10-Q

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 10-Q

(Mark One)

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

For the quarterly period ended June 30, 2023

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

For the transition period ________ to ________

COMMISSION FILE NUMBER 001-08675

UNITED STATES ANTIMONY CORPORATION

(Exact name of registrant as specified in its charter)

Montana	81-0305822
(State or other jurisdiction of incorporation or organization)	(IRS Employer Identification No.)
P.O. Box 643 Thompson Falls, MT	59873
(Address of principal executive office)	(Postal Code)

(406) 827-3523

(Registrant’s telephone number)

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

Title of Each Class	Trading Symbol	Name of Each Exchange on Which Registered
Common Stock, $0.01 par value	UAMY	NYSE American

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

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

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

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

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

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

As of October 16, 2023, there were 107,647,317 shares outstanding of the registrant’s $0.01 par value common stock.

Contents

PART I - FINANCIAL INFORMATION
ITEM 1.	FINANCIAL STATEMENTS	3
ITEM 2.	MANAGEMENT’S DISCUSSION AND ANALYSIS AND PLAN OF OPERATION.	14
ITEM 3.	QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK	22
ITEM 4.	CONTROLS AND PROCEDURES	22
PART II - OTHER INFORMATION
ITEM 1.	LEGAL PROCEEDINGS.	23
ITEM 1A.	RISK FACTORS.	23
ITEM 2.	RECENT SALES OF UNREGISTERED SECURITIES.	23
ITEM 3.	DEFAULTS UPON SENIOR SECURITIES.	23
ITEM 4.	MINE SAFETY DISCOSURES.	23
ITEM 5.	OTHER INFORMATION.	23
ITEM 6.	EXHIBITS.	24

Page 2 of 25

PART I - FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS  

UNITED STATES ANTIMONY CORPORATION AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)

	June 30, 2023			December 31, 2022
ASSETS
CURRENT ASSETS
Cash and cash equivalents	$	13,686,927		$	19,060,378
Certificates of deposit		259,856			259,857
Accounts receivable, net		1,307,974			784,457
Inventories		2,350,305			1,375,068
Prepaid expenses and other current assets		377,824			137,599
Total current assets		17,982,886			21,617,359
Properties, plants and equipment, net		13,010,639			12,128,124
Restricted cash for reclamation bonds		57,288			57,288
IVA receivable and other assets		1,218,500			897,679
Total assets	$	32,269,313		$	34,700,450
LIABILITIES AND STOCKHOLDERS’ EQUITY
CURRENT LIABILITIES:
Accounts payable	$	407,130		$	628,803
Accrued liabilities		224,510			212,654
Accrued liabilities – directors		218,375			61,458
Royalties payable		45,359			435,075
Dividends payable		-			787,730
Long-term debt, current portion		82,573			94,150
Total current liabilities		977,947			2,219,870
NON-CURRENT LIABILITIES:
Long-term debt, net of current portion		183,063			217,855
Stock payable to directors for services		43,750			61,459
Asset retirement obligations and accrued reclamation costs		338,747			332,011
Total liabilities		1,543,507			2,831,195
COMMITMENTS AND CONTINGENCIES (NOTE 8)
STOCKHOLDERS’ EQUITY
Preferred stock, $0.01 par value; 10,000,000 shares authorized:
Series A: 0 shares issued and outstanding		-			-
Series B: 750,000 shares issued and outstanding (liquidation preference $963,750 and $960,000, respectively)		7,500			7,500
Series C: 177,904 shares issued and outstanding (liquidation preference $97,847 both periods)		1,779			1,779
Series D: 0 and 1,692,672 shares issued and outstanding (liquidation preference $0 and $5,019,410, respectively)		-			16,926
Common stock, $0.01 par value; 150,000,000 shares authorized; 107,647,317 shares issued and outstanding at June 30, 2023 and 106,373,341shares issued and outstanding at December 31, 2022		1,076,472			1,063,732
Additional paid-in capital		63,853,836			64,052,630
Shares to be returned to treasury		-			(202,980	)
Accumulated deficit		(34,213,781	)		(33,070,332	)
Total stockholders’ equity		30,725,806			31,869,255
Total liabilities and stockholders’ equity	$	32,269,313		$	34,700,450

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

Page 3 of 25

UNITED STATES ANTIMONY CORPORATION AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)

	Three months ended June 30,						Six months ended June 30,
	2023			2022			2023			2022
REVENUE	$	2,503,573		$	3,587,925		$	4,714,417		$	7,168,231
COST OF REVENUE		2,207,677			2,865,515			4,953,940			5,306,433
GROSS PROFIT (LOSS)		295,896			722,410			(239,523	)		1,861,798
OPERATING EXPENSES
General and administrative		364,365			220,591			519,959			381,272
Salaries and benefits		145,412			72,912			273,104			146,047
Other operating expenses		43,003			14,045			151,348			17,960
Professional fees		253,205			47,927			338,011			170,004
TOTAL OPERATING EXPENSES		805,985			355,475			1,282,422			715,283
INCOME (LOSS) FROM OPERATIONS		(510,089	)		366,935			(1,521,945	)		1,146,515
OTHER INCOME (EXPENSE)
Interest and investment income		167,781			30,052			290,153			39,706
Change in fair value of investments		-			(93,458	)		-			(93,458	)
Trademark and licensing income		11,381			60,775			18,906			60,775
Other miscellaneous income (expense)		(5,538	)		(3,081	)		69,437			(6,063	)
TOTAL OTHER INCOME (EXPENSE)		173,624			(5,712	)		378,496			960
NET INCOME (LOSS)		(336,465	)		361,223			(1,143,449	)		1,147,475
Preferred dividends		(1,875	)		(11,819	)		(3,750	)		(23,639	)
Net income (loss) available to common stockholders	$	(338,340	)	$	349,404		$	(1,147,199	)	$	1,123,836
Net income (loss) per share of common stock
Basic and diluted	$	Nil		$	Nil		$	(0.01	)	$	0.01
Weighted average shares outstanding:
Basic		107,647,317			106,240,361			107,504,628			106,240,361
Diluted		107,647,317			106,240,361			107,504,628			106,240,361

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

Page 4 of 25

UNITED STATES ANTIMONY CORPORATION AND SUBSIDIARIES

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

For the three and six months ended June 30, 2023 and 2022

																Shares to						Total
	Preferred Stock						Common Stock						Additional			be returned			Accumulated			Stockholders’
	Shares			Amount			Shares			Amount			Paid in Capital			to treasury			Deficit			Equity
BALANCE, December 31, 2021		2,620,576		$	26,205			106,240,361		$	1,062,402		$	63,991,459			-		$	(32,711,263	)	$	32,368,803
Net income (loss)		-			-			-			-			-			-			786,252			786,252
BALANCE, March 31, 2022		2,620,576		$	26,205			106,240,361		$	1,062,402		$	63,991,459			-		$	(31,925,011	)	$	33,155,055
Net income (loss)		-			-			-			-			-			-			361,223			361,223
BALANCE, June 30, 2022		2,620,576		$	26,205			106,240,361		$	1,062,402		$	63,991,459			-		$	(31,563,788	)	$	33,516,278
BALANCE, December 31, 2022		2,620,576		$	26,205			106,373,341		$	1,063,732		$	64,052,630		($202,980		)	$	(33,070,332	)	$	31,869,255
Common stock buyback and retirement		-			-			(418,696	)		(4,187	)		(198,793	)		202,980			-			-
Conversion of Preferred Series D to Common Stock		(1,692,672	)		(16,926	)		1,692,672			16,927			(1	)		-			-			-
Net income (loss)		-			-			-			-			-			-			(806,984	)		(806,984	)
BALANCE, March 31, 2023		927,904		$	9,279			107,647,317		$	1,076,472		$	63,853,836			-		$	(33,877,316	)	$	31,062,271
Net income (loss)		-			-			-			-			-			-			(336,465	)		(336,465	)
BALANCE, June 30, 2023		927,904		$	9,279			107,647,317		$	1,076,472		$	63,853,836			-		$	(34,213,781	)	$	30,725,806

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

Page 5 of 25

UNITED STATES ANTIMONY CORPORATION AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)

	Six months ended June 30,
	2023			2022
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss)	$	(1,143,449	)	$	1,147,475
Adjustments to reconcile net income (loss) to net cash provided (used) by operating activities:
Depreciation and amortization		465,341			451,207
Accretion of asset retirement obligation		6,736			11,412
Common stock payable for directors fees		-			75,000
Write down of inventory to net realizable value		456,238			136,836
Change in fair value of investments		-			93,458
Changes in operating assets and liabilities:
Accounts receivable, net		(523,517	)		(713,346	)
Inventories		(1,431,475	)		328,380
Prepaid expenses and other current assets		(240,225	)		(60,916	)
IVA receivable and other assets		(320,820	)		(86,442	)
Accounts payable		(221,673	)		(706,155	)
Accrued liabilities		11,856			64,045
Accrued liabilities – directors		139,208			4,084
Royalties payable		(389,716	)		-
Net cash provided (used) by operating activities		(3,191,496	)		745,038
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchase of investments		-			(13,789,772	)
Proceeds from sales of investments		-			396,921
Purchase of properties, plants and equipment		(1,347,856	)		(382,999	)
Net cash used by investing activities		(1,347,856	)		(13,775,850	)
CASH FLOWS FROM FINANCING ACTIVITIES:
Principal payments of long-term debt		(46,369	)		(19,767	)
Dividends paid		(787,730	)		-
Net cash used by financing activities		(834,099	)		(19,767	)
NET DECREASE IN CASH AND CASH EQUIVALENTS AND RESTRICTED CASH		(5,373,451	)		(13,050,579	)
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH AT BEGINNING OF PERIOD		19,117,666			21,420,329
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH AT END OF PERIOD	$	13,744,215		$	8,369,750
NON-CASH FINANCING AND INVESTING ACTIVITIES:
Common stock retirement	$	202,980		$	-
Conversion of Preferred Series D to Common Stock	$	16,927		$	-
Equipment purchased with note payable	$	-		$	161,600

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

Page 6 of 25

UNITED STATES ANTIMONY CORPORATION AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

June 30, 2023

NOTE 1 - NATURE OF OPERATIONS

United States Antimony Corporation and its subsidiaries in the U.S. and Mexico (“USAC”, the “Company”, or “Our”) sell processed antimony, zeolite, and precious metals products in the U.S. and abroad. The Company processes antimony ore in the U.S. and Mexico primarily into antimony oxide and antimony metal at its facilities in Montana and Mexico. Our antimony oxide is used to form a flame-retardant system for plastics, rubber, fiberglass, textile goods, paints, coatings and paper, as a color fastener in paint, and as a phosphorescent agent in fluorescent light bulbs. Our antimony metal is used in bearings, storage batteries, and ordnance. In its operations in Idaho, the Company mines and processes zeolite, a group of industrial minerals used in soil amendment and fertilizer, water filtration, sewage treatment, nuclear waste and other environmental cleanup, odor control, gas separation, animal nutrition, and other miscellaneous applications.

NOTE 2 - BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES

In the opinion of the Management, the accompanying unaudited condensed consolidated financial statements contain all adjustments, consisting of only normal recurring adjustments, necessary for a fair statement of its financial position as of June 30, 2023, and its results of operations and cash flows for the three and six months ended June 30, 2023 and 2022. The condensed consolidated balance sheet as of December 31, 2022, was derived from audited annual financial statements but does not contain all of the footnote disclosures from the annual financial statements. Operating results for the three and six-month periods ended June 30, 2023 are not necessarily indicative of the results that may be expected for the fiscal year ending December 31, 2023.

These unaudited interim financial statements have been prepared by management in accordance with generally accepted accounting principles used in the United States of America (“U.S. GAAP”). These unaudited interim financial statements should be read in conjunction with the annual audited financial statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022 filed with the Securities and Exchange Commission on July 18, 2023.

This summary of significant accounting policies of the Company is presented to assist in understanding the Company’s financial statements. These accounting policies conform to U.S. GAAP and have been consistently applied in the preparation of the financial statements.

Reclassifications

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

Recent Accounting Pronouncements

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

Recently Adopted Accounting Pronouncements:

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

Page 7 of 25

UNITED STATES ANTIMONY CORPORATION AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

June 30, 2023

NOTE 3 – EARNINGS PER SHARE

Basic Earnings Per Share (“EPS”) is computed as net income (loss) available to common stockholders divided by the weighted average number of common shares outstanding for the period. Diluted EPS reflects the potential dilution that could occur from common shares issuable through convertible preferred stock, stock options, and warrants.

At June 30, 2023 and 2022, the potentially dilutive common stock equivalents not included in the calculation of diluted earnings per share as their effect would have been anti-dilutive were as follows:

	June 30, 2023		June 30, 2022
Warrants		12,346,215		12,489,922
Convertible preferred stock		-		1,692,672
TOTAL POSSIBLE DILUTIVE SHARES		12,346,215		14,182,594

NOTE 4 – REVENUE RECOGNITION

Products consist of the following:

· Antimony: includes antimony oxide, sodium antimonate, antimony trisulfide, and antimony metal

· Zeolite: includes coarse and fine zeolite crushed in various sizes

· Precious metals: includes unrefined and refined gold and silver

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

	For the three months ended
	June 30, 2023		June 30, 2022
Antimony	$	1,590,161	$	2,472,081
Zeolite		787,091		1,020,391
Precious metals		126,321		95,453
TOTAL REVENUE	$	2,503,573	$	3,587,925

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

	For the six months ended
	June 30, 2023		June 30, 2022
Antimony	$	3,202,800	$	5,301,011
Zeolite		1,269,184		1,694,433
Precious metals		242,433		172,787
TOTAL REVENUE	$	4,714,417	$	7,168,231

The Company’s trade accounts receivable balance related to contracts with customers was $1,307,974 at June 30, 2023 and $784,457 at December 31, 2022. The Company’s allowance for doubtful accounts related to trade accounts receivables was $75,000 at June 30, 2023 and $31,440 at December 31, 2022. The Company’s products do not involve any warranty agreements and product returns are not typical.

Page 8 of 25

UNITED STATES ANTIMONY CORPORATION AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

June 30, 2023

NOTE 5 – INVENTORIES

Inventories at June 30, 2023 and December 31, 2022 consisted primarily of finished antimony products, antimony metal, antimony oxide, and antimony ore, and finished zeolite products. Inventories are stated at the lower of first-in, first-out cost or estimated net realizable value. Finished antimony products, metal and oxide, and finished zeolite products costs include raw materials, direct labor, processing facility overhead costs and freight. Inventories at June 30, 2023 and December 31, 2022 were as follows:

	June 30, 2023		December 31, 2022
Antimony Metal	$	464,756	$	142,230
Antimony Oxide		323,466		509,643
Antimony Ore and Concentrates		1,102,832		545,373
Total antimony		1,891,054		1,197,246
Zeolite		459,251		177,822
TOTAL INVENTORIES	$	2,350,305	$	1,375,068

At June 30, 2023 and December 31, 2022, inventories were valued at cost, except for the portion of inventory related to Mexican operations, which was valued at net realizable value because the production costs of the Mexican inventory were greater than the amount the Company expected to receive on the sale of antimony contained in inventory. The adjustment to inventory for net realizable value was $456,238 and $136,836 for the six months ended June 30, 2023 and 2022, respectively.

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

NOTE 6 – PROPERTIES, PLANTS AND EQUIPMENT

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

	Antimony Segment						Zeolite Segment			Precious Metals
June 30, 2023	USAC			USAMSA			BRZ			Segment			TOTAL
Plant and equipment	$	1,822,775		$	9,459,098		$	5,436,097		$	1,347,912		$	18,065,882
Buildings		243,248			875,024			1,911,362			-			3,029,634
Land and other		2,431,387			2,856,037			16,753			-			5,304,177
Total		4,497,410			13,190,159			7,364,212			1,347,912			26,399,693
Accumulated depreciation		(2,786,445	)		(6,487,717	)		(3,508,930	)		(605,962	)		(13,389,054	)
Properties, Plants, and Equipment, Net	$	1,710,965		$	6,702,442		$	3,855,282		$	741,950		$	13,010,639

	Antimony Segment						Zeolite Segment			Precious Metals
December 31, 2022	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
Total		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	)
Properties, Plants, and Equipment, Net	$	1,667,758		$	6,825,404		$	2,837,666		$	797,296		$	12,128,124

Page 9 of 25

UNITED STATES ANTIMONY CORPORATION AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

June 30, 2023

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

NOTE 7 – DEBT

Long term debt at June 30, 2023 and December 31, 2022 was as follows:

	June 30, 2023			December 31, 2022
Promissory note payable to First Security Bank of Missoula, bearing interest at 2.25%, payable in 59 monthly installments of $1,409 with a final payment of $152,726 maturing November 9, 2026; collateralized by a lien on Certificate of Deposit	$	195,689		$	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		69,947			110,097
Total debt		265,636			312,005
Less current portion of debt		(82,573	)		(94,150	)
Long term portion of debt	$	183,063		$	217,855

At June 30, 2023, principal payments on debt were due as follows:

Twelve months ending June 30,	Principal payment
2024		82,573
2025		12,924
2026		13,219
2027		156,920
	$	265,636

NOTE 8 – COMMITMENTS AND CONTINGENCIES

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

From 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 June 30, 2023 and December 31, 2022, the Company had no accrued liabilities relating to such assessments.

The Company pays various royalties on the sale of zeolite products. On a combined basis, royalties generally vary around 8% to 13%. At June 30, 2023 and December 31, 2022, the Company had accrued royalties payable of $45,359 and $435,075, respectively. The decrease in royalties payable in 2023 was primarily due to the Company finalizing its estimates and paying a royalty obligation in 2023 that had been accumulating since 2016.

Page 10 of 25

UNITED STATES ANTIMONY CORPORATION AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

June 30, 2023

On August 8, 2022, the Company executed a preliminary Purchase Option Agreement (the “Agreement”) with SB Wadley SA de CV (“Wadley”) whereby the Company leases, with an option to acquire, mining claims located in Mexico known as the Wadley Property. Under the Agreement, the Company agreed to pay Wadley eight monthly installments of $10,000 plus VAT for the right to mine and conduct geological and resource studies as due diligence and exploration on the Wadley Property. At the end of such eight-month period, should the Company choose to exercise its option to acquire following due diligence and assessment of geological and resource studies, the Company 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. On October 12, 2023, the Company officially notified Wadley that it did not intend to acquire the Wadley Property and terminated this Agreement. During the fourth quarter of 2023, the Company expects to incur a loss on disposal of assets of approximately $140,000 related to the termination of this Agreement.

Mexican Tax Assessment

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

As of June 30, 2023, the updated SAT assessment was approximately $21.6 million pesos, which was approximately $1,265,000 USD for $350,000 of unpaid income taxes and $915,000 of interest and penalties. Management along with its legal counsel assessed the possible outcomes for this tax audit and believes, based on discussions with its tax attorneys located in Mexico, that the more likely than not 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 June 30, 2023 or December 31, 2022 relating to this potential tax liability. There can be no assurance that the Company’s ultimate liability, if any, will not have a material adverse effect on the Company’s results of operations or financial position.

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

NOTE 9 – STOCKHOLDERS’ EQUITY

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

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

Page 11 of 25

UNITED STATES ANTIMONY CORPORATION AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

June 30, 2023

Common stock warrants

No warrants were issued or exercised during the six months ended June 30, 2023 and 2022.

The following summarizes warrant activity:

	Number of warrants		Exercise prices
Balance outstanding at June 30, 2023 and December 31, 2022		12,346,215	$	0.75

The composition of the Company’s warrants outstanding at June 30, 2023 was as follows:

Number of warrants	Exercise Price		Expiration Date	Remaining life in years
2,285,715		0.46	7/31/2025		2.09
804,000		0.46	1/27/2026		2.58
7,650,000		0.85	8/3/2026		3.10
1,606,500		0.85	2/1/2026		2.59
12,346,215

NOTE 10 – BUSINESS SEGMENTS

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

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

Total Assets:	June 30, 2023		December 31, 2022
Antimony
United States	$	17,129,056	$	21,636,386
Mexico		9,402,830		8,484,131
Subtotal antimony		26,531,886		30,120,517
Precious metals
United States		201,338		172,004
Mexico		581,654		625,292
Subtotal precious metals		782,992		797,296
Zeolite		4,954,435		3,782,637
TOTAL ASSETS	$	32,269,313	$	34,700,450

Page 12 of 25

UNITED STATES ANTIMONY CORPORATION AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

June 30, 2023

	For the three months ended June 30,				For the six months ended June 30,
Capital expenditures	2023		2022		2023		2022
Antimony
United States	$	58,299	$	51,927	$	61,849	$	80,277
Mexico		38,754		10,724		152,322		11,565
Subtotal antimony		97,053		62,651		214,171		91,842
Precious metals		-		9,138		-		17,518
Zeolite		636,033		299,865		1,133,685		435,239
Total capital expenditures	$	733,086	$	371,654	$	1,347,856	$	544,599

Segment operations for the three months ended June 30, 2023	Antimony - USA		Antimony -Mexico		Total antimony		Precious Metals		Zeolite		Total
Total revenues	$	1,351,705	$	238,456	$	1,590,161	$	126,321	$	787,091	$	2,503,573
Depreciation and amortization	$	10,362	$	138,170	$	148,532	$	27,673	$	64,895	$	241,100
Income (loss) from operations	$	(317,513)	$	(315,076)	$	(632,589)	$	98,648	$	23,852	$	(510,089)
Other income											$	173,624
NET LOSS											$	(336,465)

Segment operations for the three months ended June 30, 2022	Antimony - USA		Antimony -Mexico		Total antimony		Precious Metals		Zeolite		Total
Total revenues	$	1,644,259	$	827,822	$	2,472,081	$	95,453	$	1,020,391	$	3,587,925
Depreciation and amortization	$	11,101	$	143,736	$	154,837	$	27,674	$	48,546	$	231,057
Income from operations	$	120,636	$	24,396	$	145,032	$	67,779	$	154,124	$	366,935
Other expense											$	(5,712	)
NET INCOME											$	361,223

Segment operations for the six months ended June 30, 2023	Antimony - USA			Antimony -Mexico			Total antimony			Precious Metals		Zeolite			Total
Total revenues	$	2,964,344		$	238,456		$	3,202,800		$	242,433	$	1,269,184		$	4,714,417
Depreciation and amortization	$	18,642		$	275,284		$	293,926		$	55,346	$	116,069		$	465,341
Income (loss) from operations	$	(255,441	)	$	(1,412,838	)	$	(1,668,279	)	$	187,087	$	(40,753	)	$	(1,521,945	)
Other income															$	378,496
NET LOSS															$	(1,143,449	)

Segment operations for the six months ended June 30, 2022	Antimony - USA		Antimony -Mexico			Total antimony		Precious Metals		Zeolite		Total
Total revenues	$	4,473,189	$	827,822		$	5,301,011	$	172,787	$	1,694,433	$	7,168,231
Depreciation and amortization	$	20,570	$	282,193		$	302,763	$	55,194	$	93,250	$	451,207
Income (loss) from operations	$	1,512,148	$	(659,641	)	$	852,507	$	117,593	$	176,415	$	1,146,515
Other income												$	960
NET INCOME												$	1,147,475

Page 13 of 25

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

CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS

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

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

· The Company’s properties being in the exploration stage;

· The mineral operations being subject to government regulation;

· The Company’s ability to obtain additional capital to develop the Company’s resources, if any;

· Mineral exploration and development activities;

· Mineral estimates;

· The Company’s insurance coverage for operating risks;

· The fluctuation of prices for precious and base metals, such as gold and silver;

· The competitive industry of mineral exploration;

· The title and rights in the Company’s mineral properties;

· Environmental hazards;

· The possible dilution of the Company’s common stock from additional financing activities;

· Metallurgical and other processing problems;

· Unexpected geological formations;

· Global economic and political conditions;

· Staffing in remote locations;

· Changes in product costing;

· Inflation on operational costs and profitability;

· Competitive technology positions and operating interruptions (including, but not limited to, labor disputes, leaks, fires, flooding, landslides, power outages, explosions, unscheduled downtime, transportation interruptions, war and terrorist activities);

· Global pandemics or civil unrest;

· Mexican labor and cartel issues regarding safety and organized control over our properties;

· Mexican and other taxing authorities positions and outcomes;

· The possible dilution of the Company’s common stock from additional financing activities;

· Potential conflicts of interest with the Company’s management; and

· The Company’s common stock.

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

Page 14 of 25

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

Management’s Discussion and Analysis is intended to be read in conjunction with the Company’s condensed consolidated financial statements and the integral notes (“Notes”) thereto included in the Company’s Annual Report on Form 10-K for the fiscal year ending December 31, 2022. The following statements may be forward-looking in nature and actual results may differ materially.

DESCRIPTION OF BUSINESS

History

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

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

Antimony Division

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

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

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

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

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

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

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

· We can ship on short notice to domestic customers.

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

Page 15 of 25

Zeolite Division

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

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

☐	Soil Amendment and Fertilizer. Zeolite has been successfully used to fertilize golf courses, sports fields, parks and common areas, and high value agricultural crops.
☐	Water Filtration. Zeolite is used for particulate, heavy metal and ammonium removal in swimming pools, municipal water systems, fisheries, fish farms, and aquariums.
☐	Sewage Treatment. Zeolite is used in sewage treatment plants to remove nitrogen and as a carrier for microorganisms.

☐	Nuclear Waste and Other Environmental Cleanup. Zeolite has shown a strong ability to selectively remove strontium, cesium, radium, uranium, and various other radioactive isotopes from solution. Zeolite can also be used for the cleanup of soluble metals such as mercury, chromium, copper, lead, zinc, arsenic, molybdenum, nickel, cobalt, antimony, calcium, silver and uranium.
☐	Odor Control. A major cause of odor around cattle, hog, and poultry feed lots is the generation of the ammonium in urea and manure. The ability of zeolite to absorb ammonium prevents the formation of ammonia gas, which disperses the odor.

☐	Gas Separation. Zeolite has been used for some time to separate gases, to re-oxygenate downstream water from sewage plants, smelters, pulp and paper plants, and fishponds and tanks, and to remove carbon dioxide, sulfur dioxide and hydrogen sulfide from methane generators as organic waste, sanitary landfills, municipal sewage systems, animal waste treatment facilities, and is excellent in pressure swing apparatuses.
☐	Animal Nutrition. According to certain third-party research, feeding up to 2% zeolite increases growth rates, decreases conversion rates, and prevents scours.
☐	Miscellaneous Uses. Other uses include catalysts, petroleum refining, concrete, solar energy and heat exchange, desiccants, pellet binding, horse and kitty litter, floor cleaner, traction control, ammonia removal from mining waste, and carriers for insecticides, pesticides and herbicides.

Page 16 of 25

SELECTED FINANCIAL DATA.

Results of Operations:

	For the three months ended June 30,						For the six months ended June 30,
	2023			2022			2023			2022
Revenues	$	2,503,573		$	3,587,925		$	4,714,417		$	7,168,231
Costs of revenues		2,207,677			2,865,515			4,953,940			5,306,433
Gross profit (loss)		295,896			722,410			(239,523	)		1,861,798
Total operating expenses		805,985			355,475			1,282,422			715,283
Income (loss) from operations		(510,089	)		366,935			(1,521,945	)		1,146,515
Other income (expense)		173,624			(5,712	)		378,496			960
Net income (loss)	$	(336,465	)	$	361,223		$	(1,143,449	)	$	1,147,475
Weighted average shares of common stock (basic)		107,647,317			106,240,361			107,504,628			106,240,361
Weighted average shares of common stock (diluted)		107,647,317			106,240,361			107,504,628			106,240,361

Balance Sheet Information:

	June 30, 2023			December 31, 2022
Working capital	$	17,004,939		$	19,397,489
Total assets		32,269,313			34,700,450
Accumulated deficit		(34,213,781	)		(33,070,332	)
Stockholders’ equity		30,725,806			31,869,255

Operational and financial performance by Segment:

Antimony

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

	Three months ended June 30,							Percent Increase/
Antimony - Combined USA and Mexico	2023		2022		$ Change			(Decrease)
Revenue	$	1,590,161	$	2,472,081	$	(881,920	)		(35.7	)%
Gross profit		71,769		490,559		(418,790	)		(85.4	)%
Pounds of antimony sold		322,964		363,128		(40,164	)		(11.1	)%
Average sales price per pound		4.92		6.81		(1.88	)		(27.7	)%
Average cost per pound		4.70		5.46		(0.76	)		(13.8	)%
Average gross profit per pound		0.22		1.35		(1.13	)		(83.6	)%

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

	Six months ended June 30,								Percent Increase/
Antimony - Combined USA and Mexico	2023			2022		$ Change			(Decrease)
Revenue	$	3,202,800		$	5,301,011	$	(2,098,211	)		(39.6	)%
Gross profit (loss)		(581,516	)		1,546,336		(2,127,852	)		(137.6	)%
Pounds of antimony sold		666,008			796,478		(130,470	)		(16.4	)%
Average sales price per pound		4.81			6.66		(1.85	)		(27.7	)%
Average cost per pound		5.68			4.71		0.97			20.5	%
Average gross profit per pound		(0.87	)		1.94		(2.81	)		(145.0	)%

Page 17 of 25

During the three months ended June 30, 2023, antimony revenue decreased $881,920, or 36%, compared to the three months ended June 30, 2022. The decrease was primarily due to the lower sales price per pound, which was largely in line with the market rates for antimony, and the decrease in pounds sold, which was primarily due to less demand coupled with increased competition for sales at the lower price per pound, in 2023 compared to 2022.

During the six months ended June 30, 2023, antimony revenue decreased $2,098,211, or 40%, compared to the six months ended June 30, 2022. The decrease was primarily due to the lower sales price per pound, which was largely in line with the market rates for antimony, and the decrease in pounds sold, which was primarily due to antimony ore supply shortages during the first quarter of 2023 related to a third-party supplier with machinery and equipment failures as well as less demand coupled with increased competition for sales at the lower price per pound, in 2023 compared to 2022.

Gross profit for the six months ended June 30, 2023 was lower by $2,127,852 compared to the six months ended June 30, 2022 primarily due to the lower sales price per pound, the decrease in pounds sold, processing of antimony ore with less antimony percentage concentrate, and vendor and labor cost increases in 2023 compared to 2022.

Zeolite

Financial and operational performance of zeolite for the three months ended June 30, 2023 and 2022 was as follows:

	Three months ended June 30,							Pct Increase
Zeolite	2023		2022		$ Change			(Decrease)
Revenue	$	787,091	$	1,020,391	$	(233,300	)		(22.9	)%
Gross profit		125,479		164,072		(38,593	)		(23.5	)%
Tons of zeolite sold		3,690		4,046		(356	)		(8.8	)%
Average sales price per ton		213.28		252.20		(38.92	)		(15.4	)%
Average cost per ton		179.28		211.65		(32.37	)		(15.3	)%
Average gross profit per ton		34.00		40.55		(6.55	)		(16.2	)%

Financial and operational performance of zeolite for the six months ended June 30, 2023 and 2022 was as follows:

	Six months ended June 30,							Pct. Increase
Zeolite	2023		2022		$ Change			(Decrease)
Revenue	$	1,269,184	$	1,694,433	$	(425,249	)		(25.1	)%
Gross profit		154,906		197,869		(42,963	)		(21.7	)%
Tons of zeolite sold		5,753		7,072		(1,319	)		(18.6	)%
Average sales price per ton		220.60		239.60		(19.00	)		(7.9	)%
Average cost per ton		193.67		211.62		(17.94	)		(8.5	)%
Average gross profit per ton		26.92		27.98		(1.05	)		(3.8	)%

During the three months ended June 30, 2023, zeolite revenue decreased $233,300, or 23%, compared to the three months ended June 30, 2022. The decrease was primarily due to both the decrease in tons sold and a lower sales price per ton, which was largely due to a change in the mix of product sales, in 2023 compared to 2022.

During the six months ended June 30, 2023, zeolite revenue decreased $425,249, or 25%, compared to the six months ended June 30, 2022. The decrease was primarily due to a lower sales price per ton, which was largely due to a change in the mix of product sales in 2023 compared to 2022, as well as less tons of zeolite sold due to a significant equipment failure in the first quarter of 2023. The cone of BRZ’s main cone crusher failed and production was curtailed until a new cone could be sourced, delivered, and installed. The new cone is equipped with performance monitoring features that are expected to enhance our preventive maintenance program, contribute to longer and more reliable run times, and enable a material increase in production. The failure of the original cone curtailed production for approximately two months in the first quarter of 2023 until completion of the new cone acquisition and installation. The curtailment of production resulted in lower revenue for the six months ended June 30, 2023. The new cone has operated significantly more reliably since installation was completed and production rates have increased.

Page 18 of 25

Precious Metals

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

	Three months ended June 30,
Precious metals	2023		2022		$ Change		Pct Change
Revenue	$	126,321	$	95,453	$	30,868		32.3	%
Gross profit		98,648		67,779		30,869		45.5	%
Ounces sold - gold		12.48		11.06		1.42		12.8	%
Ounces sold - silver		7,737		3,319		4,418		133.1	%

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

	Six months ended June 30,
Precious metals	2023		2022		$ Change		Pct Change
Revenue	$	242,433	$	172,787	$	69,646		40.3	%
Gross profit		187,087		117,593		69,494		59.1	%
Ounces sold-gold		24.30		21.35		2.95		13.8	%
Ounces sold-silver		15,074		8,175		6,899		84.4	%

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

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

We had EBITDA of ($671,658) for the six months ended June 30, 2023, compared to EBITDA of $1,604,745 for the six months ended June 30, 2022.

EBIDTA by segment for the three months ended June 30, 2023 and 2022 was as follows:

Antimony - Combined USA and Mexico	Three months ended June 30, 2023					Three months ended June 30, 2022
Revenue	$	1,590,161		100.0	%	$	2,472,081		100.0	%
Cost of sales		(1,518,392	)	(95.5	)%		(1,981,522	)	(80.2	)%
Gross profit (loss)		71,769		4.5	%		490,559		19.8	%
Operating expenses		(704,358	)	(44.3	)%		(345,527	)	(14.0	)%
Income (loss) from operations		(632,589	)	(39.8	)%		145,032		5.9	%
Non-operating income (expense)		177,152		11.1	%		(3,975	)	(2.6	)%
Net income (loss)		(455,437	)	(28.6	)%		141,057		5.7	%
Interest expense		1,331		0.1	%		1,343		0.1	%
Depreciation and amortization		148,532		9.3	%		154,837		6.3	%
EBITDA	$	(305,574	)	(19.2	)%	$	297,237		12.0	%

Page 19 of 25

Zeolite	Three months ended June 30, 2023					Three months ended June 30, 2022
Revenue	$	787,091		100.0	%	$	1,020,391		100.0	%
Cost of sales		(661,612	)	(84.1	)%		(856,319	)	(83.9	)%
Gross profit		125,479		15.9	%		164,072		16.1	%
Operating expenses		(101,627	)	(12.9	)%		(9,948	)	(1.0	)%
Income from operations		23,852		3.0	%		154,124		15.1	%
Non-operating expenses		(3,528	)	(0.4	)%		(1,737	)	(0.2	)%
Net income		20,324		2.6	%		152,387		14.9	%
Interest expense		1,432		0.2	%		1,738		0.2	%
Depreciation and amortization		64,895		8.2	%		48,546		4.8	%
EBITDA	$	86,651		11.0	%	$	202,671		19.9	%

Precious Metals	Three months ended June 30, 2023					Three months ended June 30, 2022
Revenue	$	126,321		100.0	%		95,453		$	100.0	%
Cost of sales		(27,673	)	(21.9	)%		(27,674	)		(29.0	)%
Gross profit		98,648		78.1	%		67,779			71.0	%
Operating expenses		-		-	%		-			-	%
Income from operations		98,648		78.1	%		67,779			71.0	%
Non-operating income		-		-	%		-			-	%
Net income		98,648		78.1	%		67,779			71.0	%
Interest expense		-		-	%		-			-	%
Depreciation and amortization		27,673		21.9	%		27,674			29.0	%
EBITDA	$	126,321		100.0	%	$	95,453			100.0	%

Company-wide	Three months ended June 30, 2023					Three months ended June 30, 2022
Revenue	$	2,503,573		100.0	%	$	3,587,925		100.0	%
Cost of sales		(2,207,677	)	(88.2	)%		(2,865,515	)	(79.9	)%
Gross profit		295,896		11.8	%		722,410		20.1	%
Operating expenses		(805,985	)	(32.2	)%		(355,475	)	(9.7	)%
Income (loss) from operations		(510,089	)	(20.4	)%		366,935		10.2	%
Non-operating income (expense)		173,624		6.9	%		(5,712	)	(0.2	)%
Net income (loss)		(336,465	)	(13.4	)%		361,223		10.1	%
Interest expense		2,763		0.1	%		3,081		0.1	%
Depreciation and amortization		241,100		9.6	%		231,057		6.4	%
EBITDA	$	(92,602	)	(3.7	)%	$	595,360		16.6	%

EBIDTA by segment for the six months ended June 30, 2023 and 2022 was as follows:

Antimony - Combined USA and Mexico	Six months ended June 30, 2023					Six months ended June 30, 2022
Revenue	$	3,202,800		100.0	%	$	5,301,011		100.0	%
Cost of sales		(3,784,316	)	(118.2	)%		(3,754,675	)	(70.8	)%
Gross profit (loss)		(581,516	)	(18.2	)%		1,546,336		29.2	%
Operating expenses		(1,086,763	)	(33.9	)%		(693,829	)	(13.1	)%
Income (loss) from operations		(1,668,279	)	(52.1	)%		852,507		16.1	%
Non-operating income (expense)		382,118		11.9	%		(3,335	)	(0.1	)%
Net income (loss)		(1,286,161	)	(40.2	)%		855,843		16.1	%
Interest expense		2,717		0.1	%		3,688		0.1	%
Depreciation and amortization		293,926		9.2	%		302,763		5.7	%
EBITDA	$	(989,518	)	(30.9	)%	$	1,162,294		21.9	%

Page 20 of 25

Zeolite	Six months ended June 30, 2023					Six months ended June 30, 2022
Revenue	$	1,269,184		100.0	%	$	1,694,433		100.0	%
Cost of sales		(1,114,278	)	(87.8	)%		(1,496,564	)	(88.3	)%
Gross profit		154,906		12.2	%		197,869		11.7	%
Operating expenses		(195,659	)	(15.4	)%		(21,454	)	(1.3	)%
Income (loss) from operations		(40,753	)	(3.2	)%		176,415		10.4	%
Non-operating expenses		(3,622	)	(0.3	)%		(2,375	)	(0.1	)%
Net income (loss)		(44,375	)	(3.5	)%		174,040		10.3	%
Interest expense		3,733		0.3	%		2,375		0.1	%
Depreciation and amortization		116,069		9.1	%		93,250		5.5	%
EBITDA	$	75,427		5.9	%	$	269,665		15.9	%

Precious Metals	Six months ended June 30, 2023					Six months ended June 30, 2022
Revenue	$	242,433		100.0	%	$	172,787		100.0	%
Cost of sales		(55,346	)	(22.8	)%		(55,194	)	(31.9	)%
Gross profit		187,087		77.2	%		117,593		68.1	%
Operating expenses		-		-	%		-		-	%
Income from operations		187,087		77.2	%		117,593		68.1	%
Non-operating expenses		-		-	%		-		-	%
Net income		187,087		77.2	%		117,593		68.1	%
Interest expense		-		-	%		-		-	%
Depreciation and amortization		55,346		22.8	%		55,194		31.9	%
EBITDA	$	242,433		100.0	%	$	172,787		100.0	%

Company-wide	Six months ended June 30, 2023					Six months ended June 30, 2022
Revenue	$	4,714,417		100.0	%	$	7,168,231			100.0	%
Cost of sales		(4,953,940	)	(105.1	)%		(5,306,433	)		(74.0	)%
Gross profit (loss)		(239,523	)	(5.1	)%		1,861,798			26.0	%
Operating expenses		(1,282,422	)	(27.2	)%		(715,283	)		(10.0	)%
Income (loss) from operations		(1,521,945	)	(32.3	)%		1,146,515			16.0	%
Non-operating income		378,496		8.0	%		960		-%
Net income (loss)		(1,143,449	)	(24.3	)%		1,147,475			16.0	%
Interest expense		6,450		0.1	%		6,063			0.1	%
Depreciation and amortization		465,341		9.9	%		451,207			6.3	%
EBITDA	$	(671,658	)	(14.2	)%	$	1,604,745			22.4	%

 Capital Resources and Liquidity:

Working Capital	June 30, 2023			December 31, 2022
Current assets	$	17,982,886		$	21,617,359
Current liabilities		(977,947	)		(2,219,870	)
Working capital	$	17,004,939		$	19,397,489

Page 21 of 25

	For the six months ended
Cash Flows	June 30, 2023			June 30, 2022
Cash flow provided (used) by operating activities	$	(3,191,496	)	$	745,038
Cash flow used by investing activities		(1,347,856	)		(13,775,850	)
Cash flow provided (used) by financing activities		(834,099	)		(19,767	)
Net change in cash during period	$	(5,373,451	)	$	(13,050,579	)

As of June 30, 2023, the Company had cash and cash equivalents of $13,686,927.

Cash flow used by operating activities was $3,191,496 for the six months ended June 30, 2023, compared to cash flow provided by operating activities of $745,038 for the six months ended June 30, 2022. The $3,936,534 decrease in cash flow from operating activities was attributable primarily to the differential between the net loss generated during 2023 compared to the net income generated during 2022, an increase in the use of cash in accounts receivable and inventories in 2023, and an increase in the payment of royalties in 2023. The majority of the increase in accounts receivable was due to product shipments towards the end of the second quarter of 2023, which were billed by the end of the second quarter of 2023 and collected after the second quarter of 2023. The increase in inventories was primarily due to an increase in antimony ore inventory in Mexico in 2023, which can be used in future processing. The increase in the payment of royalties was primarily due to the Company finalizing its estimates and paying a royalty obligation in 2023 that had been accumulating since 2016.

Cash flow used by investing activities was $1,347,856 for the six months ended June 30, 2023, compared to $13,775,850 for the six months ended June 30, 2022. The use of cash in 2023 related to purchases of fixed assets primarily at BRZ, which included the purchase of a new cone for the cone crusher. The use of cash in 2022 related primarily to investing cash in U.S. treasury bonds and other fixed income funds to improve return on cash.

Cash flow used by financing activities increased by $814,332 to $834,099 for the three months ended March 31, 2023, compared to $19,767 for the three months ended March 31, 2022. This increase in the use of cash was primarily due to the payment of dividends of $787,730 on January 25, 2023 to the holders of 1,692,672 shares of Series D Preferred stock related to the conversion of these shares into common stock.

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

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

ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

Not applicable.

ITEM 4. CONTROLS AND PROCEDURES

Conclusions of Management Regarding Effectiveness of Disclosure Controls and Procedures

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

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

Changes in Internal Control over Financial Reporting

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

Page 22 of 25

PART II - OTHER INFORMATION

ITEM 1. LEGAL PROCEEDINGS.

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

ITEM 1A. RISK FACTORS.

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

ITEM 2. RECENT SALES OF UNREGISTERED SECURITIES.

For the three months ended June 30, 2023, the Company sold no common stock.

ITEM 3. DEFAULTS UPON SENIOR SECURITIES.

None.

ITEM 4. MINE SAFETY DISCOSURES.

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

ITEM 5. OTHER INFORMATION.

None.

Page 23 of 25

ITEM 6. EXHIBITS.

Exhibit No.	Description
3.1	Second Restated Articles of Incorporation (incorporated by reference as Exhibit 3.1 to the Company’s current Report on Form 8-K filed with the SEC on January 15, 2021)
3.2	Second Restated Amended and Restated Bylaws (incorporated by reference to Exhibit 3.02 to the Company’s Current Report on Form 8-K filed with the SEC on December 20, 2012)
31.1	Rule 15d-14(a) Certification by Principal Executive Officer
31.2	Rule 15d-14(a) Certification by Principal Financial Officer
32.1	Section 1350 Certification of Principal Executive Officer
32.2	Section 1350 Certification of Principal Financial Officer
95	Mine Safety Disclosure
101.INS	Inline XBRL Instance Document.
101.SCH	Inline XBRL Taxonomy Extension Schema Document.
101.CAL	Inline XBRL Taxonomy Extension Calculation Linkbase Document.
101.DEF	Inline XBRL Taxonomy Extension Definition Linkbase Document.
101.LAB	Inline XBRL Taxonomy Extension Label Linkbase Document.
101.PRE	Inline XBRL Taxonomy Extension Presentation Linkbase Document.
104	Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101).

Page 24 of 25

SIGNATURES

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

	UNITED STATES ANTIMONY CORPORATION
Date: October 17, 2023	By:	/s/ John C. Gustavsen
		John C. Gustavsen
		(Principal Executive Officer and Chief Executive Officer)
Date: October 17, 2023	By:	/s/ Richard R. Isaak
		Richard R. Isaak
		(Principal Accounting Officer and Chief Financial Officer)

Page 25 of 25

EX-31.1

EXHIBIT 31.1

Certification

I, John C. Gustavsen, certify that:

1.	I have reviewed this quarterly report on Form 10-Q of United States Antimony Corporation for the quarter ended June 30, 2023;
2.	Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3.	Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
4.	The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a–15(e) and 15d–15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a–15(f) and 15d–15(f)) for the registrant and have:

(a)	Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
(b)	Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
(c)	Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
(d)	Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a)	All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
(b)	Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: October 17, 2023

/s/ John C. Gustavsen

John C. Gustavsen

(Principal Executive Officer and Chief Executive Officer)

EX-31.2

EXHIBIT 31.2

Certification

I, Richard R. Isaak, certify that:

1.	I have reviewed this quarterly report on Form 10-Q of United States Antimony Corporation for the quarter ended June 30, 2023;
2.	Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3.	Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
4.	The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a–15(e) and 15d–15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a–15(f) and 15d–15(f)) for the registrant and have:

(a)	Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
(b)	Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
(c)	Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
(d)	Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a)	All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
(b)	Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: October 17, 2023

/s/ Richard R. Isaak

Richard R. Isaak

(Principal Accounting Officer and Chief Financial Officer)

EX-32.1

EXHIBIT 32.1

CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350

AS ADOPTED PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the quarterly report of United States Antimony Corporation (the “Company”) on Form 10‑Q for the quarter ended June 30, 2023, as filed with the Securities and Exchange Commission (the “Report”), the undersigned principal executive officer of the Company, hereby certifies pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

(1)	the Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
(2)	the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

Date: October 17, 2023

/s/ John C. Gustavsen

John C. Gustavsen

(Principal Executive Officer and Chief Executive Officer)

EX-32.2

EXHIBIT 32.2

CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350

AS ADOPTED PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the quarterly report of United States Antimony Corporation (the “Company”) on Form 10‑Q for the quarter ended June 30, 2023, as filed with the Securities and Exchange Commission (the “Report”), the undersigned principal executive officer of the Company, hereby certifies pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

(1)	the Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
(2)	the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

Date: October 17, 2023

/s/ Richard R. Isaak

Richard R. Isaak

(Principal Accounting Officer and Chief Financial Officer)

XML

Cover - shares	6 Months Ended
	Jun. 30, 2023	Oct. 16, 2023
Cover [Abstract]
Entity Registrant Name	UNITED STATES ANTIMONY CORPORATION
Entity Central Index Key	0000101538
Document Type	10-Q
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Entity Small Business	true
Entity Shell Company	false
Entity Emerging Growth Company	false
Entity Current Reporting Status	No
Document Period End Date	Jun. 30, 2023
Entity Filer Category	Non-accelerated Filer
Document Fiscal Period Focus	Q2
Document Fiscal Year Focus	2023
Entity Common Stock Shares Outstanding		107,647,317
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
Local Phone Number	827-3523
Security 12b Title	Common Stock, $0.01 par value
Trading Symbol	UAMY
Security Exchange Name	NYSE
Document Quarterly Report	true
Document Transition Report	false
Entity Interactive Data Current	Yes

XML

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)	Jun. 30, 2023	Dec. 31, 2022
CURRENT ASSETS
Cash and cash equivalents	$ 13,686,927	$ 19,060,378
Certificates of deposit	259,856	259,857
Accounts receivable, net	1,307,974	784,457
Inventories	2,350,305	1,375,068
Prepaid expenses and other current assets	377,824	137,599
Total current assets	17,982,886	21,617,359
Properties, plants and equipment, net	13,010,639	12,128,124
Restricted cash for reclamation bonds	57,288	57,288
IVA receivable and other assets	1,218,500	897,679
Total assets	32,269,313	34,700,450
CURRENT LIABILITIES:
Accounts payable	407,130	628,803
Accrued liabilities	224,510	212,654
Accrued liabilities - directors	218,375	61,458
Royalties payable	45,359	435,075
Dividends payable	0	787,730
Long-term debt, current portion	82,573	94,150
Total current liabilities	977,947	2,219,870
NON-CURRENT LIABILITIES
Long-term debt, net of current portion	183,063	217,855
Stock payable to directors for services	43,750	61,459
Asset retirement obligations and accrued reclamation costs	338,747	332,011
Total liabilities	1,543,507	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 shares issued and outstanding at June 30, 2023 and 106,373,341shares issued and outstanding at December 31, 2022	1,076,472	1,063,732
Additional paid-in capital	63,853,836	64,052,630
Shares to be returned to treasury	0	(202,980)
Accumulated deficit	(34,213,781)	(33,070,332)
Total stockholders' equity	30,725,806	31,869,255
Total liabilities and stockholders' equity	32,269,313	34,700,450
Series B Preferred Stock [Member]
Preferred stock, $0.01 par value; 10,000,000 shares authorized:
Series A: 0 shares issued and outstanding	7,500	7,500
Series A Preferred Stock [Member]
Preferred stock, $0.01 par value; 10,000,000 shares authorized:
Series A: 0 shares issued and outstanding	0	0
Series C Preferred Stock [Member]
Preferred stock, $0.01 par value; 10,000,000 shares authorized:
Series A: 0 shares issued and outstanding	1,779	1,779
Series D Preferred Stock [Member]
Preferred stock, $0.01 par value; 10,000,000 shares authorized:
Series A: 0 shares issued and outstanding	$ 0	$ 16,926

XML

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($)	Jun. 30, 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 B Preferred Stock [Member]
Preferred stock, issued shares	750,000	750,000
Preferred stock, outstanding shares	750,000	750,000
Preferred stock liquidation preference	$ 963,750	$ 960,000
Series A Preferred Stock [Member]
Preferred stock, issued shares	0	0
Preferred stock, outstanding shares	0	0
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

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CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)
REVENUE	$ 2,503,573	$ 3,587,925	$ 4,714,417	$ 7,168,231
COST OF REVENUE	2,207,677	2,865,515	4,953,940	5,306,433
GROSS PROFIT (LOSS)	295,896	722,410	(239,523)	1,861,798
OPERATING EXPENSES
General and administrative	364,365	220,591	519,959	381,272
Salaries and benefits	145,412	72,912	273,104	146,047
Other operating expenses	43,003	14,045	151,348	17,960
Professional fees	253,205	47,927	338,011	170,004
TOTAL OPERATING EXPENSES	805,985	355,475	1,282,422	715,283
INCOME (LOSS) FROM OPERATIONS	(510,089)	366,935	(1,521,945)	1,146,515
OTHER INCOME (EXPENSE)
Interest and investment income	167,781	30,052	290,153	39,706
Change in fair value of investments	0	(93,458)	0	(93,458)
Trademark and licensing income	11,381	60,775	18,906	60,775
Other miscellaneous income (expense)	(5,538)	(3,081)	69,437	(6,063)
TOTAL OTHER INCOME (EXPENSE)	173,624	(5,712)	378,496	960
NET INCOME (LOSS)	(336,465)	361,223	(1,143,449)	1,147,475
Preferred dividends	(1,875)	(11,819)	(3,750)	(23,639)
Net income (loss) available to common stockholders	$ (338,340)	$ 349,404	$ (1,147,199)	$ 1,123,836
Net income (loss) per share of common stock
Basic and diluted	$ (0.01)	$ 0.01
Weighted average shares outstanding:
Basic	107,647,317	106,240,361	107,504,628	106,240,361
Diluted	107,647,317	106,240,361	107,504,628	106,240,361

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CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS EQUITY (UNAUDITED) - USD ($)	Total	Preferred Stock	Common Stock	Shares to be returned to treasury	Additional Paid-In Capital	Retained Earnings (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)
Net income (loss)	786,252	$ 0	$ 0	0	0	786,252
Balance, shares at Mar. 31, 2022		2,620,576	106,240,361
Balance, amount at Mar. 31, 2022	33,155,055	$ 26,205	$ 1,062,402	0	63,991,459	(31,925,011)
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)
Net income (loss)	1,147,475
Balance, shares at Jun. 30, 2022		2,620,576	106,240,361
Balance, amount at Jun. 30, 2022	33,516,278	$ 26,205	$ 1,062,402	0	63,991,459	(31,563,788)
Balance, shares at Mar. 31, 2022		2,620,576	106,240,361
Balance, amount at Mar. 31, 2022	33,155,055	$ 26,205	$ 1,062,402	0	63,991,459	(31,925,011)
Net income (loss)	361,223	$ 0	$ 0	0	0	361,223
Balance, shares at Jun. 30, 2022		2,620,576	106,240,361
Balance, amount at Jun. 30, 2022	33,516,278	$ 26,205	$ 1,062,402	0	63,991,459	(31,563,788)
Balance, shares at Dec. 31, 2022		2,620,576	106,373,341
Balance, amount at Dec. 31, 2022	31,869,255	$ 26,205	$ 1,063,732	(202,980)	64,052,630	(33,070,332)
Net income (loss)	(806,984)	0	$ 0	0	0	(806,984)
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, shares at Mar. 31, 2023		927,904	107,647,317
Balance, amount at Mar. 31, 2023	31,062,271	$ 9,279	$ 1,076,472	0	63,853,836	(33,877,316)
Balance, shares at Dec. 31, 2022		2,620,576	106,373,341
Balance, amount at Dec. 31, 2022	31,869,255	$ 26,205	$ 1,063,732	(202,980)	64,052,630	(33,070,332)
Net income (loss)	(1,143,449)
Balance, shares at Jun. 30, 2023		927,904	107,647,317
Balance, amount at Jun. 30, 2023	30,725,806	$ 9,279	$ 1,076,472	0	63,853,836	(34,213,781)
Balance, shares at Mar. 31, 2023		927,904	107,647,317
Balance, amount at Mar. 31, 2023	31,062,271	$ 9,279	$ 1,076,472	0	63,853,836	(33,877,316)
Net income (loss)	(336,465)	$ 0	$ 0	0	0	(336,465)
Balance, shares at Jun. 30, 2023		927,904	107,647,317
Balance, amount at Jun. 30, 2023	$ 30,725,806	$ 9,279	$ 1,076,472	$ 0	$ 63,853,836	$ (34,213,781)

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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($)	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss)	$ (1,143,449)	$ 1,147,475
Adjustments to reconcile net income (loss) to net cash provided (used) by operating activities:
Depreciation and amortization	465,341	451,207
Accretion of asset retirement obligation	6,736	11,412
Common stock payable for directors fees	0	75,000
Write down of inventory to net realizable value	456,238	136,836
Change in fair value of investments	0	93,458
Changes in operating assets and liabilities:
Accounts receivable, net	(523,517)	(713,346)
Inventories	(1,431,475)	328,380
Prepaid expenses and other current assets	(240,225)	(60,916)
IVA receivable and other assets	(320,820)	(86,442)
Accounts payable	(221,673)	(706,155)
Accrued liabilities	11,856	64,045
Accrued liabilities - directors	139,208	4,084
Royalties payable	(389,716)	0
Net cash provided (used) by operating activities	(3,191,496)	745,038
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchase of investments	0	(13,789,772)
Proceeds from sales of investments	0	396,921
Purchase of properties, plants and equipment	(1,347,856)	(382,999)
Net cash used by investing activities	(1,347,856)	(13,775,850)
CASH FLOWS FROM FINANCING ACTIVITIES:
Principal payments of long-term debt	(46,369)	(19,767)
Dividends paid	(787,730)	0
Net cash used by financing activities	(834,099)	(19,767)
NET DECREASE IN CASH AND CASH EQUIVALENTS AND RESTRICTED CASH	(5,373,451)	(13,050,579)
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH AT BEGINNING OF PERIOD	19,117,666	21,420,329
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH AT END OF PERIOD	$ 13,744,215	8,369,750
NON-CASH FINANCING AND INVESTING ACTIVITIES:
Common stock retirement	202,980
Conversion of Preferred Series D to Common Stock	$ 16,927	0
Equipment purchased with note payable	$ 0	$ 161,600

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NATURE OF OPERATIONS

6 Months Ended

Jun. 30, 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”, or “Our”) sell processed antimony, zeolite, and precious metals products in the U.S. and abroad. The Company processes antimony ore in the U.S. and Mexico primarily into antimony oxide and antimony metal at its facilities in Montana and Mexico. Our antimony oxide is used to form a flame-retardant system for plastics, rubber, fiberglass, textile goods, paints, coatings and paper, as a color fastener in paint, and as a phosphorescent agent in fluorescent light bulbs. Our antimony metal is used in bearings, storage batteries, and ordnance. In its operations in Idaho, the Company mines and processes zeolite, a group of industrial minerals used in soil amendment and fertilizer, water filtration, sewage treatment, nuclear waste and other environmental cleanup, odor control, gas separation, animal nutrition, and other miscellaneous applications.

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BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES

6 Months Ended

Jun. 30, 2023

BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES

BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES

NOTE 2 - BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES

In the opinion of the Management, the accompanying unaudited condensed consolidated financial statements contain all adjustments, consisting of only normal recurring adjustments, necessary for a fair statement of its financial position as of June 30, 2023, and its results of operations and cash flows for the three and six months ended June 30, 2023 and 2022. The condensed consolidated balance sheet as of December 31, 2022, was derived from audited annual financial statements but does not contain all of the footnote disclosures from the annual financial statements. Operating results for the three and six-month periods ended June 30, 2023 are not necessarily indicative of the results that may be expected for the fiscal year ending December 31, 2023.

These unaudited interim financial statements have been prepared by management in accordance with generally accepted accounting principles used in the United States of America (“U.S. GAAP”). These unaudited interim financial statements should be read in conjunction with the annual audited financial statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022 filed with the Securities and Exchange Commission on July 18, 2023.

This summary of significant accounting policies of the Company is presented to assist in understanding the Company’s financial statements. These accounting policies conform to U.S. GAAP and have been consistently applied in the preparation of the financial statements.

Reclassifications

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

Recent Accounting Pronouncements

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

Recently Adopted Accounting Pronouncements:

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

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EARNINGS PER SHARE

6 Months Ended

Jun. 30, 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, stock options, and warrants.

At June 30, 2023 and 2022, the potentially dilutive common stock equivalents not included in the calculation of diluted earnings per share as their effect would have been anti-dilutive were as follows:

	June 30, 2023		June 30, 2022
Warrants		12,346,215		12,489,922
Convertible preferred stock		-		1,692,672
TOTAL POSSIBLE DILUTIVE SHARES		12,346,215		14,182,594

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REVENUE RECOGNITION

6 Months Ended

Jun. 30, 2023

REVENUE RECOGNITION

REVENUE RECOGNITION

NOTE 4 – REVENUE RECOGNITION

Products consist of the following:

· Antimony: includes antimony oxide, sodium antimonate, antimony trisulfide, and antimony metal

· Zeolite: includes coarse and fine zeolite crushed in various sizes

· Precious metals: includes unrefined and refined gold and silver

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

	For the three months ended
	June 30, 2023		June 30, 2022
Antimony	$	1,590,161	$	2,472,081
Zeolite		787,091		1,020,391
Precious metals		126,321		95,453
TOTAL REVENUE	$	2,503,573	$	3,587,925

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

	For the six months ended
	June 30, 2023		June 30, 2022
Antimony	$	3,202,800	$	5,301,011
Zeolite		1,269,184		1,694,433
Precious metals		242,433		172,787
TOTAL REVENUE	$	4,714,417	$	7,168,231

The Company’s trade accounts receivable balance related to contracts with customers was $1,307,974 at June 30, 2023 and $784,457 at December 31, 2022. The Company’s allowance for doubtful accounts related to trade accounts receivables was $75,000 at June 30, 2023 and $31,440 at December 31, 2022. The Company’s products do not involve any warranty agreements and product returns are not typical.

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INVENTORIES

6 Months Ended

Jun. 30, 2023

INVENTORIES

INVENTORIES

NOTE 5 – INVENTORIES

Inventories at June 30, 2023 and December 31, 2022 consisted primarily of finished antimony products, antimony metal, antimony oxide, and antimony ore, and finished zeolite products. Inventories are stated at the lower of first-in, first-out cost or estimated net realizable value. Finished antimony products, metal and oxide, and finished zeolite products costs include raw materials, direct labor, processing facility overhead costs and freight. Inventories at June 30, 2023 and December 31, 2022 were as follows:

	June 30, 2023		December 31, 2022
Antimony Metal	$	464,756	$	142,230
Antimony Oxide		323,466		509,643
Antimony Ore and Concentrates		1,102,832		545,373
Total antimony		1,891,054		1,197,246
Zeolite		459,251		177,822
TOTAL INVENTORIES	$	2,350,305	$	1,375,068

At June 30, 2023 and December 31, 2022, inventories were valued at cost, except for the portion of inventory related to Mexican operations, which was valued at net realizable value because the production costs of the Mexican inventory were greater than the amount the Company expected to receive on the sale of antimony contained in inventory. The adjustment to inventory for net realizable value was $456,238 and $136,836 for the six months ended June 30, 2023 and 2022, respectively.

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

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PROPERTIES PLANTS AND EQUIPMENT

6 Months Ended

Jun. 30, 2023

PROPERTIES PLANTS AND EQUIPMENT

PROPERTIES, PLANTS AND EQUIPMENT

NOTE 6 – PROPERTIES, PLANTS AND EQUIPMENT

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

	Antimony Segment						Zeolite Segment			Precious Metals
June 30, 2023	USAC			USAMSA			BRZ			Segment			TOTAL
Plant and equipment	$	1,822,775		$	9,459,098		$	5,436,097		$	1,347,912		$	18,065,882
Buildings		243,248			875,024			1,911,362			-			3,029,634
Land and other		2,431,387			2,856,037			16,753			-			5,304,177
Total		4,497,410			13,190,159			7,364,212			1,347,912			26,399,693
Accumulated depreciation		(2,786,445	)		(6,487,717	)		(3,508,930	)		(605,962	)		(13,389,054	)
Properties, Plants, and Equipment, Net	$	1,710,965		$	6,702,442		$	3,855,282		$	741,950		$	13,010,639

	Antimony Segment						Zeolite Segment			Precious Metals
December 31, 2022	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
Total		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	)
Properties, Plants, and Equipment, Net	$	1,667,758		$	6,825,404		$	2,837,666		$	797,296		$	12,128,124

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

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DEBT

6 Months Ended

Jun. 30, 2023

DEBT

DEBT

NOTE 7 – DEBT

Long term debt at June 30, 2023 and December 31, 2022 was as follows:

	June 30, 2023			December 31, 2022
Promissory note payable to First Security Bank of Missoula, bearing interest at 2.25%, payable in 59 monthly installments of $1,409 with a final payment of $152,726 maturing November 9, 2026; collateralized by a lien on Certificate of Deposit	$	195,689		$	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		69,947			110,097
Total debt		265,636			312,005
Less current portion of debt		(82,573	)		(94,150	)
Long term portion of debt	$	183,063		$	217,855

At June 30, 2023, principal payments on debt were due as follows:

Twelve months ending June 30,	Principal payment
2024		82,573
2025		12,924
2026		13,219
2027		156,920
	$	265,636

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COMMITMENTS AND CONTINGENCIES

6 Months Ended

Jun. 30, 2023

COMMITMENTS AND CONTINGENCIES (NOTE 8)

COMMITMENTS AND CONTINGENCIES

NOTE 8 – COMMITMENTS AND CONTINGENCIES

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

From 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 June 30, 2023 and December 31, 2022, the Company had no accrued liabilities relating to such assessments.

The Company pays various royalties on the sale of zeolite products. On a combined basis, royalties generally vary around 8% to 13%. At June 30, 2023 and December 31, 2022, the Company had accrued royalties payable of $45,359 and $435,075, respectively. The decrease in royalties payable in 2023 was primarily due to the Company finalizing its estimates and paying a royalty obligation in 2023 that had been accumulating since 2016.

On August 8, 2022, the Company executed a preliminary Purchase Option Agreement (the “Agreement”) with SB Wadley SA de CV (“Wadley”) whereby the Company leases, with an option to acquire, mining claims located in Mexico known as the Wadley Property. Under the Agreement, the Company agreed to pay Wadley eight monthly installments of $10,000 plus VAT for the right to mine and conduct geological and resource studies as due diligence and exploration on the Wadley Property. At the end of such eight-month period, should the Company choose to exercise its option to acquire following due diligence and assessment of geological and resource studies, the Company 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. On October 12, 2023, the Company officially notified Wadley that it did not intend to acquire the Wadley Property and terminated this Agreement. During the fourth quarter of 2023, the Company expects to incur a loss on disposal of assets of approximately $140,000 related to the termination of this Agreement.

Mexican Tax Assessment

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

As of June 30, 2023, the updated SAT assessment was approximately $21.6 million pesos, which was approximately $1,265,000 USD for $350,000 of unpaid income taxes and $915,000 of interest and penalties. Management along with its legal counsel assessed the possible outcomes for this tax audit and believes, based on discussions with its tax attorneys located in Mexico, that the more likely than not 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 June 30, 2023 or December 31, 2022 relating to this potential tax liability. There can be no assurance that the Company’s ultimate liability, if any, will not have a material adverse effect on the Company’s results of operations or financial position.

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

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STOCKHOLDERS EQUITY

6 Months Ended

Jun. 30, 2023

STOCKHOLDERS' EQUITY

STOCKHOLDERS' EQUITY

NOTE 9 – STOCKHOLDERS’ EQUITY

On January 25, 2023, the holders of 1,692,672 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 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 or exercised during the six months ended June 30, 2023 and 2022.

The following summarizes warrant activity:

	Number of warrants		Exercise prices
Balance outstanding at June 30, 2023 and December 31, 2022		12,346,215	$	0.75

The composition of the Company’s warrants outstanding at June 30, 2023 was as follows:

Number of warrants	Exercise Price		Expiration Date	Remaining life in years
2,285,715		0.46	7/31/2025		2.09
804,000		0.46	1/27/2026		2.58
7,650,000		0.85	8/3/2026		3.10
1,606,500		0.85	2/1/2026		2.59
12,346,215

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BUSINESS SEGEMENTS

6 Months Ended

Jun. 30, 2023

BUSINESS SEGEMENTS

BUSINESS SEGEMENTS

NOTE 10 – BUSINESS SEGMENTS

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

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

Total Assets:	June 30, 2023		December 31, 2022
Antimony
United States	$	17,129,056	$	21,636,386
Mexico		9,402,830		8,484,131
Subtotal antimony		26,531,886		30,120,517
Precious metals
United States		201,338		172,004
Mexico		581,654		625,292
Subtotal precious metals		782,992		797,296
Zeolite		4,954,435		3,782,637
TOTAL ASSETS	$	32,269,313	$	34,700,450

	For the three months ended June 30,				For the six months ended June 30,
Capital expenditures	2023		2022		2023		2022
Antimony
United States	$	58,299	$	51,927	$	61,849	$	80,277
Mexico		38,754		10,724		152,322		11,565
Subtotal antimony		97,053		62,651		214,171		91,842
Precious metals		-		9,138		-		17,518
Zeolite		636,033		299,865		1,133,685		435,239
Total capital expenditures	$	733,086	$	371,654	$	1,347,856	$	544,599

Segment operations for the three months ended June 30, 2023	Antimony - USA		Antimony -Mexico		Total antimony		Precious Metals		Zeolite		Total
Total revenues	$	1,351,705	$	238,456	$	1,590,161	$	126,321	$	787,091	$	2,503,573
Depreciation and amortization	$	10,362	$	138,170	$	148,532	$	27,673	$	64,895	$	241,100
Income (loss) from operations	$	(317,513)	$	(315,076)	$	(632,589)	$	98,648	$	23,852	$	(510,089)
Other income											$	173,624
NET LOSS											$	(336,465)

Segment operations for the three months ended June 30, 2022	Antimony - USA		Antimony -Mexico		Total antimony		Precious Metals		Zeolite		Total
Total revenues	$	1,644,259	$	827,822	$	2,472,081	$	95,453	$	1,020,391	$	3,587,925
Depreciation and amortization	$	11,101	$	143,736	$	154,837	$	27,674	$	48,546	$	231,057
Income from operations	$	120,636	$	24,396	$	145,032	$	67,779	$	154,124	$	366,935
Other expense											$	(5,712	)
NET INCOME											$	361,223

Segment operations for the six months ended June 30, 2023	Antimony - USA			Antimony -Mexico			Total antimony			Precious Metals		Zeolite			Total
Total revenues	$	2,964,344		$	238,456		$	3,202,800		$	242,433	$	1,269,184		$	4,714,417
Depreciation and amortization	$	18,642		$	275,284		$	293,926		$	55,346	$	116,069		$	465,341
Income (loss) from operations	$	(255,441	)	$	(1,412,838	)	$	(1,668,279	)	$	187,087	$	(40,753	)	$	(1,521,945	)
Other income															$	378,496
NET LOSS															$	(1,143,449	)

Segment operations for the six months ended June 30, 2022	Antimony - USA		Antimony -Mexico			Total antimony		Precious Metals		Zeolite		Total
Total revenues	$	4,473,189	$	827,822		$	5,301,011	$	172,787	$	1,694,433	$	7,168,231
Depreciation and amortization	$	20,570	$	282,193		$	302,763	$	55,194	$	93,250	$	451,207
Income (loss) from operations	$	1,512,148	$	(659,641	)	$	852,507	$	117,593	$	176,415	$	1,146,515
Other income												$	960
NET INCOME												$	1,147,475

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BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES (Policies)

6 Months Ended

Jun. 30, 2023

BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES

Reclassifications

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

Recent Accounting Pronouncements

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

Recently Adopted Accounting Pronouncements:

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

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EARNINGS PER SHARE (Tables)

6 Months Ended

Jun. 30, 2023

Net income (loss) per share of common stock

Antidilutive securities excluded from computation of earnings per share

	June 30, 2023		June 30, 2022
Warrants		12,346,215		12,489,922
Convertible preferred stock		-		1,692,672
TOTAL POSSIBLE DILUTIVE SHARES		12,346,215		14,182,594

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REVENUE RECOGNITION (Tables)

6 Months Ended

Jun. 30, 2023

REVENUE RECOGNITION

Sales of Products to Significant Customers

	For the three months ended
	June 30, 2023		June 30, 2022
Antimony	$	1,590,161	$	2,472,081
Zeolite		787,091		1,020,391
Precious metals		126,321		95,453
TOTAL REVENUE	$	2,503,573	$	3,587,925

	For the six months ended
	June 30, 2023		June 30, 2022
Antimony	$	3,202,800	$	5,301,011
Zeolite		1,269,184		1,694,433
Precious metals		242,433		172,787
TOTAL REVENUE	$	4,714,417	$	7,168,231

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INVENTORIES (Tables)

6 Months Ended

Jun. 30, 2023

INVENTORIES

Schedule of Inventory Current

	June 30, 2023		December 31, 2022
Antimony Metal	$	464,756	$	142,230
Antimony Oxide		323,466		509,643
Antimony Ore and Concentrates		1,102,832		545,373
Total antimony		1,891,054		1,197,246
Zeolite		459,251		177,822
TOTAL INVENTORIES	$	2,350,305	$	1,375,068

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PROPERTIES PLANTS AND EQUIPMENT (Tables)

6 Months Ended

Jun. 30, 2023

PROPERTIES PLANTS AND EQUIPMENT

Major components of the Company's properties, plants and equipment

	Antimony Segment						Zeolite Segment			Precious Metals
June 30, 2023	USAC			USAMSA			BRZ			Segment			TOTAL
Plant and equipment	$	1,822,775		$	9,459,098		$	5,436,097		$	1,347,912		$	18,065,882
Buildings		243,248			875,024			1,911,362			-			3,029,634
Land and other		2,431,387			2,856,037			16,753			-			5,304,177
Total		4,497,410			13,190,159			7,364,212			1,347,912			26,399,693
Accumulated depreciation		(2,786,445	)		(6,487,717	)		(3,508,930	)		(605,962	)		(13,389,054	)
Properties, Plants, and Equipment, Net	$	1,710,965		$	6,702,442		$	3,855,282		$	741,950		$	13,010,639

	Antimony Segment						Zeolite Segment			Precious Metals
December 31, 2022	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
Total		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	)
Properties, Plants, and Equipment, Net	$	1,667,758		$	6,825,404		$	2,837,666		$	797,296		$	12,128,124

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DEBT (Tables)

6 Months Ended

Jun. 30, 2023

DEBT

Long-term debt

	June 30, 2023			December 31, 2022
Promissory note payable to First Security Bank of Missoula, bearing interest at 2.25%, payable in 59 monthly installments of $1,409 with a final payment of $152,726 maturing November 9, 2026; collateralized by a lien on Certificate of Deposit	$	195,689		$	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		69,947			110,097
Total debt		265,636			312,005
Less current portion of debt		(82,573	)		(94,150	)
Long term portion of debt	$	183,063		$	217,855

Principal payments on debt

Twelve months ending June 30,	Principal payment
2024		82,573
2025		12,924
2026		13,219
2027		156,920
	$	265,636

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STOCKHOLDERS EQUITY (Tables)

6 Months Ended

Jun. 30, 2023

STOCKHOLDERS' EQUITY

Common stock warrant activity

	Number of warrants		Exercise prices
Balance outstanding at June 30, 2023 and December 31, 2022		12,346,215	$	0.75

Warrants outstanding

Number of warrants	Exercise Price		Expiration Date	Remaining life in years
2,285,715		0.46	7/31/2025		2.09
804,000		0.46	1/27/2026		2.58
7,650,000		0.85	8/3/2026		3.10
1,606,500		0.85	2/1/2026		2.59
12,346,215

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BUSINESS SEGEMENTS (Tables)

6 Months Ended

Jun. 30, 2023

BUSINESS SEGEMENTS

Segment information

Total Assets:	June 30, 2023		December 31, 2022
Antimony
United States	$	17,129,056	$	21,636,386
Mexico		9,402,830		8,484,131
Subtotal antimony		26,531,886		30,120,517
Precious metals
United States		201,338		172,004
Mexico		581,654		625,292
Subtotal precious metals		782,992		797,296
Zeolite		4,954,435		3,782,637
TOTAL ASSETS	$	32,269,313	$	34,700,450

Summary of capital expenditure

	For the three months ended June 30,				For the six months ended June 30,
Capital expenditures	2023		2022		2023		2022
Antimony
United States	$	58,299	$	51,927	$	61,849	$	80,277
Mexico		38,754		10,724		152,322		11,565
Subtotal antimony		97,053		62,651		214,171		91,842
Precious metals		-		9,138		-		17,518
Zeolite		636,033		299,865		1,133,685		435,239
Total capital expenditures	$	733,086	$	371,654	$	1,347,856	$	544,599

Summary of segement operation

Segment operations for the three months ended June 30, 2023	Antimony - USA		Antimony -Mexico		Total antimony		Precious Metals		Zeolite		Total
Total revenues	$	1,351,705	$	238,456	$	1,590,161	$	126,321	$	787,091	$	2,503,573
Depreciation and amortization	$	10,362	$	138,170	$	148,532	$	27,673	$	64,895	$	241,100
Income (loss) from operations	$	(317,513)	$	(315,076)	$	(632,589)	$	98,648	$	23,852	$	(510,089)
Other income											$	173,624
NET LOSS											$	(336,465)

Segment operations for the three months ended June 30, 2022	Antimony - USA		Antimony -Mexico		Total antimony		Precious Metals		Zeolite		Total
Total revenues	$	1,644,259	$	827,822	$	2,472,081	$	95,453	$	1,020,391	$	3,587,925
Depreciation and amortization	$	11,101	$	143,736	$	154,837	$	27,674	$	48,546	$	231,057
Income from operations	$	120,636	$	24,396	$	145,032	$	67,779	$	154,124	$	366,935
Other expense											$	(5,712	)
NET INCOME											$	361,223

Segment operations for the six months ended June 30, 2023	Antimony - USA			Antimony -Mexico			Total antimony			Precious Metals		Zeolite			Total
Total revenues	$	2,964,344		$	238,456		$	3,202,800		$	242,433	$	1,269,184		$	4,714,417
Depreciation and amortization	$	18,642		$	275,284		$	293,926		$	55,346	$	116,069		$	465,341
Income (loss) from operations	$	(255,441	)	$	(1,412,838	)	$	(1,668,279	)	$	187,087	$	(40,753	)	$	(1,521,945	)
Other income															$	378,496
NET LOSS															$	(1,143,449	)

Segment operations for the six months ended June 30, 2022	Antimony - USA		Antimony -Mexico			Total antimony		Precious Metals		Zeolite		Total
Total revenues	$	4,473,189	$	827,822		$	5,301,011	$	172,787	$	1,694,433	$	7,168,231
Depreciation and amortization	$	20,570	$	282,193		$	302,763	$	55,194	$	93,250	$	451,207
Income (loss) from operations	$	1,512,148	$	(659,641	)	$	852,507	$	117,593	$	176,415	$	1,146,515
Other income												$	960
NET INCOME												$	1,147,475

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EARNINGS PER SHARE (Details) - USD ($)	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
TOTAL POSSIBLE DILUTIVE SHARES	$ 12,346,215	$ 14,182,594
Convertible Preferred Stock Member
TOTAL POSSIBLE DILUTIVE SHARES		1,692,672
Warrants
TOTAL POSSIBLE DILUTIVE SHARES	12,346,215	12,489,922

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REVENUE RECOGNITION (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Revenue	$ 2,503,573	$ 3,587,925	$ 4,714,417	$ 7,168,231
Antimony [Member]
Revenue	1,590,161	2,472,081	3,202,800	5,301,011
Zeolite [Member]
Revenue	787,091	1,020,391	1,269,184	1,694,433
Precious Metals
Revenue	$ 126,321	$ 95,453	$ 242,433	$ 172,787

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REVENUE RECOGNITION (Details Narrative) - USD ($)	Jun. 30, 2023	Dec. 31, 2022
REVENUE RECOGNITION
Trade accounts receivable balance related to contracts with customers	$ 1,307,974	$ 784,457
Doubtful related trade accounts receivables	$ 75,000	$ 31,440

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INVENTORIES (Details) - USD ($)	Jun. 30, 2023	Dec. 31, 2022
Inventories	$ 2,350,305	$ 1,375,068
Antimony [Member]
Inventories	1,891,054	1,197,246
Antimony Ore Concentrates [Member]
Inventories	1,102,832	545,373
Zeolite Products [Member]
Inventories	459,251	177,822
Antimony Oxides [Member]
Inventories	323,466	509,643
Antimony Metals [Member]
Inventories	$ 464,756	$ 142,230

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INVENTORIES (Details Narrative) - USD ($)	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
INVENTORIES
Write down of inventory to net realizable value	$ 456,238	$ 136,836

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PROPERTIES PLANTS AND EQUIPMENT (Details) - USD ($)	Jun. 30, 2023	Dec. 31, 2022
Plant and equipment	$ 18,065,882	$ 17,195,914
Buildings	3,029,634	2,160,805
Land and other	5,304,177	5,244,177
Construction in progress		450,941
Plants and equipment net	26,399,693	25,051,837
Accumulated Deprecation	(13,389,054)	(12,923,713)
Property plant and equipment ,net	13,010,639	12,128,124
Antimony Segment USAC
Plant and equipment	1,822,775	1,760,926
Buildings	243,248	243,248
Land and other	2,431,387	2,431,387
Construction in progress		0
Plants and equipment net	4,497,410	4,435,561
Accumulated Deprecation	(2,786,445)	(2,767,803)
Property plant and equipment ,net	1,710,965	1,667,758
Antimony Segment USAMSA
Plant and equipment	9,459,098	9,090,860
Buildings	875,024	870,534
Land and other	2,856,037	2,796,037
Construction in progress		280,406
Plants and equipment net	13,190,159	13,037,837
Accumulated Deprecation	(6,487,717)	(6,212,433)
Property plant and equipment ,net	6,702,442	6,825,404
Zeolite Segment BRZ
Plant and equipment	5,436,097	4,996,216
Buildings	1,911,362	1,047,023
Land and other	16,753	16,753
Construction in progress		170,535
Plants and equipment net	7,364,212	6,230,527
Accumulated Deprecation	(3,508,930)	(3,392,861)
Property plant and equipment ,net	3,855,282	2,837,666
Precious Metals Segment
Plant and equipment	1,347,912	1,347,912
Buildings	0	0
Land and other	0	0
Construction in progress		0
Plants and equipment net	1,347,912	1,347,912
Accumulated Deprecation	(605,962)	(550,616)
Property plant and equipment ,net	$ 741,950	$ 797,296

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PROPERTIES PLANTS AND EQUIPMENT (Details Narrative) - USD ($)	Jun. 30, 2023	Dec. 31, 2022
PROPERTIES PLANTS AND EQUIPMENT
Assets not yet placed in service	$ 280,406	$ 1,117,041

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DEBT (Details) - USD ($)	Jun. 30, 2023	Dec. 31, 2022
Long term debt	$ 265,636	$ 312,005
Less current portion	(82,573)	(94,150)
Long term portion	183,063	217,855
First Security Bank of Missoula [Member]
Long term debt	195,689	201,908
Caterpillar Financial Services [Member]
Long term debt	$ 69,947	$ 110,097

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DEBT (Details 1) - USD ($)	Jun. 30, 2023	Dec. 31, 2022
DEBT
2023	$ 82,573
2024	12,924
2025	13,219
2026	156,920
Long term debt	$ 265,636	$ 312,005

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COMMITMENTS AND CONTINGENCIES (Details Narrative) - USD ($)		1 Months Ended		6 Months Ended
	Aug. 08, 2022	Nov. 30, 2019	Dec. 31, 2016	Jun. 30, 2023	Dec. 31, 2022
Accrued royalties payable				$ 45,359	$ 435,075
Mexican Tax Assessment [Member]
Description of Unpaid income tax return		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	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	the updated SAT assessment was approximately $21.6 million pesos, which was approximately $1,265,000 USD for $350,000 of unpaid income taxes and $915,000 of interest and penalties
Wadley Property [Member]
Monthly instatllments	$ 10,000
Description of agreement	the Company 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
Minimum [Member]
Royalties vary				8.00%
Maximum [Member]
Royalties vary				13.00%

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Stockholders Equity (Details)	Jun. 30, 2023 $ / shares shares
STOCKHOLDERS' EQUITY
Number of warrants | shares	12,346,215
Warrant exercise price | $ / shares	$ 0.75

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Stockholders Equity (Details 1)	6 Months Ended
	Jun. 30, 2023 $ / shares shares
Warrants
Number of warrants	12,346,215
Warrant 1
Number of warrants	2,285,715
Exercise Price | $ / shares	$ 0.46
Remaining life	2 years 1 month 2 days
Expiration date	Jul. 31, 2025
Warrant 2
Number of warrants	804,000
Exercise Price | $ / shares	$ 0.46
Remaining life	2 years 6 months 29 days
Expiration date	Jan. 27, 2026
Warrant 3
Number of warrants	7,650,000
Exercise Price | $ / shares	$ 0.85
Remaining life	3 years 1 month 6 days
Expiration date	Aug. 03, 2026
Warrant 4
Number of warrants	1,606,500
Exercise Price | $ / shares	$ 0.85
Remaining life	2 years 7 months 2 days
Expiration date	Feb. 01, 2026

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Stockholders Equity (Details Narrative) - USD ($)	1 Months Ended
	Jan. 26, 2023	Jun. 30, 2023	Jan. 25, 2023	Dec. 31, 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
Preferred Stock D Series [Member]
Cash paid to shareholders			$ 787,730
Preferred stock, issued shares			1,692,672

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Business Segments (Details) - USD ($)	Jun. 30, 2023	Dec. 31, 2022
Total assets	$ 32,269,313	$ 34,700,450
Zeolite [Member]
Total assets	4,954,435	3,782,637
Mexico Antimony
Total assets	9,402,830	8,484,131
Subtotal Antimony
Total assets	26,531,886	30,120,517
United States Precious metals
Total assets	201,338	172,004
Mexico Precious metals
Total assets	581,654	625,292
Subtotal Precious Metals
Total assets	782,992	797,296
United States Antimony
Total assets	$ 17,129,056	$ 21,636,386

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Business Segments (Details 1) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Capital expenditures	$ 733,086	$ 371,654	$ 1,347,856	$ 544,599
Zeolite [Member]
Capital expenditures	636,033	299,865	1,133,685	435,239
Mexico Antimony
Capital expenditures	38,754	10,724	152,322	11,565
Subtotal Antimony
Capital expenditures	97,053	62,651	214,171	91,842
Subtotal Precious Metals
Capital expenditures	0	9,138	0	17,518
United States Antimony
Capital expenditures	$ 58,299	$ 51,927	$ 61,849	$ 80,277

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Business Segments (Details 2) - USD ($)	3 Months Ended				6 Months Ended
	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2022	Mar. 31, 2022	Jun. 30, 2023	Jun. 30, 2022
REVENUE	$ 2,503,573		$ 3,587,925		$ 4,714,417	$ 7,168,231
Depreciation and amortization	241,100		231,057		465,341	451,207
Income (loss) from operations	(510,089)		366,935		(1,521,945)	1,146,515
Other income (expense)	173,624		(5,712)		378,496	960
Net income (loss)	(336,465)	$ (806,984)	361,223	$ 786,252	(1,143,449)	1,147,475
Zeolite [Member]
REVENUE	787,091		1,020,391		1,269,184	1,694,433
Depreciation and amortization	64,895		48,546		116,069	93,250
Income (loss) from operations	23,852		154,124		(40,753)	176,415
Other income (expense)					0
Net income (loss)					0
Precious Metals
REVENUE	126,321		95,453		242,433	172,787
Depreciation and amortization	27,673		27,674		55,346	55,194
Income (loss) from operations	98,648		67,779		187,087	117,593
Other income (expense)					0
Net income (loss)					0
Mexico Antimony
REVENUE	238,456		827,822		238,456	827,822
Depreciation and amortization	138,170		143,736		275,284	282,193
Income (loss) from operations	(315,076)		24,396		(1,412,838)	(659,641)
Other income (expense)					0
Net income (loss)					0
United States Antimony
REVENUE	1,351,705		1,644,259		2,964,344	4,473,189
Depreciation and amortization	10,362		11,101		18,642	20,570
Income (loss) from operations	(317,513)		120,636		(255,441)	1,512,148
Other income (expense)					0
Net income (loss)					0
Total Antimony
REVENUE	1,590,161		2,472,081		3,202,800	5,301,011
Depreciation and amortization	148,532		154,837		293,926	302,763
Income (loss) from operations	$ (632,589)		$ 145,032		(1,668,279)	$ 852,507
Other income (expense)					0
Net income (loss)					$ 0