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]

Financial Performance - Revenues for the first quarter of 2024 increased by 28% compared to the same period last year, with gross profit dollars more than doubling [8]. - Cash provided by operating activities from continuing operations was $350,000, with total cash flow from continuing operations at $327,000 [8]. - The cash balance at March 31, 2024, was $11.9 million, reflecting a modest increase in the cash position [15]. - Operating expenses increased by approximately $577,000 in the first quarter, with $200,000 attributed to front-loaded stock compensation and audit/legal fees [19]. - The company experienced a significant production loss, with a third of its production capacity affected in one quarter, impacting cash flow [39]. - The management is optimistic about the second quarter's performance, expecting improved numbers and potential profitability [39]. - The management is optimistic about the company's future, projecting larger revenues and higher market capitalization within the next 12 months [57]. Market Conditions - Antimony market price rose to approximately $7.44 per pound, a 40% increase since the end of 2023, marking the highest price in over five years [17]. - Significant inquiries for antimony oxide have been received, indicating a severe market shortage, with sales prices ranging from $6.75 to $7 per pound [30]. - The company sold more antimony and zeolite in the first quarter compared to the previous year, with zeolite inventory down by about 20% and antimony inventory down by about 50% [16]. Strategic Initiatives - The company is actively leasing new antimony properties in the U.S. to meet increasing demand due to reduced global supply from China and Russia [29]. - A drone survey and an ore definition drilling program are scheduled to enhance the mining and reclamation plan for the Bear River Zeolite operation [25]. - The company plans to file a Universal Shelf Registration statement in July, alongside an Annual Shareholder Meeting [32]. - The filing of a universal shelf in July provides financial flexibility for potential acquisitions or capital raising opportunities [49][50]. - The company is exploring new hard mineral opportunities, which are considered critical minerals, in addition to antimony and zeolite [47][48]. Asset Management - The company is in the final stages of engaging a broker to market its Mexican assets, with higher-than-expected land valuations noted [45][46]. - There is no royalty from BLM lands, but a royalty agreement exists with Webster Ranch for materials processed from BLM onto their property [43]. Investor Relations - The company is actively marketing its stock to institutional investors, with recent interest from individuals managing between $40 million and $2 billion in capital [41]. - Zeolite is currently in a loss position, with ongoing efforts to improve profitability despite challenges from older machinery and equipment [38]. - The company aims to significantly contribute to U.S. antimony needs, contingent on securing government funding for development [59].

Operations and Strategic Changes - The Company has shut down operations of its USAMSA subsidiary and plans to sell its assets over the next year[87]. - The Company has initiated an active search for buyers or leasing opportunities for its USAMSA operations and assets[87]. - The company shut down its USAMSA entity on March 11, 2024, due to cumulative losses and plans to sell its operations or assets over the next year[113]. Market Position and Revenue - The Company estimates its share of the domestic market for antimony oxide products is approximately 4% and less than 1% for the international market[86]. - The Company is the only significant U.S. producer of antimony products and has the only operating, permitted antimony smelter in the U.S.[89]. - Antimony revenue increased by $615,746, or 38.2%, reaching $2,228,385, primarily due to increased demand for antimony oxide and metal[100]. - Consolidated revenue for the three months ended March 31, 2024, was $2,831,390, an increase of 28.1% compared to $2,210,844 for the same period in 2023[110]. Financial Performance - Gross profit for the same period increased to $822,904, representing a 108.4% increase from $394,843 in the prior year[110]. - Net income from continuing operations decreased to $86,101, down 70.7% from $293,381 in the previous year[110]. - Gross profit for antimony segment rose significantly to $1,121,591, a 339.6% increase from $255,158 in the same quarter of 2023[100]. - Zeolite revenue increased by $120,912, or 25.1%, totaling $603,005, despite a gross loss of $292,833 compared to a profit of $29,427 in the previous year[102]. - EBITDA for the three months ended March 31, 2024, was $192,899, a decrease from $366,312 in the same period of 2023[106]. - The company’s EBITDA for the consolidated period was $192,899, a decrease of 47.3% compared to the previous year[111]. Cost and Expenses - Total operating expenses increased significantly to $891,650, up 183.1% from $314,967 in the prior year[110]. - The average sales price per pound of antimony decreased by 9.2% to $4.27, while the average cost per pound dropped by 46.4% to $2.12[100]. Cash Flow and Financial Position - For the three months ended March 31, 2024, net cash provided by operating activities was $350,225, an improvement of $1,419,199 compared to the same period in 2023[112]. - As of March 31, 2024, the company had cash and cash equivalents of $11,941,298, which is expected to cover cash requirements for the next 12 months[116]. - Working capital increased to $13,043,414 as of March 31, 2024, compared to $12,963,081 as of March 31, 2023[111]. - Cash flow used by investing activities improved by $499,171 for the three months ended March 31, 2024, primarily due to fewer fixed asset purchases[112]. - Cash flow used by financing activities improved by $789,479 for the three months ended March 31, 2024, mainly due to a dividend payment of $787,730 made on January 25, 2023[112]. Operational Challenges and Future Outlook - The Company has faced operational challenges due to inflation on costs and competitive technology positions[80]. - The company is focused on generating positive cash flow to fund its mission of profitable growth through organic means and strategic acquisitions[113]. - The Company is exploring Mexico and Central America for suppliers of antimony ore, assuming economics are profitable[85]. Internal Controls and Compliance - Management identified material weaknesses in disclosure controls due to the small size of the accounting staff, which may hinder adequate controls in the future[118]. - There have been no changes in internal controls over financial reporting that materially affected the company during the quarter ended March 31, 2024[119]. Mineral Resources and Technical Reports - The Company has not yet prepared a technical report summary for the Bear River Zeolite property regarding its mineral resources[81]. - The zeolite segment produces zeolite used for various applications, including water filtration and sewage treatment[90]. - The annual royalty payment for the zeolite lease is the greater of $60,000 or a tiered payment based on tonnage sold[91]. - The precious metals segment recovers precious metals in conjunction with antimony processing, primarily from a Canadian supplier[95].

Financial Data and Key Metrics Changes - Sales decreased by 21% in 2023 compared to 2022, with 44% of the decline attributed to lower antimony sales prices due to market conditions [7][21] - Gross profit also decreased in 2023, impacted by the sales decline and higher processing costs in Mexico operations [8][23] - Cash and cash equivalents decreased by $7.2 million during 2023, primarily due to operational losses and inventory purchases from Mexico operations [21][82] Business Line Data and Key Metrics Changes - Zeolite revenues at Bear River Zeolite (BRZ) were $2,462,000 in 2023, down $689,000 from 2022, largely due to 18 weeks of downtime [9][22] - The antimony plant in Montana experienced lower gross margins on sales of purchased antimony trioxide, contributing to decreased gross profit [23] Market Data and Key Metrics Changes - The contribution of Mexico operations to antimony sales was under 15% in 2023, leading to the decision to shut down these operations [18] - The company is finding new sources of antimony ore for its Montana processing plant, indicating a shift in supply strategy [18] Company Strategy and Development Direction - The company aims to eliminate cash burn and generate positive cash flow, with a focus on protecting existing cash balances [11][12] - Plans include increasing production volumes at both Thompson Falls and Bear River, with a goal to double or triple production [27][53] - The company is actively pursuing mergers and acquisitions (M&A) and leasing new properties to expand its operations [51][52] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in resolving past operational issues and highlighted the importance of new management in driving improvements [28][34] - The company is lobbying for government grants and loans related to strategic metals, adapting its strategy based on recent discussions in Washington, D.C. [33][75] - Management believes the company is well-positioned in the market for antimony and zeolite, with increasing demand from both customers and the U.S. government [34][47] Other Important Information - The company has undergone significant changes in its Board and management team, which are expected to benefit shareholders [52][80] - The company is exploring the sale of its Mexican assets and has engaged firms to assist in this process [72][26] Q&A Session Summary Question: What has management learned from recent lobbying efforts in Washington, D.C. regarding government grants and loans? - Management has tailored its activities to meet the criteria for receiving grants based on discussions held during lobbying efforts [34] Question: When does management expect BRZ to be fully operational with improvements? - BRZ is currently fully operational, producing more zeolite than ever before, with significant changes being implemented [53] Question: Has the company identified a domestic new source of antimony? - Yes, the company is actively looking for new sources of antimony [41] Question: What progress has been made in attracting institutional investors? - The company is focusing on middle-market firms and plans to make a concerted effort once certain operational goals are achieved [43] Question: How does the company plan to address the issue of middlemen making better margins in zeolite sales? - The company recognizes this issue and plans to hire seasoned salespeople and implement marketing strategies to capture more margin [54] Question: What is the current status of the relationship with Ambri? - Ambri is behind on their schedule, and the company is exploring other sources of antimony to fill the supply gap [59]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 10-K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended: December 31, 2023 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from_______________ to______________ Commission file number: 001-08675 UNITED STATES ANTIMONY CORPORATION (Exact name of registrant as specified in its charter) Montana 81-0305822 ( ...

Revenue Performance - Total revenue for the three months ended September 30, 2023 was $2,313,491, a decrease from $2,463,984 in the same period in 2022[23] - Total revenue for the nine months ended September 30, 2023 was $7,027,908, a decrease from $9,624,611 in the same period in 2022[23] - Revenue for the three months ended September 30, 2023 was $2,463,984, compared to $2,313,491 for the same period in 2022, representing a 6.5% increase[69] - Revenue for the nine months ended September 30, 2023 was $7,027,908, compared to $9,624,611 for the same period in 2022, representing a 27.0% decrease[69] - Revenue for the three months ended September 30, 2023 decreased to $2,313,491, a 6.1% decline compared to $2,463,984 in the same period in 2022[81] Antimony Sales - Antimony sales for the three months ended September 30, 2023 were $1,641,666, a slight decrease from $1,671,301 in the same period in 2022[23] - Antimony sales for the nine months ended September 30, 2023 were $4,844,466, a significant decrease from $6,972,312 in the same period in 2022[23] - Antimony revenue decreased by $29,635 (1.8%) for the three months ended September 30, 2023, primarily due to a 26.1% decline in average sales price per pound[72] - Antimony revenue for the three months ended September 30, 2023, decreased by 1.8% to $1,641,666 compared to $1,671,301 in 2022, primarily due to a 26.1% decline in average sales price per pound[72] Zeolite Sales - Zeolite sales for the three months ended September 30, 2023 were $671,825, a decrease from $792,683 in the same period in 2022[23] - Zeolite sales for the nine months ended September 30, 2023 were $1,941,009, a decrease from $2,487,116 in the same period in 2022[23] - Zeolite revenue for the three months ended September 30, 2023 was $671,825, a 15.2% decrease compared to $792,683 for the same period in 2022[74] - Zeolite revenue decreased by $546,107 (22.0%) for the nine months ended September 30, 2023, primarily due to a 22.5% decrease in tons sold caused by equipment failure[76] - Zeolite revenue for the nine months ended September 30, 2023, decreased by 22.0% to $1,941,009 compared to $2,487,116 in 2022, primarily due to a 22.5% decrease in tons sold[76] Precious Metals Sales - Precious metals sales for the nine months ended September 30, 2023 were $242,433, an increase from $165,183 in the same period in 2022[23] - Precious metals revenue for the nine months ended September 30, 2023 was $242,433, a 46.8% increase compared to $165,183 for the same period in 2022[78] - Precious Metals segment revenue increased by $77,250 (46.8%) for the nine months ended September 30, 2023 compared to the same period in 2022[83] - Precious Metals segment revenue for the nine months ended September 30, 2023, increased by 46.7% to $242,433 compared to $165,183 in 2022[83] Financial Position - Trade accounts receivable balance was $1,390,437 at September 30, 2023, an increase from $784,457 at December 31, 2022[23] - Allowance for doubtful accounts related to trade accounts receivables was $75,000 at September 30, 2023, an increase from $31,440 at December 31, 2022[23] - Inventories at September 30, 2023 were $1,876,555, an increase from $1,375,068 at December 31, 2022[26] - Total debt as of September 30, 2023, was $241,956, with principal payments due as follows: $62,064 in 2024, $12,998 in 2025, $13,293 in 2026, and $153,601 in 2027[32] - Royalties payable decreased to $107,937 as of September 30, 2023, from $435,075 at December 31, 2022, due to the finalization of estimates and payment of a royalty obligation[35] - Total assets decreased to $30,926,730 as of September 30, 2023, from $34,700,450 at December 31, 2022[48] - Working capital decreased to $15,349,110 as of September 30, 2023, compared to $19,397,489 as of December 31, 2022[84] - Total assets as of September 30, 2023, decreased to $30,926,730 from $34,700,450 as of December 31, 2022[71] - Accumulated deficit as of September 30, 2023, increased to $(35,858,309) from $(33,070,332) as of December 31, 2022[71] Operational Performance - The company's Mexican antimony operations reported a loss from operations of $(1,465,000) for the three months ended September 30, 2023[49] - Total capital expenditures for the nine months ended September 30, 2023, were $1,519,720, with $1,275,549 allocated to zeolite operations[49] - The company's zeolite operations generated total revenues of $1,941,009 for the nine months ended September 30, 2023[49] - The company's smelter in Coahuila has a maximum processing capacity of approximately 32,600 pounds of antimony ore per day[64] - The company estimates its share of the domestic market for antimony oxide products is approximately 4%, while its international market share is less than 1%[63] - The company's zeolite has a high cation exchange capacity (CEC) of approximately 180-220 meq/100 gr, making it one of the best zeolites in the world[66] - Royalties on zeolite sales vary from 8% to 13% of sales, with additional payments required under the Zeolite LLC lease[65] Profitability - Gross profit for the three months ended September 30, 2023 was $430,918, compared to a loss of $1,061,072 for the same period in 2022[69] - Gross profit for the nine months ended September 30, 2023 was $2,285,112, compared to a loss of $1,300,595 for the same period in 2022[69] - Zeolite gross profit for the three months ended September 30, 2023 was a loss of $350,370, compared to a profit of $129,358 for the same period in 2022, representing a 370.9% decrease[74] - Precious metals gross profit for the nine months ended September 30, 2023 was $159,414, a 93.7% increase compared to $82,316 for the same period in 2022[78] - The company's net loss for the nine months ended September 30, 2023, was $(2,787,977), compared to net income of $1,190,273 for the same period in 2022[49][50] - Net loss for the three months ended September 30, 2023 was $1,644,528, a significant decline from a net income of $50,402 in the same period in 2022[81] - Company-wide EBITDA for the nine months ended September 30, 2023 was $(2,065,050), a significant decline from $1,894,533 in the same period in 2022[83] Cash Flow - Cash flow used by investing activities decreased to $1,519,720 for the nine months ended September 30, 2023, compared to $13,685,072 in the same period in 2022[86] - Cash flow used by financing activities increased by $815,699 to $857,779 for the nine months ended September 30, 2023, primarily due to the payment of dividends of $787,730 on January 25, 2023[87] - Cash flow used by financing activities increased by $815,699 to $857,779 for the nine months ended September 30, 2023, compared to $42,080 for the same period in 2022[87] Dividends and Debt - The company paid $787,730 in dividends to holders of Series D Preferred stock, with $740,261 related to the estate of John Lawrence[42] - Total debt as of September 30, 2023, is $241,956, with principal payments due as follows: $62,064 in 2024, $12,998 in 2025, $13,293 in 2026, and $153,601 in 2027[32] Legal and Regulatory - The company's updated SAT assessment as of September 30, 2023, was approximately $22 million pesos ($1,262,000 USD), comprising $343,000 of unpaid income taxes and $919,000 of interest and penalties[40] - Bear River Zeolite Company received twelve significant and substantial citations from MSHA in September and October 2023, with four citations still pending resolution[34] Asset Disposal - The company terminated the Wadley Property agreement, expecting a loss on disposal of assets of approximately $130,000 in Q4 2023[36] Market and Capacity - Ounces of gold sold for the nine months ended September 30, 2023 was 24.30, a 13.8% increase compared to 21.35 for the same period in 2022[78] - Ounces of silver sold for the nine months ended September 30, 2023 was 15,074, an 84.4% increase compared to 8,175 for the same period in 2022[78] - Tons of zeolite sold decreased by 30.9% to 2,254 tons in the three months ended September 30, 2023 compared to 3,264 tons in the same period in 2022[74]

COMMISSION FILE NUMBER 001-08675 UNITED STATES ANTIMONY CORPORATION UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q (Mark One) ☒ Quarterly Report Pursuant to Section 13 Or 15(d) Of The Securities Exchange Act of 1934 For the quarterly period ended June 30, 2023 ☐ Transition Report Under Section 13 Or 15(d) Of The Securities Exchange Act of 1934 For the transition period ________ to ________ (Exact name of registrant as specified in its charter) Montana 81-0305822 (State or ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q (Mark One) ☒ Quarterly Report Pursuant to Section 13 Or 15(d) Of The Securities Exchange Act of 1934 For the quarterly period ended March 31, 2023 ☐ Transition Report Under Section 13 Or 15(d) Of The Securities Exchange Act of 1934 For the transition period ________ to ________ COMMISSION FILE NUMBER 001-08675 UNITED STATES ANTIMONY CORPORATION (Exact name of registrant as specified in its charter) Montana 81-0305822 (State or ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 10-K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended: December 31, 2022 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from_______________ to______________ Commission file number: 001-08675 UNITED STATES ANTIMONY CORPORATION (Exact name of registrant as specified in its charter) Montana 81-0305822 ( ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q (Mark One) ☒ Quarterly Report Pursuant to Section 13 Or 15(d) Of The Securities Exchange Act of 1934 For the quarterly period ended September 30, 2022 ☐ Transition Report Under Section 13 Or 15(d) Of The Securities Exchange Act of 1934 For the transition period ________ to ________ COMMISSION FILE NUMBER 001-08675 UNITED STATES ANTIMONY CORPORATION (Exact name of small business issuer as specified in its charter) (State or oth ...