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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)