UNITED STATES ANTIMONY CORP 10-Q

ITEM 1. FINANCIAL STATEMENTS UNITED STATES ANTIMONY CORPORATION AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) June 30, 2025 December 31, 2024 ASSETS CURRENT ASSETS Cash and cash equivalents $ 5,708,660 $ 18,172,120 Investment securities held to maturity 1,258,665 - Accounts receivable, net 2,543,413 1,156,564 Inventories 6,812,527 1,245,724 Prepaid expenses and other current assets 1,353,208 104,161 Total current assets 17,676,473 20,678,569 Property, plant and equipment, net 19,725,995 12,891,447 Operating lease right-of-use assets 275,627 565,289 Investment securities held to maturity - noncurrent 8,828,584 - Restricted cash for reclamation bonds 99,764 98,778 IVA receivable and other assets, net 891,879 408,519 Total assets $ 47,498,322 $ 34,642,602 LIABILITIES AND STOCKHOLDERS’ EQUITY CURRENT LIABILITIES Accounts payable $ 5,746,709 $ 1,545,708 Accrued liabilities 1,251,778 1,427,146 Accrued liabilities - directors 88,750 141,287 Royalties payable 182,523 133,434 Current portion of operating lease liabilities 592,695 626,562 Current portion of long-term debt 134,577 132,252 Total current liabilities 7,997,032 4,006,389 Operating lease liabilities, net of current portion 117,722 129,007 Long-term debt, net of current portion 127,550 195,425 Asset retirement obligations 1,750,075 1,711,108 Total liabilities 9,992,379 6,041,929 COMMITMENTS AND CONTINGENCIES (Note 12) STOCKHOLDERS' EQUITY Preferred stock $ 0.01 par value, 10,000,000 shares authorized: Series A - no shares issued and outstanding - - Series B - 750,000 shares issued and outstanding (liquidation preference $ 978,750 and $ 975,000 , respectively) 7,500 7,500 Series C - 177,904 shares issued and outstanding (liquidation preference $ 97,847 both periods) 1,779 1,779 Series D - no shares issued and outstanding - - Common stock, $ 0.01 par value, 250,000,000 shares authorized; 119,200,980 and 112,951,317 shares issued and outstanding, respectively 1,192,010 1,129,512 Additional paid-in capital 76,725,598 68,610,905 Accumulated deficit ( 40,420,944 ) ( 41,149,023 ) Total stockholders' equity 37,505,943 28,600,673 Total liabilities and stockholders' equity $ 47,498,322 $ 34,642,602 The accompanying notes are an integral part of these condensed consolidated unaudited financial statements. 3 Table of Contents UNITED STATES ANTIMONY CORPORATION AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) Three months ended June 30, Six months ended June 30, 2025 2024 2025 2024 Revenues $ 10,525,123 $ 3,662,977 $ 17,525,128 $ 6,735,044 Cost of revenues 7,687,578 2,412,754 12,315,853 4,895,336 Gross profit 2,837,545 1,250,223 5,209,275 1,839,708 Operating expenses: General and administrative 842,951 502,874 1,393,546 1,003,160 Salaries and benefits 1,364,506 285,359 2,365,061 526,964 Professional fees 536,869 240,708 918,905 453,016 (Gain) loss on sale or disposal of property, plant and equipment, net - - ( 500 ) 17,494 Other operating expenses 73,212 165,274 154,264 253,520 Total operating expenses 2,817,538 1,194,215 4,831,276 2,254,154 Income (loss) from operations 20,007 56,008 377,999 ( 414,446 ) Other income (expense), net: Interest and investment income 154,770 151,921 322,156 302,772 Trademark and licensing income 6,627 8,360 17,470 14,728 Other miscellaneous income (expense) 151 ( 13,497 ) 10,454 ( 23,030 ) Total other income, net 161,548 146,784 350,080 294,470 Income (loss) before income taxes 181,555 202,792 728,079 ( 119,976 ) Income tax expense - - - - Net income (loss) 181,555 202,792 728,079 ( 119,976 ) Preferred dividends ( 1,875 ) ( 1,875 ) ( 3,750 ) ( 3,750 ) Net income (loss) available to common shareholders $ 179,680 $ 200,917 $ 724,329 $ ( 123,726 ) Net income (loss) per share: Basic $nil $nil $ 0.01 $nil Diluted $nil $nil $ 0.01 $nil Weighted average shares outstanding: Basic 118,261,366 108,438,984 115,994,982 108,173,645 Diluted 127,223,435 108,943,126 124,343,635 108,173,645 The accompanying notes are an integral part of these condensed consolidated unaudited financial statements. 4 Table of Contents UNITED STATES ANTIMONY CORPORATION AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY (UNAUDITED) For the three and six months ended June 30, 2025 and 2024 Preferred Stock Common stock Additional Paid-In Accumulated Total Stockholders' Shares Par Value Shares Par Value Capital Deficit Equity Balance - December 31, 2024 927,904 $ 9,279 112,951,317 $ 1,129,512 $ 68,610,905 $ ( 41,149,023 ) $ 28,600,673 Net income - - - - - 546,524 546,524 Share-based compensation - - - - 245,384 - 245,384 Exercise of stock options and distribution of restricted stock units - - 1,101,231 11,013 ( 11,013 ) - - Issuance of common stock for cash, net of issuance costs - - 1,107,923 11,079 2,381,238 - 2,392,317 Issuance of common stock upon exercise of warrants - - 948,750 9,488 796,950 - 806,438 Balance - March 31, 2025 927,904 9,279 116,109,221 1,161,092 72,023,464 ( 40,602,499 ) 32,591,336 Net income - - - - - 181,555 181,555 Share-based compensation - - - - 586,913 - 586,913 Exercise of stock options and distribution of restricted stock units - - 370,866 3,709 51,291 - 55,000 Issuance of common stock for cash, net of issuance costs - - 750,000 7,500 2,664,666 - 2,672,166 Issuance of common stock upon exercise of warrants - - 1,970,893 19,709 1,399,264 - 1,418,973 Balance - June 30, 2025 927,904 $ 9,279 119,200,980 $ 1,192,010 $ 76,725,598 $ ( 40,420,944 ) $ 37,505,943 Preferred Stock Common stock Additional Paid-In Accumulated Total Stockholders' Shares Par Value Shares Par Value Capital Deficit Equity Balance - December 31, 2023 927,904 $ 9,279 107,647,317 $ 1,076,472 $ 63,853,836 $ ( 39,418,619 ) $ 25,520,968 Net loss - - - - - ( 322,768 ) ( 322,768 ) Share-based compensation - - - - 205,925 - 205,925 Distribution of restricted stock units - - 791,667 7,917 ( 7,917 ) - - Balance - March 31, 2024 927,904 9,279 108,438,984 1,084,389 64,051,844 ( 39,741,387 ) 25,404,125 Net income - - - - - 202,792 202,792 Share-based compensation - - - - 94,922 - 94,922 Balance - June 30, 2024 927,904 $ 9,279 108,438,984 $ 1,084,389 $ 64,146,766 $ ( 39,538,595 ) $ 25,701,839 The accompanying notes are an integral part of these condensed consolidated unaudited financial statements. 5 Table of Contents UNITED STATES ANTIMONY CORPORATION AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) For the six months ended June 30, 2025 2024 CASH FLOWS FROM OPERATING ACTIVITIES: Net income (loss) $ 728,079 $ ( 119,976 ) Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: Depreciation and amortization 559,525 220,633 Accretion of asset retirement obligation 38,967 36,541 Noncash operating lease expense 244,510 - Share-based compensation 832,297 300,847 (Gain) loss on sale or disposal of property, plant and equipment, net ( 500 ) 17,494 Accretion of income from investment securities held to maturity ( 95,990 ) - Write-down of inventory to net realizable value - 10,501 Change in allowance for credit losses 884 ( 14,258 ) Other noncash items - ( 16,106 ) Changes in operating assets and liabilities: Accounts receivable ( 1,387,733 ) ( 800,182 ) Inventories ( 5,566,803 ) 913,254 Prepaid expenses and other current assets ( 1,249,047 ) ( 203,722 ) IVA receivable and other assets, net ( 483,360 ) 32,758 Accounts payable 4,201,001 217,972 Accrued liabilities ( 175,368 ) 38,283 Accrued liabilities – directors ( 52,537 ) 36,439 Royalties payable 49,089 ( 39,512 ) Net cash (used in) provided by operating activities ( 2,356,986 ) 630,966 CASH FLOWS FROM INVESTING ACTIVITIES: Proceeds from redemption of certificates of deposit - 50,682 Purchases of investment securities held to maturity ( 9,991,259 ) - Proceeds from sales of property, plant and equipment 500 - Purchases of property, plant and equipment ( 7,394,073 ) ( 150,721 ) Net cash used in investing activities ( 17,384,832 ) ( 100,039 ) CASH FLOWS FROM FINANCING ACTIVITIES: Principal payments on long-term debt ( 65,550 ) ( 39,071 ) Proceeds from exercises of stock options 55,000 - Proceeds from issuance of common stock, net of issuance costs 5,064,483 - Proceeds from exercise of warrants 2,225,411 - Net cash provided by (used in) financing activities 7,279,344 ( 39,071 ) NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS AND RESTRICTED CASH ( 12,462,474 ) 491,856 CASH AND CASH EQUIVALENTS AND RESTRICTED CASH AT BEGINNING OF PERIOD 18,270,898 11,954,635 CASH AND CASH EQUIVALENTS AND RESTRICTED CASH AT END OF PERIOD $ 5,808,424 $ 12,446,491 SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION: Interest paid in cash $ 5,243 $ 2,092 NON-CASH FINANCING AND INVESTING ACTIVITIES: Recognition of operating lease liability and right-of-use asset $ 63,416 $ - Equipment purchased with note payable $ - $ 402,722 The accompanying notes are an integral part of these condensed consolidated unaudited financial statements. 6 Table of Contents UNITED STATES ANTIMONY CORPORATION AND SUBSIDIARIES NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) 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. and Canada. 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. Antimony metal is used in bearings, storage batteries, and ordnance. Antimony trisulfide is used as a primer in ammunition. 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 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 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. 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. GAAP”). 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. These accounting policies conform to U.S. 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. 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 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. 7 Table of Contents UNITED STATES ANTIMONY CORPORATION AND SUBSIDIARIES NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) 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. GAAP. 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. government. Recent Accounting Pronouncements 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 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. 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. 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. 8 Table of Contents 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 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. 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, 2025 2024 2025 2024 Numerator: Net income (loss) $ 181,555 $ 202,792 $ 728,079 ($ 119,976 ) Preferred dividends ( 1,875 ) ( 1,875 ) ( 3,750 ) ( 3,750 ) Net income (loss) available to common shareholders $ 179,680 $ 200,917 $ 724,329 $ ( 123,726 ) Denominator: Weighted average shares - basic 118,261,366 108,438,984 115,994,982 108,173,645 Add - dilutive effect of stock options 2,499,367 - 2,412,816 - Add - dilutive effect of RSUs 1,210,001 504,142 1,150,838 - Add - dilutive effect of warrants 5,252,701 - 4,784,999 - Weighted average shares - diluted 127,223,435 108,943,126 124,343,635 108,173,645 Net income (loss) per share: Basic $nil $nil $ 0.01 $nil Diluted $nil $nil $ 0.01 $nil 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, 2025 2024 2025 2024 Warrants - 12,346,215 - 12,346,215 Stock options and RSU awards 1,897,034 3,945,000 1,997,034 5,778,333 Total possible share dilution 1,897,034 16,291,215 1,997,034 18,124,548 9 Table of Contents UNITED STATES ANTIMONY CORPORATION AND SUBSIDIARIES NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) 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); and 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 The Company’s products consist of the following: · Antimony: includes antimony oxide, antimony metal, antimony trisulfide. · Zeolite: includes coarse and fine zeolite crushed in various sizes. · Precious metals: includes unrefined and refined gold and silver. 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, 2025 2024 2025 2024 Antimony $ 9,636,842 $ 2,663,975 $ 15,562,690 $ 5,133,037 Zeolite 888,281 994,386 1,982,977 1,597,391 Precious metals - 4,616 ( 20,539 ) 4,616 Total revenues $ 10,525,123 $ 3,662,977 $ 17,525,128 $ 6,735,044 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, 2025 2024 2025 2024 Domestic $ 10,344,931 $ 2,796,962 $ 17,246,258 $ 5,318,413 Canada 180,192 644,957 278,870 1,195,573 Mexico - 221,058 - 221,058 Total revenues $ 10,525,123 $ 3,662,977 $ 17,525,128 $ 6,735,044 10 Table of Contents 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 . These U.S. 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: Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value Investment securities held to maturity - current: U.S. Treasury Strips $ 1,258,665 $ - $ ( 117 ) $ 1,258,548 Investment securities held to maturity - noncurrent: U.S. Treasury Strips 8,828,584 37,152 - 8,865,736 Total investment securities held-to-maturity $ 10,087,249 $ 37,152 $ ( 117 ) $ 10,124,284 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. Treasury Strips as held to maturity, those securities scheduled to mature in the next twelve months after the reporting date are considered current assets and those having maturity dates more than twelve months after the reporting date are considered non-current assets. At June 30, 2025, the Company’s held to maturity securities were scheduled to mature as follows: Twelve months ending June 30, Amortized Cost Estimated Fair Value 2026 $ 1,258,665 $ 1,258,548 2027 to 2029 8,828,584 8,865,736 Total investment securities held to maturity $ 10,087,249 $ 10,124,284 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. 11 Table of Contents UNITED STATES ANTIMONY CORPORATION AND SUBSIDIARIES NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) June 30, 2025 NOTE 7 – INVENTORIES 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 primarily include direct materials, direct labor, overhead, depreciation, and freight. Inventories at June 30, 2025 and December 31, 2024 were as follows: June 30, 2025 December 31, 2024 Antimony oxide $ 287,704 $ 254,372 Antimony metal 1,888,290 154,590 Antimony ore and concentrates 4,251,723 335,588 Total antimony inventory 6,427,717 744,550 Zeolite 384,810 501,174 Total inventories $ 6,812,527 $ 1,245,724 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, 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 June 30, 2025 and December 31, 2024 were as follows: June 30, 2025 Antimony Zeolite All Other TOTAL Plant and equipment $ 13,730,854 $ 6,629,086 $ 469,320 $ 20,829,260 Buildings 1,106,303 1,705,893 456,970 3,269,166 Mineral rights and interests 230,000 16,753 5,504,863 5,751,616 Land 2,083,094 - 914,443 2,997,537 Construction in progress 996,878 97,634 - 1,094,512 Total property, plant and equipment 18,147,129 8,449,366 7,345,596 33,942,091 Accumulated depreciation ( 9,941,059 ) ( 4,007,975 ) ( 267,062 ) ( 14,216,096 ) Property, plant and equipment, net $ 8,206,070 $ 4,441,391 $ 7,078,534 $ 19,725,995 December 31, 2024 Antimony Zeolite All Other TOTAL Plant and equipment $ 13,512,321 $ 6,597,781 $ 427,720 $ 20,537,822 Buildings 1,106,303 1,705,893 11,970 2,824,166 Mineral rights and interests - 16,753 125,000 141,753 Land 2,083,094 - 914,443 2,997,537 Construction in progress - 101,938 - 101,938 Total property, plant and equipment 16,701,718 8,422,365 1,479,133 26,603,216 Accumulated depreciation ( 9,602,469 ) ( 3,857,785 ) ( 251,515 ) ( 13,711,769 ) Property, plant and equipment, net $ 7,099,249 $ 4,564,580 $ 1,227,618 $ 12,891,447 12 Table of Contents UNITED STATES ANTIMONY CORPORATION AND SUBSIDIARIES NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) June 30, 2025 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 predominantly on our expansion efforts. 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 to acquire these claims have been or will be made by the Company on or around the payment dates indicated as follows: Payment Date Payment Amount January 2025 $ 100,000 July 2025 50,000 January 2026 50,000 July 2026 50,000 January 2027 50,000 July 2027 50,000 January 2028 50,000 July 2028 50,000 January 2029 100,000 July 2029 100,000 January 2030 100,000 July 2030 2,250,000 Total $ 3,000,000 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 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. 13 Table of Contents UNITED STATES ANTIMONY CORPORATION AND SUBSIDIARIES NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) 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 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 Date Payment Amount March 2025 $ 50,000 September 2025 25,000 March 2026 25,000 March 2027 25,000 March 2028 25,000 March 2029 275,000 Total $ 425,000 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 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 Date Payment Amount Within 10 days of June 1, 2025 $ 150,000 December 2025 100,000 June 2026 100,000 June 2027 100,000 June 2028 100,000 June 2029 1,450,000 Total $ 2,000,000 14 Table of Contents 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 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 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. 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. 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 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. 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 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. 15 Table of Contents 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: Three months ended June 30, Six months ended June 30, 2025 2024 2025 2024 Operating lease expense $ 139,383 $ - $ 324,235 $ - Cash paid for operating lease liability 51,835 - 89,725 - Cash paid for security deposit - - 3,945 - 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, 2026 $ 887,340 2027 217,615 Total operating lease payments 1,104,955 Less: discount on lease liability ( 394,538 ) Total operating lease liability 710,417 Less: current portion of operating lease liability ( 592,695 ) Noncurrent operating lease liability $ 117,722 NOTE 10 – LONG-TERM DEBT Long-term debt at June 30, 2025 and December 31, 2024 was as follows: June 30, 2025 December 31, 2024 Installment contract payable to Komatsu, bearing interest at 3.49%, payable in 36 monthly installments of $11,799 maturing May 2027; collateralized by the Wheel Loader $ 262,127 $ 327,677 Less current portion of debt ( 134,577 ) ( 132,252 ) Long-term debt, net $ 127,550 $ 195,425 At June 30, 2025, principal payments on debt were due as follows: Twelve months ending June 30, Total 2026 $ 134,577 2027 127,550 Total $ 262,127 16 Table of Contents UNITED STATES ANTIMONY CORPORATION AND SUBSIDIARIES NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) 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 In 2015, the Mexican tax authority (“SAT”) initiated an audit of the U.S. Antimony de Mexico, S.A. de C.V. (“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 $ 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. 17 Table of Contents UNITED STATES ANTIMONY CORPORATION AND SUBSIDIARIES NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) June 30, 2025 NOTE 12 – COMMITMENTS AND CONTINGENCIES 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 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 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, 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 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. 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 . 18 Table of Contents UNITED STATES ANTIMONY CORPORATION AND SUBSIDIARIES NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) June 30, 2025 Share-based compensation expense for the periods noted was as follows: Three Months Ended June 30, Six Months Ended June 30, 2025 2024 2025 2024 Stock options $ 251,571 $ 47,558 $ 404,083 $ 63,469 RSUs 335,342 47,364 428,214 237,378 Total share-based compensation expense $ 586,913 $ 94,922 $ 832,297 $ 300,847 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, 2025 2024 2025 2024 General and administrative $ 263,385 $ 67,708 $ 331,093 $ 227,777 Salaries and benefits 319,627 27,214 493,403 73,070 Professional fees 3,901 - 7,801 - Total non-cash share-based compensation expense $ 586,913 $ 94,922 $ 832,297 $ 300,847 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 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) 8.3 Risk-free interest rate 4.4 % Expected dividend yield 0.0 % Expected volatility 97.0 % Fair value per share $ 1.80 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 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. Treasury rate in effect at the time of the grant with an equivalent term approximating the expected term of the options. Expected dividend yield —The Company bases the expected dividend yield assumption on the fact that it has never paid cash dividends and has no present intention to pay cash dividends. Expected volatility – The expected volatility is based on the historical volatility of our stock price over the expected term of the stock option. 19 Table of Contents UNITED STATES ANTIMONY CORPORATION AND SUBSIDIARIES NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) June 30, 2025 Activity with respect to stock options is summarized as follows: Shares Weighted-Average Exercise Price Per Share Weighted-Average Remaining Contractual Term (in years) Aggregate Intrinsic Value Options outstanding, December 31, 2024 4,330,000 $ 0.23 3.7 $ 6,652,700 Granted 757,300 2.08 - - Exercised ( 622,500 ) 0.23 - - Forfeited ( 166,667 ) 0.22 - - Expired - - - - Options outstanding, June 30, 2025 4,298,133 $ 0.56 4.4 $ 7,058,358 Nonvested options, June 30, 2025 3,718,966 $ 0.61 4.6 $ 5,932,566 Vested and exercisable options, June 30, 2025 579,167 $ 0.24 3.7 $ 1,125,792 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 Activity with respect to RSUs is summarized as follows: Shares Weighted-Average Grant Date Fair Value Per Share RSUs outstanding at December 31, 2024 2,090,000 $ 0.24 Granted 654,600 2.26 Vested and issued ( 899,866 ) 0.40 Forfeited - - RSUs outstanding at June 30, 2025 1,844,734 0.88 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. 20 Table of Contents UNITED STATES ANTIMONY CORPORATION AND SUBSIDIARIES NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) June 30, 2025 Common stock warrants 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: Number of Warrants Weighted Average Exercise Price Balance at December 31, 2024 10,142,215 $ 0.77 Exercised ( 2,919,643 ) 0.76 Balance at June 30, 2025 7,222,572 $ 0.77 Each warrant represents the right to receive one share of the Company’s common stock. The composition of the Company’s warrants outstanding at June 30, 2025 was as follows: Number of warrants Exercise Price Expiration Date Remaining life (years) 1,428,572 $ 0.46 1/27/2026 0.58 4,987,500 $ 0.85 8/3/2026 1.09 806,500 $ 0.85 2/1/2026 0.59 7,222,572 All outstanding warrants of the Company expire on or before August 3, 2026. NOTE 14 – BUSINESS SEGMENTS 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, 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 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 June 30, 2025 and December 31, 2024 were as follows: Total Assets June 30, 2025 December 31, 2024 Antimony segment: $ 34,261,561 $ 27,230,312 Zeolite segment 5,897,295 5,604,003 All other 7,339,466 1,808,287 Total assets $ 47,498,322 $ 34,642,602 21 Table of Contents 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, 2025 2024 2025 2024 Antimony segment $ 1,269,129 $ - $ 1,445,411 $ - Zeolite segment 25,970 98,008 82,199 150,721 All other 5,236,463 - 5,866,463 - Total capital expenditures $ 6,531,562 $ 98,008 $ 7,394,073 $ 150,721 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 Antimony Zeolite All Other Total Total revenues $ 9,636,842 $ 888,281 $ - $ 10,525,123 Depreciation and amortization 171,040 98,031 8,484 277,555 Income (loss) from operations 832,735 ( 122,252 ) ( 690,476 ) 20,007 Other income 161,548 Income tax expense - Net income $ 181,555 For the three months ended June 30, 2024 Antimony Zeolite All Other Total Total revenues $ 2,668,591 $ 994,386 $ - $ 3,662,977 Depreciation and amortization 19,902 90,560 4,024 114,486 Income (loss) from operations 548,978 ( 349,805 ) ( 143,165 ) 56,008 Other income 146,784 Income tax expense - Net loss $ 202,792 For the six months ended June 30, 2025 Antimony Zeolite All Other Total Total revenues $ 15,542,151 $ 1,982,977 $ - $ 17,525,128 Depreciation and amortization 338,591 205,387 15,547 559,525 Income (loss) from operations 1,976,575 ( 430,028 ) ( 1,168,548 ) 377,999 Other income 350,080 Income tax expense - Net income $ 728,079 For the six months ended June 30, 2024 Antimony Zeolite All Other Total Total revenues $ 5,137,653 $ 1,597,391 $ - $ 6,735,044 Depreciation and amortization 39,697 172,888 8,048 220,633 Income (loss) from operations 767,769 ( 1,007,134 ) ( 175,081 ) ( 414,446 ) Other income 294,470 Income tax expense - Net income ($ 119,976 ) 22 Table of Contents UNITED STATES ANTIMONY CORPORATION AND SUBSIDIARIES NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) June 30, 2025 Note 15 - SUBSEQUENT EVENTS 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. 23 Table of Contents