BUSINESS SEGMENTS

12 Months Ended

Dec. 31, 2025

BUSINESS SEGMENTS

BUSINESS SEGMENTS

NOTE 15 – 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

● Our facilities in our USAMSA subsidiary located in Mexico that process ore primarily into antimony metal ingots, a lower grade of antimony oxide, and precious metals.

Our Montana facility processes ore containing antimony and precious metals, which consist of gold and silver. The gold and silver in this ore represent all precious metals processing and sales of the Company. Even though these are different types of metals, our precious metals operations and financial results are included in our antimony segment for the following reasons: Ore processing activities at the Company’s Montana facility are integrated, and the associated production costs for antimony, gold, and silver cannot be meaningfully separated. Also, our chief operating decision maker reviews the operating results of our Montana facility on a consolidated basis, which includes both antimony and precious metals processing and sales. Therefore, our precious metals operations and financial results are included in our antimony segment.

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

The accounting policies of these segments are the same as those described in the basis of presentation and significant accounting policies in Note 2 of the Notes to Consolidated Financial Statements in this Annual Report.

The chief operating decision maker evaluates the performance of the Company’s reportable segments based on segment profit or loss from operations, which is inclusive of all respective expenses. The profitability target of each segment is at the profit or loss from operations level, which is how the chief operating decision maker assesses performance. The chief operating decision maker also uses profit or loss from operations to allocate capital and personnel to the segments, which is typically done to improve the efficiency and effectiveness of operations or for expansion of operations, and ultimately to increase profit from operations. Included in profit or loss from operations is an allocation of centralized costs based on each segment’s total expense relative to the Company’s total expense. The Company’s reportable segments are strategic business units that offer different products. They are managed separately because each business requires different expertise to ensure quality products are produced in an efficient manner and because each business has a different customer base. Both businesses started as separate units with management selected based on specific skill sets and knowledge related to the product and the industry. The Company’s chief operating decision maker is its chief executive officer.

The following components of the Company’s business were not engaged in business activities at December 31, 2025 from which they generated 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 and apartment complex in Thompson Falls, Montana, have been included in the “All Other” category for segment reporting.

Total assets by segment were as follows:

	As of December 31,
Total Assets	2025		2024
Antimony segment	$	137,013,360	$	27,230,312
Zeolite segment		5,733,666		5,604,003
All other		11,178,643		1,808,287
Total assets	$	153,925,669	$	34,642,602

Total capital expenditures by segment were as follows:

	Year ended December 31,
Capital expenditures	2025		2024
Antimony segment	$	17,531,135	$	81,405
Zeolite segment		519,793		291,016
All other		9,757,557		58,175
Total capital expenditures	$	27,808,485	$	430,596

The zeolite segment’s capital expenditures for the year ended December 31, 2024 excludes $402,722 related to a wheel loader purchased with a note payable.

Selected segment operational information were as follows:

Year ended December 31, 2025	Antimony		Zeolite		All Other		Total
Total revenues	$	35,900,173	$	3,357,535	$	—	$	39,257,708
Depreciation and amortization		696,645		413,260		56,674		1,166,579
Loss from operations		(3,758,111)		(1,296,821)		(3,403,933)		(8,458,865)
Other income								4,119,339
Income tax expense								—
Net loss							$	(4,339,526)

Year ended December 31, 2024	Antimony		Zeolite		All Other		Total
Total revenues	$	11,996,287	$	2,941,675	$	—	$	14,937,962
Depreciation and amortization		705,047		364,209		16,491		1,085,747
Income (loss) from operations		977,127		(2,616,177)		(751,762)		(2,390,812)
Other income								660,408
Income tax expense								—
Net loss							$	(1,730,404)