ​ ​ ​ ​ Amortized ​ Unrealized ​ Unrealized ​ Estimated Fair ​ ​ ​ ​ Cost ​ ​ ​ Gains ​ ​ ​ Losses ​ ​ ​ Value Held-to-maturity securities – current: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ U.S. Treasury Strips ​ $ 4,577,706 ​ $ 3,004 ​ $ — ​ $ 4,580,710 Held-to-maturity securities – noncurrent: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ U.S. Treasury Strips ​ 15,773,251 ​ 68,770 ​ ( 2,144 ) ​ 15,839,877 Total held-to-maturity securities ​ $ 20,350,957 ​ $ 71,774 ​ $ ( 2,144 ) ​ $ 20,420,587 ​ 72 Table of Contents 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. Treasury Strips as held to maturity, those securities scheduled to mature in the next twelve months after the reporting date are considered current assets and those having maturity dates more than twelve months after the reporting date are considered non-current assets. At December 31, 2025, the Company’s held to maturity securities were scheduled to mature as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ Amortized ​ Estimated Fair ​ ​ ​ ​ Cost ​ ​ ​ Value Maturing in next twelve months ​ $ 4,577,706 ​ $ 4,580,710 Maturing in next one to five years ​ 15,773,251 ​ 15,839,877 Total held-to-maturity securities ​ $ 20,350,957 ​ $ 20,420,587 ​ 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 were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, ​ ​ ​ ​ 2025 ​ ​ ​ 2024 Antimony oxide ​ $ 577,000 ​ $ 254,372 Antimony metal ingots ​ 2,242,881 ​ 154,590 Antimony ore and concentrates ​ 9,196,257 ​ 335,588 Total antimony inventory ​ 12,016,138 ​ 744,550 Zeolite ​ 505,871 ​ 501,174 Total inventories ​ $ 12,522,009 ​ $ 1,245,724 ​ 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. ​ 73 Table of Contents UNITED STATES ANTIMONY CORPORATION AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 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 ​ ​ ​ Antimony ​ ​ ​ Zeolite ​ ​ ​ All Other ​ ​ ​ TOTAL Plant and equipment ​ $ 14,814,441 ​ $ 7,031,403 ​ $ 487,751 ​ $ 22,333,595 Buildings ​ 1,106,303 ​ 1,705,893 ​ 3,111,073 ​ 5,923,269 Mineral rights and interests ​ — ​ 16,753 ​ 6,107,085 ​ 6,123,838 Land ​ 2,083,094 ​ — ​ 1,530,782 ​ 3,613,876 Construction in progress ​ 19,071,013 ​ 45,000 ​ — ​ 19,116,013 Total property, plant and equipment ​ 37,074,851 ​ 8,799,049 ​ 11,236,691 ​ 57,110,591 Accumulated depreciation ​ ( 10,278,230 ) ​ ( 4,146,457 ) ​ ( 311,065 ) ​ ( 14,735,752 ) Property, plant and equipment, net ​ $ 26,796,621 ​ $ 4,652,592 ​ $ 10,925,626 ​ $ 42,374,839 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2024 ​ ​ ​ Antimony ​ ​ ​ Zeolite ​ ​ ​ All Other ​ ​ ​ TOTAL Plant and equipment ​ $ 13,512,321 ​ $ 6,597,781 ​ $ 427,720 ​ $ 20,537,822 Buildings ​ 1,106,303 ​ 1,705,893 ​ 11,970 ​ 2,824,166 Mineral rights and interests ​ — ​ 16,753 ​ 125,000 ​ 141,753 Land ​ 2,083,094 ​ — ​ 914,443 ​ 2,997,537 Construction in progress ​ — ​ 101,938 ​ — ​ 101,938 Total property, plant and equipment ​ 16,701,718 ​ 8,422,365 ​ 1,479,133 ​ 26,603,216 Accumulated depreciation ​ ( 9,602,469 ) ​ ( 3,857,785 ) ​ ( 251,515 ) ​ ( 13,711,769 ) Property, plant and equipment, net ​ $ 7,099,249 ​ $ 4,564,580 ​ $ 1,227,618 ​ $ 12,891,447 ​ Domestic and foreign net property, plant and equipment was as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, ​ ​ ​ ​ 2025 ​ ​ ​ 2024 Domestic ​ $ 31,451,487 ​ $ 6,634,066 Mexico ​ 5,791,010 ​ 6,232,381 Canada ​ 5,132,342 ​ 25,000 Property, plant and equipment, net ​ $ 42,374,839 ​ $ 12,891,447 ​ In February 2025, the Company purchased a personal residence located near its operations in Thompson Falls, Montana for $ 445,000 , which is presently being used by management personnel 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. 74 Table of Contents UNITED STATES ANTIMONY CORPORATION AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS Mineral rights and interests In January 2025, the Company executed an agreement to acquire the ownership rights to one hundred and twenty mining claims located in the Fairbanks District of Alaska (“January Fairbanks Agreement”). Payments to acquire these claims have been or will be made by the Company on or around the payment dates indicated as follows: ​ ​ ​ ​ ​ Payment Date ​ ​ ​ Payment Amount January 2025 ​ $ 100,000 July 2025 ​ 50,000 January 2026 ​ 50,000 July 2026 ​ 50,000 January 2027 ​ 50,000 July 2027 ​ 50,000 January 2028 ​ 50,000 July 2028 ​ 50,000 January 2029 ​ 100,000 July 2029 ​ 100,000 January 2030 ​ 100,000 July 2030 ​ 2,250,000 Total ​ $ 3,000,000 ​ The January Fairbanks Agreement requires a royalty payment by the Company based on the value realized from ore mined from the claims (“Net Smelter Royalty on Claims”) and another royalty payment by the Company based on the value realized from ore mined, if any, from certain areas surrounding these one hundred and twenty mining claims (“Net Smelter Royalty on Surrounding Area”). A certain percentage of the Net Smelter Royalty on Claims can be purchased back by the Company with certain factors causing an escalation in this buyback amount. Also, the January Fairbanks Agreement includes a commitment by the Company to spend an aggregate of $ 2,250,000 on exploring and developing these claims over five years beginning January 2025, with various milestones over this five-year period. The January Fairbanks Agreement can be terminated without cause at any time by the Company with notice. In March 2025, the Company executed an agreement to acquire the ownership rights to twenty-five additional mining claims and leases located in the Fairbanks District of Alaska (“March Fairbanks Agreement”). Payments to acquire these claims and leases have been or will be made by the Company on or around the payment dates indicated as follows: ​ ​ ​ ​ ​ Payment Date ​ ​ ​ Payment Amount March 2025 ​ $ 50,000 September 2025 ​ 25,000 March 2026 ​ 25,000 March 2027 ​ 25,000 March 2028 ​ 25,000 March 2029 ​ 275,000 Total ​ $ 425,000 ​ The March Fairbanks Agreement requires a royalty payment by the Company based on the value realized from ore mined from the claims and leases (“Net Smelter Royalty”). A certain percentage of the Net Smelter Royalty can be purchased back by the Company. Also, the March Fairbanks Agreement includes a commitment by the Company to spend an aggregate of $ 250,000 on exploring and developing these claims and leases over approximately forty-one months beginning March 2025, with various milestones over this period. The March Fairbanks Agreement can be terminated without cause by the Company with notice. In May 2025, the Company paid $ 230,000 to acquire the surface rights related to its patented lode mining claim located in Thompson Falls, Montana. In June 2025, the Company acquired property located in the Sudbury District of Ontario, Canada, which included 50 single-cell mining claims (the “Fostung Properties”) for $ 5,000,000 . Direct transaction costs related to this acquisition totaled $ 25,120 . In addition, the agreement required the Company to pay a 1.5 % net smelter return royalty based on the value realized from ore mined from the property. 75 Table of Contents 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 Date ​ ​ ​ Payment Amount Within 10 days of June 1, 2025 ​ $ 150,000 December 2025 ​ 100,000 June 2026 ​ 100,000 June 2027 ​ 100,000 June 2028 ​ 100,000 June 2029 ​ 1,450,000 Total ​ $ 2,000,000 ​ The June Fairbanks Agreement requires net smelter royalty payments be made by the Company based on the value realized from ore mined from the claims. Also, the agreement includes a commitment by the Company to spend an aggregate of $ 700,000 in exploring and developing these claims based on various milestones scheduled to occur over approximately thirty-nine months from the effective date of the agreement. This agreement can be terminated without cause at any time by the Company with ninety-days ’ notice. In September 2025, the Company executed an agreement to acquire the ownership rights to mining claims located in the Fairbanks District of Alaska (“September Fairbanks Agreement”). Payments to acquire these claims have been or will be made by the Company on or around the payment dates indicated as follows: ​ ​ ​ ​ ​ Payment Date ​ ​ ​ Payment Amount September 2025 ​ $ 50,000 March 2026 ​ 25,000 September 2026 ​ 50,000 September 2027 ​ 50,000 September 2028 ​ 50,000 September 2029 ​ 275,000 Total ​ $ 500,000 ​ The September Fairbanks Agreement requires a royalty payment by the Company based on the value realized from ore mined from the claims (“Net Smelter Royalty”). A certain percentage of the Net Smelter Royalty can be purchased back by the Company. Also, the September Fairbanks Agreement includes a commitment by the Company to spend an aggregate of $ 250,000 on exploring and developing these claims over approximately thirty-six months beginning September 2026, with various milestones over this period. The September Fairbanks Agreement can be terminated without cause by the Company with notice. 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 Date ​ ​ ​ Payment Amount November 2025 ​ $ 100,000 November 2027 ​ 125,000 November 2028 ​ 150,000 Total ​ $ 375,000 ​ 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 76 Table of Contents 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 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. The Company 77 Table of Contents 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: ​ ​ ​ ​ ​ ​ ​ ​ ​ Years ended ​ ​ December 31, ​ ​ ​ ​ 2025 ​ ​ ​ 2024 Operating lease expense ​ $ 435,648 ​ $ 235,280 Cash paid for operating lease liability ​ 146,145 ​ 45,000 Cash paid for security deposit ​ 5,168 ​ 10,000 ​ 78 Table of Contents UNITED STATES ANTIMONY CORPORATION AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 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, ​ ​ 2025 Remaining lease term - operating lease 31 months ​ Discount rate - operating lease 3.49 % ​ 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 2026 ​ $ 58,273 2027 ​ ​ 14,878 2028 ​ ​ 10,933 2029 ​ ​ 10,933 2030 ​ 8,198 Total operating lease payments ​ 103,215 Less: discount on lease liability ​ ( 55,109 ) Total operating lease liability ​ 48,106 Less: current portion of operating lease liability ​ ( 34,103 ) Noncurrent operating lease liability ​ $ 14,003 ​ ​ 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. dollars). 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, ​ ​ ​ ​ 2025 ​ ​ ​ 2024 Asset retirement obligations, beginning of period ​ $ 1,711,108 ​ $ 1,638,027 Revisions to estimated retirement obligation cash flows ​ 931,618 ​ — Accretion expense ​ 77,932 ​ 73,081 Asset retirement obligations, end of period ​ $ 2,720,658 ​ $ 1,711,108 ​ The Company recorded accretion expense of $ 77,932 and $ 73,081 during the years ended December 31, 2025 and 2024, respectively. 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 %. 79 Table of Contents UNITED STATES ANTIMONY CORPORATION AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS ​ NOTE 11 – DEBT Long term debt was as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, ​ ​ 2025 ​ 2024 Installment contract payable to Komatsu, bearing interest at 3.49 %, payable in 36 monthly installments of $ 11,799 maturing May 2027; collateralized by the Wheel Loader ​ $ 195,425 ​ $ 327,677 Less current portion of debt ​ ( 136,942 ) ​ ( 132,252 ) Long-term debt, net ​ $ 58,483 ​ $ 195,425 ​ At December 31, 2025, principal payments on debt were due as follows: ​ ​ ​ ​ ​ Twelve months ending December 31, ​ ​ ​ Total 2026 ​ $ 136,942 2027 ​ 58,483 Total ​ $ 195,425 ​ ​ ​ 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 were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Years ended December 31, ​ ​ ​ ​ 2025 ​ ​ ​ 2024 Domestic ​ $ ( 1,091,499 ) ​ $ ( 1,009,939 ) Foreign ​ ( 3,248,027 ) ​ ( 720,465 ) Loss before income taxes ​ $ ( 4,339,526 ) ​ $ ( 1,730,404 ) ​ 80 Table of Contents 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 ​ ​ ​ ​ $ ​ ​ ​ % U.S. federal statutory tax benefit ​ $ ( 911,000 ) ​ 21.0 % State tax effects ​ ​ ​ ​ ​ State income tax, net of federal benefit (1) ​ ( 46,000 ) ​ 1.1 % Montana worldwide election and apportionment ​ ( 99,000 ) ​ 2.3 % Foreign tax effects ​ ​ ​ ​ ​ Mexico ​ ​ ​ ​ ​ Impact of change in foreign exchange rate ​ ( 370,000 ) ​ 8.5 % Foreign tax rate difference ​ ( 255,000 ) ​ 5.9 % Inflation indexation of net operating loss carryforwards ​ ( 150,000 ) ​ 3.5 % Expiration of net operating loss carryforwards ​ 761,000 ​ ( 17.5 ) % Adjustment for prior year tax estimate ​ ( 76,000 ) ​ 1.8 % Release of valuation allowance due to net operating loss expiration ​ ( 761,000 ) ​ 17.5 % Change in valuation allowance ​ 1,491,000 ​ ( 34.4 ) % Other ​ ( 46,000 ) ​ 1.1 % Canada ​ ​ ​ ​ ​ Change in valuation allowance ​ 110,000 ​ ( 2.6 ) % Other ​ ( 23,000 ) ​ 0.5 % Change in valuation allowance ​ 623,000 ​ ( 14.4 ) % Nontaxable or nondeductible items ​ ​ ​ ​ ​ Share-based compensation ​ 188,000 ​ ( 4.4 ) % Excess tax benefits from stock-based compensation ​ ( 674,000 ) ​ 15.6 % Other adjustments ​ ​ ​ ​ ​ Adjustment for prior year tax estimate ​ 230,000 ​ ( 5.3 ) % Other ​ 8,000 ​ ( 0.2 ) % 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: ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended ​ ​ December 31, ​ ​ 2024 U.S. federal statutory tax provision (benefit) ​ $ ( 363,000 ) State income tax provision (benefit) net ​ ( 30,000 ) Foreign taxes ​ ( 63,000 ) VAT refund reserve and other non-deductible items ​ 257,000 Adjustment for prior year tax estimate to actual-domestic ​ 155,000 Adjustment for prior year tax estimate to actual-foreign ​ 63,000 Share-based compensation ​ 21,000 Impact on change in foreign exchange rate ​ 532,000 Change in valuation allowance - Domestic ​ 57,000 Change in valuation allowance - Foreign ​ ( 629,000 ) Total income tax expense ​ $ — ​ 81 Table of Contents UNITED STATES ANTIMONY CORPORATION AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS The Company’s net deferred tax assets and liabilities were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, ​ ​ ​ ​ 2025 ​ ​ ​ 2024 Deferred tax asset: ​ ​ ​ ​ Domestic net operating loss carry forward ​ $ 1,303,000 ​ $ 692,000 Foreign net operating loss carry forward ​ 2,945,000 ​ 2,255,000 Share-based compensation ​ 1,045,000 ​ 67,000 Other ​ 224,000 ​ 93,000 ​ ​ 5,517,000 ​ 3,107,000 Valuation allowance (domestic) ​ ( 908,000 ) ​ ( 285,000 ) Valuation allowance (foreign) ​ ( 2,945,000 ) ​ ( 2,255,000 ) Total deferred tax asset ​ 1,664,000 ​ 567,000 Deferred tax liability: ​ ​ ​ ​ Property, plant, and equipment ​ ( 882,000 ) ​ ( 567,000 ) Investment in equity securities ​ ( 782,000 ) ​ — Total deferred tax liability ​ ( 1,664,000 ) ​ ( 567,000 ) Net deferred tax asset after valuation allowance ​ $ — ​ $ — ​ At December 31, 2025 and 2024, the Company had deferred tax assets arising principally from net operating loss carry forwards for income tax purposes. 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. Changes in the valuation allowance (foreign) for 2025 were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended ​ ​ December 31, ​ ​ 2025 Balance at beginning of period ​ $ 2,255,000 Change in valuation allowance - Mexico ​ 1,491,000 Change in valuation allowance - Canada ​ 110,000 Release of valuation allowance due to NOL expiration ​ ( 761,000 ) Inflation indexation of net operating loss carryforwards ​ ( 150,000 ) Balance at end of period ​ $ 2,945,000 ​ 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 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 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 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 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. Dollars (“USD”) as of December 31, 2016. SAT’s assessment was based on the disallowance of specific costs that the Company deducted on the 2013 USAMSA income tax return. The assessment was settled in 2018 with no assessment due from the Company. 82 Table of Contents 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 had no merit. An appeal was filed by the Company in November 2019 suspending SAT from taking immediate action regarding the assessment. In August 2020, the Company filed a lawsuit against SAT for resolution of the process and, in December 2020, filed closing arguments. In 2022, the Mexican court ruled against the Company in the above matter, which was subsequently appealed by the Company. In March 2024, Mexico’s appellate court ruled in favor of the Company with no assessment due related to this audit of USAMSA’s 2013 income tax return by SAT and instructed the lower court to issue a new ruling. In May 2024, Mexico’s lower court issued a final ruling on this matter in favor of the Company but left open the possibility for the SAT to re-open their audit. Subsequent to this judgment, the Company requested a final ruling on whether SAT can re-open this matter, on which the appellate court has not ruled. 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 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 Historically, from time to time, the Company is assessed fines and penalties by the Mine Safety and Health Administration (“MSHA”). Using appropriate regulatory channels, management may contest these proposed assessments. 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. 83 Table of Contents UNITED STATES ANTIMONY CORPORATION AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS NOTE 14 – STOCKHOLDERS’ EQUITY Issuance of Common Stock 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 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, 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: ​ ​ ​ ​ ​ ​ ​ ​ ​ Years Ended ​ ​ December 31, ​ ​ ​ ​ 2025 ​ ​ ​ 2024 Stock options ​ $ 4,249,716 ​ $ 219,968 RSUs ​ 2,831,989 ​ 348,620 Total share-based compensation expense ​ $ 7,081,705 ​ $ 568,588 ​ 84 Table of Contents 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: ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended ​ ​ December 31, ​ ​ ​ ​ 2025 ​ ​ ​ 2024 General and administrative ​ $ 633,799 ​ $ 363,195 Salaries and benefits ​ 6,432,303 ​ 198,891 Professional fees ​ 15,603 ​ 6,502 Total non-cash share-based compensation expense ​ $ 7,081,705 ​ $ 568,588 ​ Stock options Stock options granted have either a 3 -year or 10 -year contractual term and are subject to either service or performance-based vesting conditions. The following table summarizes the weighted-average assumptions used to value options granted during the year ended December 31, 2025 using the Black-Scholes method: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended ​ ​ December 31, Weighted-Average Grant Date Assumptions ​ 2025 Expected term (in years) ​ 9.4 ​ Risk-free interest rate ​ 4.4 % Expected dividend yield ​ — % Expected volatility ​ 97.4 % Fair value per share ​ $ 2.53 ​ ​ Expected term – The expected term represents the period of time that options are expected to be outstanding. As the Company does not have sufficient historical exercise behavior, it uses the contractual term of the option or the simplified method as defined in Staff Accounting Bulletin Topic 14 for the expected term assumption. Risk-free interest rate – The risk-free interest rate is based on the U.S. Treasury rate in effect at the time of the grant with an equivalent term approximating the expected term of the options. Expected dividend yield —The Company bases the expected dividend yield assumption on the fact that it has never paid cash dividends and has no present intention to pay cash dividends. Expected volatility – The expected volatility is based on the historical volatility of our stock price over the expected term of the stock option. Activity with respect to stock options is summarized as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted- ​ Weighted- ​ ​ ​ ​ ​ ​ ​ Average ​ Average ​ ​ ​ ​ ​ ​ ​ Exercise ​ Remaining ​ Aggregate ​ ​ ​ ​ Price Per ​ Contractual ​ Intrinsic ​ ​ ​ ​ Shares ​ ​ ​ Share ​ ​ ​ Term (in years) ​ ​ ​ Value Options outstanding, December 31, 2024 4,330,000 ​ $ 0.23 3.7 ​ $ 6,652,700 Granted 2,431,582 ​ 2.50 — ​ — Exercised ( 951,667 ) ​ 0.25 — ​ — Forfeited ( 174,167 ) ​ 0.22 — ​ — Expired — ​ — — ​ — Options outstanding, December 31, 2025 5,635,748 ​ $ 1.21 5.5 ​ $ 21,526,399 Nonvested options, December 31, 2025 5,249,498 ​ $ 1.25 5.6 ​ $ 19,808,074 Vested and exercisable options, December 31, 2025 386,250 ​ $ 0.57 3.9 ​ $ 1,718,325 ​ 85 Table of Contents UNITED STATES ANTIMONY CORPORATION AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 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 ​ ​ ​ ​ Grant Date ​ ​ ​ ​ Fair Value ​ ​ ​ ​ Shares ​ ​ ​ Per Share RSUs outstanding at December 31, 2024 2,090,000 ​ $ 0.24 Granted 2,222,309 ​ 2.92 Vested ( 1,443,198 ) ​ 1.15 Forfeited — ​ — RSUs outstanding at December 31, 2025 2,869,111 ​ $ 1.86 ​ 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. 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 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: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ ​ Number of ​ Average ​ ​ ​ ​ Warrants ​ ​ ​ Exercise Price Balance at December 31, 2023 12,346,215 ​ $ 0.75 Exercised ​ ( 2,204,000 ) ​ ​ 0.67 Balance at December 31, 2024 ​ 10,142,215 ​ ​ 0.77 Exercised ( 7,308,322 ) ​ 0.78 Balance at December 31, 2025 2,833,893 ​ $ 0.73 ​ 86 Table of Contents 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: ​ ​ ​ ​ ​ ​ ​ ​ Number of warrants ​ ​ ​ Exercise Price ​ ​ ​ Expiration Date ​ ​ ​ Remaining life (years) 857,143 ​ $ 0.46 1/27/2026 0.07 1,270,250 ​ $ 0.85 8/3/2026 0.59 706,500 ​ $ 0.85 2/1/2026 0.09 2,833,893 ​ ​ ​ ​ ​ All outstanding warrants of the Company expire on or before August 3, 2026. 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. Series B 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. The Series B Preferred stock is no longer convertible to shares of the Company’s common stock. At December 31, 2025 and 2024, cumulative dividends in arrears on the outstanding Series B shares were $ 232,500 and $ 225,000 , respectively. Series C 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. 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 The Company has two reportable segments: antimony and zeolite. Our antimony segment consists of: ● Our facility located in the Burns Mining District of Sanders County in Montana that processes ore primarily into antimony oxide, antimony metal ingots, antimony trisulfide, and precious metals, and ● 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 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. 87 Table of Contents 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. The accounting policies of these segments are the same as those described in the basis of presentation and significant accounting policies in Note 2 of the Notes to Consolidated Financial Statements in this Annual Report. The chief operating decision maker evaluates the performance of the Company’s reportable segments based on segment profit or loss from operations, which is inclusive of all respective expenses. The profitability target of each segment is at the profit or loss from operations level, which is how the chief operating decision maker assesses performance. The chief operating decision maker also uses profit or loss from operations to allocate capital and personnel to the segments, which is typically done to improve the efficiency and effectiveness of operations or for expansion of operations, and ultimately to increase profit from operations. Included in profit or loss from operations is an allocation of centralized costs based on each segment’s total expense relative to the Company’s total expense. The Company’s reportable segments are strategic business units that offer different products. They are managed separately because each business requires different expertise to ensure quality products are produced in an efficient manner and because each business has a different customer base. 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 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, Total Assets ​ 2025 ​ 2024 Antimony segment ​ $ 137,013,360 ​ $ 27,230,312 Zeolite segment ​ 5,733,666 ​ 5,604,003 All other ​ 11,178,643 ​ 1,808,287 Total assets ​ $ 153,925,669 ​ $ 34,642,602 ​ Total capital expenditures by segment were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended December 31, Capital expenditures ​ ​ ​ 2025 ​ 2024 Antimony segment ​ $ 17,531,135 ​ $ 81,405 Zeolite segment ​ 519,793 ​ 291,016 All other ​ 9,757,557 ​ 58,175 Total capital expenditures ​ $ 27,808,485 ​ $ 430,596 ​ 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. 88 Table of Contents UNITED STATES ANTIMONY CORPORATION AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS Selected segment operational information were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended December 31, 2025 ​ ​ ​ Antimony ​ ​ ​ Zeolite ​ ​ ​ All Other ​ ​ ​ Total Total revenues ​ $ 35,900,173 ​ $ 3,357,535 ​ $ — ​ $ 39,257,708 Depreciation and amortization ​ 696,645 ​ 413,260 ​ 56,674 ​ 1,166,579 Loss from operations ​ ( 3,758,111 ) ​ ( 1,296,821 ) ​ ( 3,403,933 ) ​ ( 8,458,865 ) Other income ​ ​ ​ ​ ​ ​ ​ 4,119,339 Income tax expense ​ ​ ​ ​ ​ ​ ​ — Net loss ​ ​ ​ ​ ​ ​ ​ $ ( 4,339,526 ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended December 31, 2024 ​ ​ ​ Antimony ​ ​ ​ Zeolite ​ ​ ​ All Other ​ ​ ​ Total Total revenues ​ $ 11,996,287 ​ $ 2,941,675 ​ $ — ​ $ 14,937,962 Depreciation and amortization ​ 705,047 ​ 364,209 ​ 16,491 ​ 1,085,747 Income (loss) from operations ​ 977,127 ​ ( 2,616,177 ) ​ ( 751,762 ) ​ ( 2,390,812 ) Other income ​ ​ ​ ​ ​ ​ ​ 660,408 Income tax expense ​ ​ ​ ​ ​ ​ ​ — Net loss ​ ​ ​ ​ ​ ​ ​ $ ( 1,730,404 ) ​ ​ NOTE 16 – SUBSEQUENT EVENTS 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. 89 Table of Contents UNITED STATES ANTIMONY CORPORATION AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 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. ​ ​ 90 Table of Contents Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure None. ​