UNITED STATES ANTIMONY CORP

CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY (UNAUDITED)

For the three months ended March 31, 2026 and 2025

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)

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.

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.

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:

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.

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:

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:

Sales by product were as follows:

Domestic and foreign revenues were as follows:

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 afive-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.

In November 2025, the Company executed afive-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:

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

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 wasno interest income accretion recognized in the first quarter of 2025 as the Company did not hold any U.S. Treasury Strips during that period.

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:

Margin Credit Line

In 2025, the Company secured a $19.0 million margin credit line with a national bank, which bears interest atone 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 hadno 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, 2025 consisted primarily of finished antimony metal ingots and antimony oxide products, antimony ore and concentrates, and finished zeolite products. Inventories are stated at the lower of first-in, first-out cost or estimated net realizable value. Finished antimony products and finished zeolite products primarily include direct materials, direct labor, overhead, depreciation, and freight. Inventories by type were as follows:

At March 31, 2026 and December 31, 2025, inventories were valued at cost, except for the portion of inventory that is valued at net realizable value because costs are greater than the amount the Company expects to receive on the sale of this inventory. During the three months ended March 31, 2026, the Company recorded a write-down of $161,456 to adjust antimony inventory to its NRV. There wereno inventory NRV adjustments during the three months ended March 31, 2025.

Note 8 – GOVERNMENT GRANT

In March 2026, the Company was awarded a$27.0 million grant by the U.S. Department of War under Title III of the Defense Production Act (“DPA”) to support the expansion and modernization of its domestic antimony processing operations and to fund a portion of the Company’s Alaskan antimony operations. The award is administered through the Defense Industrial Base Consortium (“DIBC”), which is managed by Advanced Technology International.

The award is structured as a milestone-based, firm fixed-price arrangement, with$16.2 million representing currently obligated funding associated with initial project milestones and the remaining$10.8 million related to future phases subject to additional authorization by the U.S. government. Payments under the agreement are contingent upon the achievement and formal acceptance of specified milestones, as well as compliance with certain ongoing requirements, including environmental, reporting, and project execution obligations.

As part of those execution obligations, the Company is required to contribute approximately$3.9 million of the total project cost and is responsible for executing the expansion of its Thompson Falls, Montana facility, as well as advancing related mining integration activities in Alaska. The period of performance under the agreement extends through January 4, 2028.

The Company has elected to early adopt ASU 2025-10,Government Grants (Topic 832), effective January 1, 2026, and account for the grant as a non-exchange transaction within the scope of ASC 832. Pursuant to this guidance, management evaluates the recognition of grant funding based on whether it is probable that the Company will comply with the substantive conditions of the agreement and that the grant will be received.

As of March 31, 2026, the Company received formal approval from the DIBC for the completion of three project milestones, representing$12.8 million of obligated funding. Based on this approval, management concluded that the recognition criteria under ASC 832 had been met, as the associated performance conditions were satisfied and collection of the funding was probable. Accordingly, the Company recognized a government grant receivable of$12.8 million as of March 31, 2026. These funds were received by the Company in April 2026.

Also, in accordance with the adoption of ASU 2025-10, the Company elected to apply the cost accumulation approach for grants related to long-lived assets, under which grant proceeds are recognized as a reduction of the carrying amount of the related assets. As of March 31, 2026, the Company recorded a$12.8 million grant receivable within Current Assets on the Condensed Consolidated Balance Sheet, with a reduction to the corresponding construction in progress amount associated with the Thompson Falls facility expansion included within Property, Plant, and Equipment. The Company tracks construction in progress by asset category and allocates recognized grant proceeds to the underlying depreciable asset types on a pro rata basis relative to the capitalized costs incurred.

There was no impact on the Condensed Consolidated Statement of Operations for the three months ended March 31, 2026, as the related assets have not yet been placed in service. Upon completion of the expansion, which is expected to occur in the second quarter of 2026, the reduction in the asset’s carrying value will result in lower periodic depreciation expense recognized prospectively over its remaining estimated useful life. Cash, when received from the grant, will be classified as an investing activity in the Condensed Consolidated Statement of Cash Flows, consistent with the classification of the underlying capital expenditures the grant is intended to offset.

As of March 31, 2026, the Company has not recognized any amounts related to the remaining$14.2 million of the total award, as such amounts are either not yet authorized or remain subject to the achievement and approval of future milestones. The Company will continue to evaluate additional funding under the agreement as milestones are completed and approval is obtained.

NOTE 9 – PROPERTY, PLANT AND EQUIPMENT

The major components of the Company’s property, plant and equipment (“PP&E”) by segment were as follows:

In January 2026, the Company purchased substantially all assets associated with a precious metals milling facility located in Radersburg, Montana for total consideration of approximately $4,816,000, which included approximately $66,000 of direct transaction costs. The acquired assets included land, buildings and site improvements, and machinery and equipment. The transaction was accounted for as an asset acquisition, and the purchase price was allocated to the acquired assets based on their relative fair values. Following this allocation, machinery and equipment totaled approximately $1,722,000, buildings and improvements totaled approximately $2,615,000, and land totaled approximately $479,000. The acquired assets are included in property, plant and equipment and the “All Other” category for segment reporting. The acquired assets will be depreciated over their estimated remaining useful lives, which range from 1 to 10 years for machinery and equipment and 20 to 30 years for buildings and improvements.

Mineral rights and interests

In January 2026, the Company paid $1.3 million to purchase 36 federal mining claims located in the Koyukuk Mining District of Alaska (commonly referred to as Nolan Creek) that are prospective for both antimony and gold. This agreement does not require the Company to make any royalty payments.

In January 2026, the Company paid approximately $108,000 to repurchase 1% of the net smelter return royalty associated with 50 single-cell mining claims located in the Sudbury District of Ontario, Canada (commonly referred to as Fostung Tungsten). The royalty obligation originated from the Company’s June 2025 acquisition of this property which was originally subject to a 1.5% net smelter return royalty based on the value realized from ore mined from the property.

In March 2026, the Company completed a series of mineral rights purchases in Sanders County, Montana (commonly referred to as Stibnite Hill), including three patented lode mining claims and the surface rights associated with a fourth patented lode mining claim, for aggregate consideration of approximately $815,000. The acquisitions were completed through separate purchase agreements and provide the Company with fee simple title to the underlying mineral properties.

During 2024 and 2025, the Company entered into multiple agreements to acquire mining claims, leases, and exploration rights in Alaska, Canada, and the southeastern United States. Pursuant to the terms of these agreements, the Company is obligated as of March 31, 2026 to make aggregate payments to purchase these claims of approximately $5.75 million, payable as follows: approximately $250,000 in the remainder of 2026, $450,000 in 2027, $500,000 in 2028, $2.2 million in 2029, and $2.35 million in 2030. In addition to these fixed payment obligations, the agreements generally require the Company to pay net smelter royalties based on the value realized from future production, with certain agreements providing the Company with the option to repurchase a portion of such royalties. The agreements also include aggregate exploration and development spending commitments of approximately $4.9 million over periods ranging from approximately three tofive years. Each of the agreements may be terminated by the Company without cause upon notice, which would relieve the Company of future payment and spending obligations.

All payments related to these mining claims and leases that became due on or before March 31, 2026 were made by the Company pursuant to the terms of the underlying agreements. The payments made to acquire these mining claims and leases are capitalized in the “Mineral rights and interests” component of PP&E in the Condensed Consolidated Balance Sheets and included in the “All Other” category for segment reporting.

NOTE 10 – LEASES

Philipsburg Operating Lease

In September 2024, the Company executed a contract to lease a metals concentration facility located in Philipsburg, Montana. The Company amended the lease in March 2025 extending the term of the agreement to September 2, 2026. As a result of the amendment in March 2025, the Company reduced the ROU asset and corresponding lease liability by $37,448. During the three months ended March 31, 2025, the Company recorded $176,962 of lease expense related to this lease in the Condensed Consolidated Statements of Operations. Lease payments were $30,000 during the three months ended March 31, 2025, which were included in operating cash flows. During the first quarter of 2026, there wereno payments made or expense recorded for this lease since the agreement was terminated in September 2025.

Dallas Operating Lease

In the first quarter of 2025, the Company executed a contract to lease office space for its corporate headquarters located in Dallas, Texas with a lease term of 24 months and total fixed payments during the term of $3,945 per month, or $94,680 in total. The Company is amortizing the lease on a straight-line basis over the term of the lease. The Company recorded the present value of the lease payments over the term as a lease liability and ROU asset. The Company’s incremental borrowing rate of 3.49% was used as the discount rate as the rate implicit in the lease was not readily determinable. The lease does not include any transfer of ownership of the office space at the end of the lease, nor any option to extend the lease or purchase the facility, nor any residual value guarantees. The Company cannot terminate the lease without cause and must provide the office space to the lessor at the end of the lease in the same condition as it was received.

The lease liability related to this operating lease, which represents the present value of the lease payments, and ROU asset were both $63,416 at inception of the lease and $20,307 as of March 31, 2026. During the three months ended March 31, 2026 and 2025, the Company recognized $11,835 and $7,890, respectively, of lease expense related to this lease in “General and administrative” in the Condensed Consolidated Statements of Operations. Lease payments were $11,835 and $7,890 during the three months ended March 31, 2026 and 2025, respectively, which were included in operating cash flows. The Company made a security deposit payment of $3,945 at the inception of the lease.

Canada Operating Lease

On October 1, 2025, the Company leased office space located in Sudbury, Ontario, Canada with a lease term of 60 months that expires on September 30, 2030. The Company is required to make monthly base rent payments of $1,050 in Canadian dollars which are converted to U.S. dollars using the spot exchange rate in effect on the payment date. The Company recorded $22,772 in U.S. dollars as the present value of the rent payments as a lease liability and corresponding ROU asset and is amortizing the lease on a straight-line basis over the term of the lease. Since the monthly rent payments are made in Canadian dollars, the lease liability was initially measured using the spot exchange rate in effect on the lease commencement date and is remeasured into U.S. dollars at each reporting date with any resulting foreign currency transaction gains or losses recognized in earnings. The Company’s incremental borrowing rate of 3.49% was used as the discount rate since the rate implicit in the lease was not readily determinable. The lease does not include any transfer of ownership of the office space at the end of the lease, nor any option to purchase the facility, nor any residual value guarantees. The Company has the option to renew or extend the lease for one additional term offive years, provided written notice is given to the landlord at least six months prior to the lease expiring. The Company did not consider the additional lease term covered by the renewal option in the initial lease liability since exercise of the renewal option was not reasonably certain at lease commencement.

During the first quarter of 2026, the Company recorded lease expense in U.S. dollars of $2,729 for this lease in “General and administrative” in the Condensed Consolidated Statements of Operations. Lease payments totaling $2,781 were made and included in operating cash flows. The Company also made a security deposit payment of $1,223 at the inception of the lease. There wereno payments made or expense recorded for this lease in the first quarter of 2025.

The following table summarizes expense and cash payments for both operating leases during the periods noted:

At March 31, 2026, the weighted average remaining lease term of operating leases was 31 months and the weighted average discount rate for operating leases was 3.49%.

The following table is a maturity analysis of the future minimum lease payments for operating leases as of March 31, 2026:

NOTE 11 – INVESTMENT IN EQUITY SECURITIES

In October 2025, the Company acquired 51.7 million, or approximately ten percent at that time, of the issued and outstanding shares of Larvotto Resources Limited (“Larvotto”) through twelve open-market cash purchases totaling $37,172,842 (measured in U.S. dollars). Larvotto is an Australian-based public company engaged in the exploration and development of critical minerals, particularly antimony and gold, whose shares are traded on the Australian Securities Exchange. Since the Company has less than a 20% ownership interest in Larvotto and does not exert significant influence through board representation, contractual governance rights, or other mechanisms that would allow participation in the financial or operational policy decisions of the business, the Company recorded this transaction as an investment in equity securities. The investment is measured at fair value each reporting period using readily available quoted market prices from the Australian Securities Exchange. As a result, the Company has classified the Larvotto investment as a Level 1 fair value measurement within the fair value hierarchy and all changes in its fair value are recorded as other income (expense), net, in the consolidated statements of operations. These changes in fair value may result from movements in Larvotto’s share price, changes in the Australian dollar (“AUD”) / U.S. dollar (“USD”) exchange rate, or a combination of both. The Company’s Larvotto investment is classified as a non-current asset in the consolidated balance sheets because it is considered a strategic investment that may be held long-term. At March 31, 2026, the fair value of the investment reflected in the condensed consolidated balance sheet was $36,432,898 and an unrealized loss of $4,061,430 was recorded as other income (expense) in the condensed consolidated statement of operations for the three months ended March 31, 2026.

NOTE 12 – INVESTMENT IN JOINT VENTURE

In February 2026, the Company entered into a joint venture agreement with Americas Gold and Silver Corporation (“Americas”) to construct and operate a new, state-of-the-art hydrometallurgical processing facility (the “JV”). The Company holds a 49% membership interest, with the remaining 51% held by Americas. While the Company is responsible for day-to-day activities of the JV, governance is shared through a management committee with equal representation from each member, and all significant decisions require unanimous approval. Accordingly, the Company does not have a controlling financial interest in the JV and accounts for its investment under the equity method of accounting.

The JV is expected to be funded in part through contributions of nonmonetary assets, including (i) rights to use proprietary hydrometallurgical processing technology to be contributed by the Company through a sublicense arrangement and (ii) rights to use and ultimately acquire the project site to be contributed by Americas through a staged lease-to-transfer structure. As of March 31, 2026, these nonmonetary contributions have not yet been made.

The Company has made an initial capital contribution to the JV of $100,000 and is required to fund its proportionate share of future capital expenditures in accordance with the JV agreement. The Company expects to continue to make additional contributions as the JV progresses through the construction and development phase of the project. The timing and amount of such contributions will depend on the JV’s approved budgets and project development schedule.

The JV is currently in the early stages of organizational development and has not commenced any significant operational activities. For the three months ended March 31, 2026, the Company recognized equity in losses of the JV of $16,126, which primarily reflects organizational, development, and other pre-operating costs incurred by the JV. As of March 31, 2026, the carrying value of the Company’s investment in the JV was $83,874.

The Company has made a formal application to the Department of War for grant awards to fund the construction of this new hydrometallurgical processing facility. The likelihood of such future awards cannot yet be determined.

NOTE 13 – LONG-TERM DEBT

Long-term debt was as follows:

At March 31, 2026, principal payments on debt were due as follows:

NOTE 14 – TAX

Mexico Tax Assessment

In 2015, the Mexican tax authority (“SAT”) initiated an audit of USAMSA’s 2013 income tax return. In October 2016, as a result of its audit, SAT assessed the Company $13.8 million pesos, which was approximately $666,400 in U.S. Dollars (“USD”) as of December 31, 2016. SAT’s assessment was based on the disallowance of specific costs that the Company deducted on the 2013 USAMSA income tax return. The assessment was settled in 2018 with no assessment due from the Company.

In 2019, the Company was notified that SAT re-opened its assessment of USAMSA’s 2013 income tax return and, in November 2019, SAT assessed the Company $16.3 million pesos, which was approximately $865,000 USD as of December 31, 2019. Management reviewed the 2019 assessment notice from SAT and, similar to the earlier assessment, believed the findings have no merit. An appeal was filed by the Company in November 2019 suspending SAT from taking immediate action regarding the assessment. In August 2020, the Company filed a lawsuit against SAT for resolution of the process and, in December 2020, filed closing arguments. In 2022, the Mexican court ruled against the Company in the above matter, which was subsequently appealed by the Company. In March 2024, Mexico’s appellate court ruled in favor of the Company with no assessment due related to this audit of USAMSA’s 2013 income tax return by SAT and instructed the lower court to issue a new ruling. In May 2024, Mexico’s lower court issued a final ruling on this matter in favor of the Company but left open the possibility for the SAT to re-open their audit. Subsequent to this judgment, the Company requested a final ruling on whether SAT can re-open this matter.

In January 2026, the Federal Administrative Justice Court (Tribunal Federal de Justicia Administrativa, “TFJA”) issued a final judgment in favor of the Company with respect to the SAT’s reassessment of USAMSA’s 2013 income tax return. The TFJA declared both the underlying tax credit and the related administrative appeal resolution invalid, including prior assessments and associated interest, penalties, and additional employee profit sharing. The ruling addressed the substantive merits of the case and determined that the Company was not subject to the obligations asserted by SAT. As a result of this final judgment, the matter is considered resolved with

no amounts due from the Company. This resolution hadno impact on the Company’s consolidated financial statements, as no liability had been recorded in connection with this matter.

Mexico Import Value Added Tax

USAMSA recorded a receivable of $2,110,075 and $1,875,771 at March 31, 2026 and December 31, 2025, respectively, for the Import Value Added Tax (“IVA tax” or “VAT”) it pays on certain goods and services representing amounts to be reimbursed from the Mexican government. USAMSA recorded reserves against its IVA tax receivable balances of $2,110,075 and $1,875,771 at March 31, 2026 and December 31, 2025, respectively, resulting in net IVA tax receivables ofzero at both period ends.

NOTE 15 – COMMITMENTS AND CONTINGENCIES

Historically, BRZ has been assessed fines and penalties by the Mine Safety and Health Administration (“MSHA”). During the first quarter of 2026, BRZ received four citations from MSHA, none of which were significant and substantial. All four citations were rectified by BRZ and terminated by MSHA either on the day the citations were issued or the day after. At March 31, 2026 and December 31, 2025, BRZ hadno accrued liabilities relating to MSHA citations.

BRZ has a lease through December 31, 2034 with Zeolite, LLC that entitles BRZ to surface mine and process zeolite on property in Preston, Idaho, in exchange for an annual payment and a royalty payment, which is based on the amount of zeolite shipped from the leased property (“BRZ Lease”).

In April 2025, the Company contracted with engineering and construction firms to expand its existing smelting operating capacity located in Thompson Falls, Montana. Total capital expenditures associated with the expansion plans are estimated to be approximately $32 million, of which approximately $30 million has been formally agreed to with various third-party vendors. As of March 31, 2026, the Company has incurred approximately $16 million related to these commitments which is included in the “Construction in progress” component of PP&E in the Condensed Consolidated Balance Sheets.

As of March 31, 2026, the Company had outstanding purchase commitments for inventory with an aggregate estimated cost of approximately $7 million, which is not reflected in the Condensed Consolidated Balance Sheet. The Company expects to take delivery of this inventory during the remainder of 2026.

NOTE 16 – STOCKHOLDERS’ EQUITY

Issuance of Common Stock

During the three months ended March 31, 2026 and 2025, the Company issued 2,006,621 shares and 1,101,231 shares, respectively, of its common stock in conjunction with the vesting of RSUs and exercising of stock options. See the “Share-Based Compensation” section below for further details.

Sale of Common Stock

During the three months ended March 31, 2026, the Company sold 126,436 shares of its common stock in “at the market offerings” and received gross proceeds of $1,426,183 based on a weighted average price of $11.28 per share. The aggregate net proceeds received by the Company, after deducting direct issuance costs of $86,737, totaled $1,339,446. In the first quarter of 2025, the Company sold 1,107,923 shares of its common stock in “at the market offerings” and received gross proceeds of $2,437,375 based on a weighted average price of $2.20 per share. The aggregate net proceeds received by the Company, after deducting direct issuance costs of $45,058, totaled $2,392,317.

The Company also issued 1,563,643 shares of its common stock in the first quarter of 2026 related to the exercise of warrants. See the “Common Stock Warrants” section below for further details.

Share-based compensation

In December 2023, shareholders approved the Company’s 2023 Equity Incentive Plan (“the Plan”), which provided for the grant of incentive stock options and non-qualified stock options and other types of awards. The general purpose of the Plan is to provide a means whereby eligible employees, officers, directors and other service providers develop a sense of proprietorship and personal involvement in the development and financial success of the Company, and to encourage them to devote their best efforts to our business, thereby advancing our interests and the interests of our shareholders. On July 31, 2025, the Company’s shareholders approved the Amended and Restated 2023 Equity Incentive Plan (the “Amended Plan”) which increased the maximum number of shares of common stock available for issuance under the Amended Plan to 23,700,000 shares.

Share-based compensation expense for the periods noted was as follows:

The following table summarizes the aggregate non-cash stock-based compensation recognized in the Consolidated Statement of Operations for stock options and RSUs:

Stock options

Stock options granted have either a 3-year or 10-year contractual term and are subject to either service or performance-based vesting conditions. The following table shows the weighted-average assumptions used to value options granted during the three months ended March 31, 2026:

Expected term – The expected term represents the period of time that options are expected to be outstanding. As the Company does not have sufficient historical exercise behavior, it uses the contractual term of the option or the simplified method as defined in Staff Accounting Bulletin Topic 14 for the expected term assumption.

Risk-free interest rate – The risk-free interest rate is based on the U.S. Treasury rate in effect at the time of the grant with an equivalent term approximating the expected term of the options.

Expected dividend yield—The Company bases the expected dividend yield assumption on the fact that it has never paid cash dividends and has no present intention to pay cash dividends.

Expected volatility – The expected volatility is based on the historical volatility of our stock price over the expected term of the stock option.

Activity with respect to stock options is summarized as follows:

At March 31, 2026, total unrecognized share-based compensation expense related to stock options was $7,287,047, which is expected to be recognized over a weighted average remaining period of 0.9 years. During the three months ended March 31, 2026,946,924 stock options were exercised to purchase shares of common stock. These exercises included 25,833 options for cash proceeds of $48,624 and cashless exercises where 254,368 shares of common stock were acquired by the Company as treasury stock to pay for the aggregate exercise price of the stock options and, in certain cases, to satisfy mandatory payroll tax withholding obligations, with 666,723 shares of common stock were issued to the award recipients. See the “Treasury Stock” section below for further details. The total intrinsic value of the 946,924 stock options exercised during the three months ended March 31, 2026 was $8,347,105.

During the three months ended March 31, 2025,322,500 stock options were exercised to purchase shares of common stock in a cashless exercise pursuant to which 46,269 shares of common stock were acquired by the Company to pay for the aggregate exercise price of the stock options and 276,231 shares of common stock were issued. The total intrinsic value of the 322,500 stock options exercised during the three months ended March 31, 2025 was $475,533.

Restricted stock units

Activity with respect to RSUs is summarized as follows:

At March 31, 2026, total unrecognized share-based compensation expense related to RSUs was $7,807,211, which is expected to be recognized over a weighted-average remaining period of 2.0 years. The weighted average remaining contractual term of the nonvested RSU shares was 1.7 years at March 31, 2026. During the three months ended March 31, 2026 and 2025,1,070,387 and 825,000 shares of common stock, respectively, were issued upon the vesting of RSUs with a total fair value of $10,648,174 and $1,076,250, respectively. Also, during the three months ended March 31, 2026 and 2025,295,598 and 46,269, respectively, of the newly issued common shares were acquired by the Company as treasury stock to satisfy the mandatory payroll tax withholding obligations resulting from the RSU vesting. See the “Treasury Stock” section below for further details.

Common stock warrants

During the three months ended March 31, 2026, the Company issued 1,563,643 shares of common stock related to the exercise of pre-existing warrants and received gross proceeds of $994,812 based on a weighted average exercise price of $0.64 per share. In the first quarter of 2025, the Company issued 948,750 shares of common stock related to the exercise of pre-existing warrants and received gross proceeds of $806,438 based on a weighted average exercise price of $0.85 per share. There wereno warrants issued or that expired during the three months ended March 31, 2026 and 2025.

Following is a summary of the Company’s warrant activity during the three months ended March 31, 2026:

Each warrant represents the right to receiveone share of the Company’s common stock. The composition of the Company’s remaining warrants outstanding at March 31, 2026 was as follows:

Treasury Stock

The Company retains and holds shares of its common stock as treasury stock to manage the settlement of employee equity awards. Shares are retained primarily to cover the option exercise price and, if any, required tax withholding for cashless stock option exercises and to satisfy employees’ tax obligations upon RSU vesting. During the three months ended March 31, 2026, the Company withheld 254,368 shares of common stock, with an aggregate value of $2,710,403, in connection with certain stock option exercises. These shares were retained as treasury stock to satisfy the related exercise price and, where applicable, payroll tax withholding obligations. Also,295,598 newly issued common shares with a cost of $3,088,000 were retained by the Company as treasury stock to satisfy the mandatory payroll tax obligations resulting from the vesting of RSUs. There wereno common shares retained and transferred to treasury stock during the three months ended March 31, 2025.

NOTE 17 – BUSINESS SEGMENTS

The Company hastwo reportable segments: antimony and zeolite. Our antimony segment consists of:

Our zeolite segment consists of our facility located in Preston, Idaho that mines, processes, and sells zeolite.

The following components of the Company’s business were not engaged in business activities at March 31, 2026 from which they generated revenue offset by related expenses: Los Juarez, Mexico in our ADM subsidiary, Ontario, Canada, Alaska, and the mining claims in Thompson Falls, Montana. Therefore, these components, along with the Company’s personal residence for a management employee, apartment complex in Thompson Falls, Montana for hourly employees, and flotation and concentration facility located in Radersburg, Montana, have been included in the “All Other” category for segment reporting. The Company’s chief operating decision maker is its chief executive officer.

Total assets by segment were as follows:

Total capital expenditures by segment were as follows:

Selected segment operational information were as follows:

Note 18 - SUBSEQUENT EVENTS

Sale of Common Stock

In April and May 2026, the Company sold 4,199,997 shares of its common stock in “at the market offerings” and received gross proceeds of $48,607,124 based on a weighted average price of $11.57 per share.

Equipment Financing Arrangement

On April 30, 2026, the Company entered into a secured equipment financing arrangement for the purchase of a wheel loader for approximately $238,000, payable in 48 monthly installments of approximately $4,958 through May 2030.

Interim Chief Financial Officer

On May 4, 2026, the Company announced that Richard Isaak, the Company’s Chief Financial Officer and principal financial officer, will commence a personal leave of absence effective immediately. During the leave, Mr. Isaak will not perform the duties of Chief Financial Officer or principal financial officer. Mr. Isaak is expected to return to his role following the conclusion of the leave, although the duration of the leave has not been determined.

In connection with Richard Isaak’s leave of absence, the Board of Directors of the Company appointed Shawn Winkler, age 50, to serve as Interim Chief Financial Officer and principal financial officer of the Company, effective May 4, 2026. In connection with his appointment as Interim Chief Financial Officer, Mr. Winkler will receive a monthly cash stipend of $20,000 during the period of his service in the interim role and a one-time equity award of stock purchase options.