What changed in this filing

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Item 2. Management’s Discussion and Analysis

2026-05-14 compared with 2025-11-12 · 126 added, 138 removed, 138 unchanged (66% of the section changed)

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Readers should note that, in addition to the historical information contained herein, this Quarterly Report and the exhibits attached hereto contain “forward-looking statements” within the meaning of, and intended to be covered by, the safe harbor provisions of the Private Securities Litigation Reform Act of 1995.

Such forward-looking statements are based upon current expectations and beliefs concerning future developments and their potential effects on United States Antimony Corporation (“US Antimony,” “USAC,” or the “Company”) including matters related to the Company’s operations, pending contracts and future revenues, financial performance, and profitability, ability to execute on its increased production and installation schedules for planned capital expenditures, and the size of forecasted deposits.

Such forward-looking statements are based upon current expectations and beliefs concerning future developments and their potential effects on United States Antimony Corporation (“US Antimony,” “USAC,” and the “Company”) including matters related to the Company’s operations, pending contracts and future revenues, financial performance, and profitability, ability to execute on its increased production and installation schedules for planned capital expenditures, and the size of forecasted deposits.

Although the Company believes that the expectations reflected in the forward-looking statements and the assumptions upon which they are based are reasonable, it can give no assurance that such expectations and assumptions will prove to have been correct.

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● Mining exploration, development, and production not being economically viable;

● Processing and selling ore from new suppliers and internal sources not being economically viable;

● Mineral reserve estimates, including those prepared by “Qualified Persons” (as defined by SEC Regulation S-K 1300), are not guarantees of the volume or grade of ore that will ultimately be recovered;

● Processing and selling ore from new suppliers and internal sources not being economically viable;

● More risk associated with non-domestic supply of antimony ore;

● Fluctuations in the Company’s common stock.

● Risks associated with non-domestic supply of antimony ore that could negatively impact our financial condition and results of operations including, among others, receipt of ore later than expected or not at all, antimony content in ore being less than expected, higher costs than expected related to logistics, ore content making ore more difficult to process, more costly to process, and/or take more time to process than expected, and the inability to process ore due to its possible content of deleterious elements;

● Not achieving revenue growth, revenue diversification, and/or additional profit expected from initiatives and changes in our business that have been implemented or are being implemented could cause a significant negative impact on our financial condition and results of operations;

● Volatility in market prices related to the Company’s investment in equity securities could negatively impact our financial condition and results of operations;

● The Company’s supply contracts, including its sole-source contract with the DLA for antimony metal ingots, expose it to a variety of risks that could adversely impact performance and financial results;

● Not having the cash flow from operations or other sources or vehicles to fully fund and support the business, strategy, initiatives, changes, and operations, among others, could negatively impact our financial condition and results of operations;

● A discrepancy between the number of outstanding shares of our common stock as determined by the Transfer Agent and the number of outstanding shares of our common stock as determined by the Depositary Trust Company could have a material adverse effect on our financial reporting processes, regulatory compliance, corporate actions, investor confidence, and the market price of our common stock;

● Lack of personnel to execute the Company’s strategy could delay or derail the Company’s implementation of its strategy that could negatively impact our financial condition and results of operations;

● The Company is subject to significant operational and performance risks as the managing member of a joint venture that could negatively impact our financial condition and results of operations;

● The Company’s minority ownership position and capital funding obligations in the joint venture expose us to dilution, financing, and governance risks;

● The Company’s ability to receive funding under its Department of War grant award is subject to the achievement of specified milestones and ongoing compliance with program requirements, and any failure to satisfy these conditions or obtain continued authorization could result in delays, reductions, or loss of funding and adversely affect the Company’s financial condition and liquidity;

● Fluctuations in the price of the Company’s common stock.

This list is not an exhaustive list of the factors that may affect the Company’s forward-looking statements.

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dollars, unless otherwise indicated.

Management’s Discussion and Analysis is intended to be read in conjunction with the Company’s consolidated financial statements and the integral notes (“Notes”) thereto included in the Company’s Annual Report on Form 10-K/A for the fiscal year ended December 31, 2024.

DESCRIPTION OF BUSINESS

United States Antimony Corporation’s principal business is the production and sale of antimony, precious metals, and zeolite products.

The Company was incorporated in Montana in January 1970 to mine and produce antimony products.

In December 1983, the Company suspended its antimony mining operations in the U.S.

but continued to produce antimony products using foreign sources of antimony ore.

In April 1998, the Company formed US Antimony de Mexico, S.A.

(“USAMSA”) to produce antimony products in Mexico, and, in August 2005, the Company formed Antimonio de Mexico, S.A.

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

The Company formed Bear River Zeolite Company (“BRZ”) in 2000 for the purpose of mining and producing zeolite products in Idaho.

Beginning in 2024, the Company began acquiring mining claims and leases located in Alaska, Montana and Ontario, Canada, which necessitated forming three entities related to the Alaska mining claims, Great Land Minerals, LLC, Denali Minerals, LLC, and Alaska Antimony LLC, and one entity related to the Ontario mining claims and leases, UAMY Cobalt Corporation.

We invested in these mining claims and leases in an effort to reduce the cost of third party antimony ore purchases.

Currently, no active operations are being conducted, nor is any revenue being generated, from the Company’s business components located in Los Juarez,

Mexico (our ADM subsidiary), Ontario, Canada, Alaska, and the mining claims in Thompson Falls, Montana.

In September 2025, the Company obtained government permits to begin exploration of its mining claims in Alaska and commenced limited surface mining at two of these sites before the mining season ended due to weather constraints.

In October 2025, the Company completed the purchase of additional property in Fairbanks, Alaska that will be used for operating activities, including ore separation and storage, as well as an office for its staff.

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

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

The Company continues to maintain its primary listing on the NYSE American Stock Exchange and trades with the same “UAMY” ticker symbol on both exchanges.

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

We have completed fieldwork but not yet extracted any minerals from the Fostung Properties and we have not previously prepared a technical report summary making a determination on the property’s mineral resources or mineral reserves.

However, the Company has recently retained a qualified third-party expert who is in the process of preparing a technical reserve report for the Fostung Properties.

On August 28, 2025, the Company completed the conversion of its state of incorporation from the State of Montana to the State of Texas (the “Texas Reincorporation”) by means of a Plan of Conversion, effective August 13, 2025.

The Texas Reincorporation, including the principal terms of the Plan of Conversion, was submitted to a vote of, and approved by, the Company’s stockholders at the Company’s 2025 Annual Meeting of Stockholders held on July 31, 2025.

Upon completing the Texas Reincorporation, the rights of the Company’s shareholders previously governed by the Montana Business Corporation Act, as amended, and the Company’s Articles of Incorporation and Bylaws in effect prior to the Texas Reincorporation, are now governed by the Texas Business Organizations Code and the Certificate and Bylaws filed and adopted by the Company under Texas law.

The Texas Reincorporation did not result in any change in business, jobs, management, properties, location of any of our offices or facilities, number of employees, obligations, assets, liabilities or net worth.

Also, the Company continues to maintain its corporate headquarters in Texas and no interruption in the trading of its common stock occurred.

In September 2025, the Company secured a five-year, sole-source Indefinite Delivery, Indefinite Quantity (IDIQ) contract with the U.S.

Defense Logistics Agency (DLA) Strategic Materials, which is responsible for managing the National Defense Stockpile (NDS).

The contract, with a maximum value of $245 million, is for the supply of antimony metal ingots (99.65% purity) to replenish the NDS through September 2030.

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

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 and to-date, no revenue has been recognized related to this contract.

United States Antimony Corporation began operations in Montana in January 1970 with an initial strategy centered around antimony mining and processing in Montana.

Antimony mining ceased in the U.S.

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

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

In 2025, the Company purchased certain surface rights to one of its mining claims in Montana and mined 840 tons of antimony ore.

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

In the early 2000’s, the Company expanded its footprint with antimony and precious metals operations located in Mexico and zeolite operations located in Idaho.

Our zeolite operations are vertically integrated from mining to selling zeolite products to its customers, which is the Company’s goal for its businesses.

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 prospective for both antimony ore and other critical minerals which have 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 entered into certain agreements to acquire exploration rights for mining properties located in the southeastern United States.

We have invested in these mining properties to further our strategy of vertical integration, expand the Company’s product portfolio, and to lower our ore cost compared to third-party antimony ore purchases.

No active, revenue-producing operations have been conducted thus far in 2026 from the Company’s mining claims and leases located in Los Juarez, Mexico (our ADM subsidiary), Ontario, Canada, Alaska, and Thompson Falls, Montana.

However, the Company has performed exploration activities and limited surface mining at several locations.

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

The Radersburg property is expected to enhance midstream processing capacity and further vertically integrate the Company’s domestic antimony supply chain.

Management has budgeted approximately $2.0 million in capital expenditures to modernize equipment and add a new laboratory with the goal of optimizing operational efficiencies and mineral recovery rates.

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 antimony and gold.

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

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

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

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

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

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

Department of War under the Defense Production Act to support the expansion and modernization of its domestic antimony processing operations.

The award is milestone-based, with $16.2 million currently obligated and additional funding subject to future authorization.

As of March 31, 2026, the Company achieved and received approval for initial milestones representing $12.8 million, which was recorded as a grant receivable, with a corresponding reduction to construction in progress related to the Thompson Falls, Montana facility expansion.

In 2025, the Company acquired property located in the Sudbury District of Ontario, Canada, which included 50 single-cell tungsten mining claims (more commonly referred to as Fostung Tungsten).

On April 10, 2026, the Company published an initial assessment technical report summary on its Fostung Tungsten project.

This Initial Assessment-level Technical Report Summary, dated January 31, 2026 (the “Fostung TRS”), was prepared in accordance with the mining property disclosure rules specified in subpart 1300 of Regulation S-K.

The full text of the Fostung TRS is an exhibit to the Form 8-K filed by the Company on April 10, 2026.

The Company has two reportable segments:

antimony and zeolite.

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

Antimony Segment

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● 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.

Antimony is a mineral that is included in many products that are used every day, both by the military and by industrial customers.

USAC can provide this mineral in a form that can be used in various products.

Antimony is used in many products as a fire-retardant and a primer and is on the Critical Minerals List of the U.S.

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

Antimony is a mineral that is included in many products that are used every day, both by the military and industrial customers.

USAC can provide this mineral in a form that can be used in these products.

Antimony is used in many products as a fire-retardant and primer and is on the Critical Minerals List of the U.S.

Antimony mined from the ground, which is called antimony ore or ore, is typically not salable as a finished product primarily due to impurities in the ore, the ore size not being compatible with its intended use, and the percentage of antimony contained in the ore being too low.

We process ore to remove impurities, refine the size, and increase the percentage of antimony contained in the ore to approximately 71.4% to make the finished product called antimony trisulfide, to approximately 83% to make the finished product called antimony oxide, and to approximately 99.65% to make the finished product called antimony metal ingots.

Antimony trisulfide, oxide, and metal can be sold

as finished products to companies in many industries as well as government agencies.

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

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

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

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

Antimony trisulfide is used as a primer in ammunition.

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

Our Montana facility processes this ore and typically sells the gold and silver to the company who sold us this ore, which represents all our precious metals sales, and sells the antimony to other companies in various industries.

Our Mexico facilities have been processing ore primarily into antimony metal ingots.

Our Montana facility processes this ore and sells the gold and silver to the company who sold us this ore, which represents all our precious metals sales, and sells the antimony to other companies in various industries.

Our Mexico facilities have been processing ore primarily into antimony metal.

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

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

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

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

● We are a fully vertically integrated operation that includes mining, processing and selling antimony products.

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

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

The BRZ Lease, which was extended in 2025, currently ends on December 31, 2034.

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

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

Mine Underground Ventilation.

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

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

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

Sewage Treatment .

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SELECTED FINANCIAL DATA.

Operational and Financial Performance of Operations by Segment:

Financial and operational performance of antimony for the three months ended September 30, 2025 and 2024 was as follows:

Three months ended September 30,

Gross profit (a)

Pounds of antimony sold (a)

Average sales price per pound

Average cost per pound

Average gross profit per pound

Revenue from sales of gold and silver totaled $nil and $399,433 for the three months ended September 30, 2025 and 2024, respectively, which are excluded from Revenue and Gross profit in the table above but included in the antimony segment.

Pounds of antimony sold in the table above exclude sales related to gold and silver for both periods presented.

Financial and operational performance of antimony for the nine months ended September 30, 2025 and 2024 was as follows:

Nine months ended September 30,

Gross profit (b)

Pounds of antimony sold (b)

Consolidated Statements of Operations Information:

Three months ended March 31,

Costs of revenues

Total operating expenses

Income (loss) from operations

Total other income (expense)

Income tax expense

Equity in losses of joint venture

Net income (loss)

Consolidated Balance Sheet Information:

March 31, 2026

December 31, 2025

Working capital

Accumulated deficit

Total stockholders’ equity

Operational and Financial Performance of Continuing Operations by Segment:

Financial and operational performance of our antimony business for the three months ended March 31, 2026 and 2025 was as follows:

Three months ended March 31,

Pounds of antimony sold

Average sales price per pound

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Average gross profit per pound

Revenue from sales of gold and silver totaled negative $(20,539) and $404,049 for the nine months ended September 30, 2025 and 2024, respectively, which are excluded from Revenue and Gross profit in the table above but included in the antimony segment.

Pounds of antimony sold in the table above exclude sales related to gold and silver for both periods presented.

For the three and nine months ended September 30, 2025, antimony revenue increased $6,540,207, or 439%, and $16,969,860, or 256%, respectively, as compared to the corresponding periods in the prior year.

This growth was primarily driven by continued heightened

demand for antimony, which resulted in the average sales price per pound increasing for both the three and nine-month periods.

During the third quarter of 2025, antimony revenue growth was also positively impacted by 12% growth in sales volume.

For the nine months ended September 30, 2025, the positive impact of a 311% increase in average sales price per pound was partially offset by a 13% decline in sales volume attributable mostly to a shortage of available workforce which has since been rectified.

Gross profit increased $1,908,022, or 679%, and $5,065,145, or 209%, for the three and nine months ended September 30, 2025, respectively, as compared to the three and nine months ended September 30, 2024.

These increases were primarily attributable to higher average sales prices per pound, driven by continued demand, coupled with favorable ore costs from earlier purchases made during the first half of 2025.

This positive impact was partially offset by an increasing percentage of market prices charged by suppliers.

Financial and operational performance of zeolite for the three months ended September 30, 2025 and 2024 was as follows:

Three months ended September 30,

Gross profit (loss)

Tons of zeolite sold

Average sales price per ton

Average cost per ton

Average gross profit (loss) per ton

Financial and operational performance of zeolite for the nine months ended September 30, 2025 and 2024 was as follows:

Nine months ended September 30,

a) Revenue from sales of gold and silver totaled $213,213 and $negative $(20,539) for the three months ended March 31, 2026 and 2025, respectively, which are excluded from Revenue and Gross profit in the table above but included in the antimony segment.

Pounds of antimony sold in the table above exclude the sales related to gold and silver for both periods presented.

Antimony revenue decreased $370,905, or 6%, for the three months ended March 31, 2026, as compared to the prior year period, primarily due to lower sales volume which was mostly offset by an increase in the average sales price per pound.

The decrease in sales volume was primarily attributable to the timing of shipments and order fulfillment between periods.

Gross profit decreased $1,407,178, or 58%, for the three months ended March 31, 2026, as compared to the prior year period.

This decrease was primarily due to lower sales volumes coupled with an increase in the average cost per pound.

The increase in cost per pound was driven in part by the recognition of higher-cost ore inventory through cost of sales, which outpaced the increase in the average sales price.

Financial and operational performance of our zeolite business for the three months ended March 31, 2026 and 2025 was as follows:

Three months ended March 31,

Gross profit (loss)

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Average gross profit (loss) per ton

For the nine months ended September 30, 2025, Zeolite revenue increased $374,585, or 16%, as compared to the corresponding prior year period.

This increase was largely a result of higher sales volume, stemming from enhanced customer relationships, improved supply reliability, and broader customer reach.

In contrast, Zeolite revenue in the third quarter of 2025 experienced a decline of $11,001, or 2%, when compared to the prior year’s third quarter.

This quarterly decrease was primarily due to the 4% decrease in tons of Zeolite sold, partially offset by a 3% increase in the average sales price per ton.

For the nine months ended September 30, 2025, gross profit was $275,720 compared to a negative gross margin of $(450,556) during the corresponding period in 2024.

This improvement in gross profit was largely due to both sales volume growth and higher average sales prices, coupled with a decrease in maintenance and related costs.

During the first three quarters of 2024, our BRZ facility incurred substantial maintenance and related costs to repair older operating equipment due to historically poor maintenance practices.

In the third quarter of 2025, Zeolite’s gross profit improved by $182,579 from a negative gross margin of $(208,392) in the prior year third quarter to a negative gross margin of $(25,813).

Gross profit in the third quarter of 2025 benefited from lower maintenance costs coupled with a higher average sales price per ton.

Condensed Consolidated Statements of Operations Information:

Three Months Ended September 30,

Nine Months Ended September 30,

Costs of revenues

Total operating expenses

Loss from operations

Total other income, net

Income tax expense

Zeolite revenue decreased $78,783, or 7%, for the three months ended March 31, 2026, as compared to the prior year period, primarily due to a 4% decrease in the average sales price per ton coupled with a modest decline in sales volumes.

Gross profit decreased $279,182 for the three months ended March 31, 2026, as compared to the prior year period, primarily due to decreases in sales volumes and average sales prices coupled with higher freight costs.

Capital Resources and Liquidity:

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Working capital

Nine Months Ended September 30,

Three months ended March 31,

Cash Flow Information

Net cash (used in) provided by operating activities

Net cash (used in) provided by investing activities

Net cash provided by (used in) financing activities

Net increase in cash

Net cash used in operating activities was $6,220,686 for the nine months ended September 30, 2025, compared to net cash provided by operating activities of $1,042,162 for the same period in 2024.

The significant net use of cash in 2025 primarily reflected significant working capital investments made during the nine-month period.

The Company experienced a $7,167,437 increase in inventory, driven by substantially higher levels of antimony inventory on hand, as illustrated in the inventory chart below.

In addition, prepaid expenses and other current assets increased by $1,716,295, and accounts receivable rose by $798,413.

The increase in accounts receivable reflected higher sales levels.

These outflows were partially offset by a $2,672,335 increase in accounts payable, largely due to an increase in antimony purchases and an increasing percentage of market prices charged by suppliers for antimony.

Net cash used in operating activities

Net cash used in investing activities

Net cash (used in) provided by financing activities

Net cash used in operating activities was $12.1 million for the three months ended March 31, 2026, compared to $1.7 million in the prior year period.

The increased use of operating cash was primarily driven by higher working capital requirements, including a $9.7 million increase in inventories reflecting the buildup of antimony inventory.

Accounts payable increased by $2.8 million during the quarter;

however, excluding $5.0 million of property and equipment additions included in accounts payable at period end, accounts payable decreased by $2.2 million.

These two uses of cash were partially offset by a $1.7 million decrease in accounts receivable.

Operating cash flow was further impacted by a net loss of $11.3 million in the current period, partially offset by non-cash items, including share-based compensation expense of $4.8 million and the unrealized loss on our investment in equity securities of $4.1 million.

Inventory by segment as of the date indicated was as follows:

March 31, 2026

December 31, 2025

September 30, 2024

March 31, 2025

December 31, 2024

September 30, 2025

Antimony inventory

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Total inventories

The increase in prepaid expenses and other currents assets was primarily due to payments made for inventory shipments that were pending receipt at September 30, 2025.

This resulted in an increase in “prepaid expenses and other current assets” of approximately $1,469,000 from December 31, 2024 to September 30, 2025.

Also, prepaid insurance increased by approximately $229,000 from December 31, 2024 to September 30, 2025, due to insurance renewal payments made during the second quarter of 2025 to continue coverage for the next policy year.

Net cash used in investing activities was $35,995,481 for the nine months ended September 30, 2025 as compared to net cash provided by investing activities of $141,708 for the nine months ended September 30, 2024.

Investing activities in the first nine months of 2025 were comprised of $19,934,953 for purchases of U.S.

Treasury Strips and capital expenditures totaling $16,069,244.

These capital expenditures included $5,025,120 for the purchase of the Fostung Properties, a mining property consisting of 50 single-cell mining claims located in the Sudbury District of Ontario, Canada and approximately $9 million of construction in progress expenditures primarily associated with the expansion of our existing smelting operations located in Thompson Falls, Montana.

See Note 8 of the Notes to Condensed Consolidated Financial Statements in this Quarterly Report for further information.

Net cash provided by financing activities was $42,415,350 for the nine months ended September 30, 2025 as compared to $71,139 of net cash used in financing activities for the corresponding period in the prior year.

Significant financing activities in the first nine months of 2025 included $38,440,596 of net proceeds received from the sale of common stock in “at the market offerings” and one direct offering with an institutional investor, and $4,427,756 of proceeds received from the exercise of pre-existing common stock warrants.

In October 2025, the Company received approximately $66 million of additional net proceeds pursuant to “at the market offerings” and two direct offerings to certain institutional investors.

The Company incurred a net loss of $4.1 million for the nine months ended September 30, 2025.

Included in this loss was $5.2 million of non-cash expenses, which consisted primarily of $4.7 million of non-cash share-based compensation expense and $0.8 million of non-cash depreciation and amortization expense, partly offset by $0.2 million of net non-cash lease income.

The Company has entered into a Letter of Intent to acquire an existing custom precious metals mill and flotation facility to enhance its processing capabilities.

Separately, given the limited local availability of residential housing options in Thompson Falls, Montana, the Company has entered into a contract pending resolution of certain closing contingencies to purchase an existing housing development in the local area to ensure adequate housing levels are available for new employees who will work in the new expansion facility of our existing smelting operations.

Net cash used in investing activities was $12.6 million for the three months ended March 31, 2026, compared to $0.9 million in the prior year period.

Investing activities in the current period was driven by $12.6 million of capital expenditures, which included $4.8 million for the purchase of the Radersburg floatation mill, $4.6 million of construction in progress cash expenditures primarily associated with the expansion of our existing smelting operations located in Thompson Falls, Montana that will largely be reimbursed with proceeds from the approved $27.0 million award from the U.S.

Department of War, and $3.2 million of other additions, which primarily related to additional mining claim investments.

Net cash used in financing activities was $2.6 million for the three months ended March 31, 2026, compared to $3.2 million of net cash provided by financing activities in the prior year.

Significant financing activities in the first quarter of 2026 included $4.9 million of treasury stock purchases, offset in part by $1.3 million of net proceeds received from the sale of common stock in “at the market offerings” and $1.0 million of proceeds received from the exercise of pre-existing common stock warrants.

Our mission is to service our employees, customers, and vendors well and grow our business profitably both organically and through strategic acquisitions and partnerships to increase shareholder value.

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However, our ability to access capital or raise funds when needed is not assured and, if capital is not available when, and in the amounts and terms needed, or if capital is not available at all, the Company could be required to significantly curtail its operations, modify existing strategic plans, and/or dispose of certain operations or assets, which could materially harm our business, prospects, financial condition, and operating results.

The Company secured a $5,000,000 LOC facility with a national bank in April 2025, 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 U.S.

Treasury Strips serve as collateral for this LOC.

The Company could generate funds or working capital by drawing on its LOC as it had no outstanding borrowings on the LOC at September 30, 2025.

The Company could also in the future receive funds from the U.S.

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.

Borrowings under the facility are secured by the Company’s investment securities held to maturity, specifically its U.S.

Treasury Strips, which are pledged as collateral.

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

As of March 31, 2026, the Company had no outstanding borrowings under the facility.

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

Department of War under the Defense Production Act to support the expansion and modernization of its domestic antimony processing operations.

The award is milestone-based, with $16.2 million currently obligated and additional funding subject to future authorization.

The Company could also receive additional funding from the U.S.

Government for initiatives related to facility expansion and mining exploration and development.

However, there is no assurance that U.S.

Government funding will ultimately be accessible to the Company.

The Company has made formal applications in 2026 to several governmental agencies of $274 million.

However, there is no assurance that additional U.S.

Government funding will be accessible to the Company.

In addition, the Company continues to review each segment’s operational and financial results for opportunities to improve cash flow and to make informed decisions that benefit the Company overall.

As of September 30, 2025, the Company had cash and cash equivalents of $18,338,679.

We intend to fund our cash requirements with our cash and cash equivalents, cash generated from our operations, and capital raised from various investment vehicles and methods and believe cash from these sources are sufficient to cover our requirements for the next twelve months.

We may use cash to acquire businesses.

The nature of these investments and transactions, however, makes it difficult to predict the amount and timing of such cash requirements.

As of March 31, 2026, the Company had cash and cash equivalents of $3.2 million and investments in debt securities of $20.5 million as available liquidity.

We intend to fund our cash requirements with our cash and cash equivalents, cash generated from our operations, and capital raised from various investment vehicles and believe cash from these sources are sufficient to cover our requirements for the next 12 months.

We intend to continue to invest in our employees, customers, infrastructure, and operations with the goals of increasing production, decreasing costs, and growing revenue profitably.

We may also use our available cash to acquire businesses or additional properties.

The nature of these investments and transactions, however, makes it difficult to predict the amount and timing of such future cash requirements.

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

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What changed 10-Q

Item 2. Management’s Discussion and Analysis