Financial Performance - Revenues for fiscal year 2024 increased 72% year-over-year to $14.9 million, up from $8.7 million in 2023[3] - Gross profit surged 204% year-over-year to $3.5 million, compared to a loss of $3.3 million in 2023[3] - The company reported a net loss from operations of $1.7 million for 2024, an improvement of $4.6 million from a loss of $6.3 million in 2023[3] - Net loss for the year ended December 31, 2024, was $1,730,404, a significant improvement from a net loss of $6,348,287 in 2023, representing a reduction of approximately 73%[18] - Cash provided by operating activities was $2,220,303 in 2024, compared to cash used of $4,750,026 in 2023, indicating a turnaround in operational cash flow[18] Cash and Assets - Cash and cash equivalents at the end of 2024 stood at $18.2 million, with only $328K in debt[4] - Total cash and cash equivalents at the end of the period increased to $18,270,898 from $11,954,635 in the previous year, marking a growth of approximately 53%[18] - Total assets increased to $34.6 million in 2024, up from $28.1 million in 2023[14] Investments and Financing - Proceeds from the issuance of common stock in 2024 amounted to $2,759,681, contributing positively to financing activities[18] - Cash used in investing activities was $42,073 in 2024, a significant decrease from $1,341,713 in 2023, indicating a more conservative investment approach[18] - Interest paid in cash for the year was $8,869, a slight decrease from $10,521 in 2023, suggesting improved cash management[18] - The company recognized non-cash financing activities including equipment purchased with a note payable valued at $402,722[19] Production and Operations - The zeolite division achieved a 9% increase in sales volume, with production capacity rising from four tons per hour to over twelve tons per hour[8] - The company plans to bring antimony ore from its mining claims in Alaska to Montana in Q3 2025, reducing dependence on foreign sourcing[11] - The Madero Smelter in Mexico is set to become a key contributor to financial results in the remaining three quarters of 2025[10] - The company acquired mining claims and leases in Alaska and Ontario, Canada, and leased a metals concentration facility in Montana in 2024, which could expand operations and product offerings[19] Market Conditions - Antimony prices increased nearly fivefold from $11.575 per metric ton at the end of 2023 to $55,650 per metric ton currently[5] - Forward-looking statements indicate expectations for increased production and potential future revenues, though actual results may differ due to various uncertainties[20][21][22] Guidance and Estimates - The company estimates consolidated revenues for 2025, although specific guidance has not been historically provided[12] - The company reported depreciation and amortization expenses of $1,085,747 in 2024, up from $959,445 in 2023, reflecting increased asset utilization[18]

United States Antimony Corporation (NYSE:UAMY) Q4 2024 Earnings Conference Call March 20, 2025 4:15 PM ET Company Participants Gary Evans - Chairman and CEO Joe Bardswich - EVP, Chief Mining Engineer Rick Isaak - SVP, CFO Jonathan Miller - VP, IR Operator Greetings. Welcome to United States Antimony Corporation Fiscal Year 2024 Financial and Operational Results Meeting [Operator Instructions]. Please note this webcast is being recorded. I will now turn the webcast over to your host, Gary C. Evans, Chairman ...

Revenue and Sales Performance - In 2024, the company reported antimony sales of $11,102,573, an increase of 88% from $5,904,480 in 2023, with pounds sold rising by 5,198,093 pounds[36]. - The average market price of antimony per pound increased to $10.44 in 2024 from $5.50 in 2023, reflecting significant price fluctuations in the Rotterdam market[38]. - The company reported revenue from sales of gold and silver totaling $525,087 in 2024, compared to $326,496 in 2023[36]. - Total revenues for the year ended December 31, 2024, were $14,937,962, representing a 72% increase from $8,693,155 in 2023[230]. - Antimony product revenue increased to $11,471,200 in 2024 from $5,904,480 in 2023, representing a 94% growth[284]. - Domestic revenues rose to $12,572,625 in 2024, up from $6,854,740 in 2023, marking an 83% increase[286]. - Customer A revenue increased to $4,389,735 in 2024 from $1,548,283 in 2023, a growth of 183%[286]. - Total customer revenue as a percentage of total company revenues decreased to 43% in 2024 from 46% in 2023[286]. - The precious metals operations generated revenue of $525,087 in 2024, up from $326,496 in 2023[344]. Financial Position and Performance - Gross profit for 2024 was $3,466,918, compared to a gross loss of $3,344,784 in 2023, indicating a significant turnaround[230]. - Total current assets increased to $20,678,569 in 2024 from $14,076,206 in 2023, a growth of approximately 47%[229]. - Total assets rose to $34,642,602 in 2024, up from $28,094,995 in 2023, reflecting an increase of about 23%[229]. - Current liabilities surged to $4,006,389 in 2024, compared to $897,458 in 2023, marking a substantial increase of approximately 346%[229]. - Net loss for 2024 was $1,737,904, an improvement from a net loss of $6,355,787 in 2023[230]. - The company reported a basic net loss per share of $0.02 for 2024, compared to $0.06 in 2023[230]. - Total stockholders' equity increased to $28,600,673 in 2024 from $25,520,968 in 2023, a rise of about 8%[229]. - The net loss for the year ended December 31, 2024, was $1,730,404, a significant improvement compared to a net loss of $6,348,287 in 2023, representing a reduction of approximately 73.3%[45]. - Cash provided by operating activities increased to $2,220,303 in 2024, compared to cash used of $4,750,026 in 2023, indicating a turnaround in operational cash flow[45]. - The company reported a net cash increase of $6,316,263 in cash and cash equivalents at the end of 2024, compared to a decrease of $7,163,031 in 2023[45]. Operational Developments - The company acquired mining claims and leases in Alaska and Ontario, Canada, in 2024, aiming to expand operations and product offerings[23]. - The company plans to restart operations at its Madero facility in Mexico due to increased demand and market prices for antimony, reversing an earlier decision to sell its USAMSA subsidiary[24]. - The company has renewed its annual contract with a Canadian supplier for ore supply for its Montana smelting facility for 2025[32]. - The company has not yet commenced active operations in Alaska, Ontario, or its leased facility in Philipsburg, Montana[28]. - The company is in the process of completing a technical report summary for its zeolite mine, which includes test hole drilling and expert evaluation[22]. - The company has extended its existing mineral property lease in Preston, Idaho, for an additional 10 years[25]. - The company executed an option agreement in January 2025 to acquire 120 mining claims in Alaska for a total of $3,000,000, with payments scheduled from 2025 to 2030[347]. - The Fairbanks Agreement includes a commitment to spend $2,250,000 on exploration and development over five years, with specific milestones[348]. Asset Management and Liabilities - The company has about $100,000 in financial assurances for reclamation company-wide, primarily in the form of surety bonds[52]. - The company recorded a write-down of inventory to net realizable value of $65,647 in 2024, a significant decrease from $2,073,404 in 2023, suggesting improved inventory management[45]. - The company’s accounts payable increased by $1,088,773 in 2024, compared to a decrease of $171,868 in 2023, indicating a shift in payment strategies[45]. - The accrued liabilities balance at December 31, 2024, is $1.4 million, consisting of $1.2 million in accrued compensation and $0.2 million in miscellaneous accrued liabilities, compared to $0.1 million in 2023[258]. - Long-term debt rose to $327,677 in 2024 from $28,443 in 2023, with a current portion of $132,252 due in 2025[304]. - The asset retirement obligation increased from $1,638,027 in 2023 to $1,711,108 in 2024, with an accretion expense of $73,081 recorded in 2024[303]. Shareholder and Equity Information - The company has cumulative dividends in arrears on Series B preferred stock amounting to $225,000 as of December 31, 2024, compared to $217,500 in 2023[336]. - The company has a maximum of 8,700,000 shares available for issuance under the 2023 Equity Incentive Plan approved in December 2023[323]. - For the year ended December 31, 2024, the company recognized a total share-based compensation expense of $568,588, with $219,968 from stock options and $348,620 from RSUs[324]. - The company granted 4,330,000 stock options during the year ended December 31, 2024, with a weighted average exercise price of $0.23 and an intrinsic value of $6,652,700[330]. - The company issued 2,204,000 shares of common stock related to the exercise of warrants during the fourth quarter of 2024, generating gross proceeds of $1,481,840 at a weighted average exercise price of $0.67[332]. - The company issued 400,000 shares of common stock related to warrant exercises, receiving gross proceeds of $340,000 at a weighted average exercise price of $0.85[354]. Compliance and Accounting - The financial statements for the years ended December 31, 2024 and 2023 present fairly the financial position of the company in conformity with accounting principles generally accepted in the U.S.[222]. - The company has no significant off-balance sheet arrangements[220]. - The company has no financial assets or liabilities adjusted to fair value on a recurring basis as of December 31, 2024, and 2023[273]. - The company adopted ASU 2023-07 for its fiscal year ended December 31, 2024, which enhances segment reporting disclosures[276][277]. - The company is currently evaluating the impact of ASU 2023-09 on its consolidated financial statements and disclosures, effective for fiscal years beginning after December 15, 2024[278]. - The company does not believe that issued but not yet effective accounting pronouncements would have a material effect on its financial statements[280].

Core Viewpoint - United States Antimony Corporation (USAC) has announced an exclusive option agreement to acquire a third group of antimony mining claims in Alaska, which is expected to enhance its resource base and production capabilities [1] Group 1: Acquisition Details - The exclusive option agreement allows USAC to acquire additional antimony mining claims, which are crucial for expanding its operations in the antimony sector [1] - This acquisition is part of USAC's strategy to secure more resources and strengthen its position in the antimony market [1] Group 2: Industry Implications - The acquisition aligns with the growing demand for antimony, a critical mineral used in various applications, including flame retardants and batteries [1] - By increasing its resource base, USAC is positioning itself to capitalize on the anticipated rise in antimony prices due to supply constraints and increasing industrial demand [1]

Financial Results - United States Antimony Corporation reported its financial results for Q3 and the nine months ended September 30, 2024[4]. - Financial results include key metrics that will be detailed in the press release, which is referenced as Exhibit 99.1[4]. Company Information - The company is listed on NYSE American under the trading symbol UAMY[2]. - The press release detailing the financial results was issued on November 12, 2024[4]. - The company is not classified as an emerging growth company[3]. - The report was signed by Richard R. Isaak, SVP and Chief Financial Officer[5].

Company Operations - The Company shut down operations of its USAMSA subsidiary on March 11, 2024, and plans to sell it over the next year[93]. - The Company has initiated an active search for buyers of its USAMSA operations and/or assets following the shutdown[103]. - The company shut down its USAMSA subsidiary on March 11, 2024, due to cumulative losses since inception[142]. - The company is focused on generating positive cash flow through operational reviews and strategic acquisitions[142]. Market Position - The Company estimates its share of the domestic market for antimony oxide products is approximately 4% and less than 1% in the international market[101]. - The Company is the only significant U.S. producer of antimony products, with a competitive edge due to its domestic processing capabilities[101]. - The Company has relied on foreign sources for antimony ore since 1983, with ongoing procurement from an existing supplier in Canada[100]. Financial Performance - For the three months ended September 30, 2024, total revenues increased to $2,421,020 from $2,063,558 for the same period in 2023, representing a growth of 17.3%[114]. - Antimony revenue for the nine months ended September 30, 2024, was $5,381,803, an increase of $1,025,726 or 23.5% compared to $4,356,077 in the prior year[119]. - Gross profit for antimony for the nine months ended September 30, 2024, increased by $1,210,979, or 119.9%, to $2,221,383 compared to $1,010,404 in the same period of 2023[120]. - Zeolite revenue for the nine months ended September 30, 2024, was $2,280,338, an increase of $339,329 or 17.5% from $1,941,009 in the prior year[122]. - Precious metals revenue for the three months ended September 30, 2024, was $399,433, a significant increase from a loss of $5,854 in the same period of 2023[124]. - For the nine months ended September 30, 2024, precious metals revenue was $404,049, up 66.7% from $242,433 in the prior year[126]. - Revenue for the nine months ended September 30, 2024, increased to $8,066,190, a 23.3% increase from $6,539,519 in the same period of 2023[137]. - Gross profit rose significantly by 107.5% to $2,157,313 compared to $1,039,810 in the prior year[137]. Cost and Expenses - The average sales price per ton of zeolite decreased by 12.0% to $262 for the three months ended September 30, 2024, compared to $298 in the same period of 2023[121]. - The average cost per pound of antimony increased by 51.5% to $4.08 for the three months ended September 30, 2024, compared to $2.69 in the same period of 2023[118]. - Total operating expenses for the consolidated entity increased by 104.3% to $1,270,811 for the three months ended September 30, 2024, compared to $622,139 in 2023[133]. - Total operating expenses surged by 116.0% to $3,284,706, up from $1,521,000, leading to a loss from operations of $1,127,393[137]. Cash Flow and Assets - Net cash provided by operating activities improved by $1,579,764, reaching $884,032 for the nine months ended September 30, 2024, compared to a cash outflow of $695,732 in 2023[138]. - Cash flow used by investing activities improved by $1,479,106, resulting in a cash outflow of $141,708 for the nine months ended September 30, 2024[140]. - Cash flow used by financing activities improved by $786,640, with a net outflow of $71,139 for the nine months ended September 30, 2024[141]. - As of September 30, 2024, the company had cash and cash equivalents of $12,969,132, which are expected to cover cash requirements for the next 12 months[145]. - Total assets as of September 30, 2024, were $23,560,877, an increase from $21,547,455 as of December 31, 2023[117]. - The accumulated deficit increased to $(40,266,104) as of September 30, 2024, from $(39,418,619) as of December 31, 2023[117]. EBITDA and Profitability - EBITDA from continuing operations was a loss of $306,853 for the nine months ended September 30, 2024, compared to a profit of $342,071 for the same period in 2023[129]. - EBITDA for the antimony segment was a loss of $653,612 for the three months ended September 30, 2024, compared to a profit of $218,693 in 2023[129]. - Income (loss) from operations for the consolidated entity was a loss of $845,043 for the three months ended September 30, 2024, compared to a loss of $363,731 in 2023, representing a 132.3% increase in losses[133]. - Gross profit for the consolidated entity was $425,768 for the three months ended September 30, 2024, a 64.8% increase from $258,408 in 2023[133].

Company Overview - United States Antimony Corporation (USAC) is involved in the processing and sale of antimony, zeolite, and precious metals products in the U.S. and Canada [4] - The company processes antimony ore into various products including antimony oxide, antimony metal, and antimony trisulfide, which have applications in flame retardants, batteries, and ammunition [4] - USAC also mines and processes zeolite, which is used in environmental applications such as water filtration and soil amendment [4] Conference Participation - USAC will participate in the ThinkEquity Conference on October 30, 2024, at the Mandarin Oriental Hotel in New York [1] - Gary C. Evans, Chairman and co-CEO, will present at 8:00 a.m. ET, and the management team will hold one-on-one investor meetings throughout the day [2] ThinkEquity Conference Details - ThinkEquity is a boutique investment bank that has collectively financed over $50 billion in public and private capital raises, restructurings, and mergers and acquisitions [3] - The conference has previously featured over 70 company presentations and 700+ attendees, providing a platform for companies and investors to connect [3]

Financial Performance - Revenues increased by 26% to $5.6 million for the first six months of 2024, driven by higher antimony sales volume and zeolite prices[3]. - Gross profit rose 122% to $1.7 million, attributed to improved efficiencies in the antimony business despite increased costs in the zeolite segment[4]. - Antimony sales increased by 36% year-over-year, with an average sales price of $4.65 per pound, while the current market price is around $10.64 per pound[5][6]. - Zeolite sales grew by 26%, but gross profit decreased by $397,000, with a loss from operations worsening by $540,000[6]. - Cash and cash equivalents increased by $492,000 to $12.4 million as of June 30, 2024, indicating a focus on improving business operations[9]. - The company reported profitability in the last quarter, with a capital improvement expenditure of $0.5 million, which could have otherwise contributed to profits[36]. Capital Expenditures and Investments - Capital expenditures in the second quarter of 2024 reached $501,000, a significant increase from $51,000 in the first quarter, reflecting investment in operational improvements[11]. - The company is preparing a mineral resource study for its zeolite business, expected to be completed by year-end 2024[4]. - The company has the only smelter operating in the U.S. and is working on enhancing its supply chain for antimony, aiming to attract government interest[24]. Market Opportunities and Product Development - The company has identified a significant growth opportunity in the zeolite market, noting that only 5% of cattle in the U.S. currently use fed zeolite[31]. - The company is developing new zeolite products and has engaged a lobbying firm to promote zeolite's benefits for nuclear waste cleanup and water treatment[13][15]. - The company is exploring the use of zeolite in mining for air filtration and has a sales presence in Canada to grow this business[33]. Team and Management Restructuring - The antimony division has strengthened its team by hiring a geochemist to enhance mineral processing capabilities[19]. - The company is restructuring its management and operations teams to enhance profitability and market presence in the antimony and zeolite sectors[29]. - The team has expanded with new members bringing valuable knowledge and experience[41]. Strategic Initiatives and Future Plans - The company is actively seeking sources of antimony and other critical minerals on non-federal lands in the U.S. and Canada due to lengthy permitting processes on federal lands[22]. - The company is in standby mode regarding a potential acquisition, having set conditions for the seller that must be met to proceed[35]. - The company is planning to announce a new venture within the next 10 days, which has already been approved by the Board of Directors[30]. - The company is preparing to announce a new direction soon, indicating a shift in strategy[41]. - The company is enhancing its marketing efforts through social media and investor relations initiatives to attract institutional investors[29]. - The company is confident in its ability to meet military specifications for antimony products and is seeking alternative sources to enhance reliability[39]. - The company has resolved its cash flow issues and is now treating its cash with high importance[41]. - The company is positioned to showcase exciting future opportunities in the near future[41].

Financial Data and Key Metrics Changes - Revenues increased by 26% to $5.6 million for the first six months of 2024 compared to the previous year, driven by higher antimony sales volume and zeolite prices [3][4] - Gross profit rose by 122% to $1.7 million, attributed to improved efficiencies in the antimony business despite increased costs in the zeolite segment [4][6] - Operating expenses increased by $1.1 million to $2 million, mainly due to noncash stock compensation, project costs, and salary expenses [4][5] Business Line Data and Key Metrics Changes - Antimony business sales increased by 36% year-over-year, with gross margins more than double compared to last year, reflecting higher efficiencies [5][6] - Average antimony sales price per pound was $4.65, influenced by processing customer-owned ore, while the market price was around $10.54 per pound [6] - Zeolite business sales grew by 26%, but gross profit decreased by $397,000, with operational losses improving from $432,000 in Q1 to $148,000 in Q2 [7][8][12] Market Data and Key Metrics Changes - The company closed its operations in Mexico, generating $1.1 million in revenue from antimony inventory sales, but still incurred a loss of $150,000 from discontinued operations [8][9] - Inventory levels decreased due to planned downtime from the main antimony supplier, but efforts are underway to increase inventory and meet demand [9] Company Strategy and Development Direction - The company is focused on a turnaround strategy, emphasizing operational changes leading to financial improvements [3][4] - Significant capital expenditures were made to enhance the zeolite processing facility, achieving a 94.3% runtime, which is a record for the company [11][12] - New product initiatives like CattleMax are being developed to expand market reach, particularly in the cattle industry [13][14] Management's Comments on Operating Environment and Future Outlook - Management acknowledges the ongoing challenges but expresses optimism about the company's direction and potential for growth in both antimony and zeolite markets [9][30] - The company is actively engaging with government officials to secure support for critical mineral supply chains, particularly for antimony [24][28] Other Important Information - The company has restructured its management team to enhance operational efficiency and market presence [28] - A new mineral resource study for the zeolite business is anticipated to be completed this year, which will inform future growth strategies [5] Q&A Session Summary Question: How big could Bear River Zeolite become and in what time frame? - The company sees significant growth potential, particularly in the cattle industry and water treatment sectors, but will not expand facilities until there is confirmed business [31][32] Question: How do you plan to be successful with CattleMax while facing competition? - The strategy involves targeting new customers and working with nutritionists to promote zeolite, ensuring no conflict with existing customers [33] Question: Is there potential for zeolite sales in mining companies for air filtration? - The company has a sales presence in Canada and recognizes the need to improve marketing efforts in that region [34] Question: What is the status of zeolite acquisitions mentioned last year? - The company is currently in standby mode regarding an acquisition due to identified issues that may be insurmountable [37] Question: How will you bring back the BRZ business to profitability? - Profitability is expected through increased sales and operational efficiencies, with capital improvements already made [38][39] Question: Can you still produce trisulfide to military specifications? - The company is confident in its ability to meet military specifications with new sources and expertise being developed [40][42] Question: What is the probability of a reverse split? - The topic was not discussed in the recent board meeting, indicating no immediate plans for a reverse split [43]

Company Operations and Subsidiaries - The Company plans to sell its USAMSA subsidiary, which was shut down on March 11, 2024, and is actively seeking buyers for its operations and/or assets[72] - The Company has initiated an active search for buyers of its USAMSA operations and/or assets following the shutdown of its processing plants in Mexico[80] - The Company plans to sell its USAMSA subsidiary, which has generated cumulative losses since inception, to improve cash flow[105] Market Position and Products - The Company estimates its current share of the domestic market for antimony oxide products is approximately 4% and less than 1% in the international market[79] - The Company has the only operating, permitted antimony smelter located in the U.S., which enhances its competitive position[80] - The zeolite produced by the Company is regarded as one of the best in the world due to its high cation exchange capacity (CEC) of approximately 180-220 meq/100 gr[83] - The Company has a reputation for quality products delivered on a timely basis, which supports its competitive edge in the market[79] Financial Performance - Revenues for the three months ended June 30, 2024, increased to $2,813,780 from $2,265,117 for the same period in 2023, representing a growth of 24.2%[87] - Antimony revenue for the six months ended June 30, 2024, was $4,043,163, up $1,078,819 or 36.4% compared to $2,964,344 in the same period of 2023[89] - Gross profit for antimony for the six months ended June 30, 2024, increased by $1,585,030, reaching $1,980,802, a 400.5% increase from $395,772 in the prior year[90] - Zeolite revenue for the six months ended June 30, 2024, was $1,597,391, an increase of $328,207 or 25.9% compared to $1,269,184 in the same period of 2023[92] - Precious metals revenue for the three months ended June 30, 2024, dropped to $4,616 from $126,321 in the same period of 2023, a decline of 96.3%[93] - The average sales price per pound of antimony increased by 7.8% to $5.22 for the three months ended June 30, 2024, compared to $4.85 in the same period of 2023[88] - Total assets as of June 30, 2024, were $22,434,861, an increase from $21,547,455 as of December 31, 2023[88] - The company reported a loss from operations of $213,604 for the three months ended June 30, 2024, compared to a loss of $197,335 in the same period of 2023[87] - Average gross profit per pound of antimony increased to $2.47 for the three months ended June 30, 2024, from $0.50 in the same period of 2023, a rise of 390.6%[88] - The company’s accumulated deficit increased to $(39,538,595) as of June 30, 2024, from $(39,418,619) as of December 31, 2023[88] - EBITDA from continuing operations for the six months ended June 30, 2024, was $253,122, down from $431,257 for the same period in 2023[96] - Antimony revenue for the three months ended June 30, 2024, increased by 34.3% to $1,814,778 compared to $1,351,705 in 2023[96] - Gross profit for Antimony segment improved significantly to $859,211, a 511.0% increase from the previous year[96] - Zeolite revenue for the three months ended June 30, 2024, was $994,386, reflecting a 26.3% increase from $787,091 in 2023[97] - Consolidated revenue for the six months ended June 30, 2024, was $2,813,780, up 24.2% from $2,265,117 in 2023[98] - Antimony segment's income from operations for the six months ended June 30, 2024, was $304,504, a turnaround from a loss of $307,430 in 2023[100] - EBITDA for the Antimony segment for the six months ended June 30, 2024, was $657,985, a 480.2% increase from $113,397 in 2023[100] - Zeolite segment reported an operating loss of $579,761 for the six months ended June 30, 2024, compared to a loss of $40,753 in 2023, indicating a significant decline[100] - Total operating expenses for the Antimony segment increased by 138.4% to $1,676,298 for the six months ended June 30, 2024[100] - The company reported a consolidated net loss of $55,704 for the six months ended June 30, 2024, compared to a loss of $23,032 in 2023, representing a 141.9% increase in losses[98] - Revenue for the six months ended June 30, 2024, increased by 26.1% to $5,645,170 compared to $4,475,961 for the same period in 2023[101] - Gross profit for the six months ended June 30, 2024, was $1,731,545, a 121.6% increase from $781,402 in the prior year[101] - Operating income loss for the six months ended June 30, 2024, was $(282,350), worsening by 140.4% from $(117,459) in 2023[101] - Net cash provided by operating activities improved by $1,604,091 for the six months ended June 30, 2024, totaling $435,663 compared to $(1,168,428) in 2023[103] - Cash flow used by investing activities improved by $1,095,495 for the six months ended June 30, 2024, totaling $(100,039) compared to $(1,195,534) in 2023[104] - As of June 30, 2024, the company had cash and cash equivalents of $12,391,431, which is expected to cover cash requirements for the next 12 months[107] - Working capital increased to $13,454,756 as of June 30, 2024, up from $12,963,081 at December 31, 2023[102] - Interest expense decreased by 67.6% to $2,092 for the six months ended June 30, 2024, down from $6,450 in the prior year[101] - Depreciation and amortization increased by 42.8% to $220,633 for the six months ended June 30, 2024, compared to $154,458 in 2023[101] Internal Controls and Legal Matters - The Company identified material weaknesses in its internal controls due to the small size of its accounting staff, which may hinder adequate controls in the future[108] - No changes occurred in the Company's internal controls over financial reporting during the quarter ended June 30, 2024, that materially affected internal controls[109] - The Company is not involved in any material legal proceedings, and no significant legal issues were reported as of June 30, 2024[110] Regulatory Compliance and Safety - The Company aims to achieve excellence in mine safety and health performance while ensuring compliance with environmental regulations and health and safety standards[74] - During the six months ended June 30, 2024, Bear River Zeolite Company received four significant citations from MSHA, all of which have been rectified[111]