What changed in this filing

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Item 1. Financial Statements

2026-08-11 compared with 2026-05-14 · 315 added, 218 removed, 502 unchanged (51% of the section changed)

6 unchanged sentences

Accounts receivable, net

Government grant receivable

Prepaid expenses and other current assets

6 unchanged sentences

Investment in joint venture

Restricted cash for reclamation bonds

Restricted cash

Other assets, net

31 unchanged sentences

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)

Three months ended March 31,

Three months ended June 30,

Six months ended June 30,

Cost of revenues

8 unchanged sentences

( 6,980,900 )

( 14,498,095 )

Other income (expense), net:

Interest and investment income

Unrealized loss on investment in equity securities

( 4,061,430 )

Other miscellaneous expense, net

Unrealized gain on investment in equity securities

Other miscellaneous income (expense), net

Total other income (expense), net

( 3,761,169 )

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

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

( 11,111,560 )

13 unchanged sentences

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

For the three months ended March 31, 2026 and 2025

For the three and six months ended June 30, 2026 and 2025

Preferred Stock

13 unchanged sentences

( 6,372,556 )

Total Preferred Stock

Share-based compensation

Issuance of common stock under equity incentive plan

( 3,045,453 )

( 2,588,683 )

Issuance of common stock for cash, net of issuance costs

Issuance of common stock upon exercise of warrants

Balance - June 30, 2026

( 56,672,749 )

( 9,418,009 )

Preferred Stock

Stockholders’

7 unchanged sentences

( 40,602,499 )

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

( 40,420,944 )

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

1 unchanged sentence

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)

Three months ended March 31,

Six months ended June 30,

CASH FLOWS FROM OPERATING ACTIVITIES:

6 unchanged sentences

Share-based compensation

Accretion income from investment in debt securities held to maturity

Accretion income from investment securities held to maturity

Paid-in-kind interest from notes receivable

3 unchanged sentences

Change in allowance for credit losses

Unrealized loss on investment in equity securities

Unrealized gain on investment in equity securities

( 2,724,823 )

Changes in operating assets and liabilities:

2 unchanged sentences

( 9,601,887 )

( 5,566,803 )

Prepaid expenses and other current assets

( 1,877,748 )

( 1,249,047 )

IVA receivable and other assets

7 unchanged sentences

CASH FLOWS FROM INVESTING ACTIVITIES:

Investment in joint venture

Proceeds from maturity of debt securities held to maturity

Purchases of debt securities held to maturity

( 1,294,726 )

( 9,991,259 )

Proceeds from note receivable principal payment

Additional advance under convertible note receivable

( 1,116,154 )

Proceeds from sales of property, plant and equipment

Investment in joint venture

Proceeds from government grant related to capital expenditures

Purchases of property, plant and equipment

( 22,813,341 )

( 7,394,073 )

Net cash used in investing activities

( 11,122,075 )

( 17,384,832 )

CASH FLOWS FROM FINANCING ACTIVITIES:

5 unchanged sentences

Proceeds from exercise of warrants

Net cash (used in) provided by financing activities

( 2,633,542 )

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

Net cash provided by financing activities

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

( 12,462,474 )

5 unchanged sentences

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

Property and equipment included in accounts payable

Equipment purchased with note payable

Property and equipment included in accounts payable / accrued liabilities

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

1 unchanged sentence

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

March 31, 2026

June 30, 2026

NOTE 1 - NATURE OF OPERATIONS

5 unchanged sentences

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.

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

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.

These acquisitions have the potential to increase antimony ore throughput at the Company’s facilities, reduce the cost of third-party antimony ore purchases, provide reliability of supply, expand the Company’s product offerings and diversify its critical mineral portfolio.

The Company has also entered into an agreement to acquire certain 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 March 31, 2026, and its results of operations and cash flows for the three months ended March 31, 2026 and 2025.

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 June 30, 2026, and its results of operations and cash flows for the three and six months ended June 30, 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.

1 unchanged sentence

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.

These accounting policies conform to U.S.

GAAP and have been consistently applied in the preparation of the financial statements.

Use of Estimates

3 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-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.

Operating results for the three and six months ended June 30, 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)

March 31, 2026

June 30, 2026

Investment in Joint Venture

4 unchanged sentences

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’s share of the JV’s results is recognized in “Equity in 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 November 2024, the FASB issued ASU 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40):

In November 2024, the Financial Accounting Standards Board (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.

23 unchanged sentences

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

March 31, 2026

June 30, 2026

NOTE 3 – EARNINGS PER SHARE

3 unchanged sentences

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,

Three months ended June 30,

Six months ended June 30,

Net income (loss)

10 unchanged sentences

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,

Three months ended June 30,

Six months ended June 30,

Stock options and RSU awards

9 unchanged sentences

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

March 31, 2026

June 30, 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.

13 unchanged sentences

Sales by product were as follows:

Three months ended March 31,

Three months ended June 30,

Six months ended June 30,

Precious metals

1 unchanged sentence

Domestic and foreign revenues were as follows:

Three months ended March 31,

Three months ended June 30,

Six months ended June 30,

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 trade accounts receivable balance related to contracts with customers was $ 2,607,687 at June 30, 2026 and $ 4,213,305 at December 31, 2025, which is net of an allowance for credit losses of $ 1,345 and $ 909 at June 30, 2026 and December 31, 2025, respectively.

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

2 unchanged sentences

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

Pricing is determined at the time each delivery order is placed based on prevailing market rates and each shipment will represent a separate performance obligation satisfied at a point in time.

Pricing is determined at the time each delivery order is placed based on prevailing market rates along with certain specific fees and each shipment will represent a separate performance obligation satisfied at a point in time.

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

Subsequent to entering into this agreement, the Company received 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.

During June 2026, the Company fulfilled its first two shipments under the contract with the DLA.

These shipments, which consisted of approximately 82,000 pounds of antimony metal ingots, were formally accepted by the DLA in July 2026.

Under the terms of the contract, control transfers to the DLA when formal acceptance has occurred.

As a result, the Company recognized the $ 2.6 million of revenue related to these shipments in July 2026, which will be included in the Company’s third-quarter financial results.

UNITED STATES ANTIMONY CORPORATION AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

March 31, 2026

June 30, 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.

Once the monthly delivery schedule through December 2026 specified in the agreement is completed, subsequent deliveries, pricing (pursuant to semiannual market-based adjustments), and volume commitments will be subject to mutual written agreement between the Company and the customer every six months.

During the three and six months ended June 30, 2026, the Company recognized $ 1.0 million and $ 3.7 million, respectively, of revenue related to this contract.

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:

The following is a summary of the Company’s investment securities held to maturity as of June 30, 2026:

Estimated Fair

11 unchanged sentences

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

During the three and six months ended June 30, 2026, the Company recognized interest income from the accretion of its U.S.

Treasury Strips of $ 194,509 and $ 386,648 , respectively.

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

Treasury Strips of $ 95,990 during both the three and six months ended June 30, 2025.

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

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

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

At June 30, 2026, the Company’s held to maturity securities were scheduled to mature as follows:

Estimated Fair

2 unchanged sentences

Total held-to-maturity securities

UNITED STATES ANTIMONY CORPORATION AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

June 30, 2026

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.

The Company’s 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.

During the first and second quarters of 2026, the Company borrowed $ 5.0 million and $ 10.0 million, respectively, under the margin credit line, with each borrowing repaid prior to the end of the respective quarter.

The Company had no outstanding borrowings under the margin credit line outstanding as of June 30, 2026 or December 31, 2025.

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

NOTE 7 – INVENTORIES

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 at June 30, 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.

6 unchanged sentences

Total inventories

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.

At June 30, 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 six months ended June 30, 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 six months ended June 30, 2025.

NOTE 8 – NOTE RECEIVABLE

In 2025, as part of an international strategic supply agreement with a supplier for the purchase of processed antimony meeting specified quality standards over an approximate 36-month period, the Company extended a secured promissory note to the supplier in the original principal amount of $ 2,500,000 .

On February 1, 2026, the note was amended and restated to incorporate accrued interest into the outstanding principal balance.

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

The amended note required monthly principal payments of $ 100,000 beginning July 1, 2026, with the remaining balance due on December 31, 2026.

The amended note also included a demand feature permitting the Company to require immediate repayment.

During the second quarter of 2026, the parties entered into a new Convertible Promissory Note (the “Convertible Note”), which replaced the previously outstanding note receivable.

The Company entered into the Convertible Note as part of its ongoing strategic commercial relationship with the supplier.

The additional funding is intended to support the supplier’s continued development of its antimony processing capabilities and future product supply.

The Convertible Note has a principal balance of $ 4,000,000 and bears interest at 10.0 % per annum.

The principal balance of the Convertible Note includes the outstanding indebtedness under the most recent financing arrangement, $ 40,752 of accrued interest, $ 356,570 previously advanced for inventory that had not been received as of the date of the Convertible Note, and $ 1,116,154 of additional funding provided by the Company.

The Convertible Note matures upon the earliest of (i) five days following written demand by the Company, (ii) the occurrence of an event of default, or (iii) May 29, 2028.

The Convertible Note also grants the Company the right, at its election, to convert all or a portion of the outstanding indebtedness, including accrued and unpaid interest, into membership interests of the borrower which owns a hydrometallurgical processing facility located internationally.

As a condition of the Convertible

UNITED STATES ANTIMONY CORPORATION AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

June 30, 2026

Note, the Company received an exclusive license to this antimony processing technology for use in North America and Australia.

In addition, the processed antimony being received from this supplier is below prevailing international market rates.

The Convertible Note is secured by substantially all of the assets of the borrower and is further supported by a personal guaranty from the borrower’s principal owner.

The Convertible Note also contains mandatory prepayment provisions, setoff rights, and other customary creditor protections.

Management evaluated the embedded conversion feature and concluded that separate derivative accounting was not required.

The Company evaluated the collectability of the Convertible Note in accordance with its expected credit loss methodology and concluded that no allowance for expected credit losses was required after considering, among other factors, the pledged collateral, contractual demand rights, the borrower’s current operating status, expected future operating cash flows, and other credit enhancements associated with the financing arrangement.

Because the Company has an unconditional contractual right to demand repayment at any time, the Convertible Note is classified as a current asset in the Condensed Consolidated Balance Sheet.

NOTE 9 – 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.

3 unchanged sentences

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)

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.

On March 25, 2026, the Company received formal approval from the DIBC confirming the achievement of three project milestones associated with $ 12.8 million of committed funding.

Management concluded that the recognition criteria under ASC 832 had been satisfied because the related performance conditions had been met and receipt of the funding was probable.

As a result, during the first quarter of 2026, the Company recognized a $ 12.8 million government grant receivable, which was collected in April 2026.

Consistent with its election to apply the cost accumulation approach under ASU 2025-10 for grants related to long-lived assets, the Company recognized the corresponding grant proceeds as a reduction of the carrying amount of Property, Plant, and Equipment (“PP&E”) associated with the Thompson Falls facility expansion.

Grant proceeds are allocated to the underlying depreciable asset categories on a pro rata basis relative to the capitalized costs incurred.

The related cash inflow was classified as an investing activity in the Condensed Consolidated Statement of Cash Flows, consistent with the classification of the capital expenditures the grant was intended to offset.

The Thompson Falls facility expansion was substantially completed and $ 4.1 million of the related assets were placed in service late in the second quarter of 2026.

The reduced carrying value of the depreciable assets is expected to result in lower depreciation expense prospectively over the remaining estimated useful lives of those assets.

As of June 30, 2026, the Company had not recognized any amounts related to $ 14.2 million of funding that remained subject to future milestone achievement and approval.

This amount includes the $ 10.8 million portion of the award that has not yet been authorized by the U.S.

The Company expects to receive additional funding under the agreement as further milestones are completed, and the related funding is subsequently approved.

UNITED STATES ANTIMONY CORPORATION AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

June 30, 2026

NOTE 10 – PROPERTY, PLANT AND EQUIPMENT

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

March 31, 2026

The major components of the Company’s PP&E by segment were as follows:

June 30, 2026

Plant and equipment

17 unchanged sentences

Property, plant and equipment, net

UNITED STATES ANTIMONY CORPORATION AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

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.

11 unchanged sentences

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:

UNITED STATES ANTIMONY CORPORATION AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

June 30, 2026

In May 2026, the Company executed an agreement to acquire the ownership rights to various mining claims located in the Fairbanks District of Alaska.

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

This agreement requires net smelter royalty payments by the Company based on the value realized from minerals produced from the mining claims.

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

The Company has 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 June 30, 2026 to make aggregate payments to purchase these claims of approximately $ 7.0 million, payable as follows:

approximately $ 150,000 in the remainder of 2026, $ 600,000 in 2027, $ 650,000 in 2028, $ 3.3 million in 2029, and $ 2.35 million in 2030.

2 unchanged sentences

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.

All payments related to these mining claims and leases that became due on or before June 30, 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.

4 unchanged sentences

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

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)

March 31, 2026

During the three and six months ended June 30, 2025, the Company recorded $ 127,548 and $ 304,510 , respectively, of lease expense related to this lease in the Condensed Consolidated Statements of Operations.

During the first six months of 2026, there was no expense recorded for this lease since the agreement was terminated in September 2025.

In the first quarter of 2026, the Company acquired a precious metals milling facility located in Radersburg, Montana, which replaced the Company’s need for the Philipsburg facility.

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 as the rate implicit in the lease was not readily determinable.

The Company used its incremental borrowing rate as the discount rate since the rate implicit in the lease was not readily determinable.

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

The Company 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 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.

UNITED STATES ANTIMONY CORPORATION AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

June 30, 2026

Canada Operating Lease

6 unchanged sentences

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 Company’s incremental borrowing rate 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.

1 unchanged sentence

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

Six months ended

Operating lease expense

Cash paid for operating lease liability

Cash paid for operating lease liabilities

Cash paid for security deposit

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,

At June 30, 2026, the weighted average remaining lease term of operating leases was 35 months and the weighted average discount rate for operating leases was 3.49 %.

The following table is a maturity analysis of the future minimum lease payments for operating leases as of June 30, 2026:

Twelve months ending June 30,

Total operating lease payments

discount on lease liability

Total operating lease liability

current portion of operating lease liability

Noncurrent operating lease liability

discount on lease liabilities

Total operating lease liabilities

current portion of operating lease liabilities

Noncurrent operating lease liabilities

NOTE 12 – INVESTMENT IN EQUITY SECURITIES

3 unchanged sentences

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.

These changes in fair value may result from movements in Larvotto’s share price, changes in the

UNITED STATES ANTIMONY CORPORATION AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

June 30, 2026

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.

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

As of June 30, 2026 and December 31, 2025, the fair value of the investment reflected in the condensed consolidated balance sheet was $ 43,219,151 and $ 40,494,328 , respectively, and unrealized gains of $ 6,786,253 and $ 2,724,823 were recorded as other income (expense) in the condensed consolidated statement of operations for the three and six months ended June 30, 2026, respectively.

There were no unrealized gains or losses recorded as other income (expense) during the three and six months ended June 30, 2025.

NOTE 13 – INVESTMENT IN JOINT VENTURE

4 unchanged sentences

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.

As of June 30, 2026, these nonmonetary contributions have not yet been made.

The Company has made capital contributions to the JV of $ 149,000 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)

March 31, 2026

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

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.

For the three and six months ended June 30, 2026, the Company recognized equity in losses of the JV of $ 56,514 and $ 72,640 , respectively, which primarily reflects organizational, development, and other pre-operating costs incurred by the JV.

As of June 30, 2026, the carrying value of the Company’s investment in the JV was $ 76,360 .

Earlier this year, the Company made a formal application on behalf of the JV 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.

1 unchanged sentence

Long-term debt was as follows:

March 31, 2026

June 30, 2026

December 31, 2025

Installment contract payable to Komatsu, bearing interest at 3.49 %, payable in 36 monthly installments of $ 11,799 maturing May 2027;

collateralized by the Wheel Loader

Less current portion of debt

Long-term debt, net

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

Twelve months ending March 31,

Equipment financing - maturing May 2027

Equipment financing - maturing May 2030

Less current portion of debt payments

Long-term debt, net of current portion

In May 2024, BRZ acquired a large front-end wheel loader pursuant to a financing arrangement with a total contractual obligation of approximately $ 425,000 , payable in 36 monthly installments of $ 11,799 maturing in May 2027.

The financing arrangement provided for a fixed rate of 3.49 % per annum.

The financing arrangement is secured by a purchase money security interest in the wheel loader and is guaranteed by the Company.

As of June 30, 2026, the outstanding principal balance under the agreement was $ 127,550 , all of which was classified as current portion of long-term debt.

UNITED STATES ANTIMONY CORPORATION AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

June 30, 2026

In April 2026, the Company acquired a mid-size front-end wheel loader to be used at its precious metals milling facility located in Radersburg, Montana pursuant to a financing arrangement with a total contractual obligation of approximately $ 238,000 , payable in 48 monthly installments of $ 4,958 maturing in May 2030.

The financing arrangement does not bear a stated rate of interest;

accordingly, the Company recorded the equipment and related financing obligation at the present value of the future contractual payments using an imputed market interest rate of 6.0 %.

As a result, the Company recorded the equipment and debt at approximately $ 211,000 which is net of a debt discount of approximately $ 27,000 , which is being amortized to interest expense over the term of the financing arrangement using the effective interest method.

The financing obligation is secured by a purchase money security interest in the equipment.

As of June 30, 2026, the outstanding principal balance consisted of $ 48,363 classified as current portion of long-term debt and $ 158,862 classified as long-term.

At June 30, 2026, principal payments on debt were due as follows:

Twelve months ending June 30,

Total debt payments

discount on debt

Total debt payments net of discount

current portion of debt payments

Long-term debt, net of current portion

NOTE 15 – TAX

Management estimates the Company’s 2026 effective tax rate to be 0 % based on the Company’s year-to-date pretax loss, cumulative loss position, historical operating losses, and other available evidence supporting the continued need for a full valuation allowance against its net deferred tax assets.

Although the Company reported net income for the second quarter of 2026, such income was the direct result of an unrealized gain on an equity investment that is reflected as a temporary difference for tax purposes.

Accordingly, no income tax expense or benefit has been recorded for the three- and six-month periods ended June 30, 2026.

Mexico Tax Assessment

13 unchanged sentences

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

The TFJA declared both the

UNITED STATES ANTIMONY CORPORATION AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

March 31, 2026

no amounts due from the Company.

June 30, 2026

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

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

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

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

Mexico Import Value Added Tax

USAMSA recorded a receivable of $ 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.

USAMSA recorded a receivable of $ 2,955,899 and $ 1,875,771 at June 30, 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 full reserves against its IVA tax receivable balances at June 30, 2026 and December 31, 2025, respectively, resulting in net IVA tax receivables of zero at both period ends.

NOTE 16 – COMMITMENTS AND CONTINGENCIES

Mine Safety Matters

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.

During the six months ended June 30, 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.

At June 30, 2026 and December 31, 2025, BRZ had no accrued liabilities relating to MSHA citations.

BRZ’s Zeolite Lease

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.

Thompson Falls, Montana Facility Expansion

In April 2025, the Company engaged 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 $ 39 million, of which approximately $ 37 million has been formally agreed to with various third-party vendors.

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.

As of June 30, 2026, the Company has incurred approximately $ 33 million related to these commitments.

The Thompson Falls facility expansion was substantially completed during the second quarter of 2026, resulting in approximately $ 4 million of project costs being transferred from construction in progress to the appropriate PP&E asset categories as the related assets were placed in service late in the quarter.

The remaining approximately $ 29 million of gross project costs are included in the “Construction in progress” component of PP&E in the Condensed Consolidated Balance Sheets presented net of the $ 12.8 million of grant funding received under the Company’s DIBC award, as discussed in NOTE 9 – GOVERNMENT GRANT.

Inventory Purchase Commitments

As of June 30, 2026, the Company had outstanding purchase commitments for antimony inventory with an aggregate estimated cost of approximately $ 5 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.

Legal Matters

The Company’s Mexican subsidiary USAMSA is a defendant in a commercial lawsuit relating to historical obligations under an agreement for certain services related to mining claims in Mexico.

The action is in its initial stages with the plaintiff seeking approximately $ 339,000 in damages and $ 54,390 of associated value added tax.

In connection with the litigation, a Mexican court issued a precautionary attachment order requiring the Company to restrict approximately $ 339,000 held in a bank account as security pending

UNITED STATES ANTIMONY CORPORATION AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

June 30, 2026

resolution of the matter and until posting of a judicial surety bond to substitute for the attachment is completed.

As a result, the Company has classified such amount as restricted cash in the accompanying Condensed Consolidated Balance Sheet as of June 30, 2026.

The Company intends to vigorously defend the action and, based on the information currently available and after consultation with legal counsel, management does not believe a loss is probable.

Accordingly, no liability has been recorded as of June 30, 2026, although an adverse outcome remains reasonably possible.

The Company has subsequently filed a countersuit against the same party in excess of the amounts described to recover amounts previously paid to the party for services subject to the disagreement.

The Company is from time to time involved in various other claims, legal proceedings and complaints arising in the ordinary course of business.

The Company does not believe that adverse decisions in any such pending or threatened proceedings, or any amount that the Company might be required to pay by reason thereof, would have a material adverse effect on the financial condition or future results of the Company.

NOTE 17 – STOCKHOLDERS’ EQUITY

Issuance of Common Stock

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.

During the six months ended June 30, 2026 and 2025, the Company issued 3,449,209 shares and 1,472,097 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 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.

During the six months ended June 30, 2026, the Company sold 4,326,433 shares of its common stock in “at the market offerings” and received gross proceeds of $ 50,033,307 based on a weighted average price of $ 11.56 per share.

The aggregate net proceeds received by the Company, after deducting direct issuance costs of $ 962,469 , totaled $ 49,070,838 .

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.

During the first six months of 2025, the Company sold 1,857,923 shares of its common stock in “at the market offerings” and received gross proceeds of $ 5,158,787 based on a weighted average price of $ 2.78 per share.

The aggregate net proceeds received by the Company, after deducting direct issuance costs of $ 94,304 , totaled $ 5,064,483 .

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

The Company also issued 2,703,643 shares of its common stock during the first six months of 2026 related to the exercise of warrants.

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

UNITED STATES ANTIMONY CORPORATION AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

March 31, 2026

Share-based compensation

4 unchanged sentences

Three months Ended

Six months Ended

Stock options

Total share-based compensation expense

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

UNITED STATES ANTIMONY CORPORATION AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

June 30, 2026

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

Three months Ended

Six months Ended

General and administrative

3 unchanged sentences

Stock options

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

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

Three Months Ended

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

The following table shows the weighted-average assumptions used to value options granted during the six months ended June 30, 2026:

Six Months Ended

Weighted-Average Grant Date Assumptions

March 31, 2026

June 30, 2026

Expected term (in years)

8 unchanged sentences

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.

2 unchanged sentences

Options outstanding, December 31, 2025

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.

( 1,722,289 )

Options outstanding, June 30, 2026

Nonvested options, June 30, 2026

Vested and exercisable options, June 30, 2026

UNITED STATES ANTIMONY CORPORATION AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

June 30, 2026

At June 30, 2026, total unrecognized share-based compensation expense related to stock options was $ 4,188,207 , which is expected to be recognized over a weighted average remaining period of 0.8 years.

During the six months ended June 30, 2026, 1,722,289 stock options were exercised to purchase shares of common stock.

These exercises included 421,797 options for cash proceeds of $ 259,501 and cashless exercises where 372,185 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, where 928,307 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 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 .

The total intrinsic value of the 1,722,289 stock options exercised during the six months ended June 30, 2026 was $ 14,560,523 .

During the six months ended June 30, 2025, 622,500 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 50,269 shares of common stock were surrendered to the Company to pay for the aggregate exercise price of the stock options and 322,231 shares of common stock were issued.

The total intrinsic value of the 322,500 stock options exercised during the six months ended June 30, 2025 was $ 1,061,033 .

Restricted stock units

2 unchanged sentences

( 1,726,920 )

RSUs outstanding at March 31, 2026

UNITED STATES ANTIMONY CORPORATION AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

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.

RSUs outstanding at June 30, 2026

At June 30, 2026, total unrecognized share-based compensation expense related to RSUs was $ 6,009,654 , which is expected to be recognized over a weighted-average remaining period of 1.7 years.

The weighted average remaining contractual term of the nonvested RSU shares was 1.5 years at June 30, 2026.

During the six months ended June 30, 2026 and 2025, 1,726,920 and 899,866 shares of common stock, respectively, were issued upon the vesting of RSUs with a total fair value of $ 16,656,240 and $ 1,269,256 , respectively.

Also, during the six months ended June 30, 2026, 528,362 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 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:

During the six months ended June 30, 2026, the Company issued 2,703,643 shares of common stock related to the exercise of pre-existing warrants and received gross proceeds of $ 1,963,812 based on a weighted average exercise price of $ 0.73 per share.

In the first two quarters of 2025, the Company issued 2,919,643 shares of common stock related to the exercise of pre-existing warrants and received gross proceeds of $ 2,225,411 based on a weighted average exercise price of $ 0.76 per share.

There were no warrants issued or that expired during the six months ended June 30, 2026 and 2025.

Following is a summary of the Company’s warrant activity during the six months ended June 30, 2026:

Exercise Price

1 unchanged sentence

( 2,703,643 )

Balance at March 31, 2026

Balance at June 30, 2026

UNITED STATES ANTIMONY CORPORATION AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

June 30, 2026

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

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

The composition of the Company’s remaining warrants outstanding at June 30, 2026 was as follows:

Number of warrants

5 unchanged sentences

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 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.

During the six months ended June 30, 2026, the Company withheld 372,185 shares of common stock, with an aggregate value of $ 3,654,449 , 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.

Also, during the six months ended June 30, 2026, 528,362 newly issued common shares with a cost of $ 5,189,407 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 six months ended June 30, 2025.

NOTE 18 – BUSINESS SEGMENTS

5 unchanged sentences

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

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:

The following components of the Company’s business were not engaged in business activities at June 30, 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.

2 unchanged sentences

Total assets by segment were as follows:

March 31, 2026

June 30, 2026

December 31, 2025

2 unchanged sentences

Total capital expenditures by segment were as follows:

Three months ended March 31,

Three months ended June 30,

Six months ended June 30,

Capital expenditures

2 unchanged sentences

Total capital expenditures

UNITED STATES ANTIMONY CORPORATION AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

June 30, 2026

Selected segment operational information were as follows:

Three months ended March 31, 2026

Three months ended June 30, 2026

Total revenues

3 unchanged sentences

( 2,015,220 )

Other expense

( 6,980,900 )

1 unchanged sentence

Equity in losses of joint venture

Three months ended June 30, 2025

Total revenues

Depreciation and amortization

Income (loss) from operations

Income tax expense

Six months ended June 30, 2026

Total revenues

Depreciation and amortization

Loss from operations

( 10,238,440 )

Three months ended March 31, 2025

( 1,291,856 )

( 2,967,799 )

( 14,498,095 )

Income tax expense

Equity in losses of joint venture

( 11,184,200 )

Six months ended June 30, 2025

Total revenues

1 unchanged sentence

Income (loss) from operations

( 1,168,548 )

Income tax expense

UNITED STATES ANTIMONY CORPORATION AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

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.

Note 19 - SUBSEQUENT EVENT

Shipments to DLA

During June 2026, the Company fulfilled its first two shipments under the contract with the DLA.

These shipments, which consisted of approximately 82,000 pounds of antimony metal ingots, were formally accepted by the DLA in July 2026.

Under the terms of the contract, control transfers to the DLA when formal acceptance has occurred.

As a result, the Company recognized the $ 2.6 million of revenue related to these shipments in July 2026, which will be included in the Company’s third-quarter financial results.

Common Stock Warrants

In July 2026, the Company issued 130,250 shares of common stock and received gross proceeds of $ 110,713 related to the exercise of warrants, based on a weighted average exercise price of $ 0.85 per share.

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