United States Antimony (UAMY) 10-K 12 Apr 24 2023 FY Annual report Financial data

Cover

Cover - USD ($)	12 Months Ended
	Dec. 31, 2023	Apr. 09, 2024	Jun. 30, 2023
Cover [Abstract]
Entity Registrant Name	UNITED STATES ANTIMONY CORPORATION
Entity Central Index Key	0000101538
Document Type	10-K
Amendment Flag	false
Entity Voluntary Filers	No
Current Fiscal Year End Date	--12-31
Entity Well Known Seasoned Issuer	No
Entity Small Business	true
Entity Shell Company	false
Entity Emerging Growth Company	false
Entity Current Reporting Status	Yes
Document Period End Date	Dec. 31, 2023
Entity Filer Category	Non-accelerated Filer
Document Fiscal Period Focus	FY
Document Fiscal Year Focus	2023
Entity Common Stock Shares Outstanding		107,647,317
Entity Public Float			$ 30,438,620
Document Annual Report	true
Document Transition Report	false
Document Fin Stmt Error Correction Flag	false
Entity File Number	001-08675
Entity Incorporation State Country Code	MT
Entity Tax Identification Number	81-0305822
Entity Address Address Line 1	P.O. Box 643
Entity Address City Or Town	Thompson Falls
Entity Address State Or Province	MT
Entity Address Postal Zip Code	59873
City Area Code	406
Icfr Auditor Attestation Flag	false
Auditor Name	Assure CPA, LLC
Auditor Location	Spokane, WA
Auditor Firm Id	444
Local Phone Number	827-3523
Security 12b Title	Common Stock, $0.01 par value
Trading Symbol	UAMY
Security Exchange Name	NYSE
Entity Interactive Data Current	Yes

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($)	Dec. 31, 2023	Dec. 31, 2022
CURRENT ASSETS:
Cash and cash equivalents	$ 11,899,574	$ 19,060,378
Certificates of deposit	72,898	259,857
Accounts receivable, net	625,256	784,457
Inventories	1,386,109	1,375,068
Prepaid expenses and other current assets	92,369	137,599
Total current assets	14,076,206	21,617,359
Properties, plants and equipment, net	13,454,491	12,128,124
Restricted cash for reclamation bonds	55,061	57,288
IVA receivable and other assets	509,237	897,679
Total assets	28,094,995	34,700,450
CURRENT LIABILITIES:
Accounts payable	456,935	628,803
Accrued liabilities	133,841	201,149
Accrued liabilities - directors	124,810	72,963
Royalties payable	153,429	435,075
Dividends payable	0	787,730
Long-term debt, current portion	28,443	94,150
Total current liabilities	897,458	2,219,870
NON-CURRENT LIABILITIES:
Long-term debt, net of current portion	0	217,855
Stock payable to directors	38,542	61,459
Asset retirement obligations and accrued reclamation costs	1,638,027	332,011
Total liabilities	2,574,027	2,831,195
Preferred stock $0.01 par value, 10,000,000 shares authorized:
Common stock, $0.01 par value, 150,000,000 shares authorized; 107,647,317 and 106,373,341 shares issued and outstanding, respectively	1,076,472	1,063,732
Additional paid-in capital	63,853,836	64,052,630
Shares to be returned to treasury	0	(202,980)
Accumulated deficit	(39,418,619)	(33,070,332)
Total stockholders' equity	25,520,968	31,869,255
Total liabilities and stockholders' equity	28,094,995	34,700,450
Series A Preferred Stock [Member]
Preferred stock $0.01 par value, 10,000,000 shares authorized:
Preferred stock, value	0	0
Series B Preferred Stock [Member]
Preferred stock $0.01 par value, 10,000,000 shares authorized:
Preferred stock, value	7,500	7,500
Series C Preferred Stock [Member]
Preferred stock $0.01 par value, 10,000,000 shares authorized:
Preferred stock, value	1,779	1,779
Series D Preferred Stock [Member]
Preferred stock $0.01 par value, 10,000,000 shares authorized:
Preferred stock, value	$ 0	$ 16,926

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($)	Dec. 31, 2023	Dec. 31, 2022
Common stock, par value	$ 0.01	$ 0.01
Common stock, authorized shares	150,000,000	150,000,000
Common stock, issued shares	107,647,317	106,373,341
Common stock, outstanding shares	107,647,317	106,373,341
Preferred stock, par value	$ 0.01	$ 0.01
Preferred stock, authorized shares	10,000,000	10,000,000
Series A Preferred Stock [Member]
Preferred stock, issued shares	0	0
Preferred stock, outstanding shares	0	0
Series B Preferred Stock [Member]
Preferred stock, issued shares	750,000	750,000
Preferred stock, outstanding shares	750,000	750,000
Preferred stock liquidation preference	$ 967,500	$ 960,000
Series C Preferred Stock [Member]
Preferred stock, issued shares	177,904	177,904
Preferred stock, outstanding shares	177,904	177,904
Preferred stock liquidation preference	$ 97,847	$ 97,847
Series D Preferred Stock [Member]
Preferred stock, issued shares	0	1,692,672
Preferred stock, outstanding shares	0	1,692,672
Preferred stock liquidation preference	$ 0	$ 5,019,410

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
CONSOLIDATED STATEMENTS OF OPERATIONS
REVENUES	$ 8,693,155	$ 11,044,707
COST OF REVENUES	12,037,939	9,048,517
GROSS PROFIT (LOSS)	(3,344,784)	1,996,190
OPERATING EXPENSES:
General and administrative	1,642,269	658,242
Salaries and benefits	639,172	481,106
Professional fees	643,208	302,901
Loss on disposal of property, plant & equipment	217,921	0
Other operating expenses	581,647	205,736
TOTAL OPERATING EXPENSES	3,724,217	1,647,985
INCOME (LOSS) FROM OPERATIONS	(7,069,001)	348,205
OTHER INCOME (EXPENSE):
Interest and investment income	618,762	103,800
Change in fair value of investments	0	(37,882)
Trademark and licensing income	32,007	70,502
Other miscellaneous income (expense)	69,945	(39,891)
TOTAL OTHER INCOME (EXPENSE)	720,714	96,529
INCOME (LOSS) BEFORE INCOME TAX	(6,348,287)	444,734
Income tax expense	0	16,073
NET INCOME (LOSS)	(6,348,287)	428,661
Preferred dividends	(7,500)	(47,278)
Net income (loss) available to common stockholders	$ (6,355,787)	$ 381,383
Net income (loss) per share of common stock:
Basic	$ (0.06)
Diluted	$ (0.06)
Weighted average shares outstanding:
Diluted	107,551,931	106,287,359
Basic	107,551,931	106,287,359

CONSOLIDATED STATEMENTS OF CHAN

CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS EQUITY - USD ($)	Total	Preferred Stock	Common Stock	Shares to be returned to treasury	Additional Paid-In Capital	Accumulated Deficit
Balance, shares at Dec. 31, 2021		2,620,576	106,240,361
Balance, amount at Dec. 31, 2021	$ 32,368,803	$ 26,205	$ 1,062,402	$ 0	$ 63,991,459	$ (32,711,263)
Issuance of common stock for directors' fees, shares			132,980
Issuance of common stock for directors' fees, amount	62,501	0	$ 1,330	0	61,171	0
Series D preferred dividends declared	(787,730)	0	0	0	0	(787,730)
Repurchase of common stock	202,980	0	0	202,980	0	0
Net income	428,661	0	0	0	0	428,661
Balance, amount at Dec. 31, 2022	31,869,255	$ 26,205	$ 1,063,732	(202,980)	64,052,630	(33,070,332)
Balance, shares at Dec. 31, 2022		2,620,576	106,373,341
Net income	(6,348,287)	$ 0	$ 0	0	0	(6,348,287)
Common stock buyback and retirement, shares			418,696
Common stock buyback and retirement, amount	0	$ 0	$ (4,187)	202,980	(198,793)	0
Conversion of Preferred Series D to Common Stock, shares		(1,692,672)	1,692,672
Conversion of Preferred Series D to Common Stock, amount	0	$ (16,926)	$ 16,927	0	(1)	0
Balance, amount at Dec. 31, 2023	$ 25,520,968	$ 9,279	$ 1,076,472	$ 0	$ 63,853,836	$ (39,418,619)
Balance, shares at Dec. 31, 2023		927,904	107,647,317

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss)	$ (6,348,287)	$ 428,661
Adjustments to reconcile net income (loss) to net cash used by operating activities:
Depreciation and amortization	959,445	909,220
Accretion of asset retirement obligation	13,471	17,766
Changes in asset retirement obligation estimates	324,984	0
Stock payable to directors	(22,917)	61,459
Loss on disposal of property, plant & equipment	217,921	0
Write down of inventory to net realizable value	2,073,404	277,146
Allowance for doubtful accounts on accounts receivable	239,772	59,350
Reserve on IVA receivable	687,534	0
Change in fair value of investments	0	59,246
Other non-cash items	(7,500)	(647)
Change in:
Accounts receivable, net	(80,571)	47,507
Inventories, net	(2,084,445)	(596,794)
Prepaid expenses and other current assets	45,230	(137,599)
IVA receivable and other assets, net	(299,092)	(654,958)
Accounts payable	(171,868)	(756,949)
Accrued liabilities	(67,308)	(72,636)
Accrued liabilities - directors	51,847	21,118
Royalties payable	(281,646)	88,833
Net cash used by operating activities	(4,750,026)	(249,277)
CASH FLOWS FROM INVESTING ACTIVITIES:
Proceeds from redemption of certificates of deposit	186,959	0
Purchase of investments	0	(16,184,893)
Proceeds from sale of investments	0	16,125,647
Purchases of properties, plants and equipment	(1,528,672)	(1,726,415)
Net cash used by investing activities	(1,341,713)	(1,785,661)
CASH FLOWS FROM FINANCING ACTIVITIES:
Payments on Dividends Payable	(787,730)	0
Principal payments on long-term debt	(283,562)	(64,745)
Repurchase of common stock	0	(202,980)
Net cash used by financing activities	(1,071,292)	(267,725)
NET DECREASE IN CASH AND CASH EQUIVALENTS AND RESTRICTED CASH	(7,163,031)	(2,302,663)
|CASH AND CASH EQUIVALENTS AND RESTRICTED CASH AT BEGINNING OF YEAR	19,117,666	21,420,329
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH AT END OF YEAR	11,954,635	19,117,666
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION
Interest paid in cash	10,521	15,141
NON-CASH FINANCING AND INVESTING ACTIVITIES:
Equipment purchased with note payable	0	161,600
Issuance of common stock for directors	0	62,501
Preferred Series D dividends payable declared	$ 0	787,730
Common stock buyback and retirement	202,980
Conversion of Preferred Series D to Common Stock	$ 16,926	$ 0

NATURE OF OPERATIONS

NATURE OF OPERATIONS	12 Months Ended
	Dec. 31, 2023
NATURE OF OPERATIONS
NATURE OF OPERATIONS	NOTE 1 - NATURE OF OPERATIONS United States Antimony Corporation and its subsidiaries in the U.S. and Mexico (“USAC”, the “Company”, “Our”, “Us”, or “We”) sell processed antimony, zeolite, and precious metals products in the U.S. and Canada. The Company processes antimony ore primarily into antimony oxide, antimony metal, and antimony trisulfide. 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. Our antimony trisulfide is used as a primer in ammunition. 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. We recover precious metals, primarily gold and silver, at our plant in Montana from antimony concentrates.

BASIS OF PRESENTATION AND SIGNI

BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES	12 Months Ended
	Dec. 31, 2023
BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES
BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES	NOTE 2 – BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES Principles of Consolidation The Company’s consolidated financial statements include the accounts of its wholly owned subsidiaries, Bear River Zeolite Company (“BRZ”), AGUA Mines, Inc., Stibnite Holding Company US Inc., Antimony Mining and Milling US LLC, and Lanxess Laurel de Mexico, S.A. de C.V., and its majority owned subsidiaries, USAMSA and ADM. All intercompany balances and transactions are eliminated in consolidation. AGUA Mines, Inc., Stibnite Holding Company US Inc., Antimony Mining and Milling US LLC, and Lanxess Laurel de Mexico, S.A. de C.V. are inactive. Use of Estimates The preparation of financial statements in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Critical accounting estimates include impairment of long-lived assets, antimony content of mineral resources, and asset retirement obligations. Actual results could differ from those estimates. 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. Cash and Cash Equivalents The Company considers cash in banks and investments with original maturities of three months or less when purchased to be cash and cash equivalents. At December 31, 2023 and 2022, restricted cash for reclamation bonds of $55,061 and $57,288 is included with the cash and cash equivalents and restricted cash balances in the statements of cash flows. Restricted Cash Restricted cash at December 31, 2023 and 2022 consists of cash held for reclamation performance bonds and is held in certificates of deposit with financial institutions. Accounts Receivable Accounts receivables are stated at the amount the Company expects to collect from outstanding balances. The Company provides for probable uncollectible amounts through an allowance for doubtful accounts. Changes to the allowance for doubtful accounts are based on the Company’s judgment, considering historical write-offs, collections, and current credit conditions. Balances which remain outstanding after the Company has made reasonable collection efforts are written off through a charge to the allowance for doubtful accounts and a credit to the applicable accounts receivable. Payments received on receivables after being written off are considered a bad debt recovery. Inventories Inventories at December 31, 2023 and 2022 consisted of finished antimony products (oxide and metal), antimony concentrates, antimony ore, and finished zeolite products, and are stated at the lower of first-in, first-out weighted average cost or estimated net realizable value, whichever is lower. Finished antimony products (oxide and metal) and finished zeolite products costs include direct materials, direct labor, facility overhead costs, depreciation, and freight allocated based on production quantity. Stockpiled ore is carried at the lower of average cost or net realizable value. Since the Company’s antimony inventory is a commodity with a sales value that is subject to world prices for antimony that are beyond the Company’s control, a significant change in the world market price of antimony could have a significant effect on the net realizable value of inventories. The Company periodically reviews its inventories to identify excess and obsolete inventories and to estimate reserves for obsolete inventories as necessary to reflect inventories at net realizable value. Foreign Currency Transactions All amounts in the financial statements are presented in U.S. dollars, which is the functional currency of the Company and its subsidiaries. Foreign currency transaction gains and losses are recognized as a foreign currency exchange gain or loss in “other miscellaneous income (expense)” in the Consolidated Statements of Operations. Properties, Plants and Equipment Properties, plants, and equipment are stated at historical cost and are depreciated using the straight-line method over estimated useful lives ranging from three to forty years. The estimated useful life of plant and equipment ranges from three to twenty years and buildings ranges from twenty to forty years. Maintenance and repairs are charged to operations as incurred. Expenditures for property, plant, equipment, and improvements that extend the useful life or functionality of the asset are capitalized. When assets are retired or sold, the costs and related accumulated depreciation are eliminated from the accounts and any resulting gain or loss is reflected in the results of operations. The costs to obtain the legal right to explore, extract and retain at least a portion of the benefits from mineral deposits are capitalized as mineral rights in the year of acquisition. These capitalized costs are amortized in the statement of operations using the units-of-production method, based upon estimated the units of mineral resource, or the straight-line method, based upon the estimated lives of the properties. The Company expenses costs as incurred during the mine exploration stage. The mine development stage begins once the Company has determined an ore body is feasible. Expenditures incurred during the development stage are capitalized as deferred development costs and amortized using the units-of-production method, based upon estimated the units of mineral resource, or the straight-line method, based upon the estimated lives of the properties. Costs to improve, alter, or rehabilitate primary development assets which appreciably extend the life, increase capacity, or improve the efficiency of such assets are also capitalized. The development stage ends when the production stage of mining begins. Impairment of Long-lived Assets The Company reviews and evaluates the net carrying value of its long-lived assets for impairment upon the occurrence of events or changes in circumstances that indicate that the related carrying amounts may not be recoverable. A test for recoverability is performed based on the estimated undiscounted future cash flows that will be generated from operations at each property and the estimated salvage value of asset. Although management has made what it believes to be a reasonable estimate of factors based on current conditions and information, assumptions underlying future cash flows, which includes the estimated value of assets, are subject to significant risks and uncertainties. Estimates of undiscounted future cash flows and salvage values are dependent upon, among other factors, estimates of: (i) product and metals to be recovered from identified mineralization and other resources (ii) future production and capital costs, (iii) estimated selling prices (considering current, historical, and future prices) over the estimated remaining life of the asset and (iv) market values of assets. It is possible that changes could occur in the near term that could adversely affect the estimate of future cash flows and salvage values to be generated from operating assets. If estimated undiscounted cash flows or salvage values are less than the carrying value of an asset, an impairment loss is recognized for the difference between the carrying value and fair value of the asset. Prepaid Expenses and Other Long-Term Assets Prepaid expenses relate to goods or services that have been paid for but for which the good or service has not been received yet. These expenses are recorded as an asset in the Consolidated Balance Sheet and expensed in the Consolidated Statement of Operations as the asset's benefits are realized. Prepaid expenses are recorded as a current asset in the Consolidated Balance Sheet if the benefits will be realized within twelve months from the date of the Consolidated Balance Sheet or as a long-term asset if the benefits will be realized after twelve months from the date of the Consolidated Balance Sheet. Asset Retirement Obligations The Company’s mining operations are subject to retirement requirements, which include mine retirement standards that have been established by various governmental agencies and retirement requirements included in certain Company contracts, including contracts related to the leasing of certain of the Company’s properties. There are costs that will be incurred to satisfy these retirement requirements upon cessation of our operations. The Company records the fair value of these costs as an asset retirement obligation in its Consolidated Balance Sheet in the period in which the Company has both a legal obligation and an obligating event for the retirement of long-lived assets if it is probable, meaning it can reasonably be expected or believed, that such costs will be incurred and if the costs are reasonably estimable. A corresponding asset is also recorded and amortized over the life of the assets on a units-of-production or straight-line basis. After the initial measurement of the asset retirement obligation, this liability will be adjusted to reflect changes in the estimated costs or timing of the future cash flows underlying the obligation. Determination of any amounts included in the determination of the fair value of the asset retirement obligation can change periodically as the calculation of the fair value of the asset retirement obligation is based upon numerous estimates and assumptions, including, among others, future retirement costs, future inflation rate, and the Company’s credit-adjusted risk-free interest rate. The asset retirement obligation is classified as current or noncurrent based on the expected timing of expenditures. There are uncertainties associated with the nature, timing, and extent of costs associated with asset retirement obligations, including, among others, the extent of environmental contamination, revisions to laws and regulations by regulatory authorities, and changes in remediation technology. As a result, the ultimate cost as well as the timing of the retirement obligation could change in the future. The Company continually reviews its asset retirement obligations for indications that its asset retirement obligation cost or timing has changed and, when indications are present, recalculates its asset retirement obligation. Revenue Recognition Products consist primarily of the following: ☐ Antimony: includes antimony oxide, antimony metal, and antimony trisulfide ☐ Zeolite: includes coarse and fine zeolite crushed in various sizes ☐ Precious Metals: includes unrefined and refined gold and silver For antimony, zeolite, and precious metals products, revenue is recognized when the following have been satisfied: 1) the completion of the contractual performance obligations, in which rarely will there be more than one performance obligation, that being shipment of the specified quantity of the specified product per the customer’s sales order or similar document, 2) the amount of consideration or price for the transaction can be reasonably estimated, 3) legal title to and risk and rewards of ownership of the product are transferred to the customer, which typically occurs either upon shipment of the product from the Company’s warehouse locations or upon receipt of the product by the customer as specified in individual sales orders and/or shipping documents, 4) it is assessed as very unlikely product will be rejected by the customer, and 5) the Company has the right to payment for the product. Shipping costs related to sales of our products are recorded to cost of sales as incurred. For zeolite products, royalty expenses due to a third party by the Company are also recorded to cost of sales upon sale in accordance with terms of underlying royalty agreements. Refining related to sales of precious metals are recorded to cost of sales as incurred. The Company has determined that its customer contracts do not include a significant financing component. Prepayments from customers, which are not common, received prior to satisfaction of revenue recognition criteria are recorded as deferred revenue. The Company does not have warranty obligations and sales returns have been historically immaterial. For precious metals sales, a provisional payment of 75% is typically received within 45 days of the date the product is delivered to the customer. After an exchange of assays, a final payment is normally received within 90 days of product delivery. Common Stock Issued for Consideration Other than Cash All transactions in which goods or services are received for the issuance of shares of the Company’s common stock are accounted for based on the fair value of the common stock issued. Treasury Stock When the Company’s stock is acquired, it is initially valued at cost and presented as treasury stock. Other than formal or constructive retirement or when ultimate disposition has not yet been decided, the cost of the acquired stock is presented as treasury stock separately as a deduction from the total of common stock, additional paid-in capital and accumulated deficit. Gains on sales of treasury stock not previously accounted for as constructively retired are credited to additional paid-in capital, and losses are charged to additional paid-in capital to the extent that previous net gains from sales or retirements of the same class of stock are included therein, with the remainder charged to accumulated deficit. When the Company's stock is purchased for constructive retirement, any excess purchase price over par value is allocated between additional paid-in capital to the extent that previous net gains from sales or retirements are included therein, and the remainder to accumulated deficit. Income Taxes The Company’s income tax expense and deferred tax assets and liabilities reflect the Company’s best assessment of estimated future taxes to be paid or refunded. Significant judgments and estimates are required in determining the consolidated income tax expense. Deferred income taxes arise from temporary differences between the tax and financial statement recognition of revenue and expense. In evaluating the Company’s ability to recover its deferred tax assets, the Company considers all available positive and negative evidence, including scheduled reversals of deferred tax liabilities, projected future taxable income, tax planning strategies and recent financial operations. In projecting future taxable income, the Company develops assumptions including the amount of future state and federal pretax operating income, the reversal of temporary differences, and the implementation of feasible and prudent tax planning strategies. These assumptions require significant judgment about the forecasts of future taxable income and the assumptions are consistent with the plans and estimates that the Company is using to manage its underlying businesses. The Company provides a valuation allowance for deferred tax assets that the Company does not consider more likely than not to be realized. Changes in tax laws and rates could also affect recorded deferred tax assets and liabilities in the future and are reflected on a prospective nature in the period of the enactment. The Company’s policy is to recognize interest and penalties related to income tax matters in income tax expense. The Company evaluates its tax positions taken or expected to be taken while preparing its tax returns to determine whether the tax positions will more likely than not be sustained by the applicable tax authority. Tax positions not deemed to meet the more-likely-than-not threshold are not recorded as a tax benefit or expense in the current year. No reserve for uncertain tax positions has been recorded. Fair Value of Financial Instruments The Company’s financial instruments include cash and cash equivalents, certificates of deposits, restricted cash, and long-term debt. The carrying value of these instruments approximates fair value based on their contractual terms. Fair Value Measurements When required to measure assets or liabilities at fair value, the Company uses a fair value hierarchy based on the level of independent, objective evidence surrounding the inputs used. The Company determines the level within the fair value hierarchy in which the fair value measurements in their entirety fall. The categorization within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. Level 1 uses quoted prices in active markets for identical assets or liabilities, Level 2 uses significant other observable inputs, and Level 3 uses significant unobservable inputs. The amount of the total gains or losses for the period are included in earnings that are attributable to the change in unrealized gains or losses relating to those assets and liabilities still held at the reporting date. At December 31, 2023 and 2022, the Company has no financial assets or liabilities that are adjusted to fair value on a recurring basis. Contingencies In determining accruals and disclosures with respect to loss contingencies, the Company evaluates such accruals and contingencies for each reporting period. 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 liability 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. New Accounting Pronouncements The Company does not believe that issued, but not yet effective, accounting pronouncements, if currently adopted, would have a material effect on the Company’s financial statements. In June 2016, No. 2016 13, Financial Instruments Credit Losses 326 Measurement of Credit Losses on Financial Instruments In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, amending reportable segment disclosure requirements to include disclosure of incremental segment information on an annual and interim basis. Among the disclosure enhancements are new disclosures regarding significant segment expenses that are regularly provided to the chief operating decision-maker and included within each reported measure of segment profit or loss, as well as other segment items bridging segment revenue to each reported measure of segment profit or loss. The amendments in ASU 2023-07 are effective for fiscal years beginning after December 15, 2023, and for interim periods within fiscal years beginning after December 15, 2024, and are applied retrospectively. Early adoption is permitted. We are currently evaluating the impact of this update on our consolidated financial statements and disclosures. In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvement to Income Tax Disclosures, amending income tax disclosure requirements for the effective tax rate reconciliation and income taxes paid. The amendments in ASU 2023-09 are effective for fiscal years beginning after December 15, 2024 and are applied prospectively. Early adoption and retrospective application of the amendments are permitted. We are currently evaluating the impact of this update on our consolidated financial statements and disclosures.

EARNINGS PER SHARE

EARNINGS PER SHARE	12 Months Ended
	Dec. 31, 2023
Net income (loss) per share of common stock:
EARNINGS PER SHARE	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 and warrants. At December 31, 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: December 31, December 31, 2023 2022 Warrants 12,346,215 12,346,215 Convertible preferred stock - 1,692,672 TOTAL POSSIBLE DILUTIVE SHARES 12,346,215 14,038,887

REVENUE RECOGNITION

REVENUE RECOGNITION	12 Months Ended
	Dec. 31, 2023
REVENUE RECOGNITION
REVENUE RECOGNITION	NOTE 4 – REVENUE RECOGNITION Products consist of the following: · Antimony: includes antimony oxide, antimony metal, and antimony trisulfide · Zeolite: includes coarse and fine zeolite crushed in various sizes · Precious metals: includes unrefined and refined gold and silver Sales by product for the years ended December 31, 2023 and 2022 were as follows: For the year ended December 31, December 31, 2023 2022 Antimony product revenue $ 5,904,480 $ 7,631,670 Zeolite product revenue 2,462,179 3,151,330 Precious metals product revenue 326,496 261,707 TOTAL REVENUES $ 8,693,155 $ 11,044,707 The Company also received royalties related to a trademark and licensing agreement in its antimony business segment, which is recorded in “Trademark and licensing income” under the caption “Other Income (Expense)” in its Consolidated Statements Operations. The following is sales information by geographic area based on the location of customers for the years ended December 31, 2023 and 2022: For the year ended December 31, December 31, 2023 2022 United States revenue $ 6,854,740 $ 9,272,698 Canada revenue 1,838,415 1,772,009 TOTAL REVENUES $ 8,693,155 $ 11,044,707 Sales to customers representing more than 10% of our total revenues during the years ended December 31, 2023 and 2022 were as follows: For the year ended December 31, December 31, 2023 2022 Customer A revenue $ 1,548,283 $ 1,882,667 Customer B revenue 1,451,950 1,863,958 Customer C revenue 1,037,307 - Total significant customer revenue $ 4,037,540 $ 3,746,625 Customer revenue as a % of total revenues 46 % 34 % All precious metals sales of $326,496 and $261,707 for the years ended December 31, 2023 and 2022, respectively were to one customer, Teck American, Inc. Customer receivables representing more than 10% of our net accounts receivable balance as of December 31, 2023 and 2022 were as follows: December 31, December 31, 2023 2022 Customer B receivables $ 202,382 $ - Customer A receivables 194,007 - Customer E receivables - 188,187 Total significant customer receivables $ 396,389 $ 188,187 Customer receivables as a % of net accounts receivable 63 % 24 % The Company’s net accounts receivable balance related to contracts with customers was $625,256 at December 31, 2023 and $784,457 at December 31, 2022. The Company’s allowance for doubtful accounts related to accounts receivable was $271,212 at December 31, 2023 and $31,440 at December 31, 2022, the increase of which was primarily included in our U.S. Antimony Segment. The Company’s products do not involve any warranty agreements and product returns are not typical.

INVENTORIES

INVENTORIES	12 Months Ended
	Dec. 31, 2023
INVENTORIES
INVENTORIES	NOTE 5 – INVENTORIES Inventories by type at December 31, 2023 and 2022 were as follows: December 31, December 31, 2023 2022 Antimony oxide $ 354,431 $ 142,230 Antimony metal 454,748 509,643 Antimony ore and concentrates 71,884 545,373 Total antimony inventory $ 881,063 $ 1,197,246 Zeolite 505,046 177,822 TOTAL INVENTORIES $ 1,386,109 $ 1,375,068 As of December 31, 2023 and 2022, inventories were valued at cost except for the portion of the inventory related to our Mexico Antimony Segment operations, which was valued at net realizable value because the cost of our Mexico inventory was greater than the amount the Company expected to receive upon the sale of the inventory. The adjustment to inventory to net realizable value was $2,073,404 and $277,146 for the years ended December 31, 2023 and 2022, respectively. Antimony oxide and metal inventory consisted of finished product held at the Company’s plants in Montana and Mexico. Antimony concentrates and ore were held primarily at sites in Mexico. The Company’s zeolite inventory consists primarily of saleable zeolite material in Idaho.

PROPERTIES PLANTS AND EQUIPMENT

PROPERTIES PLANTS AND EQUIPMENT	12 Months Ended
	Dec. 31, 2023
PROPERTIES PLANTS AND EQUIPMENT
PROPERTIES, PLANTS AND EQUIPMENT	NOTE 6 – PROPERTIES, PLANTS AND EQUIPMENT The components of the Company’s properties, plants and equipment (“PP&E”) by segment at December 31, 2023 and December 31, 2022 were as follows: December 31, 2023 Antimony Segment Zeolite Segment Precious Metals USAC USAMSA BRZ Segment TOTAL Plant and equipment $ 1,675,444 $ 9,395,022 $ 5,336,808 $ 1,347,912 $ 17,755,186 Buildings 243,248 875,024 2,025,043 - 3,143,315 Land and other 2,727,198 2,764,401 687,639 - 6,179,238 Construction in progress - - 8,951 - 8,951 PP&E, gross $ 4,645,890 $ 13,034,447 $ 8,058,441 $ 1,347,912 $ 27,086,690 Accumulated depreciation (2,661,719 ) (6,785,041 ) (3,524,130 ) (661,309 ) (13,632,199 ) PP&E, net $ 1,984,171 $ 6,249,406 $ 4,534,311 $ 686,603 $ 13,454,491 December 31, 2022 Antimony Segment Zeolite Segment Precious Metals USAC USAMSA BRZ Segment TOTAL Plant and equipment $ 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 Land and other 2,431,387 2,796,037 16,753 - 5,244,177 Construction in progress - 280,406 170,535 - 450,941 PP&E, gross $ 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 ) PP&E, net $ 1,667,758 $ 6,825,404 $ 2,837,666 $ 797,296 $ 12,128,124 The properties, plants and equipment by location was as follows: 2023 2022 United States properties, plants and equipment, net $ 6,579,111 $ 4,677,428 Mexico properties, plants and equipment, net 6,875,380 7,450,696 Total PP&E, net $ 13,454,491 $ 12,128,124 The Company’s precious metals segment includes properties, plants and equipment in both the United States and Mexico. At December 31, 2023 and December 31, 2022, the Company had $289,357 and $1,117,041, respectively, of assets that were not yet placed in service and have not yet been depreciated.

ASSET RETIREMENT OBLIGATION

ASSET RETIREMENT OBLIGATION	12 Months Ended
	Dec. 31, 2023
ASSET RETIREMENT OBLIGATION
ASSET RETIREMENT OBLIGATION	NOTE 7 – ASSET RETIREMENT OBLIGATION Changes in the asset retirement obligations for the years ended December 31, 2023 and 2022 were as follows: Year ended December 31, 2023 2022 Asset retirement obligation, beginning of period $ 224,511 $ 191,149 Revisions to estimate of retirement obligations 1,075,061 15,596 Accretion expense 13,471 17,766 Changes in asset retirement obligation estimates 324,984 - Asset retirement obligation, end of period $ 1,638,027 $ 224,511 The Company recalculated its asset retirement obligations based on indications that the associated costs had changed. Based on these changes in the estimate of cash flow costs and timing, the Company's asset retirement obligation liability increased by $1,075,061 and $15,596 and the Company’s asset retirement obligation expense increased by $324,984 and $nil during the years ended December 31, 2023 and 2022, respectively. The Company added layers to its asset retirement obligations and assets at its credit-adjusted risk-free rate of 6.65% and 6% during the years ended December 31, 2023 and 2022, respectively. At December 31, 2022, the Company had an asset retirement obligation and an accrued reclamation liability of $332,011, which included accrued reclamation liabilities for Montana and Idaho totaling $107,500.

DEBT

DEBT	12 Months Ended
	Dec. 31, 2023
DEBT
DEBT	NOTE 8 – DEBT Long term debt at December 31, 2023 and December 31, 2022 was as follows: At December 31, 2023 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 $ - $ 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 28,443 110,097 Total debt $ 28,443 $ 312,005 Less current portion of debt (28,443 ) (94,150 ) Long term portion of debt $ - $ 217,855 The Company paid off the promissory note payable to First Security Bank in the fourth quarter of 2023 with no prepayment penalty. The principal payments owed Caterpillar Financial Services of $28,443 at December 31, 2023 will be due in 2024.

INCOME AND OTHER TAXES

INCOME AND OTHER TAXES	12 Months Ended
	Dec. 31, 2023
INCOME AND OTHER TAXES
INCOME AND OTHER TAXES	NOTE 9 – INCOME AND OTHER TAXES Income tax expense for the years ended December 31, 2023 and 2022 consisted of the following: 2023 2022 Current income tax expense: Domestic $ - $ 16,073 Foreign - - Total current - 16,073 Deferred income tax expense: Domestic - - Foreign - - Total deferred - - Total income tax expense $ - $ 16,073 Domestic and foreign components of income (loss) before income taxes for the years ended December 31, 2023 and 2022 were as follows: 2023 2022 Domestic $ (397,156 ) $ 2,729,793 Foreign (5,951,131 ) (2,285,059 ) Income (loss) before income taxes $ (6,348,287 ) $ 444,734 The income tax expense (benefit) differs from the amount of income tax determined by applying the U.S. federal income tax rate to pre-tax income (loss) for the years ended December 31, 2023 and 2022 due to the following: 2023 2022 U.S. federal statutory tax provision (benefit) $ (1,333,000 ) $ 93,073 State income tax provision (benefit) net (88,000 ) 67,000 Foreign taxes (536,000 ) (136,000 ) VAT refund reserve and other non-deductible items 1,008,000 4,000 Adjustment for prior year tax estimate to actual-domestic (7,000 ) 69,000 Adjustment for prior year tax estimate to actual-foreign 136,000 (32,000 ) Impact on change in state tax rate - 7,000 Impact on change in foreign exchange rate (275,000 ) (83,000 ) Change in valuation allowance - Domestic 170,000 (358,000 ) Change in valuation allowance - Foreign 925,000 385,000 Total income tax expense $ - $ 16,073 At December 31, 2023 and 2022, the Company had net deferred tax assets and liabilities as follows: 2023 2022 Deferred tax asset: Domestic net operating loss carry forward $ 646,000 $ 307,000 Foreign net operating loss carry forward 2,883,000 1,958,000 Allowance for doubtful accounts 64,000 7,000 Other 5,000 - Deferred tax asset $ 3,598,000 $ 2,272,000 Valuation allowance (domestic) (228,000 ) (58,000 ) Valuation allowance (foreign) (2,883,000 ) (1,958,000 ) Total deferred tax asset $ 487,000 $ 256,000 Deferred tax liability: Property, plant, and equipment (487,000 ) (245,000 ) Other - (11,000 ) Total deferred tax liability $ (487,000 ) $ (256,000 ) Net deferred tax asset after valuation allowance $ - $ - At December 31, 2023 and 2022, the Company had deferred tax assets arising principally from net operating loss carry forwards for income tax purposes. As management cannot determine that it is more likely than not the benefit of the net deferred tax asset will be realized, a valuation allowance equal to 100% of the net deferred tax asset has been recorded at December 31, 2023 and 2022. At December 31, 2023, the Company has federal net operating loss (“NOL”) carry forwards of approximately $1.66 million, $1.61 million of which will never expire but is limited to offsetting up to 80% of taxable income in any future year, and $0.05 million of which will expire at the end of 2037 but is not limited regarding offsetting taxable income in future years. The Company has Montana state NOL carry forwards of approximately $4.2 million which expire between 2024 and 2030, and Idaho state NOL carry forwards of approximately $1.7 million, which expire between 2034 and 2043. The Company has approximately $9.6 million of Mexican NOL carry forwards which expire between 2025 and 2033. All carryforwards in all jurisdictions are subject to certain limitations. During the years ended December 31, 2023 and 2022, there were no material uncertain tax positions taken by the Company. The Company’s United States income tax filings are subject to examination for the years 2020 through 2022 and for the years 2019 through 2023 in Mexico. However, for tax attributes from prior years, the statute remains open. The Company charges penalties on assessments to general and administrative expense and charges interest to interest expense. 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 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. In 2022, the Mexican court ruled against the Company in the above matter. The Company subsequently appealed the ruling. As of December 31, 2023, the updated SAT assessment was approximately $22.4 million pesos, or approximately $1,320,000 USD, which includes $352,000 of unpaid income taxes and $968,000 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 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 December 31, 2023 or December 31, 2022 relating to this potential tax liability. In March 2024, the Company received a favorable ruling from its appeal with no assessment due related to this audit of USAMSA’s 2013 income tax return by SAT. This ruling supports the Company’s position on this tax matter and has no impact on the Company’s financial statements at December 31, 2023. Mexico’s lower court will issue a final ruling on this matter as to whether this decision can be appealed. Mexico Value Added Tax USAMSA, which is part of the Mexico Antimony Segment, records a receivable for the Value Added Tax (“VAT” or “IVA”) it pays on certain goods and services as it should be reimbursed from the Mexican government. USAMSA has a reserve of $687,534 and $nil on its IVA receivable balance at December 31, 2023 and 2022, respectively. The net IVA receivable of $435,094 and $526,536 at December 31, 2023 and 2022, respectively, is recorded in “IVA receivable and other assets, net” in the Consolidated Balance Sheet.

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	12 Months Ended
	Dec. 31, 2023
COMMITMENTS AND CONTINGENCIES (NOTE 8)
COMMITMENTS AND CONTINGENCIES	NOTE 10 – COMMITMENTS AND CONTINGENCIES 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 December 31, 2023 and December 31, 2022, the Company had no accrued liabilities relating to such assessments. However, in 2023, Bear River Zeolite Company (“BRZ”), a wholly owned subsidiary of the Company, received fourteen significant and substantial citations and three orders from MSHA, all of which have been rectified by BRZ prior to the filing of this Annual Report. On a combined basis, BRZ pays royalties ranging from 8% to 13% on the sale of zeolite products. At December 31, 2023 and 2022, the Company had accrued royalties payable of $153,429 and $435,075, respectively. On August 8, 2022, USAMSA executed a preliminary Purchase Option Agreement (the “Agreement”) with SB Wadley SA de CV (“Wadley”) whereby USAMSA leases, with an option to acquire, mining claims located in Mexico known as the Wadley Property. Under the Agreement, USAMSA 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 USAMSA choose to exercise its option to acquire following due diligence and assessment of geological and resource studies, USAMSA agreed to pay Wadley $2,230,000 and seven annual payments of $1,160,000. The due diligence period under the Agreement was extended to October 15, 2023. After evaluation in October 2023 of Wadley Property information and the Agreement, USAMSA officially notified Wadley on October 12, 2023 that it did not intend to acquire the Wadley Property and terminated this Agreement. During the fourth quarter of 2023, USAMSA, which is part of the Mexico Antimony Segment, recorded a loss on disposal of assets of approximately $130,000 related to the termination of this Agreement.

STOCKHOLDERS EQUITY

STOCKHOLDERS EQUITY	12 Months Ended
	Dec. 31, 2023
STOCKHOLDERS' EQUITY:
STOCKHOLDERS' EQUITY	NOTE 11 – STOCKHOLDERS’ EQUITY Issuance of Common Stock On August 24, 2022, the Company issued 132,980 shares of common stock to the board of directors to satisfy the stock payable to directors for their board services that were outstanding and accrued at December 31, 2021. The number of shares issued was based on the amount of board service fees due of $62,501 divided by the market price of the Company’s common shares on the date of issuance. On January 25, 2023, the holders of 1,692,672 shares of Series D Preferred stock, which represents all outstanding shares of Series D Preferred Stock, converted their respective preferred shares and the Company issued 1,692,672 shares of common stock. The Company also paid the holders $787,730 on January 18, 2023 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. Common Stock Warrants No warrants were issued, expired, or exercised during the years ended December 31, 2023 and 2022, other than 143,707 warrants with an exercise price of $0.65 expired on August 12, 2022. The composition of the Company’s warrants outstanding at December 31, 2023 and 2022 were as follows: Number of warrants Exercise Price Expiration Date Remaining life (years) 2,285,715 0.46 7/31/2025 1.58 804,000 0.46 1/27/2026 2.08 7,650,000 0.85 8/3/2026 2.59 1,606,500 0.85 2/1/2026 2.09 12,346,215 Preferred Stock The Company’s Articles of Incorporation authorize 10,000,000 shares of $0.01 par value preferred stock available for issuance with such rights and preferences, including liquidation, dividend, conversion, and voting rights, as the Board of Directors may determine. Series B In 1993, the Board established a Series B preferred stock, consisting of 750,000 shares. The Series B preferred stock has preference over the Company’s common stock and Series A preferred stock (none of which are outstanding); has no voting rights (absent default in payment of declared dividends); and is entitled to cumulative dividends of $0.01 per share per year, payable if and when declared by the Board of Directors. During each of the years ended December 31, 2023 and 2022, the Company recognized $7,500 in Series B preferred stock dividend. In the event of dissolution or liquidation of the Company, the preferential amount payable to Series B preferred stockholders is $1.00 per share plus dividends in arrears. No dividends have been declared or paid with respect to the Series B preferred stock. The Series B Preferred stock is no longer convertible to shares of the Company’s common stock. At December 31, 2023 and 2022, cumulative dividends in arrears on the outstanding Series B shares were $217,500 and $210,000, respectively. Series C In 2000, the Board established a Series C preferred stock. The Series C preferred stock has preference over the Company’s common stock and has voting rights equal to that number of shares outstanding, but no conversion or dividend rights. In the event of dissolution or liquidation of the Company, the preferential amount payable to Series C preferred stockholders is $0.55 per share. Stock Repurchase Program On November 21, 2022 the Board of Directors of the Company approved a stock repurchase program under which management is authorized to repurchase up to 5,000,000 shares of the Company’s outstanding common stock. Repurchases under the program may be made occasionally, as the Company deems appropriate, based on a variety of factors such as share price, capital position, liquidity, financial performance, alternative uses of capital and overall market conditions.

2023 Equity Incentive Plan

2023 Equity Incentive Plan	12 Months Ended
	Dec. 31, 2023
2023 Equity Incentive Plan
2023 Equity Incentive Plan	NOTE 12 – 2023 Equity Incentive Plan In December 2023, the shareholders of the Company approved United States Antimony Corporation’s 2023 Equity Incentive Plan (“the Plan”). The Plan provides for the grant of incentive stock options and non-qualified stock options to purchase shares of our common stock and other types of awards. The general purpose of the Equity Incentive Plan is to provide a means whereby eligible employees, officers, non-employee directors and other individual service providers develop a sense of proprietorship and personal involvement in our development and financial success, and to encourage them to devote their best efforts to our business, thereby advancing our interests and the interests of our shareholders. By means of the Equity Incentive Plan, we seek to retain the services of such eligible persons and to provide incentives for such persons to exert maximum efforts for our success and the success of our subsidiaries. The maximum number of shares of common stock available for issuance in connection with options and other awards granted under the Equity Incentive Plan is 8,700,000. At December 31, 2023, no shares had been issued under the Plan.

BUSINESS SEGEMENTS

BUSINESS SEGEMENTS	12 Months Ended
	Dec. 31, 2023
BUSINESS SEGEMENTS
BUSINESS SEGEMENTS	NOTE 13 – BUSINESS SEGEMENTS The Company is organized and managed via four segments, which represent our operating units: United States antimony operations, Mexico antimony operations, precious metals recovery operations, and United States zeolite operations. Total assets by segment at December 31, 2023 and 2022 were as follows: December 31, December 31, Total Assets: 2023 2022 Antimony segment: United States total assets $ 14,769,408 $ 21,636,386 Mexico total assets 7,132,885 8,484,131 Subtotal antimony segment $ 21,902,293 $ 30,120,517 Precious metals segment: United States total assets $ 92,718 $ 172,004 Mexico total assets 625,974 625,292 Subtotal precious metals segment $ 718,692 $ 797,296 Zeolite segment 5,474,010 3,782,637 Total Assets $ 28,094,995 $ 34,700,450 Total capital expenditures by segment for the years ended December 31, 2023 and 2022 were as follows: Capital expenditures December 31, December 31, 2023 2022 Antimony segment: United States capital expenditures $ 61,851 $ 81,931 Mexico capital expenditures 182,321 324,961 Subtotal antimony segment $ 244,172 $ 406,892 Precious metals segment - 17,518 Zeolite segment 1,284,500 1,463,605 TOTAL CAPITAL EXPENDITURES $ 1,528,672 $ 1,888,015 Selected segment operational information for the years ended December 31, 2023 and 2022 were as follows: Segment operations for the year ended December 31, 2023 Antimony Antimony Total Precious USA Mexico Antimony Metals Zeolite Total Total revenues 5,416,092 488,388 5,904,480 326,496 2,462,179 8,693,155 Depreciation and amortization 39,328 550,683 590,011 110,693 258,741 959,445 Income (loss) from operations (662,326 ) (5,857,872 ) (6,520,198 ) 215,803 (764,606 ) (7,069,001 ) Other income (expense) 720,714 Income tax expense - NET INCOME (LOSS) (6,348,287 ) Segment operations for the year ended December 31, 2022 Antimony Antimony Total Precious USA Mexico Antimony Metals Zeolite Total Total revenues 6,803,848 827,822 7,631,670 261,707 3,151,330 11,044,707 Depreciation and amortization 40,978 589,877 630,855 110,540 167,825 909,220 Income (loss) from operations 2,307,649 (2,285,059 ) 22,590 151,167 174,448 348,205 Other income (expense) 96,529 Income tax expense (16,073 ) NET INCOME (LOSS) 428,661

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	12 Months Ended
	Dec. 31, 2023
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS	NOTE 14 – SUBSEQUENT EVENTS The Company has two subsidiaries in Mexico, US Antimony de Mexico, S.A. de C.V. (“USAMSA”) and Antimonio de Mexico, S.A. de C.V. (“ADM”). On March 11, 2024, the Company shut down the operations of USAMSA, terminated a majority of USAMSA employees, the cost of which related to this employee termination was approximately $40,000, and announced its plans to sell, lease, or dispose of its USAMSA subsidiary, operations, or assets. The USAMSA subsidiary primarily includes the Company’s Madero antimony and precious metals plant in Parras de la Fuente Coahuila, Mexico and its Puerto Blanco antimony and precious metals plant in San Luis de la Paz Guanajuato, Mexico. The Company intends to sell or lease its USAMSA subsidiary, operations, or assets over the next year and has initiated an active search for buyers or leasing opportunities of its operations and/or existing assets. The Company will maintain its existing Los Juarez mining claims and concessions in Cadereyta de Montes Queretaro, Mexico, which are included in our ADM subsidiary. There are presently no active operations at Los Juarez. In March 2024, the Company received a favorable ruling from its appeal with no assessment due related to this audit of USAMSA’s 2013 income tax return by SAT. This ruling supports the Company’s position on this tax matter and has no impact on the Company’s financial statements at December 31, 2023. Mexico’s lower court will issue a final ruling on this matter as to whether this decision can be appealed.

BASIS OF PRESENTATION AND SIG_2

BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES (Policies)	12 Months Ended
	Dec. 31, 2023
BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES
Principles of Consolidation	The Company’s consolidated financial statements include the accounts of its wholly owned subsidiaries, Bear River Zeolite Company (“BRZ”), AGUA Mines, Inc., Stibnite Holding Company US Inc., Antimony Mining and Milling US LLC, and Lanxess Laurel de Mexico, S.A. de C.V., and its majority owned subsidiaries, USAMSA and ADM. All intercompany balances and transactions are eliminated in consolidation. AGUA Mines, Inc., Stibnite Holding Company US Inc., Antimony Mining and Milling US LLC, and Lanxess Laurel de Mexico, S.A. de C.V. are inactive.
Use of Estimates	The preparation of financial statements in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Critical accounting estimates include impairment of long-lived assets, antimony content of mineral resources, and asset retirement obligations. Actual results could differ from those estimates.
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.
Cash and Cash Equivalents	The Company considers cash in banks and investments with original maturities of three months or less when purchased to be cash and cash equivalents. At December 31, 2023 and 2022, restricted cash for reclamation bonds of $55,061 and $57,288 is included with the cash and cash equivalents and restricted cash balances in the statements of cash flows.
Restricted Cash	Restricted cash at December 31, 2023 and 2022 consists of cash held for reclamation performance bonds and is held in certificates of deposit with financial institutions.
Accounts Receivable	Accounts receivables are stated at the amount the Company expects to collect from outstanding balances. The Company provides for probable uncollectible amounts through an allowance for doubtful accounts. Changes to the allowance for doubtful accounts are based on the Company’s judgment, considering historical write-offs, collections, and current credit conditions. Balances which remain outstanding after the Company has made reasonable collection efforts are written off through a charge to the allowance for doubtful accounts and a credit to the applicable accounts receivable. Payments received on receivables after being written off are considered a bad debt recovery.
Inventories	Inventories at December 31, 2023 and 2022 consisted of finished antimony products (oxide and metal), antimony concentrates, antimony ore, and finished zeolite products, and are stated at the lower of first-in, first-out weighted average cost or estimated net realizable value, whichever is lower. Finished antimony products (oxide and metal) and finished zeolite products costs include direct materials, direct labor, facility overhead costs, depreciation, and freight allocated based on production quantity. Stockpiled ore is carried at the lower of average cost or net realizable value. Since the Company’s antimony inventory is a commodity with a sales value that is subject to world prices for antimony that are beyond the Company’s control, a significant change in the world market price of antimony could have a significant effect on the net realizable value of inventories. The Company periodically reviews its inventories to identify excess and obsolete inventories and to estimate reserves for obsolete inventories as necessary to reflect inventories at net realizable value.
Translations of Foreign Currencies	All amounts in the financial statements are presented in U.S. dollars, which is the functional currency of the Company and its subsidiaries. Foreign currency transaction gains and losses are recognized as a foreign currency exchange gain or loss in “other miscellaneous income (expense)” in the Consolidated Statements of Operations.
Properties, Plants and Equipment	Properties, plants, and equipment are stated at historical cost and are depreciated using the straight-line method over estimated useful lives ranging from three to forty years. The estimated useful life of plant and equipment ranges from three to twenty years and buildings ranges from twenty to forty years. Maintenance and repairs are charged to operations as incurred. Expenditures for property, plant, equipment, and improvements that extend the useful life or functionality of the asset are capitalized. When assets are retired or sold, the costs and related accumulated depreciation are eliminated from the accounts and any resulting gain or loss is reflected in the results of operations. The costs to obtain the legal right to explore, extract and retain at least a portion of the benefits from mineral deposits are capitalized as mineral rights in the year of acquisition. These capitalized costs are amortized in the statement of operations using the units-of-production method, based upon estimated the units of mineral resource, or the straight-line method, based upon the estimated lives of the properties. The Company expenses costs as incurred during the mine exploration stage. The mine development stage begins once the Company has determined an ore body is feasible. Expenditures incurred during the development stage are capitalized as deferred development costs and amortized using the units-of-production method, based upon estimated the units of mineral resource, or the straight-line method, based upon the estimated lives of the properties. Costs to improve, alter, or rehabilitate primary development assets which appreciably extend the life, increase capacity, or improve the efficiency of such assets are also capitalized. The development stage ends when the production stage of mining begins.
Impairment of Long-lived Assets	The Company reviews and evaluates the net carrying value of its long-lived assets for impairment upon the occurrence of events or changes in circumstances that indicate that the related carrying amounts may not be recoverable. A test for recoverability is performed based on the estimated undiscounted future cash flows that will be generated from operations at each property and the estimated salvage value of asset. Although management has made what it believes to be a reasonable estimate of factors based on current conditions and information, assumptions underlying future cash flows, which includes the estimated value of assets, are subject to significant risks and uncertainties. Estimates of undiscounted future cash flows and salvage values are dependent upon, among other factors, estimates of: (i) product and metals to be recovered from identified mineralization and other resources (ii) future production and capital costs, (iii) estimated selling prices (considering current, historical, and future prices) over the estimated remaining life of the asset and (iv) market values of assets. It is possible that changes could occur in the near term that could adversely affect the estimate of future cash flows and salvage values to be generated from operating assets. If estimated undiscounted cash flows or salvage values are less than the carrying value of an asset, an impairment loss is recognized for the difference between the carrying value and fair value of the asset.
Prepaid Expenses and Other Long-Term Assets	Prepaid expenses relate to goods or services that have been paid for but for which the good or service has not been received yet. These expenses are recorded as an asset in the Consolidated Balance Sheet and expensed in the Consolidated Statement of Operations as the asset's benefits are realized. Prepaid expenses are recorded as a current asset in the Consolidated Balance Sheet if the benefits will be realized within twelve months from the date of the Consolidated Balance Sheet or as a long-term asset if the benefits will be realized after twelve months from the date of the Consolidated Balance Sheet.
Asset Retirement Obligations	The Company’s mining operations are subject to retirement requirements, which include mine retirement standards that have been established by various governmental agencies and retirement requirements included in certain Company contracts, including contracts related to the leasing of certain of the Company’s properties. There are costs that will be incurred to satisfy these retirement requirements upon cessation of our operations. The Company records the fair value of these costs as an asset retirement obligation in its Consolidated Balance Sheet in the period in which the Company has both a legal obligation and an obligating event for the retirement of long-lived assets if it is probable, meaning it can reasonably be expected or believed, that such costs will be incurred and if the costs are reasonably estimable. A corresponding asset is also recorded and amortized over the life of the assets on a units-of-production or straight-line basis. After the initial measurement of the asset retirement obligation, this liability will be adjusted to reflect changes in the estimated costs or timing of the future cash flows underlying the obligation. Determination of any amounts included in the determination of the fair value of the asset retirement obligation can change periodically as the calculation of the fair value of the asset retirement obligation is based upon numerous estimates and assumptions, including, among others, future retirement costs, future inflation rate, and the Company’s credit-adjusted risk-free interest rate. The asset retirement obligation is classified as current or noncurrent based on the expected timing of expenditures. There are uncertainties associated with the nature, timing, and extent of costs associated with asset retirement obligations, including, among others, the extent of environmental contamination, revisions to laws and regulations by regulatory authorities, and changes in remediation technology. As a result, the ultimate cost as well as the timing of the retirement obligation could change in the future. The Company continually reviews its asset retirement obligations for indications that its asset retirement obligation cost or timing has changed and, when indications are present, recalculates its asset retirement obligation.
Revenue Recognition	Products consist primarily of the following: ☐ Antimony: includes antimony oxide, antimony metal, and antimony trisulfide ☐ Zeolite: includes coarse and fine zeolite crushed in various sizes ☐ Precious Metals: includes unrefined and refined gold and silver For antimony, zeolite, and precious metals products, revenue is recognized when the following have been satisfied: 1) the completion of the contractual performance obligations, in which rarely will there be more than one performance obligation, that being shipment of the specified quantity of the specified product per the customer’s sales order or similar document, 2) the amount of consideration or price for the transaction can be reasonably estimated, 3) legal title to and risk and rewards of ownership of the product are transferred to the customer, which typically occurs either upon shipment of the product from the Company’s warehouse locations or upon receipt of the product by the customer as specified in individual sales orders and/or shipping documents, 4) it is assessed as very unlikely product will be rejected by the customer, and 5) the Company has the right to payment for the product. Shipping costs related to sales of our products are recorded to cost of sales as incurred. For zeolite products, royalty expenses due to a third party by the Company are also recorded to cost of sales upon sale in accordance with terms of underlying royalty agreements. Refining related to sales of precious metals are recorded to cost of sales as incurred. The Company has determined that its customer contracts do not include a significant financing component. Prepayments from customers, which are not common, received prior to satisfaction of revenue recognition criteria are recorded as deferred revenue. The Company does not have warranty obligations and sales returns have been historically immaterial. For precious metals sales, a provisional payment of 75% is typically received within 45 days of the date the product is delivered to the customer. After an exchange of assays, a final payment is normally received within 90 days of product delivery.
Common Stock Issued for Consideration Other than Cash	All transactions in which goods or services are received for the issuance of shares of the Company’s common stock are accounted for based on the fair value of the common stock issued.
Treasury Stock	When the Company’s stock is acquired, it is initially valued at cost and presented as treasury stock. Other than formal or constructive retirement or when ultimate disposition has not yet been decided, the cost of the acquired stock is presented as treasury stock separately as a deduction from the total of common stock, additional paid-in capital and accumulated deficit. Gains on sales of treasury stock not previously accounted for as constructively retired are credited to additional paid-in capital, and losses are charged to additional paid-in capital to the extent that previous net gains from sales or retirements of the same class of stock are included therein, with the remainder charged to accumulated deficit. When the Company's stock is purchased for constructive retirement, any excess purchase price over par value is allocated between additional paid-in capital to the extent that previous net gains from sales or retirements are included therein, and the remainder to accumulated deficit.
Income Taxes	The Company’s income tax expense and deferred tax assets and liabilities reflect the Company’s best assessment of estimated future taxes to be paid or refunded. Significant judgments and estimates are required in determining the consolidated income tax expense. Deferred income taxes arise from temporary differences between the tax and financial statement recognition of revenue and expense. In evaluating the Company’s ability to recover its deferred tax assets, the Company considers all available positive and negative evidence, including scheduled reversals of deferred tax liabilities, projected future taxable income, tax planning strategies and recent financial operations. In projecting future taxable income, the Company develops assumptions including the amount of future state and federal pretax operating income, the reversal of temporary differences, and the implementation of feasible and prudent tax planning strategies. These assumptions require significant judgment about the forecasts of future taxable income and the assumptions are consistent with the plans and estimates that the Company is using to manage its underlying businesses. The Company provides a valuation allowance for deferred tax assets that the Company does not consider more likely than not to be realized. Changes in tax laws and rates could also affect recorded deferred tax assets and liabilities in the future and are reflected on a prospective nature in the period of the enactment. The Company’s policy is to recognize interest and penalties related to income tax matters in income tax expense. The Company evaluates its tax positions taken or expected to be taken while preparing its tax returns to determine whether the tax positions will more likely than not be sustained by the applicable tax authority. Tax positions not deemed to meet the more-likely-than-not threshold are not recorded as a tax benefit or expense in the current year. No reserve for uncertain tax positions has been recorded.
Fair Value of Financial Instruments	The Company’s financial instruments include cash and cash equivalents, certificates of deposits, restricted cash, and long-term debt. The carrying value of these instruments approximates fair value based on their contractual terms.
Fair Value Measurements	When required to measure assets or liabilities at fair value, the Company uses a fair value hierarchy based on the level of independent, objective evidence surrounding the inputs used. The Company determines the level within the fair value hierarchy in which the fair value measurements in their entirety fall. The categorization within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. Level 1 uses quoted prices in active markets for identical assets or liabilities, Level 2 uses significant other observable inputs, and Level 3 uses significant unobservable inputs. The amount of the total gains or losses for the period are included in earnings that are attributable to the change in unrealized gains or losses relating to those assets and liabilities still held at the reporting date. At December 31, 2023 and 2022, the Company has no financial assets or liabilities that are adjusted to fair value on a recurring basis.
Contingencies	In determining accruals and disclosures with respect to loss contingencies, the Company evaluates such accruals and contingencies for each reporting period. 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 liability 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.
New Accounting Pronouncements	The Company does not believe that issued, but not yet effective, accounting pronouncements, if currently adopted, would have a material effect on the Company’s financial statements. In June 2016, No. 2016 13, Financial Instruments Credit Losses 326 Measurement of Credit Losses on Financial Instruments In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, amending reportable segment disclosure requirements to include disclosure of incremental segment information on an annual and interim basis. Among the disclosure enhancements are new disclosures regarding significant segment expenses that are regularly provided to the chief operating decision-maker and included within each reported measure of segment profit or loss, as well as other segment items bridging segment revenue to each reported measure of segment profit or loss. The amendments in ASU 2023-07 are effective for fiscal years beginning after December 15, 2023, and for interim periods within fiscal years beginning after December 15, 2024, and are applied retrospectively. Early adoption is permitted. We are currently evaluating the impact of this update on our consolidated financial statements and disclosures. In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvement to Income Tax Disclosures, amending income tax disclosure requirements for the effective tax rate reconciliation and income taxes paid. The amendments in ASU 2023-09 are effective for fiscal years beginning after December 15, 2024 and are applied prospectively. Early adoption and retrospective application of the amendments are permitted. We are currently evaluating the impact of this update on our consolidated financial statements and disclosures.

EARNINGS PER SHARE (Tables)

EARNINGS PER SHARE (Tables)	12 Months Ended
	Dec. 31, 2023
Net income (loss) per share of common stock:
Antidilutive securities excluded from computation of earnings per share	December 31, December 31, 2023 2022 Warrants 12,346,215 12,346,215 Convertible preferred stock - 1,692,672 TOTAL POSSIBLE DILUTIVE SHARES 12,346,215 14,038,887

REVENUE RECOGNITION (Tables)

REVENUE RECOGNITION (Tables)	12 Months Ended
	Dec. 31, 2023
REVENUE RECOGNITION
Disaggregation of Revenue	For the year ended December 31, December 31, 2023 2022 Antimony product revenue $ 5,904,480 $ 7,631,670 Zeolite product revenue 2,462,179 3,151,330 Precious metals product revenue 326,496 261,707 TOTAL REVENUES $ 8,693,155 $ 11,044,707
Revenue by Geographic Area	For the year ended December 31, December 31, 2023 2022 United States revenue $ 6,854,740 $ 9,272,698 Canada revenue 1,838,415 1,772,009 TOTAL REVENUES $ 8,693,155 $ 11,044,707
Sales of Products to Significant Customers	For the year ended December 31, December 31, 2023 2022 Customer A revenue $ 1,548,283 $ 1,882,667 Customer B revenue 1,451,950 1,863,958 Customer C revenue 1,037,307 - Total significant customer revenue $ 4,037,540 $ 3,746,625 Customer revenue as a % of total revenues 46 % 34 %
Accounts Receivable from Largest Customers	December 31, December 31, 2023 2022 Customer B receivables $ 202,382 $ - Customer A receivables 194,007 - Customer E receivables - 188,187 Total significant customer receivables $ 396,389 $ 188,187 Customer receivables as a % of net accounts receivable 63 % 24 %

INVENTORIES (Tables)

INVENTORIES (Tables)	12 Months Ended
	Dec. 31, 2023
INVENTORIES
Schedule of Inventory Current	December 31, December 31, 2023 2022 Antimony oxide $ 354,431 $ 142,230 Antimony metal 454,748 509,643 Antimony ore and concentrates 71,884 545,373 Total antimony inventory $ 881,063 $ 1,197,246 Zeolite 505,046 177,822 TOTAL INVENTORIES $ 1,386,109 $ 1,375,068

PROPERTIES PLANTS AND EQUIPME_2

PROPERTIES PLANTS AND EQUIPMENT (Tables)	12 Months Ended
	Dec. 31, 2023
PROPERTIES PLANTS AND EQUIPMENT
Major components of property, plant and equipment	December 31, 2023 Antimony Segment Zeolite Segment Precious Metals USAC USAMSA BRZ Segment TOTAL Plant and equipment $ 1,675,444 $ 9,395,022 $ 5,336,808 $ 1,347,912 $ 17,755,186 Buildings 243,248 875,024 2,025,043 - 3,143,315 Land and other 2,727,198 2,764,401 687,639 - 6,179,238 Construction in progress - - 8,951 - 8,951 PP&E, gross $ 4,645,890 $ 13,034,447 $ 8,058,441 $ 1,347,912 $ 27,086,690 Accumulated depreciation (2,661,719 ) (6,785,041 ) (3,524,130 ) (661,309 ) (13,632,199 ) PP&E, net $ 1,984,171 $ 6,249,406 $ 4,534,311 $ 686,603 $ 13,454,491 December 31, 2022 Antimony Segment Zeolite Segment Precious Metals USAC USAMSA BRZ Segment TOTAL Plant and equipment $ 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 Land and other 2,431,387 2,796,037 16,753 - 5,244,177 Construction in progress - 280,406 170,535 - 450,941 PP&E, gross $ 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 ) PP&E, net $ 1,667,758 $ 6,825,404 $ 2,837,666 $ 797,296 $ 12,128,124
Properties, plants and equipment by location	2023 2022 United States properties, plants and equipment, net $ 6,579,111 $ 4,677,428 Mexico properties, plants and equipment, net 6,875,380 7,450,696 Total PP&E, net $ 13,454,491 $ 12,128,124

ASSET RETIREMENT OBLIGATION (Ta

ASSET RETIREMENT OBLIGATION (Tables)	12 Months Ended
	Dec. 31, 2023
ASSET RETIREMENT OBLIGATION
Schedule of asset retirement obligation	Year ended December 31, 2023 2022 Asset retirement obligation, beginning of period $ 224,511 $ 191,149 Revisions to estimate of retirement obligations 1,075,061 15,596 Accretion expense 13,471 17,766 Changes in asset retirement obligation estimates 324,984 - Asset retirement obligation, end of period $ 1,638,027 $ 224,511

DEBT (Tables)

DEBT (Tables)	12 Months Ended
	Dec. 31, 2023
DEBT
Schedule of Long-term debt	At December 31, 2023 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 $ - $ 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 28,443 110,097 Total debt $ 28,443 $ 312,005 Less current portion of debt (28,443 ) (94,150 ) Long term portion of debt $ - $ 217,855

INCOME AND OTHER TAXES (Tables)

INCOME AND OTHER TAXES (Tables)	12 Months Ended
	Dec. 31, 2023
INCOME AND OTHER TAXES
Schedule of income tax expense	2023 2022 Current income tax expense: Domestic $ - $ 16,073 Foreign - - Total current - 16,073 Deferred income tax expense: Domestic - - Foreign - - Total deferred - - Total income tax expense $ - $ 16,073
Schedule of Income before Income Tax, Domestic and Foreign	2023 2022 Domestic $ (397,156 ) $ 2,729,793 Foreign (5,951,131 ) (2,285,059 ) Income (loss) before income taxes $ (6,348,287 ) $ 444,734
Schedule of U.S. federal income tax rate to pre-tax income (loss)	2023 2022 U.S. federal statutory tax provision (benefit) $ (1,333,000 ) $ 93,073 State income tax provision (benefit) net (88,000 ) 67,000 Foreign taxes (536,000 ) (136,000 ) VAT refund reserve and other non-deductible items 1,008,000 4,000 Adjustment for prior year tax estimate to actual-domestic (7,000 ) 69,000 Adjustment for prior year tax estimate to actual-foreign 136,000 (32,000 ) Impact on change in state tax rate - 7,000 Impact on change in foreign exchange rate (275,000 ) (83,000 ) Change in valuation allowance - Domestic 170,000 (358,000 ) Change in valuation allowance - Foreign 925,000 385,000 Total income tax expense $ - $ 16,073
Schedule of Deferred Tax Assets and Liabilities	2023 2022 Deferred tax asset: Domestic net operating loss carry forward $ 646,000 $ 307,000 Foreign net operating loss carry forward 2,883,000 1,958,000 Allowance for doubtful accounts 64,000 7,000 Other 5,000 - Deferred tax asset $ 3,598,000 $ 2,272,000 Valuation allowance (domestic) (228,000 ) (58,000 ) Valuation allowance (foreign) (2,883,000 ) (1,958,000 ) Total deferred tax asset $ 487,000 $ 256,000 Deferred tax liability: Property, plant, and equipment (487,000 ) (245,000 ) Other - (11,000 ) Total deferred tax liability $ (487,000 ) $ (256,000 ) Net deferred tax asset after valuation allowance $ - $ -

STOCKHOLDERS EQUITY (Tables)

STOCKHOLDERS EQUITY (Tables)	12 Months Ended
	Dec. 31, 2023
STOCKHOLDERS' EQUITY:
Warrants outstanding	Number of warrants Exercise Price Expiration Date Remaining life (years) 2,285,715 0.46 7/31/2025 1.58 804,000 0.46 1/27/2026 2.08 7,650,000 0.85 8/3/2026 2.59 1,606,500 0.85 2/1/2026 2.09 12,346,215

BUSINESS SEGEMENTS (Tables)

BUSINESS SEGEMENTS (Tables)	12 Months Ended
	Dec. 31, 2023
BUSINESS SEGEMENTS
Segment information	December 31, December 31, Total Assets: 2023 2022 Antimony segment: United States total assets $ 14,769,408 $ 21,636,386 Mexico total assets 7,132,885 8,484,131 Subtotal antimony segment $ 21,902,293 $ 30,120,517 Precious metals segment: United States total assets $ 92,718 $ 172,004 Mexico total assets 625,974 625,292 Subtotal precious metals segment $ 718,692 $ 797,296 Zeolite segment 5,474,010 3,782,637 Total Assets $ 28,094,995 $ 34,700,450
Summary of capital expenditure	Capital expenditures December 31, December 31, 2023 2022 Antimony segment: United States capital expenditures $ 61,851 $ 81,931 Mexico capital expenditures 182,321 324,961 Subtotal antimony segment $ 244,172 $ 406,892 Precious metals segment - 17,518 Zeolite segment 1,284,500 1,463,605 TOTAL CAPITAL EXPENDITURES $ 1,528,672 $ 1,888,015
Summary of segement operation	Segment operations for the year ended December 31, 2023 Antimony Antimony Total Precious USA Mexico Antimony Metals Zeolite Total Total revenues 5,416,092 488,388 5,904,480 326,496 2,462,179 8,693,155 Depreciation and amortization 39,328 550,683 590,011 110,693 258,741 959,445 Income (loss) from operations (662,326 ) (5,857,872 ) (6,520,198 ) 215,803 (764,606 ) (7,069,001 ) Other income (expense) 720,714 Income tax expense - NET INCOME (LOSS) (6,348,287 ) Segment operations for the year ended December 31, 2022 Antimony Antimony Total Precious USA Mexico Antimony Metals Zeolite Total Total revenues 6,803,848 827,822 7,631,670 261,707 3,151,330 11,044,707 Depreciation and amortization 40,978 589,877 630,855 110,540 167,825 909,220 Income (loss) from operations 2,307,649 (2,285,059 ) 22,590 151,167 174,448 348,205 Other income (expense) 96,529 Income tax expense (16,073 ) NET INCOME (LOSS) 428,661

BASIS OF PRESENTATION AND SIG_3

BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES (Details Narrative) - USD ($)	Dec. 31, 2023	Dec. 31, 2022
BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES
Restricted cash	$ 55,061	$ 57,288

EARNINGS PER SHARE (Details)

EARNINGS PER SHARE (Details) - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
TOTAL POSSIBLE DILUTIVE SHARES	$ 12,346,215	$ 14,038,887
Convertible Preferred Stock [Member]
TOTAL POSSIBLE DILUTIVE SHARES	0	1,692,672
Warrants [Member]
TOTAL POSSIBLE DILUTIVE SHARES	12,346,215	12,346,215

REVENUE RECOGNITION (Details)

REVENUE RECOGNITION (Details) - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
REVENUE	$ 8,693,155	$ 11,044,707
Antimony [Member]
REVENUE	5,904,480	7,631,670
Zeolite [Member]
REVENUE	2,462,179	3,151,330
Precious Metals [Member]
REVENUE	$ 326,496	$ 261,707

REVENUE RECOGNITION (Details 1)

REVENUE RECOGNITION (Details 1) - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
REVENUE	$ 8,693,155	$ 11,044,707
US [Member]
REVENUE	6,854,740	9,272,698
Canada [Member]
REVENUE	$ 1,838,415	$ 1,772,009

REVENUE RECOGNITION (Details 2)

REVENUE RECOGNITION (Details 2) - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Total significant customer revenue	$ 4,037,540	$ 3,746,625
REVENUE	$ 8,693,155	$ 11,044,707
Total customer revenue Percent	46%	34%
Customer A [Member]
REVENUE	$ 1,548,283	$ 1,882,667
Customer B [Member]
REVENUE	1,451,950	1,863,958
Customer C [Member]
REVENUE	$ 1,037,307	$ 0

REVENUE RECOGNITION (Details 3)

REVENUE RECOGNITION (Details 3) - USD ($)	Dec. 31, 2023	Dec. 31, 2022
Total significant customer receivables	$ 396,389	$ 188,187
Total customer receivables percent	63%	24%
Customer A [Member]
Accounts receivable	$ 194,007	$ 0
Customer B [Member]
Accounts receivable	202,382	0
Customer E [Member]
Accounts receivable	$ 0	$ 188,187

REVENUE RECOGNITION (Details Na

REVENUE RECOGNITION (Details Narrative) - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
REVENUE RECOGNITION
Trade accounts receivable balance related to contracts with customers	$ 625,256	$ 784,457
Sales	$ 326,496	261,707
Accounts receivable for customer	10%
Doubtful related trade accounts receivables	$ 271,212	$ 31,440

INVENTORIES (Details)

INVENTORIES (Details) - USD ($)	Dec. 31, 2023	Dec. 31, 2022
Inventories	$ 1,386,109	$ 1,375,068
Antimony Metals [Member]
Inventories	354,431	142,230
Antimony Oxides [Member]
Inventories	454,748	509,643
Antimony Ore Concentrates [Member]
Inventories	71,884	545,373
Zeolite Products [Member]
Inventories	505,046	177,822
Antimony [Member]
Inventories	$ 881,063	$ 1,197,246

INVENTORIES (Details Narrative)

INVENTORIES (Details Narrative) - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
INVENTORIES
Write down of inventory to net realizable value	$ 2,073,404	$ 277,146

PROPERTIES PLANTS AND EQUIPME_3

PROPERTIES PLANTS AND EQUIPMENT (Details) - USD ($)	Dec. 31, 2023	Dec. 31, 2022
Plant and equipment	$ 17,755,186	$ 17,195,914
Buildings	3,143,315	2,160,805
Land and other	6,179,238	5,244,177
Construction in progress	8,951	450,941
Plants and equipment net	27,086,690	25,051,837
Accumulated Deprecation	(13,632,199)	(12,923,713)
Property plant and equipment ,net	13,454,491	12,128,124
Antimony Segment USAC [Member]
Plant and equipment	1,675,444	1,760,926
Buildings	243,248	243,248
Land and other	2,727,198	2,431,387
Construction in progress	0	0
Plants and equipment net	4,645,890	4,435,561
Accumulated Deprecation	(2,661,719)	(2,767,803)
Property plant and equipment ,net	1,984,171	1,667,758
Antimony Segment USAMSA [Member]
Plant and equipment	9,395,022	9,090,860
Buildings	875,024	870,534
Land and other	2,764,401	2,796,037
Construction in progress	0	280,406
Plants and equipment net	13,034,447	13,037,837
Accumulated Deprecation	(6,785,041)	(6,212,433)
Property plant and equipment ,net	6,249,406	6,825,404
Zeolite Segment BRZ [Member]
Plant and equipment	5,336,808	4,996,216
Buildings	2,025,043	1,047,023
Land and other	687,639	16,753
Construction in progress	8,951	170,535
Plants and equipment net	8,058,441	6,230,527
Accumulated Deprecation	(3,524,130)	(3,392,861)
Property plant and equipment ,net	4,534,311	2,837,666
Precious Metals Segment [Member]
Plant and equipment	1,347,912	1,347,912
Buildings	0	0
Land and other	0	0
Construction in progress	0	0
Plants and equipment net	1,347,912	1,347,912
Accumulated Deprecation	(661,309)	(550,616)
Property plant and equipment ,net	$ 686,603	$ 797,296

PROPERTIES PLANTS AND EQUIPME_4

PROPERTIES PLANTS AND EQUIPMENT (Details 1) - USD ($)	Dec. 31, 2023	Dec. 31, 2022
Property plant and equipment ,net	$ 13,454,491	$ 12,128,124
United States [Member]
Property plant and equipment ,net	6,579,111	4,677,428
Mexico Antimony [Member]
Property plant and equipment ,net	$ 6,875,380	$ 7,450,696

PROPERTIES PLANTS AND EQUIPME_5

PROPERTIES PLANTS AND EQUIPMENT (Details Narrative) - USD ($)	Dec. 31, 2023	Dec. 31, 2022
PROPERTIES PLANTS AND EQUIPMENT
Assets not yet placed in service	$ 289,357	$ 1,117,041

ASSET RETIREMENT OBLIGATION (De

ASSET RETIREMENT OBLIGATION (Details) - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
ASSET RETIREMENT OBLIGATION
Asset retirement obligation, beginning of period	$ 224,511	$ 191,149
Revisions to estimate of retirement obligations	1,075,061	15,596
Accretion Expense	13,471	17,766
Change in estimated retirement costs	324,984	0
Asset retirement obligation, end of period	$ 1,638,027	$ 224,511

ASSET RETIREMENT OBLIGATION (_2

ASSET RETIREMENT OBLIGATION (Details Narrative) - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Revisions to estimate of retirement obligations	$ 1,075,061	$ 15,596
Change in estimated retirement costs	$ 324,984	$ 0
Asset retirement obligations credit-adjusted risk-free rate	6.65%	6%
Asset retirement obligation and accrued reclamation costs	$ 1,638,027	$ 332,011
Montana and Idaho
Asset retirement obligation and accrued reclamation costs		$ 107,500

DEBT (Details)

DEBT (Details) - USD ($)	Dec. 31, 2023	Dec. 31, 2022
Long term debt	$ 28,443	$ 312,005
Less current portion	(28,443)	(94,150)
Long term portion	0	217,855
First Security Bank of Missoula [Member]
Long term debt	0	201,908
Caterpillar Financial Services [Member]
Long term debt	$ 28,443	$ 110,097

DEBT (Details Narrative)

DEBT (Details Narrative) - USD ($)	Dec. 31, 2023	Dec. 31, 2022
DEBT
Long term debt	$ 28,443	$ 312,005

INCOME AND OTHER TAXES (Details

INCOME AND OTHER TAXES (Details) - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
INCOME AND OTHER TAXES
Current income tax expense- Domestic	$ 0	$ 16,073
Current income tax expense- Foreign	0	0
Total current	0	16,073
Deferred income Tax Expense- Domestic	0	0
Deferred income tax expense- Foreign	0	0
Total deferred	0	0
Total income tax expense	$ 0	$ 16,073

INCOME AND OTHER TAXES (Detai_2

INCOME AND OTHER TAXES (Details 1) - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
INCOME AND OTHER TAXES
Domestic	$ (397,156)	$ 2,729,793
Foreign	(5,951,131)	(2,285,059)
Income (loss) before income taxes	$ (6,348,287)	$ 444,734

INCOME AND OTHER TAXES (Detai_3

INCOME AND OTHER TAXES (Details 2) - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
INCOME AND OTHER TAXES
U.S. federal statutory tax provision (benefit)	$ (1,333,000)	$ 93,073
State income tax provision (benefit) net	(88,000)	67,000
Foreign taxes	(536,000)	(136,000)
VAT refund reserve and other non-deductible items	1,008,000	4,000
Adj for prior year tax estimate to actual-domestic	(7,000)	69,000
Adj for prior year tax estimate to actual-foreign	136,000	(32,000)
Impact on change in state tax rate	0	7,000
Impact on change in foreign exchange rate	(275,000)	(83,000)
Change in valuation allowance - Domestic	170,000	(358,000)
Change in valuation allowance - Foreign	925,000	385,000
Total income tax expense	$ 0	$ 16,073

INCOME AND OTHER TAXES (Detai_4

INCOME AND OTHER TAXES (Details 3) - USD ($)	Dec. 31, 2023	Dec. 31, 2022
Deferred tax asset:
Domestic net operating loss carry forward	$ 646,000	$ 307,000
Foreign net operating loss carryforward	2,883,000	1,958,000
Allowance for doubtful accounts	64,000	7,000
Other	5,000	0
Deferred tax asset	3,598,000	2,272,000
Valuation allowance (domestic)	(228,000)	(58,000)
Valuation allowance (foreign)	(2,883,000)	(1,958,000)
Total deferred tax asset	487,000	256,000
Deferred tax liability:
Property, plant, and equipment	(487,000)	(245,000)
Other	0	(11,000)
Total deferred tax liability	(487,000)	(256,000)
Net deferred tax asset	$ 0	$ 0

INCOME AND OTHER TAXES (Detai_5

INCOME AND OTHER TAXES (Details Narrative) - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2016
Operating loss carryforwards	$ 1,660,000
Operating loss carryforwards, Limitations on use	1.61 million of which will never expire but is limited to offsetting up to 80% of taxable income in any future year, and $0.05 million of which will expire at the end of 2037 but is not limited regarding offsetting taxable income in future years
Mexican Tax Authority [Member]
Operating loss carryforwards	$ 9,600,000
Unpaid income taxes	352,000		$ 795,000	$ 666,400
Interest and penalties	968,000
IVA receivable, net	435,094	$ 526,536
IVA receivable	687,534	$ 0
Montana
Operating loss carryforwards	4,200,000
Idaho
Operating loss carryforwards	$ 1,700,000

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Details Narrative) - USD ($)		12 Months Ended
	Aug. 08, 2022	Dec. 31, 2023	Dec. 31, 2022
Accrued royalties payable		$ 153,429	$ 435,075
Wadley Property [Member]
Loss on disposal of assets	$ 130,000
Description of agreement	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 USAMSA choose to exercise its option to acquire following due diligence and assessment of geological and resource studies, USAMSA agreed to pay Wadley $2,230,000 and seven annual payments of $1,160,000. The due diligence period under the Agreement was extended to October 15, 2023
Maximum [Member]
Royalties vary		13%

STOCKHOLDERS EQUITY (Details)

STOCKHOLDERS EQUITY (Details)	12 Months Ended
	Dec. 31, 2023 $ / shares shares
Warrant 1
Number of warrants	2,285,715
Exercise Price | $ / shares	$ 0.46
Remaining life	1 year 6 months 29 days
Expiration date	Jul. 31, 2025
Warrant 2
Number of warrants	804,000
Exercise Price | $ / shares	$ 0.46
Remaining life	2 years 29 days
Expiration date	Jan. 27, 2026
Warrant 3
Number of warrants	7,650,000
Exercise Price | $ / shares	$ 0.85
Remaining life	2 years 7 months 2 days
Expiration date	Aug. 03, 2026
Warrant 4
Number of warrants	1,606,500
Exercise Price | $ / shares	$ 0.85
Remaining life	2 years 1 month 2 days
Expiration date	Feb. 01, 2026
Warrants [Member]
Number of warrants	12,346,215

STOCKHOLDERS EQUITY (Details Na

STOCKHOLDERS EQUITY (Details Narrative) - USD ($)	1 Months Ended		12 Months Ended
	Jan. 26, 2023	Nov. 21, 2022	Dec. 31, 2023	Jan. 25, 2023	Dec. 31, 2022	Aug. 24, 2022
Cash paid to shareholders				$ 787,730
Description of returned of shares	the Company returned to treasury and cancelled 418,696 of its common shares which were repurchased prior to December 31, 2022 for $202,980
Common stock, issued shares			107,647,317	1,692,672	106,373,341	132,980
Market price of share						$ 62,501
Preferred stock, authorized shares			10,000,000		10,000,000
Preferred stock, par value			$ 0.01		$ 0.01
Board Of Directors [Member]
Warrants to purchase shares of common stock		5,000,000
Common Stock Warrants [Member]
Warrants issued			143,707
Warrants, exercise price			$ 0.65
Expiry date			Aug. 12, 2022
Series B Preferred Stock [Member]
Preferred stock, issued shares			750,000		750,000
Cumulative dividends per share			$ 0.01
Preferred stock dividend recognized			$ 7,500
Preferred stock, par value			$ 1
Cumulative dividends in arrears on the outstanding Series B shares			$ 217,500		$ 210,000
Series C Preferred Stock [Member]
Preferential amount payable			$ 0.55
Preferred stock, issued shares			177,904		177,904
Preferred Stock D Series [Member]
Cash paid to shareholders				$ 787,730
Number of shares converted				1,590,672
Preferred stock, issued shares				1,692,672
Preferred stock, authorized shares			10,000,000
Preferred stock, par value			$ 0.01
Number of shares converted amount	$ 740,261
Total Series D Preferred stock shares				1,692,672

2023 Equity Incentive Plan (Det

2023 Equity Incentive Plan (Details Narrative)	Dec. 31, 2023 shares
2023 Equity Incentive Plan
Maximum number of shares of common stock	8,700,000

Business Segments (Details)

Business Segments (Details) - USD ($)	Dec. 31, 2023	Dec. 31, 2022
Total assets	$ 28,094,995	$ 34,700,450
Mexico Antimony [Member]
Total assets	7,132,885	8,484,131
United States Antimony [Member]
Total assets	14,769,408	21,636,386
Subtotal Antimony [Member]
Total assets	21,902,293	30,120,517
Subtotal Precious Metals [Member]
Total assets	718,692	797,296
United States Precious Metals [Member]
Total assets	92,718	172,004
Mexico Precious Metals [Member]
Total assets	625,974	625,292
Zeolite [Member]
Total assets	$ 5,474,010	$ 3,782,637

Business Segments (Details 1)

Business Segments (Details 1) - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Capital expenditures	$ 1,528,672	$ 1,888,015
Mexico Antimony [Member]
Capital expenditures	182,321	324,961
United States Antimony [Member]
Capital expenditures	61,851	81,931
Subtotal Antimony [Member]
Capital expenditures	244,172	406,892
Subtotal Precious Metals [Member]
Capital expenditures	0	17,518
Zeolite [Member]
Capital expenditures	$ 1,284,500	$ 1,463,605

Business Segments (Details 2)

Business Segments (Details 2) - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
REVENUE	$ 8,693,155	$ 11,044,707
Depreciation and amortization	959,445	909,220
Income (loss) from operations	(7,069,001)	348,205
Other income (expense)	720,714	96,529
Total income tax expense	0	16,073
Net income (loss)	(6,348,287)	428,661
Mexico Antimony [Member]
REVENUE	488,388	827,822
Depreciation and amortization	550,683	589,877
Income (loss) from operations	(5,857,872)	(2,285,059)
Other income (expense)	0	0
Total income tax expense	0	0
Net income (loss)	0	0
United States Antimony [Member]
REVENUE	5,416,092	6,803,848
Depreciation and amortization	39,328	40,978
Income (loss) from operations	(662,326)	2,307,649
Other income (expense)	0	0
Total income tax expense	0	0
Net income (loss)	0	0
Total Antimony [Member]
REVENUE	5,904,480	7,631,670
Depreciation and amortization	590,011	630,855
Income (loss) from operations	(6,520,198)	22,590
Other income (expense)	0	0
Total income tax expense	0	0
Net income (loss)	0	0
Zeolite [Member]
REVENUE	2,462,179	3,151,330
Depreciation and amortization	258,741	167,825
Income (loss) from operations	(764,606)	174,448
Other income (expense)	0	0
Total income tax expense	0	0
Net income (loss)	0	0
Precious Metals [Member]
REVENUE	326,496	261,707
Depreciation and amortization	110,693	110,540
Income (loss) from operations	215,803	151,167
Other income (expense)	0	0
Total income tax expense	0	0
Net income (loss)	$ 0	$ 0

SUBSEQUENT EVENTS (Details Narr

SUBSEQUENT EVENTS (Details Narrative)	Mar. 11, 2024 USD ($)
Subsequent Event [Member] | USAMSA [Member]
Cost of employee termination	$ 40,000