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.