REVENUE

12 Months Ended

Dec. 31, 2025

REVENUE

REVENUE

NOTE 4 – REVENUE

The Company’s products consist of the following:

· Antimony: includes antimony oxide, antimony metal ingots, and antimony trisulfide.

· Zeolite: includes coarse and fine zeolite crushed in various product sizes.

· Precious metals: includes unrefined and refined gold and silver.

Sales by product were as follows:

	Years ended December 31,
	2025		2024
Antimony	$	35,380,271	$	11,471,200
Zeolite		3,357,535		2,941,675
Precious metals		519,902		525,087
Total revenues	$	39,257,708	$	14,937,962

Domestic and foreign revenues were as follows:

	Years ended December 31,
	2025		2024
Domestic	$	38,116,217	$	12,572,625
Canada		1,141,491		1,996,710
Mexico		—		368,627
Total revenues	$	39,257,708	$	14,937,962

Sales to customers representing more than 10% of our total revenues were as follows:

	Years ended December 31,
	2025			2024
Customer A	$	12,852,288		$	4,389,735
Customer B		9,328,800			26,360
Customer C		9,223,606			1,998,589
Total customer revenues	$	31,404,694		$	6,414,684
Total customer revenues as a % of total revenues		80	%		43	%

Customer receivables representing more than 10% of our net accounts receivable balance were as follows:

	As of December 31,
	2025			2024
Customer A	$	—		$	682,551
Customer B		2,592,400			—
Customer C		1,008,384			—
Total customer accounts receivable	$	3,600,784		$	682,551
Total customer receivables as a % of accounts receivable, net		85	%		62	%

The Company’s trade accounts receivable balance related to contracts with customers was $4,213,305 at December 31, 2025 and $1,099,771 at December 31, 2024, which is net of an allowance for credit losses of $909 and $10,165 at December 31, 2025 and December 31, 2024, respectively. The Company’s products do not involve any warranty agreements and product returns are not typical.

In September 2025, the Company secured a five-year, sole-source Indefinite Delivery, Indefinite Quantity (IDIQ) contract with the U.S. Defense Logistics Agency (DLA) Strategic Materials, which is responsible for managing the National Defense Stockpile (NDS). The contract, with a maximum value of $248 million, is for the sale of antimony metal ingots (99.65% purity) to replenish the NDS through September 2030. Pricing is determined at the time each delivery order is placed based on prevailing market rates and each shipment will represent a separate performance obligation satisfied at a point in time. As a result, revenue will be recognized when each shipment of antimony metal ingots is delivered to the DLA’s depot and formally accepted by the government. Subsequent to entering into this agreement, the Company received delivery orders under this contract in September 2025 and January 2026 totaling approximately $12 million. No revenue was recognized in 2025 under this contract.

In November 2025, the Company executed a five-year sales 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. During 2025, the Company recognized $3.6 million of revenue related to this contract.

In October 2025, the Company entered into an agreement with an international supplier for the purchase of antimony that meets specified quality standards over a period of approximately 36 months. The Company also extended a promissory note for approximately $2.5 million to the supplier. The note currently bears interest at the lesser of the highest non-usurious rate of interest, if any, permitted by applicable law or 10.0%. Monthly principal and interest payments are scheduled to begin in March 2026, with the remaining balance of principal and interest due in December 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. Since the note receivable is scheduled to mature within twelve months of the reporting date, it is recorded as a current asset in the Consolidated Balance Sheet.