REVENUE RECOGNITION

9 Months Ended

Sep. 30, 2025

REVENUE RECOGNITION

REVENUE RECOGNITION

NOTE 5 – REVENUE RECOGNITION

The Company’s products consist of the following:

· Antimony: primarily includes antimony oxide, antimony metal ingots, and antimony trisulfide.

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

· Precious metals: includes unrefined and refined gold and silver.

Sales by product type for the three and nine months ended September 30, 2025 and 2024 were as follows:

	Three months ended September 30,				Nine months ended September 30,
	2025		2024		2025		2024
Antimony	$	8,030,005	$	1,489,798	$	23,592,695	$	6,622,835
Zeolite		671,946		682,947		2,654,923		2,280,338
Precious metals		—		399,433		(20,539)		404,049
Total revenues	$	8,701,951	$	2,572,178	$	26,227,079	$	9,307,222

Domestic and foreign revenues for the three and nine months ended September 30, 2025 and 2024 were as follows:

	Three months ended September 30,				Nine months ended September 30,
	2025		2024		2025		2024
Domestic	$	8,542,248	$	1,897,121	$	25,788,506	$	7,215,534
Canada		159,703		523,900		438,573		1,719,473
Mexico		—		151,157		—		372,215
Total revenues	$	8,701,951	$	2,572,178	$	26,227,079	$	9,307,222

In September 2025, the Company secured a five-year, sole-source Indefinite Delivery, Indefinite Quantity (IDIQ) contract with the U.S. Defense Logistics Agency (DLA) Strategic Materials, which is responsible for managing the National Defense Stockpile (NDS). The contract, with a maximum value of $245 million, is for the sale of antimony metal ingots (99.65% purity) to replenish the NDS through September 2030. Pricing is determined at the time each delivery order is placed based on prevailing market rates and each shipment will represent a separate performance obligation satisfied at a point in time. As a result, revenue will be recognized when each shipment of antimony metal ingots is delivered to the DLA’s depot and formally accepted by the government. At the end of September 2025, the Company announced it had received the first delivery order under its contract with the DLA. This initial order for the purchase of 315,000 pounds of antimony metal ingots is valued at approximately $10 million. During the three and nine months ended September 30, 2025, no revenue has been recognized related to this contract.

The Company’s trade accounts receivable balance related to contracts with customers was $1,898,184 at September 30, 2025 and $1,099,771 at December 31, 2024, which are net of allowances for credit losses of $15,963 and $10,165, respectively. The Company’s products do not involve any warranty agreements and product returns are not typical.