Form 8-K

8-K — UNITED STATES ANTIMONY CORP

Accession: 0001104659-26-061217

Filed: 2026-05-14

Period: 2026-05-14

CIK: 0000101538

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

Item: Results of Operations and Financial Condition

Item: Financial Statements and Exhibits

Documents

8-K — tm2614673d1_8k.htm (Primary)

EX-99.1 — EXHIBIT 99.1 (tm2614673d1_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)

May 14, 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 May 14, 2026, United States Antimony Corporation

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

first 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 May 14, 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:

May 14, 2026

By:

/s/ Shawn P. Winkler

Shawn P. Winkler

Interim Chief Financial Officer

EX-99.1 — EXHIBIT 99.1

EX-99.1

Filename: tm2614673d1_ex99-1.htm · Sequence: 2

Exhibit 99.1

United States

Antimony Corporation Reports

First Quarter

2026 Financial and Operating Results

Received $12.8

Million in Department of War (“DoW”) Grant Milestones for Thompson Falls Expansion

First Two

Delivery Notices under the $245 MM Defense Logistics Agency (“DLA”) Contract Completed

Q1 2026 Revenues

of $6.8 Million; Net Loss of $11.3 Million, or $(0.08) per Diluted Share

Post-Quarter

Equity Issuances Generated $48.6 Million in Gross Proceeds

Reiterates

Full-Year 2026 Gross Revenue Guidance of $125 Million

"The

Critical Minerals and ZEO Company"

~ Antimony,

Cobalt, Gold, Tungsten, and Zeolite ~

DALLAS, TX /

ACCESS Newswire / May 14, 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 first quarter ended March 31, 2026.

First Quarter

2026 Highlights

· Revenues

of $6.8 million, compared to $7.0 million in Q1 2025

· Gross

profit of $1.1 million (16% gross margin), compared to $2.4 million (34% gross margin) in

Q1 2025

· Operating

loss of $7.5 million, compared to operating income of $0.4 million in Q1 2025

· Net

loss of $11.3 million, including $9.3 million of net non-cash items, compared to net income

of $0.6 million in Q1 2025

· Achieved

$12.8 million (out of $27 Million) in Department of War ("DoW") grant milestones

at the Thompson Falls expansion project, recognized as a grant receivable with a corresponding

reduction to construction in progress (PP&E)

· Acquired

the Radersburg flotation mill in Montana for $4.8 million, further advancing the Company's

vertical integration strategy

· Cash

and cash equivalents, including held-to-maturity U.S. Treasury securities of $23.7 million

at quarter-end; Subsequent to quarter-end, the Company raised approximately $48.6 million

of gross proceeds through the issuance of approximately 4.2 million shares of common stock

at an average price of $11.57 per share. Total liquidity, pro forma for the post March 31,

2026 stock issuances is $108.7 million, including cash, U.S. Treasury securities and our

Larvotto Resources Limited (ASX: LRV) marketable securities discussed subsequently in this

release.

· Reiterating

full-year 2026 gross revenue guidance of $125 million

Strategic Overview

During the first

quarter of 2026, the Company continued to advance its strategy to build a fully integrated critical minerals platform supporting U.S.

national security and supply chain resiliency. Key accomplishments during the quarter included the achievement of milestones under the

Company's DoW grant program, the acquisition of the Radersburg flotation mill, first delivery notice to the DLA under the $245 Million

Contract, the formation of a new hydrometallurgical joint venture with Americas Gold and Silver, and continued progress on the Thompson

Falls smelter expansion, which is nearing completion and is expected to come online over the next few weeks. The company also provided

a Technical Report Summary of its Fostung Tungsten project in April 2026 reflecting future potential revenues of $4.6 Billion over

the life of the property, based on the assumptions detailed in the report.

First Quarter

2026 Financial Results

Revenues for the

first quarter of 2026 were $6.8 million, compared to $7.0 million in the first quarter of 2025. Antimony segment revenues were $5.6 million,

compared to $5.9 million in the prior year period, with antimony pounds sold decreasing approximately 23% to 278,797 pounds from 362,647

pounds. The volume decline reflects timing of customer orders and shipments primarily, none of which were to the government. Average

sales price per pound of antimony rose approximately 22% to $19.92 from $16.34.

Cost of revenues

increased to $5.67 million from $4.63 million, and gross profit decreased to $1.11 million from $2.37 million in Q1 2025. Gross margin

of approximately 16% (down from 34% in the prior year period) primarily reflects higher antimony cost per pound sold, which rose approximately

69% to $16.28 from $9.66 as higher-cost ore moved through cost of sales. Q1 2026 gross margin did not benefit from any of the processing

of the Company’s in-house antimony mined in Montana or from any antimony deliveries under the Company's contract with the DLA.

Both of these events are expected to begin contributing during the remaining quarters of 2026 as both Montana-based mining is processed

and the Thompson Falls expansion comes online.

Zeolite revenue

was $1.0 million in Q1 2026 compared to $1.1 million in Q1 2025, driven by a 3% decrease in sales volume (tons sold of 3,681 versus 3,802)

and 4% decrease in average sales price per ton. These sales have dramatically improved over the last sixty (60) days due to obtaining

new customer relationships with the Company’s expanded sales efforts.

The Company's current

antimony inventory is a combination sourced from international third-party suppliers as well as mined from the Company’s owned

Stibnite Hill, Montana mining claims. The value of our antimony inventory is approximately $21.7 million on March 31, 2026 compared

to $12.0 million as of December 31, 2025 and $3.6 million as of March 31, 2025, a 80.8% increase and 502.8% increase, respectively.

Operating expenses

were $8.6 million in the first quarter of 2026, compared to $2.0 million in the prior year period. The increase of $6.6 million reflects

increased expense associated with the build-out of the Company's leadership team, which continues, and operational infrastructure necessary

to execute the Company's vertical integration strategy. Operating expenses included approximately $4.8 million of non-cash share-based

compensation expense (compared to $0.25 million in Q1 2025), reflecting expanded equity grants tied to leadership hiring and share price

appreciation experienced during the period.

The Company recorded

an operating loss of $7.5 million in the first quarter of 2026, compared to operating income of $0.4 million in the prior year period.

Net loss attributable to the Company was $11.3 million, or ($0.08) per diluted share, compared to net income of $0.6 million, or nil

per diluted share, in the prior year period. The Q1 2026 net loss includes approximately $9.3 million of net non-cash items, comprised

principally of $4.8 million of share-based compensation expense, $4.1 million of unrealized loss on the Company's investment in marketable

equity securities (Larvotto Resources Limited), and $0.4 million of depreciation and amortization.

Liquidity, Capital

Resources, and Subsequent Events

At March 31,

2026, the Company had cash and cash equivalents and investments in held-to-maturity U.S. Treasury securities totaling liquid resources

of $23.7 million. This compares to $30.5 million of cash and cash equivalents and $20.4 million of held-to-maturity Treasury securities

at December 31, 2025. The decrease in cash during the quarter reflects $12.1 million used in operating activities (primarily working-capital

investment made in antimony feedstock inventory), $12.6 million used in investing activities (discussed subsequently), and $2.6 million

used in financing activities (principally treasury share repurchases related to employee equity award settlements). The Company also

retains a $19.0 million margin credit facility with a bank, which was undrawn at March 31, 2026.

Subsequent to March 31,

2026 and through the date of this release, the Company sold approximately 4.2 million shares of common stock at an average price of approximately

$11.57 per share, generating gross proceeds of approximately $48.6 million. These proceeds substantially offset the cash used during

the first quarter to fund inventory build, the Radersburg mill acquisition, and the portion of the Thompson Falls construction in progress

not yet reimbursed from the DoW.

In addition, the

Company holds an investment in publicly traded equity securities (Larvotto Resources Limited ( with a quarter-end fair value of USD $36.4

million, and a current market value as of close on May 13, 2026 of USD $46.6 million, an increase of USD $10.1 million since March 31,

2026.

Capital Expenditures

and Department of Defense Grant

Capital expenditures

during the first quarter of 2026 totaled $12.6 million, including $4.8 million for the acquisition of the Radersburg flotation mill in

Montana, approximately $4.6 million for the construction-in-progress expansion of the Thompson Falls antimony smelter, and approximately

$3.2 million primarily for new mineral rights acquisitions of other critical minerals.

During the first

quarter, the Company achieved milestones under its Defense Production Act grant award from the DoW, resulting in formal approval by the

Defense Industrial Base Consortium for the completion of three project milestones representing $12.8 million of obligated funding. In

accordance with the Company's early adoption of ASU 2025-10, Government Grants (Topic 832), effective January 1, 2026, the Company

recognized the $12.8 million as a government grant receivable on the balance sheet, with a corresponding reduction to the carrying amount

of construction in progress associated with the Thompson Falls expansion. According to accounting standards, the grant funding does not

flow through revenue or net income; rather, it reduces the cost basis of the related long-lived assets, lowering future depreciation

expense. The total DoW grant award is $27.0 million, of which $16.2 million has been obligated to date; the remaining award amount of

$10.8 million is subject to future authorization.

Operating and

Strategic Updates

During and subsequent

to the first quarter, the Company made progress across its critical minerals platform:

· Thompson

Falls Expansion: The Company's smelter expansion at Thompson Falls, Montana is nearing completion

and is expected to come online over the next few weeks, significantly increasing domestic

antimony processing capacity, not only for the Company, but for the country.

· Radersburg

Flotation Mill: The Company acquired the Radersburg flotation and concentration facility

in Montana for $4.8 million, supporting vertical integration of the Company's antimony processing

operations. A new critical minerals testing laboratory has recently been installed. Now that

this asset is 100% owned, no prior lease payments incurred for a similar facility will be

incurred.

· Hydrometallurgical

Joint Venture: The Company entered into a joint venture agreement with Americas Gold and

Silver Corporation (“Americas”) as announced on February 10, 2026 (see press

release of same date) to construct and operate a new, state-of-the-art hydrometallurgical

processing facility. The joint venture will be owned 51% by Americas and 49% by the Company,

with the Company serving as managing member. Under the terms of the agreement, Americas will

contribute the project site and existing infrastructure, along with feedstock, while the

Company will contribute its proprietary North America hydrometallurgical processing technology

and technical expertise. Capital contributions for the facility’s construction are

expected to be funded pro-rata based on ownership interests, unless otherwise agreed. Primary

site-level environmental and operating permits have been obtained, while certain construction

permits are pending. An application for funding the cost of construction of the project has

been made to the DoW.

· DLA

Contract: The Company has received approximately $12 million in sales orders under its existing

contract with the U.S. DLA. No revenue under this contract was recognized during Q1 2026.

Additionally, the first and second delivery notices of finished product (antimony ingots)

have been given to the DoW.

· On

April 10, 2026 (see announcement of same date), the Company provided an operational

update on its 100% owned Fostung Project, an intermediate-stage tungsten exploration asset

located in Sudbury District, Ontario by making available its Technical Report Summary (“TRS”)

on the property, which disclosed Inferred Mineral Resources of approximately 14.7 million

tons at 0.17% WO₃, containing approximately 54 million pounds of tungsten trioxide

and future resource revenue potential of up to $4.6 Billion over the life of the property

based on the assumptions in the TRS.

2026 Outlook

The Company is

reiterating its full-year 2026 gross revenue guidance of approximately $125 million. Achievement of this guidance is dependent on, among

other factors, the timing of antimony shipments under the DoW contract, the timely commissioning of the Thompson Falls expansion during

the second quarter, ramp-up of in-house antimony ore processing in both Mexico and Montana, and continued strength in critical minerals

demand. The majority of full-year 2026 revenue is expected to be weighted towards the second half of the year. There can be no assurance

that these factors will develop as currently anticipated; see the "Forward-Looking Statements" section below.

Management Commentary

Commenting on the

first quarter 2026 results, Mr. Gary C. Evans, Chairman and Chief Executive Officer of US Antimony Corporation, stated: "When

you are building a vertical business at the speed we are achieving at USAC, things rarely move in a straight line. There will be bumps

in the road. Our first quarter results reflect a deliberate investment phase for our future. I told the ‘street’ during our

year-end conference call that our total operating results were likely to be ‘bumpy’ this year. The increase in operating

expense, the inventory build, and the capital expenditures we made in the quarter are the necessary foundation for the production scale-up

we expect during the balance of 2026. While these investments drove a near-term loss, primarily all non-cash related, we believe we are

much better positioned for the Company to deliver materially stronger financial performance in future reporting periods as our Montana-based

mining, processing, and expanded smelting capabilities come online and integrate with our own material over the course of the year."

Mr. Evans

continued: "We are particularly pleased with the progress under our DoW grant program, the addition of the Radersburg flotation

mill, and the formation of our hydrometallurgical joint venture, each of which advances the vertical integration of our critical minerals

platform. While government grant requests are never guaranteed, we believe our three official filings made since the first of this year,

which total $274 million, are ‘on point’ and meet the standards established by these various governmental agencies in their

desire to expedite ‘home grown’ critical mineral development, both in the field as well as our proprietary downstream refining

processes. The positive feedback we have received to date gives us encouragement of our continued success in this endeavor. Combined

with our existing DLA contract, where we have noticed the government for two deliveries, our existing pipeline of additional governmental

grant requests, and the post-quarter strengthening of our balance sheet, we are well-positioned to continue executing our 2026 business

plan. The additional equity capital we have raised since the end of March is to guarantee we are in a position of strength to achieve

these lofty goals and objectives."

Conference Call Details

US Antimony management

will host a conference call on Thursday, May 14, 2026 at 4:15 p.m. Eastern time to discuss its first quarter 2026 financial

and operating results, followed by a question-and-answer period.

Date: Thursday, May 14,

2026

Time: 4:15 p.m. Eastern

time

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

International dial-in: 973-528-0011

Participant access code: 130357

Webcast URL: https://www.webcaster5.com/Webcast/Page/2604/53986

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 development and contribution of the Fostung Tungsten project, the expected timing 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 expected use of post-quarter equity issuance proceeds, the application of new accounting pronouncements (including ASU 2025-10),

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; 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 March 31,

2026

2025

Revenues

$ 6,784,069

$ 7,000,005

Cost of revenues

5,674,602

4,628,275

Gross profit

1,109,467

2,371,730

Operating expenses:

General and administrative

1,331,969

550,595

Salaries and benefits

5,879,794

1,000,555

Professional fees

1,281,131

382,036

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

(1,900 )

(500 )

Other operating expenses

135,668

81,052

Total operating expenses

8,626,662

2,013,738

Income (loss) from operations

(7,517,195 )

357,992

Other income (expense), net:

Interest and investment income

328,288

192,156

Unrealized loss on investment in equity securities

(4,061,430 )

Other miscellaneous expense, net

(28,027 )

(3,624 )

Total other income (expense), net

(3,761,169 )

188,532

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

(11,278,364 )

546,524

Income tax expense

Income (loss) before equity in losses of joint venture

(11,278,364 )

546,524

Equity in losses of joint venture

(16,126 )

Net income (loss)

(11,294,490 )

546,524

Preferred dividends

(1,875 )

Net income (loss) available to common shareholders

($ 11,296,365 )

$ 544,649

Net income (loss) per share:

Basic

($ 0.08 )

$nil

Diluted

($ 0.08 )

$nil

Weighted average shares outstanding:

Basic

141,612,253

113,703,415

Diluted

141,612,253

122,394,861

UNITED STATES

ANTIMONY CORPORATION AND SUBSIDIARIES

CONDENSED CONSOLIDATED

BALANCE SHEETS (UNAUDITED)

March 31,

2026

December 31,

2025

ASSETS

CURRENT ASSETS

Cash and cash equivalents

$ 3,220,400

$ 30,494,320

Investment in debt securities held to maturity

4,620,170

4,577,706

Accounts receivable, net

2,512,957

4,213,305

Government grant receivable

12,848,246

Inventories

22,026,820

12,522,009

Prepaid expenses and other current assets

734,552

434,842

Note receivable

2,445,762

2,500,000

Total current assets

48,408,907

54,742,182

Property, plant and equipment, net

46,668,672

42,374,839

Operating lease right-of-use assets

38,223

48,106

Investment in debt securities held to maturity - noncurrent

15,922,926

15,773,251

Investment in equity securities

36,432,898

40,494,328

Investment in joint venture

83,874

Restricted cash for reclamation bonds

163,778

162,756

Other assets, net

330,207

Total assets

$ 148,049,485

$ 153,925,669

LIABILITIES AND STOCKHOLDERS' EQUITY

CURRENT LIABILITIES

Accounts payable

$ 9,672,375

$ 6,924,518

Accrued liabilities

3,388,210

2,937,842

Accrued liabilities - directors

140,958

143,931

Current portion of operating lease liabilities

27,477

34,103

Current portion of long-term debt

138,140

136,942

Total current liabilities

13,367,160

10,177,336

Operating lease liabilities, net of current portion

10,746

14,003

Long-term debt, net of current portion

23,495

58,483

Asset retirement obligations

2,753,172

2,720,658

Total liabilities

16,154,573

12,970,480

COMMITMENTS AND CONTINGENCIES (Note 5,9,15)

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 $984,375 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; 143,738,970 and 140,042,270 shares issued, respectively

1,437,390

1,400,423

Treasury stock (699,605 and 149,639 shares of common stock at cost, respectively)

(6,372,556 )

(574,153 )

Additional paid-in capital

193,603,838

185,608,189

Accumulated deficit

(56,783,039 )

(45,488,549 )

Total stockholders' equity

131,894,912

140,955,189

Total liabilities and stockholders' equity

$ 148,049,485

$ 153,925,669

UNITED STATES ANTIMONY CORPORATION

AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS

OF CASH FLOWS (UNAUDITED)

Three months ended March 31,

2026

2025

CASH FLOWS FROM OPERATING ACTIVITIES:

Net income (loss)

($ 11,294,490 )

$ 546,524

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

Depreciation and amortization

410,459

281,970

Accretion of asset retirement obligation

32,514

19,483

Noncash operating lease expense

146,962

Share-based compensation

4,833,965

245,384

Accretion income from investment securities held to maturity

(192,139 )

Paid-in-kind interest from notes receivable

(45,762 )

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

(1,900 )

(500 )

Equity in losses of joint venture

16,126

Write-down of inventory to net realizable value

161,456

Change in allowance for credit losses

156

Unrealized loss on investment in equity securities

4,061,430

Changes in operating assets and liabilities:

Accounts receivable

1,700,192

(816,722 )

Inventories

(9,666,267 )

(2,745,387 )

Prepaid expenses and other current assets

(299,710 )

(23,428 )

IVA receivable and other assets

(267,993 )

Accounts payable

(2,223,094 )

1,660,372

Accrued liabilities

450,368

(757,919 )

Accrued liabilities – directors

(2,973 )

(18,037 )

Net cash used in operating activities

(12,059,669 )

(1,729,291 )

CASH FLOWS FROM INVESTING ACTIVITIES:

Investment in joint venture

(100,000 )

Proceeds from notes receivable principal payment

100,000

Proceeds from sales of property, plant and equipment

1,900

500

Purchases of property, plant and equipment

(12,581,587 )

(862,511 )

Net cash used in investing activities

(12,579,687 )

(862,011 )

CASH FLOWS FROM FINANCING ACTIVITIES:

Principal payments on long-term debt

(33,790 )

(32,632 )

Proceeds from exercises of stock options

48,624

Treasury stock acquired

(4,982,634 )

Proceeds from issuance of common stock, net of issuance costs

1,339,446

2,392,317

Proceeds from exercise of warrants

994,812

806,438

Net cash (used in) provided by financing activities

(2,633,542 )

3,166,123

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

(27,272,898 )

574,821

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

$ 3,384,178

$ 18,845,719

SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:

Interest paid in cash

$ 1,699

$ 2,937

NON-CASH FINANCING AND INVESTING ACTIVITIES:

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

$ -

$ 63,416

Property and equipment included in accounts payable

$ 4,970,951

$ -

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