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 and six months ended June 30, 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. In April 1998, the Company formed US Antimony de Mexico, S.A. de C.V. (“USAMSA”) to produce antimony products in Mexico, and, in August 2005, the Company formed Antimonio de Mexico, S.A. de C.V. (“ADM”) to explore and develop antimony and precious metal deposits in Mexico. The Company formed Bear River Zeolite Company (“BRZ”) in 2000 where at its 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. These acquisitions have the potential to increase antimony ore throughput at the Company’s facilities, reduce the cost of third-party antimony ore purchases, provide reliability of supply, expand the Company’s product offerings and diversify its critical mineral portfolio. The Company has also entered into an agreement to acquire certain 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 June 30, 2026, and its results of operations and cash flows for the three and six months ended June 30, 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.

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 and six months ended June 30, 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 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 Financial Accounting Standards Board (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 9 – 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 $2,607,687 at June 30, 2026 and $4,213,305 at December 31, 2025, which is net of an allowance for credit losses of $1,345 and $909 at June 30, 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 along with certain specific fees 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 June 2026, the Company fulfilled its firsttwo shipments under the contract with the DLA. These shipments, which consisted of approximately 82,000 pounds of antimony metal ingots, were formally accepted by the DLA in July 2026. Under the terms of the contract, control transfers to the DLA when formal acceptance has occurred. As a result, the Company recognized the $2.6 million of revenue related to these shipments in July 2026, which will be included in the Company’s third-quarter financial results.

In November 2025, the Company executed afive-year sales agreement with a new industrial customer for the sale of antimony trioxide. Once the monthly delivery schedule through December 2026 specified in the agreement is completed, subsequent deliveries, pricing (pursuant to semiannual market-based adjustments), and volume commitments will be subject to mutual written agreement between the Company and the customer every six months. During the three and six months ended June 30, 2026, the Company recognized $1.0 million and $3.7 million, respectively, of revenue related to this contract.

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 June 30, 2026:

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

During the three and six months ended June 30, 2026, the Company recognized interest income from the accretion of its U.S. Treasury Strips of $194,509 and $386,648, respectively. The Company recognized interest income accretion on its U.S. Treasury Strips of $95,990 during both the three and six months ended June 30, 2025.

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 June 30, 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 U.S. Treasury Strips serve as collateral for the margin credit line. During the first and second quarters of 2026, the Company borrowed $5.0 million and $10.0 million, respectively, under the margin credit line, with each borrowing repaid prior to the end of the respective quarter. The Company hadno outstanding borrowings under the margin credit line outstanding as of June 30, 2026 or December 31, 2025. Availability under the margin credit line is subject to customary margin requirements based upon a percentage of the value of the pledged securities.

NOTE 7 – INVENTORIES

Inventories at June 30, 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 June 30, 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 six months ended June 30, 2026, the Company recorded a write-down of $161,456 to adjust antimony inventory to its NRV. There wereno inventory NRV adjustments during the six months ended June 30, 2025.

NOTE 8 – NOTE RECEIVABLE

In 2025, as part of an international strategic supply agreement with a supplier for the purchase of processed antimony meeting specified quality standards over an approximate 36-month period, the Company extended a secured promissory note to the supplier in the original principal amount of$2,500,000. On February 1, 2026, the note was amended and restated to incorporate accrued interest into the outstanding principal balance. On April 1, 2026, the note was again amended and restated with an outstanding principal balance of$2,486,524, which included accrued interest. The amended note required monthly principal payments of$100,000 beginning July 1, 2026, with the remaining balance due on December 31, 2026. The amended note also included a demand feature permitting the Company to require immediate repayment.

During the second quarter of 2026, the parties entered into a new Convertible Promissory Note (the “Convertible Note”), which replaced the previously outstanding note receivable. The Company entered into the Convertible Note as part of its ongoing strategic commercial relationship with the supplier. The additional funding is intended to support the supplier’s continued development of its antimony processing capabilities and future product supply.

The Convertible Note has a principal balance of$4,000,000 and bears interest at 10.0% per annum. The principal balance of the Convertible Note includes the outstanding indebtedness under the most recent financing arrangement,$40,752 of accrued interest,$356,570 previously advanced for inventory that had not been received as of the date of the Convertible Note, and$1,116,154 of additional funding provided by the Company. The Convertible Note matures upon the earliest of (i)five days following written demand by the Company, (ii) the occurrence of an event of default, or (iii) May 29, 2028. The Convertible Note also grants the Company the right, at its election, to convert all or a portion of the outstanding indebtedness, including accrued and unpaid interest, into membership interests of the borrower which owns a hydrometallurgical processing facility located internationally. As a condition of the Convertible

Note, the Company received an exclusive license to this antimony processing technology for use in North America and Australia. In addition, the processed antimony being received from this supplier is below prevailing international market rates.

The Convertible Note is secured by substantially all of the assets of the borrower and is further supported by a personal guaranty from the borrower’s principal owner. The Convertible Note also contains mandatory prepayment provisions, setoff rights, and other customary creditor protections. Management evaluated the embedded conversion feature and concluded that separate derivative accounting was not required. The Company evaluated the collectability of the Convertible Note in accordance with its expected credit loss methodology and concluded thatno allowance for expected credit losses was required after considering, among other factors, the pledged collateral, contractual demand rights, the borrower’s current operating status, expected future operating cash flows, and other credit enhancements associated with the financing arrangement. Because the Company has an unconditional contractual right to demand repayment at any time, the Convertible Note is classified as a current asset in the Condensed Consolidated Balance Sheet.

NOTE 9 – 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 mining 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.

On March 25, 2026, the Company received formal approval from the DIBC confirming the achievement of three project milestones associated with$12.8 million of committed funding. Management concluded that the recognition criteria under ASC 832 had been satisfied because the related performance conditions had been met and receipt of the funding was probable. As a result, during the first quarter of 2026, the Company recognized a$12.8 million government grant receivable, which was collected in April 2026. Consistent with its election to apply the cost accumulation approach under ASU 2025-10 for grants related to long-lived assets, the Company recognized the corresponding grant proceeds as a reduction of the carrying amount of Property, Plant, and Equipment (“PP&E”) associated with the Thompson Falls facility expansion. Grant proceeds are allocated to the underlying depreciable asset categories on a pro rata basis relative to the capitalized costs incurred. The related cash inflow was classified as an investing activity in the Condensed Consolidated Statement of Cash Flows, consistent with the classification of the capital expenditures the grant was intended to offset.

The Thompson Falls facility expansion was substantially completed and$4.1 million of the related assets were placed in service late in the second quarter of 2026. The reduced carrying value of the depreciable assets is expected to result in lower depreciation expense prospectively over the remaining estimated useful lives of those assets.

As of June 30, 2026, the Company had not recognized any amounts related to$14.2 million of funding that remained subject to future milestone achievement and approval. This amount includes the$10.8 million portion of the award that has not yet been authorized by the U.S. government. The Company expects to receive additional funding under the agreement as further milestones are completed, and the related funding is subsequently approved.

NOTE 10 – PROPERTY, PLANT AND EQUIPMENT

The major components of the Company’s 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.

In May 2026, the Company executed an agreement to acquire the ownership rights to various mining claims located in the Fairbanks District of Alaska. Payments to acquire these claims have been or will be made by the Company on or around the payment dates indicated as follows:

This agreement requires net smelter royalty payments by the Company based on the value realized from minerals produced from the mining claims. The agreement can be terminated without cause at any time by the Company with thirty days’ written notice.

The Company has 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 June 30, 2026 to make aggregate payments to purchase these claims of approximately $7.0 million, payable as follows: approximately $150,000 in the remainder of 2026, $600,000 in 2027, $650,000 in 2028, $3.3 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 June 30, 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 11 – 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 and six months ended June 30, 2025, the Company recorded $127,548 and $304,510, respectively, of lease expense related to this lease in the Condensed Consolidated Statements of Operations. During the first six months of 2026, there wasno expense recorded for this lease since the agreement was terminated in September 2025. In the first quarter of 2026, the Company acquired a precious metals milling facility located in Radersburg, Montana, which replaced the Company’s need for the Philipsburg facility.

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 used its incremental borrowing rate 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 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.

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 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.

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

At June 30, 2026, the weighted average remaining lease term of operating leases was 35 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 June 30, 2026:

NOTE 12 – INVESTMENT IN EQUITY SECURITIES

In October 2025, the Company acquired 51.7 million, or approximatelyten 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 condensed 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 condensed consolidated balance sheets because it is considered a strategic investment that may be held long-term. As of June 30, 2026 and December 31, 2025, the fair value of the investment reflected in the condensed consolidated balance sheet was $43,219,151 and $40,494,328, respectively, and unrealized gains of $6,786,253 and $2,724,823 were recorded as other income (expense) in the condensed consolidated statement of operations for the three and six months ended June 30, 2026, respectively. There wereno unrealized gains or losses recorded as other income (expense) during the three and six months ended June 30, 2025.

NOTE 13 – 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 June 30, 2026, these nonmonetary contributions have not yet been made.

The Company has made capital contributions to the JV of $149,000 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 which are in process.

The JV is currently in the early stages of organizational development and has not commenced any significant operational activities. For the three and six months ended June 30, 2026, the Company recognized equity in losses of the JV of $56,514 and $72,640, respectively, which primarily reflects organizational, development, and other pre-operating costs incurred by the JV. As of June 30, 2026, the carrying value of the Company’s investment in the JV was $76,360.

Earlier this year, the Company made a formal application on behalf of the JV 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 14 – LONG-TERM DEBT

Long-term debt was as follows:

In May 2024, BRZ acquired a large front-end wheel loader pursuant to a financing arrangement with a total contractual obligation of approximately $425,000, payable in 36 monthly installments of $11,799 maturing in May 2027. The financing arrangement provided for a fixed rate of 3.49% per annum. The financing arrangement is secured by a purchase money security interest in the wheel loader and is guaranteed by the Company. As of June 30, 2026, the outstanding principal balance under the agreement was $127,550, all of which was classified as current portion of long-term debt.

In April 2026, the Company acquired a mid-size front-end wheel loader to be used at its precious metals milling facility located in Radersburg, Montana pursuant to a financing arrangement with a total contractual obligation of approximately $238,000, payable in 48 monthly installments of $4,958 maturing in May 2030. The financing arrangement does not bear a stated rate of interest; accordingly, the Company recorded the equipment and related financing obligation at the present value of the future contractual payments using an imputed market interest rate of 6.0%. As a result, the Company recorded the equipment and debt at approximately $211,000 which is net of a debt discount of approximately $27,000, which is being amortized to interest expense over the term of the financing arrangement using the effective interest method. The financing obligation is secured by a purchase money security interest in the equipment. As of June 30, 2026, the outstanding principal balance consisted of $48,363 classified as current portion of long-term debt and $158,862 classified as long-term.

At June 30, 2026, principal payments on debt were due as follows:

NOTE 15 – TAX

Management estimates the Company’s 2026 effective tax rate to be 0% based on the Company’s year-to-date pretax loss, cumulative loss position, historical operating losses, and other available evidence supporting the continued need for a full valuation allowance against its net deferred tax assets. Although the Company reported net income for the second quarter of 2026, such income was the direct result of an unrealized gain on an equity investment that is reflected as a temporary difference for tax purposes. Accordingly, no income tax expense or benefit has been recorded for the three- and six-month periods ended June 30, 2026.

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 withno 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 $2,955,899 and $1,875,771 at June 30, 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 full reserves against its IVA tax receivable balances at June 30, 2026 and December 31, 2025, respectively, resulting in net IVA tax receivables ofzero at both period ends.

NOTE 16 – COMMITMENTS AND CONTINGENCIES

Mine Safety Matters

Historically, BRZ has been assessed fines and penalties by the Mine Safety and Health Administration (“MSHA”). During the six months ended June 30, 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 June 30, 2026 and December 31, 2025, BRZ hadno accrued liabilities relating to MSHA citations.

BRZ’s Zeolite Lease

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”).

Thompson Falls, Montana Facility Expansion

In April 2025, the Company engaged 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 $39 million, of which approximately $37 million has been formally agreed to with various third-party vendors. As of June 30, 2026, the Company has incurred approximately $33 million related to these commitments. The Thompson Falls facility expansion was substantially completed during the second quarter of 2026, resulting in approximately $4 million of project costs being transferred from construction in progress to the appropriate PP&E asset categories as the related assets were placed in service late in the quarter. The remaining approximately $29 million of gross project costs are included in the “Construction in progress” component of PP&E in the Condensed Consolidated Balance Sheets presented net of the $12.8 million of grant funding received under the Company’s DIBC award, as discussed in NOTE 9 – GOVERNMENT GRANT.

Inventory Purchase Commitments

As of June 30, 2026, the Company had outstanding purchase commitments for antimony inventory with an aggregate estimated cost of approximately $5 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.

Legal Matters

The Company’s Mexican subsidiary USAMSA is a defendant in a commercial lawsuit relating to historical obligations under an agreement for certain services related to mining claims in Mexico. The action is in its initial stages with the plaintiff seeking approximately $339,000 in damages and $54,390 of associated value added tax. In connection with the litigation, a Mexican court issued a precautionary attachment order requiring the Company to restrict approximately $339,000 held in a bank account as security pending

resolution of the matter and until posting of a judicial surety bond to substitute for the attachment is completed. As a result, the Company has classified such amount as restricted cash in the accompanying Condensed Consolidated Balance Sheet as of June 30, 2026. The Company intends to vigorously defend the action and, based on the information currently available and after consultation with legal counsel, management does not believe a loss is probable. Accordingly, no liability has been recorded as of June 30, 2026, although an adverse outcome remains reasonably possible. The Company has subsequently filed a countersuit against the same party in excess of the amounts described to recover amounts previously paid to the party for services subject to the disagreement.

The Company is from time to time involved in various other claims, legal proceedings and complaints arising in the ordinary course of business. The Company does not believe that adverse decisions in any such pending or threatened proceedings, or any amount that the Company might be required to pay by reason thereof, would have a material adverse effect on the financial condition or future results of the Company.

NOTE 17 – STOCKHOLDERS’ EQUITY

Issuance of Common Stock

During the six months ended June 30, 2026 and 2025, the Company issued 3,449,209 shares and 1,472,097 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 six months ended June 30, 2026, the Company sold 4,326,433 shares of its common stock in “at the market offerings” and received gross proceeds of $50,033,307 based on a weighted average price of $11.56 per share. The aggregate net proceeds received by the Company, after deducting direct issuance costs of $962,469, totaled $49,070,838. During the first six months of 2025, the Company sold 1,857,923 shares of its common stock in “at the market offerings” and received gross proceeds of $5,158,787 based on a weighted average price of $2.78 per share. The aggregate net proceeds received by the Company, after deducting direct issuance costs of $94,304, totaled $5,064,483.

The Company also issued 2,703,643 shares of its common stock during the first six months 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 Condensed Consolidated Statement of Operations for stock options and RSUs:

Stock options

Stock options granted typically have a 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 six months ended June 30, 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 June 30, 2026, total unrecognized share-based compensation expense related to stock options was $4,188,207, which is expected to be recognized over a weighted average remaining period of 0.8 years. During the six months ended June 30, 2026,1,722,289 stock options were exercised to purchase shares of common stock. These exercises included 421,797 options for cash proceeds of $259,501 and cashless exercises where 372,185 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, where 928,307 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 1,722,289 stock options exercised during the six months ended June 30, 2026 was $14,560,523.

During the six months ended June 30, 2025,622,500 stock options were exercised to purchase shares of common stock. These exercises included 250,000 options for cash proceeds of $55,000 and cashless exercises where 50,269 shares of common stock were surrendered to the Company to pay for the aggregate exercise price of the stock options and 322,231 shares of common stock were issued. The total intrinsic value of the 322,500 stock options exercised during the six months ended June 30, 2025 was $1,061,033.

Restricted stock units

Activity with respect to RSUs is summarized as follows:

At June 30, 2026, total unrecognized share-based compensation expense related to RSUs was $6,009,654, which is expected to be recognized over a weighted-average remaining period of 1.7 years. The weighted average remaining contractual term of the nonvested RSU shares was 1.5 years at June 30, 2026. During the six months ended June 30, 2026 and 2025,1,726,920 and 899,866 shares of common stock, respectively, were issued upon the vesting of RSUs with a total fair value of $16,656,240 and $1,269,256, respectively. Also, during the six months ended June 30, 2026,528,362 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 six months ended June 30, 2026, the Company issued 2,703,643 shares of common stock related to the exercise of pre-existing warrants and received gross proceeds of $1,963,812 based on a weighted average exercise price of $0.73 per share. In the first two quarters of 2025, the Company issued 2,919,643 shares of common stock related to the exercise of pre-existing warrants and received gross proceeds of $2,225,411 based on a weighted average exercise price of $0.76 per share. There wereno warrants issued or that expired during the six months ended June 30, 2026 and 2025.

Following is a summary of the Company’s warrant activity during the six months ended June 30, 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 June 30, 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 six months ended June 30, 2026, the Company withheld 372,185 shares of common stock, with an aggregate value of $3,654,449, 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, during the six months ended June 30, 2026,528,362 newly issued common shares with a cost of $5,189,407 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 six months ended June 30, 2025.

NOTE 18 – 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 June 30, 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 19 - SUBSEQUENT EVENT

Shipments to DLA

During June 2026, the Company fulfilled its firsttwo shipments under the contract with the DLA. These shipments, which consisted of approximately 82,000 pounds of antimony metal ingots, were formally accepted by the DLA in July 2026. Under the terms of the contract, control transfers to the DLA when formal acceptance has occurred. As a result, the Company recognized the $2.6 million of revenue related to these shipments in July 2026, which will be included in the Company’s third-quarter financial results.

Common Stock Warrants

In July 2026, the Company issued 130,250 shares of common stock and received gross proceeds of $110,713 related to the exercise of warrants, based on a weighted average exercise price of $0.85 per share.