# EDGAR Filing Document

**Accession Number:** 0000101538
**File Stem:** 0001104659-26-032050
**Filing Date:** 2026-3
**Character Count:** 28899
**Document Hash:** 21322822b3a7faaef3d1a6dc1720b79b
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-26-032050.hdr.sgml**: 20260319

**ACCESSION NUMBER**: 0001104659-26-032050

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 14

**CONFORMED PERIOD OF REPORT**: 20260319

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20260319

**DATE AS OF CHANGE**: 20260319

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** UNITED STATES ANTIMONY CORP
- **CENTRAL INDEX KEY:** 0000101538
- **STANDARD INDUSTRIAL CLASSIFICATION:** PRIMARY SMELTING & REFINING OF NONFERROUS METALS [3330]
- **ORGANIZATION NAME:** 04 Manufacturing
- **EIN:** 810305822
- **STATE OF INCORPORATION:** MT
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-08675
- **FILM NUMBER:** 26774104

**BUSINESS ADDRESS:**
- **STREET 1:** 4438 W LOVERS LANE
- **STREET 2:** UNIT 100
- **CITY:** DALLAS
- **STATE:** TX
- **ZIP:** 75209
- **BUSINESS PHONE:** 4068273523

**MAIL ADDRESS:**
- **STREET 1:** 4438 W LOVERS LANE
- **STREET 2:** UNIT 100
- **CITY:** DALLAS
- **STATE:** TX
- **ZIP:** 75209

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** AGAU MINES INC
- **DATE OF NAME CHANGE:** 19740728

?xml version='1.0' encoding='ASCII'?

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM 8-K**

**CURRENT REPORT**

Pursuant to Section 13 OR 15(d) of the Securities Exchange Act of 1934

Date of report (Date of earliest event reported) <u>**March 19, 2026**</u>

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| |
|:---|
| **UNITED STATES ANTIMONY CORPORATION** |
| (Exact name of registrant as specified in its charter) |

---

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| | | |
|:---|:---|:---|
| **Texas** | **001-08675** | **81-0305822** |
| (State or other jurisdiction<br> of incorporation)  | (Commission<br> File No.) | (IRS Employer<br> Identification Number) |

---

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| | |
|:---|:---|
| **4438 W. Lovers Lane** **, Unit 100, Dallas, TX** | **75209** |
| (Address of principal executive officers) | (Zip Code) |

---

Registrant's telephone number, including area code: **(406) 606-4117**

**<u>Not Applicable</u>**

(Former name or former address, if changed since last report.)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

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| |
|:---|
| Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
| Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
| Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
| Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) Securities registered pursuant to Section 12(b) of the Act: |

---

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| | | |
|:---|:---|:---|
| Title of each class | Trading Symbol(s) | Name of each exchange on which<br> registered |
| Common Stock, $0.01 par value | UAMY | NYSE |
| Common Stock, $0.01 par value | UAMY | NYSE Texas |

---

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ◻

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ◻

**Item 2.02 Results of Operations and Financial Condition.**

On March 19, 2026, United States Antimony Corporation ("USAC", "US Antimony", or the "Company") issued a press release reporting its financial results for fiscal year 2025. This press release is furnished as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated herein by reference.

The foregoing disclosure is qualified in its entirety by the full text of the Press Release.

The information in this Item 2.02, including Exhibit 99.1 attached hereto, of this Current Report on Form 8-K is being furnished and shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or otherwise subject to the liabilities of that section, nor shall it be deemed to be incorporated by reference into any filing of the Company under the Securities Act of 1933, as amended, or the Exchange Act, whether made before or after the date hereof, except as shall be expressly set forth by specific reference in such a filing.

**Cautionary Note Regarding Forward-Looking Statements**

This Current Report on Form 8-K, including the Press Release furnished as Exhibit 99.1 to this Current Report on Form 8-K, contains forward-looking statements. Forward-looking statements reflect management's current knowledge, assumptions, judgment, and expectations regarding future performance or events. Although management believes that the expectations reflected in such statements are reasonable, they give no assurance that such expectations will prove to be correct, and you should be aware that actual events or results may differ materially from those contained in the forward- looking statements. Words such as "will," "expect," "intend," "plan," "potential," "possible," "goals," "accelerate," "continue," and similar expressions identify forward-looking statements.

Forward-looking statements are subject to a number of risks and uncertainties including, but not limited to, those described in the Company's filings on Form 10-K, Form 10-Q, and Form 8-K with the United States Securities and Exchange Commission.

All forward-looking statements are expressly qualified in their entirety by this cautionary notice. You should not rely upon any forward-looking statements as predictions of future events. The Company undertakes no obligation to revise or update any forward-looking statements made in this Current Report on Form 8-K to reflect events or circumstances after the date hereof, to reflect new information or the occurrence of unanticipated events, to update the reasons why actual results could differ materially from those anticipated in the forward-looking statements, in each case, except as required by law.

**Item 9.01 Financial Statements and Exhibits.**

(d) *<u>Exhibits.</u>*

---

| | |
|:---|:---|
| Exhibit<br> No. | Description |
| [**99.1**](tm269168d1_ex99-1.htm) | [**Press Release issued by United States Antimony Corporation dated March 19, 2026**](tm269168d1_ex99-1.htm) |
| 104 | Cover Page Interactive Data File (embedded with the inline XBRL document) |

---

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

---

| | | | |
|:---|:---|:---|:---|
| | | **UNITED STATES ANTIMONY CORPORATION** | **UNITED STATES ANTIMONY CORPORATION** |
| Dated: | March 19, 2026 | By: | /s/ Richard R. Isaak |
|  |  | Richard R. Isaak | Richard R. Isaak |
|  |  | SVP, Chief Financial Officer | SVP, Chief Financial Officer |

---

## Exhibit 99.1

**Exhibit 99.1**

![](tm269168d1_ex99-1img001.jpg)

**United States Antimony Corporation**

**Reports Fiscal Year 2025 Financial and Operating Results**

***Revenues Up 163% YOY***

***Gross Profit Up 185% YOY***

***$354 Million in New Antimony Contracts Executed in 2025***

***"The Critical Minerals and ZEO Company"***

***~ Antimony, Cobalt, Tungsten, and Zeolite ~***

**DALLAS, TX / ACCESS Newswire / March 19, 2026** – United States Antimony Corporation ("USAC", "US Antimony Corporation", or the "Company"), (NYSE: UAMY) (NYSE Texas: UAMY) reported today its fiscal year 2025 financial and operational results.

Revenues in 2025 grew by $24.32 million, or 163%, to $39.26 million, compared to $14.94 million in 2024. Cost of revenues increased $17.91 million, or 156%, to $29.38 million in 2025. These two factors drove gross profit growth of $6.41 million, or a 185% increase to $9.87 million compared to $3.47 million in 2024. During 2025, gross margin improved by 2% to 25% compared to 23% in 2024. This improvement was realized prior to processing any of the Company's in-house antimony mined in Montana or antimony deliveries under our government contract, both of which is expected to further enhance margins going forward. Operating expenses were $18.33 million in 2025, which is an increase of $12.47 million compared to the prior year, $6.7 million of which was non-cash charges.

The Company incurred a net loss of $4.34 million for the year ended December 31, 2025 compared to a net loss of $1.73 million in 2024. Included in the 2025 net loss was $6.7 million of net non-cash items, which consisted primarily of $7.08 million of non-cash share-based compensation expense, $1.3 million related to an increase in the IVA refund reserve, and $1.17 million of non-cash depreciation and amortization expense, partly offset by $3.32 million of unrealized gain on an investment in equity securities.

Antimony revenue increased $24.3 million, or 219%, to $35.4 million in 2025 compared to $11.1 million in the prior year. The increase was primarily driven by a 230% increase in the average selling price per pound as strong market demand and limited supply for antimony in 2025 drove prices higher.

Zeolite revenue increased $0.4 million, or 14%, to $3.4 million in 2025 compared to $2.9 million in 2024, reflecting an 8% increase in sales volume and a 6% increase in average sales price per ton.

The Company's cash position, including its investment in U.S. Treasury securities and investment in equity securities, totaled $91.3 million at December 31, 2025, compared to cash only of $18.2 million at year-end 2024. During 2025, the Company received net proceeds of $36.7 million from the sale of common stock in "at the market offerings", $67.6 million from three direct common stock offerings with three institutional investors, and $5.7 million from the exercise of pre-existing common stock warrants. Also in 2025, the Company invested $27.8 million in capital expenditures, which included $6.0 million for mineral rights purchases, approximately $17.1 million for engineering, machinery, and construction services to expand the capacity of its existing antimony smelting operations located in Thompson Falls, Montana, and $4.7 million for other property and equipment purchases. The Company also acquired 51.7 million shares, or approximately ten percent of the issued and outstanding shares of Larvotto Resources Limited, an Australian listed gold and antimony mining company, through open-market cash purchases totaling $37.2 million in cash.

The Company's antimony inventory in 2025 was sourced from international third-party suppliers and mined from its Stibnite Hill, Montana in-house mining claims. This current inventory is at historically elevated levels. As of December 31, 2025 and 2024, inventory totaled 465 tons and 78 tons of antimony (both processed and unprocessed), respectively. The value of our antimony inventory is approximately $11.1 million at December 31, 2025 compared to $1.9 million at the end of last year, both calculated at the March 17, 2026 Rotterdam market price.

Worldwide antimony supply has been in a persistent deficit over the last few years, predominately due to Chinese production declines. With the worldwide embargo of export controls caused by China in the fall of 2024, prices of antimony increased over 400% to their highest levels in history in mid-2025. Prices have since moderated but are still up almost three times from historical levels. Even though supply concerns have somewhat moderated, antimony remains the "most critical" mineral due to its requirements in so many military applications along with a vast array of industrial uses. Antimony is near impossible to replace and unfortunately, the predominate reserves and refining capacity that exists today, remain in the most unstable and non-Western government friendly countries.

Today the Company is reiterating its previously provided 2026 gross revenue financial guidance of:

**2026 Gross Revenues - $125 Million**

Commenting on the fiscal year 2025 financial and operational results, Mr. Gary C. Evans, Chairman and CEO of US Antimony Corporation stated, "This past year represents the most significant period of growth and repositioning in our Company's history. We more than doubled our revenues, materially expanded gross profit by almost 30%, secured multi-year government and commercial industrial contracts worth a combined $354 million, made investments in future critical mineral mining projects, and restarted domestic antimony mining operations of our own in Montana. While our financial results reflect the investment required to scale the organization and execute our vertical integration strategy, we believe the structural groundwork completed in 2025 positions us for further meaningful financial improvements in calendar 2026. As our internally owned and mined Montana feedstock begins flowing through our recently acquired flotation facility in Radersburg, Montana, along with our expanded smelting operations, soon to be operational, we expect improved margins and reduced reliance on international third-party ore as the year progresses. With a strong balance sheet and long-term sales contracts now in place, we are well positioned to capitalize on continued strength in the overall antimony market and especially our ever increasing share of the domestic market.

Additionally, we should see greater revenue growth in 2026 from recent gains in new customer relationships in our zeolite division at BRZ. Our expansion into other critical minerals is progressing extremely well as we anticipate being the first tungsten producer in North America in over twelve years. Tungsten prices surged over 200% last year after China halted exports in 2024. China today controls 84% of the global tungsten supply, which is one of the most critical minerals on earth. Meeting the continuing demands of our U.S. military for critical minerals in volatile times like we are currently experiencing is our mission. We also continue to seek additional financial assistance from various governmental divisions of our country in order to expedite our capital needs in a more timely manner to meet these ever growing national objectives. While many of our competitors talk a good story on where they plan to be in three to four years, we are executing and realizing financial results from our operations today."

**Conference Call Details**

US Antimony management will host a conference call on Thursday, March 19, 2026, at 4:15 p.m. Eastern time to discuss its full financial results for Fiscal Year 2025, followed by a question-and-answer period. The conference call details are as follows:

**Date:** Thursday, March 19, 2026

**Time:** 4:15 p.m. Eastern time

**Toll-free dial-in Number**: 888-506-0062

**International dial-in number:** 973-528-0011

**Participant Access Code:** 389306

**Webcast URL:** <u>https://www.webcaster5.com/Webcast/Page/2604/53780</u>

The conference call will also be available for replay in the Investors section of the Company's website, along with the transcript, at <u>https://www.usantimony.com/investors</u>.

**About USAC:**

United States Antimony Corporation and its subsidiaries in the U.S., Mexico, and Canada ("USAC," "U.S. Antimony," the "Company," "Our," "Us," or "We") sell antimony, zeolite, and precious metals primarily in the U.S., Mexico, and Canada. The Company mines, purchases, and processes ore primarily into antimony oxide, antimony metal, antimony trisulfide, and precious metals 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. The Company also recovers precious metals, primarily gold and silver, at its Montana facility from third party ore. 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. Beginning in 2024 and continuing in 2025, the Company acquired mining claims, real properties (patented claims) and leases located in Alaska, Montana, and Ontario, Canada in an effort to reduce the cost of third-party antimony ore purchases and to expand its product offerings.

Learn more about United States Antimony Corporation at <u>www.usantimony.com</u>.

**Forward-Looking Statements:**

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including, without limitation, statements regarding the Company's future operations, production levels, financial performance, business strategy, market conditions, demand for antimony, zeolite, other critical minerals, and precious metals, expected costs, and other statements that are not historical facts. These statements are based on current expectations, estimates, forecasts, and projections about the industries in which the Company operates, as well as management's beliefs and assumptions. Words such as "anticipates," "expects," "intends," "plans," "believes," "seeks," "estimates," "may," "will," "should," "could," and variations of these words or similar expressions are intended to identify such forward-looking statements.

Forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from those indicated in such statements, including, but not limited to: fluctuations in the market prices and demand for antimony and zeolite; changes in domestic and global economic conditions; operational risks inherent in mining and mineral processing; geological or metallurgical conditions; availability and cost of energy, equipment, transportation, and labor; the Company's ability to maintain or obtain permits, licenses, and regulatory approvals; changes in environmental and mining laws or regulations; competitive factors; the impact of geopolitical developments; and the effects of weather, natural disasters, or health pandemics on operations and supply chains. Additional information regarding risk factors that could cause actual results to differ materially is included in the Company's filings with the U.S. Securities and Exchange Commission, including its Annual Report on Form 10-K and Quarterly Reports on Form 10-Q.

The Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise, except as required by law. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof.

---

| | |
|:---|:---|
| **Investor Relations Contact:** | **Media Relations Contact:** |
| Jonathan Miller, VP, Investor Relations | Anthony D. Andora |
| 4438 W. Lovers Lane, Unit 100 | Edge Consulting, Inc. |
| Dallas, Texas 75209 | 1560 Market Street, Ste. 701 |
| E-Mail: <u>Jmiller@usantimony.com</u> | Denver, Colorado 80202 |
| Phone: 406-606-4117 | E-Mail: <u>Anthony@EdgeConsultingSolutions.com</u> |
|  | Phone: 720-317-8927 |

---

**UNITED STATES ANTIMONY CORPORATION AND SUBSIDIARIES**

**CONSOLIDATED STATEMENTS OF OPERATIONS**

---

| | | |
|:---|:---|:---|
|  | **Years ended December 31,** | **Years ended December 31,** |
|  | **2025** | **2024** |
| Revenues | $39257708 | $14937962 |
| Cost of revenues | 29384196 | 11471044 |
| Gross profit | 9873512 | 3466918 |
| Operating expenses: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;General and administrative | 3125033 | 2052852 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Salaries and benefits | 11580637 | 2350021 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Professional fees | 2355641 | 968750 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Loss on sale or disposal of property, plant and equipment, net | 51350 | 11097 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gain on lease termination | (469822) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other operating expenses | 1689538 | 475010 |
| Total operating expenses | 18332377 | 5857730 |
| Loss from operations | (8458865) | (2390812) |
| Other income (expense), net: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest and investment income | 810546 | 668543 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unrealized gain on investment in equity securities | 3321486 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other miscellaneous income (expense), net | (12693) | (8135) |
| Total other income, net | 4119339 | 660408 |
| Loss before income taxes | (4339526) | (1730404) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Income tax expense | - | - |
| Net loss | (4339526) | (1730404) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Preferred dividends | (7500) | (7500) |
| Net loss available to common shareholders | $(4347026) | $(1737904) |
| Net loss per share: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Basic | $(0.04) | $(0.02) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Diluted | $(0.04) | $(0.02) |
| Weighted average shares outstanding: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Basic | 123635364 | 108591429 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Diluted | 123635364 | 108591429 |

---

**UNITED STATES ANTIMONY CORPORATION AND SUBSIDIARIES**

**CONSOLIDATED BALANCE SHEETS**

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| | | |
|:---|:---|:---|
|  | **December 31,** | **December 31,** |
|  | **2025** | **2024** |
| **ASSETS** |  |  |
| CURRENT ASSETS |  |  |
| &nbsp;&nbsp;&nbsp;Cash and cash equivalents | $30494320 | $18172120 |
| &nbsp;&nbsp;&nbsp;Investment securities held to maturity | 4577706 |  |
| &nbsp;&nbsp;&nbsp;Accounts receivable, net | 4213305 | 1099771 |
| &nbsp;&nbsp;&nbsp;Inventories | 12522009 | 1245724 |
| &nbsp;&nbsp;&nbsp;Prepaid expenses and other current assets | 434842 | 160954 |
| &nbsp;&nbsp;&nbsp;Note receivable | 2500000 | - |
| Total current assets | 54742182 | 20678569 |
| Property, plant and equipment, net | 42374839 | 12891447 |
| Operating lease right-of-use assets | 48106 | 565289 |
| Investment securities held to maturity - noncurrent | 15773251 |  |
| Investment in equity securities | 40494328 |  |
| Restricted cash for reclamation bonds | 162756 | 98778 |
| Other assets, net | 330207 | 408519 |
| Total assets | $153925669 | $34642602 |
| **LIABILITIES AND STOCKHOLDERS' EQUITY** |  |  |
| CURRENT LIABILITIES |  |  |
| &nbsp;&nbsp;&nbsp;Accounts payable | $6924518 | $1545708 |
| &nbsp;&nbsp;&nbsp;Accrued liabilities | 2937842 | 1560580 |
| &nbsp;&nbsp;&nbsp;Accrued liabilities – directors | 143931 | 141287 |
| &nbsp;&nbsp;&nbsp;Current portion of operating lease liabilities | 34103 | 626562 |
| &nbsp;&nbsp;&nbsp;Current portion of long-term debt | 136942 | 132252 |
| Total current liabilities | 10177336 | 4006389 |
| Operating lease liabilities, net of current portion | 14003 | 129007 |
| Long-term debt, net of current portion | 58483 | 195425 |
| Asset retirement obligations | 2720658 | 1711108 |
| Total liabilities | 12970480 | 6041929 |
| COMMITMENTS AND CONTINGENCIES (Note 13) |  |  |
| STOCKHOLDERS' EQUITY |  |  |
| &nbsp;&nbsp;&nbsp;Preferred stock $0.01 par value, 50,000,000 shares authorized: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A - no shares issued and outstanding |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series B - 750,000 shares issued and outstanding (liquidation preference $982,500 and $975,000, respectively) | 7500 | 7500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series C - 177,904 shares issued and outstanding (liquidation preference $97,847 both periods) | 1779 | 1779 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series D - no shares issued and outstanding |  |  |
| &nbsp;&nbsp;&nbsp;Common stock, $0.01 par value, 250,000,000 shares authorized; 140,042,270 and 112,951,317 shares issued and outstanding, respectively | 1400423 | 1129512 |
| &nbsp;&nbsp;&nbsp;Treasury stock (149,639 and no shares of common stock at cost, respectively) | (574153) |  |
| Additional paid-in capital | 185608189 | 68610905 |
| Accumulated deficit | (45488549) | (41149023) |
| Total stockholders' equity | 140955189 | 28600673 |
| Total liabilities and stockholders' equity | $153925669 | $34642602 |

---

**UNITED STATES ANTIMONY CORPORATION AND SUBSIDIARIES**

**CONSOLIDATED STATEMENTS OF CASH FLOWS**

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| | | |
|:---|:---|:---|
|  | **Years ended December 31,** | **Years ended December 31,** |
|  | **2025** | **2024** |
| **CASH FLOWS FROM OPERATING ACTIVITIES:** |  |  |
| Net loss | $(4339526) | $(1730404) |
| Adjustments to reconcile loss to net cash (used in) provided by operating activities: |  |  |
| &nbsp;&nbsp;Depreciation and amortization | 1166579 | 1085747 |
| &nbsp;&nbsp;Accretion of asset retirement obligation | 77932 | 73081 |
| &nbsp;&nbsp;Noncash operating lease expense | 289542 | 190280 |
| &nbsp;&nbsp;Share-based compensation | 7081705 | 568588 |
| &nbsp;&nbsp;Accretion income from investment in debt securities held to maturity | (416004) |  |
| &nbsp;&nbsp;Loss on sale or disposal of property, plant and equipment, net | 51350 | 11097 |
| &nbsp;&nbsp;Gain on lease termination | (469822) |  |
| &nbsp;&nbsp;Write-down of inventory to net realizable value | 919053 | 65647 |
| &nbsp;&nbsp;Change in allowance for credit losses | (9256) | (261047) |
| &nbsp;&nbsp;Unrealized gain on investment in equity securities | (3321486) |  |
| &nbsp;&nbsp;Change in IVA receivable reserve | 1300620 | 140057 |
| &nbsp;&nbsp;Other noncash items |  | (16107) |
| Changes in operating assets and liabilities: |  |  |
| &nbsp;&nbsp;Accounts receivable | (3104278) | (213468) |
| &nbsp;&nbsp;Inventories | (12195338) | 74738 |
| &nbsp;&nbsp;Prepaid expenses and other current assets | (283888) | (68585) |
| &nbsp;&nbsp;IVA receivable and other assets, net | (1222308) | (39339) |
| &nbsp;&nbsp;Accounts payable | 3404226 | 1088773 |
| &nbsp;&nbsp;Accrued liabilities | 1377262 | 1273310 |
| &nbsp;&nbsp;Accrued liabilities – directors | 2644 | 16477 |
| &nbsp;&nbsp;Stock payable to directors |  | (38542) |
| Net cash (used in) provided by operating activities | (9690993) | 2220303 |
| **CASH FLOWS FROM INVESTING ACTIVITIES:** |  |  |
| &nbsp;&nbsp;Proceeds from redemption of certificates of deposit |  | 72898 |
| &nbsp;&nbsp;Purchases of investment in debt securities held to maturity | (19934953) |  |
| &nbsp;&nbsp;Purchases of equity investment securities | (37172842) |  |
| &nbsp;&nbsp;Issuance of note receivable | (2500000) |  |
| &nbsp;&nbsp;Proceeds from sales or disposals of property, plant and equipment | 13366 | 315625 |
| &nbsp;&nbsp;Purchases of property, plant and equipment | (27808485) | (430596) |
| Net cash used in investing activities | (87402914) | (42073) |
| **CASH FLOWS FROM FINANCING ACTIVITIES:** |  |  |
| &nbsp;&nbsp;Principal payments on long-term debt | (132252) | (103488) |
| &nbsp;&nbsp;Proceeds from exercises of stock options | 117667 |  |
| &nbsp;&nbsp;Acquisition of treasury stock related to equity awards | (449475) |  |
| &nbsp;&nbsp;Proceeds from issuance of common stock, net of issuance costs | 104211214 | 2759681 |
| &nbsp;&nbsp;Proceeds from exercise of warrants | 5732931 | 1481840 |
| Net cash provided by financing activities | 109480085 | 4138033 |
| **NET INCREASE IN CASH AND CASH EQUIVALENTS AND RESTRICTED CASH** | 12386178 | 6316263 |
| CASH AND CASH EQUIVALENTS AND RESTRICTED CASH AT BEGINNING OF PERIOD | 18270898 | 11954635 |
| **CASH AND CASH EQUIVALENTS AND RESTRICTED CASH AT END OF PERIOD** | $30657076 | $18270898 |
| **SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:** |  |  |
| &nbsp;&nbsp;Interest paid in cash | $16654 | $8869 |
| **NON-CASH FINANCING AND INVESTING ACTIVITIES:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Recognition of operating lease liability and right-of-use asset | $86188 | $787477 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Equipment purchased with note payable | $— | $402722 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Property and equipment included in accounts payable | $1974584 | $— |

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