INVENTORIES

12 Months Ended

Dec. 31, 2025

INVENTORIES

INVENTORIES

NOTE 6 – INVENTORIES

Inventories by type were as follows:

	As of December 31,
	2025		2024
Antimony oxide	$	577,000	$	254,372
Antimony metal ingots		2,242,881		154,590
Antimony ore and concentrates		9,196,257		335,588
Total antimony inventory		12,016,138		744,550
Zeolite		505,871		501,174
Total inventories	$	12,522,009	$	1,245,724

Inventories are valued at cost, except for the portion of inventory that is valued at net realizable value because costs are greater than the amount the Company expects to receive on the sale of the inventory. As of December 31, 2025, the Company recorded a write-down of $919,053 to adjust antimony inventory to its NRV, compared to $nil in 2024. Conversely, the zeolite inventory NRV adjustment was $nil for the year ended December 31, 2025, compared to a write-down of $65,647 in the prior year.