SUBSEQUENT EVENTS	12 Months Ended
Dec. 31, 2025
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS	NOTE 16 – SUBSEQUENT EVENTS Radersburg Facility Acquisition On January 16, 2026, the Company completed the acquisition of a fully operational flotation and concentration facility located in Radersburg, Montana for total cash consideration of $4.8 million. The Radersburg property, located approximately 250 miles from the Company’s Thompson Falls smelting operations, is expected to enhance midstream processing capacity and further vertically integrate the Company’s domestic antimony supply chain. Management has budgeted approximately $2 million in capital expenditures to modernize equipment and add a laboratory, with the goal of optimizing operational efficiencies and mineral recovery rates. Joint Venture Agreement On February 10, 2026, the Company entered into a joint venture agreement with Americas Gold and Silver Corporation (“Americas”) to construct and operate a new, state-of-the-art hydrometallurgical processing facility. The joint venture will be owned 51% by Americas and 49% by the Company, with the Company serving as managing member. Under the terms of the agreement, Americas will contribute the project site and existing infrastructure, while the Company will contribute its proprietary North American hydrometallurgical processing technology and technical expertise. Capital contributions for the facility’s construction are expected to be funded pro-rata based on ownership interests, unless otherwise agreed. Primary site-level environmental and operating permits have been obtained, while construction permits are pending. Common stock warrants In January 2026, the Company issued 1,563,643 shares of common stock and received gross proceeds of $994,811 related to the exercise of warrants, based on a weighted average exercise price of $0.64 per share. Resolution of Mexico Tax Assessment In January 2026, the TFJA issued a final judgment in favor of the Company with respect to the SAT’s reassessment of USAMSA’s 2013 income tax return as described above in more detail under Note 12—Income and Other Taxes. As a result of this final judgment, the matter is resolved with no amounts due from the Company. This resolution had no impact on the Company’s consolidated financial statements, as no liability had been recorded in connection with this matter. Purchase of Thompson Falls, Montana Surface Rights In March 2026, the Company paid $320,000 to acquire the surface rights related to a patented lode mining claim located in Thompson Falls, Montana. Acquisition of Mining Claims In January 2026, the Company paid $1.3 million to purchase mining claims located in the Koyukuk Mining District of Alaska that are prospective for antimony and gold. This agreement does not require the Company to make any royalty payments. Acquisition of Royalty Agreement Interest In January 2026, the Company paid approximately $108,000 to buy back 1% of the net smelter royalty associated with the Fostung Properties. Sales of Common Stock During March 2026, the Company sold 126,436 shares of its common stock in “at the market offerings” and received gross proceeds of $1,426,183 based on a weighted average price of $11.28 per share. Department of War Funding Award On March 5, 2026, the Company announced that it had been awarded $27.0 million by the U.S. Department of War under Title III of the Defense Production Act to fund the expansion and modernization of the Company’s domestic antimony production capabilities. Funds will be awarded to the Company as established project milestones are met.

SUBSEQUENT EVENTS

12 Months Ended

Dec. 31, 2025

NOTE 16 – SUBSEQUENT EVENTS

Radersburg Facility Acquisition

On January 16, 2026, the Company completed the acquisition of a fully operational flotation and concentration facility located in Radersburg, Montana for total cash consideration of $4.8 million. The Radersburg property, located approximately 250 miles from the Company’s Thompson Falls smelting operations, is expected to enhance midstream processing capacity and further vertically integrate the Company’s domestic antimony supply chain. Management has budgeted approximately $2 million in capital expenditures to modernize equipment and add a laboratory, with the goal of optimizing operational efficiencies and mineral recovery rates.

Joint Venture Agreement

On February 10, 2026, the Company entered into a joint venture agreement with Americas Gold and Silver Corporation (“Americas”) to construct and operate a new, state-of-the-art hydrometallurgical processing facility. The joint venture will be owned 51% by Americas and 49% by the Company, with the Company serving as managing member. Under the terms of the agreement, Americas will contribute the project site and existing infrastructure, while the Company will contribute its proprietary North American hydrometallurgical processing technology and technical expertise. Capital contributions for the facility’s construction are expected to be funded pro-rata based on ownership interests, unless otherwise agreed. Primary site-level environmental and operating permits have been obtained, while construction permits are pending.

Common stock warrants

In January 2026, the Company issued 1,563,643 shares of common stock and received gross proceeds of $994,811 related to the exercise of warrants, based on a weighted average exercise price of $0.64 per share.

Resolution of Mexico Tax Assessment

In January 2026, the TFJA issued a final judgment in favor of the Company with respect to the SAT’s reassessment of USAMSA’s 2013 income tax return as described above in more detail under Note 12—Income and Other Taxes. As a result of this final judgment, the matter is resolved with no amounts due from the Company. This resolution had no impact on the Company’s consolidated financial statements, as no liability had been recorded in connection with this matter.

Purchase of Thompson Falls, Montana Surface Rights

In March 2026, the Company paid $320,000 to acquire the surface rights related to a patented lode mining claim located in Thompson Falls, Montana.

Acquisition of Mining Claims

In January 2026, the Company paid $1.3 million to purchase mining claims located in the Koyukuk Mining District of Alaska that are prospective for antimony and gold. This agreement does not require the Company to make any royalty payments.

Acquisition of Royalty Agreement Interest

In January 2026, the Company paid approximately $108,000 to buy back 1% of the net smelter royalty associated with the Fostung Properties.

Sales of Common Stock

During March 2026, the Company sold 126,436 shares of its common stock in “at the market offerings” and received gross proceeds of $1,426,183 based on a weighted average price of $11.28 per share.

Department of War Funding Award

On March 5, 2026, the Company announced that it had been awarded $27.0 million by the U.S. Department of War under Title III of the Defense Production Act to fund the expansion and modernization of the Company’s domestic antimony production capabilities. Funds will be awarded to the Company as established project milestones are met.