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Item 1. Financial Statements

2025-08-12 compared with 2025-05-08 · 295 added, 177 removed, 329 unchanged (59% of the section changed)

2 unchanged sentences

CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)

March 31, 2025

December 31, 2024

CURRENT ASSETS

Cash and cash equivalents

Investment securities held to maturity

Accounts receivable, net

3 unchanged sentences

Operating lease right-of-use assets

Investment securities held to maturity - noncurrent

Restricted cash for reclamation bonds

31 unchanged sentences

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)

For the Three Months Ended March 31,

Three months ended June 30,

Six months ended June 30,

Cost of revenues

7 unchanged sentences

Income (loss) from operations

OTHER INCOME (EXPENSE):

Other income (expense), net:

Interest and investment income

Trademark and licensing income

Other miscellaneous expense

Other miscellaneous income (expense)

Total other income, net

3 unchanged sentences

Preferred dividends

Net income (loss) available to common stockholders

Net income (loss) available to common shareholders

$ ( 123,726 )

Net income (loss) per share:

3 unchanged sentences

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

For the three months ended March 31, 2025 and 2024

Total Preferred Stock

Stockholders’

For the three and six months ended June 30, 2025 and 2024

Preferred Stock

Total Stockholders'

Balance - December 31, 2024

1 unchanged sentence

Share-based compensation

Issuance of common stock under equity incentive plan

Exercise of stock options and distribution of restricted stock units

Issuance of common stock for cash, net of issuance costs

2 unchanged sentences

( 40,602,499 )

Total Preferred Stock

Stockholders’

Share-based compensation

Exercise of stock options and distribution of restricted stock units

Issuance of common stock for cash, net of issuance costs

Issuance of common stock upon exercise of warrants

Balance - June 30, 2025

$ ( 40,420,944 )

Preferred Stock

Total Stockholders'

Balance - December 31, 2023

1 unchanged sentence

Share-based compensation

Issuance of common stock under equity incentive plan

Distribution of restricted stock units

Balance - March 31, 2024

( 39,741,387 )

Share-based compensation

Balance - June 30, 2024

$ ( 39,538,595 )

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

1 unchanged sentence

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)

For the three months ended March 31,

For the six months

ended June 30,

CASH FLOWS FROM OPERATING ACTIVITIES:

Net income (loss)

$ ( 119,976 )

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

4 unchanged sentences

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

Accretion of income from investment securities held to maturity

Write-down of inventory to net realizable value

Change in allowance for credit losses

Other noncash items

2 unchanged sentences

( 1,387,733 )

( 5,566,803 )

Prepaid expenses and other current assets

( 1,249,047 )

IVA receivable and other assets, net

7 unchanged sentences

Proceeds from redemption of certificates of deposit

Purchases of investment securities held to maturity

( 9,991,259 )

Proceeds from sales of property, plant and equipment

Purchases of property, plant and equipment

( 7,394,073 )

Net cash used in investing activities

( 17,384,832 )

CASH FLOWS FROM FINANCING ACTIVITIES:

Principal payments on long-term debt

Proceeds from exercises of stock options

Proceeds from issuance of common stock, net of issuance costs

1 unchanged sentence

Net cash provided by (used in) financing activities

NET INCREASE IN CASH AND CASH EQUIVALENTS AND RESTRICTED CASH

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

( 12,462,474 )

CASH AND CASH EQUIVALENTS AND RESTRICTED CASH AT BEGINNING OF PERIOD

3 unchanged sentences

NON-CASH FINANCING AND INVESTING ACTIVITIES:

Noncash recognition of new operating leases

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

Equipment purchased with note payable

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

1 unchanged sentence

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

March 31, 2025

June 30, 2025

NOTE 1 - NATURE OF OPERATIONS

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.

The Company processes third party ore primarily into antimony oxide, antimony metal, antimony trisulfide, and precious metals, primarily gold and silver, 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.

1 unchanged sentence

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.

In 2024 and 2025, the Company leased a metals concentration facility located in Montana and began acquiring mining claims and leases located in Alaska, Montana and Ontario, Canada, in an effort to 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 March 31, 2025, and its results of operations and cash flows for the three months ended March 31, 2025 and 2024.

In the opinion of management, the accompanying unaudited condensed consolidated financial statements contain all adjustments, consisting of only normal recurring adjustments, necessary for a fair statement of its financial position as of June 30, 2025, and its results of operations and cash flows for the three and six months ended June 30, 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.

4 unchanged sentences

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

Use of Estimates

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

2 unchanged sentences

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

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

Operating results for the three and six months ended June 30, 2025, are not necessarily indicative of the results that may be expected for the full year ending December 31, 2025.

Reclassifications

Certain reclassifications have been made to conform prior period amounts to the current period’s presentation.

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

UNITED STATES ANTIMONY CORPORATION AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

March 31, 2025

Reclassifications

Certain reclassifications have been made to conform prior period amounts to the current presentation.

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

June 30, 2025

Investment Securities Held to Maturity

The Company purchased short-term and long-term investment grade U.S.

Treasury Strips in the second quarter of 2025 in an effort to protect itself from anticipated interest rate drops.

These securities are classified as held-to-maturity and carried at amortized cost because the Company has both the intent and ability to hold them until their contractual maturity date.

Since these U.S.

Treasury Strips are zero-coupon instruments that do not pay periodic interest, the original investment amount is adjusted for the accretion of discounts using the effective interest method over the period from acquisition to maturity.

Discount accretion is recognized as “Interest and investment income” in the Condensed Consolidated Statements of Operations.

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

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

Unrealized gains and losses on held-to-maturity securities are not recognized in the Company’s condensed consolidated financial statements.

Instead, these amounts are closely monitored and disclosed in the footnotes to the condensed consolidated financial statements.

The Company accounts for credit losses on its held-to-maturity securities in accordance with the expected credit loss model, as prescribed by U.S.

An allowance for credit losses is recognized to reflect the Company's estimate of expected credit losses over the contractual life of its held-to-maturity securities.

In accordance with the accounting guidance prescribed for credit losses on held-to-maturity debt securities, the Company has presumed the expected credit losses on its U.S.

Treasury Strips are negligible since they are explicitly guaranteed by the U.S.

Recent Accounting Pronouncements

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

In December 2023, the Financial Accounting Standards Board (the “FASB”) issued Accounting Standards Update (“ASU”) 2023-09, Income Taxes (Topic 740):

Improvement to Income Tax Disclosures, amending income tax disclosure requirements for the effective tax rate reconciliation and income taxes paid.

The amendments in ASU 2023-09 are effective for fiscal years beginning after December 15, 2024 and are applied prospectively.

The amendments in this ASU are effective for fiscal years beginning after December 15, 2024 and are applied prospectively.

Early adoption and retrospective application of the amendments are permitted.

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

These new disclosure requirements will be effective in the Company’s Annual Report on Form 10-K for the fiscal year ending December 31, 2025.

Other than the new disclosure requirements, this guidance is not expected to have an impact on the Company’s consolidated financial statements.

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.

These new disclosure requirements are effective for the Company's annual periods 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.

The Company is currently evaluating the potential impact this update will have on its consolidated financial statements and expense disclosures in the notes to the consolidated financial statements.

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.

UNITED STATES ANTIMONY CORPORATION AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

June 30, 2025

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, restricted stock units (“RSUs”), and warrants.

Diluted EPS is calculated the same as Basic EPS but reflects the potential dilution that could occur from common shares issuable through stock options, restricted stock units (“RSUs”), and warrants in the weighted average number of common shares outstanding.

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

The following table sets forth the calculation of basic and diluted weighted average shares outstanding and net income (loss) per share for the periods presented:

Three months ended June 30,

Six months ended June 30,

Net income (loss)

Preferred dividends

Net income (loss) available to common shareholders

$ ( 123,726 )

Weighted average shares - basic

Add - dilutive effect of stock options

Add - dilutive effect of RSUs

Add - dilutive effect of warrants

Weighted average shares - diluted

Net income (loss) per share:

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:

Three months ended June 30,

Six months ended June 30,

Stock options and RSU awards

Total possible share dilution

1 unchanged sentence

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

March 31, 2025

June 30, 2025

NOTE 4 – FAIR VALUE MEASUREMENTS

The Company uses the fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value.

Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, essentially an exit price, based on the highest and best use of the asset or liability.

The levels of the fair value hierarchy are:

Level 1—Quoted market prices in active markets for identical assets or liabilities;

Level 2—Significant other observable inputs (i.e., quoted prices for similar items in active markets, quoted prices for identical or similar items in markets that are not active, inputs other than quoted prices that are observable, such as interest rate and yield curves, and market-corroborated inputs);

Level 3—Unobservable inputs in which there is little or no market data, which require the reporting unit to develop its own assumptions.

The classification of fair value measurements within the established three-level hierarchy is based upon the lowest level of input that is significant to the measurements.

Financial instruments, although not recorded at fair value on a recurring basis, include cash and cash equivalents, held-to-maturity securities, and debt obligations.

The carrying amounts of cash and cash equivalents approximate fair value because of its short-term nature.

The estimated fair values of investment securities held to maturity were based on Level 2 inputs.

The fair value of the Company’s debt is estimated to be face value based on the contractual terms of the underlying debt arrangements and market-based expectations.

NOTE 5 – REVENUE RECOGNITION

Products consist of the following:

The Company’s products consist of the following:

includes antimony oxide, antimony metal, antimony trisulfide.

2 unchanged sentences

includes unrefined and refined gold and silver.

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

Sales by product type for the three and six months ended June 30, 2025 and 2024 were as follows:

Three months ended June 30,

Six months ended June 30,

Precious metals

Total 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,

Domestic and foreign revenues for the three and six months ended June 30, 2025 and 2024 were as follows:

Three Months Ended June 30,

Six Months Ended June 30,

Total revenues

The Company’s trade accounts receivable balance related to contracts with customers was $ 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.

UNITED STATES ANTIMONY CORPORATION AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

June 30, 2025

The Company’s trade accounts receivable balance related to contracts with customers was $ 2,543,413 at June 30, 2025 and $ 1,156,564 at December 31, 2024, which is net of an allowance for credit losses of $ 11,049 and $ 10,165 at June 30, 2025 and December 31, 2024, respectively.

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

NOTE 6 – INVESTMENT SECURITIES HELD TO MATURITY

In April 2025, the Company purchased $ 9,991,259 of U.S.

Treasury Strips with maturities ranging from approximately 12 to 54 months .

Treasury Strips are scheduled to mature approximately equally about every six months beginning in May 2026 and will generate interest yields of approximately 4 %.

The Company has classified these securities as held-to-maturity because it has the intent and ability to hold them until their contractual maturity date.

As a result, these securities are carried at amortized cost, which represents the original investment amount adjusted for the amortization of discounts using the effective interest method over the period from acquisition to maturity.

The following is a summary of the Company’s investment securities held to maturity as of June 30, 2025:

Investment securities held to maturity - current:

Treasury Strips

Investment securities held to maturity - noncurrent:

Treasury Strips

Total investment securities held-to-maturity

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

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

There were no investment securities outstanding at December 31, 2024 or held during the six months ended June 30, 2024.

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

At June 30, 2025, the Company’s held to maturity securities were scheduled to mature as follows:

Twelve months ending June 30,

Total investment securities held to maturity

Line of Credit

The Company secured a $ 5,000,000 line of credit facility (“LOC”) in April 2025, which bears interest at one percent above the base commercial rate.

The Company’s investment securities serve as collateral for the LOC on which the Company had no outstanding borrowings at June 30, 2025.

UNITED STATES ANTIMONY CORPORATION AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

March 31, 2025

June 30, 2025

NOTE 7 – INVENTORIES

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 at June 30, 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 March 31, 2025 and December 31, 2024 were as follows:

March 31, 2025

December 31, 2024

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

Inventories at June 30, 2025 and December 31, 2024 were as follows:

Antimony oxide

3 unchanged sentences

Total inventories

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.

At June 30, 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.

UNITED STATES ANTIMONY CORPORATION AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

March 31, 2025

Antimony oxide, metal, and ore and concentrates were held primarily at the Company’s plants located in Montana and Mexico.

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

Zeolite inventory was held at the Company’s plant located in Idaho.

NOTE 8 – 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

The major components of the Company’s property, plant and equipment (“PP&E”) by segment at June 30, 2025 and December 31, 2024 were as follows:

June 30, 2025

Plant and equipment

17 unchanged sentences

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)

March 31, 2025

June 30, 2025

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

Mineral rights and interests

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:

Payments to acquire these claims have been or will be made by the Company on or around the payment dates indicated as follows:

Payment Amount

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”).

The January Fairbanks Agreement requires a royalty payment by the Company based on the actual production from the claims (“Net Smelter Royalty on Claims”) and another royalty payment by the Company based on the actual production, if any, 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 .

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 beginning 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.

1 unchanged sentence

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

March 31, 2025

June 30, 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:

Payments to acquire these claims and leases have been or will be made by the Company on or around the payment dates indicated as follows:

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”).

The March Fairbanks Agreement requires a royalty payment by the Company based on the actual 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 .

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 beginning March 2025, with various milestones over this period .

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

In May 2025, the Company paid $ 230,000 to acquire the surface rights related to its patented lode mining claim located in Thompson Falls, Montana.

In June 2025, the Company acquired property located in the Sudbury District of Ontario, Canada, which included 50 single-cell mining claims (the Fostung Properties) for $ 5,000,000 .

Direct transaction costs related to this acquisition totaled $ 25,120 .

In addition, the agreement requires the Company to pay a net smelter return royalty based on actual production from the property.

Effective June 1, 2025, the Company executed an agreement to acquire the ownership rights to various patented federal lode mining claims located in the Fairbanks District of Alaska (“June Fairbanks Agreement”).

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

Payment Amount

Within 10 days of June 1, 2025

December 2025

UNITED STATES ANTIMONY CORPORATION AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

June 30, 2025

The June Fairbanks Agreement requires net smelter royalty payments be made by the Company based on actual production from the claims.

Also, the agreement includes a commitment by the Company to spend an aggregate of $ 700,000 in exploring and developing these claims based on various milestones scheduled to occur over approximately thirty-nine months from the effective date of the agreement.

This agreement can be terminated without cause at any time by the Company with ninety-days’ notice.

The payments made to acquire these mining claims and leases, including any direct transaction costs, are capitalized in the “Mineral rights and interests” component of “Property, plant and equipment, net” in the Condensed Consolidated Balance Sheets and included in the “All Other” category for segment reporting.

NOTE 9 – LEASES

1 unchanged sentence

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 Company amended this lease in March 2025 extending the term of the lease to September 2, 2026 and modifying 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.

4 unchanged sentences

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.

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 minerals.

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

The Company can terminate the lease without cause with thirty days’ notice and must provide the facility to the lessor at the end of the lease in the same condition as it was received.

UNITED STATES ANTIMONY CORPORATION AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

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.

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 $ 664,817 and $ 755,569 at June 30, 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 $ 230,027 and $ 565,289 at June 30, 2025 and December 31, 2024, respectively.

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

Lease payments were $ 40,000 and $ 70,000 during the three and six months ended June 30, 2025, respectively, which were included in operating cash flows.

For the three and six months ended June 30, 2024, there were no payments made or expense recorded for this lease.

Dallas Operating Lease

5 unchanged sentences

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.

UNITED STATES ANTIMONY CORPORATION AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

June 30, 2025

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 $ 45,600 and $nil at June 30, 2025 and December 31, 2024, respectively.

During the three and six months ended June 30, 2025, the Company recorded $ 11,835 and $ 19,725 , respectively, of lease expense related to this lease in “General and administrative” in the Condensed Consolidated Statements of Operations.

Lease payments were $ 11,835 and $ 19,725 during the three and six months ended June 30, 2025, respectively, which were included in operating cash flows.

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

For the three and six months ended June 30, 2024, there were no payments made or expense recorded for this 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

Three months ended June 30,

Six months ended June 30,

Operating lease expense

1 unchanged sentence

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,

At June 30, 2025, the weighted average remaining lease term of operating leases was 14 months and the weighted average discount rate for operating leases was 3.49 %.

The following table is a maturity analysis of the future minimum lease payments for operating leases as of June 30, 2025:

Twelve months ending June 30,

Total operating lease payments

3 unchanged sentences

Noncurrent operating lease liability

UNITED STATES ANTIMONY CORPORATION AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

March 31, 2025

NOTE 10 – LONG-TERM DEBT

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

March 31, 2025

December 31, 2024

Long-term debt at June 30, 2025 and December 31, 2024 was as follows:

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

2 unchanged sentences

Long-term debt, net

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

Twelve months ending March 31,

At June 30, 2025, principal payments on debt were due as follows:

Twelve months ending June 30,

UNITED STATES ANTIMONY CORPORATION AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

March 31, 2025

June 30, 2025

NOTE 11 – INCOME AND OTHER TAXES

Management estimates that the Company’s 2025 effective tax rate will be 0% due to the Company’s cumulative loss position, historical net operating losses, and other available evidence related to the Company’s ability to generate taxable income.

Accordingly, there is no income tax expense or benefit recorded for the three- and six-month periods ended June 30, 2025.

Mexico Tax Assessment

19 unchanged sentences

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.

USAMSA has a receivable of $ 1,346,690 and $ 907,408 at June 30, 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 $ 785,018 and $ 575,151 at June 30, 2025 and December 31, 2024, respectively.

The net IVA tax receivable of $ 561,672 and $ 332,257 at June 30, 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

June 30, 2025

NOTE 12 – 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.

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

During the six months ended June 30, 2025, BRZ received three citations from MSHA, one of which was significant and substantial.

All three citations were rectified by BRZ and terminated by MSHA on the day the citations were issued.

At June 30, 2025 and December 31, 2024, BRZ had “accrued liabilities” in the Condensed Consolidated Balance Sheets of $ 4,827 and $ 19,074 , respectively, 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.

In April 2025, the Company began contracting for engineering and construction services to expand its existing smelting operations located in Thompson Falls, Montana.

Total capital expenditures associated with the expansion plans are estimated to be approximately $ 17,000,000 of which approximately $ 4,500,000 has been formally agreed to with various third-party vendors.

NOTE 13 – STOCKHOLDERS’ EQUITY

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.

During the six months ended June 30, 2025 and 2024, the Company issued 1,472,097 shares and 791,667 shares, respectively, of its common stock in conjunction with the vesting of restricted stock units (“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.

During the six months ended June 30, 2025, the Company sold 1,857,923 shares of its common stock in an “at the market offering” and received gross proceeds of $ 5,158,787 based on a weighted average price of $ 2.78 per share.

Direct issuance costs totaling $ 94,304 were incurred related to these sales.

The Company did not sell any of its common stock during the six months ended June 30, 2024.

The Company also issued 2,919,643 shares of its common stock in the first six months of 2025 related to the exercise of pre-existing warrants.

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

Share-based compensation

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.

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, non-qualified stock options 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.

During the six months ended June 30, 2025, the Company granted stock options and RSUs totaling 757,300 and 654,600 , 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.

2 unchanged sentences

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

March 31, 2025

June 30, 2025

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

Three Months Ended March 31,

Three Months Ended June 30,

Six Months Ended June 30,

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.

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

Three Months Ended June 30,

Six Months Ended June 30,

General and administrative

Salaries and benefits

Professional fees

Total non-cash share-based compensation expense

Stock options

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

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

Three Months Ended

Grant-Date Weighted-Average Assumptions

March 31, 2025

The following table summarizes the weighted-average assumptions used to value stock options granted during the six months ended June 30, 2025 using the Black-Scholes method:

Weighted-Average Grant Date Assumptions

Six Months Ended

June 30, 2025

Expected term (in years)

2 unchanged sentences

Expected volatility

Fair value per share of options granted

Fair value per share

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

6 unchanged sentences

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

March 31, 2025

June 30, 2025

Activity with respect to stock options is summarized as follows:

Weighted-Average

Exercise Price

Price Per Share

Weighted-Average Remaining

Term (in years)

Options outstanding, December 31, 2024

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)

March 31, 2025

Options outstanding, June 30, 2025

Nonvested options, June 30, 2025

Vested and exercisable options, June 30, 2025

At June 30, 2025, total unrecognized share-based compensation expense related to stock options was $ 1,496,779 , which is expected to be recognized over a weighted-average remaining period of 1.9 years.

During the six months ended June 30, 2025, 622,500 stock options were exercised to purchase shares of common stock.

These exercises included 250,000 options for cash proceeds of $ 55,000 and cashless exercises where 50,269 shares of common stock were surrendered to the Company to pay for the aggregate exercise price of the stock options and 322,231 shares of common stock were issued.

The total intrinsic value of the 622,500 stock options exercised during the six months ended June 30, 2025 was $ 1,061,033 .

Restricted stock units

1 unchanged sentence

Weighted-Average

Nonvested shares at December 31, 2024

RSUs outstanding at December 31, 2024

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.

RSUs outstanding at June 30, 2025

At June 30, 2025, total unrecognized share-based compensation expense related to RSUs was $ 1,382,688 , which is expected to be recognized over a weighted-average remaining period of 2.1 years.

The weighted-average remaining contractual term of the nonvested RSU shares was 1.4 years at June 30, 2025.

UNITED STATES ANTIMONY CORPORATION AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

June 30, 2025

Common stock warrants

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:

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

No warrants were issued or expired during the six months ended June 30, 2025 and 2024 nor were any warrants exercised during the six months ended June 30, 2024.

Following is a summary of the Company’s warrant activity during the six months ended June 30, 2025:

Weighted Average

Exercise Price

Balance outstanding at December 31, 2024

Balance outstanding at March 31, 2025

Balance at December 31, 2024

( 2,919,643 )

Balance at June 30, 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:

The composition of the Company’s warrants outstanding at June 30, 2025 was as follows:

Number of warrants

2 unchanged sentences

Remaining life (years)

UNITED STATES ANTIMONY CORPORATION AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

March 31, 2025

All outstanding warrants of the Company expire on or before August 3, 2026.

NOTE 14 – BUSINESS SEGMENTS

3 unchanged sentences

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

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 following components of the Company’s business do not currently engage in business activities from which they recognize revenue and incur expenses:

Los Juarez, Mexico in our ADM subsidiary, Ontario, Canada, Alaska, Philipsburg, Montana, and the mining claims in Thompson Falls, Montana.

Therefore, these components, along with the Company’s personal residence in Thompson Falls, Montana, 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

Total assets by segment at June 30, 2025 and December 31, 2024 were as follows:

Antimony segment:

Zeolite segment

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

UNITED STATES ANTIMONY CORPORATION AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

June 30, 2025

Total capital expenditures by segment for the three and six months ended June 30, 2025 and 2024 were as follows:

Three months ended June 30,

Six months ended June 30,

Antimony segment

1 unchanged sentence

Total capital expenditures

UNITED STATES ANTIMONY CORPORATION AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

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

Selected segment operational information for the three and six months ended June 30, 2025 and 2024 were as follows:

For the three months ended June 30, 2025

Total revenues

2 unchanged sentences

Income tax expense

For the three months ended March 31, 2024

For the three months ended June 30, 2024

Total revenues

2 unchanged sentences

Income tax expense

For the six months ended June 30, 2025

Total revenues

Depreciation and amortization

Income (loss) from operations

( 1,168,548 )

Income tax expense

For the six months ended June 30, 2024

Total revenues

Depreciation and amortization

Income (loss) from operations

( 1,007,134 )

Income tax expense

UNITED STATES ANTIMONY CORPORATION AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

June 30, 2025

Note 15 - SUBSEQUENT EVENTS

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.

Sales of Common Stock

In July 2025, the Company sold 1,522,340 shares of its common stock in an “at the market offering” and received gross proceeds of $ 5,405,126 based on a weighted average price of $ 3.55 per share.

A total of $ 97,694 in direct issuance costs were incurred related to this sale.

Letter of Credit

In July 2025, the Company issued a letter of credit (the “LC”) for approximately $ 1.8 million related to the purchase of antimony ore from an international supplier.

This supplier will be paid for the ore it supplies via the LC if certain conditions are met.

Approximately $ 1.8 million of the Company’s cash was used as collateral for the LC.

Amended and Restated 2023 Equity Incentive Plan

On July 31, 2025, the Company’s shareholders approved the Amended and Restated 2023 Equity Incentive Plan (the “Amended Plan”) to increase the number of shares of common stock reserved for issuance under the Amended Plan from 8,700,000 shares to 23,700,000 shares, among other changes.

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