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UNITED STATES ANTIMONY CORP

Primary Smelting & Refining of Nonferrous Metals · MT · CIK 101538

Mines, processes, and sells antimony, precious metals, and zeolite, and explores for critical minerals

red 8-K · 90d
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$1.04B
Market cap
$6.96
Last close
-0.1%
1D
-10.8%
5D
6.2M
Volume
Price · last 39 sessions-40.8%
May 4L $6.57 · H $12.61Jun 29
309
Total filings
Jun 16, 2026
Last filing
12/31
Fiscal year end
All8-K · 16710-Q · 55DEF 14A · 2110-K · 18424B5 · 1210-Q/A · 1110-K/A · 78-K/A · 6
8-KShareholder VoteJun 16, 2026DEFA14ADEFA14AJun 8, 20268-KAuditor ChangeJun 8, 20268-KResults of OperationsMay 15, 20268-KResults of OperationsMay 14, 202610-Q10-QMay 14, 20268-KExecutive Change · Reg FD DisclosureMay 6, 20268-KCompany UpdateMay 6, 2026DEFA14ADEFA14AApr 27, 2026DEFA14ADEFA 14AApr 20, 2026DEF 14ADEF 14AApr 20, 20268-KCompany UpdateApr 10, 20268-KResults of OperationsMar 23, 202610-K10-KMar 19, 20268-KResults of OperationsMar 19, 20268-KCompany UpdateMar 17, 20268-KDelisting Notice · Reg FD DisclosureMar 6, 20268-KReg FD DisclosureFeb 27, 20268-KReg FD DisclosureFeb 10, 20268-KReg FD DisclosureJan 29, 20268-KReg FD DisclosureJan 20, 20268-KReg FD DisclosureJan 5, 20268-KExecutive Change · Reg FD DisclosureNov 25, 20258-KResults of OperationsNov 14, 20258-KResults of OperationsNov 12, 202510-Q10-QNov 12, 20258-KMaterial Agreement · Reg FD DisclosureNov 12, 20258-KCompany UpdateNov 7, 20258-KReg FD DisclosureOct 30, 20258-KReg FD Disclosure · Company UpdateOct 20, 20258-KCompany UpdateOct 17, 2025424B5424B5Oct 17, 20258-KMaterial Agreement · Reg FD DisclosureOct 14, 2025424B5424B5Oct 10, 20258-KMaterial Agreement · Company UpdateOct 7, 2025424B5424B5Oct 7, 20258-KReg FD DisclosureOct 6, 20258-KReg FD DisclosureSep 23, 20258-KCompany UpdateSep 18, 2025424B5424B5Sep 18, 20258-KSecurity-Holder Rights · Bylaw AmendmentSep 3, 20258-KMaterial AgreementAug 29, 2025424B5424B5Aug 28, 20258-KExecutive Change · Reg FD DisclosureAug 19, 20258-KResults of OperationsAug 15, 202510-QFORM 10-QAug 12, 20258-KResults of OperationsAug 12, 20258-KCompany UpdateAug 7, 20258-KShareholder VoteAug 4, 20258-KReg FD Disclosure · Company UpdateJul 25, 20258-KReg FD DisclosureJul 15, 20258-KCompany UpdateJul 15, 20258-K/ACompany UpdateJul 1, 20258-KCompany UpdateJul 1, 20258-KReg FD DisclosureJun 27, 2025DEFA14ADEFA14AJun 12, 2025DEF 14ADEF 14AJun 12, 20258-KResults of OperationsMay 13, 20258-KResults of OperationsMay 8, 202510-QFORM 10-QMay 8, 20258-KCompany UpdateMay 7, 20258-KReg FD DisclosureApr 30, 20258-KCompany UpdateApr 28, 2025424B5424B5Apr 28, 20258-KReg FD DisclosureApr 21, 202510-K/AFORM 10-K/AApr 18, 20258-KNew Debt / Obligation · Reg FD DisclosureApr 14, 20258-KResults of Operations · Reg FD DisclosureMar 24, 20258-KResults of OperationsMar 20, 202510-KFORM 10-KMar 20, 20258-KCompany UpdateMar 18, 20258-KReg FD DisclosureJan 23, 20258-KReg FD DisclosureJan 22, 20258-KReg FD DisclosureDec 30, 20248-KExecutive Change · Reg FD DisclosureDec 11, 20248-KResults of Operations · Reg FD DisclosureNov 13, 2024424B5424B5Nov 12, 202410-QFORM 10-QNov 12, 20248-KResults of OperationsNov 12, 20248-KCompany UpdateNov 7, 2024

What Changed

Risk factors · Mar 20, 2025 → Mar 19, 2026

248 added · 148 removed between the two most recent 10-Ks. The risks a company starts — or stops — disclosing are often the story.

Newly disclosed
  • We have served as the Company’s independent auditor since 1998. ​ ​ Assure CPA, LLC Spokane, Washington March 19, 2026 ​ 58 Table of Contents UNITED STATES ANTIMONY CORPORATION AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ ​ 2025 ​ ​ ​ 2024 ASSETS ​ ​ ​ ​ CURRENT ASSETS ​ ​ ​ ​ Cash and cash equivalents ​ $ 30,494,320 ​ $ 18,172,120 Investment in debt securities held to maturity ​ 4,577,706 ​ — Accounts receivable, net ​ 4,213,305 ​ 1,099,771 Inventories ​ 12,522,009 ​ 1,245,724 Prepaid expenses and other current assets ​ 434,842 ​ 160,954 Note receivable ​ ​ 2,500,000 ​ ​ — Total current assets ​ 54,742,182 ​ 20,678,569 Property, plant and equipment, net ​ 42,374,839 ​ 12,891,447 Operating lease right-of-use assets ​ 48,106 ​ 565,289 Investment in debt securities held to maturity - noncurrent ​ 15,773,251 ​ — Investment in equity securities ​ ​ 40,494,328 ​ ​ — Restricted cash for reclamation bonds ​ 162,756 ​ 98,778 IVA receivable and other assets, net ​ 330,207 ​ 408,519 Total assets ​ $ 153,925,669 ​ $ 34,642,602 LIABILITIES AND STOCKHOLDERS’ EQUITY ​ ​ ​ ​ CURRENT LIABILITIES ​ ​ ​ ​ Accounts payable ​ $ 6,924,518 ​ $ 1,545,708 Accrued liabilities ​ 2,937,842 ​ 1,560,580 Accrued liabilities - directors ​ 143,931 ​ 141,287 Current portion of operating lease liabilities ​ 34,103 ​ 626,562 Current portion of long-term debt ​ 136,942 ​ 132,252 Total current liabilities ​ 10,177,336 ​ 4,006,389 Operating lease liabilities, net of current portion ​ 14,003 ​ 129,007 Long-term debt, net of current portion ​ 58,483 ​ 195,425 Asset retirement obligations ​ 2,720,658 ​ 1,711,108 Total liabilities ​ 12,970,480 ​ 6,041,929 COMMITMENTS AND CONTINGENCIES (Note 4,7,13) ​ ​ ​ ​ STOCKHOLDERS’ EQUITY ​ ​ ​ ​ Preferred stock $ 0.01 par value, 50,000,000 shares authorized: ​ ​ ​ ​ Series A - no shares issued and outstanding ​ — ​ — Series B - 750,000 shares issued and outstanding (liquidation preference $ 982,500 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; 140,042,270 and 112,951,317 shares issued and outstanding, respectively ​ 1,400,423 ​ 1,129,512 Treasury stock ( 149,639 and no shares of common stock at cost, respectively) ​ ( 574,153 ) ​ — Additional paid-in capital ​ 185,608,189 ​ 68,610,905 Accumulated deficit ​ ( 45,488,549 ) ​ ( 41,149,023 ) Total stockholders’ equity ​ 140,955,189 ​ 28,600,673 Total liabilities and stockholders’ equity ​ $ 153,925,669 ​ $ 34,642,602 ​ The accompanying notes are an integral part of these consolidated financial statements. ​ 59 Table of Contents UNITED STATES ANTIMONY CORPORATION AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF OPERATIONS ​ ​ ​ ​ ​ ​ ​ ​ ​ Years ended December 31, ​ ​ ​ ​ 2025 ​ ​ ​ 2024 ​ ​ ​ ​ ​ ​ ​ Revenues ​ $ 39,257,708 ​ $ 14,937,962 Cost of revenues ​ 29,384,196 ​ 11,471,044 Gross profit ​ 9,873,512 ​ 3,466,918 Operating expenses: ​ ​ ​ ​ General and administrative ​ 3,125,033 ​ 2,052,852 Salaries and benefits ​ 11,580,637 ​ 2,350,021 Professional fees ​ 2,355,641 ​ 968,750 Loss on sale or disposal of property, plant and equipment, net ​ 51,350 ​ 11,097 Gain on lease termination ​ ( 469,822 ) ​ — Other operating expenses ​ 1,689,538 ​ 475,010 Total operating expenses ​ 18,332,377 ​ 5,857,730 Loss from operations ​ ( 8,458,865 ) ​ ( 2,390,812 ) Other income (expense), net: ​ ​ ​ ​ Interest and investment income ​ 810,546 ​ 668,543 Unrealized gain on investment in equity securities ​ ​ 3,321,486 ​ ​ — Other miscellaneous income (expense), net ​ ( 12,693 ) ​ ( 8,135 ) Total other income, net ​ 4,119,339 ​ 660,408 Loss before income taxes ​ ( 4,339,526 ) ​ ( 1,730,404 ) Income tax expense ​ — ​ — Net loss ​ ( 4,339,526 ) ​ ( 1,730,404 ) Preferred dividends ​ ( 7,500 ) ​ ( 7,500 ) Net loss available to common shareholders ​ $ ( 4,347,026 ) ​ $ ( 1,737,904 ) ​ ​ ​ ​ ​ ​ ​ Net loss per share: ​ ​ ​ ​ Basic ​ $ ( 0.04 ) ​ $ ( 0.02 ) Diluted ​ $ ( 0.04 ) ​ $ ( 0.02 ) Weighted average shares outstanding: ​ ​ ​ ​ Basic ​ 123,635,364 ​ 108,591,429 Diluted ​ 123,635,364 ​ 108,591,429 ​ The accompanying notes are an integral part of these consolidated financial statements. ​ 60 Table of Contents UNITED STATES ANTIMONY CORPORATION AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Additional ​ ​ ​ ​ ​ ​ ​ Total ​ ​ Preferred Stock ​ Common Stock ​ Paid-In ​ Accumulated ​ Treasury ​ Stockholders’ ​ ​ ​ ​ Shares ​ ​ ​ Par Value ​ ​ ​ Shares ​ ​ ​ Par Value ​ ​ ​ Capital ​ ​ ​ Deficit ​ ​ ​ Stock ​ ​ ​ 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 ​ — ​ ​ — ​ — ​ ​ — ​ ​ — ​ ​ ( 1,730,404 ) ​ ​ — ​ ​ ( 1,730,404 ) Share-based compensation — ​ — — ​ — ​ 568,588 ​ — ​ — ​ 568,588 Issuance of common stock under equity incentive plan — ​ — 800,000 ​ 8,000 ​ ( 8,000 ) ​ — ​ — ​ — Issuance of common stock for cash, net of issuance costs — ​ — 2,300,000 ​ 23,000 ​ 2,736,681 ​ — ​ — ​ 2,759,681 Issuance of common stock upon exercise of warrants — ​ — 2,204,000 ​ 22,040 ​ 1,459,800 ​ — ​ — ​ 1,481,840 Balance - December 31, 2024 927,904 ​ 9,279 112,951,317 ​ 1,129,512 ​ 68,610,905 ​ ( 41,149,023 ) ​ — ​ 28,600,673 Net loss ​ — ​ ​ — ​ — ​ ​ — ​ ​ — ​ ​ ( 4,339,526 ) ​ ​ — ​ ​ ( 4,339,526 ) Share-based compensation — ​ — — ​ — ​ 7,081,705 ​ — ​ — ​ 7,081,705 Issuance of common stock under equity incentive plan — ​ — 2,394,865 ​ 23,950 ​ 218,395 ​ — ​ ( 574,153 ) ​ ( 331,808 ) Issuance of common stock for cash, net of issuance costs — ​ — 17,387,766 ​ 173,878 ​ 104,037,336 ​ — ​ — ​ 104,211,214 Issuance of common stock upon exercise of warrants — ​ — 7,308,322 ​ 73,083 ​ 5,659,848 ​ — ​ — ​ 5,732,931 Balance - December 31, 2025 927,904 ​ $ 9,279 ​ 140,042,270 ​ $ 1,400,423 ​ $ 185,608,189 ​ $ ( 45,488,549 ) ​ $ ( 574,153 ) ​ $ 140,955,189 ​ The accompanying notes are an integral part of these consolidated financial statements. ​ 61 Table of Contents UNITED STATES ANTIMONY CORPORATION AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH FLOWS ​ ​ ​ ​ ​ ​ ​ ​ ​ Years ended December 31, ​ ​ ​ ​ 2025 ​ ​ ​ 2024 CASH FLOWS FROM OPERATING ACTIVITIES: ​ ​ ​ ​ Net loss ​ $ ( 4,339,526 ) ​ $ ( 1,730,404 ) Adjustments to reconcile loss to net cash (used in) provided by operating activities: ​ ​ ​ ​ Depreciation and amortization ​ 1,166,579 ​ 1,085,747 Accretion of asset retirement obligation ​ 77,932 ​ 73,081 Noncash operating lease expense ​ 289,542 ​ 190,280 Share-based compensation ​ 7,081,705 ​ 568,588 Accretion income from investment in debt securities held to maturity ​ ( 416,004 ) ​ — Loss on sale or disposal of property, plant and equipment, net ​ 51,350 ​ 11,097 Gain on lease termination ​ ( 469,822 ) ​ — Write-down of inventory to net realizable value ​ 919,053 ​ 65,647 Change in allowance for credit losses ​ ( 9,256 ) ​ ( 261,047 ) Unrealized gain on investment in equity securities ​ ​ ( 3,321,486 ) ​ ​ — Change in IVA receivable reserve ​ ​ 1,300,620 ​ ​ 140,057 Other noncash items ​ — ​ ( 16,107 ) Changes in operating assets and liabilities: ​ ​ ​ ​ Accounts receivable ​ ( 3,104,278 ) ​ ( 213,468 ) Inventories ​ ( 12,195,338 ) ​ 74,738 Prepaid expenses and other current assets ​ ( 283,888 ) ​ ( 68,585 ) IVA receivable and other assets, net ​ ( 1,222,308 ) ​ ( 39,339 ) Accounts payable ​ 3,404,226 ​ 1,088,773 Accrued liabilities ​ 1,377,262 ​ 1,273,310 Accrued liabilities – directors ​ 2,644 ​ 16,477 Stock payable to directors ​ ​ — ​ ​ ( 38,542 ) Net cash (used in) provided by operating activities ​ ( 9,690,993 ) ​ 2,220,303 CASH FLOWS FROM INVESTING ACTIVITIES: ​ ​ ​ ​ Proceeds from redemption of certificates of deposit ​ — ​ 72,898 Purchases of investment in debt securities held to maturity ​ ( 19,934,953 ) ​ — Purchases of equity investment securities ​ ​ ( 37,172,842 ) ​ ​ — Issuance of note receivable ​ ​ ( 2,500,000 ) ​ ​ — Proceeds from sales or disposals of property, plant and equipment ​ 13,366 ​ 315,625 Purchases of property, plant and equipment ​ ( 27,808,485 ) ​ ( 430,596 ) Net cash used in investing activities ​ ( 87,402,914 ) ​ ( 42,073 ) CASH FLOWS FROM FINANCING ACTIVITIES: ​ ​ ​ ​ Principal payments on long-term debt ​ ( 132,252 ) ​ ( 103,488 ) Proceeds from exercises of stock options ​ 117,667 ​ — Acquisition of treasury stock related to equity awards ​ ( 449,475 ) ​ — Proceeds from issuance of common stock, net of issuance costs ​ 104,211,214 ​ 2,759,681 Proceeds from exercise of warrants ​ 5,732,931 ​ 1,481,840 Net cash provided by financing activities ​ 109,480,085 ​ 4,138,033 NET INCREASE IN CASH AND CASH EQUIVALENTS AND RESTRICTED CASH ​ 12,386,178 ​ 6,316,263 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 ​ $ 30,657,076 ​ $ 18,270,898 ​ ​ ​ ​ ​ ​ ​ SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION: ​ ​ ​ ​ Interest paid in cash ​ $ 16,654 ​ $ 8,869 NON-CASH FINANCING AND INVESTING ACTIVITIES: ​ ​ ​ ​ Recognition of operating lease liability and right-of-use asset ​ $ 86,188 ​ $ 787,477 Equipment purchased with note payable ​ $ — ​ $ 402,722 Property and equipment included in accounts payable ​ $ 1,974,584 ​ $ — ​ The accompanying notes are an integral part of these consolidated financial statements. ​ ​ 62 Table of Contents UNITED STATES ANTIMONY CORPORATION AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 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.
  • If estimated undiscounted cash flows and/or salvage values are less than the carrying value of an asset, an impairment loss is recognized for the difference between the carrying value of the asset and its estimated fair value based on discounted cash flows, quoted market prices or other valuation techniques. 65 Table of Contents UNITED STATES ANTIMONY CORPORATION AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS Investment in Equity Securities In October 2025, the Company acquired through open-market cash purchases approximately ten percent of the outstanding shares of an Australian-based public company that was initially recorded at cost plus brokerage commissions paid.
  • On March 3, 2026, the Company announced the completion of an initial resource engineering study regarding these mining claims to determine the property’s initial mineral resources; however, the report has not yet been filed with the SEC.
  • In January 2026, the Company completed the acquisition of a fully operational flotation and concentration facility in Radersburg, Montana for total cash consideration of $4.8 million.
  • Department of War, and $5.7 million of other additions, which included equipment purchases for BRZ, the purchase of residential properties in Thompson Falls, Montana, and the acquisition of residential and storage facilities in Fairbanks, Alaska.
  • The Series B preferred stock has preference over the Company’s common stock and Series A preferred stock (none of which is outstanding); has no voting rights (absent 67 Table of Contents UNITED STATES ANTIMONY CORPORATION AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS default in payment of declared dividends); and is entitled to cumulative dividends of $ 0.01 per share per year, payable if and when declared by the Board of Directors.
  • The guidance in this ASU is effective for fiscal years beginning after December 15, 2028, and interim reporting periods within those annual reporting periods.
  • These new disclosure requirements became effective for the Company in its Annual Report on Form 10-K for the fiscal year ended December 31, 2025.
  • Management believes the accounting estimates discussed below are the most critical because they require management’s most difficult, subjective or complex judgments, resulting from the need to make estimates about the effect of matters that are inherently uncertain. 55 Table of Contents Impairment of Long-lived Assets The Company reviews and evaluates the net carrying value of its long-lived assets for impairment upon the occurrence of events or changes in circumstances that indicate that the related carrying amounts may not be recoverable.
  • Under the new guidance, capitalization is permitted when both of the following conditions are met: (i) management has authorized and committed to funding the software project, and (ii) it is probable that the project will be completed, and the software will be used to perform the function intended.
  • 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.
  • In September 2025, the Company obtained government permits to begin exploration of its mining claims in Alaska that it purchased in 2025 and commenced limited surface mining at two of these sites before the mining season ended due to weather constraints.
No longer disclosed
  • Off-Balance Sheet Arrangements The Company has no significant off-balance sheet arrangements. 39 Table of Contents Critical Accounting Estimates We have the following critical accounting estimates: · The Company reviews and evaluates the net carrying value of its long-lived assets for impairment upon the occurrence of events or changes in circumstances that indicate that the related carrying amounts may not be recoverable.
  • However, it is possible that changes could occur in the near term that could adversely affect the estimates of salvage values and future cash flows to be generated from operating assets resulting in an impairment loss. · The asset retirement obligation in our Consolidated Balance Sheet is based on an estimate of future costs to reclaim properties and retire fixed assets as required by permits, government regulations, and lease or other contractual requirements upon cessation of our operations.
  • If estimated undiscounted cash flows and/or salvage values are less than the carrying value of an asset, an impairment loss is recognized for the difference between the carrying value and fair value of the asset.
  • Also, our average sales price per ton increased in 2024 compared to 2023 as our price increase became fully effective in early 2024. 34 Table of Contents Gross Profit (Loss) Gross profit was $3.5 million in fiscal year 2024 compared to a gross loss of ($3.3 million) in fiscal year 2023.
  • This increase between the years was primarily due to the following: · Higher average sales price of our antimony products in 2024 versus 2023 as described above in the “Revenues” section, · Improved antimony plant efficiencies with more antimony volume in 2024 compared to 2023, including efficiencies in the areas of labor, utilities, and supplies, · Higher inventory write-downs to net realizable value related to our Mexico operations in 2023 compared to 2024, which was primarily due higher facility processing costs as a result of the low percentage of antimony contained in the ore that was purchased, and · Higher reserve in 2023 compared to 2024 on the receivable related to the refund of import value-added tax (“IVA tax” or “VAT”) in Mexico.
  • Operating Expenses Operating expense increased by $2.1 million in fiscal year 2024 compared to fiscal year 2023 primarily due to: · Increased compensation costs primarily related to the build-out of the Company’s management and operational team to cover our expanded business operations and growth initiatives, · Increased project costs in 2024 related to mining claim purchases in Alaska and Ontario, Canada, preparing a mineral resource and reserve report for BRZ, potential acquisitions, and efforts to obtain government funding and sales. · Increased non-cash stock compensation expense as the Company issued stock grants in 2024 from an equity incentive plan approved by its shareholders at the end of 2023, · Increased board fees in 2024 associated with market pay comparability and adjustments, and · Higher costs in Mexico in 2023 versus 2024 related to contractual expenses and asset retirement obligation expenses.
  • Comparison of Financial Information for the years ended December 31, 2024 and 2023 Antimony Financial and operational antimony metrics for the years ended December 31, 2024 and 2023 were as follows: For the years ended Antimony December 31, 2024 December 31, 2023 $ Change % Change Revenue (a) $ 11,102,573 $ 5,904,480 $ 5,198,093 88% Gross profit (loss) (a) $ 3,584,349 $ (3,072,839 ) $ 6,657,188 217% Pounds of antimony sold (a) 1,459,557 1,086,176 373,381 34% Average sales price per pound $ 7.61 $ 5.44 $ 2.17 40% Average cost per pound $ 5.15 $ 8.27 $ (3.12 ) (38)% Average gross profit (loss) per pound $ 2.46 $ (2.83 ) $ 5.29 187% (a) Revenue from sales of gold and silver totaled $525,087 and $326,496 and revenue from sales of antimony ore and concentrates totaled $368,627 and $nil for the years ended December 31, 2024 and 2023, respectively, which are excluded from Revenue and Gross Profit (Loss) in the chart above but included in the antimony segment.
  • Pounds of Antimony Sold in the chart above excludes the pounds sold related to gold, silver, and ore and concentrates for both years presented. 35 Table of Contents Antimony revenue increased $5.2 million, or 88%, for the year ended December 31, 2024, as compared to the year ended December 31, 2023, primarily due to higher volume and price, which were both fueled by an increased demand for antimony.
  • Gross profit increased $6.7 million for the year ended December 31, 2024, as compared to the year ended December 31, 2023, primarily due to cost efficiencies with higher volume in the current year, a higher average sales price per pound in 2024, and higher inventory write-downs and IVA tax receivable reserves in 2023 related to our Mexico operations.
  • Zeolite Financial and operational metrics of our zeolite segment for the years ended December 31, 2024 and 2023 were as follows: For the years ended Zeolite December 31, 2024 December 31, 2023 $ Change % Change Revenue $ 2,941,675 $ 2,462,179 $ 479,496 19% Gross profit (loss) $ (642,635 ) $ (495,981 ) $ (146,654 ) (30)% Tons of zeolite sold 11,095 10,145 950 9% Average sales price per ton $ 265 $ 243 $ 22 9% Average cost per ton $ 323 $ 292 $ 31 11% Average gross profit (loss) per ton $ (58 ) $ (49 ) $ (9 ) (18)% Zeolite revenue increased $0.5 million, or 19%, for the year ended December 31, 2024, as compared to the year ended December 31, 2023, primarily due to: · The increased tons of zeolite sold, which was primarily due to our ability to deliver customer orders more reliably and more timely, and · The increased average sales price per ton, which was mainly related to a price increase that became fully effective in early 2024.
  • Gross profit decreased by $0.1 million for the year ended December 31, 2024, as compared to the year ended December 31, 2023, primarily due to increased costs related to repairing older machinery and equipment and backup equipment leases, especially during production downtime.
  • Our EBITDA was a loss of ($635,788) for the year ended December 31, 2024, as compared to a loss of ($5,387,063) for the year ended December 31, 2023. 36 Table of Contents EBITDA by segment was prepared using the policies described in Note 13 of the Notes to Consolidated Financial Statements in this Annual Report.

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