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Item 2. Management’s Discussion and Analysis

2025-08-12 compared with 2025-05-08 · 103 added, 45 removed, 165 unchanged (47% of the section changed)

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Readers should note that, in addition to the historical information contained herein, this Quarterly Report and the exhibits attached hereto contain “forward-looking statements” within the meaning of, and intended to be covered by, the safe harbor provisions of the Private Securities Litigation Reform Act of 1995.

Such forward-looking statements are based upon current expectations and beliefs concerning future developments and their potential effects on United States Antimony Corporation (“US Antimony,” “USAC,” and the “Company”) including matters related to the Company’s operations, pending contracts and future revenues, financial performance, and profitability, ability to execute on its increased production and installation schedules for planned capital expenditures, and the size of forecasted deposits.

Such forward-looking statements are based upon current expectations and beliefs concerning future developments and their potential effects on United States Antimony Corporation (“US Antimony,” “USAC,” or the “Company”) including matters related to the Company's operations, pending contracts and future revenues, financial performance, and profitability, ability to execute on its increased production and installation schedules for planned capital expenditures, and the size of forecasted deposits.

Although the Company believes that the expectations reflected in the forward-looking statements and the assumptions upon which they are based are reasonable, it can give no assurance that such expectations and assumptions will prove to have been correct.

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Negative consequences related to mineral operations being subject to existing and new government regulations within and outside the United States;

T he Company’s ability to obtain additional capital to develop the Company’s resources, if any;

The Company’s ability to obtain additional capital to develop the Company’s resources, if any;

Concentration of customers;

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Mining exploration, development, and production not being economically viable;

Mineral reserve estimates, including those prepared by "Qualified Persons" (as defined by SEC Regulation S-K 1300), are not guarantees of the volume or grade of ore that will ultimately be recovered;

Processing and selling ore from new suppliers and internal sources not being economically viable;

More risk associated with non-domestic supply of antimony ore;

Fluctuations in the Company’s common stock.

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dollars, unless otherwise indicated.

Management’s Discussion and Analysis is intended to be read in conjunction with the Company’s consolidated financial statements and the integral notes (“Notes”) thereto included in the Company’s Annual Report on Form 10-K for the fiscal year ending December 31, 2024.

DESCRIPTION OF BUSINESS

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In 2024, the Company leased a metals concentration facility with two flotation circuits located in Philipsburg, Montana.

In 2024 and 2025, the Company acquired mining claims and leases in Alaska and Ontario, Canada, which necessitated forming three entities related to the Alaska mining claims, Great Land Minerals, LLC, Denali Minerals, LLC, and Alaska Antimony LLC, and one entity related to the Ontario mining claims and leases, UAMY Cobalt Corporation.

In 2024 and 2025, the Company acquired mining claims and leases located in Alaska, Montana and Ontario, Canada, which necessitated forming three entities related to the Alaska mining claims, Great Land Minerals, LLC, Denali Minerals, LLC, and Alaska Antimony LLC, and one entity related to the Ontario mining claims and leases, UAMY Cobalt Corporation.

We expect these mining claims and leases will expand the Company’s operations and product offerings.

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

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

Currently, no active operations are being conducted, nor is any revenue being generated, from the Company's business components located in Los Juarez, Mexico (our ADM subsidiary), Ontario, Canada, Alaska, Philipsburg, Montana, and the mining claims in Thompson Falls, Montana.

The Company is also considering the acquisition of additional property in Alaska to be used for operating activities, including ore separation and storage, as well as an office for its staff.

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

On July 1, 2025, the Company’s common stock also began trading on a new stock exchange, the NYSE Texas.

The Company continues to maintain its primary listing on the NYSE American Stock Exchange and trades with the same “UAMY” ticker symbol on both exchanges.

On July 31, 2025, the Company’s shareholders approved the conversion of the Company from a corporation organized under the laws of the State of Montana to a corporation organized under the laws of the State of Texas (the “Texas Reincorporation”).

After the Texas Reincorporation is complete, the rights of the Company’s shareholders previously governed by the Montana Business Corporation Act, as amended, and the Company’s Articles of Incorporation and Bylaws in effect prior to the Texas Reincorporation, will be governed by the Texas Business Organizations Code and the Certificate and Bylaws filed and adopted by the Company under Texas law.

The Texas Reincorporation will not result in any change in business, jobs, management, properties, location of any of our offices or facilities, number of employees, obligations, assets, liabilities or net worth.

Also, the Company intends to maintain its corporate headquarters in Texas and does not expect there to be any interruption in the trading of its common stock.

The Texas Reincorporation is expected to become effective as soon as practicable following the 2025 Annual Meeting.

The Company has two reportable segments:

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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.

Antimony is a mineral that is included in many products that are used every day.

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.

Antimony is a mineral that is included in many products that are used every day, both by the military and by industrial customers.

USAC can provide this mineral in a form that can be used in these products.

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The ore we purchase for our facility located in Montana contains antimony, gold, and silver.

Our Montana facility processes this ore and sells the gold and silver to the company who sold us this ore, which represents all our precious metals sales, and sells the antimony to other companies in various industries.

Our Montana facility processes this ore and typically sells the gold and silver to the company who sold us this ore, which represents all our precious metals sales, and sells the antimony to other companies in various industries.

Our Mexico facilities have been processing ore primarily into antimony metal.

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

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

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

Zeolite Segment

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

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

However, the Company has completed test hole drilling and has retained a qualified third-party expert who is in the process of preparing a technical reserve report for the BRZ property.

We strive to achieve excellence in mine safety and health performance and work with government agencies to ensure compliance with environmental regulations and health and safety standards.

On July 24, 2025, the Company published a technical report summary on its zeolite mineral deposit located in Preston, Idaho.

This Technical Report Summary, dated July 2, 2025 (the “TRS”), on the Bear River Zeolite Project was prepared in accordance with the mining property disclosure rules specified in subpart 1300 of Regulation S-K.

The full text of the TRS is an exhibit to the Form 8-K filed by the Company on July 25, 2025.

BRZ has a lease with Zeolite, LLC that entitles BRZ to surface mine and process zeolite on the 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”).

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Consolidated Statements of Operations Information:

For the Three Months Ended March 31,

For the Three Months

Ended June 30,

For the Six Months

Ended June 30,

Costs of revenues

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Income (loss) from operations

Total other income

Total other income, net

Income tax expense

Net income (loss)

Consolidated Balance Sheet Information:

December 31, 2024

Consolidated Balance Sheets Information:

Working capital

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Total stockholders’ equity

Operational and Financial Performance of Continuing Operations by Segment:

Financial and operational performance of antimony for the three months ended March 31, 2025 and 2024 was as follows:

For the three months ended

March 31, 2025

March 31, 2024

Operational and Financial Performance of Operations by Segment:

Financial and operational performance of antimony for the three months ended June 30, 2025 and 2024 was as follows:

For the three months

ended June 30,

Gross profit (a)

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Average gross profit per pound

Revenue from sales of gold and silver totaled negative $(20,539) and $nil for the three months ended March 31, 2025 and 2024, respectively, which are excluded from Revenue and Gross profit in the table above but included in the antimony segment.

Pounds of antimony sold in the table above exclude the sales related to gold and silver for both periods presented.

Antimony revenue increased $3,456,786, or 140%, for the three months ended March 31, 2025, as compared to the three months ended March 31, 2024, primarily due to an increase in the average sales price per pound driven by higher demand for antimony, partially offset by a decrease in sales volume.

Gross profit increased $1,515,638, or 167%, for the three months ended March 31, 2025, as compared to the three months ended March 31, 2024, primarily due to an increasing market and sales price with a lagging ore cost, offset in part by higher ore costs.

Financial and operational performance of zeolite for the three months ended March 31, 2025 and 2024 was as follows:

For the three months ended

March 31, 2025

March 31, 2024

Revenue from sales of gold and silver totaled $nil and $4,616 for the three months ended June 30, 2025 and 2024, respectively, which are excluded from Revenue and Gross profit in the table above but included in the antimony segment.

Pounds of antimony sold in the table above exclude sales related to gold and silver for both periods presented.

Financial and operational performance of antimony for the six months ended June 30, 2025 and 2024 was as follows:

For the six months

ended June 30,

Gross profit (b)

Pounds of antimony sold (b)

Average sales price per pound

Average cost per pound

Average gross profit per pound

Revenue from sales of gold and silver totaled negative $(20,539) and $4,616 for the six months ended June 30, 2025 and 2024, respectively, which are excluded from Revenue and Gross profit in the table above but included in the antimony segment.

Pounds of antimony sold in the table above exclude sales related to gold and silver for both periods presented.

For the three and six months ended June 30, 2025, antimony revenue increased $6,972,867, or 262%, and $10,429,653, or 203%, respectively, as compared to the corresponding periods in the prior year.

This growth was primarily driven by heightened demand for antimony, which resulted in the average sales price per pound increasing for both the three and six-month periods.

This positive impact from higher prices was partially offset by declines in sales volume of 11% and 21% during the three and six months ended June 30, 2025, respectively.

Gross profit increased $1,641,485, or 132%, and $3,157,123, or 147%, for the three and six months ended June 30, 2025, respectively, as compared to the three and six months ended June 30, 2024.

These increases were primarily attributable to higher average sales prices per pound, driven by greater demand, coupled with favorable ore costs from earlier purchases made during the first half of 2025.

This positive impact was partially offset by an increasing percentage of market prices charged by suppliers.

Financial and operational performance of zeolite for the three months ended June 30, 2025 and 2024 was as follows:

For the three months

ended June 30,

Tons of zeolite sold

Average sales price per ton

Average cost per ton

Average gross profit per ton

Financial and operational performance of zeolite for the six months ended June 30, 2025 and 2024 was as follows:

For the six months

ended June 30,

Gross profit (loss)

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Average gross profit (loss) per ton

Zeolite revenue increased $491,691, or 82%, for the three months ended March 31, 2025, as compared to the three months ended March 31, 2024, primarily due to an increase in sales volume driven by improved customer relationships with better supply reliability and expanded customer reach.

Gross profit increased by $471,919 for the three months ended March 31, 2025, as compared to the three months ended March 31, 2024, primarily due to an increase in sales volume and average sales price as well as a decrease in maintenance and related costs.

In the first quarter of 2024, BRZ incurred significant maintenance and related costs from the repair of older machinery and equipment due to historical poor maintenance of this operating equipment.

For the six months ended June 30, 2025, Zeolite revenue increased $385,586, or 24%, as compared to the corresponding prior year period.

This increase was largely a result of higher sales volume, stemming from enhanced customer relationships, improved supply reliability, and broader customer reach.

In contrast, Zeolite revenue in the second quarter of 2025 experienced a decline of $106,105, or 11%, when compared to the prior year's second quarter.

This quarterly decrease was predominantly due to a 17% decrease in tons of Zeolite sold, partially offset by an 8% increase in the average sales price per ton.

Gross profit increased $543,697, or 225%, for the six months ended June 30, 2025, as compared to the corresponding period in 2024.

This increase was largely due to both sales volume growth and higher average sales prices, coupled with a decrease in maintenance and related costs.

In the first two quarters of 2024, our BRZ facility incurred substantial maintenance and related costs to repair older operating equipment due to historically poor maintenance practices.

Despite these overall positive trends, Zeolite's gross profit saw more modest growth, increasing only $71,778, or 142%, in the second quarter of 2025 as compared to the prior year's second quarter.

This was primarily the result of a decline in Zeolite sales volume during the second quarter of 2025.

Capital Resources and Liquidity:

Working Capital

March 31, 2025

June 30, 2025

December 31, 2024

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Working capital

For the Three Months Ended March 31,

For the Six Months

Ended June 30,

Cash Flow Information

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Net cash used in investing activities

(17,384,832 )

Net cash provided by (used in ) financing activities

Net increase in cash

Net cash used in operating activities was $1,729,291 for the three months ended March 31, 2025 as compared to $65,027 of net cash provided by operating activities for the three months ended March 31, 2024.

This use of cash in 2025 primarily related to increased antimony inventory ore purchases coupled with higher ore prices as pricing is based on a percentage of the antimony market price, which increased throughout the first quarter of 2025.

Net cash used in investing activities increased to $862,011 for the three months ended March 31, 2025 as compared to $2,031 for the three months ended March 31, 2024.

This increase primarily reflected higher capital expenditures which included the purchase of a personal residence for management personnel working in Montana.

Net (decrease) increase in cash

($12,462,474)

Net cash used in operating activities was $2,356,986 for the six months ended June 30, 2025 as compared to $630,966 of net cash provided by operating activities for the six months ended June 30, 2024.

This use of cash in 2025 primarily related to significantly increased antimony inventory on hand throughout the first two quarters of 2025, as shown in the inventory chart below.

This use of cash was partly offset by an increased accounts payable balance during the first six months of 2025, which was largely due to the higher cost of supplier invoices related to antimony.

Inventory by segment as of the date indicated was as follows:

Antimony inventory

Zeolite inventory

Total inventories

Also, prepaid expenses and other current assets totaled $1,353,208 and $104,161 as of June 30, 2025 and December 31, 2024, respectively, which is an increase of $1,249,047.

This increase was due in part to a payment made during the second quarter of 2025 for a shipment of inventory that had not been received by June 30, 2025.

This resulted in an increase in “prepaid expenses and other current assets” of approximately $840,000 from December 31, 2024 to June 30, 2025.

Also, prepaid insurance increased by approximately $342,000 from December 31, 2024 to June 30, 2025, due to insurance renewal payments made during the second quarter of 2025 to continue coverage for the next policy year.

In addition, accrued liabilities totaled $1,251,778 and $1,427,146 as of June 30, 2025 and December 31, 2024, respectively, and relate primarily to accrued compensation and accruals for goods or services received but not invoiced as of the reporting date.

The $175,368 decrease reflected a reduction in accrued compensation that was primarily due to timing differences associated with payroll accruals.

Net cash used in investing activities increased to $17,384,832 for the six months ended June 30, 2025 as compared to $100,039 for the six months ended June 30, 2024.

Investing activities in the first six months of 2025 were comprised of $9,991,259 for the purchase of U.S.

Treasury Strips and capital expenditures totaling $7,394,073.

These capital expenditures included $5,025,120 for the Fostung Properties, a mining property consisting of 50 single-cell mining claims located in the Sudbury District of Ontario, Canada.

See Note 8 of the Notes to Condensed Consolidated Financial Statements in this Quarterly Report for further information.

Net cash provided by financing activities was $3,166,123 for the three months ended March 31, 2025 as compared to $21,273 of net cash used in financing activities for the three months ended March 31, 2024.

Financing activities in the first quarter of 2025 included $2,392,317 of net proceeds received from the sale of common stock in an “at the market offering” and $806,438 of proceeds received from the exercise of common stock warrants.

Net cash provided by financing activities was $7,279,344 for the six months ended June 30, 2025 as compared to $39,071 of net cash used in financing activities for the six months ended June 30, 2024.

Financing activities in the first six months of 2025 included $5,064,483 of net proceeds received from the sale of common stock in an “at the market offering” and $2,225,411 of proceeds received from the exercise of pre-existing common stock warrants.

Our mission is to service our employees, customers, and vendors well and grow our business profitably both organically and through strategic acquisitions and partnerships to increase shareholder value.

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However, our ability to access capital or raise funds when needed is not assured and, if capital is not available when, and in the amounts and terms needed, or if capital is not available at all, the Company could be required to significantly curtail its operations, modify existing strategic plans, and/or dispose of certain operations or assets, which could materially harm our business, prospects, financial condition, and operating results.

The Company secured a $5,000,000 LOC facility in April 2025, which bears interest at one percent above the base commercial rate.

The Company’s U.S.

Treasury Strips serve as collateral for this LOC.

The Company could generate funds or working capital by drawing on its LOC as it had no outstanding borrowings on the LOC at June 30, 2025.

The Company could also receive funds from the U.S.

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However, there is no assurance that U.S.

Government funding will be accessible to the Company.

Government funding will ultimately be accessible to the Company.

In addition, the Company continues to review each segment’s operational and financial results for opportunities to improve cash flow and to make informed decisions that benefit the Company overall.

As of March 31, 2025, the Company had cash and cash equivalents of $18,746,429.

We intend to fund our cash requirements with our cash and cash equivalents, cash generated from our operations, and capital raised from various investment vehicles and believe cash from these sources are sufficient to cover our requirements for the next 12 months.

As of June 30, 2025, the Company had cash and cash equivalents of $5,708,660.

We intend to fund our cash requirements with our cash and cash equivalents, cash generated from our operations, and capital raised from various investment vehicles and methods and believe cash from these sources are sufficient to cover our requirements for the next 12 months.

We may use cash to acquire businesses.

As noted per the “DESCRIPTION OF BUSINESS – History” section above, the Company is currently considering the acquisition of additional property in Alaska to be used for operating activities, including ore separation and storage, as well as an office for its staff.

The nature of these investments and transactions, however, makes it difficult to predict the amount and timing of such cash requirements.

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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 2. Management’s Discussion and Analysis