{"success":true,"data":{"pressRelease":{"id":"35719","rtpr_id":"nACSmNr1Sa","ticker":"UAMY","exchange":"NYSE","all_tickers":["UAMY"],"title":"United States Antimony Corporation Reports First Quarter 2026 Financial and Operating Results","author":"ACCESSWIRE","published_at":"2026-05-14T20:19:44.511Z","article_body":"Received $12.8 Million in Department of War (\"DoW\") Grant Milestones for\nThompson Falls Expansion\n\nFirst Two Delivery Notices under the $245 MM Defense Logistics Agency (\"DLA\")\nContract Completed\n\nQ1 2026 Revenues of $6.8 Million; Net Loss of $11.3 Million, or $(0.08) per\nDiluted Share\n\nPost-Quarter Equity Issuances Generated $48.6 Million in Gross Proceeds\n\nReiterates Full-Year 2026 Gross Revenue Guidance of $125 Million\n\n\"The Critical Minerals and ZEO Company\"\n~ Antimony, Cobalt, Gold, Tungsten, and Zeolite ~\n\nDALLAS, TX / ACCESS Newswire (https://www.accessnewswire.com/) / May 14, 2026\n/ United States Antimony Corporation (\"USAC,\" \"US Antimony Corporation,\" or\nthe \"Company\") (NYSE:UAMY)(NYSE Texas:UAMY), a leading producer and processor\nof antimony, zeolite, and other critical minerals, and the only fully\nintegrated antimony company in the world outside of China and Russia, today\nreported its financial and operating results for the first quarter ended March\n31, 2026.\n\nFirst Quarter 2026 Highlights\n*\nRevenues of $6.8 million, compared to $7.0 million in Q1 2025\n*\nGross profit of $1.1 million (16% gross margin), compared to $2.4 million (34%\ngross margin) in Q1 2025\n*\nOperating loss of $7.5 million, compared to operating income of $0.4 million\nin Q1 2025\n*\nNet loss of $11.3 million, including $9.3 million of net non-cash items,\ncompared to net income of $0.6 million in Q1 2025\n*\nAchieved $12.8 million (out of $27 Million) in Department of War (\"DoW\") grant\nmilestones at the Thompson Falls expansion project, recognized as a grant\nreceivable with a corresponding reduction to construction in progress (PP&E)\n*\nAcquired the Radersburg flotation mill in Montana for $4.8 million, further\nadvancing the Company's vertical integration strategy\n*\nCash and cash equivalents, including held-to-maturity U.S. Treasury securities\nof $23.7 million at quarter-end; Subsequent to quarter-end, the Company raised\napproximately $48.6 million of gross proceeds through the issuance of\napproximately 4.2 million shares of common stock at an average price of $11.57\nper share. Total liquidity, pro forma for the post March 31, 2026 stock\nissuances is $108.7 million, including cash, U.S. Treasury securities and our\nLarvotto Resources Limited (ASX: LRV) marketable securities discussed\nsubsequently in this release.\n*\nReiterating full-year 2026 gross revenue guidance of $125 million\n\nStrategic Overview\n\nDuring the first quarter of 2026, the Company continued to advance its\nstrategy to build a fully integrated critical minerals platform supporting\nU.S. national security and supply chain resiliency. Key accomplishments during\nthe quarter included the achievement of milestones under the Company's DoW\ngrant program, the acquisition of the Radersburg flotation mill, first\ndelivery notice to the DLA under the $245 Million Contract, the formation of a\nnew hydrometallurgical joint venture with Americas Gold and Silver, and\ncontinued progress on the Thompson Falls smelter expansion, which is nearing\ncompletion and is expected to come online over the next few weeks. The company\nalso provided a Technical Report Summary of its Fostung Tungsten project in\nApril 2026 reflecting future potential revenues of $4.6 Billion over the life\nof the property, based on the assumptions detailed in the report.\n\nFirst Quarter 2026 Financial Results\n\nRevenues for the first quarter of 2026 were $6.8 million, compared to $7.0\nmillion in the first quarter of 2025. Antimony segment revenues were $5.6\nmillion, compared to $5.9 million in the prior year period, with antimony\npounds sold decreasing approximately 23% to 278,797 pounds from 362,647\npounds. The volume decline reflects timing of customer orders and shipments\nprimarily, none of which were to the government. Average sales price per pound\nof antimony rose approximately 22% to $19.92 from $16.34.\n\nCost of revenues increased to $5.67 million from $4.63 million, and gross\nprofit decreased to $1.11 million from $2.37 million in Q1 2025. Gross margin\nof approximately 16% (down from 34% in the prior year period) primarily\nreflects higher antimony cost per pound sold, which rose approximately 69% to\n$16.28 from $9.66 as higher-cost ore moved through cost of sales. Q1 2026\ngross margin did not benefit from any of the processing of the Company's\nin-house antimony mined in Montana or from any antimony deliveries under the\nCompany's contract with the DLA. Both of these events are expected to begin\ncontributing during the remaining quarters of 2026 as both Montana-based\nmining is processed and the Thompson Falls expansion comes online.\n\nZeolite revenue was $1.0 million in Q1 2026 compared to $1.1 million in Q1\n2025, driven by a 3% decrease in sales volume (tons sold of 3,681 versus\n3,802) and 4% decrease in average sales price per ton. These sales have\ndramatically improved over the last sixty (60) days due to obtaining new\ncustomer relationships with the Company's expanded sales efforts.\n\nThe Company's current antimony inventory is a combination sourced from\ninternational third-party suppliers as well as mined from the Company's owned\nStibnite Hill, Montana mining claims. The value of our antimony inventory is\napproximately $21.7 million on March 31, 2026 compared to $12.0 million as of\nDecember 31, 2025 and $3.6 million as of March 31, 2025, a 80.8% increase and\n502.8% increase, respectively.\n\nOperating expenses were $8.6 million in the first quarter of 2026, compared to\n$2.0 million in the prior year period. The increase of $6.6 million reflects\nincreased expense associated with the build-out of the Company's leadership\nteam, which continues, and operational infrastructure necessary to execute the\nCompany's vertical integration strategy. Operating expenses included\napproximately $4.8 million of non-cash share-based compensation expense\n(compared to $0.25 million in Q1 2025), reflecting expanded equity grants tied\nto leadership hiring and share price appreciation experienced during the\nperiod.\n\nThe Company recorded an operating loss of $7.5 million in the first quarter of\n2026, compared to operating income of $0.4 million in the prior year period.\nNet loss attributable to the Company was $11.3 million, or ($0.08) per diluted\nshare, compared to net income of $0.6 million, or nil per diluted share, in\nthe prior year period. The Q1 2026 net loss includes approximately $9.3\nmillion of net non-cash items, comprised principally of $4.8 million of\nshare-based compensation expense, $4.1 million of unrealized loss on the\nCompany's investment in marketable equity securities (Larvotto Resources\nLimited), and $0.4 million of depreciation and amortization.\n\nLiquidity, Capital Resources, and Subsequent Events\n\nAt March 31, 2026, the Company had cash and cash equivalents and investments\nin held-to-maturity U.S. Treasury securities totaling liquid resources of\n$23.7 million. This compares to $30.5 million of cash and cash equivalents and\n$20.4 million of held-to-maturity Treasury securities at December 31, 2025.\nThe decrease in cash during the quarter reflects $12.1 million used in\noperating activities (primarily working-capital investment made in antimony\nfeedstock inventory), $12.6 million used in investing activities (discussed\nsubsequently), and $2.6 million used in financing activities (principally\ntreasury share repurchases related to employee equity award settlements). The\nCompany also retains a $19.0 million margin credit facility with a bank, which\nwas undrawn at March 31, 2026.\n\nSubsequent to March 31, 2026 and through the date of this release, the Company\nsold approximately 4.2 million shares of common stock at an average price of\napproximately $11.57 per share, generating gross proceeds of approximately\n$48.6 million. These proceeds substantially offset the cash used during the\nfirst quarter to fund inventory build, the Radersburg mill acquisition, and\nthe portion of the Thompson Falls construction in progress not yet reimbursed\nfrom the DoW.\n\nIn addition, the Company holds an investment in publicly traded equity\nsecurities (Larvotto Resources Limited ( with a quarter-end fair value of USD\n$36.4 million, and a current market value as of close on May 13, 2026 of USD\n$46.6 million, an increase of USD $10.1 million since March 31, 2026.\n\nCapital Expenditures and Department of Defense Grant\n\nCapital expenditures during the first quarter of 2026 totaled $12.6 million,\nincluding $4.8 million for the acquisition of the Radersburg flotation mill in\nMontana, approximately $4.6 million for the construction-in-progress expansion\nof the Thompson Falls antimony smelter, and approximately $3.2 million\nprimarily for new mineral rights acquisitions of other critical minerals.\n\nDuring the first quarter, the Company achieved milestones under its Defense\nProduction Act grant award from the DoW, resulting in formal approval by the\nDefense Industrial Base Consortium for the completion of three project\nmilestones representing $12.8 million of obligated funding. In accordance with\nthe Company's early adoption of ASU 2025-10, Government Grants (Topic 832),\neffective January 1, 2026, the Company recognized the $12.8 million as a\ngovernment grant receivable on the balance sheet, with a corresponding\nreduction to the carrying amount of construction in progress associated with\nthe Thompson Falls expansion. According to accounting standards, the grant\nfunding does not flow through revenue or net income; rather, it reduces the\ncost basis of the related long-lived assets, lowering future depreciation\nexpense. The total DoW grant award is $27.0 million, of which $16.2 million\nhas been obligated to date; the remaining award amount of $10.8 million is\nsubject to future authorization.\n\nOperating and Strategic Updates\n\nDuring and subsequent to the first quarter, the Company made progress across\nits critical minerals platform:\n*\nThompson Falls Expansion: The Company's smelter expansion at Thompson Falls,\nMontana is nearing completion and is expected to come online over the next few\nweeks, significantly increasing domestic antimony processing capacity, not\nonly for the Company, but for the country.\n*\nRadersburg Flotation Mill: The Company acquired the Radersburg flotation and\nconcentration facility in Montana for $4.8 million, supporting vertical\nintegration of the Company's antimony processing operations. A new critical\nminerals testing laboratory has recently been installed. Now that this asset\nis 100% owned, no prior lease payments incurred for a similar facility will be\nincurred.\n*\nHydrometallurgical Joint Venture: The Company entered into a joint venture\nagreement with Americas Gold and Silver Corporation (\"Americas\") as announced\non February 10, 2026 (see press release of same date (https://pr.report/lknv))\nto construct and operate a new, state-of-the-art hydrometallurgical processing\nfacility. The joint venture will be owned 51% by Americas and 49% by the\nCompany, with the Company serving as managing member. Under the terms of the\nagreement, Americas will contribute the project site and existing\ninfrastructure, along with feedstock, while the Company will contribute its\nproprietary North America hydrometallurgical processing technology and\ntechnical expertise. Capital contributions for the facility's construction are\nexpected to be funded pro-rata based on ownership interests, unless otherwise\nagreed. Primary site-level environmental and operating permits have been\nobtained, while certain construction permits are pending. An application for\nfunding the cost of construction of the project has been made to the DoW.\n*\nDLA Contract: The Company has received approximately $12 million in sales\norders under its existing contract with the U.S. DLA. No revenue under this\ncontract was recognized during Q1 2026. Additionally, the first and second\ndelivery notices of finished product (antimony ingots) have been given to the\nDoW.\n*\nOn April 10, 2026 (see announcement of same date (https://pr.report/lknw)),\nthe Company provided an operational update on its 100% owned Fostung Project,\nan intermediate-stage tungsten exploration asset located in Sudbury District,\nOntario by making available its Technical Report Summary (\"TRS\") on the\nproperty, which disclosed Inferred Mineral Resources of approximately 14.7\nmillion tons at 0.17% WO₃, containing approximately 54 million pounds of\ntungsten trioxide and future resource revenue potential of up to $4.6 Billion\nover the life of the property based on the assumptions in the TRS.\n\n2026 Outlook\n\nThe Company is reiterating its full-year 2026 gross revenue guidance of\napproximately $125 million. Achievement of this guidance is dependent on,\namong other factors, the timing of antimony shipments under the DoW contract,\nthe timely commissioning of the Thompson Falls expansion during the second\nquarter, ramp-up of in-house antimony ore processing in both Mexico and\nMontana, and continued strength in critical minerals demand. The majority of\nfull-year 2026 revenue is expected to be weighted towards the second half of\nthe year. There can be no assurance that these factors will develop as\ncurrently anticipated; see the \"Forward-Looking Statements\" section below.\n\nManagement Commentary\n\nCommenting on the first quarter 2026 results, Mr. Gary C. Evans, Chairman and\nChief Executive Officer of US Antimony Corporation, stated: \"When you are\nbuilding a vertical business at the speed we are achieving at USAC, things\nrarely move in a straight line. There will be bumps in the road. Our first\nquarter results reflect a deliberate investment phase for our future. I told\nthe 'street' during our year-end conference call that our total operating\nresults were likely to be 'bumpy' this year. The increase in operating\nexpense, the inventory build, and the capital expenditures we made in the\nquarter are the necessary foundation for the production scale-up we expect\nduring the balance of 2026. While these investments drove a near-term loss,\nprimarily all non-cash related, we believe we are much better positioned for\nthe Company to deliver materially stronger financial performance in future\nreporting periods as our Montana-based mining, processing, and expanded\nsmelting capabilities come online and integrate with our own material over the\ncourse of the year.\"\n\nMr. Evans continued: \"We are particularly pleased with the progress under our\nDoW grant program, the addition of the Radersburg flotation mill, and the\nformation of our hydrometallurgical joint venture, each of which advances the\nvertical integration of our critical minerals platform. While government grant\nrequests are never guaranteed, we believe our three official filings made\nsince the first of this year, which total $274 million, are 'on point' and\nmeet the standards established by these various governmental agencies in their\ndesire to expedite 'home grown' critical mineral development, both in the\nfield as well as our proprietary downstream refining processes. The positive\nfeedback we have received to date gives us encouragement of our continued\nsuccess in this endeavor. Combined with our existing DLA contract, where we\nhave noticed the government for two deliveries, our existing pipeline of\nadditional governmental grant requests, and the post-quarter strengthening of\nour balance sheet, we are well-positioned to continue executing our 2026\nbusiness plan. The additional equity capital we have raised since the end of\nMarch is to guarantee we are in a position of strength to achieve these lofty\ngoals and objectives.\"\n\nConference Call Details\n\nUS Antimony management will host a conference call on Thursday, May 14, 2026\nat 4:15 p.m. Eastern time to discuss its first quarter 2026 financial and\noperating results, followed by a question-and-answer period.\n\nDate: Thursday, May 14, 2026\nTime: 4:15 p.m. Eastern time\nToll-free dial-in: 888-506-0062\nInternational dial-in: 973-528-0011\nParticipant access code: 130357\nWebcast URL: https://www.webcaster5.com/Webcast/Page/2604/53986\n\nA replay of the conference call and the transcript will be available in the\nInvestors section of the Company's website at\nhttps://www.usantimony.com/investors.\n\nAbout United States Antimony Corporation\n\nUnited States Antimony Corporation and its subsidiaries in the U.S., Mexico,\nand Canada (\"USAC,\" \"U.S. Antimony,\" the \"Company,\" \"Our,\" \"Us,\" or \"We\") sell\nantimony, zeolite, and precious metals primarily in the U.S., Mexico, and\nCanada. The Company mines, purchases, and processes ore primarily into\nantimony oxide, antimony metal, antimony trisulfide, and precious metals at\nits facilities located in Montana and Mexico. Antimony oxide is used to form a\nflame-retardant system for plastics, rubber, fiberglass, textile goods,\npaints, coatings, and paper, as a color fastener in paint, and as a\nphosphorescent agent in fluorescent light bulbs. Antimony metal is used in\nbearings, storage batteries, and ordnance. Antimony trisulfide is used as a\nprimer in ammunition. The Company also recovers precious metals, primarily\ngold and silver, at its Montana facility from third-party ore. At its Bear\nRiver Zeolite (\"BRZ\") facility located in Idaho, the Company mines and\nprocesses zeolite, a group of industrial minerals used in water filtration,\nsewage treatment, nuclear waste and other environmental cleanup, odor control,\ngas separation, animal nutrition, soil amendment and fertilizer, and other\nmiscellaneous applications. From 2024 through 2026, the Company has acquired\nmining claims, real properties (patented claims), and leases located in\nAlaska, Montana, and Ontario, Canada - including the Radersburg flotation mill\nacquired in the first quarter of 2026 - to reduce the cost of third-party\nantimony ore purchases and to expand its product offerings.\n\nLearn more about United States Antimony Corporation at www.usantimony.com.\n\nForward-Looking Statements\n\nThis press release contains forward-looking statements within the meaning of\nthe Private Securities Litigation Reform Act of 1995, including, without\nlimitation, statements regarding the Company's full-year 2026 revenue\nguidance, the expected commissioning of the Thompson Falls smelter expansion,\nthe expected development and contribution of the Fostung Tungsten project, the\nexpected timing and contribution of shipments under the DLA contract, the\nexpected impact of in-house ore processing on margins, the recognition and\ncontinuation of funding under the DoW grant program, the expected use of\npost-quarter equity issuance proceeds, the application of new accounting\npronouncements (including ASU 2025-10), and other statements that are not\nhistorical facts. These statements are based on current expectations,\nestimates, forecasts, and projections about the industries in which the\nCompany operates, as well as management's beliefs and assumptions. Words such\nas \"anticipates,\" \"expects,\" \"intends,\" \"plans,\" \"believes,\" \"seeks,\"\n\"estimates,\" \"may,\" \"will,\" \"should,\" \"could,\" and variations of these words\nor similar expressions are intended to identify such forward-looking\nstatements.\n\nForward-looking statements are subject to certain risks and uncertainties that\ncould cause actual results to differ materially from those indicated in such\nstatements, including, but not limited to: fluctuations in the market prices\nand demand for antimony and zeolite; changes in domestic and global economic\nconditions; operational risks inherent in mining and mineral processing;\ngeological or metallurgical conditions; availability and cost of energy,\nequipment, transportation, and labor; the Company's ability to maintain or\nobtain permits, licenses, and regulatory approvals; changes in environmental\nand mining laws or regulations; competitive factors; the impact of\ngeopolitical developments; and the effects of weather, natural disasters, or\nhealth pandemics on operations and supply chains. Additional information\nregarding risk factors that could cause actual results to differ materially is\nincluded in the Company's filings with the U.S. Securities and Exchange\nCommission, including its Annual Report on Form 10-K and Quarterly Reports on\nForm 10-Q.\n\nThe Company undertakes no obligation to publicly update or revise any\nforward-looking statements, whether as a result of new information, future\nevents, or otherwise, except as required by law. Readers are cautioned not to\nplace undue reliance on these forward-looking statements, which speak only as\nof the date hereof.\n\nContacts\n\n Investor Relations Contact: Jonathan Miller, VP, Investor Relations Media Relations Contact: Anthony D. Andora \n United States Antimony Corporation Edge Consulting, Inc. \n 4438 W. Lovers Lane, Unit 100 1560 Market Street, Suite 701 \n Dallas, Texas 75209 Denver, Colorado 80202 \n Email: Jmiller@usantimony.com Email: Anthony@EdgeConsultingSolutions.com \n Phone: 406-606-4117 Phone: 720-317-8927 \n\nUNITED STATES ANTIMONY CORPORATION AND SUBSIDIARIES\nCONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)\n\n Three months ended March 31, \n 2026 2025 \n \n Revenues $ 6,784,069 $ 7,000,005 \n Cost of revenues 5,674,602 4,628,275 \n Gross profit 1,109,467 2,371,730 \n Operating expenses: \n General and administrative 1,331,969 550,595 \n Salaries and benefits 5,879,794 1,000,555 \n Professional fees 1,281,131 382,036 \n Gain on sale or disposal of property, plant and equipment, net (1,900 ) (500 ) \n Other operating expenses 135,668 81,052 \n Total operating expenses 8,626,662 2,013,738 \n Income (loss) from operations (7,517,195 ) 357,992 \n Other income (expense), net: \n Interest and investment income 328,288 192,156 \n Unrealized loss on investment in equity securities (4,061,430 ) - \n Other miscellaneous expense, net (28,027 ) (3,624 ) \n Total other income (expense), net (3,761,169 ) 188,532 \n Income (loss) before income taxes and equity in loss of joint venture (11,278,364 ) 546,524 \n Income tax expense - - \n Income (loss) before equity in losses of joint venture (11,278,364 ) 546,524 \n Equity in losses of joint venture (16,126 ) - \n Net income (loss) (11,294,490 ) 546,524 \n Preferred dividends (1,875 ) (1,875 ) \n Net income (loss) available to common shareholders $ (11,296,365 ) $ 544,649 \n \n Net income (loss) per share: \n Basic $ (0.08 ) $nil \n Diluted $ (0.08 ) $nil \n Weighted average shares outstanding: \n Basic 141,612,253 113,703,415 \n Diluted 141,612,253 122,394,861 \n\nUNITED STATES ANTIMONY CORPORATION AND SUBSIDIARIES\nCONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)\n\n March 31, 2026 December 31, 2025 \n ASSETS \n CURRENT ASSETS \n Cash and cash equivalents $ 3,220,400 $ 30,494,320 \n Investment in debt securities held to maturity 4,620,170 4,577,706 \n Accounts receivable, net 2,512,957 4,213,305 \n Government grant receivable 12,848,246 - \n Inventories 22,026,820 12,522,009 \n Prepaid expenses and other current assets 734,552 434,842 \n Note receivable 2,445,762 2,500,000 \n Total current assets 48,408,907 54,742,182 \n Property, plant and equipment, net 46,668,672 42,374,839 \n Operating lease right-of-use assets 38,223 48,106 \n Investment in debt securities held to maturity - noncurrent 15,922,926 15,773,251 \n Investment in equity securities 36,432,898 40,494,328 \n Investment in joint venture 83,874 - \n Restricted cash for reclamation bonds 163,778 162,756 \n Other assets, net 330,207 330,207 \n Total assets $ 148,049,485 $ 153,925,669 \n LIABILITIES AND STOCKHOLDERS' EQUITY \n CURRENT LIABILITIES \n Accounts payable $ 9,672,375 $ 6,924,518 \n Accrued liabilities 3,388,210 2,937,842 \n Accrued liabilities - directors 140,958 143,931 \n Current portion of operating lease liabilities 27,477 34,103 \n Current portion of long-term debt 138,140 136,942 \n Total current liabilities 13,367,160 10,177,336 \n Operating lease liabilities, net of current portion 10,746 14,003 \n Long-term debt, net of current portion 23,495 58,483 \n Asset retirement obligations 2,753,172 2,720,658 \n Total liabilities 16,154,573 12,970,480 \n COMMITMENTS AND CONTINGENCIES (Note 5,9,15) \n STOCKHOLDERS' EQUITY \n Preferred stock $0.01 par value, 50,000,000 shares authorized: \n Series A - no shares issued and outstanding - - \n Series B - 750,000 shares issued and outstanding (liquidation preference $984,375 and $982,500, respectively) 7,500 7,500 \n Series C - 177,904 shares issued and outstanding (liquidation preference $97,847 both periods) 1,779 1,779 \n Series D - no shares issued and outstanding - - \n Common stock, $0.01 par value, 250,000,000 shares authorized; 143,738,970 and 140,042,270 shares issued, respectively 1,437,390 1,400,423 \n Treasury stock (699,605 and 149,639 shares of common stock at cost, respectively) (6,372,556 ) (574,153 ) \n Additional paid-in capital 193,603,838 185,608,189 \n Accumulated deficit (56,783,039 ) (45,488,549 ) \n Total stockholders' equity 131,894,912 140,955,189 \n Total liabilities and stockholders' equity $ 148,049,485 $ 153,925,669 \n \n\nUNITED STATES ANTIMONY CORPORATION AND SUBSIDIARIES\nCONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)\n\n Three months ended March 31, \n 2026 2025 \n CASH FLOWS FROM OPERATING ACTIVITIES: \n Net income (loss) $ (11,294,490 ) $ 546,524 \n Adjustments to reconcile income (loss) to net cash (used in) provided by operating activities: \n Depreciation and amortization 410,459 281,970 \n Accretion of asset retirement obligation 32,514 19,483 \n Noncash operating lease expense - 146,962 \n Share-based compensation 4,833,965 245,384 \n Accretion income from investment securities held to maturity (192,139 ) - \n Paid-in-kind interest from notes receivable (45,762 ) - \n Gain on sale or disposal of property, plant and equipment, net (1,900 ) (500 ) \n Equity in losses of joint venture 16,126 - \n Write-down of inventory to net realizable value 161,456 - \n Change in allowance for credit losses 156 - \n Unrealized loss on investment in equity securities 4,061,430 - \n Changes in operating assets and liabilities: \n Accounts receivable 1,700,192 (816,722 ) \n Inventories (9,666,267 ) (2,745,387 ) \n Prepaid expenses and other current assets (299,710 ) (23,428 ) \n IVA receivable and other assets - (267,993 ) \n Accounts payable (2,223,094 ) 1,660,372 \n Accrued liabilities 450,368 (757,919 ) \n Accrued liabilities - directors (2,973 ) (18,037 ) \n Net cash used in operating activities (12,059,669 ) (1,729,291 ) \n CASH FLOWS FROM INVESTING ACTIVITIES: \n Investment in joint venture (100,000 ) - \n Proceeds from notes receivable principal payment 100,000 - \n Proceeds from sales of property, plant and equipment 1,900 500 \n Purchases of property, plant and equipment (12,581,587 ) (862,511 ) \n Net cash used in investing activities (12,579,687 ) (862,011 ) \n CASH FLOWS FROM FINANCING ACTIVITIES: \n Principal payments on long-term debt (33,790 ) (32,632 ) \n Proceeds from exercises of stock options 48,624 - \n Treasury stock acquired (4,982,634 ) - \n Proceeds from issuance of common stock, net of issuance costs 1,339,446 2,392,317 \n Proceeds from exercise of warrants 994,812 806,438 \n Net cash (used in) provided by financing activities (2,633,542 ) 3,166,123 \n NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS AND RESTRICTED CASH (27,272,898 ) 574,821 \n CASH AND CASH EQUIVALENTS AND RESTRICTED CASH AT BEGINNING OF PERIOD 30,657,076 18,270,898 \n CASH AND CASH EQUIVALENTS AND RESTRICTED CASH AT END OF PERIOD $ 3,384,178 $ 18,845,719 \n \n SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION: \n Interest paid in cash $ 1,699 $ 2,937 \n NON-CASH FINANCING AND INVESTING ACTIVITIES: \n Recognition of operating lease liability and right-of-use asset $ - $ 63,416 \n Property and equipment included in accounts payable $ 4,970,951 $ - \n\nSOURCE: United States Antimony Corp.\nView the original press release\n(https://www.accessnewswire.com/newsroom/en/metals-and-mining/united-states-antimony-corporation-reports-first-quarter-2026-financial-and-opera-1167043)\non ACCESS Newswire\n\n\nCopyright 2026 ACCESS Newswire. All Rights Reserved.","article_body_html":"","raw_payload":{"data":{"id":"nACSmNr1Sa","title":"United States Antimony Corporation Reports First Quarter 2026 Financial and Operating Results","author":"ACCESSWIRE","ticker":"UAMY","created":"2026-05-14T20:19:44.511Z","tickers":["UAMY"],"exchange":"NYSE","article_body":"Received $12.8 Million in Department of War (\"DoW\") Grant Milestones for\nThompson Falls Expansion\n\nFirst Two Delivery Notices under the $245 MM Defense Logistics Agency (\"DLA\")\nContract Completed\n\nQ1 2026 Revenues of $6.8 Million; Net Loss of $11.3 Million, or $(0.08) per\nDiluted Share\n\nPost-Quarter Equity Issuances Generated $48.6 Million in Gross Proceeds\n\nReiterates Full-Year 2026 Gross Revenue Guidance of $125 Million\n\n\"The Critical Minerals and ZEO Company\"\n~ Antimony, Cobalt, Gold, Tungsten, and Zeolite ~\n\nDALLAS, TX / ACCESS Newswire (https://www.accessnewswire.com/) / May 14, 2026\n/ United States Antimony Corporation (\"USAC,\" \"US Antimony Corporation,\" or\nthe \"Company\") (NYSE:UAMY)(NYSE Texas:UAMY), a leading producer and processor\nof antimony, zeolite, and other critical minerals, and the only fully\nintegrated antimony company in the world outside of China and Russia, today\nreported its financial and operating results for the first quarter ended March\n31, 2026.\n\nFirst Quarter 2026 Highlights\n*\nRevenues of $6.8 million, compared to $7.0 million in Q1 2025\n*\nGross profit of $1.1 million (16% gross margin), compared to $2.4 million (34%\ngross margin) in Q1 2025\n*\nOperating loss of $7.5 million, compared to operating income of $0.4 million\nin Q1 2025\n*\nNet loss of $11.3 million, including $9.3 million of net non-cash items,\ncompared to net income of $0.6 million in Q1 2025\n*\nAchieved $12.8 million (out of $27 Million) in Department of War (\"DoW\") grant\nmilestones at the Thompson Falls expansion project, recognized as a grant\nreceivable with a corresponding reduction to construction in progress (PP&E)\n*\nAcquired the Radersburg flotation mill in Montana for $4.8 million, further\nadvancing the Company's vertical integration strategy\n*\nCash and cash equivalents, including held-to-maturity U.S. Treasury securities\nof $23.7 million at quarter-end; Subsequent to quarter-end, the Company raised\napproximately $48.6 million of gross proceeds through the issuance of\napproximately 4.2 million shares of common stock at an average price of $11.57\nper share. Total liquidity, pro forma for the post March 31, 2026 stock\nissuances is $108.7 million, including cash, U.S. Treasury securities and our\nLarvotto Resources Limited (ASX: LRV) marketable securities discussed\nsubsequently in this release.\n*\nReiterating full-year 2026 gross revenue guidance of $125 million\n\nStrategic Overview\n\nDuring the first quarter of 2026, the Company continued to advance its\nstrategy to build a fully integrated critical minerals platform supporting\nU.S. national security and supply chain resiliency. Key accomplishments during\nthe quarter included the achievement of milestones under the Company's DoW\ngrant program, the acquisition of the Radersburg flotation mill, first\ndelivery notice to the DLA under the $245 Million Contract, the formation of a\nnew hydrometallurgical joint venture with Americas Gold and Silver, and\ncontinued progress on the Thompson Falls smelter expansion, which is nearing\ncompletion and is expected to come online over the next few weeks. The company\nalso provided a Technical Report Summary of its Fostung Tungsten project in\nApril 2026 reflecting future potential revenues of $4.6 Billion over the life\nof the property, based on the assumptions detailed in the report.\n\nFirst Quarter 2026 Financial Results\n\nRevenues for the first quarter of 2026 were $6.8 million, compared to $7.0\nmillion in the first quarter of 2025. Antimony segment revenues were $5.6\nmillion, compared to $5.9 million in the prior year period, with antimony\npounds sold decreasing approximately 23% to 278,797 pounds from 362,647\npounds. The volume decline reflects timing of customer orders and shipments\nprimarily, none of which were to the government. Average sales price per pound\nof antimony rose approximately 22% to $19.92 from $16.34.\n\nCost of revenues increased to $5.67 million from $4.63 million, and gross\nprofit decreased to $1.11 million from $2.37 million in Q1 2025. Gross margin\nof approximately 16% (down from 34% in the prior year period) primarily\nreflects higher antimony cost per pound sold, which rose approximately 69% to\n$16.28 from $9.66 as higher-cost ore moved through cost of sales. Q1 2026\ngross margin did not benefit from any of the processing of the Company's\nin-house antimony mined in Montana or from any antimony deliveries under the\nCompany's contract with the DLA. Both of these events are expected to begin\ncontributing during the remaining quarters of 2026 as both Montana-based\nmining is processed and the Thompson Falls expansion comes online.\n\nZeolite revenue was $1.0 million in Q1 2026 compared to $1.1 million in Q1\n2025, driven by a 3% decrease in sales volume (tons sold of 3,681 versus\n3,802) and 4% decrease in average sales price per ton. These sales have\ndramatically improved over the last sixty (60) days due to obtaining new\ncustomer relationships with the Company's expanded sales efforts.\n\nThe Company's current antimony inventory is a combination sourced from\ninternational third-party suppliers as well as mined from the Company's owned\nStibnite Hill, Montana mining claims. The value of our antimony inventory is\napproximately $21.7 million on March 31, 2026 compared to $12.0 million as of\nDecember 31, 2025 and $3.6 million as of March 31, 2025, a 80.8% increase and\n502.8% increase, respectively.\n\nOperating expenses were $8.6 million in the first quarter of 2026, compared to\n$2.0 million in the prior year period. The increase of $6.6 million reflects\nincreased expense associated with the build-out of the Company's leadership\nteam, which continues, and operational infrastructure necessary to execute the\nCompany's vertical integration strategy. Operating expenses included\napproximately $4.8 million of non-cash share-based compensation expense\n(compared to $0.25 million in Q1 2025), reflecting expanded equity grants tied\nto leadership hiring and share price appreciation experienced during the\nperiod.\n\nThe Company recorded an operating loss of $7.5 million in the first quarter of\n2026, compared to operating income of $0.4 million in the prior year period.\nNet loss attributable to the Company was $11.3 million, or ($0.08) per diluted\nshare, compared to net income of $0.6 million, or nil per diluted share, in\nthe prior year period. The Q1 2026 net loss includes approximately $9.3\nmillion of net non-cash items, comprised principally of $4.8 million of\nshare-based compensation expense, $4.1 million of unrealized loss on the\nCompany's investment in marketable equity securities (Larvotto Resources\nLimited), and $0.4 million of depreciation and amortization.\n\nLiquidity, Capital Resources, and Subsequent Events\n\nAt March 31, 2026, the Company had cash and cash equivalents and investments\nin held-to-maturity U.S. Treasury securities totaling liquid resources of\n$23.7 million. This compares to $30.5 million of cash and cash equivalents and\n$20.4 million of held-to-maturity Treasury securities at December 31, 2025.\nThe decrease in cash during the quarter reflects $12.1 million used in\noperating activities (primarily working-capital investment made in antimony\nfeedstock inventory), $12.6 million used in investing activities (discussed\nsubsequently), and $2.6 million used in financing activities (principally\ntreasury share repurchases related to employee equity award settlements). The\nCompany also retains a $19.0 million margin credit facility with a bank, which\nwas undrawn at March 31, 2026.\n\nSubsequent to March 31, 2026 and through the date of this release, the Company\nsold approximately 4.2 million shares of common stock at an average price of\napproximately $11.57 per share, generating gross proceeds of approximately\n$48.6 million. These proceeds substantially offset the cash used during the\nfirst quarter to fund inventory build, the Radersburg mill acquisition, and\nthe portion of the Thompson Falls construction in progress not yet reimbursed\nfrom the DoW.\n\nIn addition, the Company holds an investment in publicly traded equity\nsecurities (Larvotto Resources Limited ( with a quarter-end fair value of USD\n$36.4 million, and a current market value as of close on May 13, 2026 of USD\n$46.6 million, an increase of USD $10.1 million since March 31, 2026.\n\nCapital Expenditures and Department of Defense Grant\n\nCapital expenditures during the first quarter of 2026 totaled $12.6 million,\nincluding $4.8 million for the acquisition of the Radersburg flotation mill in\nMontana, approximately $4.6 million for the construction-in-progress expansion\nof the Thompson Falls antimony smelter, and approximately $3.2 million\nprimarily for new mineral rights acquisitions of other critical minerals.\n\nDuring the first quarter, the Company achieved milestones under its Defense\nProduction Act grant award from the DoW, resulting in formal approval by the\nDefense Industrial Base Consortium for the completion of three project\nmilestones representing $12.8 million of obligated funding. In accordance with\nthe Company's early adoption of ASU 2025-10, Government Grants (Topic 832),\neffective January 1, 2026, the Company recognized the $12.8 million as a\ngovernment grant receivable on the balance sheet, with a corresponding\nreduction to the carrying amount of construction in progress associated with\nthe Thompson Falls expansion. According to accounting standards, the grant\nfunding does not flow through revenue or net income; rather, it reduces the\ncost basis of the related long-lived assets, lowering future depreciation\nexpense. The total DoW grant award is $27.0 million, of which $16.2 million\nhas been obligated to date; the remaining award amount of $10.8 million is\nsubject to future authorization.\n\nOperating and Strategic Updates\n\nDuring and subsequent to the first quarter, the Company made progress across\nits critical minerals platform:\n*\nThompson Falls Expansion: The Company's smelter expansion at Thompson Falls,\nMontana is nearing completion and is expected to come online over the next few\nweeks, significantly increasing domestic antimony processing capacity, not\nonly for the Company, but for the country.\n*\nRadersburg Flotation Mill: The Company acquired the Radersburg flotation and\nconcentration facility in Montana for $4.8 million, supporting vertical\nintegration of the Company's antimony processing operations. A new critical\nminerals testing laboratory has recently been installed. Now that this asset\nis 100% owned, no prior lease payments incurred for a similar facility will be\nincurred.\n*\nHydrometallurgical Joint Venture: The Company entered into a joint venture\nagreement with Americas Gold and Silver Corporation (\"Americas\") as announced\non February 10, 2026 (see press release of same date (https://pr.report/lknv))\nto construct and operate a new, state-of-the-art hydrometallurgical processing\nfacility. The joint venture will be owned 51% by Americas and 49% by the\nCompany, with the Company serving as managing member. Under the terms of the\nagreement, Americas will contribute the project site and existing\ninfrastructure, along with feedstock, while the Company will contribute its\nproprietary North America hydrometallurgical processing technology and\ntechnical expertise. Capital contributions for the facility's construction are\nexpected to be funded pro-rata based on ownership interests, unless otherwise\nagreed. Primary site-level environmental and operating permits have been\nobtained, while certain construction permits are pending. An application for\nfunding the cost of construction of the project has been made to the DoW.\n*\nDLA Contract: The Company has received approximately $12 million in sales\norders under its existing contract with the U.S. DLA. No revenue under this\ncontract was recognized during Q1 2026. Additionally, the first and second\ndelivery notices of finished product (antimony ingots) have been given to the\nDoW.\n*\nOn April 10, 2026 (see announcement of same date (https://pr.report/lknw)),\nthe Company provided an operational update on its 100% owned Fostung Project,\nan intermediate-stage tungsten exploration asset located in Sudbury District,\nOntario by making available its Technical Report Summary (\"TRS\") on the\nproperty, which disclosed Inferred Mineral Resources of approximately 14.7\nmillion tons at 0.17% WO₃, containing approximately 54 million pounds of\ntungsten trioxide and future resource revenue potential of up to $4.6 Billion\nover the life of the property based on the assumptions in the TRS.\n\n2026 Outlook\n\nThe Company is reiterating its full-year 2026 gross revenue guidance of\napproximately $125 million. Achievement of this guidance is dependent on,\namong other factors, the timing of antimony shipments under the DoW contract,\nthe timely commissioning of the Thompson Falls expansion during the second\nquarter, ramp-up of in-house antimony ore processing in both Mexico and\nMontana, and continued strength in critical minerals demand. The majority of\nfull-year 2026 revenue is expected to be weighted towards the second half of\nthe year. There can be no assurance that these factors will develop as\ncurrently anticipated; see the \"Forward-Looking Statements\" section below.\n\nManagement Commentary\n\nCommenting on the first quarter 2026 results, Mr. Gary C. Evans, Chairman and\nChief Executive Officer of US Antimony Corporation, stated: \"When you are\nbuilding a vertical business at the speed we are achieving at USAC, things\nrarely move in a straight line. There will be bumps in the road. Our first\nquarter results reflect a deliberate investment phase for our future. I told\nthe 'street' during our year-end conference call that our total operating\nresults were likely to be 'bumpy' this year. The increase in operating\nexpense, the inventory build, and the capital expenditures we made in the\nquarter are the necessary foundation for the production scale-up we expect\nduring the balance of 2026. While these investments drove a near-term loss,\nprimarily all non-cash related, we believe we are much better positioned for\nthe Company to deliver materially stronger financial performance in future\nreporting periods as our Montana-based mining, processing, and expanded\nsmelting capabilities come online and integrate with our own material over the\ncourse of the year.\"\n\nMr. Evans continued: \"We are particularly pleased with the progress under our\nDoW grant program, the addition of the Radersburg flotation mill, and the\nformation of our hydrometallurgical joint venture, each of which advances the\nvertical integration of our critical minerals platform. While government grant\nrequests are never guaranteed, we believe our three official filings made\nsince the first of this year, which total $274 million, are 'on point' and\nmeet the standards established by these various governmental agencies in their\ndesire to expedite 'home grown' critical mineral development, both in the\nfield as well as our proprietary downstream refining processes. The positive\nfeedback we have received to date gives us encouragement of our continued\nsuccess in this endeavor. Combined with our existing DLA contract, where we\nhave noticed the government for two deliveries, our existing pipeline of\nadditional governmental grant requests, and the post-quarter strengthening of\nour balance sheet, we are well-positioned to continue executing our 2026\nbusiness plan. The additional equity capital we have raised since the end of\nMarch is to guarantee we are in a position of strength to achieve these lofty\ngoals and objectives.\"\n\nConference Call Details\n\nUS Antimony management will host a conference call on Thursday, May 14, 2026\nat 4:15 p.m. Eastern time to discuss its first quarter 2026 financial and\noperating results, followed by a question-and-answer period.\n\nDate: Thursday, May 14, 2026\nTime: 4:15 p.m. Eastern time\nToll-free dial-in: 888-506-0062\nInternational dial-in: 973-528-0011\nParticipant access code: 130357\nWebcast URL: https://www.webcaster5.com/Webcast/Page/2604/53986\n\nA replay of the conference call and the transcript will be available in the\nInvestors section of the Company's website at\nhttps://www.usantimony.com/investors.\n\nAbout United States Antimony Corporation\n\nUnited States Antimony Corporation and its subsidiaries in the U.S., Mexico,\nand Canada (\"USAC,\" \"U.S. Antimony,\" the \"Company,\" \"Our,\" \"Us,\" or \"We\") sell\nantimony, zeolite, and precious metals primarily in the U.S., Mexico, and\nCanada. The Company mines, purchases, and processes ore primarily into\nantimony oxide, antimony metal, antimony trisulfide, and precious metals at\nits facilities located in Montana and Mexico. Antimony oxide is used to form a\nflame-retardant system for plastics, rubber, fiberglass, textile goods,\npaints, coatings, and paper, as a color fastener in paint, and as a\nphosphorescent agent in fluorescent light bulbs. Antimony metal is used in\nbearings, storage batteries, and ordnance. Antimony trisulfide is used as a\nprimer in ammunition. The Company also recovers precious metals, primarily\ngold and silver, at its Montana facility from third-party ore. At its Bear\nRiver Zeolite (\"BRZ\") facility located in Idaho, the Company mines and\nprocesses zeolite, a group of industrial minerals used in water filtration,\nsewage treatment, nuclear waste and other environmental cleanup, odor control,\ngas separation, animal nutrition, soil amendment and fertilizer, and other\nmiscellaneous applications. From 2024 through 2026, the Company has acquired\nmining claims, real properties (patented claims), and leases located in\nAlaska, Montana, and Ontario, Canada - including the Radersburg flotation mill\nacquired in the first quarter of 2026 - to reduce the cost of third-party\nantimony ore purchases and to expand its product offerings.\n\nLearn more about United States Antimony Corporation at www.usantimony.com.\n\nForward-Looking Statements\n\nThis press release contains forward-looking statements within the meaning of\nthe Private Securities Litigation Reform Act of 1995, including, without\nlimitation, statements regarding the Company's full-year 2026 revenue\nguidance, the expected commissioning of the Thompson Falls smelter expansion,\nthe expected development and contribution of the Fostung Tungsten project, the\nexpected timing and contribution of shipments under the DLA contract, the\nexpected impact of in-house ore processing on margins, the recognition and\ncontinuation of funding under the DoW grant program, the expected use of\npost-quarter equity issuance proceeds, the application of new accounting\npronouncements (including ASU 2025-10), and other statements that are not\nhistorical facts. These statements are based on current expectations,\nestimates, forecasts, and projections about the industries in which the\nCompany operates, as well as management's beliefs and assumptions. Words such\nas \"anticipates,\" \"expects,\" \"intends,\" \"plans,\" \"believes,\" \"seeks,\"\n\"estimates,\" \"may,\" \"will,\" \"should,\" \"could,\" and variations of these words\nor similar expressions are intended to identify such forward-looking\nstatements.\n\nForward-looking statements are subject to certain risks and uncertainties that\ncould cause actual results to differ materially from those indicated in such\nstatements, including, but not limited to: fluctuations in the market prices\nand demand for antimony and zeolite; changes in domestic and global economic\nconditions; operational risks inherent in mining and mineral processing;\ngeological or metallurgical conditions; availability and cost of energy,\nequipment, transportation, and labor; the Company's ability to maintain or\nobtain permits, licenses, and regulatory approvals; changes in environmental\nand mining laws or regulations; competitive factors; the impact of\ngeopolitical developments; and the effects of weather, natural disasters, or\nhealth pandemics on operations and supply chains. Additional information\nregarding risk factors that could cause actual results to differ materially is\nincluded in the Company's filings with the U.S. Securities and Exchange\nCommission, including its Annual Report on Form 10-K and Quarterly Reports on\nForm 10-Q.\n\nThe Company undertakes no obligation to publicly update or revise any\nforward-looking statements, whether as a result of new information, future\nevents, or otherwise, except as required by law. Readers are cautioned not to\nplace undue reliance on these forward-looking statements, which speak only as\nof the date hereof.\n\nContacts\n\n Investor Relations Contact: Jonathan Miller, VP, Investor Relations Media Relations Contact: Anthony D. Andora \n United States Antimony Corporation Edge Consulting, Inc. \n 4438 W. Lovers Lane, Unit 100 1560 Market Street, Suite 701 \n Dallas, Texas 75209 Denver, Colorado 80202 \n Email: Jmiller@usantimony.com Email: Anthony@EdgeConsultingSolutions.com \n Phone: 406-606-4117 Phone: 720-317-8927 \n\nUNITED STATES ANTIMONY CORPORATION AND SUBSIDIARIES\nCONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)\n\n Three months ended March 31, \n 2026 2025 \n \n Revenues $ 6,784,069 $ 7,000,005 \n Cost of revenues 5,674,602 4,628,275 \n Gross profit 1,109,467 2,371,730 \n Operating expenses: \n General and administrative 1,331,969 550,595 \n Salaries and benefits 5,879,794 1,000,555 \n Professional fees 1,281,131 382,036 \n Gain on sale or disposal of property, plant and equipment, net (1,900 ) (500 ) \n Other operating expenses 135,668 81,052 \n Total operating expenses 8,626,662 2,013,738 \n Income (loss) from operations (7,517,195 ) 357,992 \n Other income (expense), net: \n Interest and investment income 328,288 192,156 \n Unrealized loss on investment in equity securities (4,061,430 ) - \n Other miscellaneous expense, net (28,027 ) (3,624 ) \n Total other income (expense), net (3,761,169 ) 188,532 \n Income (loss) before income taxes and equity in loss of joint venture (11,278,364 ) 546,524 \n Income tax expense - - \n Income (loss) before equity in losses of joint venture (11,278,364 ) 546,524 \n Equity in losses of joint venture (16,126 ) - \n Net income (loss) (11,294,490 ) 546,524 \n Preferred dividends (1,875 ) (1,875 ) \n Net income (loss) available to common shareholders $ (11,296,365 ) $ 544,649 \n \n Net income (loss) per share: \n Basic $ (0.08 ) $nil \n Diluted $ (0.08 ) $nil \n Weighted average shares outstanding: \n Basic 141,612,253 113,703,415 \n Diluted 141,612,253 122,394,861 \n\nUNITED STATES ANTIMONY CORPORATION AND SUBSIDIARIES\nCONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)\n\n March 31, 2026 December 31, 2025 \n ASSETS \n CURRENT ASSETS \n Cash and cash equivalents $ 3,220,400 $ 30,494,320 \n Investment in debt securities held to maturity 4,620,170 4,577,706 \n Accounts receivable, net 2,512,957 4,213,305 \n Government grant receivable 12,848,246 - \n Inventories 22,026,820 12,522,009 \n Prepaid expenses and other current assets 734,552 434,842 \n Note receivable 2,445,762 2,500,000 \n Total current assets 48,408,907 54,742,182 \n Property, plant and equipment, net 46,668,672 42,374,839 \n Operating lease right-of-use assets 38,223 48,106 \n Investment in debt securities held to maturity - noncurrent 15,922,926 15,773,251 \n Investment in equity securities 36,432,898 40,494,328 \n Investment in joint venture 83,874 - \n Restricted cash for reclamation bonds 163,778 162,756 \n Other assets, net 330,207 330,207 \n Total assets $ 148,049,485 $ 153,925,669 \n LIABILITIES AND STOCKHOLDERS' EQUITY \n CURRENT LIABILITIES \n Accounts payable $ 9,672,375 $ 6,924,518 \n Accrued liabilities 3,388,210 2,937,842 \n Accrued liabilities - directors 140,958 143,931 \n Current portion of operating lease liabilities 27,477 34,103 \n Current portion of long-term debt 138,140 136,942 \n Total current liabilities 13,367,160 10,177,336 \n Operating lease liabilities, net of current portion 10,746 14,003 \n Long-term debt, net of current portion 23,495 58,483 \n Asset retirement obligations 2,753,172 2,720,658 \n Total liabilities 16,154,573 12,970,480 \n COMMITMENTS AND CONTINGENCIES (Note 5,9,15) \n STOCKHOLDERS' EQUITY \n Preferred stock $0.01 par value, 50,000,000 shares authorized: \n Series A - no shares issued and outstanding - - \n Series B - 750,000 shares issued and outstanding (liquidation preference $984,375 and $982,500, respectively) 7,500 7,500 \n Series C - 177,904 shares issued and outstanding (liquidation preference $97,847 both periods) 1,779 1,779 \n Series D - no shares issued and outstanding - - \n Common stock, $0.01 par value, 250,000,000 shares authorized; 143,738,970 and 140,042,270 shares issued, respectively 1,437,390 1,400,423 \n Treasury stock (699,605 and 149,639 shares of common stock at cost, respectively) (6,372,556 ) (574,153 ) \n Additional paid-in capital 193,603,838 185,608,189 \n Accumulated deficit (56,783,039 ) (45,488,549 ) \n Total stockholders' equity 131,894,912 140,955,189 \n Total liabilities and stockholders' equity $ 148,049,485 $ 153,925,669 \n \n\nUNITED STATES ANTIMONY CORPORATION AND SUBSIDIARIES\nCONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)\n\n Three months ended March 31, \n 2026 2025 \n CASH FLOWS FROM OPERATING ACTIVITIES: \n Net income (loss) $ (11,294,490 ) $ 546,524 \n Adjustments to reconcile income (loss) to net cash (used in) provided by operating activities: \n Depreciation and amortization 410,459 281,970 \n Accretion of asset retirement obligation 32,514 19,483 \n Noncash operating lease expense - 146,962 \n Share-based compensation 4,833,965 245,384 \n Accretion income from investment securities held to maturity (192,139 ) - \n Paid-in-kind interest from notes receivable (45,762 ) - \n Gain on sale or disposal of property, plant and equipment, net (1,900 ) (500 ) \n Equity in losses of joint venture 16,126 - \n Write-down of inventory to net realizable value 161,456 - \n Change in allowance for credit losses 156 - \n Unrealized loss on investment in equity securities 4,061,430 - \n Changes in operating assets and liabilities: \n Accounts receivable 1,700,192 (816,722 ) \n Inventories (9,666,267 ) (2,745,387 ) \n Prepaid expenses and other current assets (299,710 ) (23,428 ) \n IVA receivable and other assets - (267,993 ) \n Accounts payable (2,223,094 ) 1,660,372 \n Accrued liabilities 450,368 (757,919 ) \n Accrued liabilities - directors (2,973 ) (18,037 ) \n Net cash used in operating activities (12,059,669 ) (1,729,291 ) \n CASH FLOWS FROM INVESTING ACTIVITIES: \n Investment in joint venture (100,000 ) - \n Proceeds from notes receivable principal payment 100,000 - \n Proceeds from sales of property, plant and equipment 1,900 500 \n Purchases of property, plant and equipment (12,581,587 ) (862,511 ) \n Net cash used in investing activities (12,579,687 ) (862,011 ) \n CASH FLOWS FROM FINANCING ACTIVITIES: \n Principal payments on long-term debt (33,790 ) (32,632 ) \n Proceeds from exercises of stock options 48,624 - \n Treasury stock acquired (4,982,634 ) - \n Proceeds from issuance of common stock, net of issuance costs 1,339,446 2,392,317 \n Proceeds from exercise of warrants 994,812 806,438 \n Net cash (used in) provided by financing activities (2,633,542 ) 3,166,123 \n NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS AND RESTRICTED CASH (27,272,898 ) 574,821 \n CASH AND CASH EQUIVALENTS AND RESTRICTED CASH AT BEGINNING OF PERIOD 30,657,076 18,270,898 \n CASH AND CASH EQUIVALENTS AND RESTRICTED CASH AT END OF PERIOD $ 3,384,178 $ 18,845,719 \n \n SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION: \n Interest paid in cash $ 1,699 $ 2,937 \n NON-CASH FINANCING AND INVESTING ACTIVITIES: \n Recognition of operating lease liability and right-of-use asset $ - $ 63,416 \n Property and equipment included in accounts payable $ 4,970,951 $ - \n\nSOURCE: United States Antimony Corp.\nView the original press release\n(https://www.accessnewswire.com/newsroom/en/metals-and-mining/united-states-antimony-corporation-reports-first-quarter-2026-financial-and-opera-1167043)\non ACCESS Newswire\n\n\nCopyright 2026 ACCESS Newswire. All Rights Reserved."},"type":"article","timestamp":"2026-05-14T20:19:44.581936455Z","server_sent_at_ms":1778789984581},"received_at":"2026-05-14T20:19:44.754Z","source_url":"https://www.accessnewswire.com/newsroom/en/metals-and-mining/united-states-antimony-corporation-reports-first-quarter-2026-financial-and-opera-1167043"},"analysis":{"id":"25168","press_release_id":"35719","analysis_json":{"industry":{"label":"Metals & Mining","sector":"Materials"},"redFlags":["Revenue declined 3% YoY while operating expenses increased 330% YoY","Gross margin compressed from 34% to 16% due to higher-cost ore processing","Significant non-cash losses ($9.3M) including $4.1M unrealized loss on Larvotto investment","Post-quarter equity issuance of 4.2M shares represents dilution (approx 3% of outstanding shares)"],"eventType":"earnings","narrative":"United States Antimony reported Q1 2026 revenue of $6.8 million, a 3% decline year-over-year, with a net loss of $11.3 million driven by higher operating expenses and inventory build costs.\n\nStrategic progress remains strong: the company recognized $12.8 million in Department of War grant milestones, completed the first two delivery notices under its $245 million DLA contract, and acquired the Radersburg flotation mill for $4.8 million.\n\nPost-quarter, UAMY raised $48.6 million through the issuance of 4.2 million shares at $11.57 per share, bringing pro forma liquidity to $108.7 million. The company reiterated its full-year 2026 revenue guidance of $125 million.","sentiment":"mixed","agentHooks":{"shouldPost":true,"suggestedAngle":"UAMY Q1: Revenue miss and margin compression offset by major government contract progress and $48M capital raise."},"keyFigures":{"revenue":6784069,"guidance":"Full-year 2026 gross revenue of $125 million","revenueYoy":"-3.1%","customDimensions":{"capex_q1":12600000,"net_loss":11296365,"gross_margin":"16%","gross_profit":1109467,"non_cash_items":9300000,"operating_loss":7517195,"total_doW_grant":27000000,"dla_contract_value":245000000,"average_issue_price":11.57,"dla_orders_received":12000000,"doW_grant_milestone":12800000,"cash_and_equivalents":3220400,"antimony_inventory_value":21700000,"post_quarter_equity_raise":48600000,"total_liquidity_pro_forma":108700000,"shares_issued_post_quarter":4200000,"radersburg_mill_acquisition":4800000,"larvotto_investment_value_q1":36432898,"fostung_project_revenue_potential":4600000000,"larvotto_investment_value_current":46600000}},"quotedText":"When you are building a vertical business at the speed we are achieving at USAC, things rarely move in a straight line. There will be bumps in the road. Our first quarter results reflect a deliberate investment phase for our future.","namedEntities":{"people":[{"name":"Gary C. Evans","role":"Chairman and Chief Executive Officer"},{"name":"Jonathan Miller","role":"VP, Investor Relations"},{"name":"Anthony D. Andora","role":"Media Relations Contact"}],"products":["antimony","zeolite","tungsten","cobalt","gold","silver"],"companies":[{"name":"United States Antimony Corporation","ticker":"UAMY","relationship":"filer"},{"name":"Department of War","relationship":"government customer/grantor"},{"name":"Defense Logistics Agency","relationship":"government customer"},{"name":"Americas Gold and Silver Corporation","ticker":"AG","relationship":"joint venture partner"},{"name":"Larvotto Resources Limited","ticker":"LRV","relationship":"investment holding"}],"dollarAmounts":[{"amount":"$6.8 million","context":"Q1 2026 revenue"},{"amount":"$11.3 million","context":"Q1 2026 net loss"},{"amount":"$12.8 million","context":"DoW grant milestones achieved"},{"amount":"$27 million","context":"Total DoW grant award"},{"amount":"$245 million","context":"DLA contract value"},{"amount":"$48.6 million","context":"Post-quarter equity raise gross proceeds"},{"amount":"$125 million","context":"Full-year 2026 revenue guidance"},{"amount":"$4.8 million","context":"Radersburg flotation mill acquisition"},{"amount":"$4.6 billion","context":"Fostung Tungsten project revenue potential"},{"amount":"$108.7 million","context":"Pro forma total liquidity"},{"amount":"$11.57","context":"Average price per share for post-quarter issuance"},{"amount":"$12 million","context":"Sales orders received under DLA contract"}]},"materialImpact":{"score":3,"reasoning":"Q1 results show a significant net loss ($11.3M) and revenue decline (-3% YoY) with compressed margins, but are offset by strong strategic progress (DoW grant milestones, DLA contract deliveries) and a substantial post-quarter equity raise ($48.6M) that strengthens liquidity. Guidance is reiterated, not raised."},"tickerRelevance":{"others":[{"ticker":"AG","relevance":"joint venture partner"},{"ticker":"LRV","relevance":"investment holding"}],"primary":"UAMY"},"globalImportance":35,"audienceRelevance":40,"eventTypeSecondary":["guidance_update","offering"],"importanceComponents":{"tickerTier":"small-cap","eventGravity":"earnings_with_strategic_updates","sectorWeight":"high","householdBrandBoost":"low","marketCapAdjustment":"neutral","retailFavoriteBoost":"moderate","geopoliticalRelevance":"high"}},"event_type":"earnings","event_type_secondary":["guidance_update","offering"],"sentiment":"mixed","material_impact_score":3,"narrative":"United States Antimony reported Q1 2026 revenue of $6.8 million, a 3% decline year-over-year, with a net loss of $11.3 million driven by higher operating expenses and inventory build costs.\n\nStrategic progress remains strong: the company recognized $12.8 million in Department of War grant milestones, completed the first two delivery notices under its $245 million DLA contract, and acquired the Radersburg flotation mill for $4.8 million.\n\nPost-quarter, UAMY raised $48.6 million through the issuance of 4.2 million shares at $11.57 per share, bringing pro forma liquidity to $108.7 million. The company reiterated its full-year 2026 revenue guidance of $125 million.","key_figures":{"revenue":6784069,"guidance":"Full-year 2026 gross revenue of $125 million","revenueYoy":"-3.1%","customDimensions":{"capex_q1":12600000,"net_loss":11296365,"gross_margin":"16%","gross_profit":1109467,"non_cash_items":9300000,"operating_loss":7517195,"total_doW_grant":27000000,"dla_contract_value":245000000,"average_issue_price":11.57,"dla_orders_received":12000000,"doW_grant_milestone":12800000,"cash_and_equivalents":3220400,"antimony_inventory_value":21700000,"post_quarter_equity_raise":48600000,"total_liquidity_pro_forma":108700000,"shares_issued_post_quarter":4200000,"radersburg_mill_acquisition":4800000,"larvotto_investment_value_q1":36432898,"fostung_project_revenue_potential":4600000000,"larvotto_investment_value_current":46600000}},"named_entities":{"people":[{"name":"Gary C. Evans","role":"Chairman and Chief Executive Officer"},{"name":"Jonathan Miller","role":"VP, Investor Relations"},{"name":"Anthony D. Andora","role":"Media Relations Contact"}],"products":["antimony","zeolite","tungsten","cobalt","gold","silver"],"companies":[{"name":"United States Antimony Corporation","ticker":"UAMY","relationship":"filer"},{"name":"Department of War","relationship":"government customer/grantor"},{"name":"Defense Logistics Agency","relationship":"government customer"},{"name":"Americas Gold and Silver Corporation","ticker":"AG","relationship":"joint venture partner"},{"name":"Larvotto Resources Limited","ticker":"LRV","relationship":"investment holding"}],"dollarAmounts":[{"amount":"$6.8 million","context":"Q1 2026 revenue"},{"amount":"$11.3 million","context":"Q1 2026 net loss"},{"amount":"$12.8 million","context":"DoW grant milestones achieved"},{"amount":"$27 million","context":"Total DoW grant award"},{"amount":"$245 million","context":"DLA contract value"},{"amount":"$48.6 million","context":"Post-quarter equity raise gross proceeds"},{"amount":"$125 million","context":"Full-year 2026 revenue guidance"},{"amount":"$4.8 million","context":"Radersburg flotation mill acquisition"},{"amount":"$4.6 billion","context":"Fostung Tungsten project revenue potential"},{"amount":"$108.7 million","context":"Pro forma total liquidity"},{"amount":"$11.57","context":"Average price per share for post-quarter issuance"},{"amount":"$12 million","context":"Sales orders received under DLA contract"}]},"model_name":"qwen3_6_27b_awq","prompt_hash":"sha256:727b4b9429a443af","schema_hash":"sha256:05005c02d9cffac9","created_at":"2026-05-14T20:40:09.532Z","global_importance":35,"audience_relevance":40,"importance_components":{"tickerTier":"small-cap","eventGravity":"earnings_with_strategic_updates","sectorWeight":"high","householdBrandBoost":"low","marketCapAdjustment":"neutral","retailFavoriteBoost":"moderate","geopoliticalRelevance":"high"}},"durationMs":86490,"modelName":"george-droid-qwen-72b"}}