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Item 1. Financial Statements

2025-05-08 compared with 2024-11-12 · 293 added, 494 removed, 213 unchanged (79% of the section changed)

2 unchanged sentences

CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)

September 30, 2024

March 31, 2025

December 31, 2024

1 unchanged sentence

Cash and cash equivalents

Certificates of deposit

Accounts receivable, net

Inventories, net

Prepaid expenses and other current assets

Current assets held for sale (Note 12)

Total current assets

Properties, plants and equipment, net

Operating lease right-of-use asset

Property, plant and equipment, net

Operating lease right-of-use assets

Restricted cash for reclamation bonds

Noncurrent assets held for sale (Note 12)

IVA receivable and other assets, net

LIABILITIES AND STOCKHOLDERS’ EQUITY

4 unchanged sentences

Royalties payable

Current portion of operating lease liability

Long-term debt, current portion

Current liabilities held for sale (Note 12)

Current portion of operating lease liabilities

Current portion of long-term debt

Total current liabilities

Noncurrent liabilities:

Noncurrent operating lease liability

Operating lease liabilities, net of current portion

Long-term debt, net of current portion

Stock payable to directors

Asset retirement obligations

Noncurrent liabilities held for sale (Note 12)

Total liabilities

COMMITMENTS AND CONTINGENCIES (Note 9 and 12)

COMMITMENTS AND CONTINGENCIES (Note 10)

STOCKHOLDERS’ EQUITY

Preferred stock $ 0.01 par value, 10,000,000 shares authorized:

0 shares issued and outstanding

750,000 shares issued and outstanding (liquidation preference $ 973,125 and $ 967,500 , respectively)

177,904 shares issued and outstanding (liquidation preference $ 97,847 both years)

0 shares issued and outstanding

Series A - no shares issued and outstanding

Series B - 750,000 shares issued and outstanding (liquidation preference $ 976,875 and $ 975,000 , respectively)

Series C - 177,904 shares issued and outstanding (liquidation preference $ 97,847 both periods)

Series D - no shares issued and outstanding

Common stock, $ 0.01 par value, 150,000,000 shares authorized;

7 unchanged sentences

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

UNITED STATES ANTIMONY CORPORATION AND SUBSDIARIES

UNITED STATES ANTIMONY CORPORATION AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)

For the three months ended

For the nine months ended

September 30, 2024

September 30, 2023

September 30, 2024

September 30, 2023

For the Three Months Ended March 31,

COST OF REVENUES

6 unchanged sentences

TOTAL OPERATING EXPENSES

LOSS FROM OPERATIONS

( 1,127,393 )

INCOME (LOSS) FROM OPERATIONS

OTHER INCOME (EXPENSE):

1 unchanged sentence

Trademark and licensing income

Other miscellaneous income (expense)

TOTAL OTHER INCOME

INCOME (LOSS) FROM CONTINUING OPERATIONS BEFORE INCOME TAXES

Income tax expense

INCOME (LOSS) FROM CONTINUING OPERATIONS

Discontinued operations:

Loss from discontinued operations before income taxes

( 1,459,743 )

( 2,873,541 )

Other miscellaneous expense

TOTAL OTHER INCOME, NET

INCOME (LOSS) BEFORE INCOME TAXES

Income tax expense

Loss from discontinued operations (Note 12)

( 1,459,743 )

( 2,873,541 )

( 1,644,528 )

( 2,787,977 )

Preferred dividends

Net loss available to common stockholders

$ ( 729,384 )

$ ( 1,646,403 )

$ ( 853,110 )

$ ( 2,793,602 )

Basic and diluted earnings per common share:

Income (loss) from continuing operations

Income (loss) from discontinued operations

Net income (loss)

Preferred dividends

Net income (loss) available to common stockholders

Net income (loss) per share:

Weighted average shares outstanding:

2 unchanged sentences

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

For the three and nine months ended September 30, 2024 and 2023

For the three months ended March 31, 2025 and 2024

Total Preferred Stock

Additional Paid In

Shares to be returned

Balances, December 31, 2022

($ 33,070,332 )

Conversion of Preferred Series D to common stock

( 1,692,672 )

Common stock buyback and retirement

Balances, March 31, 2023

($ 33,877,316 )

Balances, June 30, 2023

($ 34,213,781 )

( 1,644,528 )

Balances, September 30, 2023

( 35,858,309 )

Balances, December 31, 2023

Stockholders’

Balance - December 31, 2024

($ 41,149,023 )

Share-based compensation

Balances, March 31, 2024

Issuance of common stock under equity incentive plan

Issuance of common stock for cash, net of issuance costs

Issuance of common stock upon exercise of warrants

Balance - March 31, 2025

($ 40,602,499 )

Share-based compensation

Balances, June 30, 2024

Total Preferred Stock

Stockholders’

Balance - December 31, 2023

($ 39,418,619 )

Share-based compensation

Balances, September 30, 2024

Issuance of common stock under equity incentive plan

Balance - March 31, 2024

($ 39,741,387 )

2 unchanged sentences

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)

For the nine months ended

September 30, 2024

September 30, 2023

CASH FLOWS FROM OPERATING ACTIVITIES OF CONTINUING OPERATIONS:

Net income (loss) from continuing operations

Adjustments to reconcile net income (loss) from continuing operations to

net cash provided (used) by operating activities of continuing operations:

For the three months ended March 31,

CASH FLOWS FROM OPERATING ACTIVITIES:

Net income (loss)

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

Depreciation and amortization

1 unchanged sentence

Noncash operating lease expense

Share-based compensation

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

Write-down of inventory to net realizable value

Share-based compensation

Allowance for doubtful accounts on accounts receivable

Other noncash items

1 unchanged sentence

Accounts receivable

Inventories, net

( 2,745,387 )

Prepaid expenses and other current assets

IVA receivable and other assets, net

Accounts payable

1 unchanged sentence

Accrued liabilities – directors

Stock payable to directors

Change in operating lease liability

Royalties payable

Net cash provided (used) by operating activities of continuing operations

CASH FLOWS FROM INVESTING ACTIVITIES OF CONTINUING OPERATIONS:

Proceeds from redemption of certificates of deposit

Proceeds from sale of properties, plants and equipment

Purchases of properties, plant, and equipment

( 1,337,398 )

Net cash provided (used) by investing activities of continuing operations

Net cash (used in) provided by operating activities

( 1,729,291 )

CASH FLOWS FROM FINANCING ACTIVITIES OF CONTINUING OPERATIONS:

Payments on dividends payable

CASH FLOWS FROM INVESTING ACTIVITIES:

Proceeds from redemption of certificates of deposit

Proceeds from sales of property, plant and equipment

Purchases of property, plant and equipment

Net cash used in investing activities

CASH FLOWS FROM FINANCING ACTIVITIES:

Principal payments on long-term debt

Net cash used by financing activities of continuing operations

Net cash flows provided (used) by continuing operations

( 2,890,909 )

CASH FLOWS FROM DISCONTINUED OPERATIONS:

Net cash provided (used) by operating activities

( 3,122,155 )

Net cash used by investing activities

Net cash flows provided (used) by discontinued operations

( 3,304,477 )

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

( 6,195,386 )

Proceeds from issuance of common stock, net of issuance costs

Proceeds from exercise of warrants

Net cash provided by (used in) financing activities

NET INCREASE IN CASH AND CASH EQUIVALENTS AND RESTRICTED CASH

CASH AND CASH EQUIVALENTS AND RESTRICTED CASH AT BEGINNING OF PERIOD

CASH AND CASH EQUIVALENTS AND RESTRICTED CASH AT END OF PERIOD

SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:

Interest paid in cash

NON-CASH FINANCING AND INVESTING ACTIVITIES:

Common stock buyback and retirement

Conversion of Preferred Series D to Common Stock

Equipment purchased with note payable

Noncash recognition of new leases

Noncash recognition of new operating leases

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

1 unchanged sentence

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

September 30, 2024

March 31, 2025

NOTE 1 - NATURE OF OPERATIONS

United States Antimony Corporation and its subsidiaries in the U.S.

and Mexico (“USAC”, the “Company”, “Our”, “Us”, or “We”) sell processed antimony, zeolite, and precious metals products primarily in the U.S.

The Company processes antimony ore primarily into antimony oxide, antimony metal, and antimony trisulfide.

Our 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.

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

Our antimony trisulfide is used as a primer in ammunition.

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

We recover certain amounts of precious metals, primarily gold and silver, at our plant in Montana from antimony concentrates.

Recent Development

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

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

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.

On March 11, 2024, the Company shut down the operations of USAMSA and announced its intent to sell its USAMSA subsidiary.

Since this announcement, the Company initiated an active search for buyers of USAMSA’s operations and/or assets.

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

See Note 12 for further information.

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

However, currently, the Company has no active operations in Los Juarez.

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

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

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

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

Antimony trisulfide is used as a primer in ammunition.

The Company also recovers precious metals, primarily gold and silver, at its Montana facility from third party ore.

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

In 2024 and 2025, the Company acquired mining claims and leases located in Alaska and Ontario, Canada and leased a metals concentration facility in Montana that could expand its operations as well as its product offerings.

NOTE 2 - BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES

In the opinion of management, the accompanying unaudited condensed consolidated financial statements contain all adjustments, consisting of only normal recurring adjustments, necessary for a fair statement of its financial position as of September 30, 2024, and its results of operations and cash flows for the three and nine months ended September 30, 2024 and 2023.

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, 2025, and its results of operations and cash flows for the three months ended March 31, 2025 and 2024.

The Condensed Consolidated Balance Sheet as of December 31, 2024, was derived from audited annual financial statements but does not contain all of the footnote disclosures from the annual financial statements.

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

These unaudited interim financial statements should be read in conjunction with the annual audited financial statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023, filed with the Securities and Exchange Commission on April 12, 2024.

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

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

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

1 unchanged sentence

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

UNITED STATES ANTIMONY CORPORATION AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

September 30, 2024

The preparation of financial statements in accordance with accounting principles generally accepted in the United States of America requires the use of estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities known to exist as of the date the financial statements are published, and the reported amounts of revenues and expenses during the reporting period.

The preparation of financial statements in accordance with U.S.

GAAP requires the use of estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities known to exist as of the date the financial statements are published, and the reported amounts of revenues and expenses during the reporting period.

Uncertainties with respect to such estimates and assumptions are inherent in the preparation of the Company’s consolidated financial statements;

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

Operating results for the three and nine-month periods ended September 30, 2024, are not necessarily indicative of the results that may be expected for the full year ending December 31, 2024.

Operating results for the three-month period ended March 31, 2025, are not necessarily indicative of the results that may be expected for the full year ending December 31, 2025.

UNITED STATES ANTIMONY CORPORATION AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

March 31, 2025

Reclassifications

1 unchanged sentence

These reclassifications have no effect on the results of operations, stockholders’ equity and cash flows as previously reported.

Assets Held for Sale and Discontinued Operations

The Company classifies assets and liabilities to be sold ("Disposal Group") as held for sale in the period when all of the applicable criteria are met, including:

(i) management commits to a plan to sell, (ii) the Disposal Group is available to sell in its present condition, (iii) there is an active program to locate a buyer, (iv) the Disposal Group is being actively marketed at a reasonable price in relation to its fair value, (v) significant changes to the plan to sell are unlikely, and (vi) the sale of the Disposal Group is generally probable of being completed within one year.

Management performs an assessment at least quarterly or when events or changes in business circumstances indicate that a change in classification may be necessary.

Assets and liabilities held for sale are presented separately within the Condensed Consolidated Balance Sheets with any adjustments necessary to measure the Disposal Group at the lower of its carrying value or fair value less costs to sell.

Depreciation of property and equipment are not recorded while these assets are classified as held for sale.

For each period the Disposal Group remains classified as held for sale, its recoverability is reassessed and any necessary adjustments are made to its carrying value.

The Company categorizes the assets and liabilities of a Disposal Group, or business component, as discontinued operations once management commits to a plan to sell, the business segment is available for immediate sale, management has initiated a plan to sell at a price that is reasonable in relation to its fair value, management anticipates the sale will occur within one year, and it is unlikely that significant changes will be made to the plan to sell.

In addition, the business component must be comprised of operations and cash flows that are clearly distinguished from the rest of the entity.

The results of discontinued operations are aggregated and presented separately in the Condensed Consolidated Balance Sheets, Condensed Consolidated Statements of Operations, and Condensed Consolidated Statements of Cash Flows.

UNITED STATES ANTIMONY CORPORATION AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

September 30, 2024

Share-Based Compensation

The Company’s share-based awards consist of restricted stock units (“RSUs”) and stock options granted to employees, consultants, and directors of the Company.

RSUs are stock awards entitling the award recipient to a specified number of shares of the Company’s common stock as the award vests.

Each RSU granted includes a service-based vesting condition.

The Company calculates the fair value of RSUs on the grant date using the closing market price of the Company’s common stock on the grant date.

The Company recognizes the grant date fair value of RSUs as share-based compensation expense ratably over the requisite service period, other than RSUs or portions of RSUs that vest on the grant date, in which case the grant date fair value of that RSU or portion of RSU is recognized as share-based compensation expense on the grant date.

The Company recognizes forfeitures as they occur.

Stock options grant award recipients the option to purchase a specified number of shares of the Company’s common stock at an exercise price per share specified in the grant agreement as the stock options vest.

Stock option grants include either a service-based vesting condition or performance-based vesting conditions with a specified contractual term.

The Company calculates the fair value of stock options on the grant date using the Black-Scholes option-pricing model, which requires the Company to make estimates and assumptions, such as expected volatility, expected term, and risk-free interest rate.

Service and performance conditions are not considered in determining the award’s fair value on the grant date.

The Company recognizes share-based compensation expense related to stock option awards from the grant date through the vesting date.

For service-based vesting stock option grants, the Company expenses the grant date fair value of the award ratably over the requisite service period.

For performance-based vesting stock option grants, the Company expenses the grant date fair value of the award ratably from the grant date through the vesting date based on the probability and timing of achieving the performance conditions.

The Company recognizes forfeitures as they occur.

The expense related to employee and consultant share-based awards is recorded in “Salaries and benefits” and the expense related to director share-based awards is recorded in “General and administrative” in the Condensed Consolidated Statements of Operations.

The Company determines if an arrangement contains a lease at inception.

An arrangement contains a lease if it implicitly or explicitly identifies an asset to be used and conveys the right to control the use of the identified asset in exchange for consideration.

As a lessee, the Company includes operating leases in "Operating lease right-of-use assets" and "Current and noncurrent operating lease liabilities" in its Condensed Consolidated Balance sheet.

Right-of-use assets represent the Company's right to use an underlying asset for the lease term and lease liabilities represent the Company's obligation to make lease payments arising from the lease.

Operating lease right-of-use assets and liabilities are recognized upon commencement of the lease based on the present value of the lease payments over the lease term.

Incremental costs of a lease that would not have been incurred if the lease had not been obtained are capitalized as initial direct costs (“IDC”).

The Company amortizes the undiscounted fixed lease cost and the IDC on a straight-line basis over the lease term.

If a lease does not provide an implicit interest rate, the Company uses its incremental borrowing rate based on the information available at commencement date to determine the present value of lease payments.

UNITED STATES ANTIMONY CORPORATION AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

September 30, 2024

Recent Accounting Pronouncements

Management does not believe that any recently issued, but not yet effective, accounting pronouncements, if currently adopted, would have a material effect on the Company’s financial statements.

In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280):

Improvements to Reportable Segment Disclosures, amending reportable segment disclosure requirements to include disclosure of incremental segment information on an annual and interim basis.

Among the disclosure enhancements are new disclosures regarding significant segment expenses that are regularly provided to the chief operating decision-maker and included within each reported measure of segment profit or loss, as well as other segment items bridging segment revenue to each reported measure of segment profit or loss.

The amendments in ASU 2023-07 are effective for fiscal years beginning after December 15, 2023, and for interim periods beginning January 1, 2025, and are applied retrospectively.

Early adoption is permitted.

We are currently evaluating the effect the updated standard will have on our consolidated financial statements and disclosures.

In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740):

2 unchanged sentences

Early adoption and retrospective application of the amendments are permitted.

We are currently evaluating the effect the updated standard will have on our consolidated financial statements and disclosures.

We are currently evaluating the impact of this update on our consolidated financial statements and disclosures.

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

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

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

We are currently evaluating the ASU to determine its impact on our consolidated financial statements and disclosures.

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

NOTE 3 – EARNINGS PER SHARE

Basic earnings per share (“EPS”) is computed as net income (loss) available to common stockholders divided by the weighted average number of common shares outstanding for the period.

Diluted EPS reflects the potential dilution that could occur from common shares issuable through stock options, RSUs, warrants, and convertible preferred stock.

At September 30, 2024 and 2023, the potentially dilutive common stock equivalents not included in the calculation of diluted earnings per share as their effect would have been anti-dilutive were as follows:

September 30, 2024

September 30, 2023

Stock options and RSU awards

Total possible dilution

Diluted EPS reflects the potential dilution that could occur from common shares issuable through stock options, restricted stock units (“RSUs”), and warrants.

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

At March 31, 2025 and 2024, the potentially dilutive common stock equivalents not included in the calculation of diluted earnings per share as their effect would have been anti-dilutive were as follows:

March 31, 2025

March 31, 2024

Stock options and restricted stock units

Total possible share dilution

UNITED STATES ANTIMONY CORPORATION AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

September 30, 2024

March 31, 2025

NOTE 4 – REVENUE RECOGNITION

4 unchanged sentences

includes unrefined and refined gold and silver.

Sales of products for the three months ended September 30, 2024 and 2023 were as follows:

For the three months ended

September 30, 2024

September 30, 2023

Antimony product revenue

Zeolite product revenue

Precious metals product revenue

TOTAL REVENUES

Sales of products for the nine months ended September 30, 2024 and 2023 were as follows:

For the nine months ended

September 30, 2024

September 30, 2023

Antimony product revenue

Zeolite product revenue

Precious metals product revenue

TOTAL REVENUES

Domestic and foreign revenues for the three months ended September 30, 2024 and 2023 were as follows:

For the three months ended

September 30, 2024

September 30, 2023

Domestic revenues

Foreign revenues

Sales by product type for the three months ended March 31, 2025 and 2024 were as follows:

For the Three Months Ended March 31, 2025

Precious metals

Total revenues

Domestic and foreign revenues for the nine months ended September 30, 2024 and 2023 were as follows:

For the nine months ended

September 30, 2024

September 30, 2023

Domestic revenues

Foreign revenues

Domestic and foreign revenues for the three months ended March 31, 2025 and 2024 were as follows:

For the Three Months Ended March 31,

Total revenues

The Company’s trade accounts receivable balance related to contracts with customers was $ 1,973,286 at March 31, 2025 and $ 1,156,564 at December 31, 2024, which is net of an allowance for doubtful accounts related to trade accounts receivables of $ 10,165 at both March 31, 2025 and December 31, 2024.

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

UNITED STATES ANTIMONY CORPORATION AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

September 30, 2024

The Company’s trade accounts receivable balance related to contracts with customers was $ 791,557 at September 30, 2024 and $ 625,256 at December 31, 2023, net of an allowance for doubtful accounts related to trade accounts receivables of $ 240,466 and $ 271,212 at September 30, 2024 and December 31, 2023, respectively.

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

March 31, 2025

NOTE 5 – INVENTORIES

Inventories at September 30, 2024 and December 31, 2023 consisted primarily of finished antimony metal and antimony oxide products, antimony ore and concentrates, and finished zeolite products.

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

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

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

Inventories at September 30, 2024 and December 31, 2023 were as follows:

September 30, 2024

Inventories at March 31, 2025 and December 31, 2024 were as follows:

March 31, 2025

December 31, 2024

Antimony oxide inventory

Antimony metal inventory

Antimony ore and concentrates inventory

Antimony oxide

Antimony metal

Antimony ore and concentrates

Total antimony inventory

Zeolite inventory

Total inventories

At September 30, 2024 and December 31, 2023, inventories were valued at cost, except for the portion of inventory related to zeolite at September 30, 2024, which was valued at net realizable value because costs were greater than the amount the Company expected to receive on the sale of zeolite inventory.

The adjustment to value inventory at net realizable value was $ 63,574 and $nil at September 30, 2024 and 2023, respectively.

Antimony oxide and metal inventory consisted of finished products held by the Company’s plant in Montana.

Antimony ore and concentrates were held primarily at its plants in Montana and Mexico.

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

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

Antimony oxide and metal inventory consisted of finished products held by the Company’s plant located in Montana.

Antimony ore and concentrates were held primarily at its plants located in Montana and Mexico.

Some antimony metal is used in processing antimony ore into oxide.

The Company’s zeolite inventory consisted primarily of saleable zeolite material at the Company’s plant located in Idaho.

1 unchanged sentence

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

September 30, 2024

NOTE 6 – PROPERTIES, PLANTS AND EQUIPMENT

The major components of the Company’s properties, plants and equipment (“PP&E”) by segment at September 30, 2024 and December 31, 2023 were as follows:

September 30, 2024

Antimony Segment

Zeolite Segment

Precious Metals

March 31, 2025

NOTE 6 – PROPERTY, PLANT AND EQUIPMENT

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

March 31, 2025

Plant and equipment

1 unchanged sentence

Construction in progress

Total property, plant and equipment

Accumulated depreciation

2 unchanged sentences

( 13,938,542 )

Property, plant and equipment, net

December 31, 2024

Antimony Segment

Zeolite Segment

Precious Metals

Plant and equipment

1 unchanged sentence

Construction in progress

Total property, plant and equipment

Accumulated depreciation

2 unchanged sentences

( 13,711,769 )

In May 2024, the Company made the decision to sell a non-core asset of its zeolite segment, which was a personal residence (“BRZ Home”) located near the operations of its wholly owned subsidiary, Bear River Zeolite Company (“BRZ”).

In September 2024, the Company sold its BRZ Home and recorded a gain on this sale as follows:

Proceeds from the sale

Net book value of the BRZ Home

Property, plant and equipment, net

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

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

UNITED STATES ANTIMONY CORPORATION AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

September 30, 2024

March 31, 2025

Mineral rights and interests

In August 2024, the Company acquired the ownership rights to ninety-seven mining claims and three mining leases located in the Sudbury District of Ontario, Canada (“Sudbury Agreement”).

Payments are to be made by the Company by the following dates for the Company to acquire these claims and leases, of which the Company has made the first payment of $10,000:

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

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

Payment Amount

November 2024

February 2025

These payments to acquire the mining claims and leases are capitalized when paid in the “Mineral rights and interests” component of “Properties, plants and equipment, net” in the Condensed Consolidated Balance Sheets, which amounted to $ 10,000 as of September 30, 2024, and will be amortized over the estimated economic life of the mineral resource based on the units-of-production method.

The Sudbury Agreement requires a royalty payment by the Company of 2.5% of the production from the claims (“Net Smelter Royalty”) with a minimum royalty payment beginning on the fifth anniversary of the agreement of $12,000 per year.

1% of the Net Smelter Royalty can be purchased back by the Company at any time for $1 million.

Also, the Sudbury Agreement includes a commitment by the Company to spend an aggregate of $250,000 over four years beginning on the agreement date, with various milestones over this four-year period , in exploring and developing these claims.

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

These payments are capitalized when paid in the “Mineral rights and interests” component of “Property, plant and equipment, net” in the Condensed Consolidated Balance Sheets.

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

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

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

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

UNITED STATES ANTIMONY CORPORATION AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

March 31, 2025

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

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

Payment Amount

September 2025

These payments are capitalized when paid in the “Mineral rights and interests” component of “Property, plant and equipment, net” in the Condensed Consolidated Balance Sheets.

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

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

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

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

NOTE 7 – LEASES

In September 2024, the Company executed a contract to lease a metals concentration facility located in Phillipsburg, Montana, which was accounted for as an operating lease.

The lease has a term of 18 months with fixed cash payments in advance in the first six months of the lease of $10,000 per month, or $60,000 in total, and fixed cash payments in advance in the last twelve months of the lease of $95,000 per month, or $1.14 million in total, which includes a fixed monthly fee of $45,000 and a minimum milling fee of $50,000 per month.

Philipsburg Operating Lease

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

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

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

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

The Company has not included any milling fee payments above the minimum in its lease liability as it is not deemed probable at this time.

$ 10,000 was paid upon signing the lease, which is being accounted for as an initial direct cost ("IDC").

The Company is amortizing the undiscounted fixed lease cost and the IDC on a straight-line basis over the term of the lease.

The Company recorded the present value of the fixed lease cost over the lease term as a lease liability and Right of Use ("ROU") asset.

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

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

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

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

The lease includes provisions for the Company to use the existing mill building and all contents related to its use and to process owned and non-owned ore containing antimony and other critical minerals.

3 unchanged sentences

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

September 30, 2024

The lease liability related to this operating lease, which represents the present value of the lease payments, was $ 787,477 at inception and $ 782,646 and $nil at September 30, 2024 and December 31, 2023, respectively.

The ROU asset, which includes the unamortized portions of the IDC and is adjusted for any accrued or prepaid lease, was $ 764,035 and $nil at September 30, 2024 and December 31, 2023, respectively.

During the three and nine months ended September 30, 2024 and 2023, the Company recorded $ 33,611 and $nil, respectively, of lease expense related to this lease and IDC in "Cost of Revenues" in the Condensed Consolidated Statements of Operations.

IDC paid upon signing this lease was $ 10,000 and $nil and lease payments were $ 15,000 and $nil during the three and nine months ended September 30, 2024 and 2023, respectively, which were included in operating cash flows.

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

For the three and nine months ended

September 30, 2024

September 30, 2023

March 31, 2025

The lease liability related to this operating lease, which represents the present value of the lease payments, was $ 701,557 at inception of the lease amendment and $ 691,894 and $ 755,569 at March 31, 2025 and December 31, 2024, respectively.

The ROU asset, which includes the unamortized portion of initial direct costs (“IDC”) and is adjusted for any accrued or prepaid lease, was $ 565,289 and $ 354,652 at March 31, 2025 and December 31, 2024, respectively.

During the three months ended March 31, 2025 and 2024, the Company recorded $ 176,962 and $nil, respectively, of lease expense related to this lease and IDC in “Cost of Revenues” in the Condensed Consolidated Statements of Operations.

Lease payments were $ 30,000 and $nil during the three months ended March 31, 2025 and 2024, respectively, which were included in operating cash flows.

Dallas Operating Lease

In the first quarter of 2025, the Company executed a contract to lease office space for its corporate headquarters located in Dallas, Texas with a lease term of 24 months and total fixed payments during the term of $3,945 per month, or $94,680 in total.

The Company is amortizing the lease on a straight-line basis over the term of the lease .

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

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

The lease liability related to this operating lease, which represents the present value of the lease payments, and ROU asset were $ 63,416 at inception of the lease and were $ 55,921 and $nil at March 31, 2025 and December 31, 2024, respectively.

During the three months ended March 31, 2025 and 2024, the Company recorded $ 7,890 and $nil, respectively, of lease expense related to this lease in “General and administrative” in the Condensed Consolidated Statements of Operations.

Lease payments were $ 7,890 and $nil during the three months ended March 31, 2025 and 2024, respectively, which were included in operating cash flows.

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

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

For the three months ended

March 31, 2025

March 31, 2024

Operating lease expense

Cash paid for operating lease liability

Cash paid for initial direct cost

The following table contains the remaining lease term and discount rate as of the end of the period:

September 30, 2024

Remaining lease term - operating lease

Discount rate - operating lease

The table below is a maturity analysis of the future minimum lease payments as of September 30, 2024.

Twelve months ending September 30,

Total undiscounted future minimum lease payments

Cash paid for security deposit

At March 31, 2025, the weighted average remaining lease term of operating leases was 17 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 March 31, 2025:

Twelve months ending March 31,

Total operating lease payments

discount on lease liability

Total discounted operating lease liability at September 30, 2024

Total operating lease liability

current portion of operating lease liability

2 unchanged sentences

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

September 30, 2024

March 31, 2025

NOTE 8 – LONG-TERM DEBT

Long-term debt at September 30, 2024 and December 31, 2023 was as follows:

September 30, 2024

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

March 31, 2025

December 31, 2024

1 unchanged sentence

collateralized by the Wheel Loader

Installment contract payable to Caterpillar Financial Services, bearing interest at 6.65%, payable in 24 monthly installments of $7,210 maturing April 28, 2024;

collateralized by 2007 Caterpillar 740 articulated truck

Less current portion of debt

Long term portion of debt

At September 30, 2024, principal payments on debt were due as follows:

Twelve months ending September 30,

Principal Payment

NOTE 9 – COMMITMENTS AND CONTINGENCIES

The Company follows U.S.

GAAP guidance in determining its accruals and disclosures with respect to loss contingencies and evaluates such accruals and contingencies for each reporting period.

Accordingly, estimated losses from loss contingencies are accrued by a charge to income when information available prior to the issuance of the financial statements indicates that it is probable that a loss could be incurred, and the amount of the loss can be reasonably estimated.

Legal expenses associated with the contingency are expensed as incurred.

If a loss contingency is not probable or reasonably estimable, disclosure of the loss contingency is made in the financial statements when it is at least reasonably possible that a material loss could be incurred.

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

At September 30, 2024 and December 31, 2023, BRZ had no accrued liabilities relating to such assessments.

However, during the nine months ended September 30, 2024, BRZ received four significant and substantial citations from MSHA, all of which have been resolved by BRZ.

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

At September 30, 2024 and December 31, 2023, the Company had accrued royalties payable of $ 105,174 and $ 153,429 , respectively.

Long-term debt, net

At March 31, 2025, principal payments on debt were due as follows:

Twelve months ending March 31,

UNITED STATES ANTIMONY CORPORATION AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

September 30, 2024

March 31, 2025

Mexico Tax Assessment

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

Antimony de Mexico, S.A.

(“USAMSA”) 2013 income tax return.

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

Dollars (“USD”) as of December 31, 2016.

SAT’s assessment was based on the disallowance of specific costs that the Company deducted on the 2013 USAMSA income tax return.

The assessment was settled in 2018 with no assessment due from the Company.

In 2019, the Company was notified that SAT re-opened its assessment of USAMSA’s 2013 income tax return and, in November 2019, SAT assessed the Company $16.3 million pesos, which was approximately $ 865,000 USD as of December 31, 2019.

Management reviewed the 2019 assessment notice from SAT and, similar to the earlier assessment, believed the findings have no merit.

An appeal was filed by the Company in November 2019 suspending SAT from taking immediate action regarding the assessment.

In August 2020, the Company filed a lawsuit against SAT for resolution of the process and, in December 2020, filed closing arguments.

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

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

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

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

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

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

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

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

Mexico Import Value Added Tax

USAMSA has a receivable of $ 961,941 and $ 907,408 at March 31, 2025 and December 31, 2024, respectively, related to Import Value Added Tax (“IVA tax” or “VAT”) it pays on certain goods and services, which represents the amounts to be reimbursed from the Mexican government.

USAMSA also has established an allowance for estimated uncollectible amounts associated with this IVA tax receivable of $ 615,636 and $ 575,151 at March 31, 2025 and December 31, 2024, respectively.

The net IVA tax receivable of $ 346,305 and $ 332,257 at March 31, 2025 and December 31, 2024, respectively, is recorded in “IVA receivable and other assets, net” in the Condensed Consolidated Balance Sheets.

UNITED STATES ANTIMONY CORPORATION AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

March 31, 2025

NOTE 10 – COMMITMENTS AND CONTINGENCIES

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

During the three months ended March 31, 2025, BRZ did not receive any citations from MSHA.

At March 31, 2025 and December 31, 2024, BRZ had $nil and $ 19,074 , respectively, of accrued liabilities relating to MSHA citations.

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

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

NOTE 11 – STOCKHOLDERS’ EQUITY

On January 25, 2023, the holders of 1,692,672 shares of Series D Preferred stock converted the preferred shares and the Company issued 1,692,672 shares of common stock.

The Company also paid the holders $ 787,730 for cumulative dividends payable as declared on November 28, 2022.

1,590,672 shares of the 1,692,672 shares of Series D Preferred stock that were converted and $ 740,261 of the $ 787,730 of dividends paid related to the estate of John Lawrence, who was the prior President and Chairman of the Company.

On January 26, 2023, in conjunction with its share repurchase plan, the Company returned to treasury and cancelled 418,696 of its common shares which were repurchased prior to December 31, 2022 for $202,980 .

Issuance of Common Stock

During the three months ended March 31, 2025 and 2024, the Company issued 1,101,231 shares and 791,667 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, 2025, the Company sold 1,107,923 shares of its common stock in an “at the market offering” and received gross proceeds of $ 2,437,375 based on a weighted average price of $ 2.20 per share.

A total of $ 45,058 of direct issuance costs were incurred related to this sale.

The Company did not sell any of its common stock during the three months ended March 31, 2024.

The Company also issued 948,750 shares of its common stock in the first quarter of 2025 related to the exercise of warrants.

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

Share-based compensation

The Company had no equity awards outstanding during fiscal year 2023.

During the nine months ended September 30, 2024, stock option and RSU awards were granted in accordance with our 2023 Equity Incentive Plan, which was approved by the Company’s shareholders.

The Company recognized $ 152,719 and $nil during the three months ended September 30, 2024 and 2023, respectively, and $ 453,566 and $nil during the nine months ended September 30, 2024 and 2023, respectively, of share-based compensation expense arising from stock option and RSU grants as follows:

Three Months Ended September 30,

Nine Months Ended September 30,

Share-based compensation expense:

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

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

During the three months ended March 31, 2025, the Company granted stock options and RSUs totaling 470,000 and 250,000 , respectively, pursuant to the Plan.

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

The maximum number of shares of common stock available for issuance in connection with stock options, RSUs, and other awards granted under the Plan is 8,700,000 .

UNITED STATES ANTIMONY CORPORATION AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

March 31, 2025

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

Three Months Ended March 31,

Stock options

Total share-based compensation expense

For the three months ended March 31, 2025, share-based compensation expense of $ 67,708 , $ 173,776 and $ 3,900 was included in “General and administrative,” “Salaries and benefits” and “Professional fees,” respectively, in the Company’s Condensed Consolidated Statement of Operations.

For the three months ended March 31, 2024, share-based compensation expense of $ 160,069 and $ 45,856 was included in “General and administrative” and “Salaries and benefits,” respectively, in the Company’s Condensed Consolidated Statement of Operations.

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 annual weighted-average assumptions used to value options granted during the nine months ended September 30, 2024:

Nine Months Ended

The following table shows the weighted-average assumptions used to value options granted during the three months ended March 31, 2025:

Three Months Ended

Grant-Date Weighted-Average Assumptions

September 30, 2024

March 31, 2025

Expected term (in years)

4 unchanged sentences

Expected term – The expected term represents the period of time that options are expected to be outstanding.

As the Company does not have sufficient historical exercise behavior, it uses the contractual term of the option for the expected term assumption.

UNITED STATES ANTIMONY CORPORATION AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

September 30, 2024

As the Company does not have sufficient historical exercise behavior, it uses the contractual term of the option or the simplified method as defined in Staff Accounting Bulletin Topic 14 for the expected term assumption.

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

2 unchanged sentences

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

UNITED STATES ANTIMONY CORPORATION AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

March 31, 2025

Activity with respect to stock options is summarized as follows:

4 unchanged sentences

Options outstanding, December 31, 2024

Options outstanding, September 30, 2024

Nonvested options, September 30, 2024

Vested and exercisable options, September 30, 2024

At September 30, 2024, total unrecognized share-based compensation expense related to stock options was $ 634,781 , which is expected to be recognized over a weighted-average remaining period of 2.3 years.

Options outstanding, March 31, 2025

Nonvested options, March 31, 2025

Vested and exercisable options, March 31, 2025

At March 31, 2025, total unrecognized share-based compensation expense related to stock options was $ 1,121,058 , which is expected to be recognized over a weighted-average remaining period of 2 years.

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 surrendered to 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 .

UNITED STATES ANTIMONY CORPORATION AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

September 30, 2024

March 31, 2025

Restricted stock units

2 unchanged sentences

Nonvested shares at December 31, 2024

Nonvested shares at September 30, 2024

At September 30, 2024, total unrecognized share-based compensation expense related to RSUs was $ 373,108 , which is expected to be recognized over a weighted-average remaining period of 1.8 years.

Vested and issued

Nonvested shares at March 31, 2025

At March 31, 2025, total unrecognized share-based compensation expense related to RSUs was $ 683,758 , which is expected to be recognized over a weighted-average remaining period of 2 years.

The weighted-average remaining contractual term of the nonvested RSU shares was 1.5 years at March 31, 2025.

Common stock warrants

No warrants were issued, expired, or exercised during the nine months ended September 30, 2024 and 2023.

The composition of the Company’s warrants outstanding at September 30, 2024 and 2023 was as follows:

During the first quarter of 2025, the Company issued 948,750 shares of common stock related to the exercise of warrants and received gross proceeds of $ 806,438 , based on their exercise price of $ 0.85 per share.

No warrants were issued or expired during the three months ended March 31, 2025 and 2024 nor were any warrants exercised during the three months ended March 31, 2024.

Following is a summary of the Company’s warrant activity during the three months ended March 31, 2025:

Weighted Average

Exercise Price

Balance outstanding at December 31, 2024

Balance outstanding at March 31, 2025

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

The composition of the Company’s warrants outstanding at March 31, 2025 was as follows:

Number of warrants

4 unchanged sentences

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

September 30, 2024

March 31, 2025

NOTE 12 – BUSINESS SEGMENTS

The Company is organized and managed with four business segments, which represent our operating units:

United States antimony operations, Mexico antimony operations, precious metals recovery and United States zeolite operations.

See Note 12 for the Mexico discontinued operations that are excluded from business segments.

Total assets by segment at September 30, 2024 and December 31, 2023 were as follows:

Total Assets, Excluding Discontinued Operations

September 30, 2024

The Company has two reportable segments:

antimony and zeolite.

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.

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

The Company has no active operations at, nor any revenue being generated from the following four components of its business:

Los Juarez, Mexico in our ADM subsidiary, Ontario, Canada, Alaska, and Philipsburg, Montana.

Also, the chief operating decision maker does not regularly review the operating results of these components.

Therefore, these components have been included in the “All Other” category for segment reporting.

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

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

March 31, 2025

December 31, 2024

Antimony segment:

United States

Subtotal antimony segment

Precious metals segment:

United States

Subtotal precious metals segment

Zeolite segment

Total assets, excluding discontinued operations

Total capital expenditures by segment for the three and nine months ended September 30, 2024 and 2023 were as follows:

Capital expenditures, Excluding Discontinued Operations

For the three months ended

For the nine months ended

September 30, 2024

September 30, 2023

September 30, 2024

September 30, 2023

Total capital expenditures by segment for the three months ended March 31, 2025 and 2024 were as follows:

For the Three Months Ended March 31,

Capital expenditures

Antimony segment

United States capital expenditures

Mexico capital expenditures

Subtotal antimony segment

Precious metals segment

Zeolite segment

Total capital expenditures, excluding discontinued operations

The zeolite segment’s capital expenditures for the nine months ended September 30, 2024 excludes $ 402,722 related to a wheel loader purchased with a note payable.

Total capital expenditures

UNITED STATES ANTIMONY CORPORATION AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

September 30, 2024

Selected segment operational information excluding discontinued operations for the three and nine months ended September 30, 2024 and 2023 were as follows:

For the three months ended September 30, 2024

Antimony Mexico

Total Antimony

Precious Metals

Total revenues

Depreciation and amortization

Income (loss) from operations

$ ( 809,755 )

$ ( 835,951 )

$ ( 402,671 )

$ ( 845,043 )

Income tax expense

Loss from continuing operations

$ ( 683,097 )

For the three months ended September 30, 2023

Antimony Mexico

Total Antimony

Precious Metals

Total revenues

Depreciation and amortization

Income (loss) from operations

$ ( 379,421 )

$ ( 363,731 )

Income tax expense

Loss from continuing operations

$ ( 184,785 )

For the nine months ended September 30, 2024

Antimony Mexico

Total Antimony

Precious Metals

March 31, 2025

Selected segment operational information for the three months ended March 31, 2025 and 2024 were as follows:

For the three months ended March 31, 2025

Total revenues

1 unchanged sentence

Income (loss) from operations

$ ( 452,858 )

$ ( 531,447 )

$ ( 982,432 )

$ ( 1,127,393 )

Income tax expense

Loss from continuing operations

$ ( 652,700 )

For the nine months ended September 30, 2023

Antimony Mexico

Total Antimony

Precious Metals

For the three months ended March 31, 2024

Total revenues

1 unchanged sentence

Income (loss) from operations

$ ( 207,907 )

$ ( 285,886 )

$ ( 420,174 )

$ ( 481,190 )

Income tax expense

Income from continuing operations

UNITED STATES ANTIMONY CORPORATION AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

September 30, 2024

NOTE 12 – DISCONTINUED OPERATIONS AND ASSETS HELD FOR SALE

As described in Note 1 , on March 11, 2024, the Company shut down the operations of USAMSA, which was part of the antimony segment, 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.

Accordingly, our Condensed Consolidated Balance Sheets, Condensed Consolidated Statements of Operations, and Condensed Consolidated Statements of Cash Flows report discontinued operations separate from continuing operations for all periods presented.

Our Condensed Consolidated Statements of Equity combine the results of continuing and discontinued operations.

In addition, the Notes to Condensed Consolidated Financial Statements exclude discontinued operation for all periods presented.

The key components of the income (loss) from discontinued operations for the three and nine months ended September 30, 2024 and 2023 were as follows:

For the three months ended

For the nine months ended

September 30, 2024

September 30, 2023

September 30, 2024

September 30, 2023

COST OF REVENUES

GROSS PROFIT (LOSS)

( 1,319,480 )

( 2,340,405 )

OPERATING EXPENSES:

General and administrative

Professional fees

Other operating expenses

TOTAL OPERATING EXPENSES

LOSS FROM OPERATIONS

( 1,460,830 )

( 2,865,316 )

OTHER INCOME (EXPENSE):

Other miscellaneous income (expense)

TOTAL OTHER INCOME (EXPENSE)

LOSS FROM DISCONTINUED OPERATIONS, BEFORE TAX

( 1,459,743 )

( 2,873,541 )

Income tax expense

LOSS FROM DISCONTINUED OPERATIONS, NET OF TAX

$ ( 1,459,743 )

$ ( 194,785 )

$ ( 2,873,541 )

Depreciation and amortization expense of USAMSA totaled $nil for the three and nine months ended September 30, 2024, and $ 155,538 and $ 466,421 for the three and nine months ended September 30, 2023, respectively.

Capital expenditures of USAMSA were $nil for the three and nine months ended September 30, 2024, and $ 30,000 and $ 182,322 for the three and nine months ended September 30, 2023, respectively.

UNITED STATES ANTIMONY CORPORATION AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

September 30, 2024

The carrying amounts of major classes of assets and liabilities of USAMSA included in assets and liabilities of discontinued operations were as follows:

September 30, 2024

December 31, 2023

CURRENT ASSETS

Accounts receivable

Inventories, net

Prepaid expenses and other current assets

Total current assets, discontinued operations

Properties, plants and equipment, net

IVA receivable and other assets, net

Total assets, discontinued operations

CURRENT LIABILITIES

Accounts payable

Accrued liabilities

Total current liabilities, discontinued operations

Asset retirement obligations

Total liabilities, discontinued operations

Mexico Tax Assessment

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

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

Dollars (“USD”) as of December 31, 2016.

SAT’s assessment was based on the disallowance of specific costs that the Company deducted on the 2013 USAMSA income tax return.

The assessment was settled in 2018 with no assessment due from the Company.

In 2019, the Company was notified that SAT re-opened its assessment of USAMSA’s 2013 income tax return and, in November 2019, SAT assessed the Company $ 16.3 million pesos, which was approximately $ 865,000 USD as of December 31, 2019.

Management reviewed the 2019 assessment notice from SAT and, similar to the earlier assessment, believed the findings have no merit.

An appeal was filed by the Company in November 2019 suspending SAT from taking immediate action regarding the assessment.

In August 2020, the Company filed a lawsuit against SAT for resolution of the process and, in December 2020, filed closing arguments.

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

UNITED STATES ANTIMONY CORPORATION AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

September 30, 2024

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

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

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

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

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

Mexico Value Added Tax

USAMSA records a receivable for the Value Added Tax (“VAT” or “IVA”) it pays on certain goods and services representing amounts to be reimbursed from the Mexican government.

This receivable balance of $ 973,414 and $ 1,122,628 at September 30, 2024 and December 31, 2023, respectively, is recorded in “IVA receivable and other assets, net” in USAMSA’s assets held for sale in discontinued operations net of a reserve of $ 601,295 and $ 687,534 at September 30, 2024 and December 31, 2023, respectively.

Note 13 - SUBSEQUENT EVENTS

On November 12, 2024, the Company entered into a Sales Agreement (“Sales Agreement’) with A.G.P./Alliance Global Partners (“A.G.P.”) to sell shares of the Company’s common stock, with aggregate gross proceeds of up to $ 25,000,000 , from time to time, through an “at the market offering” program under which A.G.P.

will act as sales agent.

Under the Sales Agreement, the Company will set the parameters for the sale of shares, including the number of shares to be issued, the time period during which sales are requested to be made, limitations on the number of shares that may be sold in any one trading day and any minimum price below which sales may not be made.

The Sales Agreement provides that A.G.P.

will be entitled to compensation for its services in an amount equal to up to 3.0% of the gross proceeds from the sale of shares sold under the Sales Agreement .

The Company has no obligation to sell any shares under the Sales Agreement and may suspend solicitation and offers under the Sales Agreement.

The shares will be issued pursuant to the Company’s shelf registration statement on Form S-3 and the Prospectus Supplement to be filed on November 12, 2024 with the U.S.

Securities and Exchange Commission in connection with the offer and sale of the shares pursuant to the Sales Agreement.

Line of Credit

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

Also in April 2025, the Company invested approximately $ 10 million of its cash and cash equivalents in U.S.

Treasury Strips with maturities up to approximately 5 years .

These investments serve as collateral for the LOC.

The Company has had no borrowings on this facility.

Common stock warrants

In April 2025, the Company issued 1,313,750 shares of common stock related to the exercise of warrants and received gross proceeds of $ 1,116,688 , based on their exercise price of $ 0.85 per share.

Expansion of Thompson Falls, Montana Smelting Operations

In April 2025, the Company executed a definitive contract with WSP USA Inc.

(“WSP”) to complete engineering and construction services to expand our smelting operations located in Thompson Falls, Montana.

Total capital expenditures associated with the expansion are estimated to be less than $15 million .

Sale of Common Stock

In May 2025, the Company sold 276,586 shares of its common stock in an “at the market offering” and received gross proceeds of $ 974,230 based on a weighted average price of $ 3.52 per share.

A total of $ 17,659 in direct issuance costs were incurred related to this sale.

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