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]

Part I [Business](index=5&type=section&id=Item%201.%20Business) USAC produces antimony, precious metals, and zeolite, recently ceasing Mexican operations and experiencing concentrated sales - The company's principal business is the production and sale of antimony, precious metals (primarily gold and silver), and zeolite products[18](index=18&type=chunk) - In a major strategic shift, the company shut down its Mexican USAMSA subsidiary operations on March 11, 2024, and plans to sell, lease, or dispose of these assets, while retaining its Los Juarez mining claims in Mexico under its ADM subsidiary[20](index=20&type=chunk)[27](index=27&type=chunk) Antimony Sales Performance (2022 vs. 2023) | Metric | 2023 | 2022 | | :--- | :--- | :--- | | **Sales ($)** | $5,904,480 | $7,631,670 | | **Pounds Sold** | 1,269,131 | 1,394,036 | | **Average Price/Pound ($)** | $4.65 | $5.47 | Customer Concentration | Metric | 2023 | 2022 | | :--- | :--- | :--- | | **Revenue from Top 3 Customers** | $4,037,540 | $3,746,625 | | **% of Total Revenues** | 46% | 34% | - The company has significant environmental retirement and reclamation obligations, with accrued liabilities totaling **$395,811** for its U.S. antimony sites, **$571,330** for Mexico sites, and **$670,886** for its Zeolite segment as of December 31, 2023[47](index=47&type=chunk)[48](index=48&type=chunk)[49](index=49&type=chunk) [Risk Factors](index=10&type=section&id=Item%201A.%20Risk%20Factors) The company faces significant financial, operational, and regulatory risks, including historical losses, customer concentration, Mexican geopolitical instability, and internal control weaknesses - The company has a history of financial losses, having experienced a net loss in each fiscal year from 2019 to 2023, with the exception of 2022[57](index=57&type=chunk) - A significant operational risk is customer concentration, with the three largest customers accounting for **46% of consolidated revenues in 2023**[70](index=70&type=chunk) - The company's operations in Mexico are subject to geopolitical risks, including political or social disruptions, changes in laws and regulations, and drug-related violence, which could adversely affect business[82](index=82&type=chunk)[144](index=144&type=chunk)[145](index=145&type=chunk) - A material weakness in internal control over financial reporting has been identified, primarily due to a lack of segregation of duties, which could impair the ability to produce timely and accurate financial statements[116](index=116&type=chunk) - The company faces substantial governmental regulation, including the Mine Safety and Health Act and complex environmental laws (such as the Clean Water Act and CERCLA), which involve significant compliance costs and potential liabilities[121](index=121&type=chunk)[128](index=128&type=chunk)[130](index=130&type=chunk) [Unresolved Staff Comments](index=23&type=section&id=Item%201B.%20Unresolved%20Staff%20Comments) As a smaller reporting company, the company is exempt from providing disclosure under this item - The company is not required to provide this disclosure as it qualifies as a smaller reporting company[149](index=149&type=chunk) [Cybersecurity](index=23&type=section&id=Item%201C.%20Cybersecurity) The company manages cybersecurity risks with third-party assistance and Board oversight, having experienced minor incidents without material business impact - The company engages a third-party information security officer to manage its cybersecurity risk processes, which include monitoring systems and assessing threats[150](index=150&type=chunk) - The Board of Directors is responsible for risk oversight, with the CEO and CFO providing presentations on cybersecurity risks as necessary[152](index=152&type=chunk) - The company has experienced past cybersecurity incidents, primarily phishing emails, but states they have not materially affected business strategy, operations, or financial condition[151](index=151&type=chunk) [Properties](index=24&type=section&id=Item%202.%20Properties) The company owns and leases operational properties in Montana, Idaho, and Mexico, including an antimony plant, a zeolite mine, and recently shut down Mexican processing plants - The company owns a **14-acre** property in Sanders County, Montana, which houses its active U.S. antimony smelter and precious metals plant[159](index=159&type=chunk) - The company's Mexican properties under the USAMSA subsidiary, including the Madero smelter and Puerto Blanco flotation mill, were active as of year-end but were shut down in March 2024, with plans to sell or lease these assets[154](index=154&type=chunk)[164](index=164&type=chunk) - The Zeolite segment operates through Bear River Zeolite (BRZ) on a **320-acre** leased property in Preston, Idaho, under a royalty agreement, with the current lease term ending on March 1, 2025[174](index=174&type=chunk) [Legal Proceedings](index=32&type=section&id=Item%203.%20Legal%20Proceedings) The company is not involved in material legal proceedings but its subsidiary received and rectified **14 significant MSHA citations** and **3 orders** in 2023 - The company reports no pending material legal proceedings[179](index=179&type=chunk) - In 2023, the company's subsidiary, Bear River Zeolite Company (BRZ), received **fourteen significant and substantial citations** and **three orders** from MSHA, all of which were rectified before the filing of this report[180](index=180&type=chunk) [Mine Safety Disclosures](index=32&type=section&id=Item%204.%20Mine%20Safety%20Disclosures) Mine safety disclosures required by the Dodd-Frank Act are provided in Exhibit 95 of this Annual Report - Mine safety disclosures required under the Dodd-Frank Act are provided in Exhibit 95 to this Form 10-K[181](index=181&type=chunk) Part II [Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities](index=32&type=section&id=Item%205.%20Market%20for%20Registrant%27s%20Common%20Equity%2C%20Related%20Stockholder%20Matters%20and%20Issuer%20Purchases%20of%20Equity%20Securities) The company's common stock trades on NYSE American under UAMY, has not paid dividends in five years, and all Series D Preferred Stock converted to common stock in January 2023 - The company's common stock is traded on the NYSE American under the symbol **UAMY**[183](index=183&type=chunk) - The company has not paid cash dividends on common stock for the past five years and does not plan to in the foreseeable future[185](index=185&type=chunk) - On January 25, 2023, all **1,692,672** outstanding shares of Series D Preferred stock were converted into an equal number of common stock shares[188](index=188&type=chunk)[301](index=301&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=33&type=section&id=Item%207.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) The company experienced a significant financial decline in 2023 with a **21% revenue drop** and a **$6.3 million net loss**, driven by lower sales, high Mexican costs leading to a shutdown, and reduced working capital - The company shut down its operational activities in Mexico on March 11, 2024, due to the operations being costly and generating cumulative losses since 2009[193](index=193&type=chunk) Consolidated Financial Performance (2022 vs. 2023) | Metric | 2023 | 2022 | | :--- | :--- | :--- | | **Revenues** | $8,693,155 | $11,044,707 | | **Gross Profit (Loss)** | $(3,344,784) | $1,996,190 | | **Income (Loss) from Operations** | $(7,069,001) | $348,205 | | **Net Income (Loss)** | $(6,348,287) | $428,661 | - The decrease in gross profit was primarily due to higher processing costs and inventory write-downs in the Mexico antimony segment, a lower average antimony sales price, and production downtime at the zeolite operations[200](index=200&type=chunk)[201](index=201&type=chunk) - The Mexico Antimony Segment generated significant negative cash flow of approximately **$4.1 million** in fiscal year 2023[213](index=213&type=chunk) - Cash and cash equivalents decreased by **$7.2 million** during 2023 to a balance of **$11.9 million** at year-end, which the company believes is sufficient to fund operations for the next 12 months[215](index=215&type=chunk)[217](index=217&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=39&type=section&id=Item%207A.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) This disclosure item is not applicable to the company - Disclosure under this item is not applicable[224](index=224&type=chunk) [Financial Statements and Supplementary Data](index=39&type=section&id=Item%208.%20Financial%20Statements%20and%20Supplementary%20Data) Consolidated financial statements show significant deterioration in 2023 with a **$6.3 million net loss**, decreased assets and equity, driven by revenue decline and increased costs, alongside subsequent Mexican operations shutdown and favorable tax audit resolution Key Balance Sheet Data (As of Dec 31) | Metric | 2023 | 2022 | | :--- | :--- | :--- | | **Cash and cash equivalents** | $11,899,574 | $19,060,378 | | **Total current assets** | $14,076,206 | $21,617,359 | | **Total assets** | $28,094,995 | $34,700,450 | | **Total liabilities** | $2,574,027 | $2,831,195 | | **Total stockholders' equity** | $25,520,968 | $31,869,255 | Key Income Statement Data (Year Ended Dec 31) | Metric | 2023 | 2022 | | :--- | :--- | :--- | | **Revenues** | $8,693,155 | $11,044,707 | | **Cost of Revenues** | $12,037,939 | $9,048,517 | | **Gross Profit (Loss)** | $(3,344,784) | $1,996,190 | | **Net Income (Loss)** | $(6,348,287) | $428,661 | | **Basic & Diluted EPS** | $(0.06) | Nil | - The inventory write-down to net realizable value for the Mexico Antimony Segment was **$2,073,404** in 2023, a significant increase from **$277,146** in 2022[278](index=278&type=chunk) - In March 2024, the company received a favorable ruling on its appeal regarding a 2013 tax audit in Mexico, resulting in no assessment due, a matter that had been under appeal since 2022[292](index=292&type=chunk)[294](index=294&type=chunk)[315](index=315&type=chunk) [Changes in and Disagreements with Accountants on Accounting and Financial Disclosure](index=56&type=section&id=Item%209.%20Changes%20in%20and%20Disagreements%20with%20Accountants%20on%20Accounting%20and%20Financial%20Disclosure) No changes in or disagreements with accountants on accounting and financial disclosure were reported - None reported[316](index=316&type=chunk) [Controls and Procedures](index=56&type=section&id=Item%209A.%20Controls%20and%20Procedures) Management concluded disclosure controls were ineffective as of December 31, 2023, due to a material weakness in internal control over financial reporting from lack of segregation of duties, with remediation efforts underway - The principal executive officer and principal financial officer concluded that disclosure controls and procedures were not effective as of December 31, 2023[317](index=317&type=chunk) - A material weakness was identified in internal control over financial reporting related to the segregation of duties, primarily due to the limited staff and small size of the company[318](index=318&type=chunk)[322](index=322&type=chunk) - Remediation initiatives include replacing the CFO and Controller, adding experienced Board members to the audit committee, and implementing software to enhance segregation of duties and workflow authorization[326](index=326&type=chunk)[327](index=327&type=chunk) [Other Information](index=58&type=section&id=Item%209B.%20Other%20Information) No other information is reported under this item - None[329](index=329&type=chunk) [Disclosure Regarding Foreign Jurisdictions that Prevent Inspections](index=58&type=section&id=Item%209C.%20Disclosure%20Regarding%20Foreign%20Jurisdictions%20that%20Prevent%20Inspections) This disclosure item is not applicable to the company - Not applicable[330](index=330&type=chunk) Part III [Directors, Executive Officers and Corporate Governance](index=58&type=section&id=Item%2010.%20Directors%2C%20Executive%20Officers%20and%20Corporate%20Governance) This section details the company's executive officers and directors, corporate governance structure with independent board committees, and the adopted Code of Ethics - The Board of Directors has standing Audit, Compensation, and Nominating and Corporate Governance committees[343](index=343&type=chunk) - The Audit Committee consists of three independent directors, with Michael McManus qualifying as an "audit committee financial expert"[344](index=344&type=chunk) - The company has adopted a Code of Ethics that applies to all directors, officers, and employees[359](index=359&type=chunk) [Executive Compensation](index=61&type=section&id=Item%2011.%20Executive%20Compensation) The company details 2023 executive compensation, primarily base salary and health insurance, with performance-based incentives starting in 2024, and also provides director compensation 2023 Named Executive Officer Compensation | Name and Principal Position | Salary | Other Compensation | Total | | :--- | :--- | :--- | :--- | | **John C. Gustavsen**, President of Antimony Division | $140,994 | $10,642 | $151,636 | | **Richard R. Isaak**, SVP, Chief Financial Officer | $107,692 | $1,958 | $109,650 | | **Kelly J. Stopher**, former Chief Financial Officer | $115,080 | $ - | $115,080 | - For 2023, executive compensation consisted only of base salary and health insurance, with the company beginning to implement annual performance-based salary increases and equity incentive awards in 2024[364](index=364&type=chunk) [Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters](index=63&type=section&id=Item%2012.%20Security%20Ownership%20of%20Certain%20Beneficial%20Owners%20and%20Management%20and%20Related%20Stockholder%20Matters) This section details beneficial ownership of common and preferred stock, identifying four **>5% common stock owners**, with directors and officers holding **1.1%**, and **8.7 million shares** available under the 2023 Equity Incentive Plan - As of March 18, 2024, four entities/individuals are reported as beneficially owning more than **5%** of the company's common stock: Kenneth M Reed (**7.5%**), Lydia & Patrick Dugan (**7.5%**), Creative Planning, LLC (**6.9%**), and Russell Lawrence (**6.3%**)[369](index=369&type=chunk) - All directors and executive officers as a group beneficially own **1,199,220 shares**, representing **1.1%** of the outstanding common stock[369](index=369&type=chunk) - Under the shareholder-approved 2023 Equity Incentive Plan, **8,700,000** securities are available for future issuance, with no options, warrants, or rights outstanding under this plan as of December 31, 2023[371](index=371&type=chunk)[373](index=373&type=chunk) [Certain Relationships and Related Transactions, and Director Independence](index=64&type=section&id=Item%2013.%20Certain%20Relationships%20and%20Related%20Transactions%2C%20and%20Director%20Independence) The company reported no material related party transactions in 2023, aside from minor costs of **$12,884** for lodging and meals from a former President's entity - No material related party transactions were reported for 2023, except for **$12,884** paid to an entity owned by former President Russell Lawrence for lodging and meals[374](index=374&type=chunk) [Principal Accountant Fees and Services](index=64&type=section&id=Item%2014.%20Principal%20Accountant%20Fees%20and%20Services) The company discloses **$188,568** in total fees paid to Assure CPA, LLC in 2023, an increase from 2022, with all services pre-approved by the audit committee Accountant Fees (Assure CPA, LLC) | Fee Type | 2023 | 2022 | | :--- | :--- | :--- | | **Audit Fees** | $169,738 | $133,459 | | **Tax Fees** | $14,430 | $12,000 | | **All Other Fees** | $4,400 | $2,438 | | **Total** | **$188,568** | **$147,897** | Part IV [Exhibits and Financial Statement Schedules](index=65&type=section&id=Item%2015.%20Exhibits%20and%20Financial%20Statement%20Schedules) This section lists all exhibits filed with the Annual Report, including corporate governance documents, certifications, and mine safety disclosures - A list of all exhibits filed with the Form 10-K is provided, including the 2023 Equity Incentive Plan, subsidiaries list, officer certifications, and mine safety disclosures[378](index=378&type=chunk) [Form 10-K Summary](index=65&type=section&id=Item%2016.%20Form%2010-K%20Summary) This item is not applicable - Not applicable[379](index=379&type=chunk)

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 ...