UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 10-Q

(Mark One)

☒ Quarterly Report Pursuant to Section 13 Or 15(d) Of The Securities Exchange Act of 1934

For the quarterly period ended ~~March 31,~~September 30, 2023

☐ Transition Report Under Section 13 Or 15(d) Of The Securities Exchange Act of 1934

For the transition period ________ to ________

COMMISSION FILE NUMBER 001-08675

UNITED STATES ANTIMONY CORPORATION

(Exact name of registrant as specified in its charter)

Montana		81-0305822
(State or other jurisdiction of incorporation or organization)		(IRS Employer Identification No.)

P.O. Box 643 Thompson Falls, MT		59873
(Address of principal executive office)		(Postal Code)

(406) 827-3523

~~(Registrant’s telephone number)~~

(Registrant’s telephone number)

Securities registered pursuant to Section 12(b) of the Act:

Title of Each Class

Trading Symbol

Name of Each Exchange on Which Registered

Common Stock, $0.01 par value

UAMY

NYSE American

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes~~Yes~~ ☐ No ☒

Indicate by checkmark whether the registrant has submitted electronically every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit and post filed). Yes~~Yes~~ ☒ No ☐

Indicate by checkmark whether the registrant is a large accelerated filer, an accelerated filer, or a non-accelerated filer. See definition of “Accelerated filer and large accelerated filer” in Rule 12b-2 of the Exchange Act (Check one):

Large Accelerated Filer	☐	Accelerated Filer	☐
Non-accelerated Filer	☒	Smaller Reporting Company	☒
Emerging Growth Company	☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

As of ~~October 4,~~November 10, 2023, there were 107,647,317 shares outstanding of the registrant’s $0.01 par value common stock.

Contents

~~Page~~2 of 23

Table of Contents

PART I - FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS

UNITED STATES ANTIMONY CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)

March 31, 2023

December 31, 2022

ASSETS

CURRENT ASSETS

Cash and cash equivalents

$ 15,361,064

$ 19,060,378

Certificates of deposit

259,856

259,857

Accounts receivable, net

1,704,276

784,457

Inventories

1,610,216

1,375,068

Prepaids expenses and other current assets

279,451

137,599

Total current assets

19,214,863

21,617,359

Properties, plants and equipment, net

12,518,653

12,128,124

Restricted cash for reclamation bonds

57,288

57,288

IVA receivable and other assets

1,070,955

897,679

Total assets

$ 32,861,759

$ 34,700,450

LIABILITIES AND STOCKHOLDERS’ EQUITY

CURRENT LIABILITIES:

Accounts payable

$ 835,652

$ 628,803

Accrued liabilities

169,422

201,149

Accrued liabilities – directors and related parties

92,709

72,963

Royalties payable

15,884

435,075

Dividends payable

-

787,730

Long-term debt, current portion

95,573

94,150

Total current liabilities

1,209,240

2,219,870

Long-term debt, net of current portion

193,410

217,855

Stock payable to directors for services

61,459

61,459

Asset retirement obligations and accrued reclamation costs

335,379

332,011

Total liabilities

1,799,488

2,831,195

COMMITMENTS AND CONTINGENCIES (NOTE 9)

STOCKHOLDERS’ EQUITY

Preferred stock, $0.01 par value; 10,000,000 shares authorized:

Series A: 0 shares issued and outstanding

-

-

Series B: 750,000 shares issued and outstanding (liquidation preference $961,875 and $960,000, respectively)

7,500

7,500

Series C: 177,904 shares issued and outstanding (liquidation preference $97,847 both periods)

1,779

1,779

Series D: 0 and 1,692,672 shares issued and outstanding (liquidation preference $0 and $5,019,410, respectively)

-

16,926

Common stock, $0.01 par value; 150,000,000 shares authorized; 107,647,317 shares issued and outstanding at March 31, 2023 and 106,373,341shares issued and outstanding at December 31, 2022

1,076,472

1,063,732

Additional paid-in capital

63,853,836

64,052,630

Shares to be returned to treasury

-

(202,980 )
Accumulated deficit

(33,877,316 )

(33,070,332 )
Total stockholders’ equity

31,062,271

31,869,255

Total liabilities and stockholders’ equity

$ 32,861,759

$ 34,700,450

UNITED STATES ANTIMONY CORPORATION AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)

	September 30,			December 31,
	2023			2022
ASSETS
CURRENT ASSETS:
Cash and cash equivalents	$	12,864,992		$	19,060,378
Certificates of deposit		259,856			259,857
Accounts receivable, net		1,390,437			784,457
Inventories		1,876,555			1,375,068
Prepaid expenses and other current assets		236,966			137,599
Total current assets	$	16,628,806		$	21,617,359
Properties, plants and equipment, net		12,933,542			12,128,124
Restricted cash for reclamation bonds		57,288			57,288
IVA receivable and other assets		1,307,094			897,679
Total assets	$	30,926,730		$	34,700,450
LIABILITIES AND STOCKHOLDERS’ EQUITY
CURRENT LIABILITIES:
Accounts payable	$	606,300		$	628,803
Accrued liabilities		224,151			212,654
Accrued liabilities – directors		279,244			61,458
Royalties payable		107,937			435,075
Dividends payable		-			787,730
Long-term debt, current portion		62,064			94,150
Total current liabilities	$	1,279,696		$	2,219,870
NON-CURRENT LIABILITIES:
Long-term debt, net of current portion		179,892			217,855
Stock payable to directors for services		43,750			61,459
Asset retirement obligations and accrued reclamation costs		342,114			332,011
Total liabilities	$	1,845,452		$	2,831,195
COMMITMENTS AND CONTINGENCIES (NOTE 8)
STOCKHOLDERS’ EQUITY:
Preferred stock, $0.01 par value; 10,000,000 shares authorized:
Series A: 0 shares issued and outstanding		-			-
Series B: 750,000 shares issued and outstanding (liquidation preference $965,625 and $960,000, respectively)	$	7,500		$	7,500
Series C: 177,904 shares issued and outstanding (liquidation preference $97,847 both periods)		1,779			1,779
Series D: 0 and 1,692,672 shares issued and outstanding (liquidation preference $0 and $5,019,410, respectively)		-			16,926
Common stock, $0.01 par value; 150,000,000 shares authorized; 107,647,317 shares issued and outstanding at September 30, 2023 and 106,373,341 shares issued and outstanding at December 31, 2022		1,076,472			1,063,732
Additional paid-in capital		63,853,836			64,052,630
Shares to be returned to treasury		-			(202,980	)
Accumulated deficit		(35,858,309	)		(33,070,332	)
Total stockholders’ equity		29,081,278			31,869,255
Total liabilities and stockholders’ equity	$	30,926,730		$	34,700,450

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

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UNITED STATES ANTIMONY CORPORATION AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)

	For the three months ended						Three months ended September 30,						Nine months ended September 30,
	March 31, 2023			March 31, 2022			2023			2022			2023			2022
REVENUE	$	2,210,844		$	3,580,306		$	2,313,491		$	2,463,984		$	7,027,908		$	9,624,611
COST OF REVENUE		2,746,263			2,440,918			3,374,563			2,033,066			8,328,503			7,339,499
GROSS PROFIT (LOSS)		(535,419	)		1,139,388		$	(1,061,072	)	$	430,918		$	(1,300,595	)	$	2,285,112
OPERATING EXPENSES:
OPERATING EXPENSES
General and administrative		155,594			160,681		$	301,077		$	108,538		$	821,036		$	489,810
Salaries and benefits		127,692			73,135			228,967			76,811			502,071			222,858
Other operating expenses		108,345			3,915			66,637			91,405			217,985			109,365
Professional fees		84,806			122,077			166,808			93,678			504,819			263,682
TOTAL OPERATING EXPENSES		476,437			359,808		$	763,489		$	370,432		$	2,045,911		$	1,085,715
INCOME (LOSS) FROM OPERATIONS		(1,011,856	)		779,580		$	(1,824,561	)	$	60,486		$	(3,346,506	)	$	1,199,397
OTHER INCOME (EXPENSE)
Interest and investment income		122,372			9,654		$	176,656		$	15,064		$	466,809		$	54,770
Change in fair value of investments								-			(25,840	)		-			(119,298	)
Trademark and licensing income		7,525			-			6,117			4,899			25,023			65,674
Other miscellaneous income (expense)		74,975			(2,982	)		(2,740	)		(4,207	)		66,697			(10,270	)
TOTAL OTHER INCOME (EXPENSE)		204,872			6,672		$	180,033		$	(10,084	)	$	558,529		$	(9,124	)
NET INCOME (LOSS)		(806,984	)		786,252		$	(1,644,528	)	$	50,402		$	(2,787,977	)	$	1,190,273
Preferred dividends		(1,875	)		(11,819	)		(1,875	)		(11,819	)		(5,625	)		(35,458	)
Net income (loss) available to common stockholders	$	(808,859	)	$	774,432		$	(1,646,403	)	$	38,583		$	(2,793,602	)	$	1,154,815
Net income (loss) per share of common stock:
Basic and diluted	$	(0.01	)	$	0.01		$	(0.02	)	$ Nil			$	(0.03	)	$	0.01
Weighted average shares outstanding:
Basic		107,260,472			106,240,361			107,647,317			106,293,842			107,519,786			106,258,384
Diluted		107,260,472			106,389,761			107,647,317			106,293,842			107,519,786			106,258,384

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

~~Page~~ 4 of 23

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UNITED STATES ANTIMONY CORPORATION AND SUBSIDIARIES

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

For the three and nine months ended ~~March 31,~~September 30, 2023 and 2022

																																				Additional			Shares to be						Total
	Preferred Stock						Common Stock						Additional Paid in			Shares To Be Returned To		Accumulated			Total Stockholders’			Preferred Stock						Common Stock						Paid in			Returned to			Accumulated			Stockholders’
	Shares			Amount			Shares			Amount			Capital			Treasury		Deficit			Equity			Shares			Amount			Shares			Amount			Capital			Treasury			Deficit			Equity
BALANCE, December 31, 2021		2,620,576		$	26,205			106,240,361		$	1,062,402		$	63,991,459			-	$	(32,711,263	)	$	32,368,803			2,620,576		$	26,205			106,240,361		$	1,062,402		$	63,991,459		$	-		$	(32,711,263	)	$	32,368,803
Net income (loss)		-			-			-			-			-			-		786,252			786,252
Net income																									-			-			-			-			-			-			786,252			786,252
BALANCE, March 31, 2022		2,620,576		$	26,205			106,240,361		$	1,062,402		$	63,991,459			-	$	(31,925,011	)	$	33,155,055			2,620,576			26,205			106,240,361			1,062,402			63,991,459			-			(31,925,011	)		33,155,055
Net income																									-			-			-			-			-			-			353,619			353,619
BALANCE, June 30, 2022																									2,620,576			26,205			106,240,361			1,062,402			63,991,459			-			(31,571,392	)		33,508,674
Issuance of common stock for director fees																									-			-			132,980			133			62,368			-			-			62,501
Net income																									-			-			-			-			-			-			50,402			50,402
BALANCE, September 30, 2022																									2,620,576		$	26,205			106,373,341		$	1,062,535		$	64,053,827		$	-		$	(31,520,990	)	$	33,621,577

BALANCE, December 31, 2022		2,620,576		$	26,205			106,373,341		$	1,063,732		$	64,052,630		$	(202,980)	$	(33,070,332	)	$	31,869,255			2,620,576		$	26,205			106,373,341		$	1,063,732		$	64,052,630		$	(202,980	)	$	(33,070,332	)	$	31,869,255
Share buyback and retirement		-			-			(418,696	)		(4,187	)		(198,793	)		202,980		-			-
Common stock buyback and retirement																									-			-			(418,696	)		(4,187	)		(198,793	)		202,980			-			-
Conversion of Preferred Series D to Common Stock		(1,692,672	)		(16,926	)		1,692,672			16,927			(1	)		-		-			-			(1,692,672	)		(16,926	)		1,692,672			16,927			(1	)		-			-			-
Net income (loss)		-			-			-			-			-			-		(806,984	)		(806,984	)
Net loss																									-			-			-			-			-			-			(806,984	)		(806,984	)
BALANCE, March 31, 2023		927,904		$	9,279			107,647,317		$	1,076,472		$	63,853,836			-	$	(33,877,316	)	$	31,062,271			927,904			9,279			107,647,317			1,076,472			63,853,836			-			(33,877,316	)		31,062,271
Net loss																									-			-			-			-			-			-			(336,465	)		(336,465	)
BALANCE, June 30, 2023																									927,904			9,279			107,647,317			1,076,472			63,853,836			-			(34,213,781	)		30,725,806
Net loss																									-			-			-			-			-			-			(1,644,528	)		(1,644,528	)
BALANCE, September 30, 2023																									927,904		$	9,279			107,647,317		$	1,076,472		$	63,853,836		$	-		$	(35,858,309	)	$	29,081,278

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

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UNITED STATES ANTIMONY CORPORATION AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)

	For the three months ended						Nine months ended September 30,
	March 31, 2023			March 31, 2022			2023			2022
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss)	$	(806,984	)	$	786,252		$	(2,787,977	)	$	1,190,273
Adjustments to reconcile net income (loss) to net cash provided (used) by operating activities:
Depreciation and amortization		224,241			220,150			714,302			693,990
Accretion of asset retirement obligation		3,368			1,732			10,103			14,589
Common stock payable for directors fees		-			28,125
Write-down of inventory to net realizable value		246,792			-
Write down of inventory to net realizable value								883,390			409,919
Provision for losses on receivables								43,560			-
Change in fair value of investments								-			119,298
Changes in operating assets and liabilities:
Accounts receivable		(919,819	)		(584,539	)
Accounts receivable, net								(649,540	)		(559,000	)
Inventories		(481,940	)		28,440			(1,384,877	)		(182,457	)
Prepaid expenses and other current assets		(141,852	)		-			(99,367	)		(187,937	)
IVA receivable and other assets		(173,275	)		(41,023	)		(409,414	)		(605,047	)
Accounts payable		206,849			(278,178	)		(22,503	)		(923,490	)
Accrued liabilities		(31,727	)		2,944			11,497			530
Accrued liabilities – directors and related parties		19,746			-
Accrued liabilities – directors								200,077			52,248
Royalties payable		(419,191	)		-			(327,138	)		-
Net cash provided (used) by operating activities		(2,273,792	)		163,903		$	(3,817,887	)	$	22,916
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchase of investments							$	-		$	(13,500,000	)
Proceeds from sales of investments								-			407,149
Purchase of properties, plants and equipment		(614,770	)		(188,541	)		(1,519,720	)		(592,221	)
Net cash used by investing activities		(614,770	)		(188,541	)	$	(1,519,720	)	$	(13,685,072	)
CASH FLOWS FROM FINANCING ACTIVITIES:
Principal payments of long-term debt		(23,022	)		(4,057	)	$	(70,049	)	$	(42,080	)
Dividends paid		(787,730	)		-			(787,730	)		-
Net cash used by financing activities		(810,752	)		(4,057	)	$	(857,779	)	$	(42,080	)
NET DECREASE IN CASH AND CASH EQUIVALENTS AND RESTRICTED CASH		(3,699,314	)		(28,695	)	$	(6,195,386	)	$	(13,704,236	)
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH AT BEGINNING OF PERIOD		19,117,666			21,420,329		$	19,117,666		$	21,420,329
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH AT END OF PERIOD	$	15,418,352		$	21,391,634		$	12,922,280		$	7,716,093

NON-CASH FINANCING AND INVESTING ACTIVITIES:
Share retirement	$	202,980		$	-
Common stock retirement							$	202,980		$	-
Conversion of Preferred Series D to Common Stock	$	16,927		$	-		$	16,927		$	-
Equipment purchased with note payable							$	-		$	161,600
Issuance of common stock for directors fees							$	-		$	62,501

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

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UNITED STATES ANTIMONY CORPORATION AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

~~March 31,~~September 30, 2023

NOTE 1 - NATURE OF OPERATIONS

United States Antimony Corporation and its subsidiaries in the U.S. and Mexico (“USAC”, the “Company”, “Our”, or ~~the “Company”~~“we”) sell processed antimony, zeolite, and precious metals products in the U.S. and abroad. The Company processes antimony ore in the U.S. and Mexico primarily into antimony oxide and antimony metal at its facilities in ~~Mexico~~Montana and ~~Montana.~~Mexico. Our 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. Our antimony metal is used in bearings, storage batteries, and ordnance. In its operations in Idaho, the Company mines and processes zeolite, a group of industrial minerals used in soil amendment and fertilizer, water filtration, sewage treatment, nuclear waste and other environmental cleanup, odor control, gas separation, animal nutrition, and other miscellaneous applications.

NOTE 2 - BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES

In the opinion of the ~~Company,~~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,~~September 30, 2023, and its results of operations and cash flows for the three and nine months ended ~~March 31,~~September 30, 2023 and 2022. The condensed consolidated balance sheet as of December 31, 2022, was derived from audited annual financial statements but does not contain all of the footnote disclosures from the annual financial statements. Operating results for the three and nine-month periods ended September 30, 2023 are not necessarily indicative of the results that may be expected for the fiscal year ending December 31, 2023.

These unaudited interim financial statements have been prepared by management in accordance with generally accepted accounting principles used 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, 2022 filed with the Securities and Exchange Commission on July 18, 2023.

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.

Reclassifications

Certain reclassifications have been made to conform prior period amounts to the current presentation. These reclassifications have no effect on the results of operations, stockholders’ equity and cash flows as previously reported.

Recent Accounting Pronouncements

Management does not believe that any recently issued but not yet effective, accounting pronouncements, if currently adopted, would have a material effect on the Company’s financial statements.

Recently Adopted Accounting Pronouncements:

In June 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2016-13, ”“Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments”, which requires entities to use a forward-looking approach based on expected losses to estimate credit losses on certain types of financial instruments, including trade receivables. The FASB has subsequently issued updates to the standard to provide additional clarification on specific topics. The Company adopted the ASU on January 1, 2023 and determined that it had no material impact on the Company’s unaudited condensed consolidated financial statements and disclosures.

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UNITED STATES ANTIMONY CORPORATION AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

~~March 31,~~September 30, 2023

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 reflects the potential dilution that could occur from common shares issuable through convertible preferred stock, stock options, and warrants.

~~For the three months ended March 31, 2022, the calculation of diluted income per common share included 149,400 warrants to purchase one share of common stock.~~ At ~~March 31,~~September 30, 2023 and 2022, the potentially dilutive common stock equivalents not included in the calculation of diluted earnings per share as their effect would have been anti-dilutive were as follows:

					September 30,		September 30,
	March 31, 2023		March 31, 2022		2023		2022
Warrants		12,346,215		9,400,207		12,346,215		12,346,215
Convertible preferred stock		-		1,692,672		-		1,692,672
TOTAL POSSIBLE DILUTIVE SHARES		12,346,215		11,092,879		12,346,215		14,038,887

NOTE 4 – REVENUE RECOGNITION

Products consist of the following:

	·	Antimony: includes antimony oxide, ~~sodium antimonate,~~ antimony trisulfide, and antimony metal
	·	Zeolite: includes coarse and fine zeolite crushed in various sizes
	·	Precious metals: includes unrefined and refined gold and silver

Sales of products for the three months ended ~~March 31,~~September 30, 2023 and 2022 were as follows:

					For the three months ended
	For the three months ended				September 30,		September 30,
	March 31, 2023		March 31, 2022		2023		2022
Antimony	$	1,612,639	$	2,828,930	$	1,641,666	$	1,671,301
Zeolite		482,093		674,042		671,825		792,683
Precious metals		116,112		77,334		-		-
TOTAL REVENUE	$	2,210,844	$	3,580,306	$	2,313,491	$	2,463,984

Sales of products for the nine months ended September 30, 2023 and 2022 were as follows:

	For the nine months ended
	September 30,		September 30,
	2023		2022
Antimony	$	4,844,466	$	6,972,312
Zeolite		1,941,009		2,487,116
Precious metals		242,433		165,183
TOTAL REVENUE	$	7,027,908	$	9,624,611

The Company’s trade accounts receivable balance related to contracts with customers was ~~$1,704,276~~$1,390,437 at ~~March 31,~~September 30, 2023 and $784,457 at December 31, 2022. The Company’s allowance for doubtful accounts related to trade accounts receivables was ~~$50,000~~$75,000 at ~~March 31,~~September 30, 2023 and $31,440 at December 31, 2022. The Company’s products do not involve any warranty agreements and product returns are not typical.

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UNITED STATES ANTIMONY CORPORATION AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

~~March 31,~~September 30, 2023

NOTE 5–5 – INVENTORIES

Inventories at ~~March 31,~~September 30, 2023 and December 31, 2022 consisted primarily of finished antimony metal and oxide products, antimony ~~metal, antimony oxide,~~ore and ~~antimony ore,~~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,~~ metal and oxide products and finished zeolite products costs include raw materials, direct labor, processing facility overhead costs and freight. Inventories at ~~March 31,~~September 30, 2023 and December 31, 2022 were as follows:

March 31, 2023

December 31, 2022

Antimony Metal

$ 221,137

$ 142,230

Antimony Oxide

303,167

509,643

Antimony Ore and Concentrates

762,378

545,373

Total antimony

1,286,682

1,197,246

Zeolite

323,534

177,822

TOTAL INVENTORIES

$ 1,610,216

$ 1,375,068

	September 30, 2023		December 31, 2022
Antimony Metal	$	503,873	$	142,230
Antimony Oxide		128,945		509,643
Antimony Ore and Concentrates		867,049		545,373
Total antimony	$	1,499,867	$	1,197,246
Zeolite		376,688		177,822
TOTAL INVENTORIES	$	1,876,555	$	1,375,068

At ~~March 31,~~September 30, 2023 and December 31, 2022, inventories were valued at cost, except for ~~the portion of~~ inventory related to Mexican operations, which was valued at net realizable value because the production costs of the Mexican inventory were greater than the amount the Company expected to receive on the sale of antimony contained in inventory. The adjustment to inventory for net realizable value was ~~$246,792~~$883,390 and ~~$Nil~~$409,919 for the nine months ended September 30, 2023 and 2022, respectively. The adjustment to inventory for net realizable value was $427,152 and $273,083 for the three months ended ~~March 31,~~September 30, 2023 and 2022, respectively.

Antimony oxide and metal inventory consisted of finished product held at the Company’s plants in Montana and Mexico. Antimony ore and concentrates were held primarily at sites in Mexico. The Company’s zeolite inventory consisted of saleable zeolite material at the Company’s plant in Idaho.

NOTE 6 – PROPERTIES, PLANTS AND EQUIPMENT

The major components of the Company’s properties, plants and equipment by segment at ~~March 31,~~September 30, 2023 and December 31, 2022 were as follows:

	Antimony Segment						Zeolite Segment			Precious Metals						Antimony Segment						Zeolite Segment			Precious Metals
March 31, 2023	USAC			USAMSA			BRZ			Segment			TOTAL
September 30, 2023																USAC			USAMSA			BRZ			Segment			TOTAL
Plant and equipment	$	1,764,475		$	9,454,833		$	5,216,880		$	1,347,912		$	17,784,100		$	1,822,775		$	9,459,098		$	5,464,280		$	1,347,912		$	18,094,065
Buildings		243,248			870,534			1,047,023			-			2,160,805			243,248			875,024			2,025,043			-			3,143,315
Land and other		2,431,387			2,826,037			16,753			-			5,274,177			2,431,387			2,886,037			16,753			-			5,334,177
Construction in progress		-			-			447,525			-			447,525
Total		4,439,110			13,151,404			6,728,181			1,347,912			25,666,607		$	4,497,410		$	13,220,159		$	7,506,076		$	1,347,912		$	26,571,557
Accumulated depreciation		(2,776,083	)		(6,349,548	)		(3,444,034	)		(578,289	)		(13,147,954	)		(2,796,806	)		(6,625,450	)		(3,582,124	)		(633,635	)		(13,638,015	)
Properties, Plants, and Equipment, Net	$	1,663,027		$	6,801,856		$	3,284,147		$	769,623		$	12,518,653		$	1,700,604		$	6,594,709		$	3,923,952		$	714,277		$	12,933,542

	Antimony Segment						Zeolite Segment			Precious Metals						Antimony Segment						Zeolite Segment			Precious Metals
December 31, 2022	USAC			USAMSA			BRZ			Segment			TOTAL			USAC			USAMSA			BRZ			Segment			TOTAL
Plant and equipment	$	1,760,926		$	9,090,860		$	4,996,216		$	1,347,912		$	17,195,914		$	1,760,926		$	9,090,860		$	4,996,216		$	1,347,912		$	17,195,914
Buildings		243,248			870,534			1,047,023			-			2,160,805			243,248			870,534			1,047,023			-			2,160,805
Land and other		2,431,387			2,796,037			16,753			-			5,244,177			2,431,387			2,796,037			16,753			-			5,244,177
Construction in progress		-			280,406			170,535			-			450,941			-			280,406			170,535			-			450,941
Total		4,435,561			13,037,837			6,230,527			1,347,912			25,051,837		$	4,435,561		$	13,037,837		$	6,230,527		$	1,347,912		$	25,051,837
Accumulated depreciation		(2,767,803	)		(6,212,433	)		(3,392,861	)		(550,616	)		(12,923,713	)		(2,767,803	)		(6,212,433	)		(3,392,861	)		(550,616	)		(12,923,713	)
Properties, Plants, and Equipment, Net	$	1,667,758		$	6,825,404		$	2,837,666		$	797,296		$	12,128,124		$	1,667,758		$	6,825,404		$	2,837,666		$	797,296		$	12,128,124

~~Page~~9 of 23

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UNITED STATES ANTIMONY CORPORATION AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

~~March 31,~~September 30, 2023

At ~~March 31,~~September 30, 2023 and December 31, 2022, the Company had ~~$1,132,474~~$280,406 and $1,117,041, respectively, of assets that were not yet placed in service and were not yet depreciated.

NOTE 7 – DEBT

Long term debt at ~~March 31,~~September 30, 2023 and December 31, 2022 was as follows:

	March 31, 2023			December 31, 2022			September 30, 2023			December 31, 2022
Promissory note payable to First Security Bank of Missoula, bearing interest at 2.25%, payable in 59 monthly installments of $1,409 with a final payment of $152,726 maturing November 9, 2026; collateralized by a lien on Certificate of Deposit	$	198,795		$	201,908		$	192,589		$	201,908
Installment contract payable to Caterpillar Financial Services, bearing interest at 6.65%, payable in 24 monthly installments of $7,210 maturing April 28, 2024; collateralized by 2007 Caterpillar 740 articulated truck		90,188			110,097			49,367			110,097
Total debt		288,983			312,005		$	241,956		$	312,005
Less current portion of debt		(95,573	)		(94,150	)		(62,064	)		(94,150	)
Long term portion of debt	$	193,410		$	217,855		$	179,892		$	217,855

At ~~March 31,~~September 30, 2023, principal payments on debt were due as follows:

Twelve months ending March 31,	Principal payment
Twelve months ending September 30,			Principal payment
2024	$	95,573	$	62,064
2025		20,021	$	12,998
2026		13,144	$	13,293
2027		160,245	$	153,601
	$	288,983	$	241,956

NOTE 8 – COMMITMENTS AND CONTINGENCIES

The Company follows U.S. GAAP guidance in determining its accruals and disclosures with respect to loss contingencies and evaluates such accruals and contingencies for each reporting period. Accordingly, estimated losses from loss contingencies are accrued by a charge to income when information available prior to issuance of the financial statements indicates that it is probable that a loss could be incurred, and the amount of the loss can be reasonably estimated. Legal expenses associated with the contingency are expensed as incurred. If a loss contingency is not probable or reasonably estimable, disclosure of the loss contingency is made in the financial statements when it is at least reasonably possible that a material loss could be incurred.

~~From~~Historically, from time to time, the Company is assessed fines and penalties by the Mine Safety and Health Administration (“MSHA”). Using appropriate regulatory channels, management may contest these proposed assessments. At ~~March 31,~~September 30, 2023 and December 31, 2022, the Company had no accrued liabilities relating to such assessments. Bear River Zeolite Company (“BRZ”), a wholly owned subsidiary of the Company, received twelve significant and substantial citations from MSHA in September and October of 2023. BRZ rectified the matters noted in eight of the twelve citations and received termination dates for these eight citations from MSHA. The Company is working to rectify the four remaining citations; however, the outcome of these citations as well as the impact on the Company’s results of operations or financial position is unknown.

The Company pays various royalties that, on ~~the sale of zeolite products. On~~ a combined basis, ~~royalties~~ generally vary around 8% to 13%. of zeolite products sold. At ~~March 31,~~September 30, 2023 and December 31, 2022, the Company had accrued royalties payable of ~~$15,884~~$107,937 and $435,075, respectively. ~~During the three months ended March 31,~~The decrease in royalties payable in 2023 was primarily due to the Company ~~paid~~finalizing its estimates and paying a royalty obligation ~~related to the time period from 2016 to 2022 after finalizing its estimates.~~in 2023 that had been accumulating since 2016.

~~Page~~ 10 of 23

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UNITED STATES ANTIMONY CORPORATION AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

~~March 31,~~September 30, 2023

On August 8, 2022, the Company executed a preliminary Purchase Option Agreement (the “Agreement”) with SB Wadley SA de CV (“Wadley”) whereby the Company leases, with an option to acquire, mining claims located in Mexico known as the Wadley Property. Under the Agreement, the Company ~~will~~agreed to pay Wadley eight monthly installments of $10,000 plus VAT for the right to mine and conduct geological and resource studies as due diligence and exploration on the Wadley Property. At the end of such eight-month period, should the Company choose to exercise its option to acquire following due diligence and assessment of geological and resource studies, the Company ~~will~~agreed to pay Wadley $2,230,000 and seven annual payments of $1,160,000. The due diligence period under the Agreement ~~has been~~was extended to October 15, 2023. AsAfter evaluation in October 2023 of ~~March 31, 2023~~Wadley Property information and ~~December 31, 2022,~~the Agreement, the Company ~~had capitalized $70,000~~officially notified Wadley on October 12, 2023 that it did not intend to acquire the Wadley Property and ~~$40,000, respectively,~~terminated this Agreement. During the fourth quarter of ~~payments~~2023, the Company expects to ~~Wadley.~~

incur a loss on disposal of assets of approximately $130,000 related to the termination of this Agreement.

Mexican Tax Assessment

In 2015, the Mexican tax authority (“SAT”) initiated an audit of the 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 ~~against~~due from the Company.

In early 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 $795,000 USD as of December 31, 2021.

Management reviewed the 2019 assessment notice from SAT and, similar to the earlier assessment, believes the findings have no merit. An appeal was filed by the Company in November 2019 suspending SAT from taking immediate action regarding the assessment. The Company posted a guarantee of the amount in March 2020 as is required under the appeal process. In August 2020, the Company filed a lawsuit against SAT for resolution of the process and, in December 2020, filed closing arguments. ~~During the year ended December 31,~~In 2022, the Mexican court ruled against the Company in the above matter. The Company subsequently appealed the ruling, which is still pending.

As of ~~March 31,~~September 30, 2023, the updated SAT assessment was approximately ~~$30.2~~$22 million pesos, which was approximately ~~$1,674,000~~$1,262,000 USD, ~~for $907,000~~comprising $343,000 of unpaid income taxes and ~~$767,000~~$919,000 of interest and penalties. Management, along with its legal counsel, assessed the possible outcomes for this tax audit and believes, based on discussions with its tax ~~attorney~~attorneys located in Mexico, that the most likely outcome will be that the Company will be successful in its appeal resulting in no tax due. Management determined that no amount should be accrued at ~~March 31,~~September 30, 2023 or December 31, 2022 relating to this potential tax liability. ~~There~~However, there can be no assurance that the Company’s ultimate liability, if any, will not have a material adverse effect on the Company’s results of operations or financial position.

If ~~an issue addressed during~~ the SAT audit is resolved in a manner inconsistent with management expectations, the Company will record changes to tax ~~attributes,~~liabilities and tax expense associated with the assessment. Also, the Company will recognize penalties associated with the assessment in general and administrative expense and interest associated with the assessment will be recorded as interest ~~expense and record the tax expense associated with the assessment.~~expense.

NOTE 9 – STOCKHOLDERS’ EQUITY

On January 25, 2023, the holders of 1,692,672 shares of Series D Preferred stock converted ~~the~~their respective preferred shares and the Company issued 1,692,672 shares of common stock. The Company also paid the holders $787,730 for dividends payable as declared on November 28, 2022. 1,590,672 shares of the 1,692,672 shares of Series D Preferred stock that were converted and $740,261 of the $787,730 of dividends paid related to the estate of John Lawrence, who was a prior President and Chairman of the Company.

On January 26, 2023, in conjunction with its share repurchase plan, the Company returned to treasury and cancelled 418,696 of its common shares which were repurchased prior to December 31, 2022 for $202,980.

~~Page~~ 11 of 23

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UNITED STATES ANTIMONY CORPORATION AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

~~March 31,~~September 30, 2023

Common stock warrants

No warrants were issued, expired, or exercised during the ~~three~~nine months ended ~~March 31,~~September 30, 2023 and 2022.

~~The following summarizes warrant activity:~~

Number of warrants

Exercise prices

Balance outstanding at December 31, 2022 and March 31, 2023

12,346,215

$ 0.75

The composition of the Company’s warrants outstanding at ~~March~~September 30, 2023 and December 31, ~~2023 was~~2022 were as follows:

Number of warrants

Exercise Price

Expiration Date

Remaining life in years

2,285,715

$ 0.46

7/31/2025

2.34

804,000

$ 0.46

1/27/2026

2.83

7,650,000

$ 0.85

8/3/2026

3.35

1,606,500

$ 0.85

2/1/2026

2.84

12,346,215

Number of warrants		Exercise Price		Expiration Date	Remaining life in years
	2,285,715		0.46	7/31/25		1.84
	804,000		0.46	1/27/26		2.33
	7,650,000		0.85	8/3/26		2.84
	1,606,500		0.85	2/1/26		2.34
	12,346,215

NOTE 10 – BUSINESS ~~SEGEMENTS~~SEGMENTS

The Company is organized and managed with four business segments, which represent our operating units: United States antimony operations, Mexican antimony operations, precious metals recovery and United States zeolite operations.

The Puerto Blanco mill and the Madero smelter at the Company’s Mexico operation bring antimony up to an intermediate or finished stage, which may be sold directly to customers in the United States or shipped to the United States operation for finishing at the Company’s plant near Thompson Falls, ~~MT.~~Montana. The Puerto Blanco mill in Mexico is the site of our crushing and flotation plant, and a cyanide leach plant which recovers precious metals after the ore goes through the crushing and flotation cycles. A precious metals recovery plant is operated in conjunction with the antimony processing plant at Thompson Falls, ~~MT,~~Montana, where a 99% precious metals mix is produced. The zeolite operation produces zeolite near Preston, Idaho. Almost all ~~the~~ sales of products from the United States antimony and zeolite operations are to customers in the United States. Sales to foreign ~~countries~~customers are primarily to customers in Canada.

Total Assets:	March 31, 2023		December 31, 2022		September 30,		December 31,
					2023		2022
Antimony
United States	$	18,807,438	$	21,636,386	$	16,253,362	$	21,636,386
Mexico		8,818,420		8,484,131		9,100,457		8,484,131
Subtotal antimony		27,625,858		30,120,517	$	25,353,819	$	30,120,517
Precious metals
United States		211,754		172,004		201,338		172,004
Mexico		603,473		625,292		553,981		625,292
Subtotal precious metals		815,227		797,296	$	755,319	$	797,296
Zeolite		4,420,674		3,782,637	$	4,817,592	$	3,782,637
TOTAL	$	32,861,759	$	34,700,450
TOTAL ASSETS					$	30,926,730	$	34,700,450

~~Page~~ 12 of 23

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UNITED STATES ANTIMONY CORPORATION AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

~~March 31,~~September 30, 2023

Capital expenditures:					For the three months ended September 30,				For the nine months ended September 30,
	For the three months ended				2023		2022		2023		2022
Capital expenditures:	March 31, 2023		March 31, 2022
Antimony
United States	$	3,550	$	28,350	$	-	$	1,655	$	61,849	$	81,931
Mexico		113,568		16,437		30,000		151,559		182,322		163,125
Subtotal antimony		117,118		44,787	$	30,000	$	153,214	$	244,171	$	245,056
Precious metals		-		8,380		-		-		-		17,518
Zeolite		497,652		135,374		141,864		56,008		1,275,549		491,247
TOTAL	$	614,770	$	188,541
Total capital expenditures					$	171,864	$	209,222	$	1,519,720	$	753,821

Segment operations for the three months ended March 31, 2023	Antimony - USA		Antimony -Mexico			Total antimony			Precious Metals		Zeolite			Total
Segment operations for the three months ended September 30, 2023																	Antimony - USA		Antimony -Mexico			Total Antimony			Precious Metals			Zeolite			Total
Total revenues	$	1,612,639	$	-		$	1,612,639		$	116,112	$	482,093		$	2,210,844		$	1,391,733	$	249,933		$	1,641,666		$	-		$	671,825		$	2,313,491
Depreciation and amortization		8,280		137,114			145,394			27,673		51,174			224,241		$	10,360	$	137,735		$	148,095		$	27,673		$	73,193		$	248,961
Income (loss) from operations	$	62,072	$	(1,097,762	)	$	(1,035,690	)	$	88,439	$	(64,605	)	$	(1,011,856	)	$	47,534	$	(1,465,000	)	$	(1,417,466	)	$	(27,673	)	$	(379,422	)	$	(1,824,561	)
Other income (expense)															204,872
Net income (loss)														$	(806,984	)
Other income																															$	180,033
NET LOSS																															$	(1,644,528	)

Segment operations for the three months ended March 31, 2022	Antimony - USA		Antimony -Mexico			Total antimony		Precious Metals		Zeolite		Total
Segment operations for the three months ended September 30, 2022														Antimony - USA		Antimony -Mexico			Total Antimony			Precious Metals			Zeolite		Total
Total revenues	$	2,828,930	$	-		$	2,828,930	$	77,334	$	674,042	$	3,580,306	$	1,671,301	$	-		$	1,671,301		$	-		$	792,683	$	2,463,984
Depreciation and amortization		9,469		138,457			147,926		27,520		44,704		220,150	$	10,262	$	154,238		$	164,500		$	27,673		$	50,610	$	242,783
Income (loss) from operations	$	1,391,512	$	(684,037	)	$	707,475	$	49,814	$	22,291	$	779,580	$	802,817	$	(817,746	)	$	(14,929	)	$	(27,763	)	$	103,088	$	60,486
Other income (expense)													6,672
Net income (loss)												$	786,252
Other expense																											$	(10,084	)
NET INCOME																											$	50,402

Segment operations for the nine months ended September 30, 2023	Antimony - USA			Antimony -Mexico			Total Antimony			Precious Metals		Zeolite			Total
Total revenues	$	4,356,077		$	488,389		$	4,844,466		$	242,433	$	1,941,009		$	7,027,908
Depreciation and amortization	$	29,002		$	413,019		$	442,021		$	83,019	$	189,262		$	714,302
Income (loss) from operations	$	(207,907	)	$	(2,877,838	)	$	(3,085,745	)	$	159,414	$	(420,175	)	$	(3,346,506	)
Other income															$	558,529
NET LOSS															$	(2,787,977	)

Segment operations for the nine months ended September 30, 2022	Antimony - USA		Antimony -Mexico			Total Antimony		Precious Metals		Zeolite		Total
Total revenues	$	6,144,490	$	827,822		$	6,972,312	$	165,183	$	2,487,116	$	9,624,611
Depreciation and amortization	$	30,832	$	436,431		$	467,263	$	82,867	$	143,860	$	693,990
Income (loss) from operations	$	2,314,965	$	(1,477,387	)	$	837,578	$	82,316	$	279,503	$	1,199,397
Other expense												$	(9,124	)
NET INCOME												$	1,190,273

~~Page~~ 13 of 23

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

CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS

This quarterly report and the exhibits attached hereto contain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, as amended. Such forward-looking statements concern the Company’s anticipated results and developments in the Company’s operations in future periods, planned exploration and development of its properties, plans related to its business and other matters that may occur in the future. These statements relate to analyses and other information that are based on forecasts of future results, estimates of amounts not yet determinable and assumptions of management.

Any statement that expresses or involves discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance (often, but not always using words or phrases such as “expects” or “does not expect”, “is expected”, “anticipates” or “does not anticipate”, “plans”, “estimates”, or “intends”, or states that certain actions, events or results “may” or “could”, “would”, “might” or “will” be taken, occur or be achieved) are not statements of historical fact and may be forward-looking statements. Forward-looking statements are subject to a variety of known and unknown risks, uncertainties and other factors which could cause actual events or results to differ from those expressed or implied by the forward-looking statements, including, without limitation risks related to:

	·	The Company’s properties being in the exploration stage;
	·	The mineral operations being subject to government regulation;
	·	The Company’s ability to obtain additional capital to develop the Company’s resources, if any;
	·	Mineral exploration and development activities;
	·	Mineral estimates;
	·	The Company’s insurance coverage for operating risks;
	·	The fluctuation of prices for precious and base metals, such as gold and silver;
	·	The competitive industry of mineral exploration;
	·	The title and rights in the Company’s mineral properties;
	·	Environmental hazards;
	·	The possible dilution of the Company’s common stock from additional financing activities;
	·	Metallurgical and other processing problems;
	·	Unexpected geological formations;
	·	Global economic and political conditions;
	·	Staffing in remote locations;
	·	Changes in product costing;
	·	Inflation on operational costs and profitability;
	·	Competitive technology positions and operating interruptions (including, but not limited to, labor disputes, leaks, fires, flooding, landslides, power outages, explosions, unscheduled downtime, transportation interruptions, war and terrorist activities);
	·	Global pandemics or civil unrest;
	·	Mexican labor and cartel issues regarding safety and organized control over our properties;
	·	The positions and associated outcomes of Mexican and other taxing authorities;
	·	The possible dilution of the Company’s common stock from additional financing activities;
	·	Potential conflicts of interest with the Company’s management; and
	·	The Company’s common stock.

Table of Contents

This list is not exhaustive of the factors that may affect the Company’s forward-looking statements. Some of the important risks and uncertainties that could affect forward-looking statements are described further under the sections titled “Risk Factors”, “Description of Business” and “Management’s Discussion and Analysis and Plan of Operation” of this Quarterly Report. If one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those anticipated, believed, estimated or expected. The Company cautions readers not to place undue reliance on any such forward-looking statements, which speak only as of the date made. United States Antimony Corporation disclaims any obligation subsequently to revise any forward-looking statements to reflect events or circumstances after the date of such statements or to reflect the occurrence of anticipated or unanticipated events, except as required by law. The Company advises readers to carefully review the reports and documents filed from time to time with the Securities and Exchange Commission (the “SEC”), particularly the Company’s Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K.

~~Page~~ 14 of 23

As used in this Quarterly Report, the terms “we,” “us,” “our,” “United State Antimony Corporation,”, “US Antimony,” “USAC,” and the “Company”, mean United States Antimony Corporation, unless otherwise indicated. All dollar amounts in this Quarterly Report are expressed in U.S. dollars, unless otherwise indicated.

Management’s Discussion and Analysis is intended to be read in conjunction with the Company’s condensed 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, 2022. The following statements may be forward-looking in nature and actual results may differ materially.

DESCRIPTION OF BUSINESS

History

United States Antimony Corporation was incorporated in Montana in January 1970 to mine and produce antimony products. In December 1983, the Company suspended antimony ore mining operations in the U.S. but continued to produce antimony products using foreign sources of antimony ore. In April 1998, the Company formed United States Antimony Mexico SA de CV (“USAMSA”) to smelt antimony in Mexico, and, in August 2005, the Company formed Antimonio de Mexico, S. A. de C. V. (“ADM”) to explore and develop antimony and silver deposits in Mexico. The Company formed Bear River Zeolite Company (“BRZ”) in 2000 for the purpose of mining and producing zeolite in southeastern Idaho. Our principal business is the production and sale of antimony, silver, gold, and zeolite products. In May 2012, our shares of common stock started trading on the NYSE MKT (now NYSE AMERICAN) under the symbol UAMY.

Although we extract minerals from the Los Juarez, Mexico antimony property and the Bear River, Idaho zeolite property that we later process and sell, each of our ~~mining~~ properties is classified under Regulation S-K Item 1300 as an exploration stage property and the Company is classified as an exploration stage issuer because we have not prepared a technical report summary for any of our properties making a determination that the property contains proven mineral reserves or probable mineral reserves.

Table of Contents

Antimony ~~Division~~Segment

The Burns Mining District of Sanders County, MT, which is approximately 15 miles west of Thompson Falls, MT, is the location of one of our antimony smelters and precious metals plants. We hold 2 patented claims, ~~meaning owned claims,~~ where the plant is located. Mining was suspended at this site in December 1983, because antimony ore could be purchased more economically from foreign sources; currently, the environmental ~~restrictions preclude~~permitting process precludes any mining at this site.

Since 1983, we have relied on foreign sources for antimony ore, and there are risks of interruption in procurement from these sources and/or volatile changes in world market prices for these materials that are not controllable by us. We have sources of antimony in Mexico, but we also depend on foreign companies for antimony ore. We ~~expect to continue~~anticipate continuing to receive antimony from our owned and leased properties in Mexico and from foreign suppliers in Canada, Mexico, and Central ~~America.~~America, assuming economics are profitable.

In Montana, we primarily produce antimony oxide, antimony metal, antimony trisulfide, and precious metals. Our antimony oxide is used in conjunction with a halogen to form a synergistic flame-retardant system for plastics, rubber, fiberglass, textile goods, paints, coatings, and paper. Our antimony oxide is also used as a color fastener in paint and as a phosphorescent agent in fluorescent light bulbs. Our antimony metal is used in bearings, storage batteries and ordnance. Our antimony trisulfide is used as a primer in ammunition.

We estimate (but have not independently confirmed) that our present share of the domestic market and international market for antimony oxide products is approximately 4% and less than 1%, respectively. We are the only significant U.S. producer of antimony products, while China supplies approximately 92% of the world antimony demand. We believe we are competitive both domestically and worldwide due to the following factors:

	·	We have a reputation for quality products delivered on a timely basis.

	·	We have the only two operating, permitted antimony smelters in North and Central America.

	·	We are the only U.S. producer of antimony products.

~~Page~~ 15 of 23

	·	We can ship on short notice to domestic customers.

	·	~~We are vertically integrated, with antimony mines, mills, and a smelter in Mexico, along with our facilities in Montana and exclusive supply agreements for antimony ore with third-party suppliers.~~

	·	Our smelter in Coahuila is the largest operating antimony smelter in Mexico or the United States with a current maximum processing capacity of approximately 32,600 pounds of antimony ore per ~~day, and permitting to expand capacity up to 70%.~~day.

Zeolite ~~Division~~Segment

We own 100% of BRZ. BRZ has a lease with Zeolite LLC (f/k/a Webster Farm, L.L.C.) that entitles BRZ to surface mine and process zeolite on property located near Preston, Idaho, in exchange for a royalty payment. The annual royalty payment is the greater of: (1) the minimum annual royalty of $60,000, adjusted annually for the Consumer Price Index for all Urban Consumers, or (2) $11.00 per ton for the first ten thousand tons, $9.90 per ton for tons in excess of ten thousand up to twenty thousand, and $8.80 per ton for tons in excess of twenty thousand. This Zeolite LLC lease also requires BRZ to pay $10,000 to the lessor on March 1 of each year during the term of the lease which ends March 1, 2025. BRZ also pays other royalties on the sale of zeolite products. In total, royalties vary from 8% to 13% of sales. In addition, BRZ can surface mine and process zeolite on property owned by the U.S. Bureau of Land Management that is adjacent to the Company’s Preston, Idaho ~~property.~~property after obtaining certain permits. Also, given the mining difficulties in the winter season, BRZ constructed warehouses to store mined zeolite prior to the winter season allow production to ~~remain in production~~continue during the winter season.

“Zeolite” refers to a group of industrial minerals that consist of hydrated aluminosilicates that hold cations such as calcium, sodium, ammonium, various heavy metals, and potassium in their crystal lattice. Water is loosely held in cavities in the lattice. BRZ zeolite is regarded as one of the best zeolites in the world due to its high cation exchange capacity (CEC) of approximately 180-220 meq/100 gr. (which predicts plant nutrient availability and retention in soil), its hardness and high clinoptilolite content (which is an effective barrier to prevent problematic radionuclide movement), its absence of clay minerals, and its low sodium content. Our zeolite is used in:

	☐	Soil Amendment and Fertilizer. Zeolite has been successfully used to fertilize golf courses, sports fields, parks and common areas, and high value agricultural crops.

	☐	Water Filtration. Zeolite is used for particulate, heavy metal and ammonium removal in swimming pools, municipal water systems, fisheries, fish farms, and aquariums.

	☐	Sewage Treatment. Zeolite is used in sewage treatment plants to remove nitrogen and as a carrier for microorganisms.

Table of Contents

	☐	Nuclear Waste and Other Environmental Cleanup. Zeolite has shown a strong ability to selectively remove strontium, cesium, radium, uranium, and various other radioactive isotopes from ~~solution.~~solutions. Zeolite can also be used for the cleanup of soluble metals such as mercury, chromium, copper, lead, zinc, arsenic, molybdenum, nickel, cobalt, antimony, calcium, silver and uranium.

	☐	Odor Control. A major cause of odor around cattle, hog, and poultry feed lots is the generation of the ammonium in urea and manure. The ability of zeolite to absorb ammonium prevents the formation of ammonia gas, which disperses the odor.

	☐	Gas Separation. Zeolite has been used for some time to separate gases, to re-oxygenate downstream water from sewage plants, smelters, pulp and paper plants, and fishponds and tanks, and to remove carbon dioxide, sulfur dioxide and hydrogen sulfide from methane generators as organic waste, sanitary landfills, municipal sewage systems, animal waste treatment facilities, and is excellent in pressure swing apparatuses.

	☐	Animal Nutrition. According to certain third-party research, feeding up to 2% zeolite increases growth rates, decreases conversion rates, and prevents scours. A large number of cattle are currently being fed zeolite in feed lots located in the United States.

	☐	Miscellaneous Uses. Other uses include catalysts, petroleum refining, concrete, solar energy and heat exchange, desiccants, pellet binding, horse and kitty litter, floor cleaner, traction control, ammonia removal from mining waste, and carriers for insecticides, pesticides and herbicides.

~~Page~~ 16 of 23

SELECTED FINANCIAL DATA.

~~Results of Operations:~~

Results of Operations :	For the three months ended September 30,						For the nine months ended September 30,
	2023			2022			2023			2022
Revenues	$	2,313,491		$	2,463,984		$	7,027,908		$	9,624,611
Costs of revenues		3,374,563			2,033,066			8,328,503			7,339,499
Gross profit (loss)	$	(1,061,072	)	$	430,918		$	(1,300,595	)	$	2,285,112
Total operating expenses		763,489			370,432			2,045,911			1,085,715
Income (loss) from operations	$	(1,824,561	)	$	60,486		$	(3,346,506	)	$	1,199,397
Other income (expense)		180,033			(10,084	)		558,529			(9,124	)
Net income (loss)	$	(1,644,528	)	$	50,402		$	(2,787,977	)	$	1,190,273
Weighted average shares of common stock (basic)		107,647,317			106,293,842			107,519,786			106,258,384
Weighted average shares of common stock (diluted)		107,647,317			106,293,842			107,519,786			106,258,384

For the three months ended

March 31, 2023

March 31, 2022

Revenues

$ 2,210,844

$ 3,580,306

Cost of revenues

2,746,263

2,440,918

Gross profit (loss)

(535,419 )

1,139,388

Total operating expenses

476,437

359,808

Income (loss) from operations

(1,011,856 )

779,580

Other income (expense)

204,872

6,672

NET INCOME (LOSS)

$ (806,984 )

$ 786,252

Weighted average shares of common stock (basic)

107,260,472

106,240,361

Weighted average shares of common stock (diluted)

107,260,472

106,389,761

Income (loss) per share (basic and diluted)

$ (0.01 )

$ 0.01

Balance Sheet Information:	September 30,			December 31,
	2023			2022
Working capital	$	15,349,110		$	19,397,489
Total assets	$	30,926,730		$	34,700,450
Accumulated deficit	$	(35,858,309	)	$	(33,070,332	)
Stockholders’ equity	$	29,081,278		$	31,869,255

~~Balance Sheet Information:~~

March 31, 2023

December 31, 2022

Working capital

$ 18,005,623

$ 19,397,489

Total assets

32,861,759

34,700,450

Accumulated deficit

(33,877,316 )

(33,070,332 )
Stockholders’ equity

31,062,271

31,869,255

Table of Contents

Operational and financial performance by Segment:

Antimony Segment

Financial and operational performance of antimony for the three months ended ~~March 31,~~September 30, 2023 and 2022 was as follows:

Antimony – combined USA and Mexico	2023			2022
Antimony - Combined USA and Mexico						2023			2022		$ Change			(Decrease)
Revenue	$	1,612,639		$	2,828,930	$	1,641,666		$	1,671,301	$	(29,635	)	(1.8		%)
Gross profit (loss)	$	(653,285	)	$	1,055,777
Gross profit						$	(683,029	)	$	329,233	$	(1,012,262	)	(307.5		%)
Pounds of antimony sold		343,044			433,350		332,565			250,244		82,321			32.9	%
Average sales price per pound	$	4.70		$	6.53	$	4.94		$	6.68	$	(1.74	)	(26.1		%)
Average cost per pound	$	6.61		$	4.09	$	6.99		$	5.36	$	1.63			30.4	%
Average gross profit (loss) per pound	$	(1.91	)	$	2.44
Average gross profit per pound						$	(2.05	)	$	1.32	$	(3.37	)	(255.7		%)

Financial and operational performance of antimony for the nine months ended September 30, 2023 and 2022 was as follows:

Nine months ended
September 30,

Percent Increase/

Antimony - Combined USA and Mexico

2023

2022

$ Change

(Decrease)

Revenue

$ 4,844,466

$ 6,972,312

$ (2,127,846 )

(30.5
%)
Gross profit (loss)

$ (1,264,545 )

$ 1,875,569

$ (3,140,114 )

(167.4
%)
Pounds of antimony sold

998,573

1,046,722

(48,149 )

(4.6
%)
Average sales price per pound

$ 4.85

$ 6.66

$ (1.81 )

(27.2
%)
Average cost per pound

$ 6.12

$ 4.87

$ 1.25

25.7 %
Average gross profit per pound

$ (1.27 )

$ 1.79

$ (3.06 )

(170.8
%)

During the three and nine months ended ~~March 31,~~September 30, 2023, ~~total~~ antimony revenue decreased ~~$1,216,291,~~$29,635 and $2,127,846, respectively, or ~~43%~~2% and 31%, respectively, compared to the three and nine months ended ~~March 31,~~September 30, 2022. The decrease was primarily due to the lower sales price per pound, which was ~~largely in line~~consistent with the decline in market rates for antimony, coupled with a decrease in the pounds of antimony sold in 2023 compared to 2022. The volume decrease was primarily attributable to antimony ore supply shortages related to a third-party supplier due to the supplier’s machinery and equipment failures during the three months ended March 31, 2023. These third-party machinery and equipment failures were fixed during the first quarter of 2023.antimony.

Gross profit for the three and nine months ended ~~March 31,~~September 30, 2023 was lower by ~~$1,709,062~~$1,012,262 and $3,140,114, respectively, compared to the three and nine months ended ~~March 31,~~September 30, 2022, primarily due to the lower sales price per pound, which was consistent with the ~~decrease~~decline in ~~pounds sold,~~market rates for antimony, and processing of antimony ore with less antimony percentage ~~concentrate, and supplier and labor cost increases in 2023 compared to 2022.~~concentrate.

~~Page~~ 17
Zeolite Segment of 23
~~Zeolite~~

Financial and operational performance of zeolite for the three months ended ~~March 31,~~September 30, 2023 and 2022 was as follows:

Three months ended
September 30,

Percent Increase/

Zeolite

2023

2022

2023

2022

$ Change

(Decrease)

Revenue

$ 482,093

$ 674,042

$ 671,825

$ 792,683

$ (120,858 )

(15.2
%)
Gross profit

$ 29,427

$ 33,797

$ (350,370 )

$ 129,358

$ (479,728 )

(370.9
%)
Tons of zeolite sold

2,063

3,026

2,254

3,264

(1,010 )

(30.9
%)
Average sales price per ton

$ 233.69

$ 222.75

$ 298.06

$ 242.86

$ 55.20

22.7 %
Average cost per pound ton

$ 219.42

$ 211.58

Average cost per ton

$ 453.50

$ 203.22

$ 250.28

123.2 %
Average gross profit per ton

$ 14.26

$ 11.17

$ (155.44 )

$ 39.63

$ (195.08 )

(492.2
%)
18
Table of Contents
Financial and operational performance of zeolite for the nine months ended September 30, 2023 and 2022 was as follows:

Nine months ended
September 30,

Percent Increase/

Zeolite

2023

2022

$ Change

(Decrease)

Revenue

$ 1,941,009

$ 2,487,116

$ (546,107 )

(22.0
%)
Gross profit

$ (195,464 )

$ 327,227

$ (522,691 )

(159.7
%)
Tons of zeolite sold

8,007

10,336

$ (2,329 )

(22.5
%)
Average sales price per ton

$ 242.41

$ 240.63

$ 1.79

0.7 %
Average cost per ton

$ 266.83

$ 208.97

$ 57.86

27.7 %
Average gross profit per ton

$ (24.41 )

$ 31.66

$ (56.07 )

(177.1
%)

During the three and nine months ended ~~March 31,~~September 30, 2023, zeolite revenue decreased ~~$191,949,~~$120,858 and $546,107, respectively, or ~~28%~~15% and 22%, respectively, compared to the three and nine months ended ~~March 31,~~September 30, 2022. The decrease was primarily due to ~~production downtime during approximately two months of~~ the ~~three months ended March 31, 2023~~decrease in tons sold, which was primarily due to a significant equipment failure ~~which was rectified prior to March 31, 2023, partially offset by an increase in~~for approximately 14 weeks during the ~~average sales price in 2023 compared to 2022.~~nine months ended September 30, 2023. The cone of BRZ’s main cone crusher failed and production was curtailed until a new cone could be sourced, delivered, and installed. The new cone is equipped with performance monitoring features that are expected to eventually enhance our preventive maintenance program, contribute to longer and more reliable run times, and enable a material increase in production. The failure of the original cone curtailed production for approximately two months in the first quarter of 2023 until completion of the new cone acquisition and installation. The curtailment of production resulted in lower ~~revenue. The new cone has operated significantly more reliably since installation was completed and production rates have increased.~~revenue for the nine months ended September 30, 2023.

During the three and nine months ended September 30, 2023, zeolite gross profit decreased $479,728 and $522,691, respectively, compared to the three and nine months ended September 30, 2022. The decrease was primarily due to increased maintenance costs and equipment and facility-related labor costs during production downtime during the nine months ended September 30, 2023.
Precious Metals Segment

Financial and operational performance of precious metals for the three months ended ~~March 31,~~September 30, 2023 and 2022 was as follows:

Three months ended
September 30,

Percent Increase/

Precious metals

2023

2022

$ Change

(Decrease)

Revenue

$ -

$ -

$ -

-

Gross profit

$ (27,673 )

$ (27,673 )

$ -

-

Ounces sold - gold

-

-

-

-

Ounces sold - silver

-

-

-

-

Financial and operational performance of precious metals for the nine months ended September 30, 2023 and 2022 was as follows:

Precious metals

2023

2022

Revenue

$ 116,112

$ 77,334

Ounces sold – gold

11.22

10.29

Ounces sold – silver

7,337

4,856

Nine months ended
September 30,

Percent Increase/

Precious metals

2023

2022

$ Change

(Decrease)

Revenue

$ 242,433

$ 165,183

$ 77,250

46.8 %
Gross profit

$ 159,414

$ 82,316

$ 77,098

93.7 %
Ounces sold-gold

24.30

21.35

2.95

13.8 %
Ounces sold-silver

15,074

8,175

6,899

84.4 %

Earnings before Interest, Tax, Depreciation and Amortization (“EBITDA”)

We present EBTIDA, a non-GAAP financial measurement, to supplement other measures of our financial performance. We believe that EBITDA is a useful measure of our operating performance because it eliminates non-cash expenses that do not reflect our underlying business performance. We use this measure to facilitate a comparison of our operating performance on a consistent basis from period to period, to analyze the factors and trends affecting our business and to evaluate our performance.

~~We had EBITDA of ($579,056) for the three months ended March 31, 2023, compared to EBITDA of $1,009,384 for the three months ended March 31, 2022.~~

~~Page~~ 18 of 2319
Table of Contents
We had an EBITDA loss of ($2,065,050) for the nine months ended September 30, 2023, compared to positive EBITDA of $1,894,533 for the nine months ended September 30, 2022.

EBIDTA by segment for the three months ended ~~March 31,~~September 30, 2023 and 2022 was as ~~follows.~~follows:

Antimony – Combined USA and Mexico

March 31, 2023

March 31, 2022

Antimony - Combined USA and Mexico

Three months ended

Three months ended

September 30, 2023

September 30, 2022

Revenue

$ 1,612,639

100.0 %

$ 2,828,930

100.0 %

$ 1,641,666

100.0 %

$ 1,671,301

100.0 %
Cost of sales

(2,265,924 )

(140.5 )%

(1,773,153 )

(62.7 )%

$ (2,324,695 )

(141.6
%)

$ (1,342,068 )

(80.3
%)
Gross profit (loss)

(653,285 )

(40.5 )%

1,055,777

37.3 %

$ (683,029 )

(41.6
%)

$ 329,233

19.7 %
Operating expenses

(382,405 )

(23.7 )%

(348,302 )

(12.3 )%

$ (734,437 )

(44.7
%)

$ (344,162 )

(20.6
%)
Non-operating income

204,966

12.7 %

7,310

0.3 %
Income (loss) from operations

$ (1,417,466 )

(86.3
%)

$ (14,929 )

(0.9
%)
Non-operating income (expense)

$ 182,734

11.1 %

$ (7,058 )

(0.4
%)
Net income (loss)

(830,724 )

(51.5 )%

714,785

25.3 %

$ (1,234,731 )

(75.2
%)

$ (21,987 )

(1.3
%)
Interest expense

1,386

0.1 %

2,345

0.1 %

$ 1,126

0.1 %

$ 1,181

0.1 %
Depreciation and amortization

145,394

9.0 %

147,926

5.2 %

$ 148,095

9.0 %

$ 164,500

9.8 %
EBITDA

$ (683,944 )

(42.4 )%

$ 865,055

30.6 %

$ (1,085,510 )

(66.1%)

$ 143,694

8.6 %

Zeolite

March 31, 2023

March 31, 2022

Three months ended

Three months ended

September 30, 2023

September 30, 2022

Revenue

$ 482,093

100.0 %

$ 674,042

100.0 %

$ 671,825

100.0 %

$ 792,683

100.0 %
Cost of sales

(452,666 )

(93.9 )%

(640,245 )

(95.0 )%

$ (1,022,195 )

(152.2
%)

$ (663,325 )

(83.7
%)
Gross profit

29,427

6.1 %

33,797

5.0 %
Gross profit (loss)

$ (350,370 )

(52.2
%)

$ 129,358

16.3 %
Operating expenses

(94,032 )

(19.5 )%

(11,506 )

(1.7 )%

$ (29,052 )

(4.3
%)

$ (26,270 )

(3.3
%)
Non-operating expense

(94 )

0.0 %

(638 )

(0.1 )%
Income (loss) from operations

$ (379,422 )

(56.5
%)

$ 103,088

13.0 %
Non-operating income (expense)

$ (2,701 )

(0.4
%)

$ (3,026 )

(0.4
%)
Net income (loss)

(64,699 )

(13.4 )%

21,653

3.2 %

$ (382,123 )

(56.9
%)

$ 100,062

12.6 %
Interest expense

2,301

0.5 %

638

0.1 %

$ 1,049

0.2 %

$ 3,026

0.4 %
Depreciation and amortization

51,174

10.6 %

44,704

6.6 %

$ 73,193

10.9 %

$ 50,610

6.4 %
EBITDA

$ (11,224 )

(2.3 )%

$ 66,995

9.9 %

$ (307,881 )

(45.8%)

$ 153,698

19.4 %

Precious Metals

March 31, 2023

March 31, 2022

Revenue

$ 116,112

100.0 %

$ 77,334

100.0 %
Cost of sales

(27,673 )

(23.8 )%

(27,520 )

(35.6 )%
Net income

88,439

76.2 %

49,814

64.4 %
Depreciation and amortization

27,673

23.8 %

27,520

35.6 %
EBITDA

$ 116,112

100.0 %

$ 77,334

100.0 %
Company-wide

March 31, 2023

March 31, 2022

Precious Metals

Three months ended
September 30,

2023

2022

Revenue

$ 2,210,844

100.0 %

$ 3,580,306

100.0 %

$ -

$ -

Cost of sales

(2,746,263 )

(124.2 )%

(2,440,918 )

(68.2 )%

$ (27,673 )

$ (27,673 )
Gross profit (loss)

(535,419 )

(24.2 )%

1,139,388

31.8 %

$ (27,673 )

$ (27,673 )
Operating expenses

(476,437 )

(21.6 )%

(359,808 )

(10.0 )%

$ -

$ -

Non-operating income

204,872

9.3 %

6,672

0.2 %
Income (loss) from operations

$ (27,673 )

$ (27,673 )
Non-operating income (expense)

$ -

$ -

Net income (loss)

(806,984 )

(36.5 )%

786,252

22.0 %

$ (27,673 )

$ (27,673 )
Interest expense

3,687

0.2 %

2,983

0.1 %

$ -

$ -

Depreciation and amortization

224,241

10.1 %

220,150

6.1 %

$ 27,673

$ 27,673

EBITDA

$ (579,056 )

(26.2 )%

$ 1,009,384

28.2 %

$ -

$ -

~~Page~~ 19 of 2320
Table of Contents

Capital Resources and Liquidity:
Working Capital

March 31, 2023

December 31, 2022

Current assets

$ 19,214,863

$ 21,617,359

Current liabilities

(1,209,240 )

(2,219,870 )
Working capital

$ 18,005,623

$ 19,397,489

For the three months ended

Cash Flows

March 31, 2023

March 31, 2022

Cash flow provided (used) by operating activities

$ (2,273,792 )

$ 163,903

Cash flow used by investing activities

(614,770 )

(188,541 )
Cash flow provided (used) by financing activities

(810,752 )

(4,057 )
Net change in cash during period

$ (3,699,314 )

$ (28,695 )
Company-wide

Three months ended

Three months ended

September 30, 2023

September 30, 2022

Revenue

$ 2,313,491

100.0 %

$ 2,463,984

100.0 %
Cost of sales

$ (3,374,563 )

(145.9
%)

$ (2,033,066 )

(82.5
%)
Gross profit (loss)

$ (1,061,072 )

(45.9
%)

$ 430,918

17.5 %
Operating expenses

$ (763,489 )

(33.0
%)

$ (370,432 )

(15.0
%)
Income (loss) from operations

$ (1,824,561 )

(78.9
%)

$ 60,486

2.5 %
Non-operating income (expense)

$ 180,033

7.8 %

$ (10,084 )

(0.4
%)
Net income (loss)

$ (1,644,528 )

(71.1
%)

$ 50,402

2.0 %
Interest expense

$ 2,175

0.1 %

$ 4,207

0.2 %
Depreciation and amortization

$ 248,961

10.8 %

$ 242,783

9.9 %
EBITDA

$ (1,393,392 )

(60.2
%)

$ 297,392

12.1 %
EBIDTA by segment for the nine months ended September 30, 2023 and 2022 was as follows:
Antimony - Combined USA and Mexico

Nine months ended

Nine months ended

September 30, 2023

September 30, 2022

Revenue

$ 4,844,466

100.0 %

$ 6,972,312

100.0 %
Cost of sales

$ (6,109,011 )

(126.1
%)

$ (5,096,743 )

(73.1
%)
Gross profit (loss)

$ (1,264,545 )

(26.1
%)

$ 1,875,569

26.9 %
Operating expenses

$ (1,821,200 )

(37.6
%)

$ (1,037,991 )

(14.9
%)
Income (loss) from operations

$ (3,085,745 )

(63.7
%)

$ 837,578

12.0 %
Non-operating income (expense)

$ 564,852

11.7 %

$ (3,723 )

(0.1
%)
Net income (loss)

$ (2,520,892 )

(52.0
%)

$ 833,855

12.0 %
Interest expense

$ 3,843

0.1 %

$ 4,869

0.1 %
Depreciation and amortization

$ 442,021

9.1 %

$ 467,263

6.7 %
EBITDA

$ (2,075,028 )

(42.8
%)

$ 1,305,987

18.7 %
21
Table of Contents
Zeolite

Nine months ended

Nine months ended

September 30, 2023

September 30, 2022

Revenue

$ 1,941,009

100.0 %

$ 2,487,116

100.0 %
Cost of sales

$ (2,136,473 )

(110.1
%)

$ (2,159,889 )

(86.8
%)
Gross profit (loss)

$ (195,464 )

(10.1
%)

$ 327,227

13.2 %
Operating expenses

$ (224,711 )

(11.6
%)

$ (47,724 )

(1.9
%)
Income (loss) from operations

$ (420,175 )

(21.6
%)

$ 279,503

11.2 %
Non-operating income (expense)

$ (6,323 )

(0.3
%)

$ (5,401 )

(0.2
%)
Net income (loss)

$ (426,498 )

(22.0
%)

$ 274,102

11.0 %
Interest expense

$ 4,782

0.2 %

$ 5,401

0.2 %
Depreciation and amortization

$ 189,262

9.8 %

$ 143,860

5.8 %
EBITDA

$ (232,454 )

(12.0
%)

$ 423,363

17.0 %
Precious Metals

Nine months ended

Nine months ended

September 30, 2023

September 30, 2022

Revenue

$ 242,433

100.0 %

$ 165,183

100.0 %
Cost of sales

$ (83,019 )

(34.2
%)

$ (82,867 )

(50.2
%)
Gross profit (loss)

$ 159,414

65.8 %

$ 82,316

49.8 %
Operating expenses

$ -

0.0 %

$ -

0.0 %
Income (loss) from operations

$ 159,414

65.8 %

$ 82,316

49.8 %
Non-operating income (expense)

$ -

0.0 %

$ -

0.0 %
Net income (loss)

$ 159,414

65.8 %

$ 82,316

49.8 %
Interest expense

$ -

0.0 %

$ -

0.0 %
Depreciation and amortization

$ 83,019

34.2 %

$ 82,867

50.2 %
EBITDA

$ 242,433

100.0 %

$ 165,183

100.0 %
Company-wide

Nine months ended

Nine months ended

September 30, 2023

September 30, 2022

Revenue

$ 7,027,908

100.0 %

$ 9,624,611

100.0 %
Cost of sales

$ (8,328,503 )

(118.5
%)

$ (7,339,499 )

(76.3
%)
Gross profit (loss)

$ (1,300,595 )

(18.5
%)

$ 2,285,112

23.7 %
Operating expenses

$ (2,045,911 )

(29.1
%)

$ (1,085,715 )

(11.3
%)
Income (loss) from operations

$ (3,346,506 )

(47.6
%)

$ 1,199,397

12.5 %
Non-operating income (expense)

$ 558,529

7.9 %

$ (9,124 )

(0.1
%)
Net income (loss)

$ (2,787,977 )

(39.7
%)

$ 1,190,273

12.4 %
Interest expense

$ 8,625

0.1 %

$ 10,270

0.1 %
Depreciation and amortization

$ 714,302

10.2 %

$ 693,990

7.2 %
EBITDA

$ (2,065,050 )

(29.4
%)

$ 1,894,533

19.7 %
22
Table of Contents
Capital Resources and Liquidity:

Working Capital:

September 30,
2023

December 31,
2022

Current assets

$ 16,628,806

$ 21,617,359

Current liabilities

(1,279,696 )

(2,219,870 )
Working capital

$ 15,349,110

$ 19,397,489

Cash Flows:

For the nine months ended

September 30,
2023

September 30,
2022

Cash flow provided (used) by operating activities

$ (3,817,887 )

$ 22,916

Cash flow used by investing activities

(1,519,720 )

(13,685,072 )
Cash flow used by financing activities

(857,779 )

(42,080 )
Net decrease in cash and cash equivalents during the period

$ (6,195,386 )

$ (13,704,236 )

As of ~~March 31,~~September 30, 2023, the Company had cash and cash equivalents of ~~$15,361,064.~~$12,864,992.

Cash flow used by operating activities was ~~$2,273,792~~$3,817,887 for the ~~three~~nine months ended ~~March 31,~~September 30, 2023, compared to cash flow provided by operating activities of ~~$163,903~~$22,916 for the ~~three~~nine months ended ~~March 31,~~September 30, 2022. The ~~$2,437,695~~$3,840,803 decrease in cash flow from operating activities was attributable primarily to the differential between the net loss generated during 2023 compared to the net income generated during 2022, an increase in ~~accounts receivable~~the use of cash in inventories in 2023, and ~~inventories and~~an increase in the payment of royalties ~~and dividends, partially offset by~~in 2023. The increase in the use of cash in inventories was primarily due to an increase in ~~accounts payable.~~antimony ore inventory in Mexico in 2023, which can be used in future processing. The ~~majority of the~~ increase in ~~accounts receivable~~the payment of royalties was primarily due to ~~product shipments towards~~ the ~~end of the first quarter of~~Company finalizing its estimates and paying a royalty obligation in 2023 ~~which were billed by the end of the first quarter of 2023 and collected after the first quarter of 2023.~~that had been accumulating since 2016.

Cash flow used by investing activities ~~increased by $426,229 to $614,770~~was $1,519,720 for the ~~three~~nine months ended ~~March 31,~~September 30, 2023, compared to ~~$188,541~~$13,685,072 for the ~~three~~nine months ended ~~March 31,~~September 30, 2022. ~~This increase in the~~The use of cash ~~was primarily due~~in 2023 related to ~~increased~~ purchases of fixed assets primarily at ~~BRZ.~~BRZ, which included the purchase of a new cone for the cone crusher. The use of cash in 2022 related primarily to investing cash in U.S. treasury bonds and other fixed income funds to improve return on cash.

Cash flow used by financing activities increased by ~~$806,695~~$815,699 to ~~$810,752~~$857,779 for the ~~three~~nine months ended ~~March 31,~~September 30, 2023, compared to ~~$4,057~~$42,080 for the ~~three~~nine months ended ~~March 31,~~September 30, 2022. This increase in the use of cash was primarily due to the payment of dividends of $787,730 on January 25, 2023 to the holders of 1,692,672 shares of Series D Preferred ~~stock~~Stock related to the conversion of these shares into common stock.

We are planning to ~~use~~continue using our funds to make improvements to our operations with the goal of increasing production and decreasing costs and for revenue growth. Also, we plan to continue to review the operations and financial results of each segment in order to make informed decisions that benefit the Company overall.

In the past, the Company has been successful in raising required capital from the sale of common stock and, to a lesser extent, from debt issuance. As a result of planned operations and potential equity sales and ~~potential~~ debt borrowings, management believes cash flows from operations and existing cash and cash equivalents are sufficient to conduct planned operations and meet contractual obligations for the next 12 months.

ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

Not applicable.

ITEM 4. CONTROLS AND PROCEDURES

Conclusions of Management Regarding Effectiveness of Disclosure Controls and Procedures

At the end of the period covered by this Quarterly Report on Form 10-Q, an evaluation was carried out under the supervision and with the participation of the ~~Company’s~~Company's management, including the Principal Executive Officer ~~(“PEO”~~("PEO") and Principal Financial Officer ~~(“PFO”~~("PFO"), of the effectiveness of the design and operations of the ~~Company’s~~Company's disclosure controls and procedures (as defined in Rule 13a – 15(e) and Rule 15d – 15(e) under the Exchange Act). Based on that evaluation, the PEO and the PFO have concluded that as of the end of the period covered by this report, the ~~Company’s~~Company's disclosure controls and procedures were not effective as it was determined that there were material weaknesses affecting our disclosure controls and procedures related to segregation of accounting duties.

Management of the Company believes that these material weaknesses are due to the small size of the ~~Company’s~~Company's accounting staff. The small size of the ~~Company’s~~Company's accounting staff may prevent adequate controls in the future, such as segregation of duties, due to the cost/benefit of such remediation. To mitigate the current limited resources and limited employees, we rely heavily on direct management oversight of transactions, along with the use of external accounting and legal professionals. As the Company grows, management expects to increase the number of employees, which will enable us to implement adequate segregation of duties within the internal control framework.

Changes in Internal Control over Financial Reporting

There have been no changes during the quarter ended ~~March 31,~~September 30, 2023 in the Company’s internal controls over financial reporting that have materially affected, or are reasonably likely to materially affect, internal controls over financial reporting.

~~Page~~ 20 of 23
Table of Contents

PART II - OTHER INFORMATION

ITEM 1. LEGAL PROCEEDINGS.

United States Antimony Corporation is not a party to any material legal proceedings, and, to ~~Management’s~~management’s knowledge, no such proceedings are threatened or contemplated. No director, officer or affiliate of United States Antimony Corporation and no owner of record or beneficial owner of more than 5% of the Company’s securities or any associate of any such director, officer or security holder is a party adverse to United States Antimony Corporation or has a material interest adverse to United States Antimony Corporation in reference to pending litigation.

Historically, from time to time, the Company is assessed fines and penalties by the Mine Safety and Health Administration (“MSHA”). Using appropriate regulatory channels, management may contest these proposed assessments. At September 30, 2023 and December 31, 2022, the Company had no accrued liabilities relating to such assessments. Bear River Zeolite Company (“BRZ”), a wholly owned subsidiary of the Company, received twelve significant and substantial citations from MSHA in September and October of 2023. BRZ rectified the matters noted in eight of the twelve citations and received termination dates for these eight citations from MSHA. The Company is working to rectify the four remaining citations; however, the outcome of these citations as well as the impact on the Company’s results of operations or financial position is unknown.
ITEM 1A. RISK FACTORS.

There have been no material changes from the risk factors as previously disclosed in the Company’s Form 10-K for the year ended December 31, 2022 which was filed with the SEC on July 18, 2023.

ITEM 2. RECENT SALES OF UNREGISTERED SECURITIES.

~~On January 25,~~For the three months ended September 30, 2023, the ~~holders of 1,692,672 shares of Series D Preferred stock converted the preferred shares and the~~ Company ~~issued 1,692,672 shares of~~sold no common stock. ~~The Company also paid the holders $787,730 for dividends payable as declared on November 28, 2022.~~

ITEM 3. DEFAULTS UPON SENIOR SECURITIES.

None.

ITEM 4. MINE SAFETY DISCOSURES.

The information concerning mine safety violations or other regulatory matters required by Section 1503 (a) of the Dodd-Frank Wall Street Reform and Consumer Protection Act and Item 104 of Regulation S-K is included in Exhibit 95 to this report.

ITEM 5. OTHER INFORMATION.

None.

~~Page~~ 21 of 23
24
Table of Contents

ITEM 6. EXHIBITS.

Exhibit No.

Description
3.1

Second Amended and Restated Articles of Incorporation (incorporated by reference as Exhibit 3.1 to the Company’s current Report on Form 8-K filed with the SEC on January 15, 2021).
3.2

~~Second Restated~~ Amended and Restated Bylaws (incorporated by reference to Exhibit 3.02 to the Company’s Current Report on Form 8-K filed with the SEC on December 20, 2012)
31.1

Rule 15d-14(a) Certification by Principal Executive Officer
31.2

Rule 15d-14(a) Certification by Principal Financial Officer
32.1

Section 1350 Certification of Principal Executive Officer
32.2

Section 1350 Certification of Principal Financial Officer
95

Mine Safety Disclosure
101.INS

Inline XBRL Instance Document.
101.SCH

Inline XBRL Taxonomy Extension Schema Document.
101.CAL

Inline XBRL Taxonomy Extension Calculation Linkbase Document.
101.DEF

Inline XBRL Taxonomy Extension Definition Linkbase Document.
101.LAB

Inline XBRL Taxonomy Extension Label Linkbase Document.
101.PRE

Inline XBRL Taxonomy Extension Presentation Linkbase Document.
104

Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101).

~~Page~~ 22 of 23
25
Table of Contents

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

UNITED STATES ANTIMONY CORPORATION

Date: ~~October 5,~~November 10, 2023
By:
/s/ John C. Gustavsen

John C. Gustavsen

(Principal Executive Officer and Chief Executive Officer)

Date: ~~October 5,~~November 10, 2023
By:
/s/ Richard R. Isaak

Richard R. Isaak

(Principal Accounting Officer and Chief Financial Officer)

~~Page~~ 23 of 23
26

PART I - FINANCIAL INFORMATION

ITEM 1.	FINANCIAL STATEMENTS		3

ITEM 2.	MANAGEMENT’S DISCUSSION AND ANALYSIS AND PLAN OF OPERATION.		14

ITEM 3.	QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK	20	23

ITEM 4.	CONTROLS AND PROCEDURES	20	23

PART II - OTHER INFORMATION

ITEM 1.	LEGAL PROCEEDINGS.	21	24

ITEM 1A.	RISK FACTORS.	21	24

ITEM 2.	RECENT SALES OF UNREGISTERED SECURITIES.	21	24

ITEM 3.	DEFAULTS UPON SENIOR SECURITIES.	21	24

ITEM 4.	MINE SAFETY DISCOSURES.	21	24

ITEM 5.	OTHER INFORMATION.	21	24

ITEM 6.	EXHIBITS.	22	25