Form 8-K

8-K — UNITED STATES ANTIMONY CORP

Accession: 0001104659-26-094130

Filed: 2026-08-11

Period: 2026-08-11

CIK: 0000101538

SIC: 3330 (PRIMARY SMELTING & REFINING OF NONFERROUS METALS)

Item: Results of Operations and Financial Condition

Item: Financial Statements and Exhibits

Documents

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EX-99.1 — EXHIBIT 99.1 (tm2622899d1_ex99-1.htm)

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 OR 15(d) of the

Securities Exchange Act of 1934

Date of report (Date of earliest event reported)

August 11, 2026

UNITED

STATES ANTIMONY CORPORATION

(Exact

name of registrant as specified in its charter)

Texas

001-08675

81-0305822

(State or other jurisdiction

of incorporation)

(Commission

File No.)

(IRS Employer

Identification Number)

4438

W. Lovers Lane, Unit

100, Dallas,

75209

(Address of principal executive officers)

(Zip Code)

Registrant’s telephone number, including

area code: (406) 606-4117

Not Applicable

(Former name or former address, if changed since

last report.)

Check the appropriate box below if the Form 8-K

filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

Written communications

pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

Soliciting material pursuant

to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

Pre-commencement communications

pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

Pre-commencement communications

pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) Securities registered pursuant to Section 12(b) of

the Act:

Title

of each class

Trading

Symbol(s)

Name

of each exchange on which registered

Common

Stock, $0.01 par value

UAMY

NYSE

Common

Stock, $0.01 par value

UAMY

NYSE

Texas

Indicate by check mark whether the registrant

is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the

Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ¨

If an emerging growth company, indicate by check

mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting

standards provided pursuant to Section 13(a) of the Exchange Act. ¨

Item 2.02 Results of Operations and Financial

Condition.

On August 11, 2026, United States Antimony

Corporation (“USAC”, “US Antimony”, or the “Company”) issued a press release reporting its financial

results for second quarter 2026. This press release is furnished as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated

herein by reference.

The foregoing disclosure is qualified in its entirety

by the full text of the Press Release.

The information in this Item 2.02, including Exhibit 99.1

attached hereto, of this Current Report on Form 8-K is being furnished and shall not be deemed “filed” for purposes of

Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities

of that section, nor shall it be deemed to be incorporated by reference into any filing of the Company under the Securities Act of 1933,

as amended, or the Exchange Act, whether made before or after the date hereof, except as shall be expressly set forth by specific reference

in such a filing.

Cautionary Note Regarding Forward-Looking Statements

This Current Report on Form 8-K, including

the Press Release furnished as Exhibit 99.1 to this Current Report on Form 8-K, contains forward-looking statements. Forward-looking

statements reflect management's current knowledge, assumptions, judgment, and expectations regarding future performance or events. Although

management believes that the expectations reflected in such statements are reasonable, they give no assurance that such expectations will

prove to be correct, and you should be aware that actual events or results may differ materially from those contained in the forward-

looking statements. Words such as "will," "expect," "intend," "plan," "potential," "possible,"

"goals," "accelerate," "continue," and similar expressions identify forward-looking statements.

Forward-looking statements are subject to a number

of risks and uncertainties including, but not limited to, those described in the Company’s filings on Form 10-K, Form 10-Q,

and Form 8-K with the United States Securities and Exchange Commission.

All forward-looking statements are expressly qualified

in their entirety by this cautionary notice. You should not rely upon any forward-looking statements as predictions of future events.

The Company undertakes no obligation to revise or update any forward-looking statements made in this Current Report on Form 8-K to

reflect events or circumstances after the date hereof, to reflect new information or the occurrence of unanticipated events, to update

the reasons why actual results could differ materially from those anticipated in the forward-looking statements, in each case, except

as required by law.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits.

Exhibit

No.

Description

99.1

Press Release issued by United States Antimony Corporation dated August 11, 2026

104

Cover Page Interactive Data File (embedded with the inline XBRL document)

SIGNATURES

Pursuant to the requirements

of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto

duly authorized.

UNITED STATES ANTIMONY CORPORATION

Dated:

August 11, 2026

By:

/s/ Shawn P. Winkler

Shawn P. Winkler

Interim Chief Financial Officer

EX-99.1 — EXHIBIT 99.1

EX-99.1

Filename: tm2622899d1_ex99-1.htm · Sequence: 2

Exhibit 99.1

United States

Antimony Corporation Reports

Second Quarter

and Six Months Ended June 30, 2026

Financial and

Operating Results

Second Quarter

2026 Revenues of $7.9 Million; Net Income of $0.1 Million

Antimony pounds

sold up 26% in the quarter (exclusive of DLA)

Zeolite revenues

grew 110% year-over-year

Antimony Inventory

up 178% from year-end

Working Capital

Doubled to $70.0 Million from $35.0 Million at March 31, 2026

Positioned for

a Stronger Second Half as DLA Shipments Continue to Increase

"The

Critical Minerals and ZEO Company"

~ Antimony,

Gold, Tungsten, and Zeolite ~

DALLAS, TX /

ACCESS Newswire / August 11, 2026 / United States Antimony Corporation ("USAC," "US Antimony Corporation,"

or the "Company") (NYSE: UAMY) (NYSE Texas: UAMY), a leading producer and processor of antimony,

zeolite, and other critical minerals, and the only fully integrated antimony company in the world outside of China and Russia, today reported

its financial and operating results for the second quarter and six months ended June 30, 2026.

Second Quarter

2026 Highlights

· Revenue of $7.9 million, compared to revenue of $10.5 million in the 2025 quarter.

· Gross profit of $0.6 million (7% gross margin), compared to $2.8 million (27% gross margin) in the 2025

quarter.

· Operating loss of $7.0 million, including $3.4 million of net non-cash expense items compared to break-even

operating results in the 2025 quarter.

· Net income of $0.1 million, compared to net income of $0.2 million in the 2025 quarter. Operating loss

in second quarter of 2026 was more than offset by $6.8 million of unrealized gain from investment in equity securities plus $0.4 million

of interest income.

· Delivered the first two shipments of approximately 82,000 pounds of antimony metal ingots under the Company’s

contract with the DLA in June 2026. Because these shipments were formally accepted by the DLA in July 2026, approximately $2.6

million is expected to be recognized as third-quarter 2026 revenue.

DLA Delivery Schedule

Shipment

Pounds

Value

1 & 2 (Delivered)

~82,000

~$2.60 Million

3 & 4 (In Transit)

~81,000

~$2.60 Million

5, 6, 7 (Waiting on Inspection)

~126,000

~$3.97 Million

~$9.17 Million

· Zeolite segment revenue grew 110% year-over-year to $1.9 million, with tons sold up 114% year-over-year

to 6,609 tons, driven by continued penetration into the cattle market and expanded distribution across the Company's traditional industrial

markets.

· Invested $22.8 million gross in capital expenditures during the first six months of 2026, primarily to

substantially complete the Thompson Falls expansion, acquire the flotation facility (midstream) located in Radersburg, Montana, and fund

investments including additional critical mineral rights acquisitions.

· The Thompson Falls expansion was partially funded by a $12.8 million

payment received in April 2026 for milestones achieved under the Defense Production Act Title III grant award from the U.S. Department

of War (the “DoW”) which reduced the Company’s net cash outlay for these capital expenditures.

· Commissioned the flotation facility (midstream) located in Radersburg, Montana and substantially completed

the Thompson Falls, Montana expansion, further strengthening the Company's vertically integrated domestic antimony production platform.

· Generated $49.1 million of net proceeds from equity issuances during the first six months of 2026, strengthening

the Company's balance sheet and ending June 30, 2026, with $62.2 million of (cash plus U.S. Treasury securities held to maturity,

plus a $43.2 million strategic equity investment in Larvotto Resources Limited.

· Working capital doubled to $70.0 million on June 30, 2026 from $35.0 million at March 31, 2026,

primarily driven by the equity issuances, providing meaningful operating and capital runway to support the Company's growth investments.

· Continued expansion of the Company's domestic critical minerals platform through strategic mining claim

acquisitions located in Alaska (Nolan Creek and Fairbanks District) and Montana, and advanced the Company’s Tungsten evaluation

through the filing in April 2026 of a Technical Report Summary on the Fostung tungsten project in Ontario, Canada.

· Mark-to-market value of the Company's strategic investment in Larvotto Resources Limited increased to

USD $43.2 million at June 30, 2026 (USD $46.7 million based on the closing market price on August 10, 2026), reflecting continued

appreciation of the Company's critical minerals investment portfolio.

Strategic Overview

During the second quarter of 2026, the Company

continued to advance its strategic focus of building a fully integrated critical minerals operation supporting U.S. national security

and supply chain resiliency. Key accomplishments during the quarter included delivering the first two shipments under the Company’s

contract with the DLA, receiving $12.8 million of funding under the Department of War Title III grant program, advancing the Thompson

Falls expansion toward full operational status, adding a key processing capability through the acquisition and upgrading of the Radersburg

processing facility including the addition of a lab, strengthening the Company's balance sheet through approximately $49.1 million of

net equity proceeds during the first six months of 2026, and continuing to expand the Company's domestic mining and processing platform

across Montana, Alaska, and Canada. (April 2026 filing of a Technical Report Summary on the Company's Fostung tungsten project in

Ontario.) in addition, the Company's Zeolite segment continued its strong growth trajectory during the quarter, with revenue up 110% year-over-year,

while the Company's strategic investment in Larvotto Resources Limited appreciated in value. Additionally, USAC announced its new joint

venture with Americas Gold and Silver to build a state-of-the-art hydromet processing facility in Idaho. Collectively, these accomplishments

have further established the operational foundation for the Company's next phase of growth by enabling increased production, expanding

sales to both the U.S. government and commercial customers, greater utilization of its integrated processing platform, and improved financial

performance during the second half of 2026.

Second Quarter

2026 Financial Results

Second quarter 2026 revenues were $7.9 million,

compared to $10.5 million in the second quarter of 2025. Antimony segment revenues were $5.9 million, compared to $9.6 million in the

prior-year period. While antimony pounds sold increased approximately 26% to 428,425 pounds from 340,305 pounds, average selling prices

declined approximately 52% to $13.70 per pound from $28.32 per pound. The price decline reflects the impact of lower market prices for

antimony compared to the stronger pricing environment experienced in the second quarter of 2025. Average cost per pound also declined

approximately 33% to $13.34 from $19.85, partially mitigating the impact of lower selling prices.

Cost of revenues decreased to $7.3 million from

$7.7 million in the prior-year period; however, gross profit declined to $0.6 million from $2.8 million due to the significant decline

in antimony selling prices. Gross margin was approximately 7%, compared to 27% in the second quarter of 2025. During June 2026, the

Company completed its first two shipments totaling approximately 82,000 pounds of antimony metal ingots under its contract with the DLA.

Because these shipments were not formally accepted by the DLA until July 2026, no second quarter 2026 revenue was recognized; approximately

$2.6 million is expected to be recognized as revenue in the third quarter of 2026.

Zeolite revenue increased to $1.9 million from

$0.9 million in the prior-year period, driven primarily by a 114% increase in tons sold to 6,609 tons from 3,084 tons. The increase reflects

the Company's expanded sales efforts, including continued penetration into the cattle market and growth in its traditional industrial

markets. Zeolite gross profit increased to $0.4 million from $0.1 million, benefiting from higher sales volumes and lower average production

costs.

The Company's inventory has grown to $21.6 million

as of June 30, 2026, compared to $12.5 million as of December 31, 2025 and $6.8 million as of June 30, 2025. The inventory

consists of both material sourced from third-party suppliers and ore mined from the Company's Stibnite Hill mining claims. The inventory

buildup reflects the Company's strategic investment in antimony feedstock that will support the anticipated production growth for both

our commercial and DLA customer delivery time tables.

Operating expenses were $7.6 million in the second

quarter of 2026, compared to $2.8 million in the prior-year period. The increase primarily reflects higher non-cash share-based compensation,

increased salaries and employee benefits associated with the Company's expanded leadership team and operational infrastructure, and higher

professional fees supporting the Company's strategic growth initiatives.

The Company reported an operating loss of $7.0

million, compared to essentially break-even operating results in the prior year period. Net income was $0.1 million, compared to $0.2

million in the second quarter of 2025. Second quarter 2026 results included an unrealized gain of approximately $6.8 million on the Company's

investment in Larvotto Resources Limited, which substantially offset the operating loss for the quarter. The operating loss includes approximately

$3.4 million of net non-cash items, comprised principally of $2.9 million of share-based compensation expense and $0.5 million of depreciation

and amortization.

Liquidity and

Capital Resources

As of June 30, 2026, the Company had cash

and cash equivalents of $41.4 million and investments in U.S. Treasury securities held to maturity of $20.7 million, compared to $30.5

million and $20.4 million, respectively, at December 31, 2025. The $11.6 million increase in cash, cash equivalents and restricted

cash during the first six months of 2026 reflected net cash provided by financing activities of $43.4 million, which was primarily driven

by $49.1 million of net proceeds received from the sale of common stock and $2.0 million of proceeds received from the exercise of pre-existing

common stock warrants, partially offset by $7.8 million of treasury share repurchases related to the net settlement of employee equity

awards. The Company used operating cash of $20.7 million during the six-month period to support operations and working capital, the majority

of which consisted of strategic investments in antimony feedstock inventory. The Company also invested $22.8 million in capital expenditures

during the first six months of 2026, primarily to advance the Thompson Falls expansion, acquire the milling facility located in Radersburg,

Montana, and fund other strategic capital investments including additional critical mineral rights acquisitions. The Thompson Falls expansion

was partially funded by the $12.8 million payment received in April 2026 for milestones achieved under the Defense Production Act

grant award from the DoW.

The Company also holds an investment in Larvotto

Resources Limited with a fair value of USD $43.2 million as of June 30, 2026.The Company recorded an unrealized gain of USD $6.8

million on the investment during the second quarter. Since quarter-end, the investment has continued to appreciate and had a market value

of approximately USD $46.7 million based on the closing market price on August 10, 2026, an increase of approximately USD $3.5 million

since June 30, 2026.

2026 Outlook

Updates Fiscal

Year 2026 Revenue Guidance to a Range of $60 Million to $75 Million

The Company is updating its full-year 2026 gross

revenue guidance to a range of $60 million to $75 million, revised from prior guidance of $125 million. The revised range reflects three

principal factors: (1) a material decline in market prices for antimony since guidance was originally established in late 2025, when

spot market pricing exceeded $28 per pound, versus spot market pricing (not the Company’s realized pricing) of approximately $10.50

per pound during the second quarter; (2) a shift to the future in the timing of certain DLA antimony metal ingot deliveries related

to the pace of the Thompson Falls capacity expansion and the customary timing of government contract coordination; and (3) the Company's

updated view of second half production and shipment cadence. Importantly, underlying government and industry demand for domestically sourced

antimony remains robust, and the Company continues to expect the current DLA IDIQ contract to be a meaningful long-term revenue contributor.

As Thompson Falls capacity utilization increases, in combination with our additional new processing capacity in our Radersburg facility,

the Company expects to expand the volume of antimony products it can supply to both government and commercial customers, further supporting

revenue growth and product diversification into the back half of 2026 and into 2027.

Management Commentary

Commenting on the

second quarter and six months ended June 30, 2026 results, Mr. Gary C. Evans, Chairman and Chief Executive Officer of US Antimony

Corporation, stated: "While our overall operations are continuing to improve markedly each month, those successes are only slowly

trickling into our financial performance. While we made our first deliveries to the government during the second quarter, none of that

achievement was reflected during this financial reporting period. We currently anticipate the third quarter should see a minimum of $9.0-$10.0

million of additional sales, all to the US Government. With a total of $57.3 Million in antimony ingot orders from the DLA on our books

today, we are working tirelessly to fulfill these purchases orders by year-end. Worldwide antimony prices declined during the first six

months of 2026 which has obviously affected our revenue projections. However, we took advantage of that opportunity by significantly increasing

our existing inventory (up 178% from year-end) while our new smelter was being commissioned. Management’s current outlook

reflects expectations for the balance of 2026 regarding increased shipments to both the DLA and our existing industrial customers, the

Thompson Falls expansion becoming fully operational on all furnaces during the third quarter of 2026, continued ramp-up of in-house antimony

ore processing in both Montana and Mexico, and sustained demand for critical minerals and our zeolite products."

Conference Call Details

US Antimony management will host a conference

call on Tuesday, August 11, 2026 at 4:15 p.m. Eastern time to discuss its second quarter 2026 financial and operating results,

followed by a question-and-answer period.

Date: Tuesday, August 11,

2026

Time: 4:15 p.m. Eastern

time

Toll-free dial-in: 888-506-0062

International dial-in: 973-528-0011

Participant access code: 308365

Webcast URL: https://www.webcaster5.com/Webcast/Page/2604/54382

A replay of the conference call and

the transcript will be available in the Investors section of the Company's website at https://www.usantimony.com/investors.

About United States Antimony Corporation

United States Antimony Corporation and its subsidiaries

in the U.S., Mexico, and Canada ("USAC," "U.S. Antimony," the "Company," "Our," "Us,"

or "We") sell antimony, zeolite, and precious metals primarily in the U.S., Mexico, and Canada. The Company mines, purchases,

and processes ore primarily into antimony oxide, antimony metal, antimony trisulfide, and precious metals at its facilities located in

Montana and Mexico. Antimony oxide is used to form a flame-retardant system for plastics, rubber, fiberglass, textile goods, paints, coatings,

and paper, as a color fastener in paint, and as a phosphorescent agent in fluorescent light bulbs. Antimony metal is used in bearings,

storage batteries, and ordnance. Antimony trisulfide is used as a primer in ammunition. The Company also recovers precious metals, primarily

gold and silver, at its Montana facility from third-party ore. At its Bear River Zeolite ("BRZ") facility located in Idaho,

the Company mines and processes zeolite, a group of industrial minerals used in water filtration, sewage treatment, nuclear waste and

other environmental cleanup, odor control, gas separation, animal nutrition, soil amendment and fertilizer, and other miscellaneous applications.

From 2024 through 2026, the Company has acquired mining claims, real properties (patented claims), and leases located in Alaska, Montana,

and Ontario, Canada — including the Radersburg flotation mill acquired in the first quarter of 2026 — to reduce the cost of

third-party antimony ore purchases and to expand its product offerings.

Learn more about United States Antimony Corporation

at www.usantimony.com.

Forward-Looking Statements

This press release contains forward-looking statements

within the meaning of the Private Securities Litigation Reform Act of 1995, including, without limitation, statements regarding the Company's

full-year 2026 revenue guidance, the expected commissioning of the Thompson Falls smelter expansion, the expected timing, volume and contribution

of shipments under the DLA contract, the expected impact of in-house ore processing on margins, the recognition and continuation of funding

under the DoW grant program, the value of and expected returns on the Company’s investment in Larvotto Resources Limited, the expected

contribution of the Company’s mining claims and of the Fostung tungsten project, and other statements that are not historical facts.

These statements are based on current expectations, estimates, forecasts, and projections about the industries in which the Company operates,

as well as management's beliefs and assumptions. Words such as "anticipates," "expects," "intends," "plans,"

"believes," "seeks," "estimates," "may," "will," "should," "could,"

and variations of these words or similar expressions are intended to identify such forward-looking statements.

Forward-looking statements are subject to certain

risks and uncertainties that could cause actual results to differ materially from those indicated in such statements, including, but not

limited to: fluctuations in the market prices and demand for antimony and zeolite; the Company’s dependence on the DLA contract

and the U.S. government’s ability to modify, delay, reduce, or terminate orders, including for convenience, under that indefinite-delivery,

indefinite-quantity contract, which does not guarantee any minimum purchase volume; the risk that the assumptions underlying the Company’s

full-year 2026 revenue guidance prove incorrect; the Company’s ability to complete the Thompson Falls expansion and other capital

projects on the anticipated timeline and budget and to achieve expected production rates; the availability, quality, and cost of third-party

antimony feedstock, including deliveries from the Company’s partner in Bolivia; volatility in the market value of, and currency

exposure relating to, the Company’s investment in Larvotto Resources Limited; dilution and other effects of the Company’s

equity issuances; changes in domestic and global economic conditions; operational risks inherent in mining and mineral processing; geological

or metallurgical conditions; availability 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 or regulations; competitive factors; the

impact of geopolitical developments; and the effects of weather, natural disasters, or health pandemics on operations and supply chains.

Additional information regarding risk factors that could cause actual results to differ materially is included in the Company’s

filings with the U.S. Securities and Exchange Commission, including its Annual Report on Form 10-K and Quarterly Reports on Form 10-Q.

The Company undertakes no obligation to publicly

update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise, except as required

by law. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof.

Contacts

Investor Relations Contact:

Jonathan Miller, VP, Investor Relations

United States Antimony Corporation

4438 W. Lovers Lane, Unit 100

Dallas, Texas 75209

Email: Jmiller@usantimony.com

Phone: 406-606-4117

Media Relations Contact:

Anthony D. Andora

Edge Consulting, Inc.

1560 Market Street, Suite 701

Denver, Colorado 80202

Email: Anthony@EdgeConsultingSolutions.com

Phone: 720-317-8927

UNITED STATES ANTIMONY CORPORATION AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)

Three months ended June 30,

Six months ended June 30,

2026

2025

2026

2025

Revenues

$ 7,925,601

$ 10,525,123

$ 14,709,670

$ 17,525,128

Cost of revenues

7,342,304

7,687,578

13,016,906

12,315,853

Gross profit

583,297

2,837,545

1,692,764

5,209,275

Operating expenses:

General and administrative

1,610,257

842,951

2,942,226

1,393,546

Salaries and benefits

4,224,359

1,364,506

10,104,153

2,365,061

Professional fees

1,089,554

536,869

2,370,685

918,905

Gain on sale or disposal of property, plant and equipment, net

(1,900 )

(500 )

Other operating expenses

640,027

73,212

775,695

154,264

Total operating expenses

7,564,197

2,817,538

16,190,859

4,831,276

Income (loss) from operations

(6,980,900 )

20,007

(14,498,095 )

377,999

Other income (expense), net:

Interest and investment income

425,612

154,770

753,900

322,156

Unrealized gain on investment in equity securities

6,786,253

2,724,823

Other miscellaneous income (expense), net

(64,161 )

6,778

(92,188 )

27,924

Total other income (expense), net

7,147,704

161,548

3,386,535

350,080

Income (loss) before income taxes and equity in loss of joint venture

166,804

181,555

(11,111,560 )

728,079

Income tax expense

Income (loss) before equity in losses of joint venture

166,804

181,555

(11,111,560 )

728,079

Equity in losses of joint venture

(56,514 )

(72,640 )

Net income (loss)

110,290

181,555

(11,184,200 )

728,079

Preferred dividends

(1,875 )

(3,750 )

Net income (loss) available to common shareholders

$ 108,415

$ 179,680

$ (11,187,950 )

$ 724,329

Net income (loss) per share:

Basic

$ nil

$ (0.08 )

$ 0.01

Diluted

$ nil

$ (0.08 )

$ 0.01

Weighted average shares outstanding:

Basic

146,607,277

118,261,366

144,123,564

115,994,982

Diluted

151,754,172

127,223,435

144,123,564

124,343,635

UNITED STATES ANTIMONY CORPORATION AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)

June 30, 2026

December 31,

2025

ASSETS

CURRENT ASSETS

Cash and cash equivalents

41,434,379

$ 30,494,320

Investment in debt securities held to maturity

4,665,947

4,577,706

Accounts receivable, net

2,607,687

4,213,305

Inventories

21,605,870

12,522,009

Prepaid expenses and other current assets

2,312,590

434,842

Note receivable

4,000,000

2,500,000

Total current assets

76,626,473

54,742,182

Property, plant and equipment, net

53,449,214

42,374,839

Operating lease right-of-use assets

29,306

48,106

Investment in debt securities held to maturity - noncurrent

16,065,384

15,773,251

Investment in equity securities

43,219,151

40,494,328

Investment in joint venture

76,360

Restricted cash

820,619

162,756

Other assets, net

330,207

Total assets

$ 190,616,714

$ 153,925,669

LIABILITIES AND STOCKHOLDERS' EQUITY

CURRENT LIABILITIES

Accounts payable

3,938,384

$ 6,924,518

Accrued liabilities

2,377,849

2,937,842

Accrued liabilities - directors

128,875

143,931

Current portion of operating lease liabilities

19,937

34,103

Current portion of long-term debt

175,913

136,942

Total current liabilities

6,640,958

10,177,336

Operating lease liabilities, net of current portion

9,369

14,003

Long-term debt, net of current portion

158,862

58,483

Asset retirement obligations

2,785,687

2,720,658

Total liabilities

9,594,876

12,970,480

COMMITMENTS AND CONTINGENCIES (Note 16)

STOCKHOLDERS' EQUITY

Preferred stock $0.01 par value, 50,000,000 shares authorized:

Series A - no shares issued and outstanding

Series B - 750,000 shares issued and outstanding (liquidation preference $986,250 and $982,500, respectively)

7,500

Series C - 177,904 shares issued and outstanding (liquidation preference $97,847 both periods)

1,779

Series D - no shares issued and outstanding

Common stock, $0.01 par value, 250,000,000 shares authorized; 150,521,555 and 140,042,270 shares issued, respectively

1,505,216

1,400,423

Treasury stock (1,050,186 and 149,639 shares of common stock at cost, respectively)

(9,418,009 )

(574,153 )

Additional paid-in capital

245,598,101

185,608,189

Accumulated deficit

(56,672,749 )

(45,488,549 )

Total stockholders' equity

181,021,838

140,955,189

Total liabilities and stockholders' equity

$ 190,616,714

$ 153,925,669

UNITED STATES ANTIMONY CORPORATION AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)

Six months ended June 30,

2026

2025

CASH FLOWS FROM OPERATING ACTIVITIES:

Net income (loss)

$ (11,184,200 )

$ 728,079

Adjustments to reconcile income (loss) to net cash (used in) provided by operating activities:

Depreciation and amortization

925,824

559,525

Accretion of asset retirement obligation

65,029

38,967

Noncash operating lease expense

244,510

Share-based compensation

7,738,892

832,297

Accretion income from investment securities held to maturity

(386,648 )

(95,990 )

Paid-in-kind interest from notes receivable

(127,276 )

Gain on sale or disposal of property, plant and equipment, net

(1,900 )

(500 )

Equity in losses of joint venture

72,640

Write-down of inventory to net realizable value

161,456

Change in allowance for credit losses

436

884

Unrealized gain on investment in equity securities

(2,724,823 )

Changes in operating assets and liabilities:

Accounts receivable

1,605,182

(1,387,733 )

Inventories

(9,601,887 )

(5,566,803 )

Prepaid expenses and other current assets

(1,877,748 )

(1,249,047 )

IVA receivable and other assets

(483,360 )

Accounts payable

(4,473,542 )

4,201,001

Accrued liabilities

(896,562 )

(126,279 )

Accrued liabilities – directors

(15,056 )

(52,537 )

Net cash used in operating activities

(20,720,183 )

(2,356,986 )

CASH FLOWS FROM INVESTING ACTIVITIES:

Proceeds from maturity of debt securities held to maturity

1,301,000

Purchases of debt securities held to maturity

(1,294,726 )

(9,991,259 )

Proceeds from note receivable principal payment

100,000

Additional advance under convertible note receivable

(1,116,154 )

Proceeds from sales of property, plant and equipment

1,900

500

Investment in joint venture

(149,000 )

Proceeds from government grant related to capital expenditures

12,848,246

Purchases of property, plant and equipment

(22,813,341 )

(7,394,073 )

Net cash used in investing activities

(11,122,075 )

(17,384,832 )

CASH FLOWS FROM FINANCING ACTIVITIES:

Principal payments on long-term debt

(71,777 )

(65,550 )

Proceeds from exercises of stock options

259,501

55,000

Treasury stock acquired

(7,782,194 )

Proceeds from issuance of common stock, net of issuance costs

49,070,838

5,064,483

Proceeds from exercise of warrants

1,963,812

2,225,411

Net cash (used in) provided by financing activities

43,440,180

7,279,344

NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS AND RESTRICTED CASH

11,597,922

(12,462,474 )

CASH AND CASH EQUIVALENTS AND RESTRICTED CASH AT BEGINNING OF PERIOD

30,657,076

18,270,898

CASH AND CASH EQUIVALENTS AND RESTRICTED CASH AT END OF PERIOD

$ 42,254,998

$ 5,808,424

SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:

Interest paid in cash

$ 64,357

$ 5,243

NON-CASH FINANCING AND INVESTING ACTIVITIES:

Recognition of operating lease liability and right-of-use asset

$ -

$ 63,416

Equipment purchased with note payable

$ 211,127

$ -

Property and equipment included in accounts payable / accrued liabilities

$ 1,823,977

$ -

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