United States Antimony (UAMY) - 2025 Q2 - Quarterly Results

Executive Summary & Highlights Financial Performance Overview USAC achieved significant financial growth in Q2 and H1 2025, with revenue, gross profit, and net income substantially increasing, primarily driven by strong antimony sales H1 2025 Key Financial Metrics (vs. H1 2024) | Metric | H1 2025 ($) | H1 2024 ($) | Change ($) | Change (%) | | :--- | :--- | :--- | :--- | :--- | | Revenue | $17.53 million | $6.74 million | +$10.79 million | +160% | | Cost of Revenues | $12.32 million | $4.90 million | +$7.42 million | +152% | | Gross Profit | $5.21 million | $1.84 million | +$3.37 million | +183% | | Gross Margin | 30% | 27% | +3% | - | | Operating Expenses | $4.83 million | $2.25 million | +$2.58 million | +114% | | Net Income (Loss) | $728.1 thousand | ($120.0 thousand) | +$848.1 thousand | +707% | H1 2025 Product Sales (vs. H1 2024) | Product | H1 2025 ($) | H1 2024 ($) | Change ($) | Change (%) | | :--- | :--- | :--- | :--- | :--- | | Antimony Sales | $15.56 million | $5.13 million | +$10.43 million | +203% | | Zeolite Sales | $1.98 million | $1.59 million | +$386 thousand | +24% | Operational & Strategic Highlights Strategic tungsten mine acquisition, record antimony inventory, and furnace renovations boosted production, highlighting antimony's critical mineral status - As of June 30, 2025, the company's cash and investment securities totaled $15.8 million, compared to $18.2 million in cash at the end of 2024[5] - The company spent $5 million in Q2 to complete the acquisition of a tungsten mine located in Canada[5] - As of June 30, 2025, antimony inventory reached a record 201 tons, valued at approximately $10.4 million, significantly higher than $4 million at the end of 2024[6] - The company completed the renovation of four furnaces at Thompson Falls, Montana, and hired five new operators, aiming to significantly reduce inventory and increase sales for the remainder of the year[6][9] - USGS data indicates that the U.S. National Strategic Stockpile of antimony accounts for only about 5% of annual consumption and, as of April 2025, can meet critical defense needs for approximately 42 days, underscoring its strategic importance[7] - Antimony's value is likened to "new gold," with 6.5% antimony-bearing rock approximately equaling the value of one ounce of gold per ton at 2025 metal prices[10] Company Information About United States Antimony Corporation (USAC) USAC sells antimony, zeolite, and precious metals in North America, processing ore and mining zeolite, and is expanding operations through acquisitions and leases - USAC primarily sells antimony, zeolite, and precious metals, with key markets in the United States and Canada[12] - The company's facilities in Montana and Mexico process third-party ore into antimony oxides, antimony metal, antimony trisulfide, and precious metals (primarily gold and silver)[12] - Antimony oxides are used in flame retardant systems, paint fixatives, and fluorescent lamp phosphors; antimony metal is used in bearings, storage batteries, and ordnance; and antimony trisulfide is used as a primer in ammunition[12] - The company mines and processes zeolite at its Bear River Zeolite (BRZ) facility in Idaho for applications such as water filtration, wastewater treatment, nuclear waste remediation, odor control, gas separation, animal nutrition, soil amendment, and fertilizers[12] - In 2024 and 2025, the company leased metal refining facilities in Montana and began acquiring mining claims and leases in Montana, Alaska, and Ontario, Canada, to expand its operations and product offerings[12] Condensed Consolidated Financial Statements Statements of Operations This section presents the unaudited condensed consolidated statements of operations for Q2 and H1 2025, detailing key financial data UNITED STATES ANTIMONY CORPORATION AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) | | Three months ended June 30, | | | | Six months ended June 30, | | :--- | :--- | :--- | :--- | :--- | :--- | | | 2025 | 2024 | 2025 | 2024 | | Revenues | $10,525,123 | $3,662,977 | $17,525,128 | $6,735,044 | | Cost of revenues | 7,687,578 | 2,412,754 | 12,315,853 | 4,895,336 | | Gross profit | 2,837,545 | 1,250,223 | 5,209,275 | 1,839,708 | | Operating expenses: | | | | | | General and administrative | 842,951 | 502,874 | 1,393,546 | 1,003,160 | | Salaries and benefits | 1,364,506 | 285,359 | 2,365,061 | 526,964 | | Professional fees | 536,869 | 240,708 | 918,905 | 453,016 | | (Gain) loss on sale or disposal of property, plant and equipment, net | - | - | (500) | 17,494 | | Other operating expenses | 73,212 | 165,274 | 154,264 | 253,520 | | Total operating expenses | 2,817,538 | 1,194,215 | 4,831,276 | 2,254,154 | | Income (loss) from operations | 20,007 | 56,008 | 377,999 | (414,446) | | Other income (expense), net: | | | | | | Interest and investment income | 154,770 | 151,921 | 322,156 | 302,772 | | Trademark and licensing income | 6,627 | 8,360 | 17,470 | 14,728 | | Other miscellaneous income (expense) | 151 | (13,497) | 10,454 | (23,030) | | Total other income, net | 161,548 | 146,784 | 350,080 | 294,470 | | Income (loss) before income taxes | 181,555 | 202,792 | 728,079 | (119,976) | | Income tax expense | - | - | - | - | | Net income (loss) | 181,555 | 202,792 | 728,079 | (119,976) | | Preferred dividends | (1,875) | (1,875) | (3,750) | (3,750) | | Net income (loss) available to common shareholders | $179,680 | $200,917 | $724,329 | ($123,726) | | Net income (loss) per share: | | | | | | Basic | $nil | $nil | $0.01 | $nil | | Diluted | $nil | $nil | $0.01 | $nil | | Weighted average shares outstanding: | | | | | | Basic | 118,261,366 | 108,438,984 | 115,994,982 | 108,173,645 | | Diluted | 127,223,435 | 108,943,126 | 124,343,635 | 108,173,645 | Balance Sheets This section provides the unaudited condensed consolidated balance sheets as of June 30, 2025, and December 31, 2024, detailing the company's financial position UNITED STATES ANTIMONY CORPORATION AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) | | | June 30, | December | | :--- | :--- | :--- | :--- | | | | 2025 | 31, 2024 | | ASSETS | | | | | CURRENT ASSETS | | | | | Cash and cash equivalents | $ | 5,708,660 | $18,172,120 | | Investment securities held to maturity | | 1,258,665 | - | | Accounts receivable, net | | 2,543,413 | 1,156,564 | | Inventories | | 6,812,527 | 1,245,724 | | Prepaid expenses and other current assets | | 1,353,208 | 104,161 | | Total current assets | | 17,676,473 | 20,678,569 | | Property, plant and equipment, net | | 19,725,995 | 12,891,447 | | Operating lease right-of-use assets | | 275,627 | 565,289 | | Investment securities held to maturity - noncurrent | | 8,828,584 | - | | Restricted cash for reclamation bonds | | 99,764 | 98,778 | | IVA receivable and other assets, net | | 891,879 | 408,519 | | Total assets | | $47,498,322 | $34,642,602 | | LIABILITIES AND STOCKHOLDERS' EQUITY | | | | | CURRENT LIABILITIES | | | | | Accounts payable | $ | 5,746,709 | $1,545,708 | | Accrued liabilities | | 1,251,778 | 1,427,146 | | Accrued liabilities - directors | | 88,750 | 141,287 | | Royalties payable | | 182,523 | 133,434 | | Current portion of operating lease liabilities | | 592,695 | 626,562 | | Current portion of long-term debt | | 134,577 | 132,252 | | Total current liabilities | | 7,997,032 | 4,006,389 | | Operating lease liabilities, net of current portion | | 117,722 | 129,007 | | Long-term debt, net of current portion | | 127,550 | 195,425 | | Asset retirement obligations | | 1,750,075 | 1,711,108 | | Total liabilities | | 9,992,379 | 6,041,929 | | COMMITMENTS AND CONTINGENCIES (Note 12) | | | | | STOCKHOLDERS' EQUITY | | | | | Preferred stock $0.01 par value, 10,000,000 shares authorized: | | | | | Series A - no shares issued and outstanding | | - | - | | Series B - 750,000 shares issued and outstanding (liquidation preference $978,750 and $975,000, respectively) | | 7,500 | 7,500 | | Series C - 177,904 shares issued and outstanding (liquidation preference $97,847 both periods) | | 1,779 | 1,779 | | Series D - no shares issued and outstanding | | - | - | | Common stock, $0.01 par value, 250,000,000 shares authorized; 119,200,980 and 112,951,317 shares issued and outstanding, respectively | | 1,192,010 | 1,129,512 | | Additional paid-in capital | | 76,725,598 | 68,610,905 | | Accumulated deficit | | (40,420,944) | (41,149,023) | | Total stockholders' equity | | 37,505,943 | 28,600,673 | | Total liabilities and stockholders' equity | | $47,498,322 | $34,642,602 | Statements of Cash Flows This section presents the unaudited condensed consolidated statements of cash flows for H1 2025 and 2024, detailing cash flows from operating, investing, and financing activities UNITED STATES ANTIMONY CORPORATION AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) | | June 30, | | | :--- | :--- | :--- | | | 2025 | 2024 | | CASH FLOWS FROM OPERATING ACTIVITIES: | | | | Net income (loss) | $728,079 | ($119,976) | | Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: | | | | Depreciation and amortization | 559,525 | 220,633 | | Accretion of asset retirement obligation | 38,967 | 36,541 | | Noncash operating lease expense | 244,510 | - | | Share-based compensation | 832,297 | 300,847 | | (Gain) loss on sale or disposal of property, plant and equipment, net | (500) | 17,494 | | Accretion of income from investment securities held to maturity | (95,990) | - | | Write-down of inventory to net realizable value | - | 10,501 | | Change in allowance for credit losses | 884 | (14,258) | | Other noncash items | - | (16,106) | | Changes in operating assets and liabilities: | | | | Accounts receivable | (1,387,733) | (800,182) | | Inventories | (5,566,803) | 913,254 | | Prepaid expenses and other current assets | (1,249,047) | (203,722) | | IVA receivable and other assets, net | (483,360) | 32,758 | | Accounts payable | 4,201,001 | 217,972 | | Accrued liabilities | (175,368) | 38,283 | | Accrued liabilities – directors | (52,537) | 36,439 | | Royalties payable | 49,089 | (39,512) | | Net cash (used in) provided by operating activities | (2,356,986) | 630,966 | | CASH FLOWS FROM INVESTING ACTIVITIES: | | | | Proceeds from redemption of certificates of deposit | - | 50,682 | | Purchases of investment securities held to maturity | (9,991,259) | - | | Proceeds from sales of property, plant and equipment | 500 | - | | Purchases of property, plant and equipment | (7,394,073) | (150,721) | | Net cash used in investing activities | (17,384,832) | (100,039) | | CASH FLOWS FROM FINANCING ACTIVITIES: | | | | Principal payments on long-term debt | (65,550) | (39,071) | | Proceeds from exercises of stock options | 55,000 | - | | Proceeds from issuance of common stock, net of issuance costs | 5,064,483 | - | | Proceeds from exercise of warrants | 2,225,411 | - | | Net cash provided by (used in) financing activities | 7,279,344 | (39,071) | | NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS AND RESTRICTED CASH | (12,462,474) | 491,856 | | CASH AND CASH EQUIVALENTS AND RESTRICTED CASH AT BEGINNING OF PERIOD | 18,270,898 | 11,954,635 | | CASH AND CASH EQUIVALENTS AND RESTRICTED CASH AT END OF PERIOD | $5,808,424 | $12,446,491 | | SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION: | | | | Interest paid in cash | $5,243 | $2,092 | | NON-CASH FINANCING AND INVESTING ACTIVITIES: | | | | Recognition of operating lease liability and right-of-use asset | $63,416 | - | | Equipment purchased with note payable | - | $402,722 | Management Discussion & Outlook CEO's Commentary CEO Gary C. Evans reported record financial performance despite Q2 challenges from ore quality, embargoes, and staffing, now resolved, with further H2 improvements expected - CEO Gary C. Evans noted that despite record financial performance, Q2 faced challenges including suboptimal antimony ore from an Australian supplier, a Chinese embargo on Madero antimony smelter products, and insufficient operators at the Thompson Falls antimony smelter[9] - The CEO stated that these issues have been resolved, with overall operational and financial performance expected to further improve in the second half of the year[9] Operational Initiatives & Future Plans Management focuses on reducing record antimony inventory, doubling production, completing expansion, securing foreign supplies, and obtaining mining permits for improved control and margins - Management's top priority is to significantly reduce the current record international antimony inventory to generate additional sales[6] - The company successfully renovated four existing furnaces at Thompson Falls and staffed them with necessary personnel, which will double antimony product output[9] - The Thompson Falls expansion project is on track for completion by year-end[9] - The company continues efforts to procure additional antimony supplies from foreign sources, with these new supplies destined for smelters in the United States and Mexico[9] - Once final mining permits for the Alaska and Montana proprietary mining projects are approved, the company's control over future antimony supply will significantly improve, along with enhanced gross margins[9] Revenue Guidance The company maintains its FY2025 revenue guidance, projecting revenues between $40 million and $50 million - Management maintains its FY2025 revenue guidance of $40 million to $50 million[6] Other Information Conference Call Details US Antimony management will host a conference call on August 12, 2025, at 4:15 PM ET, to discuss Q2 and H1 2025 financial results and a Q&A - Conference Call Date: Tuesday, August 12, 2025[11] - Time: 4:15 PM ET[11] - Toll-Free Dial-In: 888-506-0062; International Dial-In: 973-528-0011; Participant Access Code: 429367[11] - Webcast URL: https://www.webcaster4.com/Webcast/Page/2604/52829[11](index=11&type=chunk) Forward-Looking Statements & Risk Factors This press release contains forward-looking statements about future operations and financial performance, subject to various risks and uncertainties, with no obligation to update - Forward-looking statements cover the company's future operations, production levels, financial performance, business strategies, market conditions, demand for antimony, zeolite, and other critical minerals and precious metals, and anticipated costs[13] - Forward-looking statements are subject to various risks and uncertainties that could cause actual results to differ materially from those stated[15] - Key risks include fluctuations in market prices and demand for antimony and zeolite; changes in domestic and international economic conditions; operational risks inherent in mining and mineral processing; geological or metallurgical conditions; supply and cost of energy, equipment, transportation, and labor; the company's ability to maintain or obtain permits, licenses, and regulatory approvals; changes in environmental and mining laws and regulations; competitive factors; the impact of geopolitical developments; and the effects of weather, natural disasters, or health epidemics on operations and supply chains[15] - The company undertakes no obligation to publicly update or revise any forward-looking statements, and readers should exercise caution with these statements[16] Contact Information This section provides contact information for United States Antimony Corporation, including the company address and investor relations details - Company Address: 4438 W. Lovers Lane, Unit 100, Dallas, TX 75209[17] - Vice President of Investor Relations: Jonathan Miller, Email: Jmiller@usantimony.com, Phone: 406-606-4117[17]