RISK FACTORS.
−Removed: There have been no material changes from the risk factors previously disclosed in the Company’s Form 10-K/A for the year ended December 31, 2024, which was filed with the SEC on April 18, 2025, except as described below.
−Removed: Changes in United States trade policies, including the imposition of tariffs and retaliatory tariffs, may adversely impact our business, financial condition, and results of operations.
−Removed: Potential tariffs and trade restrictions may, among other things, cause the prices of ore and our product upon import into the US to increase, which could reduce demand for such products given the increased cost, and have a material adverse impact on our revenues, financial condition, and results of operations.
−Removed: In addition, to the extent changes in the political environment have a negative impact on us or on the markets in which we operate our business, our results of operations and financial condition could be materially and adversely impacted in the future.
−Removed: Mining exploration, development, and production may not be economically viable .
−Removed: On July 24, 2025, the Company published its technical report summary (“TRS”) in accordance with the mining property disclosure rules specified in subpart 1300 of Regulation S-K (“SK 1300”) on its zeolite mineral deposit located in Preston, Idaho.
−Removed: This TRS is an exhibit to the Form 8-K filed by the Company on July 25, 2025.
−Removed: However, the Company has not completed a TRS for any of its other properties.
−Removed: Until a TRS is completed for the Company’s properties in accordance with SK 1300 or Canadian National Instrument 43-101 (“NI 43-101”), there can be no guarantee or assurance of the contents, quantity, or grade of mineral resources or reserves at the location.
−Removed: Any indication of the contents, quantity, or grade of minerals at these properties can be materially inaccurate.
−Removed: See “Cautionary Note Concerning Disclosure of Mineral Resources,” above.
−Removed: In addition, we have not established proven or probable reserves, as defined under S-K 1300 or NI 43-101, through the completion of a feasibility study for these mining claims and leases.
−Removed: As a result, there is increased uncertainty and risk that may
−Removed: result in economic and technical failure which may materially adversely impact our future profitability, financial condition, and results of operations.
−Removed: Processing and selling ore from new suppliers and internal sources may not be economically viable .
−Removed: Ore sourced from new suppliers as well as ore sourced from our mine sites may not be able to be processed profitably, which could have a material adverse effect on our results of operations and financial condition.
−Removed: Additional risk associated with non-domestic supply of antimony ore.
−Removed: The Company purchases ore from non-domestic suppliers, each purchase of which is typically for a material amount.
−Removed: There are many risks associated with purchasing ore from non-domestic suppliers including, but not limited to, shipping disruptions, such as extended delays at intermediary ports.
−Removed: Due diligence is performed on each supplier, however, there can be no assurance that the information obtained is credible or accurate.
−Removed: In addition, there is no guarantee that the suppliers’ product will be delivered to the Company, even after payment is made by the Company.
−Removed: Also, there can be no assurance that the product content, quantity, or grade will be as expected.
−Removed: As a result, there is increased uncertainty and risk related to purchasing product from non-domestic suppliers that could have a material adverse impact on our future profitability, financial condition, and results of operations.
−Removed: The Company’s held-to-maturity investment securities and recent equity investment are subject to potential devaluation, which could negatively impact our financial condition and results of operations.
−Removed: The Company maintains certain investments in held-to-maturity debt securities and equity securities that are carried at amortized cost or fair value, as applicable, in accordance with U.S.
−Removed: Changes in market interest rates, credit quality of the issuers, or general economic conditions could adversely affect the fair value of these investments.
−Removed: Although held-to-maturity securities are not required to be adjusted for temporary market fluctuations, a sustained decline in value or evidence of credit deterioration may require the recognition of an impairment loss.
−Removed: Similarly, the fair value of our equity investment may fluctuate significantly due to market volatility or other factors beyond our control.
−Removed: Any such declines in the value of our investment portfolio could adversely affect the Company’s financial position, results of operations, or liquidity.
−Removed: 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.
−Removed: These risks include non-performance by the Company or its suppliers;
−Removed: cost increases for materials, energy, transportation, and labor;
−Removed: and volatility in market pricing of antimony that may affect profitability under fixed-price or long-term contracts.
−Removed: The Company may also experience increased working capital requirements associated with inventory purchases, production timing, and customer payment terms.
−Removed: Operational challenges such as equipment downtime, supply chain disruptions, or securing adequate quantities of compliant materials could delay deliveries or increase costs.
−Removed: Additionally, the Company is subject to regulatory, compliance, and quality control requirements that may impose additional costs or potential penalties if not met.
−Removed: Broader geopolitical and national security factors, including trade restrictions, sanctions, or changes in government procurement policies, could further impact the Company’s ability to perform under existing or future contracts.
−Removed: Any combination of these factors could materially and adversely affect the Company’s financial condition, liquidity, and results of operations.
+Added: There have been no material changes from the risk factors previously disclosed in the Company’s Form 10-K for the year ended December 31, 2025, which was filed with the SEC on March 19, 2026, except as described below.
+Added: The Company’s receipt of funds under its Department of War award is subject to significant conditions, and failure to satisfy these conditions or obtain continued authorization could adversely impact its operations and financial condition.
+Added: In March 2026, the Company was awarded up to $27.0 million in funding from the U.S.
+Added: Department of War under the Defense Production Act, administered through the Defense Industrial Base Consortium (“DIBC”), to support the expansion and modernization of its domestic antimony processing operations.
+Added: The award is structured as a milestone-based arrangement, with $16.2 million currently obligated and the remaining $10.8 million subject to future authorization at the discretion of the U.S.
+Added: Payments are contingent upon the Company achieving specified project milestones, obtaining formal government approval of such milestones, and complying with ongoing requirements, including environmental, reporting, and project execution obligations.
+Added: There can be no assurance that the Company will successfully complete all required milestones, maintain compliance with all applicable conditions, or receive approval for additional funding.
+Added: Any failure to meet these requirements, delays in milestone achievement or approval, changes in government priorities, or termination or modification of the agreement could result in a delay, reduction, or forfeiture of expected funding.
+Added: In addition, the Company is required to fund a portion of the project costs, and if anticipated grant proceeds are not received in a timely manner or at all, the Company may be required to obtain alternative sources of financing or delay planned capital expenditures.
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.