UNITED STATES ANTIMONY CORP 10-Q

ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS AND PLAN OF OPERATION. CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS 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,” 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. The reader is cautioned not to put undue reliance on these forward-looking statements, as these statements are subject to numerous factors and uncertainties. Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance (often, but not always using words or phrases such as “believes,” “expects” or “does not expect,” “is expected,” “outlook,” “anticipates” or “does not anticipate,” “plans,” “estimates,” “forecast,” “project,” “pro forma,” or “intends,” or stating that certain actions, events or results “may” or “could,” “would,” “might” or “will” be taken, occur or be achieved) are not statements of historical fact and may be forward-looking statements. Forward-looking statements are subject to numerous assumptions, risks and uncertainties, which change over time. Forward-looking statements speak only as of the date they are made and are subject to assumptions and uncertainties. Forward-looking statements are subject to a variety of known and unknown risks, uncertainties and other factors which could cause actual events or results to differ from those expressed or implied by the forward-looking statements, including, without limitation, risks related to: · The Company’s properties being in the exploration stage; · Macroeconomic factors; · The imposition of new tariffs, changes in trade policy or agreements, or the escalation of trade tensions between the United States and other countries or regions could have a material adverse impact on our business; · Continued operational losses; · Negative consequences related to mineral operations being subject to existing and new government regulations within and outside the United States; · The Company’s ability to obtain additional capital to develop the Company’s resources, if any; · Concentration of customers; · Increase in energy costs; · Mineral exploration and development activities; · Mineral estimates; · The Company’s insurance coverage for operating risks; · The fluctuation of prices for antimony and precious metals, such as gold and silver; · The competitive industry of mineral exploration; · The title and rights in the Company’s mineral properties; · Environmental hazards; · The possible dilution of the Company’s common stock from additional financing activities; · Metallurgical and other processing problems; · Unexpected geological formations; · Global economic and political conditions; · Staffing in remote locations; · Changes in product costing; 24 Table of Contents · Inflation on operational costs and profitability; · Competitive technology positions and operating interruptions (including, but not limited to, labor disputes, leaks, fires, flooding, landslides, power outages, explosions, unscheduled downtime, transportation interruptions, war and terrorist activities); · Global pandemics, natural disasters, or civil unrest; · Mexican labor and other issues regarding safety and organized control over our properties; · The positions and associated outcomes of Mexican and other taxing authorities; · Cybersecurity and business disruptions; · Ineffective use of cash and cash equivalents, including proceeds from stock offerings; · Potential conflicts of interest with the Company’s management; · 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; and · Fluctuations in the Company’s common stock. This list is not an exhaustive list of the factors that may affect the Company’s forward-looking statements. Some of the important risks and uncertainties that could affect forward-looking statements are described further under the sections titled “Risk Factors,” “Description of Business” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” of this Quarterly Report. If one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those anticipated, believed, estimated or expected. The Company cautions readers not to place undue reliance on any such forward-looking statements, which speak only as of the date made. United States Antimony Corporation disclaims any obligation subsequently to revise any forward-looking statements to reflect events or circumstances after the date of such statements or to reflect the occurrence of anticipated or unanticipated events, except as required by law. The Company advises readers to carefully review this Form 10-Q, the exhibits hereto, and the reports and documents incorporated by reference herein and filed with the Securities and Exchange Commission (the “SEC”). You should read this report with the understanding that our actual future results, levels of activity, performance and events and circumstances may be materially different from what we expect and from our historical results. This report contains estimates, projections and other information concerning our industry, our business and the markets for our products. We obtained the industry, market and similar data set forth in this report from our own internal estimates and research and from industry research, publications, surveys and studies conducted by third parties, including governmental agencies. Information that is based on estimates, forecasts, projections, market research or similar methodologies is inherently subject to uncertainties, and actual events or circumstances may differ materially from events and circumstances that are assumed in this information. While we believe that the data we use from third parties is reliable, we have not separately verified this data. You are cautioned not to give undue weight to any such information, projections and estimates. As a result of a number of known and unknown risks and uncertainties, our actual results or performance may be materially different from those expressed or implied by forward-looking statements. As used in this Quarterly Report, the terms “we,” “us,” “our,” “United States Antimony Corporation,”, “US Antimony,” “USAC,” and the “Company”, mean United States Antimony Corporation, unless otherwise indicated. All dollar amounts in this Quarterly Report are expressed in U.S. 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/A for the fiscal year ended December 31, 2024. 25 Table of Contents DESCRIPTION OF BUSINESS History United States Antimony Corporation’s principal business is the production and sale of antimony, precious metals, and zeolite products. The Company was incorporated in Montana in January 1970 to mine and produce antimony products. In December 1983, the Company suspended its antimony mining operations in the U.S. but continued to produce antimony products using foreign sources of antimony ore. In April 1998, the Company formed US Antimony de Mexico, S.A. de C.V. (“USAMSA”) to produce antimony products in Mexico, and, in August 2005, the Company formed Antimonio de Mexico, S.A. de C.V. (“ADM”) to explore and develop antimony and precious metal deposits in Mexico. The Company formed Bear River Zeolite Company (“BRZ”) in 2000 for the purpose of mining and producing zeolite products in Idaho. 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 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. 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: antimony and zeolite. Antimony Segment Our antimony segment consists of: · Our facility located in the Burns Mining District of Sanders County in Montana that processes ore primarily into antimony oxide, antimony metal, antimony trisulfide, and precious metals, and · Our two facilities in our USAMSA subsidiary located in Mexico that process ore primarily into antimony metal, 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. 26 Table of Contents Antimony is used in many products as a fire-retardant and a primer and is on the Critical Minerals List of the U.S. Government. Antimony mined from the ground, which is called antimony ore or ore, is typically not salable as a finished product primarily due to impurities in the ore, the ore size not being compatible with its intended use, and the percentage of antimony contained in the ore being too low. We process ore to remove impurities, refine the size, and increase the percentage of antimony contained in the ore to approximately 71.4% to make the finished product called antimony trisulfide, to approximately 83% to make the finished product called antimony oxide, and to approximately 99.65% to make the finished product called antimony metal. Antimony trisulfide, oxide, and metal can be sold as finished products to companies in many industries as well as government agencies. Antimony oxide is used to form a flame-retardant system for plastics, rubber, fiberglass, textile goods, paints, coatings, and paper, as a color fastener in paint, and as a phosphorescent agent in fluorescent light bulbs. Antimony metal is used in bearings, storage batteries, and ordnance. Antimony trisulfide is used as a primer in ammunition. The ore we purchase for our facility located in Montana contains antimony, gold, and silver. Our Montana facility processes this ore and 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. We estimate (but have not independently confirmed) that our present share of the domestic and international markets for antimony oxide products is approximately 4% and less than 1%, respectively. We believe we are competitive due to the following: · We are the only U.S. domestic operating, permitted processor of antimony products. · We can process ore quickly and have minimal shipping time to domestic customers. · We have a reputation for quality products delivered on a timely basis. · Our smelter in Coahuila, Mexico is the largest and only current operating smelter for the processing of antimony products in Mexico. Zeolite Segment Our zeolite segment includes our vertically integrated Bear River Zeolite (“BRZ”) facility located in Preston, Idaho that mines, processes, and sells zeolite. Zeolite is a mineral that is included in many products that are used every day. BRZ can provide these minerals in a form that can be used in these products. 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. 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”). The BRZ Lease was recently extended and now ends on December 31, 2034. In addition, BRZ can surface mine and process zeolite on property owned by the U.S. Bureau of Land Management that is located adjacent to the Company’s Preston, Idaho property after obtaining required permits. “Zeolite” refers to a group of industrial minerals that consist of hydrated aluminosilicates that hold cations such as calcium, sodium, ammonium, various heavy metals, and potassium in their crystal lattice. Water is loosely held in cavities in the lattice. BRZ zeolite is regarded as one of the best zeolites in the world due to its high cation exchange capacity (CEC) of approximately 180-220 meq/100 gr. (which predicts plant nutrient availability and retention in soil), its hardness and high clinoptilolite content (which is an effective barrier to prevent problematic radionuclide movement), its absence of clay minerals, and its low sodium content. Our zeolite has been used in: 27 Table of Contents ☐ Soil Amendment and Fertilizer . Zeolite has been successfully used to fertilize golf courses, sports fields, parks and common areas, and high value agricultural crops. ☐ Water Filtration . Zeolite is used for particulate, heavy metal and ammonium removal in swimming pools, municipal water systems, industrial water discharge streams, fisheries, fish farms, and aquariums. ☐ Sewage Treatment . Zeolite is used in sewage treatment plants to remove nitrogen and as a carrier for microorganisms. ☐ Nuclear Waste and Other Environmental Cleanup . Zeolite has shown a strong ability to selectively remove strontium, cesium, radium, uranium, and various other radioactive isotopes from solution. Zeolite can also be used for the cleanup of soluble metals such as mercury, chromium, copper, lead, zinc, arsenic, molybdenum, nickel, cobalt, antimony, calcium, silver and uranium. ☐ Odor Control . A major cause of odor around cattle, hog, and poultry feed lots is the generation of the ammonium in urea and manure. The ability of zeolite to absorb ammonium prevents the formation of ammonia gas, which disperses the odor. ☐ Gas Separation . Zeolite has been used for some time to separate gases, to re-oxygenate downstream water from sewage plants, smelters, pulp and paper plants, and fishponds and tanks, and to remove carbon dioxide, sulfur dioxide and hydrogen sulfide from methane generators as organic waste, sanitary landfills, municipal sewage systems, animal waste treatment facilities, and is excellent in pressure swing apparatuses. ☐ Animal Nutrition . According to third-party research, feeding up to 2% zeolite increases growth rates, decreases conversion rates, and prevents scours. ☐ Miscellaneous Uses . Other uses include catalysts, petroleum refining, concrete, solar energy and heat exchange, desiccants, pellet binding, horse and kitty litter, floor cleaner, traction control, ammonia removal from mining waste, and carriers for insecticides, pesticides and herbicides. SELECTED FINANCIAL DATA. Consolidated Statements of Operations Information: For the Three Months Ended June 30, For the Six Months Ended June 30, 2025 2024 2025 2024 Revenues $ 10,525,123 $ 3,662,977 $ 17,525,128 $ 6,735,044 Costs 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 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 ) Total other income, net 161,548 146,784 350,080 294,470 Income tax expense - - - - Net income (loss) $ 181,555 $ 202,792 $ 728,079 ($119,976) Consolidated Balance Sheets Information: June 30, 2025 December 31, 2024 Working capital $ 9,679,441 $ 16,672,180 Total assets 47,498,322 34,642,602 Accumulated deficit (40,420,944 ) (41,149,023 ) Total stockholders’ equity 37,505,943 28,600,673 28 Table of Contents Operational and Financial Performance of Operations by Segment: Antimony 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, Antimony 2025 2024 $ Change % Change Revenue (a) $ 9,636,842 $ 2,663,975 $ 6,972,867 262 % Gross profit (a) $ 2,881,083 $ 1,239,598 $ 1,641,485 132 % Pounds of antimony sold (a) 340,305 382,769 (42,464 ) (11) % Average sales price per pound $ 28.32 $ 6.96 $ 21.36 307 % Average cost per pound $ 19.85 $ 3.72 $ 16.13 433 % Average gross profit per pound $ 8.47 $ 3.24 $ 5.23 161 % a. 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, Antimony 2025 2024 $ Change % Change Revenue (b) $ 15,562,690 $ 5,133,037 $ 10,429,653 203 % Gross profit (b) $ 5,304,699 $ 2,147,576 $ 3,157,123 147 % Pounds of antimony sold (b) 702,952 884,815 (181,863 ) (21 )% Average sales price per pound $ 22.14 $ 5.80 $ 16.34 282 % Average cost per pound $ 14.59 $ 3.37 $ 11.22 333 % Average gross profit per pound $ 7.55 $ 2.43 $ 5.12 211 % b. 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. 29 Table of Contents Zeolite 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, Zeolite 2025 2024 $ Change % Change Revenue $ 888,281 $ 994,386 $ (106,105 ) (11 )% Gross profit $ 122,447 $ 50,669 $ 71,778 142 % Tons of zeolite sold 3,084 3,735 (651 ) (17 )% Average sales price per ton $ 288 $ 266 $ 22 8 % Average cost per ton $ 248 $ 253 $ (5 ) (2 )% Average gross profit per ton $ 40 $ 14 $ 26 186 % 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, Zeolite 2025 2024 $ Change % Change Revenue $ 1,982,977 $ 1,597,391 $ 385,586 24 % Gross profit (loss) $ 301,533 $ (242,164 ) $ 543,697 225 % Tons of zeolite sold 6,886 6,008 878 15 % Average sales price per ton $ 288 $ 266 $ 22 8 % Average cost per ton $ 244 $ 306 $ (62 ) (20) % Average gross profit (loss) per ton $ 44 ($40) $ 84 210 % 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 June 30, 2025 December 31, 2024 Current assets $ 17,676,473 $ 20,678,569 Current liabilities (7,997,032 ) (4,006,389 ) Working capital $ 9,679,441 $ 16,672,180 For the Six Months Ended June 30, Cash Flow Information 2025 2024 Net cash (used in) provided by operating activities ($2,356,986) $ 630,966 Net cash used in investing activities (17,384,832 ) (100,039 ) Net cash provided by (used in ) financing activities 7,279,344 (39,071 ) Net (decrease) increase in cash ($12,462,474) $ 491,856 30 Table of Contents 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: December 31, 2023 June 30, 2024 December 31, 2024 June 30, 2025 Antimony inventory $ 881,063 $ 85,426 $ 744,550 $ 6,427,717 Zeolite inventory 505,046 376,928 501,174 384,810 Total inventories $ 1,386,109 $ 462,354 $ 1,245,724 $ 6,812,527 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 $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. The Company is focused on generating cash flow to fund its mission. One method of generating cash is through the sale or issuance of common stock, warrants, debt, and other investment vehicles, which the Company has been successful at executing in the past. 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. 31 Table of Contents 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. Government for initiatives related to facility expansion and mining exploration and development. However, there is no assurance that U.S. 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 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. ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK Not applicable.