United States Antimony (UAMY) - 2024 Q3 - Quarterly Report

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