UNITED STATES ANTIMONY CORP
For the period ended Jun 30, 2025. Filed Aug 12, 2025.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Jun 30, 2025 · Filed Aug 12, 2025
UAMY$3.47+23.0%Stored close · as of Nov 9, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2025-03-31; filed 2025-05-08.
0001654954-25-005221
ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS AND PLAN OF OPERATIONCurrent report: 10-Q
Period ended 2025-06-30; filed 2025-08-12.
0001654954-25-009449
ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS AND PLAN OF OPERATIONThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 43 previous paragraphs and 51 current paragraphs.
26 unchanged; 10 reworded; 13 added; 7 removed; 0 previous and 2 current paragraphs rearranged.
Tables are not compared: 14 previous and 17 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (13)
Current report
In May 2012, our shares of common stock started trading on the NYSE MKT exchange (now NYSE AMERICAN) under the symbol UAMY. On July 1, 2025, the Company’s common stock also began trading on a new stock exchange, the NYSE Texas. The Company continues to maintain its primary listing on the NYSE American Stock Exchange and trades with the same “UAMY” ticker symbol on both exchanges.
Current report
On July 31, 2025, the Company’s shareholders approved the conversion of the Company from a corporation organized under the laws of the State of Montana to a corporation organized under the laws of the State of Texas (the “Texas Reincorporation”). After the Texas Reincorporation is complete, the rights of the Company’s shareholders previously governed by the Montana Business Corporation Act, as amended, and the Company’s Articles of Incorporation and Bylaws in effect prior to the Texas Reincorporation, will be governed by the Texas Business Organizations Code and the Certificate and Bylaws filed and adopted by the Company under Texas law. The Texas Reincorporation will not result in any change in business, jobs, management, properties, location of any of our offices or facilities, number of employees, obligations, assets, liabilities or net worth. Also, the Company intends to maintain its corporate headquarters in Texas and does not expect there to be any interruption in the trading of its common stock. The Texas Reincorporation is expected to become effective as soon as practicable following the 2025 Annual Meeting.
Current report
On July 24, 2025, the Company published a technical report summary on its zeolite mineral deposit located in Preston, Idaho. This Technical Report Summary, dated July 2, 2025 (the “TRS”), on the Bear River Zeolite Project was prepared in accordance with the mining property disclosure rules specified in subpart 1300 of Regulation S-K. The full text of the TRS is an exhibit to the Form 8-K filed by the Company on July 25, 2025.
Current report
Consolidated Balance Sheets Information:
Current report
For the three and six months ended June 30, 2025, antimony revenue increased $6,972,867, or 262%, and $10,429,653, or 203%, respectively, as compared to the corresponding periods in the prior year. This growth was primarily driven by heightened demand for antimony, which resulted in the average sales price per pound increasing for both the three and six-month periods. This positive impact from higher prices was partially offset by declines in sales volume of 11% and 21% during the three and six months ended June 30, 2025, respectively.
Current report
Gross profit increased $1,641,485, or 132%, and $3,157,123, or 147%, for the three and six months ended June 30, 2025, respectively, as compared to the three and six months ended June 30, 2024. These increases were primarily attributable to higher average sales prices per pound, driven by greater demand, coupled with favorable ore costs from earlier purchases made during the first half of 2025. This positive impact was partially offset by an increasing percentage of market prices charged by suppliers.
Current report
For the six months ended June 30, 2025, Zeolite revenue increased $385,586, or 24%, as compared to the corresponding prior year period. This increase was largely a result of higher sales volume, stemming from enhanced customer relationships, improved supply reliability, and broader customer reach. In contrast, Zeolite revenue in the second quarter of 2025 experienced a decline of $106,105, or 11%, when compared to the prior year's second quarter. This quarterly decrease was predominantly due to a 17% decrease in tons of Zeolite sold, partially offset by an 8% increase in the average sales price per ton.
Current report
Gross profit increased $543,697, or 225%, for the six months ended June 30, 2025, as compared to the corresponding period in 2024. This increase was largely due to both sales volume growth and higher average sales prices, coupled with a decrease in maintenance and related costs. In the first two quarters of 2024, our BRZ facility incurred substantial maintenance and related costs to repair older operating equipment due to historically poor maintenance practices. Despite these overall positive trends, Zeolite's gross profit saw more modest growth, increasing only $71,778, or 142%, in the second quarter of 2025 as compared to the prior year's second quarter. This was primarily the result of a decline in Zeolite sales volume during the second quarter of 2025.
Current report
Inventory by segment as of the date indicated was as follows:
Current report
Also, prepaid expenses and other current assets totaled $1,353,208 and $104,161 as of June 30, 2025 and December 31, 2024, respectively, which is an increase of $1,249,047. This increase was due in part to a payment made during the second quarter of 2025 for a shipment of inventory that had not been received by June 30, 2025. This resulted in an increase in “prepaid expenses and other current assets” of approximately $840,000 from December 31, 2024 to June 30, 2025. Also, prepaid insurance increased by approximately $342,000 from December 31, 2024 to June 30, 2025, due to insurance renewal payments made during the second quarter of 2025 to continue coverage for the next policy year.
Current report
In addition, accrued liabilities totaled $1,251,778 and $1,427,146 as of June 30, 2025 and December 31, 2024, respectively, and relate primarily to accrued compensation and accruals for goods or services received but not invoiced as of the reporting date. The $175,368 decrease reflected a reduction in accrued compensation that was primarily due to timing differences associated with payroll accruals.
Current report
Net cash used in investing activities increased to $17,384,832 for the six months ended June 30, 2025 as compared to $100,039 for the six months ended June 30, 2024. Investing activities in the first six months of 2025 were comprised of $9,991,259 for the purchase of U.S. Treasury Strips and capital expenditures totaling $7,394,073. These capital expenditures included $5,025,120 for the Fostung Properties, a mining property consisting of 50 single-cell mining claims located in the Sudbury District of Ontario, Canada. SeeNote 8of theNotes to Condensed Consolidated Financial Statements in this Quarterly Report for further information.
Current report
The Company secured a $5,000,000 LOC facility in April 2025, which bears interest at one percent above the base commercial rate. The Company’s U.S. Treasury Strips serve as collateral for this LOC. The Company could generate funds or working capital by drawing on its LOC as it had no outstanding borrowings on the LOC at June 30, 2025.
Removed paragraphs (7)
Previous report
Although we extract minerals from the BRZ property located in Idaho that we later process and sell, we have not yet prepared a technical report summary for the BRZ property making a determination on the property’s mineral resources or mineral reserves. However, the Company has completed test hole drilling and has retained a qualified third-party expert who is in the process of preparing a technical reserve report for the BRZ property. We strive to achieve excellence in mine safety and health performance and work with government agencies to ensure compliance with environmental regulations and health and safety standards.
Previous report
Consolidated Balance Sheet Information:
Previous report
Antimony revenue increased $3,456,786, or 140%, for the three months ended March 31, 2025, as compared to the three months ended March 31, 2024, primarily due to an increase in the average sales price per pound driven by higher demand for antimony, partially offset by a decrease in sales volume.
Previous report
Gross profit increased $1,515,638, or 167%, for the three months ended March 31, 2025, as compared to the three months ended March 31, 2024, primarily due to an increasing market and sales price with a lagging ore cost, offset in part by higher ore costs.
Previous report
Zeolite revenue increased $491,691, or 82%, for the three months ended March 31, 2025, as compared to the three months ended March 31, 2024, primarily due to an increase in sales volume driven by improved customer relationships with better supply reliability and expanded customer reach.
Previous report
Gross profit increased by $471,919 for the three months ended March 31, 2025, as compared to the three months ended March 31, 2024, primarily due to an increase in sales volume and average sales price as well as a decrease in maintenance and related costs. In the first quarter of 2024, BRZ incurred significant maintenance and related costs from the repair of older machinery and equipment due to historical poor maintenance of this operating equipment.
Previous report
Net cash used in investing activities increased to $862,011 for the three months ended March 31, 2025 as compared to $2,031 for the three months ended March 31, 2024. This increase primarily reflected higher capital expenditures which included the purchase of a personal residence for management personnel working in Montana. SeeNote 6of theNotes to Condensed Consolidated Financial Statements in this Quarterly Report for further information.
Reworded paragraphs (10)
Previous wording
Readers should note that, in addition to the historical information contained herein, this Quarterly Report and the exhibits attached hereto contain “forward-looking statements” within the meaning of, and intended to be covered by, the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements are based upon current expectations and beliefs concerning future developments and their potential effects on United States Antimony Corporation (“US Antimony,” “USAC,” and the “Company”) including matters related to the Company’s operations, pending contracts and future revenues, financial performance, and profitability, ability to execute on its increased production and installation schedules for planned capital expenditures, and the size of forecasted deposits. Although the Company believes that the expectations reflected in the forward-looking statements and the assumptions upon which they are based are reasonable, it can give no assurance that such expectations and assumptions will prove to have been correct. The reader is cautioned not to put undue reliance on these forward-looking statements, as these statements are subject to numerous factors and uncertainties.
Current wording
Readers should note that, in addition to the historical information contained herein, this Quarterly Report and the exhibits attached hereto contain “forward-looking statements” within the meaning of, and intended to be covered by, the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements are based upon current expectations and beliefs concerning future developments and their potential effects on United States Antimony Corporation (“US Antimony,” “USAC,” or the “Company”) including matters related to the Company's operations, pending contracts and future revenues, financial performance, and profitability, ability to execute on its increased production and installation schedules for planned capital expenditures, and the size of forecasted deposits. Although the Company believes that the expectations reflected in the forward-looking statements and the assumptions upon which they are based are reasonable, it can give no assurance that such expectations and assumptions will prove to have been correct. The reader is cautioned not to put undue reliance on these forward-looking statements, as these statements are subject to numerous factors and uncertainties.
Previous wording
Management’s Discussion and Analysis is intended to be read in conjunction with the Company’s consolidated financial statements and the integral notes (“Notes”) thereto included in the Company’s Annual Report on Form 10-K for the fiscal year ending December 31, 2024.
Current wording
Management’s Discussion and Analysis is intended to be read in conjunction with the Company’s consolidated financial statements and the integral notes (“Notes”) thereto included in the Company’s Annual Report on Form 10-K/A for the fiscal year ended December 31, 2024.
Previous wording
United States Antimony Corporation’s principal business is the production and sale of antimony, precious metals, and zeolite products. The Company was incorporated in Montana in January 1970 to mine and produce antimony products. In December 1983, the Company suspended its antimony mining operations in the U.S. but continued to produce antimony products using foreign sources of antimony 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 for the purpose of mining and producing zeolite products in Idaho. In 2024, the Company leased a metals concentration facility with two flotation circuits located in Philipsburg, Montana. In 2024 and 2025, the Company acquired mining claims and leases in Alaska and Ontario, Canada, which necessitated forming three entities related to the Alaska mining claims, Great Land Minerals, LLC, Denali Minerals, LLC, and Alaska Antimony LLC, and one entity related to the Ontario mining claims and leases, UAMY Cobalt Corporation. We expect these mining claims and leases will expand the Company’s operations and product offerings. The Company has no active operations yet in Alaska or Ontario, Canada, nor at its ADM subsidiary, nor has any material been processed yet through the metals concentration facility located in Philipsburg, Montana. In May 2012, our shares of common stock started trading on the NYSE MKT (now NYSE AMERICAN) under the symbol UAMY.
Current wording
United States Antimony Corporation’s principal business is the production and sale of antimony, precious metals, and zeolite products. The Company was incorporated in Montana in January 1970 to mine and produce antimony products. In December 1983, the Company suspended its antimony mining operations in the U.S. but continued to produce antimony products using foreign sources of antimony 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 for the purpose of mining and producing zeolite products in Idaho. In 2024, the Company leased a metals concentration facility with two flotation circuits located in Philipsburg, Montana. In 2024 and 2025, the Company acquired mining claims and leases located in Alaska, Montana and Ontario, Canada, which necessitated forming three entities related to the Alaska mining claims, Great Land Minerals, LLC, Denali Minerals, LLC, and Alaska Antimony LLC, and one entity related to the Ontario mining claims and leases, UAMY Cobalt Corporation. We expect these mining claims and leases will expand the Company’s operations and product offerings. Currently, no active operations are being conducted, nor is any revenue being generated, from the Company's business components located in Los Juarez, Mexico (our ADM subsidiary), Ontario, Canada, Alaska, Philipsburg, Montana, and the mining claims in Thompson Falls, Montana. The Company is also considering the acquisition of additional property in Alaska to be used for operating activities, including ore separation and storage, as well as an office for its staff.
Previous wording
Antimony is a mineral that is included in many products that are used every day. USAC can provide this mineral in a form that can be used in these products.
Current wording
Antimony is a mineral that is included in many products that are used every day, both by the military and by industrial customers. USAC can provide this mineral in a form that can be used in these products.
Previous wording
Antimony is used in many products as a fire-retardant and a primer and is on the Critical Minerals List of the U.S. Government. Antimony mined from the ground, which is called antimony ore or ore, is typically not salable as a finished product primarily due to impurities in the ore, the ore size not being compatible with its intended use, and the percentage of antimony contained in the ore being too low. We process ore to remove impurities, refine the size, and increase the percentage of antimony contained in the ore to approximately 71.4% to make the finished product called antimony trisulfide, to approximately 83% to make the finished product called antimony oxide, and to approximately 99.65% to make the finished product called antimony metal. Antimony trisulfide, oxide, and metal can be sold as finished products to companies in many industries as well as government agencies. Antimony oxide is used to form a flame-retardant system for plastics, rubber, fiberglass, textile goods, paints, coatings, and paper, as a color fastener in paint, and as a phosphorescent agent in fluorescent light bulbs. Antimony metal is used in bearings, storage batteries, and ordnance. Antimony trisulfide is used as a primer in ammunition. The ore we purchase for our facility located in Montana contains antimony, gold, and silver. Our Montana facility processes this ore and sells the gold and silver to the company who sold us this ore, which represents all our precious metals sales, and sells the antimony to other companies in various industries. Our Mexico facilities have been processing ore primarily into antimony metal.
Current wording
Antimony is used in many products as a fire-retardant and a primer and is on the Critical Minerals List of the U.S. Government. Antimony mined from the ground, which is called antimony ore or ore, is typically not salable as a finished product primarily due to impurities in the ore, the ore size not being compatible with its intended use, and the percentage of antimony contained in the ore being too low. We process ore to remove impurities, refine the size, and increase the percentage of antimony contained in the ore to approximately 71.4% to make the finished product called antimony trisulfide, to approximately 83% to make the finished product called antimony oxide, and to approximately 99.65% to make the finished product called antimony metal. Antimony trisulfide, oxide, and metal can be sold as finished products to companies in many industries as well as government agencies. Antimony oxide is used to form a flame-retardant system for plastics, rubber, fiberglass, textile goods, paints, coatings, and paper, as a color fastener in paint, and as a phosphorescent agent in fluorescent light bulbs. Antimony metal is used in bearings, storage batteries, and ordnance. Antimony trisulfide is used as a primer in ammunition. The ore we purchase for our facility located in Montana contains antimony, gold, and silver. Our Montana facility processes this ore and typically sells the gold and silver to the company who sold us this ore, which represents all our precious metals sales, and sells the antimony to other companies in various industries. Our Mexico facilities have been processing ore primarily into antimony metal.
Previous wording
Operational and Financial Performance of Continuing Operations by Segment:
Current wording
Operational and Financial Performance of Operations by Segment:
Previous wording
Net cash used in operating activities was $1,729,291 for the three months ended March 31, 2025 as compared to $65,027 of net cash provided by operating activities for the three months ended March 31, 2024. This use of cash in 2025 primarily related to increased antimony inventory ore purchases coupled with higher ore prices as pricing is based on a percentage of the antimony market price, which increased throughout the first quarter of 2025.
Current wording
Net cash used in operating activities was $2,356,986 for the six months ended June 30, 2025 as compared to $630,966 of net cash provided by operating activities for the six months ended June 30, 2024. This use of cash in 2025 primarily related to significantly increased antimony inventory on hand throughout the first two quarters of 2025, as shown in the inventory chart below. This use of cash was partly offset by an increased accounts payable balance during the first six months of 2025, which was largely due to the higher cost of supplier invoices related to antimony.
Previous wording
Net cash provided by financing activities was $3,166,123 for the three months ended March 31, 2025 as compared to $21,273 of net cash used in financing activities for the three months ended March 31, 2024. Financing activities in the first quarter of 2025 included $2,392,317 of net proceeds received from the sale of common stock in an “at the market offering” and $806,438 of proceeds received from the exercise of common stock warrants.
Current wording
Net cash provided by financing activities was $7,279,344 for the six months ended June 30, 2025 as compared to $39,071 of net cash used in financing activities for the six months ended June 30, 2024. Financing activities in the first six months of 2025 included $5,064,483 of net proceeds received from the sale of common stock in an “at the market offering” and $2,225,411 of proceeds received from the exercise of pre-existing common stock warrants.
Previous wording
The Company could also receive funds from the U.S. Government for initiatives related to facility expansion and mining exploration and development. However, there is no assurance that U.S. Government funding will be accessible to the Company.
Current wording
The Company could also receive funds from the U.S. Government for initiatives related to facility expansion and mining exploration and development. However, there is no assurance that U.S. Government funding will ultimately be accessible to the Company.
Previous wording
As of March 31, 2025, the Company had cash and cash equivalents of $18,746,429. We intend to fund our cash requirements with our cash and cash equivalents, cash generated from our operations, and capital raised from various investment vehicles and believe cash from these sources are sufficient to cover our requirements for the next 12 months. We may use cash to acquire businesses. The nature of these investments and transactions, however, makes it difficult to predict the amount and timing of such cash requirements.
Current wording
As of June 30, 2025, the Company had cash and cash equivalents of $5,708,660. We intend to fund our cash requirements with our cash and cash equivalents, cash generated from our operations, and capital raised from various investment vehicles and methods and believe cash from these sources are sufficient to cover our requirements for the next 12 months. We may use cash to acquire businesses. As noted per the “DESCRIPTION OF BUSINESS – History” section above, the Company is currently considering the acquisition of additional property in Alaska to be used for operating activities, including ore separation and storage, as well as an office for its staff. The nature of these investments and transactions, however, makes it difficult to predict the amount and timing of such cash requirements.
Rearranged current paragraphs (2)
Current report — wording carried from elsewhere
Financial and operational performance of antimony for the six months ended June 30, 2025 and 2024 was as follows:
Current report — wording carried from elsewhere
Financial and operational performance of zeolite for the six months ended June 30, 2025 and 2024 was as follows: