UAMY — what changed in the latest 10-Q

Text added vs the prior filing · source: 10-Q · 2026-08-11

• ●The Company is exposed to credit and supply chain risks related to its $4.0 million Convertible Promissory Note and corresponding strategic relationship with a key international antimony supplier;

• ●The Company’s significant inventory position in Mexico may expose us to operational, inventory valuation, and liquidity risks; and

• In March 2026, the Company was awarded a $27.0 million grant from the U.S. Department of War under the Defense Production Act to support the expansion and modernization of its domestic antimony processing facilities and to fund a portion of the Company’s Alaskan antimony mining operations. The award…

• On April 10, 2026, the Company published an initial assessment technical report summary on its Fostung tungsten project. This Initial Assessment-level Technical Report Summary, dated January 31, 2026 (the “Fostung TRS”), was prepared in accordance with the mining property disclosure rules specified …

• processes this ore and sells the gold and silver to the company who sold us this ore, which represents all our precious metals sales, and sells the antimony to other companies in various industries. Our Mexico facilities have been processing ore primarily into antimony metal.

Text removed vs the prior filing · source: 10-Q · 2026-05-14

• ●Processing and selling ore from new suppliers and internal sources not being economically viable;

• In March 2026, the Company was awarded a $27.0 million grant from the U.S. Department of War under the Defense Production Act to support the expansion and modernization of its domestic antimony processing operations. The award is milestone-based, with $16.2 million currently obligated and additional…

• In 2025, the Company acquired property located in the Sudbury District of Ontario, Canada, which included 50 single-cell tungsten mining claims (more commonly referred to as Fostung Tungsten). On April 10, 2026, the Company published an initial assessment technical report summary on its Fostung Tung…

• Antimony revenue decreased $370,905, or 6%, for the three months ended March 31, 2026, as compared to the prior year period, primarily due to lower sales volume which was mostly offset by an increase in the average sales price per pound. The decrease in sales volume was primarily attributable to the…

• Gross profit decreased $1,407,178, or 58%, for the three months ended March 31, 2026, as compared to the prior year period. This decrease was primarily due to lower sales volumes coupled with an increase in the average cost per pound. The increase in cost per pound was driven in part by the recognit…

Text added vs the prior filing · source: 10-Q · 2026-08-11

• The conclusion that our disclosure controls and procedures were not effective as of June 30, 2026 is a result of the previously identified material weakness in internal control over financial reporting described in Part II, Item 9A of the Company’s Annual Report on Form 10-K for the year ended Decem…

• Management of the Company has taken proactive steps to address this material weakness by hiring employees to lead Sarbanes-Oxley compliance, SEC reporting, accounts payable, payroll, finance and accounting in Mexico and at BRZ, information technology, and the

• joint venture. In addition, the Company hired a third-party firm in 2025 to assist with the implementation of new accounting software and to assist with gaining compliance with Sarbanes-Oxley, all of which is ongoing.

• Other than the continued remediation efforts discussed above related to the design and implementation of sufficient controls and processes around internal controls over financial reporting, there have been no changes during the quarter ended June 30, 2026 in the Company’s internal controls over fina…

Text removed vs the prior filing · source: 10-Q · 2026-05-14

• Management of the Company believes that these material weaknesses are more so due to the small size of the Company’s accounting staff. To continue to address this matter, in 2025 and 2026, the Company hired employees to lead Sarbanes-Oxley compliance, SEC reporting, accounts payable, payroll, financ…

• There have been no changes during the quarter ended March 31, 2026 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.

Text added vs the prior filing · source: 10-Q · 2026-08-11

• Information regarding the Company’s legal proceedings is included in Note 16—COMMITMENTS AND CONTINGENCIES to the unaudited condensed consolidated financial statements included in this Quarterly Report.

Text removed vs the prior filing · source: 10-Q · 2026-05-14

• United States Antimony Corporation is not a party to any material legal proceedings. 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 securi…

Text added vs the prior filing · source: 10-Q · 2026-08-11

• The Company’s financing and commercial arrangement with a key antimony supplier exposes us to credit, operational, and supply chain risks. We have entered into a commercial antimony sourcing arrangement with a supplier as part of our strategy to support and expand our antimony supply chain. This arr…

• If the international supplier experiences financial distress, operational difficulties, liquidity constraints, regulatory challenges, equipment failures, or other adverse developments, it may be unable to repay amounts owed to us, deliver anticipated antimony products, or otherwise perform under its…

• In addition, although the Convertible Note provides us with the right to convert indebtedness into membership interests of the supplier, it is a privately held company and there can be no assurance that any equity interests received upon conversion would have a readily realizable value or provide a …

• The Company’s significant inventory position in Mexico may expose us to operational, inventory valuation, and liquidity risks. The Company maintains a significant inventory of antimony materials at its facilities in Mexico. The ultimate realization of the value of this inventory depends upon our abi…

• If we are unable to process these materials as anticipated, or if processing requires additional time, costs, or modifications to our production methods, the inventory may remain on hand longer than expected, resulting in increased carrying costs, reduced liquidity, and higher working capital requir…

Text added vs the prior filing · source: 10-Q · 2026-08-11

• During the quarter ended June 30, 2026, no director or officer of the Company adopted or terminated a “Rule 10b5-1 trading arrangement” or a “non-Rule 10b5-1 trading arrangement,” as those terms are defined in Item 408 of Regulation S-K.

Text removed vs the prior filing · source: 10-Q · 2026-05-14

• On March 23, 2026, Michael A. McManus, a member of the Company’s Board of Directors, adopted a Rule 10b5-1 trading plan intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) under the Securities Exchange Act of 1934, as amended. Mr. McManus’s plan covers the sale of up to 100,000 …