United States Antimony Corp 10-Q/A, filed Nov 15, 2022
United States Antimony Corp (UAMY)
About this 10-Q/A
United States Antimony Corp filed this 10-Q/A on November 15, 2022, covering the quarter ended September 30, 2022.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM
(Mark One)
For the quarterly period ended
For the transition period ________ to ________
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Indicate by check mark whether the issuer (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
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As of November 14, 2022, there were
EXPLANATORY NOTE
We are filing this Amendment No . 1 Form 10Q-A (“Amendment”) to amend our Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2022, as filed with the Securities and Exchange Commission (“SEC” ) on November 14, 2022 (“Form 10-Q). The sole purpose of this amendment is to reflect final clerical changes to the document in the Form 10-Q. Certain tables that did not present properly in the Form 10-Q have been corrected. The following final changes have been included in this amendment:
Part II, Item 7 | Management’s Discussion and Analysis of Financial Conditions and Results of Operations (Antinomy tables only) |
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ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS AND PLAN OF OPERATION.
Operational and financial performance
Antimony
Financial and operational metrics of antimony for the three months ended September 30, 2022 and 2021 are as follows:
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| Three months ended September 30, |
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Antimony - Combined USA and Mexico |
| 2022 |
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| 2021 |
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| $ Change |
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| Pct Change |
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Total revenue – sales of antimony |
| $ | 1,671,301 |
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| $ | 1,284,969 |
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| $ | 386,332 |
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| 30.1 | % |
Gross profit - antimony |
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| 329,233 |
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| 44,714 |
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| 284,519 |
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| 636.3 | % |
Total lbs of antimony metal sold |
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| 250,244 |
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| 306,045 |
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| (55,801 | ) |
| (18.2 | %) | |
Average sales price/lb metal |
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| 6.68 |
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| 4.20 |
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| 2.48 |
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| 59.1 | % |
Average cost/lb metal |
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| 5.36 |
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| 4.05 |
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| 1.31 |
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| 32.3 | % |
Average gross profit/lb metal |
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| 1.32 |
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| 0.15 |
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| 1.17 |
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| 800.5 | % |
Financial and operational metrics of antimony for the nine months ended September 30, 2022 and 2021 was as follows:
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| Nine months ended September 30, |
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Antimony - Combined USA and Mexico |
| 2022 |
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| 2021 |
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Total revenue -antimony |
| $ | 6,972,312 |
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| $ | 3,371,015 |
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| $ | 3,601,297 |
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| 106.8 | % |
Gross profit - antimony |
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| 1,875,569 |
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| 69,959 |
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| 1,805,610 |
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| 2,581.0 | % |
Total lbs of antimony metal sold |
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| 1,046,722 |
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| 827,131 |
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| 219,591 |
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| 26.5 | % |
Average sales price/lb metal |
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| 6.66 |
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| 4.08 |
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| 2.59 |
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| 63.4 | % |
Average cost/lb metal |
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| 4.87 |
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| 3.99 |
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| 0.88 |
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| 22.0 | % |
Average gross profit/lb metal |
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| 1.79 |
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| 0.08 |
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| 1.71 |
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| 2,018.5 | % |
During the three months ended September 30, 2022, the average sales price for antimony increased $2.48 per pound compared to the three months ended September 30, 2021. Gross profit per pound increased $1.31 per pound over the three months ended September 30, 2021.
The Company experienced a decrease in production in Q3 due to a temporary decrease in feed for two reasons. First, there was a scheduled shut-down by our North American supplier that was followed by equipment failure at their facility. In addition to this, the supplier reported having difficulties with labor supply in Q3. Second, the decrease in supply corresponded with less sourcing in Mexico during the negotiation phase regarding our purchase option agreement. The same thing that led to a meeting with the owners of the Wadley mine culminating in a purchase option agreement resulted in a bottleneck during this period, namely, the insistence that all purchased ore was done without invoicing and paid for in cash-an arrangement unacceptable to US Antimony.
Both of these problems have been corrected and we now have a record number of tons of ore at our smelter in Madero and are receiving the predicted number of tons of feed from our North American supplier. However, there is a delay between the purchase of raw material and the processing and sale product and this delay has affected Q3 and will affect Q4. The Company has recently received a ton of material for testing to produce antimony metal or oxide. Preliminary results of this test-work are very encouraging. This supplier has about 100 short tons of this material and our processing of it could result in a mutually beneficial arrangement. During the decrease of supply the Company supplemented its feed in Montana from material processed at its smelter in Mexico.
During the nine months ended September 30, 2022, the average sales price for antimony increased $2.59 per pound compared to the nine months ended September 30, 2021. Gross profit per pound increased $1.71 per pound over the three months ended September 30, 2021.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
UNITED STATES ANTIMONY CORPORATION | |||
Date: November 15, 2022 | By: | /s/ Russell Lawrence | |
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| Russell Lawrence | |
(Principal Executive Officer, President and Director) | |||
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Date: November 15, 2022 | By: | /s/ Kelly J. Stopher |
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| Kelly J. Stopher |
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| (Principal Accounting Officer) |
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