What changed in this filing

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Item 1. Business

2025-03-20 compared with 2024-04-12 · 138 added, 122 removed, 74 unchanged (78% of the section changed)

United States Antimony Corporation 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 smelt antimony 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 in Idaho.

Our principal business is the production and sale of antimony, precious metals, primarily gold and silver, and zeolite products.

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

Although we extract minerals from the Bear River Zeolite property in Idaho that we later process and sell, we have not prepared a technical report summary for the Bear River Zeolite property making a determination on the property’s mineral resources or mineral reserves.

United States Antimony Corporation’s (“US Antimony,” “USAC,” the “Company,” “we,” “us,” and “our,”) principal business is in the processing and sale of antimony and precious metals, primarily gold and silver, at its facilities located in Montana and Mexico, and the mining, processing, and sale of zeolite at its facility located in Idaho.

The Company acquired mining claims and leases located in Alaska and Ontario, Canada in 2024 that could expand its operations as well as its product offerings.

Antimony and zeolite are minerals that are included in many products that are used every day.

USAC can provide these minerals in a form that can be used in these 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.

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 70% 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.

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 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 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.

The Company was formed in Montana in 1970 not only to process antimony ore but also to mine antimony ore.

However, antimony mining ceased in the U.S.

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

Since then, the Company continued to process ore sourced from foreign suppliers at its facility in Montana.

The Company also processes antimony ore at its two facilities located in Mexico, which are included in the Company’s subsidiary, US Antimony de Mexico, S.A.

(“USAMSA”), that it formed in Mexico in 1998.

The Company formed another subsidiary, Antimonio de Mexico, S.A.

(“ADM”), in Mexico in 2005 to explore and develop antimony and precious metal deposits in Mexico.

Our Los Juarez mining claims and concessions in Mexico are included in ADM.

Currently, the Company has no active operations in Los Juarez, Mexico.

Zeolite is used in many products as filtration.

The Company mines, processes, and sells zeolite at its facility located in Idaho, which is included in the Company’s subsidiary, Bear River Zeolite Company (“BRZ”), that it formed in Idaho in 2000.

Zeolite can be used for water filtration, sewage treatment, nuclear waste and other environmental cleanup, odor control, gas separation, animal nutrition, soil amendment and fertilizer, and other miscellaneous applications.

The Company is in the process of completing a technical report summary documenting the estimate of total mineral resources and reserves associated with the zeolite mine under lease.

The Company has completed test hole drilling and retained a qualified third-party expert to issue the report.

Given the environmental disturbance related to mining, we work with government agencies to comply with environmental regulations and health and safety standards and strive to grow responsibly for the health, safety, and protection of our employees and the environment.

In 2024, the Company acquired mining claims and leases in Alaska 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 expect these mining claims and leases will expand the Company’s operations and product offerings.

In certain of these areas, the Company intends to start with a geophysics study and a geological, structural, and petrographic study to enable future development with ultimate plans for a comprehensive drilling program.

The Company also leased a metals concentration facility with two flotation circuits located in Philipsburg, Montana in 2024 (“Philipsburg Lease”).

The Company has no active operations yet in Alaska or Ontario, Canada, nor has any material been processed yet through the metals concentration facility located in Philipsburg, Montana.

See Note 14 of the Notes to Consolidated Financial Statements in this Annual Report for further details on the Philipsburg Lease.

Recent Developments

The Company has two subsidiaries in Mexico, US Antimony de Mexico, S.A.

(“USAMSA”) and Antimonio de Mexico, S.A.

On March 11, 2024, the Company shut down the operations of USAMSA, terminated a majority of USAMSA employees, the cost of which related to this employee termination was approximately $40,000, and announced its plans to sell, lease, or dispose of its USAMSA subsidiary, operations, or assets.

The USAMSA subsidiary primarily includes the Company’s Madero antimony and precious metals plant in Parras de la Fuente Coahuila, Mexico and its Puerto Blanco antimony and precious metals plant in San Luis de la Paz Guanajuato, Mexico.

The Company intends to sell or lease its USAMSA subsidiary, operations, or assets over the next year and has initiated an active search for buyers or leasing opportunities of its operations and/or existing assets.

The Company will maintain its existing Los Juarez mining claims and concessions in Cadereyta de Montes Queretaro, Mexico, which are included in our ADM subsidiary.

There are presently no active operations at Los Juarez.

See Note 14 of the Notes to Consolidated Financial Statements in this Annual Report for further information.

In March 2024, the Company received a favorable ruling with no assessment due related to the audit of USAMSA’s 2013 income tax return by the Mexican tax authority (“SAT”) that began in 2015 and that had been under appeal since 2022.

See Note 9 and Note 14 of the Notes to Consolidated Financial Statements in this Annual Report for further information.

The Company’s USAMSA subsidiary primarily includes two processing facilities, its Madero facility in Parras de la Fuente Coahuila, Mexico and its Puerto Blanco facility in San Luis de la Paz Guanajuato, Mexico.

In March 2024, the Company shut down the operations of USAMSA and announced its intent to sell its USAMSA subsidiary.

The accounting requirements for reporting USAMSA as a discontinued operation were met in the first quarter of 2024.

In December 2024, the Company announced plans to restart its Madero facility in Mexico and made the decision not to sell its USAMSA subsidiary because of substantially increased demand and market price for antimony.

Therefore, the Company reclassified its USAMSA subsidiary’s assets and liabilities in its Consolidated Balance Sheets and related Notes to Consolidated Financial Statements from its presentation in the interim quarterly financial statements for the quarterly periods ended March 31, 2024, June 30, 2024, and September 30, 2024 to held-and-used for all periods presented in this Annual Report.

Also, the Company reported its USAMSA subsidiary’s operations in continuing operations in its Consolidated Statements of Operations, Consolidated Statements of Cash Flows, and related Notes to Consolidated Financial Statements for all periods presented in this Annual Report.

In 2025, the Company:

i) executed an option agreement to acquire mining claims in the Fairbanks District of Alaska, ii) executed an agreement to extend ore supply for its Montana smelting facility, iii) extended its existing mineral property lease in Preston, Idaho, for an additional 10 years, iv) modified the terms and conditions of the existing property lease in Philipsburg, Montana, which substantially reduced and deferred future monthly payments specifically in calendar year 2025, v) purchased a personal residence in Thompson Falls, Montana for a key employee required to transfer and move to that location, vi) sold shares of its common stock, and vii) received proceeds from the exercise of warrants.

See Note 14 of the Notes to Consolidated Financial Statements in this Annual Report for further details on these developments.

Products, Markets, and Segments

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Precious metals:

includes unrefined and refined gold and silver.

All sales of antimony, zeolite, and precious metals products are to customers in the United States and Canada.

The Company is organized and managed by the following four segments, which represent our operating units:

United States antimony segment, Mexico antimony segment, zeolite segment, and precious metals segment.

United States Antimony Segment

Our United States antimony segment consists of an antimony plant in the Burns Mining District of Sanders County in Montana, which primarily produces antimony oxide, antimony metal, antimony trisulfide, and precious metals.

Antimony oxide is a fine, white powder.

Our antimony oxide is used in conjunction with a halogen to form a synergistic flame-retardant system for plastics, rubber, fiberglass, textile goods, paints, coatings, and paper.

Our antimony oxide is also used as a color fastener in paint and as a phosphorescent agent in fluorescent light bulbs.

Our antimony metal is used in bearings, storage batteries and ordnance.

Our antimony trisulfide is used as a primer in ammunition.

The precious metals processed at this plant in Montana are included in our Precious Metals Segment.

We closed our antimony mine and mill in Montana in December 1983 because antimony ore could be purchased more economically from foreign sources.

Our mine and mill are approximately 1 mile from our current antimony smelter plant in Montana.

We hold one patented claim at the mine.

The environmental permitting process currently precludes mining at our mine in Montana.

As a result of the mine and mill closure, we have relied on sources outside the U.S.

includes refined and unrefined gold and silver.

All sales of antimony, zeolite, and precious metals products are to customers in the United States, Mexico, and Canada.

The Company is organized and managed in two reportable segments, antimony and zeolite.

Our Montana facility processes ore containing antimony and precious metals, which are gold and silver.

The gold and silver in this ore represent all precious metals processing and sales for the Company.

However, our ore processing costs related to antimony, gold, and silver cannot be separated between antimony and precious metals.

Therefore, our precious metals operations and financial results are included in our antimony segment.

Also, the Company has no active operations yet at Los Juarez, Mexico, Ontario, Canada, and Alaska, nor at its leased facility in Philipsburg, Montana.

Therefore, the Company has not included these locations in a reportable segment, but rather in its “All Other” category for segment reporting.

See further description of the Company’s segments in Note 13 of the Notes to Consolidated Financial Statements in this Annual Report.

Antimony Segment

Our antimony segment consists of:

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

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

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

Uses of Our Antimony Products

Antimony oxide is a fine, white powder that is used in conjunction with a halogen to form a synergistic flame-retardant system for plastics, rubber, fiberglass, textile goods, paints, coatings, and paper.

Antimony oxide is also used as a color fastener in paint and as a phosphorescent agent in fluorescent light bulbs.

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

Antimony trisulfide is used as a primer in ammunition.

The precious metals processed in Montana include gold and silver.

Our Montana facility purchases ore primarily from one supplier in Canada.

The Company renewed its annual contract with this supplier and will continue to purchase ore from this supplier for calendar year 2025.

See Note 14 of the Notes to Consolidated Financial Statements in this Annual Report for further details on this contract renewal.

The ore purchased from this supplier in Canada contains antimony, gold, and silver.

Therefore, the metallurgical techniques employed by our Montana facility for the recovery of antimony from this ore are altered to also recover the gold and silver.

After the gold and silver are recovered, our supplier of ore in Canada purchases the gold and silver back from the Company.

The sales of gold and silver are intermittent throughout the year.

Our Mexico facilities did not renew their contract with their ore supplier in 2023 and were shut-down for most of 2024.

However, the Company contracted with two new ore suppliers who will each supply ore to our Madero facility in Mexico in 2025.

These two suppliers will deliver additional ore if their initial deliveries are acceptable, which will expand our ore supply base and lessen our dependence on any one supplier.

We have relied on sources outside the U.S.

for antimony ore since 1983, and there are risks of interruption in procurement from these sources and volatile changes in world market prices for these materials that are not controllable by us.

We anticipate continuing to receive antimony ore primarily from a supplier in Canada but will continue to explore Mexico and Central America for suppliers of antimony ore, assuming economics are profitable.

The acquisition of antimony ore is technically complex and a function of the country’s laws and regulations.

Our purchasing consequently requires flexibility regarding supply agreements and is tailored accordingly to specific suppliers.

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.

We are the only significant U.S.

producer of antimony products.

We believe we are competitive both domestically and world-wide due to the following:

As a result, we continue to actively pursue additional domestic and foreign sources for antimony ore that are economically profitable.

In addition, we purchased some mining claims in Alaska and Ontario, Canada in 2024 with the goal of owning our ore supply of antimony and other minerals.

The purchase of antimony ore is technically complex and there are complicating factors with each purchase, some of which include the contents of the ore, the performance of the ore during our processing, the amount of ore that can be supplied monthly, and the country’s laws and regulations.

Our purchasing consequently requires specificity regarding supply agreements, credit support, etc.

and is tailored accordingly to specific suppliers.

Competitive Advantage

We believe we have a competitive advantage due to the following:

We are the only U.S.

domestic producer of antimony products.

We can ship on short notice to domestic customers.

domestic processor of antimony products.

We can process ore quickly and have minimal shipping time to domestic customers.

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

We have the only operating, permitted antimony smelter in the U.S.

Mexico Antimony Segment

The Company has two subsidiaries in Mexico, USAMSA and ADM.

As described in the “ Recent Developments ” section in this Annual Report, we shut down the operational activities of USAMSA on March 11, 2024, which primarily includes the following two antimony and precious metals processing plants in Mexico:

(1) the Madero smelter in Coahuila, and (2) the Puerto Blanco flotation mill, oxide circuit, and cyanide leach circuit in Guanajuato.

Our Madero smelter processes antimony ore primarily into antimony metal and an intermediate stage of antimony.

Our Puerto Blanco plant includes crushing equipment, a flotation mill, and an oxide circuit to process and produce an intermediate stage of antimony and a cyanide leach circuit and settling pond that recovers precious metals after the ore goes through the crushing and flotation cycles.

The intermediate stage of antimony produced at Madero and Puerto Blanco is shipped to our plant in Montana for further processing to produce antimony oxide and metal.

The precious metals processed at Madero and Puerto Blanco, which were shut down as well, are included in our Precious Metals Segment.

We will maintain our existing Los Juarez mining claims and concessions in Cadereyta de Montes Queretaro, Mexico, which are included in our ADM subsidiary.

There are presently no active operations at Los Juarez.

Combined United States and Mexico Antimony Segments

Combined Antimony Sales :

Following is a schedule of our antimony sales for the years ended December 31, 2023 and 2022:

We have the only operating, permitted antimony smelter located in the U.S.

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

Antimony Sales

Antimony Pounds Sold

Following is a schedule of our antimony sales for the years ended December 31, 2024 and 2023 and the related change from the prior year:

Sales ($) (a)

$ ∆ from prior

Pounds Sold (a)

prior year (a)

Average Sales Price/Pound Sold

$ (1,727,190 )

Revenue from sales of gold and silver totaled $525,087 and $326,496 and revenue from sales of antimony ore and concentrates totaled $368,627 and $nil for the years ended December 31, 2024 and 2023, respectively, which are excluded from Antimony Sales in the chart above but included in the antimony segment.

Antimony Pounds Sold in the chart above excludes the pounds sold related to gold, silver, and ore and concentrates for both years presented.

Antimony Price Fluctuations

We report our average antimony sales price per pound using the total antimony sales from all our antimony products, which primarily include metal, oxide, and trisulfide.

However, our operating results from all our antimony products have been, and will continue to be, related to the Rotterdam antimony metal market price, which has fluctuated widely over the past several years.

The Rotterdam average antimony metal market price per pound, as reported by Argus Metals, was $5.50 in 2023 and $5.99 in 2022.

The market price of antimony metal is determined by several variables out of our control.

These variables include the availability and price of imported antimony metal, the quantity of new antimony metal supply, and industrial demand for antimony metal.

If antimony metal prices decline and remain depressed, our revenues and profitability may be adversely affected.

We report our average antimony sales price per pound using antimony sales from our antimony products.

However, our sales and operating results from our antimony products have been and will continue to be tied to the Rotterdam antimony market price, which has fluctuated widely over the past several years.

The Rotterdam average market price per pound of antimony was $10.44 in 2024 and $5.50 in 2023.

The market price of antimony is determined by several variables out of our control.

These variables include the available supply of ore, the availability of processing facilities, the availability and price of imported antimony metal, the quantity of new antimony metal supply, and industrial demand for antimony metal.

If the antimony market price declines and remains depressed, our revenues and profitability may be adversely affected, especially during the time when the market price is declining.

Zeolite Segment

Our zeolite segment consists of a mine and mill in Preston, Idaho, Bear River Zeolite, Inc.

(“BRZ”), which produces zeolite.

Our zeolite is used for various purposes including soil amendment and fertilizer, water filtration, sewage treatment, nuclear waste and other environmental cleanup, odor control, gas separation, animal nutrition, and other miscellaneous applications.

BRZ has a lease with Zeolite, LLC that entitles BRZ to surface mine and process zeolite on property in Preston, Idaho, in exchange for a royalty payment.

The annual royalty payment is the greater of:

(1) the minimum annual royalty of $60,000, adjusted annually for the Consumer Price Index for all Urban Consumers, or (2) $11.00 per ton for the first ten thousand tons, $9.90 per ton for tons in excess of ten thousand up to twenty thousand, and $8.80 per ton for tons in excess of twenty thousand.

This Zeolite LLC lease also requires BRZ to pay $10,000 to the lessor on March 1 of each year during the term of the lease, which ends March 1, 2025.

BRZ also pays two other royalties on the sale of zeolite products.

On a combined basis, BRZ pays royalties ranging from 8% to 13% on the sale of zeolite products.

Our zeolite segment includes our vertically integrated Bear River Zeolite (“BRZ”) facility located in Preston, Idaho that mines, processes, and sells zeolite.

Our zeolite has been used for many purposes including water filtration, sewage treatment, nuclear waste and other environmental cleanup, odor control, gas separation, animal nutrition, soil amendment and fertilizer, and other miscellaneous applications.

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

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

See Note 14 of the Notes to Consolidated Financial Statements in this Annual Report for further details on the BRZ Lease.

BRZ pays two other royalties on the sale of zeolite products.

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

Bureau of Land Management that is adjacent to the Company’s Preston, Idaho property after obtaining required permits.

Bureau of Land Management that is located adjacent to the Company’s Preston, Idaho property after obtaining required permits.

“Zeolite” refers to a group of industrial minerals that consist of hydrated aluminosilicates that hold cations such as calcium, sodium, ammonium, various heavy metals, and potassium in their crystal lattice.

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(which predicts plant nutrient availability and retention in soil), its hardness and high clinoptilolite content (which is an effective barrier to prevent problematic radionuclide movement), its absence of clay minerals, and its low sodium content.

Our zeolite is used in:

Our zeolite has been used in:

Soil Amendment and Fertilizer .

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Water Filtration .

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

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.

Sewage Treatment .

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Nuclear Waste and Other Environmental Cleanup .

Zeolite has shown a strong ability to selectively remove strontium, cesium, radium, uranium, and various other radioactive isotopes from solutions.

Zeolite has shown a strong ability to selectively remove strontium, cesium, radium, uranium, and various other radioactive isotopes from solution.

Zeolite can also be used for the cleanup of soluble metals such as mercury, chromium, copper, lead, zinc, arsenic, molybdenum, nickel, cobalt, antimony, calcium, silver and uranium.

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Animal Nutrition .

According to certain third-party research, feeding up to 2% zeolite increases growth rates, decreases conversion rates, and prevents scours.

Many cattle are currently being fed zeolite in feed lots located in the United States.

According to third-party research, feeding up to 2% zeolite increases growth rates, decreases conversion rates, and prevents scours.

Miscellaneous Uses .

Other uses include catalysts, petroleum refining, concrete, solar energy and heat exchange, desiccants, pellet binding, horse and kitty litter, floor cleaner, traction control, ammonia removal from mining waste, and carriers for insecticides, pesticides and herbicides.

Precious Metals Segment

Our precious metals segment consists of three precious metals recovery plants, one that is operated in conjunction with the antimony processing plant in Montana and two that were shut down on March 11, 2024 that were operated in conjunction with the antimony processing plants at our Madero and Puerto Blanco operations in Mexico.

Precious metals are recovered in the leach circuit and settling pond after the ore goes through the crushing and flotation cycles.

When precious metals are contained in antimony source, the metallurgical techniques employed for the recovery of antimony are altered to also recover the precious metals.

In 2023, the principal source of antimony concentrates bearing precious metals came from our Canadian supplier, who also purchases precious metals from the Company.

Concentration of Sales

During the years ended December 31, 2023 and 2022, the Company sold 10% or more of its product to the following customers:

For the year ended

During the years ended December 31, 2024 and 2023, customers accounting for 10% or more of the Company’s sales included the following:

For the years ended

Customer A revenue

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Customer C revenue

Total customer revenue

Customer revenue as a % of total revenues

Total customer revenue as a % of total Company revenues

Regulatory Matters

We are subject to the requirements of the Federal Mining Safety and Health Act of 1977, the Occupational Safety and Health Administration’s regulations, the states of Montana and Idaho, federal and state health and safety statutes and Sanders County, Montana and Franklin County, Idaho health ordinances.

We also must obtain and maintain various licenses and permits from various governmental agencies to operate our mines and plants and to conduct exploration.

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Health and Safety

We are subject to the regulations of the Mine Safety and Health Administration (“MSHA”) in the United States and the Mexico Ministry of Economy and Mining in Mexico, and work with these agencies to address issues outlined in any investigations and inspections and continue to evaluate our safety practices.

We strive to achieve excellent mine safety and health performance, and attempt to implement reasonable best practices with respect to mine safety and emergency preparedness.

We are subject to the regulations of the Mine Safety and Health Administration (“MSHA”) in the United States and the Mexico Ministry of Economy and Mining in Mexico.

We work with these agencies to address issues outlined in any inspection or review and to ensure compliance.

Achieving and maintaining compliance with regulations will be challenging and may increase our operating costs.

Licenses, Permits and Claims/Concessions

We are required to obtain various licenses and permits to operate our mines and conduct exploration and reclamation activities.

We are required to obtain various licenses and permits to operate our mine and conduct exploration and reclamation activities.

Targets at our Los Juarez exploration project in Mexico can only be developed if we are successful in obtaining the necessary permits.

In addition, our operations and exploration activities in Mexico are conducted pursuant to claims or concessions granted by the host government, and otherwise are subject to claims renewal and minimum work commitment requirements, which are subject to certain political risks associated with foreign operations.

In addition, our operations and exploration activities in the United States, Canada, and Mexico are conducted pursuant to claims, concessions, or permits granted by the host government, and are subject to claims renewal and minimum work commitment requirements, which are subject to certain political risks associated with foreign operations.

Environmental

Our operations are subject to various environmental laws and regulations at the federal and state level.

Our operations are subject to various environmental laws and regulations in the United States, Canada, and Mexico.

Compliance with environmental regulations, and litigation based on environmental laws and regulations, involves significant costs and can threaten existing operations or constrain expansion opportunities.

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We have about $100,000 of financial assurances, primarily in the form of surety bonds, for reclamation company-wide.

Our exploration, development and production programs conducted in the United States are subject to local, state and federal regulations regarding environmental protection.

Our exploration, development and production programs conducted in the United States are subject to local, state and/or federal regulations regarding environmental protection.

Some of our production and mining activities are conducted on public lands.

We believe that our current discharge of waste materials from our processing facilities is in material compliance with environmental regulations and health and safety standards.

Forest Service extensively regulates mining operations conducted in National Forests.

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We may be required to prepare and present data to these regulatory authorities pertaining to the effect or impact that any proposed exploration for, or production of, minerals may have upon the environment.

Any changes to our reclamation and remediation plans, which may be required due to changes in state or federal regulations, could have an adverse effect on our operations.

The range of reasonably possible loss in excess of the amounts accrued, by site, cannot be reasonably estimated at this time.

We accrue environmental liabilities when the occurrence of such liabilities is probable, and the costs are reasonably estimable.

The initial accruals for all our sites are based on comprehensive remediation plans approved by the various regulatory agencies in connection with permitting or bonding requirements.

Our accruals are further based on presently enacted regulatory requirements and adjusted only when changes in requirements occur or when we revise our estimate of costs to comply with existing requirements.

When remediation activity physically commences, we can refine and revise our estimates of costs required to fulfill future environmental tasks based on contemporaneous cost information, operating experience, and changes in regulatory requirements.

In instances where the costs required to complete our remaining environmental obligations are clearly determined to be in excess of the existing accrual, we have adjusted the accrual accordingly.

When regulatory agencies require additional tasks to be performed in connection with our environmental responsibilities, we evaluate the costs required to perform those tasks and adjust our accrual accordingly, as the information becomes available.

In all cases, however, our accrual at year-end is based on the best information available at that time to develop estimates of environmental liabilities.

Retirement and Reclamation Obligations related to our US and Mexico Antimony and Precious Metals Segments

We have retirement and reclamation obligations at our closed antimony mine and mill (“the Stibnite Hill Mine Site”) and at our active smelter and precious metals plant, all of which are in the Burns Mining District of Sanders County, Montana, and have accrued $395,811 at December 31, 2023 related to these obligations.

Any changes to our reclamation and remediation plans, which may be required due to changes in state or federal regulations, could have an adverse effect on our operations and cash flow.

We accrue asset retirement obligations based on comprehensive remediation plans approved by the various regulatory agencies in connection with permitting or bonding requirements and based on regulatory requirements.

Our accruals are adjusted when revisions to our cost estimates are needed, which could be due to changes to regulatory requirements.

When remediation activity physically commences, we refine and revise our estimates of costs required to fulfill future environmental tasks based on contemporaneous cost information, operating experience, and changes in regulatory requirements.

In all cases, our accrual at year-end is based on the best information available at that time to calculate our asset retirement obligations.

Retirement and Reclamation Obligations related to our Antimony and Zeolite Segments

We accrued for the retirement obligations at our closed antimony mine and mill (“the Stibnite Hill Mine Site”) and at our active smelter and precious metals plant, all of which are in the Burns Mining District of Sanders County, Montana.

We are under the regulatory jurisdiction of the U.S.

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Forest Service and Montana Department of Environmental Quality.

We have retirement and reclamation obligations in Mexico and have accrued $571,330 at December 31, 2023 related to these obligations.

We accrued for the retirement obligations in Mexico.

These obligations are under The Secretary of Environment and Natural Resources (“SEMARNAT”) and The Federal Attorney for Environmental Protection (“PROFEPA”) based on the Program for Environmental Vigilance (“PVA”).

Retirement and Reclamation Obligation related to our Zeolite Segment

We have a retirement and reclamation obligation accrual for BRZ of $670,886 at December 31, 2023 based on the retirement and reclamation requirements of BRZ’s lease with Zeolite LLC and the regulatory authorities.

General Environmental Remediation

We believe we have accrued adequate reserves to fulfill our environmental remediation responsibilities as of December 31, 2023.

We have posted cash performance bonds with a bank and the U.S.

Forest Service in connection with our reclamation activities.

We have made significant reclamation and remediation progress on all our properties over thirty years and have complied with regulatory requirements in our environmental remediation efforts.

We accrued for the retirement obligation for BRZ in Idaho based on the retirement requirements of BRZ’s lease with Zeolite LLC and the regulatory authorities.

Changes in rules or regulations of these or other agencies could have a material adverse impact on our obligations and therefore on our accrual for these obligations.

We compete with other mineral resource exploration and development companies for financing and for the acquisition of new mineral properties and for equipment and labor related to exploration and development of mineral properties.

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This competition could result in competitors having mineral properties of greater quality and interest to prospective investors who may finance additional exploration and development.

This competition could adversely impact our ability to finance further exploration and to achieve the financing necessary to develop its mineral properties.

This competition could adversely impact our ability to finance further exploration and to achieve the financing necessary to develop our mineral properties.

We provide no assurance we will be able to effectively compete in any of our business areas with current or future competitors or that the competitive pressures faced by us will not have a material adverse effect on the business, financial condition and operating results.

As of December 31, 2023, we employed 83 full-time employees, 16 in Montana, 23 in Idaho, 3 in Missouri, and 41 in Mexico.

As of December 31, 2024, we employed 60 full-time employees and 2 part-time employees, most of which are located in Montana, Idaho, and Mexico.

The number of full-time employees may vary seasonally.

2 unchanged sentences

We hold no material patents, licenses, franchises or concessions.

However, we consider our antimony processing plants proprietary in nature.

However, we consider our antimony processing facilities proprietary in nature.

Available Information

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

We file annual, quarterly and current reports, proxy statements and other information with the SEC.

4 unchanged sentences

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-K

Item 1. Business