SUBSEQUENT EVENTS	9 Months Ended
Sep. 30, 2025
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS	Note 15 - SUBSEQUENT EVENTS Sales of Common Stock During October 2025, the Company sold 1,996,751 shares of its common stock in an “at the market offering” and received gross proceeds of $15,995,150 based on a weighted average price of $8.01 per share. Registered Direct Offerings of Common Stock On October 6, 2025, the Company completed a registered direct offering with the same institutional investor as was completed on August 27, 2025 (see Note 13 — Stockholders’ Equity). This offering resulted in the sale of 3,500,000 shares of common stock at a purchase price of $7.50 per share for $26,250,000 in gross proceeds. On October 10, 2025, the Company completed a registered direct offering with a leading long-only mutual fund investor. This offering resulted in the sale of 2,377,657 shares of common stock at a purchase price of $10.50 per share for $24,965,399 in gross proceeds. Aggregate gross proceeds from these two registered direct offerings combined with the gross proceeds from the registered direct offering completed on August 27, 2025, as noted above, totaled $69,215,399. Common stock warrants In October 2025, the Company issued 1,535,500 shares of common stock related to the exercise of warrants and received gross proceeds of $1,305,175, based on their exercise price of $0.85 per share. Supply Agreement and Promissory Note In October 2025, the Company entered into a supply agreement with an international supplier for the purchase of antimony that meets specified quality standards over a period of approximately 36 months. On the same date as this agreement, the Company extended a promissory note for $2,500,000 to the supplier. This note bears interest at 3.81% with principal and interest payments scheduled to be made in weekly installments of $500,000 beginning in December 2025, with the remaining balance of principal and interest due in January 2026. The loan proceeds are to be used by the supplier, subject to the Company’s approval, to purchase antimony concentrate and equipment. Payment of the promissory note is secured by all assets of the borrower and a corresponding personal guarantee from the principal owner. Purchase of Property in Alaska In October 2025, the Company completed the acquisition of property in Fairbanks, Alaska for a total purchase price of $1,200,000. The property includes five buildings and approximately 17 acres of land. The payment made to acquire these assets, along with any direct transaction costs and liabilities assumed, will be allocated to the land and buildings based on their relative fair values and included in the “All Other” category for segment reporting. Investment in Australian-Based Mineral Exploration and Development Company During October 2025, the Company acquired approximately 10% of the total issued share capital of Larvotto Resources Limited (“Larvotto”), an Australian-based mineral exploration and development company focused on critical minerals, particularly antimony and gold, through open-market cash purchases totaling $37 million. Supply Agreement with New Industrial Customer In November 2025, the Company executed a five-year supply agreement with a new industrial customer for the sale of antimony trioxide. After completing the monthly delivery schedule through December 2026 specified in the agreement, subsequent deliveries, pricing (pursuant to semiannual market-based adjustments), and volume commitments are subject to mutual written agreement every six months. Acquisition of Mining Claims In November 2025, the Company executed a mining option agreement to acquire certain mining rights to mining claims located in the state of Alabama. This agreement includes payments totaling $375,000 to be made by the Company over the next three years to acquire these mining claims, a commitment by the Company to spend an aggregate of $1,200,000 over the next three years to explore and develop these claims, and royalty payments to be made by the Company based on the value realized from ore mined from these claims. This agreement can be terminated without cause at any time by the Company with notice.

SUBSEQUENT EVENTS

9 Months Ended

Sep. 30, 2025

Note 15 - SUBSEQUENT EVENTS

Sales of Common Stock

During October 2025, the Company sold 1,996,751 shares of its common stock in an “at the market offering” and received gross proceeds of $15,995,150 based on a weighted average price of $8.01 per share.

Registered Direct Offerings of Common Stock

On October 6, 2025, the Company completed a registered direct offering with the same institutional investor as was completed on August 27, 2025 (see Note 13 — Stockholders’ Equity). This offering resulted in the sale of 3,500,000 shares of common stock at a purchase price of $7.50 per share for $26,250,000 in gross proceeds.

On October 10, 2025, the Company completed a registered direct offering with a leading long-only mutual fund investor. This offering resulted in the sale of 2,377,657 shares of common stock at a purchase price of $10.50 per share for $24,965,399 in gross proceeds.

Aggregate gross proceeds from these two registered direct offerings combined with the gross proceeds from the registered direct offering completed on August 27, 2025, as noted above, totaled $69,215,399.

Common stock warrants

In October 2025, the Company issued 1,535,500 shares of common stock related to the exercise of warrants and received gross proceeds of $1,305,175, based on their exercise price of $0.85 per share.

Supply Agreement and Promissory Note

In October 2025, the Company entered into a supply agreement with an international supplier for the purchase of antimony that meets specified quality standards over a period of approximately 36 months. On the same date as this agreement, the Company extended a promissory note for $2,500,000 to the supplier. This note bears interest at 3.81% with principal and interest payments scheduled to be made in weekly installments of $500,000 beginning in December 2025, with the remaining balance of principal and interest due in January 2026. The loan proceeds are to be used by the supplier, subject to the Company’s approval, to purchase antimony concentrate and equipment. Payment of the promissory note is secured by all assets of the borrower and a corresponding personal guarantee from the principal owner.

Purchase of Property in Alaska

In October 2025, the Company completed the acquisition of property in Fairbanks, Alaska for a total purchase price of $1,200,000. The property includes five buildings and approximately 17 acres of land. The payment made to acquire these assets, along with any direct transaction costs and liabilities assumed, will be allocated to the land and buildings based on their relative fair values and included in the “All Other” category for segment reporting.

Investment in Australian-Based Mineral Exploration and Development Company

During October 2025, the Company acquired approximately 10% of the total issued share capital of Larvotto Resources Limited (“Larvotto”), an Australian-based mineral exploration and development company focused on critical minerals, particularly antimony and gold, through open-market cash purchases totaling $37 million.

Supply Agreement with New Industrial Customer

In November 2025, the Company executed a five-year supply agreement with a new industrial customer for the sale of antimony trioxide. After completing the monthly delivery schedule through December 2026 specified in the agreement, subsequent deliveries, pricing (pursuant to semiannual market-based adjustments), and volume commitments are subject to mutual written agreement every six months.

Acquisition of Mining Claims

In November 2025, the Company executed a mining option agreement to acquire certain mining rights to mining claims located in the state of Alabama. This agreement includes payments totaling $375,000 to be made by the Company over the next three years to acquire these mining claims, a commitment by the Company to spend an aggregate of $1,200,000 over the next three years to explore and develop these claims, and royalty payments to be made by the Company based on the value realized from ore mined from these claims. This agreement can be terminated without cause at any time by the Company with notice.