EX-99.1 2 uamy_ex991.htm EX-99.1 uamy_ex991.htm

EXHIBIT 99.1

 

 

United States Antimony Corporation

Reports Second Quarter and Six Months Ended

June 30, 2024 Results

 

“The Critical Minerals and ZEO Company”

 

THOMPSON FALLS, MT / ACCESSWIRE / August 9, 2024 /United States Antimony Corporation ("USAC" or the “Company” or “U.S. Antimony Corporation”), (NYSE American: UAMY) reported today its second quarter and six months ended June 30, 2024 financial and operational results.

 

Revenues for the first six months of 2024 increased 26%, or $1.169 million, to $5.6 million, compared to the first six months of 2023, while cost of sales only increased 6%, or $219k, during the same period. This in-turn allowed gross profit to increase 122%, or $950k. Operating expenses increased $1.115 million, or 124%, for the first six months of 2024 to $2.014 million, of which $301k of the increase was non-cash stock compensation and $311k was costs associated with new project development. These projects and initiatives are part of the growth and improved strategy of the Company. The Company reported net income from continuing operations of $30k for the six months ended June 30, 2024.

 

When comparing the three months ended June 30, 2024 to the three months ended June 30, 2023, revenues were up 24% to $2.813 million. Gross profit also increased 135% to $908.6k. Loss from continuing operations was $55.7k for the three months ended June 30, 2024 compared to a loss of $23k in the prior year.

 

We continue to enhance operations at Bear River Zeolite with both mechanical and equipment improvements and we experienced a runtime during the second quarter of 2024 of 94.3%. We continue to see a dramatic improvement in the overall operating environment at Bear River Zeolite which is leading to higher throughput and improved customer order delivery times. This should continue to be observed further in future financial reports.

 

 

 

 

Antimony continues to be a scarce commodity worldwide due to supply issues and trade restrictions imposed on certain countries. This in-turn has caused the worldwide antimony metal market price to nearly double from $5.31 per pound on December 31, 2023 to $10.64 per pound as of August 6, 2024. Management is seeking international suppliers of raw ore that we can then process for our customers, most of which only wish to purchase from U.S. suppliers.

 

As announced on March 11, 2024, the Company completely shut down its operational activities in Mexico and those operations are now reported as a “Discontinued Operation”. The historical cash drain of these operations on the Company ceased with this decision. The cash position of the Company at June 30, 2024 was $12.39 million, up $492k from December 31, 2023.

 

Commenting on the Second Quarter 2024 operational and financial results, Mr. Gary C. Evans, Chairman and Co-CEO of U.S. Antimony Corporation stated, “While we are pleased with both the operating and financial results reported today for this new period, and as we continue to turn this company around, we can do better. Management has “many irons in the fire” so to speak and we are anxious to begin executing on those efforts. Access to critical minerals sorely needed by the U.S. government, and not just antimony, is a primary focus. Growing our zeolite business and expanding our customer base is another objective. We are blessed with a very high-quality zeolite reserve base in Preston, Idaho that is difficult for any contender to compete with. We must capitalize on this high-quality asset and expand our operations accordingly. The Company has lost a number of customers in the past because we were not very reliable in our ability to deliver product consistently. One particular customer was a large multi-national user of zeolite. With changes we have made in management personnel and the significant improvements that continue to occur around the operating capability of our Bear River Zeolite processing facility, we sincerely hope this is an issue to be discussed only in the past.”

 

 

 

 

United States Antimony Corporation and Subsidiaries

Condensed Consolidated Statements of Operations

(Unaudited)

 

 

 

For the three months ended

 

 

For the six months ended

 

 

 

June 30,

2024

 

 

June 30,

2023

 

 

June 30,

2024

 

 

June 30,

2023

 

REVENUES

 

 $ 2,813,780

 

 

 $ 2,265,117

 

 

 $ 5,645,170

 

 

 $ 4,475,961

 

COST OF REVENUES

 

 

 1,905,139

 

 

 

 1,878,558

 

 

 

 3,913,625

 

 

 

 3,694,559

 

GROSS PROFIT

 

 

 908,641

 

 

 

 386,559

 

 

 

 1,731,545

 

 

 

 781,402

 

OPERATING EXPENSES:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

General and administrative

 

 

 477,366

 

 

 

 247,419

 

 

 

 932,760

 

 

 

 388,690

 

Salaries and benefits

 

 

 285,359

 

 

 

 145,412

 

 

 

 526,964

 

 

 

 273,104

 

Professional fees

 

 

 221,529

 

 

 

 191,063

 

 

 

 398,686

 

 

 

 237,067

 

Loss on disposal of property, plant and equipment

 

 

 -

 

 

 

 -

 

 

 

 17,494

 

 

 

 -

 

Other operating expenses

 

 

 137,991

 

 

 

 -

 

 

 

 137,991

 

 

 

 -

 

TOTAL OPERATING EXPENSES

 

 

 1,122,245

 

 

 

 583,894

 

 

 

 2,013,895

 

 

 

 898,861

 

LOSS FROM OPERATIONS

 

 

 (213,604 )

 

 

 (197,335 )

 

 

 (282,350 )

 

 

 (117,459 )

OTHER INCOME (EXPENSE):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest and investment income

 

 

 151,921

 

 

 

 167,781

 

 

 

 302,772

 

 

 

 290,153

 

Trademark and licensing income

 

 

 8,360

 

 

 

 11,381

 

 

 

 14,728

 

 

 

 18,906

 

Other miscellaneous income (expense)

 

 

 (2,381 )

 

 

 (4,859 )

 

 

 (4,753 )

 

 

 78,749

 

TOTAL OTHER INCOME

 

 

 157,900

 

 

 

 174,303

 

 

 

 312,747

 

 

 

 387,808

 

INCOME (LOSS) FROM CONTINUING OPERATIONS BEFORE INCOME TAXES

 

 

 (55,704 )

 

 

 (23,032 )

 

 

 30,397

 

 

 

 270,349

 

Income tax expense

 

 

 -

 

 

 

 -

 

 

 

 -

 

 

 

 -

 

INCOME (LOSS) FROM CONTINUING OPERATIONS

 

 

 (55,704 )

 

 

 (23,032 )

 

 

 30,397

 

 

 

 270,349

 

Discontinued operations:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income (loss) from discontinued operations before income taxes

 

 

 258,496

 

 

 

 (313,433 )

 

 

 (150,373 )

 

 

 (1,413,798 )

Income tax expense

 

 

 -

 

 

 

 -

 

 

 

 -

 

 

 

 -

 

Income (loss) from discontinued operations (Note 11)

 

 

 258,496

 

 

 

 (313,433 )

 

 

 (150,373 )

 

 

 (1,413,798 )

Net income (loss)

 

 

 202,792

 

 

 

 (336,465 )

 

 

 (119,976 )

 

 

 (1,143,449 )

Preferred dividends

 

 

 (1,875 )

 

 

 (1,875 )

 

 

 (3,750 )

 

 

 (3,750 )

Net income (loss) available to common stockholders

 

 $ 200,917

 

 

 $ (338,340 )

 

 $ (123,726 )

 

 $ (1,147,199 )

Basic and diluted earnings per common share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income (loss) from continuing operations

 

$nil

 

 

$nil

 

 

$nil

 

 

$nil

 

Income (loss) from discontinued operations

 

$nil

 

 

$nil

 

 

$nil

 

 

 $ (0.01 )

Net income (loss)

 

$nil

 

 

$nil

 

 

$nil

 

 

 $ (0.01 )

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average shares outstanding:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

 

 108,438,984

 

 

 

 107,647,317

 

 

 

 108,173,645

 

 

 

 107,504,628

 

Diluted

 

 

 108,943,126

 

 

 

 107,647,317

 

 

 

 108,425,716

 

 

 

 107,504,628

 

 

 

 

  

United States Antimony Corporation and Subsidiaries

Condensed Consolidated Balance Sheets

(Unaudited)

 

 

 

June 30,

2024

 

 

December 31,

2023

 

ASSETS

 

 

 

 

 

 

CURRENT ASSETS

 

 

 

 

 

 

Cash and cash equivalents

 

 $ 12,391,431

 

 

 $ 11,899,574

 

Certificates of deposit

 

 

 22,216

 

 

 

 72,898

 

Accounts receivable, net

 

 

 1,393,760

 

 

 

 625,256

 

Inventories, net

 

 

 462,354

 

 

 

 1,019,154

 

Prepaid expenses and other current assets

 

 

 291,229

 

 

 

 92,369

 

Current assets held for sale

 

 

 50,798

 

 

 

 366,955

 

Total current assets

 

 

 14,611,788

 

 

 

 14,076,206

 

Properties, plants and equipment, net

 

 

 7,798,594

 

 

 

 7,765,045

 

Restricted cash for reclamation bonds

 

 

 55,060

 

 

 

 55,061

 

Other assets

 

 

 20,217

 

 

 

 18,098

 

Non-current assets held for sale

 

 

 6,443,581

 

 

 

 6,180,585

 

Total assets

 

 $ 28,929,240

 

 

 $ 28,094,995

 

LIABILITIES AND STOCKHOLDERS’ EQUITY

 

 

 

 

 

 

 

 

CURRENT LIABILITIES

 

 

 

 

 

 

 

 

Accounts payable

 

 $ 544,100

 

 

 $ 330,147

 

Accrued liabilities

 

 

 157,001

 

 

 

 109,341

 

Accrued liabilities - directors

 

 

 161,249

 

 

 

 124,810

 

Royalties payable

 

 

 113,917

 

 

 

 153,429

 

Long-term debt, current portion

 

 

 129,967

 

 

 

 28,443

 

Current liabilities held for sale

 

 

 145,930

 

 

 

 151,288

 

Total current liabilities

 

 

 1,252,164

 

 

 

 897,458

 

 

 

 

 

 

 

 

 

 

Long-term debt, net of current portion

 

 

 262,127

 

 

 

 -

 

Stock payable to directors

 

 

 38,542

 

 

 

 38,542

 

Asset retirement obligations

 

 

 1,138,102

 

 

 

 1,101,561

 

Non-current liabilities held for sale

 

 

 536,466

 

 

 

 536,466

 

Total liabilities

 

 

 3,227,401

 

 

 

 2,574,027

 

COMMITMENTS AND CONTINGENCIES

 

 

 

 

 

 

 

 

STOCKHOLDERS' EQUITY

 

 

 

 

 

 

 

 

Preferred stock $0.01 par value, 10,000,000 shares authorized:

 

 

 

 

 

 

 

 

Series A:  0 shares issued and outstanding

 

 

 -

 

 

 

 -

 

Series B: 750,000 shares issued and outstanding (liquidation preference $971,250 and $967,500, respectively)

 

 

 7,500

 

 

 

 7,500

 

Series C: 177,904 shares issued and outstanding (liquidation preference $97,847 both years)

 

 

 1,779

 

 

 

 1,779

 

Series D:  0 shares issued and outstanding

 

 

 -

 

 

 

 -

 

Common stock, $0.01 par value, 150,000,000 shares authorized; 108,438,984 and 107,647,317 shares issued and outstanding, respectively

 

 

 1,084,389

 

 

 

 1,076,472

 

Additional paid-in capital

 

 

 64,146,766

 

 

 

 63,853,836

 

Accumulated deficit

 

 

 (39,538,595 )

 

 

 (39,418,619 )

Total stockholders' equity

 

 

 25,701,839

 

 

 

 25,520,968

 

Total liabilities and stockholders' equity

 

 $ 28,929,240

 

 

 $ 28,094,995

 

 

 

 

 

United States Antimony Corporation and Subsidiaries

Condensed Consolidated Statements of Cash Flows

(Unaudited)

 

 

 

For the six months ended

 

 

 

June 30,

2024

 

 

June 30,

2023

 

CASH FLOWS FROM OPERATING ACTIVITIES OF CONTINUING OPERATIONS:

 

 

 

 

 

 

Net income from continuing operations

 

 

 30,397

 

 

 $ 270,349

 

Adjustments to reconcile net income from continuing operations to net cash

 

 

 

 

 

 

 

 

provided (used) by operating activities of continuing operations:

 

 

 

 

 

 

 

 

Depreciation and amortization

 

 

 220,633

 

 

 

 154,458

 

Accretion of asset retirement obligation

 

 

 36,541

 

 

 

 750

 

Loss on disposal of property, plant, and equipment

 

 

 17,494

 

 

 

 -

 

Write down of inventory to net realizable value

 

 

 10,501

 

 

 

 -

 

Share-based compensation

 

 

 300,847

 

 

 

 -

 

Allowance for doubtful accounts on accounts receivable

 

 

 (14,258 )

 

 

 43,560

 

Other non-cash items

 

 

 (16,106 )

 

 

 (13,621 )

Changes in operating assets and liabilities:

 

 

 

 

 

 

 

 

Accounts receivable

 

 

 (754,246 )

 

 

 (567,077 )

Inventories, net

 

 

 546,299

 

 

 

 (265,804 )

Prepaid expenses and other current assets

 

 

 (198,860 )

 

 

 (240,225 )

Other assets

 

 

 (2,119 )

 

 

 -

 

Accounts payable

 

 

 213,953

 

 

 

 (253,579 )

Accrued liabilities

 

 

 47,660

 

 

 

 (52,935 )

Accrued liabilities – directors

 

 

 36,439

 

 

 

 145,413

 

Royalties payable

 

 

 (39,512 )

 

 

 (389,716 )

Net cash provided (used) by operating activities of continuing operations

 

 

 435,663

 

 

 

 (1,168,428 )

CASH FLOWS FROM INVESTING ACTIVITIES OF CONTINUING OPERATIONS:

 

 

 

 

 

 

 

 

Proceeds from redemption of certificates of deposit

 

 

 50,682

 

 

 

 -

 

Purchases of properties, plant, and equipment

 

 

 (150,721 )

 

 

 (1,195,534 )

Net cash used by investing activities of continuing operations

 

 

 (100,039 )

 

 

 (1,195,534 )

CASH FLOWS FROM FINANCING ACTIVITIES OF CONTINUING OPERATIONS:

 

 

 

 

 

 

 

 

Payments on dividends payable

 

 

 -

 

 

 

 (787,730 )

Principal payments on long-term debt

 

 

 (39,071 )

 

 

 (46,370 )

Net cash used by financing activities of continuing operations

 

 

 (39,071 )

 

 

 (834,100 )

Net cash flows provided (used) by continuing operations

 

 

 296,553

 

 

 

 (3,198,062 )

CASH FLOWS FROM DISCONTINUED OPERATIONS:

 

 

 

 

 

 

 

 

Net cash used by operating activities

 

 

 195,303

 

 

 

 (2,023,067 )

Net cash used by investing activities

 

 

 -

 

 

 

 (152,322 )

Net cash flows used by discontinued operations

 

 

 195,303

 

 

 

 (2,175,389 )

NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS AND RESTRICTED CASH

 

 

 491,856

 

 

 

 (5,373,451 )

CASH AND CASH EQUIVALENTS AND RESTRICTED CASH AT BEGINNING OF PERIOD

 

 

 11,954,635

 

 

 

 19,117,666

 

CASH AND CASH EQUIVALENTS AND RESTRICTED CASH AT END OF PERIOD

 

 $ 12,446,491

 

 

 $ 13,744,215

 

 

 

 

 

 

 

 

 

 

NON-CASH FINANCING AND INVESTING ACTIVITIES:

 

 

 

 

 

 

 

 

Common stock buyback and retirement

 

 

 -

 

 

 $ 202,980

 

Conversion of Preferred Series D to Common Stock

 

 

 -

 

 

 $ 16,927

 

Equipment purchased with note payable

 

 $ 402,722

 

 

 $ 0

 

 

 

 

 

About USAC: 

 

United States Antimony Corporation and its subsidiaries in the U.S. and Mexico (“USAC”, the “Company”, “Our”, “Us”, or “We”) sell processed antimony, zeolite, and precious metals products in the U.S. and Canada. The Company processes antimony ore primarily into antimony oxide, antimony metal, and antimony trisulfide. Our antimony oxide is used to form a flame-retardant system for plastics, rubber, fiberglass, textile goods, paints, coatings and paper, as a color fastener in paint, and as a phosphorescent agent in fluorescent light bulbs. Our antimony metal is used in bearings, storage batteries, and ordnance. Our antimony trisulfide is used as a primer in ammunition. In its operations in Idaho, the Company mines and processes zeolite, a group of industrial minerals used in soil amendment and fertilizer, water filtration, sewage treatment, nuclear waste and other environmental cleanup, odor control, gas separation, animal nutrition, and other miscellaneous applications. We recover certain amounts of precious metals, primarily gold and silver, at our plant in Montana from antimony concentrates.  

 

Forward-Looking Statements: 

 

Readers should note that, in addition to the historical information contained herein, this press release may contain forward-looking statements within the meaning of, and intended to be covered by, the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements are based upon current expectations and beliefs concerning future developments and their potential effects on the Company including matters related to the Company's operations, pending contracts and future revenues, financial performance, and profitability, ability to execute on its increased production and installation schedules for planned capital expenditures, and the size of forecasted deposits. Although the Company believes that the expectations reflected in the forward-looking statements and the assumptions upon which they are based are reasonable, it can give no assurance that such expectations and assumptions will prove to have been correct. The reader is cautioned not to put undue reliance on these forward-looking statements, as these statements are subject to numerous factors and uncertainties. In addition, other factors that could cause actual results to differ materially are discussed in the Company's most recent filings, including Form 10-K, Form 10-Q, and Form 8-K with the Securities and Exchange Commission.  

 

Forward-looking statements are typically identified by words such as “believe,” “expect,” “anticipate,” “intend,” “outlook,” “estimate,” “forecast,” “project,” “pro forma” and other similar words and expressions. Forward-looking statements are subject to numerous assumptions, risks, and uncertainties, which change over time. Forward-looking statements speak only as of the date they are made. Because forward-looking statements are subject to assumptions and uncertainties, actual results or future events could differ, possibly materially, from those anticipated in the forward-looking statements and future results could differ materially from historical performance. 

 

Contact:

United States Antimony Corporation

PO Box 643

47 Cox Gulch Rd.

Thompson Falls, Montana 59873-0643

E-Mail: jmiller@usantimony.com

Phone:  813-505-0674

 

Source: United States Antimony Corporation