BUSINESS SEGMENTS

9 Months Ended

Sep. 30, 2025

BUSINESS SEGMENTS

BUSINESS SEGMENTS

NOTE 14 – BUSINESS SEGMENTS

The Company has two reportable segments: antimony and zeolite. Our antimony segment consists of:

● Our facility located in the Burns Mining District of Sanders County in Montana that processes ore primarily into antimony oxide, antimony metal ingots, antimony trisulfide, and precious metals, and

● Two facilities in our USAMSA subsidiary located in Mexico, one being a rock crushing mill and the other a smelter, that process ore primarily into antimony metal ingots, a lower grade of antimony oxide, and precious metals.

Our zeolite segment consists of our facility located in Preston, Idaho that mines, processes, and sells zeolite.

The following components of the Company’s business were not engaged in business activities at September 30, 2025 from which they recognized revenue offset by related expenses: Los Juarez, Mexico in our ADM subsidiary, Ontario, Canada, Alaska, and the mining claims in Thompson Falls, Montana. Therefore, these components, along with the Company’s personal residence in Thompson Falls, Montana, have been included in the “All Other” category for segment reporting. The Company’s chief operating decision maker is its chief executive officer.

Total assets by segment at September 30, 2025 and December 31, 2024 were as follows:

Total Assets	September 30, 2025		December 31, 2024
Antimony segment	$	66,518,746	$	27,230,312
Zeolite segment		5,815,663		5,604,003
All other		7,547,932		1,808,287
Total assets	$	79,882,341	$	34,642,602

Total capital expenditures by segment 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 segment	$	7,928,732	$	—	$	9,374,143	$	—
Zeolite segment		284,833		62,337		367,032		213,058
All other		461,606		10,000		6,328,069		10,000
Total capital expenditures	$	8,675,171	$	72,337	$	16,069,244	$	223,058

Selected segment operational information for the three and nine months ended September 30, 2025 and 2024 were as follows:

Three months ended September 30, 2025	Antimony		Zeolite		All Other		Total
Total revenues	$	8,030,005	$	671,946	$	—	$	8,701,951
Depreciation and amortization		170,813		98,678		10,337		279,828
Loss from operations		(3,646,313)		(236,420)		(1,034,449)		(4,917,182)
Other income								136,482
Income tax expense								—
Net loss							$	(4,780,700)

Three months ended September 30, 2024	Antimony		Zeolite		All Other		Total
Total revenues	$	1,889,231	$	682,947	$	—	$	2,572,178
Depreciation and amortization		19,901		95,659		4,024		119,584
Loss from operations		(44,384)		(713,180)		(133,457)		(891,021)
Other income								163,512
Income tax expense								—
Net loss							$	(727,509)

Nine months ended September 30, 2025	Antimony		Zeolite		All Other		Total
Total revenues	$	23,572,156	$	2,654,923	$	—	$	26,227,079
Depreciation and amortization		509,404		304,065		25,884		839,353
Loss from operations		(1,669,738)		(666,448)		(2,202,997)		(4,539,183)
Other income								486,562
Income tax expense								—
Net loss							$	(4,052,621)

Nine months ended September 30, 2024	Antimony		Zeolite		All Other		Total
Total revenues	$	7,026,884	$	2,280,338	$	—	$	9,307,222
Depreciation and amortization		59,598		268,547		12,072		340,217
Income (loss) from operations		723,385		(1,720,314)		(308,538)		(1,305,467)
Other income								457,982
Income tax expense								—
Net loss							$	(847,485)