☒ Quarterly Report Pursuant to Section 13 Or 15(d) Of The Securities Exchange Act of 1934 (Mark One) UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q (State or other jurisdiction of incorporation or organization) Montana 81-0305822 (IRS Employer Identification No.) 4438 W. Lovers Lane, Unit 100, Dallas, TX 75209 For the quarterly period ended June 30, 2025 ☐ Transition Report Under Section 13 Or 15(d) Of The Securities Exchange Act of 1934 For the transition period ________ ...

Group 1 - The article discusses a bullish outlook on United States Antimony Corporation (NYSE: UAMY) published in 2019, which was considered "being right too early" as the share prices did not perform as expected [1] - The author, Harrison, has over a decade of experience in the market and has been writing on Seeking Alpha since 2018, with a background in private equity, real estate, and economic research [1] Group 2 - There is a potential for the author to initiate a beneficial long position in UAMY through stock purchases or call options within the next 72 hours [2] - The article expresses the author's own opinions and is not influenced by any compensation from companies mentioned [2]

Company Overview & Strategy - United States Antimony Corporation (USAC) focuses on extracting, processing, and selling antimony and zeolite hard minerals[8] - The company aims to secure domestic supply chains for critical minerals by 2027, reducing reliance on foreign sources[32] - USAC is expanding its antimony processing footprint to increase production and sales in Montana and Mexico[130] - The company is evaluating strategic acquisition and additional mining lease opportunities in the US and Canada[133] Antimony Market & Operations - Antimony has seen over a 500% price increase recently[27, 56] - China controls over 60% of world antimony ore[55] and has cut off the global supply of antimony[29] - USAC owns and operates the only two North American antimony smelters[26, 28] - The Thompson Falls smelter is expanding to a capacity of 300 tons per month or 11 tons per day[33] - The Madero smelter in Mexico has restarted operations with a capacity of 200 tons per month or 7 tons per day[41, 43, 47] Zeolite Operations - Bear River Zeolite mine experienced a 9% increase in tons sold in fiscal year 2024[111] - The company launched a new in-house product line for cattle feed called CattlePrime™[112, 115] Financial Performance & Outlook - The company's 2024 revenues were the highest since going public in 2012[123] - USAC maintained a high cash balance of $182 million as of December 31, 2024[123] - The company projects consolidated revenues of $40 - $50 million for 2025[136]

Core Viewpoint - Transition Metals Corp. and 1930153 ON Ltd. have sold their 50% interests in the Fostung Tungsten Property to UAMY Cobalt Corporation for US$5,000,000 in cash and a 0.5% Net Smelter Return royalty, highlighting the strategic importance of tungsten and the value of their mineral exploration portfolio [1][2][3]. Transaction Summary - UAMY acquired a 100% interest in the Fostung Property for US$5,000,000 (approximately C$7.0 million) and a 0.5% NSR royalty [2]. - The proceeds from the sale will be split equally between Transition and 1930153 ON, with each receiving US$2,500,000 and a 0.25% NSR [2]. - The transaction is classified as an arm's length transaction, with no finders' fees involved [2]. Company Insights - Transition Metals Corp. has a diverse portfolio of 18 projects, which includes mineral exploration projects, royalties, and marketable securities, allowing for non-dilutive cash generation [3]. - 1930153 ON Ltd. focuses on advancing mineral projects in Ontario using modern extraction and processing technologies [11]. Property Details - The Fostung Property consists of 50 mining claims covering approximately 1,114 hectares, located in Foster Township, Ontario, about 8 kilometers southeast of Espanola [4]. - The property has a historic inferred mineral resource estimated at 12.4 million tonnes grading 0.213% WO₃, based on data from 44 diamond drill holes totaling 9,185 meters [5]. Industry Context - China controls over 80% of the world's tungsten production, making the Fostung deposit significant for North America as a critical mineral resource [3]. - UAMY is positioned as a leader in the mining and processing of critical minerals, which is essential for sustainable development in the industry [3].

Summary of United States Antimony Corporation Conference Call Company Overview - **Company Name**: United States Antimony Corporation (UAMY) - **Founded**: 1968, went public in February 2012 - **Current CEO**: Gary Evans, appointed after the founder's passing four years ago [4][5] Key Industry Insights - **Critical Mineral**: Antimony is classified as a critical mineral by the Department of Defense, with significant applications in military and industrial sectors [8][16] - **Market Control**: Historically, the antimony market has been dominated by China, which has shifted from being a net producer to a net importer due to resource depletion [13][24] - **U.S. Supply Chain**: The U.S. Department of Defense is seeking to source critical minerals domestically by 2027, creating opportunities for UAMY [16][52] Financial Performance - **Revenue Growth**: UAMY reported revenues of approximately $7 million in 2023, nearly doubling to $15 million in 2024, with guidance of $40 to $50 million for the current year [50][55] - **Cash Position**: The company has about $18 million in cash and minimal debt of around $250,000 [51] Operational Developments - **Management Changes**: A complete overhaul of management and board has been implemented to drive new strategies and growth [5][49] - **Expansion Plans**: The company is expanding its operations in Montana and has plans to process material from Alaska, which will significantly improve margins [18][30][31] - **Processing Capacity**: The Madero smelter in Mexico has an engineered capacity of 200 tons per month, currently operating at 70 to 100 tons [20] Market Dynamics - **Price Surge**: The price of antimony has surged nearly 700% since China's supply cut announcement, rising from $5 to approximately $30 per pound [24][27] - **Competitive Landscape**: UAMY is positioned as the only vertically integrated antimony producer in the Western Hemisphere, with two permitted smelters [15][54] Strategic Initiatives - **Geological Claims**: UAMY has staked claims in Alaska and Ontario, focusing on antimony and other critical minerals like cobalt [6][33] - **Government Relations**: The company has engaged with the Department of Defense and other government agencies to secure funding and support for its operations [17][52] Additional Insights - **Zeolite Business**: UAMY is also involved in zeolite production, which has various applications including water filtration and agriculture [35][39] - **Environmental Considerations**: The company is exploring low-carbon concrete alternatives using zeolite, aligning with industry trends towards sustainability [40][41] Conclusion - **Future Outlook**: UAMY is optimistic about its growth trajectory, driven by domestic demand for antimony and strategic government partnerships, with expectations to meet and exceed revenue guidance [61][62]

Core Viewpoint - United States Antimony Corporation (NYSE: UAMY) has released its Q1 results, which are considered interesting and noteworthy for investors looking for trades with a 2-3 year time horizon [1]. Group 1 - The company has been under coverage for a couple of months, indicating ongoing interest and analysis in its performance [1]. - The Q1 results provide valuable insights into the company's financial health and operational performance [1].

Group 1 - United States Antimony Corporation (USAC) is participating in the Centurion One Capital 6th Annual LA Summit from June 2 to June 6, 2025, at the Beverly Hills Hotel [1][3] - Gary C. Evans, Chairman and CEO of USAC, will deliver a corporate presentation on June 5, 2025, and will also engage in one-on-one investor meetings and a panel discussion during the conference [2] - The LA Summit will feature presentations, panel discussions, and investor meetings, scheduled from 12:00 PM EDT to 8:00 PM EDT on June 4 and 5, 2025 [3] Group 2 - Centurion One Capital is an independent investment banking firm focused on supporting the growth of companies in North America, providing financial solutions and strategic guidance [4][5] - The firm employs a team of experienced professionals with extensive financial expertise and sector knowledge, aiming to develop tailored strategies for clients [5] Group 3 - USAC operates in the U.S., Mexico, and Canada, selling antimony, zeolite, and precious metals, primarily processing third-party ore into various antimony products and precious metals [6][7] - The company’s antimony oxide is utilized in flame-retardant systems for various materials, while antimony metal is used in bearings and batteries [6] - USAC also mines and processes zeolite at its Bear River Zeolite facility in Idaho, which has applications in environmental cleanup and agriculture [7]

[Q1 2025 Financial and Operational Results](index=1&type=section&id=United%20States%20Antimony%20Corporation%20Reports%20Record%20First%20Quarter%202025) [Financial Performance Summary](index=1&type=section&id=Financial%20Performance%20Summary) United States Antimony Corporation achieved record Q1 2025 financial results, marked by substantial revenue and gross profit growth, a shift to net income, and a strengthened cash position Financial Performance Overview | Financial Metric | Q1 2025 (USD) | Q1 2024 (USD) | Change (USD) | % Change | | :--- | :--- | :--- | :--- | :--- | | Revenues | $7.0 million | $3.1 million | +$3.9 million | +128% | | Gross Profit | $2.4 million | $0.6 million | +$1.8 million | +302% | | Net Income | $0.55 million | ($0.32 million) | +$0.87 million | +269% | - The cash position improved to **$18.7 million** as of March 31, 2025, an increase of **$0.57 million** from the end of 2024 and **$6.8 million** from March 31, 2024[5](index=5&type=chunk) - The CEO anticipates continued improvement in financial and operational results for the remainder of 2025, driven by increased shipments, higher pricing for both antimony and zeolite, and enhanced operating efficiencies[6](index=6&type=chunk) [Segment Performance & Operational Updates](index=1&type=section&id=Segment%20Performance%20%26%20Operational%20Updates) Strong financial results were driven by growth in both antimony and zeolite divisions, complemented by strategic operational expansions including smelter restarts and capacity increases - Antimony sales reached **$5.9 million**, a **140%** increase year-over-year, primarily due to higher average sales prices, despite lower sales volume due to resolved contract and logistics delays[4](index=4&type=chunk) - The zeolite division (BRZ) experienced improved operating results with increased volumes, higher pricing, and reduced maintenance costs[6](index=6&type=chunk) - Key strategic initiatives for 2025 include: - Restarting the Madero Antimony Smelter in Mexico in late April 2025 - Expanding the Montana antimony smelter to increase throughput capacity by **more than six times**, fueled by feedstock from Alaska - Finalizing the permitting phase in Alaska to begin gathering antimony concentrate[6](index=6&type=chunk) [Condensed Consolidated Financial Statements (Unaudited)](index=2&type=section&id=Condensed%20Consolidated%20Financial%20Statements) [Statement of Operations](index=2&type=section&id=CONDENSED%20CONSOLIDATED%20STATEMENTS%20OF%20OPERATIONS) The company transitioned from an operating loss to an operating income in Q1 2025, achieving net income compared to a net loss in the prior-year period Condensed Consolidated Statements of Operations | Metric | Q1 2025 (USD) | Q1 2024 (USD) | | :--- | :--- | :--- | | **Revenues** | $7,000,005 | $3,072,067 | | **Gross Profit** | $2,371,730 | $589,485 | | **Income (Loss) from Operations** | $357,992 | ($470,454) | | **Net Income (Loss)** | $546,524 | ($322,768) | [Balance Sheet](index=2&type=section&id=CONDENSED%20CONSOLIDATED%20BALANCE%20SHEETS) Total assets and stockholders' equity significantly increased as of March 31, 2025, primarily driven by growth in cash, accounts receivable, and inventories Condensed Consolidated Balance Sheets | Metric | March 31, 2025 (USD) | Dec 31, 2024 (USD) | | :--- | :--- | :--- | | **Total Current Assets** | $24,838,415 | $20,678,569 | | **Total Assets** | $39,496,778 | $34,642,602 | | **Total Liabilities** | $6,905,442 | $6,041,929 | | **Total Stockholders' Equity** | $32,591,336 | $28,600,673 | - Inventories increased significantly to **$4.0 million** from **$1.2 million** at the end of 2024, reflecting the antimony ore supply on hand at quarter-end[4](index=4&type=chunk)[9](index=9&type=chunk) [Statement of Cash Flows](index=3&type=section&id=CONDENSED%20CONSOLIDATED%20STATEMENTS%20OF%20CASH%20FLOWS) Q1 2025 saw cash used in operations due to inventory increases, offset by strong cash generation from financing activities, resulting in a net cash increase Condensed Consolidated Statements of Cash Flows | Metric | Q1 2025 (USD) | Q1 2024 (USD) | | :--- | :--- | :--- | | **Net Cash (Used in) Provided by Operating Activities** | ($1,729,291) | $65,027 | | **Net Cash Used in Investing Activities** | ($862,011) | ($2,031) | | **Net Cash Provided by (Used in) Financing Activities** | $3,166,123 | ($21,273) | | **Net Increase in Cash** | $574,821 | $41,723 | - Financing activities provided **$3.2 million** in cash, consisting of **$2.4 million** from the issuance of common stock and **$0.8 million** from the exercise of warrants[12](index=12&type=chunk) [Company Overview](index=4&type=section&id=About%20USAC) United States Antimony Corporation (USAC) is a diversified mining and processing company operating in the U.S., Mexico, and Canada, focusing on antimony, zeolite, and precious metals - USAC's main business lines include: - **Antimony:** Processed into oxide, metal, and trisulfide for use in flame retardants, plastics, paints, batteries, and ordnance - **Zeolite:** Mined and processed for applications such as water filtration, environmental cleanup, animal nutrition, and soil amendment - **Precious Metals:** Recovery of primarily gold and silver from third-party ore[13](index=13&type=chunk)

Financial Data and Key Metrics Changes - Revenues increased by 128% year over year, reaching $7 million in Q1 2025, which is almost 50% of the total revenue reported for the entire fiscal year 2024 [3][4] - Gross profit rose by 302% year over year to $2.4 million, with gross margin improving from 19% to 34% [3][5] - Net income reported was over $5 million, up 269% year over year [3] Business Line Data and Key Metrics Changes - Antimony sales were $5.9 million in Q1 2025, an increase of 140% year over year, primarily due to higher average sales prices [7][8] - Zeolite sales reached $1.1 million, up 82% year over year, with a 67% increase in sales volume quarter over quarter [10] - Antimony income from operations increased by $900,000 to $1.1 million for Q1 2025 [8] Market Data and Key Metrics Changes - The antimony business experienced strong demand, driven by the need for critical minerals across various industries, including government demand [9] - The zeolite business improved operational efficiency, leading to reduced losses from operations, which improved by $350,000 year over year [10] Company Strategy and Development Direction - The company is focused on expanding its antimony operations in Alaska and Canada, with plans to source antimony ore from new suppliers and expand processing capabilities [6][9] - The strategy includes improving operational efficiency and capitalizing on the current demand for critical minerals [6][12] - The company aims to vertically integrate by securing its own supply of antimony, reducing reliance on international sources [28][41] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the future, highlighting the potential for increased revenues and improved margins as operations expand [12][43] - The company anticipates a revenue guidance tightening to $40 million to $50 million for the fiscal year 2025 [44] - Management emphasized the importance of securing a domestic supply of antimony to enhance operational stability and pricing power [28][66] Other Important Information - The company has engaged new geological experts to enhance exploration efforts in Alaska and Ontario [14][15] - The company is actively pursuing digital marketing strategies to broaden its investor base and increase visibility [35][36] - BlackRock has increased its position in the company to 5.1%, indicating strong institutional interest [38] Q&A Session Summary Question: How are you able to complete the 6X expansion plans for Thompson Falls by the end of the year? - Management confirmed plans to complete the expansion by year-end, potentially ahead of schedule, without affecting existing operations [46][47] Question: Can you comment on the permitting timeline for ore from Alaska? - Management expects permits to be approved within a couple of weeks, with ore potentially being trucked to Montana by August or September [49][50] Question: Will you take on refining from other mining operations? - Management indicated that increased refining capacity would allow for future partnerships, but current operations are focused on their own supply [71] Question: What is the company's acquisition strategy? - The company is looking for opportunities that can be accessed quickly, focusing on critical minerals that align with their operational capabilities [60][62] Question: Can you share progress on the cobalt play in Canada? - Management noted high-grade cobalt and nickel findings, with plans for further exploration and potential partnerships [76][79]

Financial Data and Key Metrics Changes - Revenues increased by 128% year over year, reaching $7 million in Q1 2025, which is almost 50% of the total revenue reported for the entire fiscal year 2024 [2][3] - Gross profit rose by 302% year over year to $2.4 million, with gross margin improving from 19% to 34% [2][4] - Net income reported was over $5 million, up 269% year over year [2] Business Line Data and Key Metrics Changes - Antimony sales were $5.9 million in Q1 2025, an increase of 140% year over year, primarily due to higher average sales prices [6] - Zeolite sales reached $1.1 million, up 82% year over year, with a 67% increase in sales volume quarter over quarter [9] Market Data and Key Metrics Changes - The antimony business saw a significant increase in demand, driven by the need for critical minerals across various industries, including government contracts [7] - The zeolite business improved due to operational efficiencies and increased sales volume, despite previous maintenance issues [10] Company Strategy and Development Direction - The company is focused on expanding its antimony operations in Alaska and Canada, with plans to source antimony ore from new suppliers and expand processing capabilities [5][8] - The strategy includes improving operational efficiency and capitalizing on the growing demand for critical minerals [12] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the future, highlighting the potential for increased revenues and improved margins as operations expand [11][39] - The company anticipates a revenue guidance tightening to $40 million to $50 million for 2025, reflecting confidence in operational improvements [41] Other Important Information - The company has engaged new geological experts to enhance exploration efforts in Alaska and Ontario [13][14] - The company is actively working on its marketing and investor relations strategy to attract long-term institutional capital [28][30] Q&A Session Summary Question: How will the 6X expansion plans for Thompson Falls be completed by the end of the year? - Management confirmed that the expansion is on track to be completed by the end of the year without affecting existing operations [44][46] Question: Can you comment on the permitting timeline for ore from Alaska? - The company expects to begin trucking ore into Montana by August or September, pending permit approval [47][49] Question: What are the implications if the Tick Red's dog zinc mine faces tariff issues? - Antimony is exempt from tariffs, and the company does not foresee issues affecting their operations [51] Question: Are there competing US-based companies nearing smelting capabilities? - Management indicated that while there are companies exploring this, the challenges of securing supply make it difficult for new entrants [52][53] Question: What is the company's acquisition strategy? - The company is focused on quick-access projects and is looking for opportunities that can be developed rapidly [58][60] Question: What are the expectations for the zeolite business in 2025? - The company plans to maintain its zeolite operations while focusing on expanding sales in various markets [79]