業績摘要（2026 年第一季 vs 2025 年第一季）

UNITED STATES ANTIMONY CORPORATION_March 31, 2026
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Table of Contents

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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q
(Mark One)
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☒
Quarterly Report Pursuant to Section 13 Or 15(d) Of The Securities Exchange Act of 1934

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For the quarterly period ended March 31, 2026
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☐
Transition Report Under Section 13 Or 15(d) Of The Securities Exchange Act of 1934

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For the transition period ________ to ________
COMMISSION FILE NUMBER 001-08675
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UNITED STATES ANTIMONY CORPORATION

(Exact name of registrant as specified in its charter)

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Texas
  ​ ​ ​
81-0305822

(State or other jurisdiction of incorporation or
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(IRS Employer Identification No.)

organization)
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4438 W. Lovers Lane, Unit 100, Dallas, TX
  ​ ​ ​
75209

(Address of principal executive office)
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(Postal Code)

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(406) 606-4117
(Registrant’s telephone number)
Securities registered pursuant to Section 12(b) of the Act:
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Title of Each Class
  ​ ​ ​
Trading Symbol
  ​ ​ ​
Name of Each Exchange on Which Registered

Common Stock, $0.01 par value
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UAMY
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NYSE 

Common Stock, $0.01 par value
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UAMY
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NYSE Texas

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Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐
Indicate by checkmark whether the registrant has submitted electronically every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit and post filed). Yes ☒ No ☐
Indicate by checkmark whether the registrant is a large accelerated filer, an accelerated filer, or a non-accelerated filer. See definition of “Accelerated filer and large accelerated filer” in Rule 12b-2 of the Exchange Act (Check one):
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Large Accelerated Filer
☐
Accelerated Filer
☐

Non-accelerated Filer
☒
Smaller Reporting Company
☒

Emerging Growth Company
☐
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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. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒
As of May 11, 2026, there were 148,185,622 shares outstanding of the registrant’s $0.01 par value common stock.
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Table of Contents

Table of Contents
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PART I - FINANCIAL INFORMATION
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ITEM 1.
FINANCIAL STATEMENTS
3

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ITEM 2.
MANAGEMENT’S DISCUSSION AND ANALYSIS AND PLAN OF OPERATION.
24

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ITEM 3.
QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
32

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ITEM 4.
CONTROLS AND PROCEDURES
32

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PART II - OTHER INFORMATION
33

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ITEM 1.
LEGAL PROCEEDINGS.
33

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ITEM 1A.
RISK FACTORS.
33

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ITEM 2.
UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS.
33

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ITEM 3.
DEFAULTS UPON SENIOR SECURITIES.
33

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ITEM 4.
MINE SAFETY DISCLOSURES.
33

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ITEM 5.
OTHER INFORMATION.
33

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ITEM 6.
EXHIBITS.
34

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2

Table of Contents

PART I - FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS
UNITED STATES ANTIMONY CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)
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  ​ ​ ​
March 31, 
  ​ ​ ​
December 31, 

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2026
​
2025

ASSETS
 
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  ​
 
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  ​

CURRENT ASSETS
 
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  ​
 
​
  ​

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
​
 
 330,207

Total assets
​
$
 148,049,485
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$
 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)
​
 
  ​
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  ​

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
​
 
 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; 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

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The accompanying notes are an integral part of these condensed consolidated unaudited financial statements.
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3

Table of Contents

UNITED STATES ANTIMONY CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)
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Three months ended March 31,  

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  ​ ​ ​
2026
  ​ ​ ​
2025

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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:
​
 
  ​
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  ​

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 losses 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)
​
 
 (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

​
The accompanying notes are an integral part of these condensed consolidated unaudited financial statements.
​

4

Table of Contents

UNITED STATES ANTIMONY CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY (UNAUDITED)
For the three months ended March 31, 2026 and 2025
​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​
​
Preferred Stock
​
Common stock
​
​
​
​
​
​
​
​
​
​
​
​

​
​
​
​
​
​
​
​
​
​
​
​
Additional
​
​
​
​
​
​
​
Total 

​
​
​
​
​
​
​
​
​
​
​
​
Paid-In 
​
Accumulated 
​
Treasury 
​
Stockholders’

​
  ​ ​ ​
Shares
  ​ ​ ​
Par Value
  ​ ​ ​
Shares
  ​ ​ ​
Par Value
  ​ ​ ​
Capital
  ​ ​ ​
Deficit
  ​ ​ ​
Stock
  ​ ​ ​
Equity

Balance - December 31, 2025
​
 927,904
​
$
 9,279
​
 140,042,270
​
$
 1,400,423
​
$
 185,608,189
​
$
 (45,488,549)
​
$
 (574,153)
​
$
 140,955,189

Net loss
​
 —
​
​
 —
​
 —
​
​
 —
​
​
 —
​
​
 (11,294,490)
​
​
 —
​
​
 (11,294,490)

Share-based compensation
 
 —
 
​
 —
 
 —
 
​
 —
 
​
 4,833,965
 
​
 —
 
​
 —
 
​
 4,833,965

Issuance of common stock under equity incentive plan
 
 —
 
​
 —
 
 2,006,621
 
​
 20,066
 
​
 844,327
 
​
 —
 
​
 (5,798,403)
 
​
 (4,934,010)

Issuance of common stock for cash, net of issuance costs
 
 —
 
​
 —
 
 126,436
 
​
 1,264
 
​
 1,338,182
 
​
 —
 
​
 —
 
​
 1,339,446

Issuance of common stock upon exercise of warrants
 
 —
 
​
 —
 
 1,563,643
 
​
 15,637
 
​
 979,175
 
​
 —
 
​
 —
 
​
 994,812

Balance - March 31, 2026
 
 927,904
 
$
 9,279
 
 143,738,970
 
$
 1,437,390
 
$
 193,603,838
 
$
 (56,783,039)
 
$
 (6,372,556)
 
$
 131,894,912

​
​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​
​
Total Preferred Stock
​
Common stock
​
​
​
​
​
​
​
​
​

  ​ ​ ​
​
​
​
​
  ​ ​ ​
​
  ​ ​ ​
​
​
  ​ ​ ​
​
Additional
​
​
  ​ ​ ​
​
Total

​
​
​
​
​
​
​
​
​
​
​
​
Paid-In
​
Accumulated
​
Stockholders’

​
  ​ ​ ​
Shares
  ​ ​ ​
Par Value
  ​ ​ ​
Shares
  ​ ​ ​
Par Value
  ​ ​ ​
Capital
  ​ ​ ​
 Deficit
  ​ ​ ​
Equity

Balance - December 31, 2024
 
 927,904
​
$
 9,279
 
 112,951,317
​
$
 1,129,512
​
$
 68,610,905
​
$
 (41,149,023)
​
$
 28,600,673

Net income
 
 —
​
 
 —
 
 —
​
 
 —
​
 
 —
​
 
 546,524
​
 
 546,524

Share-based compensation
 
 —
​
 
 —
 
 —
​
 
 —
​
 
 245,384
​
 
 —
​
 
 245,384

Issuance of common stock under equity incentive plan
 
 —
​
 
 —
 
 1,101,231
​
 
 11,013
​
 
 (11,013)
​
 
 —
​
 
 —

Issuance of common stock for cash, net of issuance costs
​
 —
​
​
 —
​
 1,107,923
​
​
 11,079
​
​
 2,381,238
​
​
 —
​
​
 2,392,317

Issuance of common stock upon exercise of warrants
​
 —
​
​
 —
​
 948,750
​
​
 9,488
​
​
 796,950
​
​
 —
​
​
 806,438

Balance - March 31, 2025
 
 927,904
​
$
 9,279
 
 116,109,221
​
$
 1,161,092
​
$
 72,023,464
​
$
 (40,602,499)
​
$
 32,591,336

​
The accompanying notes are an integral part of these condensed consolidated unaudited financial statements.
​

5

Table of Contents

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 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 in debt 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 note 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
​
$
 —

​
The accompanying notes are an integral part of these condensed consolidated unaudited financial statements.
​
​

6

Table of Contents
UNITED STATES ANTIMONY CORPORATION AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
March 31, 2026

NOTE 1 - NATURE OF OPERATIONS
United States Antimony Corporation and its subsidiaries in the U.S., Mexico, and Canada (“USAC,” the “Company,” “Our,” “Us,” or “We”) sell antimony, zeolite, and precious metals primarily in the U.S. and Canada. The Company mines, purchases and processes ore primarily into antimony oxide, antimony metal ingots, antimony trisulfide, and precious metals, primarily gold and silver, 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 ingots are 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. Beginning in 2024 and continuing in 2025 and 2026, the Company has acquired mining claims, real properties (patented claims) and leases located in Alaska, Montana and Ontario, Canada all of which are prospective for both antimony ore and other critical minerals. The antimony discovered has the potential to increase antimony ore throughput at the Company’s facilities, reduce the cost of third-party antimony ore purchases, expand the Company’s product offerings and diversify its mineral portfolio. The Company has also recently entered into an agreement to acquire exploration rights for mining properties located in the southeastern United States.
​
NOTE 2 - BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES
In the opinion of management, the accompanying unaudited condensed consolidated financial statements contain all adjustments, consisting of only normal recurring adjustments, necessary for a fair statement of its financial position as of March 31, 2026, and its results of operations and cash flows for the three months ended March 31, 2026 and 2025. The Condensed Consolidated Balance Sheet as of December 31, 2025, was derived from audited annual financial statements but does not contain all of the footnote disclosures from the annual financial statements.
These unaudited interim financial statements have been prepared by management in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”). These unaudited interim financial statements should be read in conjunction with the annual audited financial statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025, filed with the Securities and Exchange Commission on March 19, 2026.
This summary of significant accounting policies of the Company is presented to assist in understanding the Company’s financial statements. These accounting policies conform to U.S. GAAP and have been consistently applied in the preparation of the financial statements.
Use of Estimates
The preparation of financial statements in accordance with U.S. GAAP requires the use of estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities known to exist as of the date the financial statements are published, and the reported amounts of revenues and expenses during the reporting period. Uncertainties with respect to such estimates and assumptions are inherent in the preparation of the Company’s consolidated financial statements; accordingly, it is possible that the actual results could differ from these estimates and assumptions, which could have a material effect on the reported amounts of the Company’s consolidated financial position and results of operations. Operating results for the three-month period ended March 31, 2026, are not necessarily indicative of the results that may be expected for the full year ending December 31, 2026.
Reclassifications
Certain reclassifications have been made to conform prior period amounts to the current period’s presentation. These reclassifications have no effect on the results of operations, stockholders’ equity or cash flows as previously reported.

7

Table of Contents
UNITED STATES ANTIMONY CORPORATION AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
March 31, 2026

Investment in Joint Venture
In February 2026, the Company entered into a joint venture (“JV”) agreement with Americas Gold and Silver Corporation (“Americas”) to construct and operate a hydrometallurgical processing facility. The JV is owned 51% by Americas and 49% by the Company. Because governance is shared through a management committee with equal representation and all significant decisions require unanimous approval, the Company does not have a controlling financial interest, however it does have the ability to exercise significant influence. As a result, the Company accounts for its investment in the JV under the equity method of accounting.
Under the equity method, the initial investment is recorded at cost and subsequently adjusted for the Company’s proportionate share of the JV’s net income or loss, additional capital contributions, and distributions received. The Company’s share of the JV’s results is recognized in “Equity in earnings (losses) of joint venture” in the Condensed Consolidated Statements of Operations, and the investment is presented within noncurrent assets on the Condensed Consolidated Balance Sheets. The Company periodically reassesses whether it has a controlling financial interest in the JV and evaluates the investment for impairment when events or changes in circumstances indicate that the carrying amount may not be recoverable.
Recent Accounting Pronouncements
In November 2024, the FASB issued ASU 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses, which requires disclosure about the types of costs and expenses included in certain expense captions presented on the income statement. The new disclosure requirements are effective for the Company’s annual periods for fiscal years beginning after December 15, 2026, and interim periods within fiscal years beginning after December 15, 2027, with early adoption permitted, and may be applied either prospectively or retrospectively. The Company is currently evaluating the potential impact this update will have on its consolidated financial statements and expense disclosures in the notes to the consolidated financial statements.
In September 2025, the FASB issued ASU No. 2025-06, Intangibles - Goodwill and Other - Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software. The amendments in this ASU clarify and refine the criteria for capitalizing costs related to internal-use software. Under the new guidance, capitalization is permitted when both of the following conditions are met: (i) management has authorized and committed to funding the software project, and (ii) it is probable that the project will be completed, and the software will be used to perform the function intended. This ASU will be effective for annual periods beginning after December 15, 2027, for interim reporting periods beginning within those annual periods, and early adoption is permitted. Management is currently evaluating this update to determine its impact on the Company’s consolidated financial statements.
In December 2025, the FASB issued ASU No. 2025-10, Government Grants (Topic 832): Accounting for Government Grants by Business Entities. This ASU provides guidance on the recognition, measurement, presentation, and disclosure of government grants received by business entities. Under the new guidance, government grants are recognized when there is reasonable assurance that the Company will comply with the conditions of the grant and that the grant will be received. Grants related to income are presented either as other income or as a reduction of the related expense, while grants related to assets are recorded either as deferred income or as a reduction of the carrying amount of the related asset. The guidance in this ASU is effective for fiscal years beginning after December 15, 2028, and interim reporting periods within those annual reporting periods. Early adoption is permitted in both interim and annual reporting periods in which financial statements have not yet been issued or made available for issuance. If a business entity adopts the amendments in this ASU in an interim reporting period, it must adopt them as of the beginning of the annual reporting period that includes that interim reporting period. The Company early adopted this guidance effective January 1, 2026. See NOTE 8 – GOVERNMENT GRANT for further details.
The Company does not believe that issued, but not yet effective, accounting pronouncements, if currently adopted, would have a material effect on its condensed consolidated financial statements.
​

8

Table of Contents
UNITED STATES ANTIMONY CORPORATION AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
March 31, 2026

NOTE 3 – EARNINGS PER SHARE
Basic earnings per share (“EPS”) is computed as net income (loss) available to common stockholders divided by the weighted average number of common shares outstanding for the period. Diluted EPS is calculated the same as Basic EPS but reflects the potential dilution that could occur from common shares issuable through stock options, restricted stock units (“RSUs”), and warrants in the weighted average number of common shares outstanding. Each stock option, RSU, and warrant represents the right to receive one share of the Company’s common stock.
The following table sets forth the calculation of basic and diluted weighted average shares outstanding and net income (loss) per share for the periods presented:
​
​

​

​

​

​

​

​

​
​
Three months ended March 31,

​
  ​ ​ ​
2026
  ​ ​ ​
2025

Numerator:
 
​
  ​
 
​
  ​

Net income (loss)
​
$
 (11,294,490)
​
$
 546,524

Preferred dividends
​
 
 (1,875)
​
 
 (1,875)

Net income (loss) available to common shareholders
​
$
 (11,296,365)
​
$
 544,649

Denominator:
​
 
  ​
​
 
  ​

Weighted average shares - basic
​
 
 141,612,253
​
 
 113,703,415

Add - dilutive effect of stock options
​
 
 —
​
 
 2,447,536

Add - dilutive effect of RSUs
​
 
 —
​
 
 1,090,270

Add - dilutive effect of warrants
​
 
 —
​
 
 5,153,640

Weighted average shares - diluted
​
 
 141,612,253
​
 
 122,394,861

Net income (loss) per share:
​
 
  ​
​
 
  ​

Basic
​
$
 (0.08)
​
$
nil

Diluted
​
$
 (0.08)
​
$
nil

​
The following table summarizes potentially dilutive common stock equivalents that were excluded from the computation of diluted net loss per share because their effect would have been anti-dilutive.
​
​

​

​

​

​

​
​
Three months ended March 31,  

​
  ​ ​ ​
2026
  ​ ​ ​
2025

Warrants
 
 1,270,250
 
 —

Stock options and RSU awards
 
 8,056,593
 
 1,460,833

Total possible share dilution
 
 9,326,843
 
 1,460,833

​
​
NOTE 4 – FAIR VALUE MEASUREMENTS
The Company uses the fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, essentially an exit price, based on the highest and best use of the asset or liability. The levels of the fair value hierarchy are:
●Level 1—Quoted market prices in active markets for identical assets or liabilities;
●Level 2—Significant other observable inputs (i.e., quoted prices for similar items in active markets, quoted prices for identical or similar items in markets that are not active, inputs other than quoted prices that are observable, such as interest rate and yield curves, and market-corroborated inputs); and
●Level 3—Unobservable inputs in which there is little or no market data, which require the reporting unit to develop its own assumptions.

9

Table of Contents
UNITED STATES ANTIMONY CORPORATION AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
March 31, 2026

The classification of fair value measurements within the established three-level hierarchy is based upon the lowest level of input that is significant to the measurements. Financial instruments, although not recorded at fair value on a recurring basis, include cash and cash equivalents, held-to-maturity debt securities, restricted cash for reclamation bonds, note receivable and debt obligations. Equity investments with readily determinable fair values are measured at fair value on a recurring basis, with changes in fair value recognized in earnings.
The carrying amount of cash and cash equivalents approximates fair value because of its short-term nature. The estimated fair values of investments in debt securities held to maturity were based on Level 2 inputs. The carrying amount of restricted cash for reclamation bonds and the note receivable approximate fair value based on their contractual terms. The fair value of the Company’s debt is estimated to be face value based on the contractual terms of the underlying debt arrangements and market-based expectations. The Company’s investment in equity securities is classified as a Level 1 fair value measurement because it is valued each reporting period using readily available quoted market prices from the Australian Securities Exchange.
​
NOTE 5 – REVENUE 
Products consist of the following:
●Antimony: includes antimony oxide, antimony metal ingots, and antimony trisulfide.
●Zeolite: includes coarse and fine zeolite crushed in various product sizes.
●Precious metals: includes unrefined and refined gold and silver.
​
Sales by product were as follows:
​
​

​

​

​

​

​

​

​
​
Three months ended March 31,  

​
  ​ ​ ​
2026
  ​ ​ ​
2025

Antimony
​
$
 5,554,943
​
$
 5,925,848

Zeolite
​
 
 1,015,913
​
 
 1,094,696

Precious metals
​
 
 213,213
​
 
 (20,539)

Total revenues
​
$
 6,784,069
​
$
 7,000,005

​
Domestic and foreign revenues were as follows:
​
​

​

​

​

​

​

​

​
​
Three months ended March 31,  

​
  ​ ​ ​
2026
  ​ ​ ​
2025

Domestic
​
$
 6,426,137
​
$
 6,901,327

Canada
​
 
 357,932
​
 
 98,678

Total revenues
​
$
 6,784,069
​
$
 7,000,005

​
The Company’s trade accounts receivable balance related to contracts with customers was $2,512,957 at March 31, 2026 and $4,213,305 at December 31, 2025, which is net of an allowance for credit losses of $1,065 and $909 at March 31, 2026 and December 31, 2025, respectively. The Company’s products do not involve any warranty agreements and product returns are not typical.
In September 2025, the Company secured a five-year, sole-source Indefinite Delivery, Indefinite Quantity (IDIQ) contract with the U.S. Defense Logistics Agency (DLA) Strategic Materials, which is responsible for managing the National Defense Stockpile (NDS). The contract, with a maximum value of $245 million, is for the sale of antimony metal ingots (99.65% purity) to replenish the NDS through September 2030. Pricing is determined at the time each delivery order is placed based on prevailing market rates and each shipment will represent a separate performance obligation satisfied at a point in time. As a result, revenue will be recognized when each shipment of antimony metal ingots is delivered to the DLA’s depot and formally accepted by the government. Subsequent to entering into this agreement, the Company received sales orders pursuant to this contract totaling approximately $12 million. During the three months ended March 31, 2026, no revenue was recognized under this contract.

10

Table of Contents
UNITED STATES ANTIMONY CORPORATION AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
March 31, 2026

In November 2025, the Company executed a five-year sales agreement with a new industrial customer for the sale of antimony trioxide. After completing the monthly delivery schedule through December 2026 specified in the agreement, subsequent deliveries, pricing (pursuant to semiannual market-based adjustments), and volume commitments are subject to mutual written agreement every six months. During the three months ended March 31, 2026, the Company recognized $2.7 million of revenue related to this contract.
In 2025, as part of an agreement with an international supplier for the purchase of antimony that meets specified quality standards over a period of approximately 36 months, the Company extended a promissory note to the supplier for $2,500,000. The interest rate on the note was the lesser of the highest non-usurious rate of interest, if any, permitted by applicable law or 10.0%. In March 2026, the supplier made an initial principal payment of $100,000 on the note, and the Company recognized $45,762 of paid-in-kind interest income. On April 1, 2026, the note was amended and restated, with an outstanding principal balance of $2,486,524 that included accrued interest of $40,762. The amended note bears interest at the lesser of the highest non-usurious rate of interest permitted by law or 10.0% per annum. Pursuant to the amended terms, the note requires monthly principal payments of $100,000, plus accrued interest, beginning July 1, 2026, with the remaining outstanding balance due at maturity on December 31, 2026. The amended note also provides for full payment due on demand by the Company. The loan proceeds were used by the supplier, subject to the Company’s approval, to purchase antimony concentrate and equipment. Payment of the promissory note is secured by substantially all assets of the borrower and is further supported by a personal guarantee from the borrower’s principal owner. Since the note receivable is scheduled to mature within twelve months of the reporting date, it is recorded as a current asset in the Condensed Consolidated Balance Sheet.
​
NOTE 6 – INVESTMENT IN DEBT SECURITIES HELD TO MATURITY
The following is a summary of the Company’s investment securities held to maturity as of March 31, 2026:
​

​

​

​

​

​

​

​

​

​

​

​

​

​
​
​
​
​
Gross
​
Gross
​
​
​

​
​
Amortized
​
Unrealized
​
Unrealized
​
Estimated Fair

​
  ​ ​ ​
Cost
  ​ ​ ​
Gains
  ​ ​ ​
Losses
  ​ ​ ​
Value

Held-to-maturity securities – current:
​
​
​
​
​
​
​
​
​
​
​
​

U.S. Treasury Strips
​
$
 4,620,170
​
$
 118
​
$
 (1,533)
​
$
 4,618,755

Held-to-maturity securities – noncurrent:
​
​
 ​
​
​
 ​
​
​
 ​
​
​
 ​

U.S. Treasury Strips
​
 
 15,922,926
​
 
 7,971
​
 
 (37,343)
​
 
 15,893,554

Total held-to-maturity securities
​
$
 20,543,096
​
$
 8,089
​
$
 (38,876)
​
$
 20,512,309

​
The following is a summary of the Company’s investment securities held to maturity as of December 31, 2025:
​
​

​

​

​

​

​

​

​

​

​

​

​

​

​
​
​
​
​
Gross
​
Gross
​
​
​

​
​
Amortized
​
Unrealized
​
Unrealized
​
Estimated Fair

​
  ​ ​ ​
Cost
  ​ ​ ​
Gain
  ​ ​ ​
Losses
  ​ ​ ​
Value

Held-to-maturity securities – current:
 
​
  ​
 
​
  ​
 
​
  ​
 
​
  ​

U.S. Treasury Strips
​
$
 4,577,706
​
$
 3,004
​
$
 —
​
$
 4,580,710

Held-to-maturity securities – noncurrent:
​
 
  ​
​
 
  ​
​
 
  ​
​
 
  ​

U.S. Treasury Strips
​
 
 15,773,251
​
 
 68,770
​
 
 (2,144)
​
 
 15,839,877

Total held-to-maturity securities
​
$
 20,350,957
​
$
 71,774
​
$
 (2,144)
​
$
 20,420,587

​
During the three months ended March 31, 2026, the Company recognized interest income from the accretion of its U.S. Treasury Strips of $192,139. There was no interest income accretion recognized in the first quarter of 2025 as the Company did not hold any U.S. Treasury Strips during that period.

11

Table of Contents
UNITED STATES ANTIMONY CORPORATION AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
March 31, 2026

Consistent with the Company’s classification of its U.S. Treasury Strips as held to maturity, those securities scheduled to mature in the next twelve months after the reporting date are considered current assets and those having maturity dates more than twelve months after the reporting date are considered non-current assets. At March 31, 2026, the Company’s held to maturity securities were scheduled to mature as follows:
​
​

​

​

​

​

​

​

​
​
Amortized
​
Estimated Fair

​
  ​ ​ ​
Cost
  ​ ​ ​
Value

Maturing in next twelve months
​
$
 4,620,170
​
$
 4,618,755

Maturing in next one to five years
​
 
 15,922,926
​
 
 15,893,554

Total held-to-maturity securities
​
$
 20,543,096
​
$
 20,512,309

​
Margin Credit Line
In 2025, the Company secured a $19.0 million margin credit line with a national bank, which bears interest at one percent above the base commercial rate. The Company’s investment securities held to maturity, specifically its U.S. Treasury Strips, serve as collateral for the margin credit line. The Company had no borrowings outstanding under the margin credit line at March 31, 2026. Availability under the margin credit line is subject to customary margin requirements based on the value of the pledged securities.
​
NOTE 7 – INVENTORIES
Inventories at March 31, 2026 and December 31