INVENTORIES

9 Months Ended

Sep. 30, 2025

INVENTORIES

INVENTORIES

NOTE 7 – INVENTORIES

Inventories at September 30, 2025 and December 31, 2024 consisted primarily of finished antimony metal ingots and antimony oxide products, antimony ore and concentrates, and finished zeolite products. Inventories are stated at the lower of first-in, first-out cost or estimated net realizable value. Finished antimony products and finished zeolite products primarily include direct materials, direct labor, overhead, depreciation, and freight. Inventories consisted of the following:

	September 30,		December 31,
	2025		2024
Antimony oxide	$	607,508	$	254,372
Antimony metal ingots		2,411,845		154,590
Antimony ore and concentrates		4,972,787		335,588
Total antimony inventory		7,992,140		744,550
Zeolite		421,021		501,174
Total inventories	$	8,413,161	$	1,245,724

At September 30, 2025 and December 31, 2024, inventories were valued at cost, except for the portion of inventory related to zeolite at December 31, 2024, which was valued at net realizable value because costs were greater than the amount the Company expected to receive upon the sale of the inventory. The adjustment to value zeolite inventory at net realizable value was $65,647 at December 31, 2024.

Antimony oxide, metal ingots, and ore and concentrates were held primarily at the Company’s plants located in Montana and Mexico. Some antimony metal ingots are used in processing antimony ore into antimony oxide. Zeolite inventory was held at the Company’s plant located in Idaho.