PROPERTY, PLANT AND EQUIPMENT

3 Months Ended

Mar. 31, 2025

PROPERTY, PLANT AND EQUIPMENT

PROPERTY, PLANT AND EQUIPMENT

NOTE 6 – PROPERTY, PLANT AND EQUIPMENT

The major components of the Company’s property, plant and equipment (“PP&E”) by segment at March 31, 2025 and December 31, 2024 were as follows:

March 31, 2025	Antimony			Zeolite			All Other			TOTAL
Plant and equipment	$	13,688,603		$	6,593,813		$	427,720		$	20,710,136
Buildings		1,106,303			1,705,893			456,970			3,269,166
Mineral rights and interests		-			16,753			310,000			326,753
Land		2,083,094			-			914,443			2,997,537
Construction in progress		-			106,938			-			106,938
Total property, plant and equipment		16,878,000			8,423,397			2,109,133			27,410,530
Accumulated depreciation		(9,770,019	)		(3,909,945	)		(258,578	)		(13,938,542	)
Property, plant and equipment, net	$	7,107,981		$	4,513,452		$	1,850,555		$	13,471,988
December 31, 2024	Antimony			Zeolite			All Other			TOTAL
Plant and equipment	$	13,512,321		$	6,597,781		$	427,720		$	20,537,822
Buildings		1,106,303			1,705,893			11,970			2,824,166
Mineral rights and interests		-			16,753			125,000			141,753
Land		2,083,094			-			914,443			2,997,537
Construction in progress		-			101,938			-			101,938
Total property, plant and equipment		16,701,718			8,422,365			1,479,133			26,603,216
Accumulated depreciation		(9,602,469	)		(3,857,785	)		(251,515	)		(13,711,769	)
Property, plant and equipment, net	$	7,099,249		$	4,564,580		$	1,227,618		$	12,891,447

In February 2025, the Company purchased a personal residence located near its operations in Thompson Falls, Montana for $445,000, which is presently being used by management personnel that were transferred there and are now working in Montana. This asset and related expenses are included in the “All Other” category in the Company’s segment reporting.

Mineral rights and interests

In January 2025, the Company executed an agreement to acquire the ownership rights to one hundred and twenty mining claims located in the Fairbanks District of Alaska (“January Fairbanks Agreement”). Payments are to be made by the Company as follows to acquire these claims:

Payment Date	Payment Amount
January 2025	$	100,000
July 2025		50,000
January 2026		50,000
July 2026		50,000
January 2027		50,000
July 2027		50,000
January 2028		50,000
July 2028		50,000
January 2029		100,000
July 2029		100,000
January 2030		100,000
July 2030		2,250,000
Total	$	3,000,000

These payments are capitalized when paid in the “Mineral rights and interests” component of “Property, plant and equipment, net” in the Condensed Consolidated Balance Sheets.

The January Fairbanks Agreement requires a royalty payment by the Company based on the production from the claims (“Net Smelter Royalty on Claims”) and another royalty payment by the Company based on the production from certain areas surrounding these one hundred and twenty mining claims (“Net Smelter Royalty on Surrounding Area”). A certain percentage of the Net Smelter Royalty on Claims can be purchased back by the Company with certain factors causing an escalation in this buyback amount. Also, the January Fairbanks Agreement includes a commitment by the Company to spend an aggregate of $2,250,000 on exploring and developing these claims over five years from January 2025, with various milestones over this five-year period. The January Fairbanks Agreement can be terminated without cause at any time by the Company with notice.

In March 2025, the Company executed an agreement to acquire the ownership rights to twenty-five additional mining claims and leases located in the Fairbanks District of Alaska (“March Fairbanks Agreement”). Payments are to be made by the Company as follows to acquire these claims and leases:

Payment Date	Payment Amount
March 2025	$	50,000
September 2025		25,000
March 2026		25,000
March 2027		25,000
March 2028		25,000
March 2029		275,000
Total	$	425,000

These payments are capitalized when paid in the “Mineral rights and interests” component of “Property, plant and equipment, net” in the Condensed Consolidated Balance Sheets.

The March Fairbanks Agreement requires a royalty payment by the Company based on the production from the claims and leases (“Net Smelter Royalty”). A certain percentage of the Net Smelter Royalty can be purchased back by the Company. Also, the March Fairbanks Agreement includes a commitment by the Company to spend an aggregate of $250,000 on exploring and developing these claims and leases over approximately forty-one months from March 2025, with various milestones over this period. The March Fairbanks Agreement can be terminated without cause by the Company with notice.