What changed in this filing

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Item 1. Financial Statements

2026-05-14 compared with 2025-11-12 · 371 added, 371 removed, 349 unchanged (68% of the section changed)

2 unchanged sentences

CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)

September 30,

CURRENT ASSETS

Cash and cash equivalents

Investment securities held to maturity

Investment in debt securities held to maturity

Accounts receivable, net

Government grant receivable

Prepaid expenses and other current assets

Note receivable

Total current assets

1 unchanged sentence

Operating lease right-of-use assets

Investment securities held to maturity - noncurrent

Investment in debt securities held to maturity - noncurrent

Investment in equity securities

Investment in joint venture

Restricted cash for reclamation bonds

IVA receivable and other assets, net

Other assets, net

LIABILITIES AND STOCKHOLDERS’ EQUITY

3 unchanged sentences

Accrued liabilities - directors

Royalties payable

Current portion of operating lease liabilities

13 unchanged sentences

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

130,338,196 and 112,951,317 shares issued and outstanding, respectively

Treasury stock ( 140,860 and no shares of common stock at cost, respectively)

143,738,970 and 140,042,270 shares issued, respectively

Treasury stock ( 699,605 and 149,639 shares of common stock at cost, respectively)

( 6,372,556 )

Additional paid-in capital

7 unchanged sentences

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)

Three months ended September 30,

Nine months ended September 30,

Three months ended March 31,

Cost of revenues

3 unchanged sentences

Professional fees

(Gain) loss on sale or disposal of property, plant and equipment

Gain on lease termination

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

Other operating expenses

Total operating expenses

Loss from operations

( 4,917,182 )

( 4,539,183 )

Income (loss) from operations

( 7,517,195 )

1 unchanged sentence

Interest and investment income

Trademark and licensing income

Other miscellaneous expense

Total other income, net

Loss before income taxes

Unrealized loss on investment in equity securities

( 4,061,430 )

Other miscellaneous expense, net

Total other income (expense), net

( 3,761,169 )

Income (loss) before income taxes and equity in losses of joint venture

( 11,278,364 )

Income tax expense

Income (loss) before equity in losses of joint venture

( 11,278,364 )

Equity in losses of joint venture

Net income (loss)

( 11,294,490 )

Preferred dividends

Net loss available to common shareholders

( 4,782,575 )

Net income (loss) available to common shareholders

( 11,296,365 )

Net loss per share:

Net income (loss) per share:

Weighted average shares outstanding:

2 unchanged sentences

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY (UNAUDITED)

For the three and nine months ended September 30, 2025 and 2024

For the three months ended March 31, 2026 and 2025

Preferred Stock

2 unchanged sentences

( 45,488,549 )

Share-based compensation

Issuance of common stock under equity incentive plan

Issuance of common stock for cash, net of issuance costs

Issuance of common stock upon exercise of warrants

Balance - March 31, 2025

( 11,294,490 )

Share-based compensation

Issuance of common stock under equity incentive plan

Issuance of common stock for cash, net of issuance costs

Issuance of common stock upon exercise of warrants

Balance - June 30, 2025

( 5,798,403 )

( 4,934,010 )

( 4,780,700 )

Share-based compensation

Issuance of common stock under equity incentive plan

Issuance of common stock for cash, net of issuance costs

Issuance of common stock upon exercise of warrants

Balance - September 30, 2025

Balance - March 31, 2026

( 56,783,039 )

Preferred Stock

( 6,372,556 )

Total Preferred Stock

Stockholders’

3 unchanged sentences

Issuance of common stock under equity incentive plan

Issuance of common stock for cash, net of issuance costs

Issuance of common stock upon exercise of warrants

Balance - March 31, 2025

( 40,602,499 )

Share-based compensation

Balance - June 30, 2024

( 39,538,595 )

Share-based compensation

Balance - September 30, 2024

( 40,266,104 )

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

1 unchanged sentence

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)

Nine months ended September 30,

Three months ended March 31,

CASH FLOWS FROM OPERATING ACTIVITIES:

Net income (loss)

( 11,294,490 )

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

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

Depreciation and amortization

2 unchanged sentences

Share-based compensation

Accretion income from investment securities held to maturity

(Gain) loss on sale or disposal of property, plant and equipment, net

Gain on lease termination

Accretion income from investment in debt securities held to maturity

Paid-in-kind interest from notes receivable

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

Equity in losses of joint venture

Write-down of inventory to net realizable value

Change in allowance for credit losses

Other noncash items

Unrealized loss on investment in equity securities

Changes in operating assets and liabilities:

1 unchanged sentence

( 9,666,267 )

Prepaid expenses and other current assets

( 2,745,387 )

IVA receivable and other assets, net

Prepaid expenses and other current assets

IVA receivable and other assets

Accounts payable

( 2,223,094 )

Accrued liabilities

Accrued liabilities – directors

Royalties payable

Stock payable to directors

Net cash (used in) provided by operating activities

Net cash used in operating activities

( 12,059,669 )

CASH FLOWS FROM INVESTING ACTIVITIES:

Proceeds from redemption of certificates of deposit

Purchases of investment securities held to maturity

( 1,729,291 )

CASH FLOWS FROM INVESTING ACTIVITIES:

Investment in joint venture

Proceeds from note receivable principal payment

Proceeds from sales of property, plant and equipment

1 unchanged sentence

( 12,581,587 )

Net cash (used in) provided by investing activities

Net cash used in investing activities

( 12,579,687 )

3 unchanged sentences

Treasury stock acquired

( 4,982,634 )

Proceeds from issuance of common stock, net of issuance costs

Proceeds from exercise of warrants

Net cash provided by (used in) financing activities

NET INCREASE IN CASH AND CASH EQUIVALENTS AND RESTRICTED CASH

Net cash (used in) provided by financing activities

( 2,633,542 )

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

( 27,272,898 )

CASH AND CASH EQUIVALENTS AND RESTRICTED CASH AT BEGINNING OF PERIOD

4 unchanged sentences

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

Equipment purchased with note payable

Property and equipment included in accounts payable

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

1 unchanged sentence

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

September 30, 2025

March 31, 2026

NOTE 1 - NATURE OF OPERATIONS

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

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

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.

1 unchanged sentence

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 (“BRZ”) facility located in Idaho, the Company mines and processes zeolite, a group of industrial minerals used in water filtration, sewage treatment, nuclear waste and other environmental cleanup, odor control, gas separation, animal nutrition, soil amendment and fertilizer, and other miscellaneous applications.

Beginning in 2024, the Company began acquiring mining claims, real properties (patented claims) and leases located in Alaska, Montana and Ontario, Canada, in an effort to reduce the cost of third party antimony ore purchases.

Beginning in 2024 and continuing in 2025 and 2026, the Company has acquired mining claims, real properties (patented claims) and leases located in Alaska, Montana and Ontario, Canada all of which are prospective for both antimony ore and other critical minerals.

The antimony discovered has the potential to increase antimony ore throughput at the Company’s facilities, reduce the cost of third-party antimony ore purchases, expand the Company’s product offerings and diversify its mineral portfolio.

The Company has also recently 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

In the opinion of management, the accompanying unaudited condensed consolidated financial statements contain all adjustments, consisting of only normal recurring adjustments, necessary for a fair statement of its financial position as of September 30, 2025, and its results of operations and cash flows for the three and nine months ended September 30, 2025 and 2024.

In the opinion of management, the accompanying unaudited condensed consolidated financial statements contain all adjustments, consisting of only normal recurring adjustments, necessary for a fair statement of its financial position as of March 31, 2026, and its results of operations and cash flows for the three months ended March 31, 2026 and 2025.

The Condensed Consolidated Balance Sheet as of December 31, 2025, was derived from audited annual financial statements but does not contain all of the footnote disclosures from the annual financial statements.

These unaudited interim financial statements have been prepared by management in accordance with accounting principles generally accepted in the United States of America (“U.S.

These unaudited interim financial statements should be read in conjunction with the annual audited financial statements included in the Company’s Annual Report on Form 10-K/A for the year ended December 31, 2024, filed with the Securities and Exchange Commission on April 18, 2025.

These unaudited interim financial statements should be read in conjunction with the annual audited financial statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025, filed with the Securities and Exchange Commission on March 19, 2026.

This summary of significant accounting policies of the Company is presented to assist in understanding the Company’s financial statements.

6 unchanged sentences

accordingly, it is possible that the actual results could differ from these estimates and assumptions, which could have a material effect on the reported amounts of the Company’s consolidated financial position and results of operations.

Operating results for the three and nine months ended September 30, 2025, are not necessarily indicative of the results that may be expected for the full year ending December 31, 2025.

Operating results for the three-month period ended March 31, 2026, are not necessarily indicative of the results that may be expected for the full year ending December 31, 2026.

Reclassifications

3 unchanged sentences

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

September 30, 2025

Investment Securities Held to Maturity

During 2025, the Company purchased short and long-term investment grade U.S.

Treasury Strips in an effort to protect itself from anticipated interest rate drops.

These securities are classified as held-to-maturity and carried at amortized cost because the Company has both the intent and ability to hold them until their contractual maturity date.

Since these U.S.

Treasury Strips are zero-coupon instruments that do not pay periodic interest, the original investment amount is adjusted for the accretion of discounts using the effective interest method over the period from acquisition to maturity.

Discount accretion is recognized as “Interest and investment income” in the Condensed Consolidated Statements of Operations.

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

Treasury Strips as held to maturity, those securities scheduled to mature in the next twelve months after the reporting date are considered current assets and those having maturity dates more than twelve months after the applicable reporting date are considered non-current assets.

Unrealized gains and losses on held-to-maturity securities are not recognized in the Company’s condensed consolidated financial statements.

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

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

An allowance for credit losses is recognized to reflect the Company’s estimate of expected credit losses over the contractual life of its held-to-maturity securities.

In accordance with the accounting guidance prescribed for credit losses on held-to-maturity debt securities, the Company has presumed the expected credit losses on its U.S.

Treasury Strips are negligible since they are explicitly guaranteed by the U.S.

March 31, 2026

Investment in Joint Venture

In February 2026, the Company entered into a joint venture (“JV”) agreement with Americas Gold and Silver Corporation (“Americas”) to construct and operate a hydrometallurgical processing facility.

The JV is owned 51 % by Americas and 49 % by the Company.

Because governance is shared through a management committee with equal representation and all significant decisions require unanimous approval, the Company does not have a controlling financial interest, however it does have the ability to exercise significant influence.

As a result, the Company accounts for its investment in the JV under the equity method of accounting.

Under the equity method, the initial investment is recorded at cost and subsequently adjusted for the Company’s proportionate share of the JV’s net income or loss, additional capital contributions, and distributions received.

The Company’s share of the JV’s results is recognized in “Equity in earnings (losses) of joint venture” in the Condensed Consolidated Statements of Operations, and the investment is presented within noncurrent assets on the Condensed Consolidated Balance Sheets.

The Company periodically reassesses whether it has a controlling financial interest in the JV and evaluates the investment for impairment when events or changes in circumstances indicate that the carrying amount may not be recoverable.

Recent Accounting Pronouncements

In December 2023, the Financial Accounting Standards Board (the “FASB”) issued Accounting Standards Update (“ASU”) 2023-09, Income Taxes (Topic 740):

Improvement to Income Tax Disclosures, amending income tax disclosure requirements for the effective tax rate reconciliation and income taxes paid.

The amendments in this ASU are effective for fiscal years beginning after December 15, 2024 and are applied prospectively.

Early adoption and retrospective application of the amendments are permitted.

These new disclosure requirements will be effective in the Company’s Annual Report on Form 10-K for the fiscal year ending December 31, 2025.

Other than the new disclosure requirements, this guidance is not expected to have an impact on the Company’s consolidated financial statements.

In November 2024, the FASB issued ASU 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40):

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

These new disclosure requirements are effective for the Company’s annual periods beginning after December 15, 2026, and interim periods within fiscal years beginning after December 15, 2027, with early adoption permitted, and may be applied either prospectively or retrospectively.

The 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.

7 unchanged sentences

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.

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.

The Company early adopted this guidance effective January 1, 2026.

See NOTE 8 – GOVERNMENT GRANT for further details.

The Company does not believe that issued, but not yet effective, accounting pronouncements, if currently adopted, would have a material effect on its condensed consolidated financial statements.

UNITED STATES ANTIMONY CORPORATION AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

September 30, 2025

March 31, 2026

NOTE 3 – EARNINGS PER SHARE

2 unchanged sentences

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

The potentially dilutive common stock equivalents not included in the calculation of diluted earnings per share as their effect would have been anti-dilutive were as follows:

Three months ended September 30,

Nine months ended September 30,

The following table sets forth the calculation of basic and diluted weighted average shares outstanding and net income (loss) per share for the periods presented:

Three months ended March 31,

Net income (loss)

( 11,294,490 )

Preferred dividends

Net income (loss) available to common shareholders

( 11,296,365 )

Weighted average shares - basic

Add - dilutive effect of stock options

Add - dilutive effect of RSUs

Add - dilutive effect of warrants

Weighted average shares - diluted

Net income (loss) per share:

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.

Three months ended March 31,

Stock options and RSU awards

7 unchanged sentences

● Level 3—Unobservable inputs in which there is little or no market data, which require the reporting unit to develop its own assumptions.

UNITED STATES ANTIMONY CORPORATION AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

March 31, 2026

The classification of fair value measurements within the established three-level hierarchy is based upon the lowest level of input that is significant to the measurements.

Financial instruments, although not recorded at fair value on a recurring basis, include cash and cash equivalents, held-to-maturity securities, and debt obligations.

The carrying amounts of cash and cash equivalents approximate fair value because of its short-term nature.

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

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 investments 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.

NOTE 5 – REVENUE RECOGNITION

The Company’s products consist of the following:

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

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.

NOTE 5 – REVENUE

Products consist of the following:

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

includes coarse and fine zeolite crushed in various product sizes.

1 unchanged sentence

includes unrefined and refined gold and silver.

UNITED STATES ANTIMONY CORPORATION AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

September 30, 2025

Sales by product type for the three and nine months ended September 30, 2025 and 2024 were as follows:

Three months ended September 30,

Nine months ended September 30,

Sales by product were as follows:

Three months ended March 31,

Precious metals

Total revenues

Domestic and foreign revenues for the three and nine months ended September 30, 2025 and 2024 were as follows:

Three months ended September 30,

Nine months ended September 30,

Domestic and foreign revenues were as follows:

Three months ended March 31,

Total revenues

The Company’s trade accounts receivable balance related to contracts with customers was $ 2,512,957 at March 31, 2026 and $ 4,213,305 at December 31, 2025, which is net of an allowance for credit losses of $ 1,065 and $ 909 at March 31, 2026 and December 31, 2025, 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.

3 unchanged sentences

As a result, revenue will be recognized when each shipment of antimony metal ingots is delivered to the DLA’s depot and formally accepted by the government.

At the end of September 2025, the Company announced it had received the first delivery order under its contract with the DLA.

This initial order for the purchase of 315,000 pounds of antimony metal ingots is valued at approximately $ 10 million.

During the three and nine months ended September 30, 2025, no revenue has been recognized related to this contract.

The Company’s trade accounts receivable balance related to contracts with customers was $ 1,898,184 at September 30, 2025 and $ 1,099,771 at December 31, 2024, which are net of allowances for credit losses of $ 15,963 and $ 10,165 , respectively.

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

NOTE 6 – INVESTMENT SECURITIES HELD TO MATURITY

In April 2025, the Company purchased $ 9,991,259 of U.S.

Treasury Strips with maturities ranging from approximately 12 to 54 months .

Treasury Strips are scheduled to mature approximately equally about every six months beginning in May 2026 and will generate interest yields of approximately 3.9 %.

In September 2025, the Company purchased an additional $ 9,943,694 of U.S.

Treasury Strips with maturities ranging from approximately 14 to 62 months .

Treasury Strips are scheduled to mature approximately equally every 12 months beginning in November 2026 and will generate interest yields of approximately 3.7 %.

The Company has classified these securities as held-to-maturity because it has the intent and ability to hold them until their contractual maturity date.

As a result, these securities are carried at amortized cost, which represents the original investment amount adjusted for the amortization of discounts using the effective interest method over the period from acquisition to maturity.

Subsequent to entering into this agreement, the Company received sales orders pursuant to this contract totaling approximately $ 12 million.

During the three months ended March 31, 2026, no revenue was recognized under this contract.

UNITED STATES ANTIMONY CORPORATION AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

September 30, 2025

The following is a summary of the Company’s investment securities held to maturity as of September 30, 2025:

March 31, 2026

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 the three months ended March 31, 2026, the Company recognized $ 2.7 million of revenue related to this contract.

In 2025, as part of 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 extended a promissory note to the supplier for $ 2,500,000 .

The interest rate on the note was the lesser of the highest non-usurious rate of interest, if any, permitted by applicable law or 10.0 %.

In March 2026, the supplier made an initial principal payment of $ 100,000 on the note, and the Company recognized $ 45,762 of paid-in-kind interest income.

On April 1, 2026, the note was amended and restated, with an outstanding principal balance of $ 2,486,524 that included accrued interest of $ 40,762 .

The amended note bears interest at the lesser of the highest non-usurious rate of interest permitted by law or 10.0 % per annum.

Pursuant to the amended terms, the note requires monthly principal payments of $ 100,000 , plus accrued interest, beginning July 1, 2026, with the remaining outstanding balance due at maturity on December 31, 2026.

The amended note also provides for full payment due on demand by the Company.

The loan proceeds were used by the supplier, subject to the Company’s approval, to purchase antimony concentrate and equipment.

Payment of the promissory note is secured by substantially all assets of the borrower and is further supported by a personal guarantee from the borrower’s 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 Condensed Consolidated Balance Sheet.

NOTE 6 – INVESTMENT IN DEBT SECURITIES HELD TO MATURITY

The following is a summary of the Company’s investment securities held to maturity as of March 31, 2026:

Estimated Fair

Investment securities held to maturity - current:

Held-to-maturity securities – current:

Treasury Strips

Investment securities held to maturity - noncurrent:

Held-to-maturity securities – noncurrent:

Treasury Strips

Total investment securities held-to-maturity

The Company recognized interest income accretion on its U.S.

Treasury Strips of $ 126,450 and $ 222,440 during the three and nine months ended September 30, 2025, respectively.

There were no investment securities outstanding at December 31, 2024 or held during the nine months ended September 30, 2024.

Total held-to-maturity securities

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

Estimated Fair

Held-to-maturity securities – current:

Treasury Strips

Held-to-maturity securities – noncurrent:

Treasury Strips

Total held-to-maturity securities

During the three months ended March 31, 2026, the Company recognized interest income from the accretion of its U.S.

Treasury Strips of $ 192,139 .

There was no interest income accretion recognized in the first quarter of 2025 as the Company did not hold any U.S.

Treasury Strips during that period.

UNITED STATES ANTIMONY CORPORATION AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

March 31, 2026

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

At September 30, 2025, the Company’s held to maturity securities were scheduled to mature as follows:

At March 31, 2026, the Company’s held to maturity securities were scheduled to mature as follows:

Estimated Fair

Twelve months ending September 30,

Total investment securities held-to-maturity

Line of Credit

The Company secured a $ 5,000,000 line of credit facility (“LOC”) in April 2025 with a national bank, which bears interest at one percent above the base commercial rate.

In September 2025, the LOC was increased to $ 10,000,000 .

The Company’s investment securities serve as collateral for the LOC on which the Company had no outstanding borrowings at September 30, 2025.

Maturing in next twelve months

Maturing in next one to five years

Total held-to-maturity securities

Margin Credit Line

In 2025, the Company secured a $ 19.0 million 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.

The Company had no borrowings outstanding under the margin credit line at March 31, 2026.

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

NOTE 7 – INVENTORIES

Inventories at September 30, 2025 and December 31, 2024 consisted primarily of finished antimony metal ingots and antimony oxide products, antimony ore and concentrates, and finished zeolite products.

Inventories at March 31, 2026 and December 31, 2025 consisted primarily of finished antimony metal ingots and antimony oxide products, antimony ore and concentrates, and finished zeolite products.

Inventories are stated at the lower of first-in, first-out cost or estimated net realizable value.

Finished antimony products and finished zeolite products primarily include direct materials, direct labor, overhead, depreciation, and freight.

Inventories consisted of the following:

September 30,

Inventories by type were as follows:

Antimony oxide

3 unchanged sentences

Total inventories

At September 30, 2025 and December 31, 2024, inventories were valued at cost, except for the portion of inventory related to zeolite at December 31, 2024, which was valued at net realizable value because costs were greater than the amount the Company expected to receive upon the sale of the inventory.

The adjustment to value zeolite inventory at net realizable value was $ 65,647 at December 31, 2024.

At March 31, 2026 and December 31, 2025, inventories were 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 this inventory.

During the three months ended March 31, 2026, the Company recorded a write-down of $ 161,456 to adjust antimony inventory to its NRV.

There were no inventory NRV adjustments during the three months ended March 31, 2025.

Note 8 – GOVERNMENT GRANT

In March 2026, the Company was awarded a $ 27.0 million grant by the U.S.

Department of War under Title III of the Defense Production Act (“DPA”) to support the expansion and modernization of its domestic antimony processing operations and to fund a portion of the Company’s Alaskan antimony operations.

The award is administered through the Defense Industrial Base Consortium (“DIBC”), which is managed by Advanced Technology International.

The award is structured as a milestone-based, firm fixed-price arrangement, with $ 16.2 million representing currently obligated funding associated with initial project milestones and the remaining $ 10.8 million related to future phases subject to additional authorization by the U.S.

Payments under the agreement are contingent upon the achievement and formal acceptance of specified milestones, as well as compliance with certain ongoing requirements, including environmental, reporting, and project execution obligations.

As part of those execution obligations, the Company is required to contribute approximately $ 3.9 million of the total project cost and is responsible for executing the expansion of its Thompson Falls, Montana facility, as well as advancing related mining integration activities in Alaska.

The period of performance under the agreement extends through January 4, 2028.

UNITED STATES ANTIMONY CORPORATION AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

September 30, 2025

Antimony oxide, metal ingots, and ore and concentrates were held primarily at the Company’s plants located in Montana and Mexico.

Some antimony metal ingots are used in processing antimony ore into antimony oxide.

Zeolite inventory was held at the Company’s plant located in Idaho.

March 31, 2026

The Company has elected to early adopt ASU 2025-10, Government Grants (Topic 832) , effective January 1, 2026, and account for the grant as a non-exchange transaction within the scope of ASC 832.

Pursuant to this guidance, management evaluates the recognition of grant funding based on whether it is probable that the Company will comply with the substantive conditions of the agreement and that the grant will be received.

As of March 31, 2026, the Company received formal approval from the DIBC for the completion of three project milestones, representing $ 12.8 million of obligated funding.

Based on this approval, management concluded that the recognition criteria under ASC 832 had been met, as the associated performance conditions were satisfied and collection of the funding was probable.

Accordingly, the Company recognized a government grant receivable of $ 12.8 million as of March 31, 2026.

These funds were received by the Company in April 2026.

Also, in accordance with the adoption of ASU 2025-10, the Company elected to apply the cost accumulation approach for grants related to long-lived assets, under which grant proceeds are recognized as a reduction of the carrying amount of the related assets.

As of March 31, 2026, the Company recorded a $ 12.8 million grant receivable within Current Assets on the Condensed Consolidated Balance Sheet, with a reduction to the corresponding construction in progress amount associated with the Thompson Falls facility expansion included within Property, Plant, and Equipment.

The Company tracks construction in progress by asset category and allocates recognized grant proceeds to the underlying depreciable asset types on a pro rata basis relative to the capitalized costs incurred.

There was no impact on the Condensed Consolidated Statement of Operations for the three months ended March 31, 2026, as the related assets have not yet been placed in service.

Upon completion of the expansion, which is expected to occur in the second quarter of 2026, the reduction in the asset’s carrying value will result in lower periodic depreciation expense recognized prospectively over its remaining estimated useful life.

Cash, when received from the grant, will be classified as an investing activity in the Condensed Consolidated Statement of Cash Flows, consistent with the classification of the underlying capital expenditures the grant is intended to offset.

As of March 31, 2026, the Company has not recognized any amounts related to the remaining $ 14.2 million of the total award, as such amounts are either not yet authorized or remain subject to the achievement and approval of future milestones.

The Company will continue to evaluate additional funding under the agreement as milestones are completed and approval is obtained.

NOTE 9 – PROPERTY, PLANT AND EQUIPMENT

The major components of the Company’s property, plant and equipment (“PP&E”) by segment at September 30, 2025 and December 31, 2024 were as follows:

September 30, 2025

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

March 31, 2026

Plant and equipment

17 unchanged sentences

Property, plant and equipment, net

In February 2025, the Company purchased a personal residence located near its operations in Thompson Falls, Montana for $ 445,000 , which is presently being used by management personnel that were transferred there and are now working in Montana predominantly on our plant expansion efforts.

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

Mineral rights and interests

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

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

Payment Amount

UNITED STATES ANTIMONY CORPORATION AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

September 30, 2025

The January Fairbanks Agreement requires a royalty payment by the Company based on the value realized from ore mined from the claims (“Net Smelter Royalty on Claims”) and another royalty payment by the Company based on the value realized from ore mined, if any, from certain areas surrounding these one hundred and twenty mining claims (“Net Smelter Royalty on Surrounding Area”).

A certain percentage of the Net Smelter Royalty on Claims can be purchased back by the Company with certain factors causing an escalation in this buyback amount.

Also, the January Fairbanks Agreement includes a commitment by the Company to spend an aggregate of $ 2,250,000 on exploring and developing these claims over five years beginning January 2025, with various milestones over this five-year period.

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

In March 2025, the Company executed an agreement to acquire the ownership rights to twenty-five additional mining claims and leases located in the Fairbanks District of Alaska (“March Fairbanks Agreement”).

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

Payment Amount

September 2025

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

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

Also, the March Fairbanks Agreement includes a commitment by the Company to spend an aggregate of $ 250,000 on exploring and developing these claims and leases over approximately forty-one months beginning March 2025, with various milestones over this period.

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

In May 2025, the Company paid $ 230,000 to acquire the surface rights related to its patented lode mining claim located in Thompson Falls, Montana.

In June 2025, the Company acquired property located in the Sudbury District of Ontario, Canada, which included 50 single-cell mining claims (the Fostung Properties) for $ 5,000,000 .

Direct transaction costs related to this acquisition totaled $ 25,120 .

In addition, the agreement requires the Company to pay a net smelter return royalty based on the value realized from ore mined from the property.

Effective June 1, 2025, the Company executed an agreement to acquire the ownership rights to various patented federal lode mining claims located in the Fairbanks District of Alaska (“June Fairbanks Agreement”).

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

Payment Amount

Within 10 days of June 1, 2025

December 2025

The June Fairbanks Agreement requires net smelter royalty payments be made by the Company based on the value realized from ore mined from the claims.

Also, the agreement includes a commitment by the Company to spend an aggregate of $ 700,000 in exploring and developing these claims based on various milestones scheduled to occur over approximately thirty-nine months from the effective date of the agreement.

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

UNITED STATES ANTIMONY CORPORATION AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

September 30, 2025

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

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

Payment Amount

September 2025

September 2026

September 2027

September 2028

September 2029

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

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

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

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

The payments made to acquire these mining claims and leases, including any direct transaction costs, are capitalized in the “Mineral rights and interests” component of PP&E in the Condensed Consolidated Balance Sheets and included in the “All Other” category for segment reporting.

March 31, 2026

In January 2026, the Company purchased substantially all assets associated with a precious metals milling facility located in Radersburg, Montana for total consideration of approximately $ 4,816,000 , which included approximately $ 66,000 of direct transaction costs.

The acquired assets included land, buildings and site improvements, and machinery and equipment.

The transaction was accounted for as an asset acquisition, and the purchase price was allocated to the acquired assets based on their relative fair values.

Following this allocation, machinery and equipment totaled approximately $ 1,722,000 , buildings and improvements totaled approximately $ 2,615,000 , and land totaled approximately $ 479,000 .

The acquired assets are included in property, plant and equipment and the “All Other” category for segment reporting.

The acquired assets will be depreciated over their estimated remaining useful lives, which range from 1 to 10 years for machinery and equipment and 20 to 30 years for buildings and improvements.

Mineral rights and interests

In January 2026, the Company paid $ 1.3 million to purchase 36 federal mining claims located in the Koyukuk Mining District of Alaska (commonly referred to as Nolan Creek) that are prospective for both antimony and gold.

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

In January 2026, the Company paid approximately $ 108,000 to repurchase 1 % of the net smelter return royalty associated with 50 single-cell mining claims located in the Sudbury District of Ontario, Canada (commonly referred to as Fostung Tungsten).

The royalty obligation originated from the Company’s June 2025 acquisition of this property which was originally subject to a 1.5 % net smelter return royalty based on the value realized from ore mined from the property.

In March 2026, the Company completed a series of mineral rights purchases in Sanders County, Montana (commonly referred to as Stibnite Hill), including three patented lode mining claims and the surface rights associated with a fourth patented lode mining claim, for aggregate consideration of approximately $ 815,000 .

The acquisitions were completed through separate purchase agreements and provide the Company with fee simple title to the underlying mineral properties.

During 2024 and 2025, the Company entered into multiple agreements to acquire mining claims, leases, and exploration rights in Alaska, Canada, and the southeastern United States.

Pursuant to the terms of these agreements, the Company is obligated as of March 31, 2026 to make aggregate payments to purchase these claims of approximately $ 5.75 million, payable as follows:

approximately $ 250,000 in the remainder of 2026, $ 450,000 in 2027, $ 500,000 in 2028, $ 2.2 million in 2029, and $ 2.35 million in 2030.

In addition to these fixed payment obligations, the agreements generally require the Company to pay net smelter royalties based on the value realized from future production, with certain agreements providing the Company with the option to repurchase a portion of such royalties.

The agreements also include aggregate exploration and development spending commitments of approximately $ 4.9 million over periods ranging from approximately three to five years .

Each of the agreements may be terminated by the Company without cause upon notice, which would relieve the Company of future payment and spending obligations.

All payments related to these mining claims and leases that became due on or before March 31, 2026 were made by the Company pursuant to the terms of the underlying agreements.

The payments made to acquire these mining claims and leases are capitalized in the “Mineral rights and interests” component of PP&E in the Condensed Consolidated Balance Sheets and included in the “All Other” category for segment reporting.

NOTE 10 – LEASES

1 unchanged sentence

In September 2024, the Company executed a contract to lease a metals concentration facility located in Philipsburg, Montana.

The Company amended this lease in March 2025 extending the term of the lease to September 2, 2026 and modifying the fixed monthly lease payments to $ 10,000 per month through the month of June 2025, $ 20,000 per month during the months of July 2025 to October 2025, and $ 95,000 per month thereafter to the end of the lease term.

The $ 95,000 per month payment included a fixed monthly fee of $ 45,000 and a minimum milling fee of $ 50,000 per month.

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

The Company did not include any milling fee payments above the minimum in its lease liability as it was not deemed probable at that time.

The Company recorded the present value of the original fixed lease cost in September 2024 over the lease term as a lease liability and Right of Use (“ROU”) asset.

The Company amended the lease in March 2025 extending the term of the agreement to September 2, 2026.

As a result of the amendment in March 2025, the Company reduced the ROU asset and corresponding lease liability by $ 37,448 .

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

During the three and nine months ended September 30, 2025, the Company recorded $ 85,032 and $ 389,542 , respectively, of lease expense related to this lease and initial direct costs (“IDC”) in “Cost of Revenues” in the Condensed Consolidated Statements of Operations.

Lease payments were $ 40,000 and $ 110,000 during the three and nine months ended September 30, 2025, respectively, which were included in operating cash flows.

For both the three and nine months ended September 30, 2024, the Company recorded $ 33,611 of lease expense and IDC related to this lease.

Lease payments totaling $ 15,000 were made during the three and nine months ended September 30, 2024, and included in operating cash flows.

The Company paid $ 10,000 of IDC at the inception of the original lease agreement.

On September 22, 2025, the lessor terminated the Philipsburg operating lease agreement one year early.

This event resulted in derecognition of the associated account balances, specifically reducing operating lease liabilities by $ 631,690 , right-of-use assets by $ 151,868 , and prepaid rent by $ 10,000 .

The resulting difference was a non-cash gain on lease termination of $ 469,822 , which was presented in the Condensed Consolidated Statements of Operations as a separate item within the Operating Expenses section.

Furthermore, no termination penalties were incurred or incentives received in connection with the lease termination.

Machinery and equipment with a net book value of $ 29,621 , which had been used at the Philipsburg location, will be used at a different operating site.

During the three months ended March 31, 2025, the Company recorded $ 176,962 of lease expense related to this lease in the Condensed Consolidated Statements of Operations.

Lease payments were $ 30,000 during the three months ended March 31, 2025, which were included in operating cash flows.

During the first quarter of 2026, there were no payments made or expense recorded for this lease since the agreement was terminated in September 2025.

UNITED STATES ANTIMONY CORPORATION AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

September 30, 2025

Finally, unpaid operating charges, such as utility and labor costs incurred through the termination date, were recognized separately as ordinary operating expenses and not included in the calculation of the gain.

March 31, 2026

Dallas Operating Lease

2 unchanged sentences

The Company recorded the present value of the lease payments over the term as a lease liability and ROU asset.

The Company’s incremental borrowing rate of 3.49 % was used as the discount rate since the rate implicit in the lease was not readily determinable.

The Company’s incremental borrowing rate of 3.49 % was used as the discount rate as the rate implicit in the lease was not readily determinable.

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

The Company cannot terminate the lease without cause and must provide the office space to the lessor at the end of the lease in the same condition as it was received.

The lease liability related to this operating lease, which represents the present value of the lease payments, and ROU asset were $ 63,416 at inception of the lease and $ 36,288 and $ nil at September 30, 2025 and December 31, 2024, respectively.

During the three and nine months ended September 30, 2025, the Company recorded $ 11,835 and $ 31,560 , respectively, of lease expense related to this lease in “General and administrative” in the Condensed Consolidated Statements of Operations.

Lease payments were $ 11,835 and $ 31,560 during the three and nine months ended September 30, 2025, respectively, which were included in operating cash flows.

The lease liability related to this operating lease, which represents the present value of the lease payments, and ROU asset were both $ 63,416 at inception of the lease and $ 20,307 as of March 31, 2026.

During the three months ended March 31, 2026 and 2025, the Company recognized $ 11,835 and $ 7,890 , respectively, of lease expense related to this lease in “General and administrative” in the Condensed Consolidated Statements of Operations.

Lease payments were $ 11,835 and $ 7,890 during the three months ended March 31, 2026 and 2025, respectively, which were included in operating cash flows.

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

For the three and nine months ended September 30, 2024, there were no payments made or expense recorded for this lease.

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 the first quarter of 2026, the Company recorded lease expense in U.S.

dollars of $ 2,729 for this lease in “General and administrative” in the Condensed Consolidated Statements of Operations.

Lease payments totaling $ 2,781 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 the first quarter of 2025.

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

Three months ended

Nine months ended

September 30,

Operating lease expense

1 unchanged sentence

Cash paid for security deposit

At September 30, 2025, the remaining lease term of the Dallas operating lease was 16 months and the discount rate used was 3.49 %.

The following table is a maturity analysis of the future minimum lease payments for the Dallas operating lease as of September 30, 2025:

Twelve months ending September 30,

At March 31, 2026, the weighted average remaining lease term of operating leases was 31 months and the weighted average discount rate for operating leases was 3.49 %.

UNITED STATES ANTIMONY CORPORATION AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

March 31, 2026

The following table is a maturity analysis of the future minimum lease payments for operating leases as of March 31, 2026:

Twelve months ending March 31,

Total operating lease payments

3 unchanged sentences

Noncurrent operating lease liability

NOTE 11 – INVESTMENT IN EQUITY SECURITIES

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

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

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

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

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

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

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

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

At March 31, 2026, the fair value of the investment reflected in the condensed consolidated balance sheet was $ 36,432,898 and an unrealized loss of $ 4,061,430 was recorded as other income (expense) in the condensed consolidated statement of operations for the three months ended March 31, 2026.

NOTE 12 – INVESTMENT IN JOINT VENTURE

In February 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 “JV”).

The Company holds a 49 % membership interest, with the remaining 51 % held by Americas.

While the Company is responsible for day-to-day activities of the JV, governance is shared through a management committee with equal representation from each member, and all significant decisions require unanimous approval.

Accordingly, the Company does not have a controlling financial interest in the JV and accounts for its investment under the equity method of accounting.

The JV is expected to be funded in part through contributions of nonmonetary assets, including (i) rights to use proprietary hydrometallurgical processing technology to be contributed by the Company through a sublicense arrangement and (ii) rights to use and ultimately acquire the project site to be contributed by Americas through a staged lease-to-transfer structure.

As of March 31, 2026, these nonmonetary contributions have not yet been made.

The Company has made an initial capital contribution to the JV of $ 100,000 and is required to fund its proportionate share of future capital expenditures in accordance with the JV agreement.

The Company expects to continue to make additional contributions as the JV progresses through the construction and development phase of the project.

The timing and amount of such contributions will depend on the JV’s approved budgets and project development schedule.

UNITED STATES ANTIMONY CORPORATION AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

September 30, 2025

March 31, 2026

The JV is currently in the early stages of organizational development and has not commenced any significant operational activities.

For the three months ended March 31, 2026, the Company recognized equity in losses of the JV of $ 16,126 , which primarily reflects organizational, development, and other pre-operating costs incurred by the JV.

As of March 31, 2026, the carrying value of the Company’s investment in the JV was $ 83,874 .

The Company has made a formal application to the Department of War for grant awards to fund the construction of this new hydrometallurgical processing facility.

The likelihood of such future awards cannot yet be determined.

NOTE 13 – LONG-TERM DEBT

Long-term debt at September 30, 2025 and December 31, 2024 was as follows:

September 30, 2025

Long-term debt was as follows:

March 31, 2026

December 31, 2025

3 unchanged sentences

Long-term debt, net

At September 30, 2025, the scheduled maturities of debt outstanding for each of the next two years were as follows:

Twelve months ending September 30,

NOTE 11 – INCOME AND OTHER TAXES

Management estimates that the Company’s 2025 effective tax rate will be 0 % due to the Company’s historical operating losses, tax loss carryforward, and other available evidence related to the Company’s ability to generate taxable income.

Accordingly, there is no income tax expense or benefit recorded for the three- and nine-month periods ended September 30, 2025.

At March 31, 2026, principal payments on debt were due as follows:

Twelve months ending March 31,

NOTE 14 – TAX

Mexico Tax Assessment

In 2015, the Mexican tax authority (“SAT”) initiated an audit of the U.S.

Antimony de Mexico, S.A.

(“USAMSA”) 2013 income tax return.

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

In October 2016, as a result of its audit, SAT assessed the Company $ 13.8 million pesos, which was approximately $ 666,400 in U.S.

7 unchanged sentences

In 2022, the Mexican court ruled against the Company in the above matter, which was subsequently appealed by the Company.

As of December 31, 2023, the updated SAT assessment was approximately $ 22.4 million pesos, or approximately $ 1,320,000 USD, which includes $ 352,000 of unpaid income taxes and $ 968,000 of interest and penalties.

Management, along with its legal counsel, assessed the possible outcomes for this tax audit and believed, based on discussions with its attorneys located in Mexico, that the most likely outcome would be that the Company would be successful in its appeal resulting in no tax due.

Management determined that no amount should be accrued at December 31, 2023 relating to this potential tax liability.

In March 2024, Mexico’s appellate court ruled in favor of the Company with no assessment due related to this audit of USAMSA’s 2013 income tax return by SAT and instructed the lower court to issue a new ruling.

In May 2024, Mexico’s lower court issued a final ruling on this matter in favor of the Company but left open the possibility for the SAT to re-open their audit.

Subsequent to this judgment, the Company requested a final ruling on whether SAT can re-open this matter, on which the appellate court has not ruled.

These rulings support the Company’s position on this tax matter and have had no impact on the Company’s financial statements.

Subsequent to this judgment, the Company requested a final ruling on whether SAT can re-open this matter.

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

UNITED STATES ANTIMONY CORPORATION AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

September 30, 2025

March 31, 2026

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 has a receivable of $ 1,350,940 and $ 907,408 at September 30, 2025 and December 31, 2024, respectively, related to Import Value Added Tax (“IVA tax” or “VAT”) it pays on certain goods and services, which represents the amounts to be reimbursed from the Mexican government.

USAMSA also has established an allowance for estimated uncollectible amounts associated with this IVA tax receivable of $ 772,501 and $ 575,151 at September 30, 2025 and December 31, 2024, respectively.

The net IVA tax receivable of $ 578,439 and $ 332,257 at September 30, 2025 and December 31, 2024, respectively, is recorded in “IVA receivable and other assets, net” in the Condensed Consolidated Balance Sheets.

USAMSA recorded a receivable of $ 2,110,075 and $ 1,875,771 at March 31, 2026 and December 31, 2025, 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 $ 2,110,075 and $ 1,875,771 at March 31, 2026 and December 31, 2025, respectively, resulting in net IVA tax receivables of zero at both period ends.

NOTE 15 – COMMITMENTS AND CONTINGENCIES

Historically, BRZ has from time-to-time been assessed fines and penalties by the Mine Safety and Health Administration (“MSHA”).

During the nine months ended September 30, 2025, BRZ received three citations from MSHA, one of which was significant and substantial.

All three citations were rectified by BRZ and terminated by MSHA on the day the citations were issued.

At September 30, 2025 and December 31, 2024, BRZ had “accrued liabilities” in the Condensed Consolidated Balance Sheets of $ nil and $ 19,074 , respectively, relating to MSHA citations.

BRZ has a lease with Zeolite, LLC that entitles BRZ to surface mine and process zeolite on property in Preston, Idaho, in exchange for an annual payment and a royalty payment, which is based on the amount of zeolite shipped from the leased property (“BRZ Lease”).

In February 2025, the Company extended the BRZ Lease through December 31, 2034 with similar terms and conditions as the prior agreement.

In April 2025, the Company began contracting for engineering and construction services to expand its existing smelting operating capacity located in Thompson Falls, Montana.

Historically, BRZ has been assessed fines and penalties by the Mine Safety and Health Administration (“MSHA”).

During the first quarter of 2026, BRZ received four citations from MSHA, none of which were significant and substantial.

All four citations were rectified by BRZ and terminated by MSHA either on the day the citations were issued or the day after.

At March 31, 2026 and December 31, 2025, BRZ had no 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 $ 32 million, of which approximately $ 30 million has been formally agreed to with various third-party vendors.

As of September 30, 2025, the Company has paid approximately $ 8 million toward these commitments which is included in the “Construction in progress” component of PP&E in the Condensed Consolidated Balance Sheets.

As of March 31, 2026, the Company has incurred approximately $ 16 million related to these commitments which is included in the “Construction in progress” component of PP&E in the Condensed Consolidated Balance Sheets.

As of March 31, 2026, the Company had outstanding purchase commitments for inventory with an aggregate estimated cost of approximately $ 7 million, which is not reflected in the Condensed Consolidated Balance Sheet.

The Company expects to take delivery of this inventory during the remainder of 2026.

NOTE 16 – STOCKHOLDERS’ EQUITY

Issuance of Common Stock

During the nine months ended September 30, 2025 and 2024, the Company issued 2,100,699 shares and 791,667 shares, respectively, of its common stock in conjunction with the vesting of restricted stock units (“RSUs”) and exercising of stock options.

During the three months ended March 31, 2026 and 2025, the Company issued 2,006,621 shares and 1,101,231 shares, respectively, of its common stock in conjunction with the vesting of RSUs and exercising of stock options.

See the “Share-Based Compensation” section below for further details.

Sale of Common Stock

During the nine months ended September 30, 2025, the Company sold 5,513,358 shares of its common stock in an “at the market offering” and received gross proceeds of $ 21,387,718 based on a weighted average price of $ 3.88 per share.

Direct issuance costs totaling $ 435,862 were incurred related to these sales.

The aggregate net proceeds received by the Company, after deducting offering fees and expenses, totaled $ 20,951,856 .

The Company did not sell any of its common stock during the nine months ended September 30, 2024.

On August 27, 2025, the Company completed a registered direct offering with an institutional investor.

The offering resulted in the sale of 4,000,000 shares of common stock at a purchase price of $ 4.50 per share for $ 18,000,000 in gross proceeds.

For this offering, the Company incurred direct issuance costs of $ 511,260 , which consisted primarily of placement agent commissions and various legal, accounting, and filing costs.

The aggregate net proceeds received by the Company, after deducting offering fees and expenses, totaled $ 17,488,740 .

During the nine months ended September 30, 3025, the Company issued 5,772,822 shares of its common stock and received proceeds of $ 4,427,756 pursuant to the exercise of pre-existing warrants.

During the three months ended March 31, 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.

The aggregate net proceeds received by the Company, after deducting direct issuance costs of $ 86,737 , totaled $ 1,339,446 .

In the first quarter of 2025, the Company sold 1,107,923 shares of its common stock in “at the market offerings” and received gross proceeds of $ 2,437,375 based on a weighted average price of $ 2.20 per share.

The aggregate net proceeds received by the Company, after deducting direct issuance costs of $ 45,058 , totaled $ 2,392,317 .

The Company also issued 1,563,643 shares of its common stock in the first quarter of 2026 related to the exercise of warrants.

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

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NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

September 30, 2025

March 31, 2026

Share-based compensation

In December 2023, shareholders approved the Company’s 2023 Equity Incentive Plan (“the Plan”), which provides for the grant of incentive stock options, non-qualified stock options and other types of awards.

The general purpose of the Plan is to provide a means whereby eligible employees, officers, directors and other service providers develop a sense of proprietorship and personal involvement in our development and financial success, and to encourage them to devote their best efforts to our business, thereby advancing our interests and the interests of our shareholders.

On July 31, 2025, the Company’s shareholders approved the Amended and Restated 2023 Equity Incentive Plan (the “Amended Plan”).

The maximum number of shares of common stock available for issuance under the Amended Plan is 23,700,000 shares.

During the nine months ended September 30, 2025, the Company granted stock options and RSUs totaling 2,391,400 and 2,182,800 , respectively.

Once vested, each stock option and RSU represents the right to receive one share of the Company’s common stock.

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.

Share-based compensation expense for the periods noted was as follows:

Three months Ended

Nine Months Ended

September 30,

Stock options

Total share-based compensation expense

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

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

Three months Ended

Nine Months Ended

September 30,

General and administrative

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Stock options granted have either a 3 -year or 10 -year contractual term and are subject to either service or performance-based vesting conditions.

The following table summarizes the weighted-average assumptions used to value stock options granted during the nine months ended September 30, 2025 using the Black-Scholes method:

The following table shows the weighted-average assumptions used to value options granted during the three months ended March 31, 2026:

Three Months Ended

Weighted-Average Grant Date Assumptions

March 31, 2026

Expected term (in years)

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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.

UNITED STATES ANTIMONY CORPORATION AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

September 30, 2025

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

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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.

UNITED STATES ANTIMONY CORPORATION AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

March 31, 2026

Expected volatility – The expected volatility is based on the historical volatility of our stock price over the expected term of the stock option.

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Options outstanding, December 31, 2025

Options outstanding, September 30, 2025

Nonvested options, September 30, 2025

Vested and exercisable options, September 30, 2025

At September 30, 2025, total unrecognized share-based compensation expense related to stock options was $ 3,992,315 , which is expected to be recognized over a weighted-average remaining period of 0.8 years.

During the nine months ended September 30, 2025, 672,500 stock options were exercised to purchase shares of common stock.

These exercises included 250,000 options for cash proceeds of $ 55,000 and cashless exercises where 52,461 shares of common stock were acquired by the Company as treasury stock to pay for the aggregate exercise price of the stock options and 370,039 shares of common stock were issued to the award recipients.

Options outstanding, March 31, 2026

Nonvested options, March 31, 2026

Vested and exercisable options, March 31, 2026

At March 31, 2026, total unrecognized share-based compensation expense related to stock options was $ 7,287,047 , which is expected to be recognized over a weighted average remaining period of 0.9 years.

During the three months ended March 31, 2026, 946,924 stock options were exercised to purchase shares of common stock.

These exercises included 25,833 options for cash proceeds of $ 48,624 and cashless exercises where 254,368 shares of common stock were acquired by the Company as treasury stock to pay for the aggregate exercise price of the stock options and, in certain cases, to satisfy mandatory payroll tax withholding obligations, with 666,723 shares of common stock were issued to the award recipients.

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

The total intrinsic value of the 672,500 stock options exercised during the nine months ended September 30, 2025 was $ 1,410,033 .

The total intrinsic value of the 946,924 stock options exercised during the three months ended March 31, 2026 was $ 8,347,105 .

During the three months ended March 31, 2025, 322,500 stock options were exercised to purchase shares of common stock in a cashless exercise pursuant to which 46,269 shares of common stock were acquired by the Company to pay for the aggregate exercise price of the stock options and 276,231 shares of common stock were issued.

The total intrinsic value of the 322,500 stock options exercised during the three months ended March 31, 2025 was $ 475,533 .

Restricted stock units

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( 1,059,697 )

RSUs outstanding at September 30, 2025

RSUs outstanding at March 31, 2026

UNITED STATES ANTIMONY CORPORATION AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

September 30, 2025

At September 30, 2025, total unrecognized share-based compensation expense related to RSUs was $ 4,306,192 , which is expected to be recognized over a weighted-average remaining period of 2.1 years.

The weighted-average remaining contractual term of the nonvested RSU shares was 1.5 years at September 30, 2025.

During the nine months ended September 30, 2025, 1,428,199 shares of common stock were issued pursuant to the vesting of RSUs.

In a related transaction, 88,399 of the newly issued common shares were acquired by the Company as treasury stock to satisfy the mandatory payroll tax obligations resulting from the RSU vesting.

March 31, 2026

At March 31, 2026, total unrecognized share-based compensation expense related to RSUs was $ 7,807,211 , 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 1.7 years at March 31, 2026.

During the three months ended March 31, 2026 and 2025, 1,070,387 and 825,000 shares of common stock, respectively, were issued upon the vesting of RSUs with a total fair value of $ 10,648,174 and $ 1,076,250 , respectively.

Also, during the three months ended March 31, 2026 and 2025, 295,598 and 46,269 , respectively, 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 first nine months of 2025, the Company issued 5,772,822 shares of common stock related to the exercise of pre-existing warrants and received gross proceeds of $ 4,427,756 , based on a weighted average exercise price of $ 0.77 per share.

No warrants were issued or expired during the nine months ended September 30, 2025 and 2024 nor were any warrants exercised during the nine months ended September 30, 2024.

Following is a summary of the Company’s warrant activity during the nine months ended September 30, 2025:

During the three months ended March 31, 2026, the Company issued 1,563,643 shares of common stock related to the exercise of pre-existing warrants and received gross proceeds of $ 994,812 based on a weighted average exercise price of $ 0.64 per share.

In the first quarter of 2025, the Company issued 948,750 shares of common stock related to the exercise of pre-existing warrants and received gross proceeds of $ 806,438 based on a weighted average exercise price of $ 0.85 per share.

There were no warrants issued or that expired during the three months ended March 31, 2026 and 2025.

Following is a summary of the Company’s warrant activity during the three months ended March 31, 2026:

Exercise Price

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( 1,563,643 )

Balance at September 30, 2025

Balance at March 31, 2026

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

The composition of the Company’s warrants outstanding at September 30, 2025 was as follows:

The composition of the Company’s remaining warrants outstanding at March 31, 2026 was as follows:

Number of warrants

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Remaining life (years)

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

Treasury Stock

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

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

Upon subsequent sale, the treasury stock account is credited for the shares’ original cost, and any difference between the selling price and cost is recognized in additional paid-in capital.

The Company does not recognize gains or losses on treasury stock transactions in the consolidated statement of operations

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

Shares are retained primarily to cover the option exercise price and, if any, required tax withholding for cashless stock option exercises and to satisfy employees’ tax obligations upon RSU vesting.

During the nine months ended September 30, 2025, 52,461 newly issued common shares with a cost of $ 101,429 were retained by the Company as treasury stock to pay for the aggregate exercise price of the stock options and 88,399 of newly issued common shares with a cost of $ 409,246 were retained by the Company as treasury stock to satisfy the mandatory payroll tax obligations resulting from the vesting of RSUs.

There were no common shares retained and transferred to treasury stock during the nine months ended September 30, 2024.

UNITED STATES ANTIMONY CORPORATION AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

September 30, 2025

During the three months ended March 31, 2026, the Company withheld 254,368 shares of common stock, with an aggregate value of $ 2,710,403 , in connection with certain stock option exercises.

These shares were retained as treasury stock to satisfy the related exercise price and, where applicable, payroll tax withholding obligations.

Also, 295,598 newly issued common shares with a cost of $ 3,088,000 were retained by the Company as treasury stock to satisfy the mandatory payroll tax obligations resulting from the vesting of RSUs.

There were no common shares retained and transferred to treasury stock during the three months ended March 31, 2025.

NOTE 17 – BUSINESS SEGMENTS

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Our antimony segment consists of:

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

● Two facilities in our USAMSA subsidiary located in Mexico, one being a rock crushing mill and the other a smelter, that process ore primarily into antimony metal ingots, a lower grade of antimony oxide, and precious metals.

● Our facility located in the Burns Mining District of Sanders County in Montana that processes raw antimony 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 raw antimony ore primarily into antimony metal ingots and a lower grade of antimony oxide.

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

The following components of the Company’s business were not engaged in business activities at September 30, 2025 from which they recognized revenue offset by related expenses:

UNITED STATES ANTIMONY CORPORATION AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

March 31, 2026

The following components of the Company’s business were not engaged in business activities at March 31, 2026 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 in Thompson Falls, Montana, have been included in the “All Other” category for segment reporting.

Therefore, these components, along with the Company’s personal residence for a management employee, apartment complex in Thompson Falls, Montana for hourly employees, and flotation and concentration facility located in Radersburg, Montana, have been included in the “All Other” category for segment reporting.

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

Total assets by segment at September 30, 2025 and December 31, 2024 were as follows:

September 30, 2025

Total assets by segment were as follows:

March 31, 2026

December 31, 2025

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Zeolite segment

Total capital expenditures by segment for the three and nine months ended September 30, 2025 and 2024 were as follows:

Three months ended September 30,

Nine months ended September 30,

Total capital expenditures by segment were as follows:

Three months ended March 31,

Capital expenditures

Antimony segment

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Total capital expenditures

Selected segment operational information for the three and nine months ended September 30, 2025 and 2024 were as follows:

Three months ended September 30, 2025

Total revenues

Depreciation and amortization

Loss from operations

( 3,646,313 )

( 1,034,449 )

( 4,917,182 )

Income tax expense

( 4,780,700 )

Three months ended September 30, 2024

Total revenues

Depreciation and amortization

Loss from operations

Income tax expense

UNITED STATES ANTIMONY CORPORATION AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

September 30, 2025

Nine months ended September 30, 2025

Selected segment operational information were as follows:

Three months ended March 31, 2026

Total revenues

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( 7,517,195 )

Other expense

( 3,761,169 )

Income tax expense

Equity in losses of joint venture

( 11,294,490 )

Nine months ended September 30, 2024

Three months ended March 31, 2025

Total revenues

1 unchanged sentence

Income (loss) from operations

( 1,720,314 )

( 1,305,467 )

Income tax expense

Note 15 - SUBSEQUENT EVENTS

Sales of Common Stock

During October 2025, the Company sold 1,996,751 shares of its common stock in an “at the market offering” and received gross proceeds of $ 15,995,150 based on a weighted average price of $ 8.01 per share.

Registered Direct Offerings of Common Stock

On October 6, 2025, the Company completed a registered direct offering with the same institutional investor as was completed on August 27, 2025 (see Note 13 — Stockholders’ Equity ) .

This offering resulted in the sale of 3,500,000 shares of common stock at a purchase price of $ 7.50 per share for $ 26,250,000 in gross proceeds.

On October 10, 2025, the Company completed a registered direct offering with a leading long-only mutual fund investor.

This offering resulted in the sale of 2,377,657 shares of common stock at a purchase price of $ 10.50 per share for $ 24,965,399 in gross proceeds.

Aggregate gross proceeds from these two registered direct offerings combined with the gross proceeds from the registered direct offering completed on August 27, 2025, as noted above, totaled $ 69,215,399 .

Common stock warrants

In October 2025, the Company issued 1,535,500 shares of common stock related to the exercise of warrants and received gross proceeds of $ 1,305,175 , based on their exercise price of $ 0.85 per share.

Supply Agreement and Promissory Note

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

On the same date as this agreement, the Company extended a promissory note for $ 2,500,000 to the supplier.

This note bears interest at 3.81 % with principal and interest payments scheduled to be made in weekly installments of $ 500,000 beginning in December 2025, with the remaining balance of principal and interest due in January 2026.

The loan proceeds are to be used by the supplier, subject to the Company’s approval, to purchase antimony concentrate and equipment.

Payment of the promissory note is secured by all assets of the borrower and a corresponding personal guarantee from the principal owner.

UNITED STATES ANTIMONY CORPORATION AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

September 30, 2025

Purchase of Property in Alaska

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

The property includes five buildings and approximately 17 acres of land.

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

Investment in Australian-Based Mineral Exploration and Development Company

During October 2025, the Company acquired approximately 10 % of the total issued share capital of Larvotto Resources Limited (“Larvotto”), an Australian-based mineral exploration and development company focused on critical minerals, particularly antimony and gold, through open-market cash purchases totaling $ 37 million.

Supply Agreement with New Industrial Customer

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

Acquisition of Mining Claims

In November 2025, the Company executed a mining option agreement to acquire certain mining rights to mining claims located in the state of Alabama.

This agreement includes payments totaling $ 375,000 to be made by the Company over the next three years to acquire these mining claims, a commitment by the Company to spend an aggregate of $ 1,200,000 over the next three years to explore and develop these claims, and royalty payments to be made by the Company based on the value realized from ore mined from these claims.

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

March 31, 2026

Note 18 - SUBSEQUENT EVENTS

Sale of Common Stock

In April and May 2026, the Company sold 4,199,997 shares of its common stock in “at the market offerings” and received gross proceeds of $ 48,607,124 based on a weighted average price of $ 11.57 per share.

Equipment Financing Arrangement

On April 30, 2026, the Company entered into a secured equipment financing arrangement for the purchase of a wheel loader for approximately $ 238,000 , payable in 48 monthly installments of approximately $ 4,958 through May 2030.

Interim Chief Financial Officer

On May 4, 2026, the Company announced that Richard Isaak, the Company’s Chief Financial Officer and principal financial officer, will commence a personal leave of absence effective immediately.

During the leave, Mr.

Isaak will not perform the duties of Chief Financial Officer or principal financial officer.

Isaak is expected to return to his role following the conclusion of the leave, although the duration of the leave has not been determined.

In connection with Richard Isaak’s leave of absence, the Board of Directors of the Company appointed Shawn Winkler, age 50, to serve as Interim Chief Financial Officer and principal financial officer of the Company, effective May 4, 2026.

In connection with his appointment as Interim Chief Financial Officer, Mr.

Winkler will receive a monthly cash stipend of $ 20,000 during the period of his service in the interim role and a one-time equity award of stock purchase options.

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-Q

Item 1. Financial Statements