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PROPERTY, PLANT AND EQUIPMENT
9 Months Ended
Sep. 30, 2025
PROPERTY, PLANT AND EQUIPMENT  
PROPERTY, PLANT AND EQUIPMENT

NOTE 8 – PROPERTY, PLANT AND EQUIPMENT

The major components of the Company’s property, plant and equipment (“PP&E”) by segment at September 30, 2025 and December 31, 2024 were as follows:

September 30, 2025

    

Antimony

    

Zeolite

    

All Other

    

TOTAL

Plant and equipment

$

13,754,833

$

6,658,125

$

520,926

$

20,933,884

Buildings

 

1,106,303

 

1,705,893

 

456,970

 

3,269,166

Mineral rights and interests

 

230,000

 

16,753

 

5,669,863

 

5,916,616

Land

 

2,083,094

 

 

929,443

 

3,012,537

Construction in progress

 

9,131,631

 

353,429

 

 

9,485,060

Total property, plant and equipment

 

26,305,861

 

8,734,200

 

7,577,202

 

42,617,263

Accumulated depreciation

 

(10,111,874)

 

(4,106,653)

 

(277,398)

 

(14,495,925)

Property, plant and equipment, net

$

16,193,987

$

4,627,547

$

7,299,804

$

28,121,338

December 31, 2024

    

Antimony

    

Zeolite

    

All Other

    

TOTAL

Plant and equipment

$

13,512,321

$

6,597,781

$

427,720

$

20,537,822

Buildings

 

1,106,303

 

1,705,893

 

11,970

 

2,824,166

Mineral rights and interests

 

 

16,753

 

125,000

 

141,753

Land

 

2,083,094

 

 

914,443

 

2,997,537

Construction in progress

 

 

101,938

 

 

101,938

Total property, plant and equipment

 

16,701,718

 

8,422,365

 

1,479,133

 

26,603,216

Accumulated depreciation

 

(9,602,469)

 

(3,857,785)

 

(251,515)

 

(13,711,769)

Property, plant and equipment, net

$

7,099,249

$

4,564,580

$

1,227,618

$

12,891,447

In February 2025, the Company purchased a personal residence located near its operations in Thompson Falls, Montana for $445,000, which is presently being used by management personnel that were transferred there and are now working in Montana predominantly on our plant expansion efforts. This asset and related expenses are included in the “All Other” category in the Company’s segment reporting.

Mineral rights and interests

In January 2025, the Company executed an agreement to acquire the ownership rights to one hundred and twenty mining claims located in the Fairbanks District of Alaska (“January Fairbanks Agreement”). Payments to acquire these claims have been or will be made by the Company on or around the payment dates indicated as follows:

Payment Date

    

Payment Amount

January 2025

$

100,000

July 2025

 

50,000

January 2026

 

50,000

July 2026

 

50,000

January 2027

 

50,000

July 2027

 

50,000

January 2028

 

50,000

July 2028

 

50,000

January 2029

 

100,000

July 2029

 

100,000

January 2030

 

100,000

July 2030

 

2,250,000

Total

$

3,000,000

The January Fairbanks Agreement requires a royalty payment by the Company based on the value realized from ore mined from the claims (“Net Smelter Royalty on Claims”) and another royalty payment by the Company based on the value realized from ore mined, if any, from certain areas surrounding these one hundred and twenty mining claims (“Net Smelter Royalty on Surrounding Area”). A certain percentage of the Net Smelter Royalty on Claims can be purchased back by the Company with certain factors causing an escalation in this buyback amount. Also, the January Fairbanks Agreement includes a commitment by the Company to spend an aggregate of $2,250,000 on exploring and developing these claims over five years beginning January 2025, with various milestones over this five-year period. The January Fairbanks Agreement can be terminated without cause at any time by the Company with notice.

In March 2025, the Company executed an agreement to acquire the ownership rights to twenty-five additional mining claims and leases located in the Fairbanks District of Alaska (“March Fairbanks Agreement”). Payments to acquire these claims and leases have been or will be made by the Company on or around the payment dates indicated as follows:

Payment Date

    

Payment Amount

March 2025

$

50,000

September 2025

 

25,000

March 2026

 

25,000

March 2027

 

25,000

March 2028

 

25,000

March 2029

 

275,000

Total

$

425,000

The March Fairbanks Agreement requires a royalty payment by the Company based on the value realized from ore mined from the claims and leases (“Net Smelter Royalty”). A certain percentage of the Net Smelter Royalty can be purchased back by the Company. Also, the March Fairbanks Agreement includes a commitment by the Company to spend an aggregate of $250,000 on exploring and developing these claims and leases over approximately forty-one months beginning March 2025, with various milestones over this period. The March Fairbanks Agreement can be terminated without cause by the Company with notice.

In May 2025, the Company paid $230,000 to acquire the surface rights related to its patented lode mining claim located in Thompson Falls, Montana.

In June 2025, the Company acquired property located in the Sudbury District of Ontario, Canada, which included 50 single-cell mining claims (the Fostung Properties) for $5,000,000. Direct transaction costs related to this acquisition totaled $25,120. In addition, the agreement requires the Company to pay a net smelter return royalty based on the value realized from ore mined from the property.

Effective June 1, 2025, the Company executed an agreement to acquire the ownership rights to various patented federal lode mining claims located in the Fairbanks District of Alaska (“June Fairbanks Agreement”). Payments to acquire these claims are scheduled to be made by the Company as follows:

Payment Date

    

Payment Amount

Within 10 days of June 1, 2025

$

150,000

December 2025

 

100,000

June 2026

 

100,000

June 2027

 

100,000

June 2028

 

100,000

June 2029

 

1,450,000

Total

$

2,000,000

The June Fairbanks Agreement requires net smelter royalty payments be made by the Company based on the value realized from ore mined from the claims. Also, the agreement includes a commitment by the Company to spend an aggregate of $700,000 in exploring and developing these claims based on various milestones scheduled to occur over approximately thirty-nine months from the effective date of the agreement. This agreement can be terminated without cause at any time by the Company with ninety-days’ notice.

In September 2025, the Company executed an agreement to acquire the ownership rights to mining claims located in the Fairbanks District of Alaska (“September Fairbanks Agreement”). Payments to acquire these claims have been or will be made by the Company on or around the payment dates indicated as follows:

Payment Date

    

Payment Amount

September 2025

$

50,000

March 2026

 

25,000

September 2026

 

50,000

September 2027

 

50,000

September 2028

 

50,000

September 2029

 

275,000

Total

$

500,000

The September Fairbanks Agreement requires a royalty payment by the Company based on the value realized from ore mined from the claims (“Net Smelter Royalty”). A certain percentage of the Net Smelter Royalty can be purchased back by the Company. Also, the September Fairbanks Agreement includes a commitment by the Company to spend an aggregate of $250,000 on exploring and developing these claims over approximately thirty-six months beginning September 2026, with various milestones over this period. The September Fairbanks Agreement can be terminated without cause by the Company with notice.

The payments made to acquire these mining claims and leases, including any direct transaction costs, are capitalized in the “Mineral rights and interests” component of PP&E in the Condensed Consolidated Balance Sheets and included in the “All Other” category for segment reporting.