UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 10-Q

(Mark One)

☒ Quarterly Report Pursuant to Section 13 Or 15(d) Of The Securities Exchange Act of 1934

For the quarterly period ended September 30, 2023

☐ Transition Report Under Section 13 Or 15(d) Of The Securities Exchange Act of 1934

For the transition period ________ to ________

COMMISSION FILE NUMBER 001-08675

UNITED STATES ANTIMONY CORPORATION
(Exact name of registrant as specified in its charter)
Montana	81-0305822
---	---
(State or other jurisdiction of incorporation or organization)	(IRS Employer Identification No.)
P.O. Box 643<br><br>Thompson Falls, MT	59873
(Address of principal executive office)	(Postal Code)
(406) 827-3523
---
(Registrant’s telephone number)
Securities registered pursuant to Section 12(b) of the Act:
---
Title of Each Class	Trading Symbol	Name of Each Exchange on Which Registered
---	---	---
Common Stock, $0.01 par value	UAMY	NYSE American

Indicate by check mark whether the registrant (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. Yes **** ☐ No ☒

Indicate by checkmark whether the registrant has submitted electronically every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit and post filed). Yes **** ☒ No ☐

Indicate by checkmark whether the registrant is a large accelerated filer, an accelerated filer, or a non-accelerated filer. See definition of “Accelerated filer and large accelerated filer” in Rule 12b-2 of the Exchange Act (Check one):

Large Accelerated Filer	☐	Accelerated Filer	☐
Non-accelerated Filer	☒	Smaller Reporting Company ****	☒
Emerging Growth Company	☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒ ****

As of November 10, 2023, there were 107,647,317 shares outstanding of the registrant’s $0.01 par value common stock. ****

Contents

PART I - FINANCIAL INFORMATION
ITEM 1.	FINANCIAL STATEMENTS	3
ITEM 2.	MANAGEMENT’S DISCUSSION AND ANALYSIS AND PLAN OF OPERATION.	14
ITEM 3.	QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK	23
ITEM 4.	CONTROLS AND PROCEDURES	23
PART II - OTHER INFORMATION
ITEM 1.	LEGAL PROCEEDINGS.	24
ITEM 1A.	RISK FACTORS.	24
ITEM 2.	RECENT SALES OF UNREGISTERED SECURITIES.	24
ITEM 3.	DEFAULTS UPON SENIOR SECURITIES.	24
ITEM 4.	MINE SAFETY DISCOSURES.	24
ITEM 5.	OTHER INFORMATION.	24
ITEM 6.	EXHIBITS.	25
2
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PART I - FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS

UNITED STATES ANTIMONY CORPORATION AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)
			December 31,
---	---	---	---	---	---
			2022
ASSETS
CURRENT ASSETS:
Cash and cash equivalents	12,864,992		$	19,060,378
Certificates of deposit	259,856			259,857
Accounts receivable, net	1,390,437			784,457
Inventories	1,876,555			1,375,068
Prepaid expenses and other current assets	236,966			137,599
Total current assets	16,628,806		$	21,617,359
Properties, plants and equipment, net	12,933,542			12,128,124
Restricted cash for reclamation bonds	57,288			57,288
IVA receivable and other assets	1,307,094			897,679
Total assets	30,926,730		$	34,700,450
LIABILITIES AND STOCKHOLDERS’ EQUITY
CURRENT LIABILITIES:
Accounts payable	606,300		$	628,803
Accrued liabilities	224,151			212,654
Accrued liabilities – directors	279,244			61,458
Royalties payable	107,937			435,075
Dividends payable	-			787,730
Long-term debt, current portion	62,064			94,150
Total current liabilities	1,279,696		$	2,219,870
NON-CURRENT LIABILITIES:
Long-term debt, net of current portion	179,892			217,855
Stock payable to directors for services	43,750			61,459
Asset retirement obligations and accrued reclamation costs	342,114			332,011
Total liabilities	1,845,452		$	2,831,195
COMMITMENTS AND CONTINGENCIES (NOTE 8)
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 965,625 and 960,000, respectively)	7,500		$	7,500
Series C: 177,904 shares issued and outstanding (liquidation preference 97,847 both periods)	1,779			1,779
Series D: 0 and 1,692,672 shares issued and outstanding (liquidation preference 0 and 5,019,410, respectively)	-			16,926
Common stock, 0.01 par value; 150,000,000 shares authorized; 107,647,317 shares issued and outstanding at September 30, 2023 and 106,373,341 shares issued and outstanding at December 31, 2022	1,076,472			1,063,732
Additional paid-in capital	63,853,836			64,052,630
Shares to be returned to treasury	-			(202,980	)
Accumulated deficit	(35,858,309	)		(33,070,332	)
Total stockholders’ equity	29,081,278			31,869,255
Total liabilities and stockholders’ equity	30,926,730		$	34,700,450

All values are in US Dollars.

The accompanying notes are an integral part of these condensed consolidated unaudited financial statements.

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UNITED STATES ANTIMONY CORPORATION AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)
	Three months ended<br><br>September 30,					Nine months ended<br><br>September 30,
---	---	---	---	---	---	---	---	---	---	---	---
	2023			2022		2023			2022
REVENUE	$	2,313,491				$	7,027,908		$	9,624,611
COST OF REVENUE		3,374,563					8,328,503			7,339,499
GROSS PROFIT (LOSS)	$	(1,061,072	)			$	(1,300,595	)	$	2,285,112
OPERATING EXPENSES
General and administrative	$	301,077				$	821,036		$	489,810
Salaries and benefits		228,967					502,071			222,858
Other operating expenses		66,637					217,985			109,365
Professional fees		166,808					504,819			263,682
TOTAL OPERATING EXPENSES	$	763,489				$	2,045,911		$	1,085,715
INCOME (LOSS) FROM OPERATIONS	$	(1,824,561	)			$	(3,346,506	)	$	1,199,397
OTHER INCOME (EXPENSE)
Interest and investment income	$	176,656				$	466,809		$	54,770
Change in fair value of investments		-			)		-			(119,298	)
Trademark and licensing income		6,117					25,023			65,674
Other miscellaneous income (expense)		(2,740	)		)		66,697			(10,270	)
TOTAL OTHER INCOME (EXPENSE)	$	180,033			)	$	558,529		$	(9,124	)
NET INCOME (LOSS)	$	(1,644,528	)			$	(2,787,977	)	$	1,190,273
Preferred dividends		(1,875	)		)		(5,625	)		(35,458	)
Net income (loss) available to common stockholders	$	(1,646,403	)			$	(2,793,602	)	$	1,154,815
Net income (loss) per share of common stock:
Basic and diluted	$	(0.02	)	Nil		$	(0.03	)	$	0.01
Weighted average shares outstanding:
Basic		107,647,317					107,519,786			106,258,384
Diluted		107,647,317					107,519,786			106,258,384

All values are in US Dollars.

The accompanying notes are an integral part of these condensed consolidated unaudited financial statements.

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UNITED STATES ANTIMONY CORPORATION AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY (UNAUDITED)

For the three and nine months ended September 30, 2023 and 2022
													Additional			Shares to be						Total
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
	Preferred Stock						Common Stock						Paid in			Returned to			Accumulated			Stockholders’
	Shares			Amount			Shares			Amount			Capital			Treasury			Deficit			Equity
BALANCE, December 31, 2021		2,620,576		$	26,205			106,240,361		$	1,062,402		$	63,991,459		$	-		$	(32,711,263	)	$	32,368,803
Net income		-			-			-			-			-			-			786,252			786,252
BALANCE, March 31, 2022		2,620,576			26,205			106,240,361			1,062,402			63,991,459			-			(31,925,011	)		33,155,055
Net income		-			-			-			-			-			-			353,619			353,619
BALANCE, June 30, 2022		2,620,576			26,205			106,240,361			1,062,402			63,991,459			-			(31,571,392	)		33,508,674
Issuance of common stock for director fees		-			-			132,980			133			62,368			-			-			62,501
Net income		-			-			-			-			-			-			50,402			50,402
BALANCE, September 30, 2022		2,620,576		$	26,205			106,373,341		$	1,062,535		$	64,053,827		$	-		$	(31,520,990	)	$	33,621,577
BALANCE, December 31, 2022		2,620,576		$	26,205			106,373,341		$	1,063,732		$	64,052,630		$	(202,980	)	$	(33,070,332	)	$	31,869,255
Common stock buyback and retirement		-			-			(418,696	)		(4,187	)		(198,793	)		202,980			-			-
Conversion of Preferred Series D to Common Stock		(1,692,672	)		(16,926	)		1,692,672			16,927			(1	)		-			-			-
Net loss		-			-			-			-			-			-			(806,984	)		(806,984	)
BALANCE, March 31, 2023		927,904			9,279			107,647,317			1,076,472			63,853,836			-			(33,877,316	)		31,062,271
Net loss		-			-			-			-			-			-			(336,465	)		(336,465	)
BALANCE, June 30, 2023		927,904			9,279			107,647,317			1,076,472			63,853,836			-			(34,213,781	)		30,725,806
Net loss		-			-			-			-			-			-			(1,644,528	)		(1,644,528	)
BALANCE, September 30, 2023		927,904		$	9,279			107,647,317		$	1,076,472		$	63,853,836		$	-		$	(35,858,309	)	$	29,081,278

The accompanying notes are an integral part of these condensed consolidated unaudited financial statements.

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UNITED STATES ANTIMONY CORPORATION AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
	Nine months ended<br><br>September 30,
---	---	---	---	---	---	---
	2023			2022
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss)	$	(2,787,977	)	$	1,190,273
Adjustments to reconcile net income (loss) to net cash provided (used) by operating activities:
Depreciation and amortization		714,302			693,990
Accretion of asset retirement obligation		10,103			14,589
Write down of inventory to net realizable value		883,390			409,919
Provision for losses on receivables		43,560			-
Change in fair value of investments		-			119,298
Changes in operating assets and liabilities:
Accounts receivable, net		(649,540	)		(559,000	)
Inventories		(1,384,877	)		(182,457	)
Prepaid expenses and other current assets		(99,367	)		(187,937	)
IVA receivable and other assets		(409,414	)		(605,047	)
Accounts payable		(22,503	)		(923,490	)
Accrued liabilities		11,497			530
Accrued liabilities – directors		200,077			52,248
Royalties payable		(327,138	)		-
Net cash provided (used) by operating activities	$	(3,817,887	)	$	22,916
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchase of investments	$	-		$	(13,500,000	)
Proceeds from sales of investments		-			407,149
Purchase of properties, plants and equipment		(1,519,720	)		(592,221	)
Net cash used by investing activities	$	(1,519,720	)	$	(13,685,072	)
CASH FLOWS FROM FINANCING ACTIVITIES:
Principal payments of long-term debt	$	(70,049	)	$	(42,080	)
Dividends paid		(787,730	)		-
Net cash used by financing activities	$	(857,779	)	$	(42,080	)
NET DECREASE IN CASH AND CASH EQUIVALENTS AND RESTRICTED CASH	$	(6,195,386	)	$	(13,704,236	)
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH AT BEGINNING OF PERIOD	$	19,117,666		$	21,420,329
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH AT END OF PERIOD	$	12,922,280		$	7,716,093
NON-CASH FINANCING AND INVESTING ACTIVITIES:
Common stock retirement	$	202,980		$	-
Conversion of Preferred Series D to Common Stock	$	16,927		$	-
Equipment purchased with note payable	$	-		$	161,600
Issuance of common stock for directors fees	$	-		$	62,501

The accompanying notes are an integral part of these condensed consolidated unaudited financial statements.

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UNITED STATES ANTIMONY CORPORATION AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

September 30, 2023

NOTE 1 - NATURE OF OPERATIONS

United States Antimony Corporation and its subsidiaries in the U.S. and Mexico (“USAC”, the “Company”, “Our”, or “we”) sell processed antimony, zeolite, and precious metals products in the U.S. and abroad. The Company processes antimony ore in the U.S. and Mexico primarily into antimony oxide and antimony metal at its facilities in Montana and Mexico. 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. 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.

NOTE 2 - BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES

In the opinion of the management, the accompanying unaudited condensed consolidated financial statements contain all adjustments, consisting of only normal recurring adjustments, necessary for a fair statement of its financial position as of September 30, 2023, and its results of operations and cash flows for the three and nine months ended September 30, 2023 and 2022. The condensed consolidated balance sheet as of December 31, 2022, was derived from audited annual financial statements but does not contain all of the footnote disclosures from the annual financial statements. Operating results for the three and nine-month periods ended September 30, 2023 are not necessarily indicative of the results that may be expected for the fiscal year ending December 31, 2023.

These unaudited interim financial statements have been prepared by management in accordance with generally accepted accounting principles used in the United States of America (“U.S. GAAP”). These unaudited interim financial statements should be read in conjunction with the annual audited financial statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022 filed with the Securities and Exchange Commission on July 18, 2023.

This summary of significant accounting policies of the Company is presented to assist in understanding the Company’s financial statements. These accounting policies conform to U.S. GAAP and have been consistently applied in the preparation of the financial statements.

Reclassifications

Certain reclassifications have been made to conform prior period amounts to the current presentation. These reclassifications have no effect on the results of operations, stockholders’ equity and cash flows as previously reported.

Recent Accounting Pronouncements

Management does not believe that any recently issued but not yet effective, accounting pronouncements, if currently adopted, would have a material effect on the Company’s financial statements.

Recently Adopted Accounting Pronouncements:

In June 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2016-13, “Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments”, which requires entities to use a forward-looking approach based on expected losses to estimate credit losses on certain types of financial instruments, including trade receivables. The FASB has subsequently issued updates to the standard to provide additional clarification on specific topics. The Company adopted the ASU on January 1, 2023 and determined that it had no material impact on the Company’s unaudited condensed consolidated financial statements and disclosures.

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UNITED STATES ANTIMONY CORPORATION AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

September 30, 2023

NOTE 3 – EARNINGS PER SHARE

Basic Earnings Per Share (“EPS”) is computed as net income (loss) available to common stockholders divided by the weighted average number of common shares outstanding for the period. Diluted EPS reflects the potential dilution that could occur from common shares issuable through convertible preferred stock, stock options, and warrants.

At September 30, 2023 and 2022, the potentially dilutive common stock equivalents not included in the calculation of diluted earnings per share as their effect would have been anti-dilutive were as follows:

	September 30,		September 30,
	2023		2022
Warrants		12,346,215		12,346,215
Convertible preferred stock		-		1,692,672
TOTAL POSSIBLE DILUTIVE SHARES		12,346,215		14,038,887
NOTE 4 – REVENUE RECOGNITION<br><br><br><br>Products consist of the following:
---
·	Antimony: includes antimony oxide, antimony trisulfide, and antimony metal
---	---
·	Zeolite: includes coarse and fine zeolite crushed in various sizes
·	Precious metals: includes unrefined and refined gold and silver

Sales of products for the three months ended September 30, 2023 and 2022 were as follows:

	For the three months ended
	September 30,		September 30,
	2023		2022
Antimony	$	1,641,666	$	1,671,301
Zeolite		671,825		792,683
Precious metals		-		-
TOTAL REVENUE	$	2,313,491	$	2,463,984

Sales of products for the nine months ended September 30, 2023 and 2022 were as follows:

	For the nine months ended
	September 30,		September 30,
	2023		2022
Antimony	$	4,844,466	$	6,972,312
Zeolite		1,941,009		2,487,116
Precious metals		242,433		165,183
TOTAL REVENUE	$	7,027,908	$	9,624,611

The Company’s trade accounts receivable balance related to contracts with customers was $1,390,437 at September 30, 2023 and $784,457 at December 31, 2022. The Company’s allowance for doubtful accounts related to trade accounts receivables was $75,000 at September 30, 2023 and $31,440 at December 31, 2022. The Company’s products do not involve any warranty agreements and product returns are not typical.

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UNITED STATES ANTIMONY CORPORATION AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

September 30, 2023

NOTE 5 – INVENTORIES

Inventories at September 30, 2023 and December 31, 2022 consisted primarily of finished antimony metal and oxide products, antimony ore and concentrates, and finished zeolite products. Inventories are stated at the lower of first-in, first-out cost or estimated net realizable value. Finished antimony metal and oxide products and finished zeolite products costs include raw materials, direct labor, processing facility overhead costs and freight. Inventories at September 30, 2023 and December 31, 2022 were as follows:

	September 30,<br><br>2023		December 31,<br><br>2022
Antimony Metal	$	503,873	$	142,230
Antimony Oxide		128,945		509,643
Antimony Ore and Concentrates		867,049		545,373
Total antimony	$	1,499,867	$	1,197,246
Zeolite		376,688		177,822
TOTAL INVENTORIES	$	1,876,555	$	1,375,068

At September 30, 2023 and December 31, 2022, inventories were valued at cost, except for inventory related to Mexican operations, which was valued at net realizable value because the production costs of the Mexican inventory were greater than the amount the Company expected to receive on the sale of antimony contained in inventory. The adjustment to inventory for net realizable value was $883,390 and $409,919 for the nine months ended September 30, 2023 and 2022, respectively. The adjustment to inventory for net realizable value was $427,152 and $273,083 for the three months ended September 30, 2023 and 2022, respectively.

Antimony oxide and metal inventory consisted of finished product held at the Company’s plants in Montana and Mexico. Antimony ore and concentrates were held primarily at sites in Mexico. The Company’s zeolite inventory consisted of saleable zeolite material at the Company’s plant in Idaho.

NOTE 6 – PROPERTIES, PLANTS AND EQUIPMENT

The major components of the Company’s properties, plants and equipment by segment at September 30, 2023 and December 31, 2022 were as follows:

	Antimony Segment						Zeolite Segment			Precious Metals
September 30, 2023	USAC			USAMSA			BRZ			Segment			TOTAL
Plant and equipment	$	1,822,775		$	9,459,098		$	5,464,280		$	1,347,912		$	18,094,065
Buildings		243,248			875,024			2,025,043			-			3,143,315
Land and other		2,431,387			2,886,037			16,753			-			5,334,177
Total	$	4,497,410		$	13,220,159		$	7,506,076		$	1,347,912		$	26,571,557
Accumulated depreciation		(2,796,806	)		(6,625,450	)		(3,582,124	)		(633,635	)		(13,638,015	)
Properties, Plants, and Equipment, Net	$	1,700,604		$	6,594,709		$	3,923,952		$	714,277		$	12,933,542
	Antimony Segment						Zeolite Segment			Precious Metals
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
December 31, 2022	USAC			USAMSA			BRZ			Segment			TOTAL
Plant and equipment	$	1,760,926		$	9,090,860		$	4,996,216		$	1,347,912		$	17,195,914
Buildings		243,248			870,534			1,047,023			-			2,160,805
Land and other		2,431,387			2,796,037			16,753			-			5,244,177
Construction in progress		-			280,406			170,535			-			450,941
Total	$	4,435,561		$	13,037,837		$	6,230,527		$	1,347,912		$	25,051,837
Accumulated depreciation		(2,767,803	)		(6,212,433	)		(3,392,861	)		(550,616	)		(12,923,713	)
Properties, Plants, and Equipment, Net	$	1,667,758		$	6,825,404		$	2,837,666		$	797,296		$	12,128,124
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UNITED STATES ANTIMONY CORPORATION AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

September 30, 2023

At September 30, 2023 and December 31, 2022, the Company had $280,406 and $1,117,041, respectively, of assets that were not yet placed in service and were not yet depreciated.

NOTE 7 – DEBT

Long term debt at September 30, 2023 and December 31, 2022 was as follows:

			December 31,<br><br>2022
Promissory note payable to First Security Bank of Missoula, bearing interest at 2.25%, payable in 59 monthly installments of 1,409 with a final payment of 152,726 maturing November 9, 2026; collateralized by a lien on Certificate of Deposit	192,589		$	201,908
Installment contract payable to Caterpillar Financial Services, bearing interest at 6.65%, payable in 24 monthly installments of 7,210 maturing April 28, 2024; collateralized by 2007 Caterpillar 740 articulated truck	49,367			110,097
Total debt	241,956		$	312,005
Less current portion of debt	(62,064	)		(94,150	)
Long term portion of debt	179,892		$	217,855

All values are in US Dollars.

At September 30, 2023, principal payments on debt were due as follows:

Twelve months ending September 30,	Principal payment
2024	$	62,064
2025	$	12,998
2026	$	13,293
2027	$	153,601
	$	241,956

NOTE 8 – COMMITMENTS AND CONTINGENCIES

The Company follows U.S. GAAP guidance in determining its accruals and disclosures with respect to loss contingencies and evaluates such accruals and contingencies for each reporting period. Accordingly, estimated losses from loss contingencies are accrued by a charge to income when information available prior to issuance of the financial statements indicates that it is probable that a loss could be incurred, and the amount of the loss can be reasonably estimated. Legal expenses associated with the contingency are expensed as incurred. If a loss contingency is not probable or reasonably estimable, disclosure of the loss contingency is made in the financial statements when it is at least reasonably possible that a material loss could be incurred.

Historically, from time to time, the Company is assessed fines and penalties by the Mine Safety and Health Administration (“MSHA”). Using appropriate regulatory channels, management may contest these proposed assessments. At September 30, 2023 and December 31, 2022, the Company had no accrued liabilities relating to such assessments. Bear River Zeolite Company (“BRZ”), a wholly owned subsidiary of the Company, received twelve significant and substantial citations from MSHA in September and October of 2023. BRZ rectified the matters noted in eight of the twelve citations and received termination dates for these eight citations from MSHA. The Company is working to rectify the four remaining citations; however, the outcome of these citations as well as the impact on the Company’s results of operations or financial position is unknown.

The Company pays various royalties that, on a combined basis, generally vary around 8% to 13% of zeolite products sold. At September 30, 2023 and December 31, 2022, the Company had accrued royalties payable of $107,937 and $435,075, respectively. The decrease in royalties payable in 2023 was primarily due to the Company finalizing its estimates and paying a royalty obligation in 2023 that had been accumulating since 2016.

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UNITED STATES ANTIMONY CORPORATION AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

September 30, 2023

On August 8, 2022, the Company executed a preliminary Purchase Option Agreement (the “Agreement”) with SB Wadley SA de CV (“Wadley”) whereby the Company leases, with an option to acquire, mining claims located in Mexico known as the Wadley Property. Under the Agreement, the Company agreed to pay Wadley eight monthly installments of $10,000 plus VAT for the right to mine and conduct geological and resource studies as due diligence and exploration on the Wadley Property. At the end of such eight-month period, should the Company choose to exercise its option to acquire following due diligence and assessment of geological and resource studies, the Company agreed to pay Wadley $2,230,000 and seven annual payments of $1,160,000. The due diligence period under the Agreement was extended to October 15, 2023. After evaluation in October 2023 of Wadley Property information and the Agreement, the Company officially notified Wadley on October 12, 2023 that it did not intend to acquire the Wadley Property and terminated this Agreement. During the fourth quarter of 2023, the Company expects to incur a loss on disposal of assets of approximately $130,000 related to the termination of this Agreement.

Mexican Tax Assessment

In 2015, the Mexican tax authority (“SAT”) initiated an audit of the USAMSA’s 2013 income tax return. In October 2016, as a result of its audit, SAT assessed the Company $13.8 million pesos, which was approximately $666,400 in U.S. Dollars (“USD”) as of December 31, 2016. SAT’s assessment was based on the disallowance of specific costs that the Company deducted on the 2013 USAMSA income tax return. The assessment was settled in 2018 with no assessment due from the Company.

In early 2019, the Company was notified that SAT re-opened its assessment of USAMSA’s 2013 income tax return and, in November 2019, SAT assessed the Company $16.3 million pesos, which was approximately $795,000 USD as of December 31, 2021.

Management reviewed the 2019 assessment notice from SAT and, similar to the earlier assessment, believes the findings have no merit. An appeal was filed by the Company in November 2019 suspending SAT from taking immediate action regarding the assessment. The Company posted a guarantee of the amount in March 2020 as is required under the appeal process. In August 2020, the Company filed a lawsuit against SAT for resolution of the process and, in December 2020, filed closing arguments. In 2022, the Mexican court ruled against the Company in the above matter. The Company subsequently appealed the ruling, which is still pending.

As of September 30, 2023, the updated SAT assessment was approximately $22 million pesos, which was approximately $1,262,000 USD, comprising $343,000 of unpaid income taxes and $919,000 of interest and penalties. Management, along with its legal counsel, assessed the possible outcomes for this tax audit and believes, based on discussions with its tax attorneys located in Mexico, that the most likely outcome will be that the Company will be successful in its appeal resulting in no tax due. Management determined that no amount should be accrued at September 30, 2023 or December 31, 2022 relating to this potential tax liability. However, there can be no assurance that the Company’s ultimate liability, if any, will not have a material adverse effect on the Company’s results of operations or financial position.

If the SAT audit is resolved in a manner inconsistent with management expectations, the Company will record changes to tax liabilities and tax expense associated with the assessment. Also, the Company will recognize penalties associated with the assessment in general and administrative expense and interest associated with the assessment will be recorded as interest expense.

NOTE 9 – STOCKHOLDERS’ EQUITY

On January 25, 2023, the holders of 1,692,672 shares of Series D Preferred stock converted their respective preferred shares and the Company issued 1,692,672 shares of common stock. The Company also paid the holders $787,730 for dividends payable as declared on November 28, 2022. 1,590,672 shares of the 1,692,672 shares of Series D Preferred stock that were converted and $740,261 of the $787,730 of dividends paid related to the estate of John Lawrence, who was a prior President and Chairman of the Company.

On January 26, 2023, in conjunction with its share repurchase plan, the Company returned to treasury and cancelled 418,696 of its common shares which were repurchased prior to December 31, 2022 for $202,980.

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UNITED STATES ANTIMONY CORPORATION AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

September 30, 2023

Common stock warrants

No warrants were issued, expired, or exercised during the nine months ended September 30, 2023 and 2022.

The composition of the Company’s warrants outstanding at September 30, 2023 and December 31, 2022 were as follows:

		Expiration Date
2,285,715	0.46	7/31/25	1.84
804,000	0.46	1/27/26	2.33
7,650,000	0.85	8/3/26	2.84
1,606,500	0.85	2/1/26	2.34
12,346,215

NOTE 10 – BUSINESS SEGMENTS

The Company is organized and managed with four business segments, which represent our operating units: United States antimony operations, Mexican antimony operations, precious metals recovery and United States zeolite operations.

The Puerto Blanco mill and the Madero smelter at the Company’s Mexico operation bring antimony up to an intermediate or finished stage, which may be sold directly to customers in the United States or shipped to the United States operation for finishing at the Company’s plant near Thompson Falls, Montana. The Puerto Blanco mill in Mexico is the site of our crushing and flotation plant, and a cyanide leach plant which recovers precious metals after the ore goes through the crushing and flotation cycles. A precious metals recovery plant is operated in conjunction with the antimony processing plant at Thompson Falls, Montana, where a 99% precious metals mix is produced. The zeolite operation produces zeolite near Preston, Idaho. Almost all sales of products from the United States antimony and zeolite operations are to customers in the United States. Sales to foreign customers are primarily to customers in Canada.

Total Assets:	September 30,		December 31,
	2023		2022
Antimony
United States	$	16,253,362	$	21,636,386
Mexico		9,100,457		8,484,131
Subtotal antimony	$	25,353,819	$	30,120,517
Precious metals
United States		201,338		172,004
Mexico		553,981		625,292
Subtotal precious metals	$	755,319	$	797,296
Zeolite	$	4,817,592	$	3,782,637
TOTAL ASSETS	$	30,926,730	$	34,700,450
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UNITED STATES ANTIMONY CORPORATION AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)<br><br>September 30, 2023
Capital expenditures:	For the three months ended<br><br>September 30,				For the nine months ended<br><br>September 30,
---	---	---	---	---	---	---	---	---
	2023		2022		2023		2022
Antimony
United States	$	-	$	1,655	$	61,849	$	81,931
Mexico		30,000		151,559		182,322		163,125
Subtotal antimony	$	30,000	$	153,214	$	244,171	$	245,056
Precious metals		-		-		-		17,518
Zeolite		141,864		56,008		1,275,549		491,247
Total capital expenditures	$	171,864	$	209,222	$	1,519,720	$	753,821
Segment operations for the three months ended September 30, 2023	Antimony - USA		Antimony -Mexico			Total Antimony			Precious Metals			Zeolite			Total
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
Total revenues	$	1,391,733	$	249,933		$	1,641,666		$	-		$	671,825		$	2,313,491
Depreciation and amortization	$	10,360	$	137,735		$	148,095		$	27,673		$	73,193		$	248,961
Income (loss) from operations	$	47,534	$	(1,465,000	)	$	(1,417,466	)	$	(27,673	)	$	(379,422	)	$	(1,824,561	)
Other income															$	180,033
NET LOSS															$	(1,644,528	)
Segment operations for the three months ended September 30, 2022	Antimony - USA		Antimony -Mexico			Total Antimony			Precious Metals			Zeolite		Total
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
Total revenues	$	1,671,301	$	-		$	1,671,301		$	-		$	792,683	$	2,463,984
Depreciation and amortization	$	10,262	$	154,238		$	164,500		$	27,673		$	50,610	$	242,783
Income (loss) from operations	$	802,817	$	(817,746	)	$	(14,929	)	$	(27,763	)	$	103,088	$	60,486
Other expense														$	(10,084	)
NET INCOME														$	50,402
Segment operations for the nine months ended September 30, 2023	Antimony - USA			Antimony -Mexico			Total Antimony			Precious Metals		Zeolite			Total
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
Total revenues	$	4,356,077		$	488,389		$	4,844,466		$	242,433	$	1,941,009		$	7,027,908
Depreciation and amortization	$	29,002		$	413,019		$	442,021		$	83,019	$	189,262		$	714,302
Income (loss) from operations	$	(207,907	)	$	(2,877,838	)	$	(3,085,745	)	$	159,414	$	(420,175	)	$	(3,346,506	)
Other income															$	558,529
NET LOSS															$	(2,787,977	)
Segment operations for the nine months ended September 30, 2022	Antimony - USA		Antimony -Mexico			Total Antimony		Precious Metals		Zeolite		Total
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
Total revenues	$	6,144,490	$	827,822		$	6,972,312	$	165,183	$	2,487,116	$	9,624,611
Depreciation and amortization	$	30,832	$	436,431		$	467,263	$	82,867	$	143,860	$	693,990
Income (loss) from operations	$	2,314,965	$	(1,477,387	)	$	837,578	$	82,316	$	279,503	$	1,199,397
Other expense												$	(9,124	)
NET INCOME												$	1,190,273
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ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS AND PLAN OF OPERATION.

CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS

This quarterly report and the exhibits attached hereto contain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, as amended. Such forward-looking statements concern the Company’s anticipated results and developments in the Company’s operations in future periods, planned exploration and development of its properties, plans related to its business and other matters that may occur in the future. These statements relate to analyses and other information that are based on forecasts of future results, estimates of amounts not yet determinable and assumptions of management.

Any statement that expresses or involves discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance (often, but not always using words or phrases such as “expects” or “does not expect”, “is expected”, “anticipates” or “does not anticipate”, “plans”, “estimates”, or “intends”, or states that certain actions, events or results “may” or “could”, “would”, “might” or “will” be taken, occur or be achieved) are not statements of historical fact and may be forward-looking statements. Forward-looking statements are subject to a variety of known and unknown risks, uncertainties and other factors which could cause actual events or results to differ from those expressed or implied by the forward-looking statements, including, without limitation risks related to:

·	The Company’s properties being in the exploration stage;
·	The mineral operations being subject to government regulation;
·	The Company’s ability to obtain additional capital to develop the Company’s resources, if any;
·	Mineral exploration and development activities;
·	Mineral estimates;
·	The Company’s insurance coverage for operating risks;
·	The fluctuation of prices for precious and base metals, such as gold and silver;
·	The competitive industry of mineral exploration;
·	The title and rights in the Company’s mineral properties;
·	Environmental hazards;
·	The possible dilution of the Company’s common stock from additional financing activities;
·	Metallurgical and other processing problems;
·	Unexpected geological formations;
·	Global economic and political conditions;
·	Staffing in remote locations;
·	Changes in product costing;
·	Inflation on operational costs and profitability;
·	Competitive technology positions and operating interruptions (including, but not limited to, labor disputes, leaks, fires, flooding, landslides, power outages, explosions, unscheduled downtime, transportation interruptions, war and terrorist activities);
·	Global pandemics or civil unrest;
·	Mexican labor and cartel issues regarding safety and organized control over our properties;
·	The positions and associated outcomes of Mexican and other taxing authorities;
·	The possible dilution of the Company’s common stock from additional financing activities;
·	Potential conflicts of interest with the Company’s management; and
·	The Company’s common stock.
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This list is not exhaustive of the factors that may affect the Company’s forward-looking statements. Some of the important risks and uncertainties that could affect forward-looking statements are described further under the sections titled “Risk Factors”, “Description of Business” and “Management’s Discussion and Analysis and Plan of Operation” of this Quarterly Report. If one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those anticipated, believed, estimated or expected. The Company cautions readers not to place undue reliance on any such forward-looking statements, which speak only as of the date made. United States Antimony Corporation disclaims any obligation subsequently to revise any forward-looking statements to reflect events or circumstances after the date of such statements or to reflect the occurrence of anticipated or unanticipated events, except as required by law. The Company advises readers to carefully review the reports and documents filed from time to time with the Securities and Exchange Commission (the “SEC”), particularly the Company’s Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K.

As used in this Quarterly Report, the terms “we,” “us,” “our,” “United State Antimony Corporation,”, “US Antimony,” “USAC,” and the “Company”, mean United States Antimony Corporation, unless otherwise indicated. All dollar amounts in this Quarterly Report are expressed in U.S. dollars, unless otherwise indicated.

Management’s Discussion and Analysis is intended to be read in conjunction with the Company’s condensed consolidated financial statements and the integral notes (“Notes”) thereto included in the Company’s Annual Report on Form 10-K for the fiscal year ending December 31, 2022. The following statements may be forward-looking in nature and actual results may differ materially.

DESCRIPTION OF BUSINESS

History

United States Antimony Corporation was incorporated in Montana in January 1970 to mine and produce antimony products. In December 1983, the Company suspended antimony ore mining operations in the U.S. but continued to produce antimony products using foreign sources of antimony ore. In April 1998, the Company formed United States Antimony Mexico SA de CV (“USAMSA”) to smelt antimony in Mexico, and, in August 2005, the Company formed Antimonio de Mexico, S. A. de C. V. (“ADM”) to explore and develop antimony and silver deposits in Mexico. The Company formed Bear River Zeolite Company (“BRZ”) in 2000 for the purpose of mining and producing zeolite in southeastern Idaho. Our principal business is the production and sale of antimony, silver, gold, and zeolite products. In May 2012, our shares of common stock started trading on the NYSE MKT (now NYSE AMERICAN) under the symbol UAMY.

Although we extract minerals from the Los Juarez, Mexico antimony property and the Bear River, Idaho zeolite property that we later process and sell, each of our properties is classified under Regulation S-K Item 1300 as an exploration stage property and the Company is classified as an exploration stage issuer because we have not prepared a technical report summary for any of our properties making a determination that the property contains proven mineral reserves or probable mineral reserves.

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Antimony Segment

The Burns Mining District of Sanders County, MT, which is approximately 15 miles west of Thompson Falls, MT, is the location of one of our antimony smelters and precious metals plants. We hold 2 patented claims, where the plant is located. Mining was suspended at this site in December 1983, because antimony ore could be purchased more economically from foreign sources; currently, the environmental permitting process precludes any mining at this site.

Since 1983, we have relied on foreign sources for antimony ore, and there are risks of interruption in procurement from these sources and/or volatile changes in world market prices for these materials that are not controllable by us. We have sources of antimony in Mexico, but we also depend on foreign companies for antimony ore. We anticipate continuing to receive antimony from our owned and leased properties in Mexico and from foreign suppliers in Canada, Mexico, and Central America, assuming economics are profitable.

In Montana, we primarily produce antimony oxide, antimony metal, antimony trisulfide, and precious metals. Our antimony oxide is used in conjunction with a halogen to form a synergistic flame-retardant system for plastics, rubber, fiberglass, textile goods, paints, coatings, and paper. Our antimony oxide is also used 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.

We estimate (but have not independently confirmed) that our present share of the domestic market and international market for antimony oxide products is approximately 4% and less than 1%, respectively. We are the only significant U.S. producer of antimony products, while China supplies approximately 92% of the world antimony demand. We believe we are competitive both domestically and worldwide due to the following factors:

·	We have a reputation for quality products delivered on a timely basis.
·	We have the only two operating, permitted antimony smelters in North and Central America.
·	We are the only U.S. producer of antimony products.
·	We can ship on short notice to domestic customers.
·	Our smelter in Coahuila is the largest operating antimony smelter in Mexico or the United States with a current maximum processing capacity of approximately 32,600 pounds of antimony ore per day.

Zeolite Segment

We own 100% of BRZ. BRZ has a lease with Zeolite LLC (f/k/a Webster Farm, L.L.C.) that entitles BRZ to surface mine and process zeolite on property located near Preston, Idaho, in exchange for a royalty payment. The annual royalty payment is the greater of: (1) the minimum annual royalty of $60,000, adjusted annually for the Consumer Price Index for all Urban Consumers, or (2) $11.00 per ton for the first ten thousand tons, $9.90 per ton for tons in excess of ten thousand up to twenty thousand, and $8.80 per ton for tons in excess of twenty thousand. This Zeolite LLC lease also requires BRZ to pay $10,000 to the lessor on March 1 of each year during the term of the lease which ends March 1, 2025. BRZ also pays other royalties on the sale of zeolite products. In total, royalties vary from 8% to 13% of sales. In addition, BRZ can surface mine and process zeolite on property owned by the U.S. Bureau of Land Management that is adjacent to the Company’s Preston, Idaho property after obtaining certain permits. Also, given the mining difficulties in the winter season, BRZ constructed warehouses to store mined zeolite prior to the winter season allow production to continue during the winter season.

“Zeolite” refers to a group of industrial minerals that consist of hydrated aluminosilicates that hold cations such as calcium, sodium, ammonium, various heavy metals, and potassium in their crystal lattice. Water is loosely held in cavities in the lattice. BRZ zeolite is regarded as one of the best zeolites in the world due to its high cation exchange capacity (CEC) of approximately 180-220 meq/100 gr. (which predicts plant nutrient availability and retention in soil), its hardness and high clinoptilolite content (which is an effective barrier to prevent problematic radionuclide movement), its absence of clay minerals, and its low sodium content. Our zeolite is used in:

☐	Soil Amendment and Fertilizer. Zeolite has been successfully used to fertilize golf courses, sports fields, parks and common areas, and high value agricultural crops.
☐	Water Filtration. Zeolite is used for particulate, heavy metal and ammonium removal in swimming pools, municipal water systems, fisheries, fish farms, and aquariums.
☐	Sewage Treatment. Zeolite is used in sewage treatment plants to remove nitrogen and as a carrier for microorganisms.
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☐	Nuclear Waste and Other Environmental Cleanup. Zeolite has shown a strong ability to selectively remove strontium, cesium, radium, uranium, and various other radioactive isotopes from solutions. Zeolite can also be used for the cleanup of soluble metals such as mercury, chromium, copper, lead, zinc, arsenic, molybdenum, nickel, cobalt, antimony, calcium, silver and uranium.
---	---
☐	Odor Control. A major cause of odor around cattle, hog, and poultry feed lots is the generation of the ammonium in urea and manure. The ability of zeolite to absorb ammonium prevents the formation of ammonia gas, which disperses the odor.
☐	Gas Separation. Zeolite has been used for some time to separate gases, to re-oxygenate downstream water from sewage plants, smelters, pulp and paper plants, and fishponds and tanks, and to remove carbon dioxide, sulfur dioxide and hydrogen sulfide from methane generators as organic waste, sanitary landfills, municipal sewage systems, animal waste treatment facilities, and is excellent in pressure swing apparatuses.
---	---
☐	Animal Nutrition. According to certain third-party research, feeding up to 2% zeolite increases growth rates, decreases conversion rates, and prevents scours. A large number of cattle are currently being fed zeolite in feed lots located in the United States.
☐	Miscellaneous Uses. Other uses include catalysts, petroleum refining, concrete, solar energy and heat exchange, desiccants, pellet binding, horse and kitty litter, floor cleaner, traction control, ammonia removal from mining waste, and carriers for insecticides, pesticides and herbicides.

SELECTED FINANCIAL DATA.

Results of Operations :	For the three months ended<br><br>September 30,						For the nine months ended<br><br>September 30,
	2023			2022			2023			2022
Revenues	$	2,313,491		$	2,463,984		$	7,027,908		$	9,624,611
Costs of revenues		3,374,563			2,033,066			8,328,503			7,339,499
Gross profit (loss)	$	(1,061,072	)	$	430,918		$	(1,300,595	)	$	2,285,112
Total operating expenses		763,489			370,432			2,045,911			1,085,715
Income (loss) from operations	$	(1,824,561	)	$	60,486		$	(3,346,506	)	$	1,199,397
Other income (expense)		180,033			(10,084	)		558,529			(9,124	)
Net income (loss)	$	(1,644,528	)	$	50,402		$	(2,787,977	)	$	1,190,273
Weighted average shares of common stock (basic)		107,647,317			106,293,842			107,519,786			106,258,384
Weighted average shares of common stock (diluted)		107,647,317			106,293,842			107,519,786			106,258,384
Balance Sheet Information:	September 30,			December 31,
---	---	---	---	---	---	---
	2023			2022
Working capital	$	15,349,110		$	19,397,489
Total assets	$	30,926,730		$	34,700,450
Accumulated deficit	$	(35,858,309	)	$	(33,070,332	)
Stockholders’ equity	$	29,081,278		$	31,869,255
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Operational and financial performance by Segment:

Antimony Segment

Financial and operational performance of antimony for the three months ended September 30, 2023 and 2022 was as follows:

Antimony - Combined USA and Mexico	2023			2022			(Decrease)
Revenue	$	1,641,666		$	1,671,301	)	(1.8		%)
Gross profit	$	(683,029	)	$	329,233	)	(307.5		%)
Pounds of antimony sold		332,565			250,244			32.9	%
Average sales price per pound	$	4.94		$	6.68	)	(26.1		%)
Average cost per pound	$	6.99		$	5.36			30.4	%
Average gross profit per pound	$	(2.05	)	$	1.32	)	(255.7		%)

All values are in US Dollars.

Financial and operational performance of antimony for the nine months ended September 30, 2023 and 2022 was as follows:

	Nine months ended<br><br>September 30,							Percent Increase/
Antimony - Combined USA and Mexico	2023			2022		Change		(Decrease)
Revenue	$	4,844,466		$	6,972,312		)	(30.5		%)
Gross profit (loss)	$	(1,264,545	)	$	1,875,569		)	(167.4		%)
Pounds of antimony sold		998,573			1,046,722		)	(4.6		%)
Average sales price per pound	$	4.85		$	6.66		)	(27.2		%)
Average cost per pound	$	6.12		$	4.87				25.7	%
Average gross profit per pound	$	(1.27	)	$	1.79		)	(170.8		%)

All values are in US Dollars.

During the three and nine months ended September 30, 2023, antimony revenue decreased $29,635 and $2,127,846, respectively, or 2% and 31%, respectively, compared to the three and nine months ended September 30, 2022. The decrease was primarily due to the lower sales price per pound, which was consistent with the decline in market rates for antimony.

Gross profit for the three and nine months ended September 30, 2023 was lower by $1,012,262 and $3,140,114, respectively, compared to the three and nine months ended September 30, 2022, primarily due to the lower sales price per pound, which was consistent with the decline in market rates for antimony, and processing of antimony ore with less antimony percentage concentrate.

Zeolite Segment

Financial and operational performance of zeolite for the three months ended September 30, 2023 and 2022 was as follows:

	Three months ended<br><br>September 30,							Percent Increase/
Zeolite	2023			2022		Change		(Decrease)
Revenue	$	671,825		$	792,683		)	(15.2		%)
Gross profit	$	(350,370	)	$	129,358		)	(370.9		%)
Tons of zeolite sold		2,254			3,264		)	(30.9		%)
Average sales price per ton	$	298.06		$	242.86				22.7	%
Average cost per ton	$	453.50		$	203.22				123.2	%
Average gross profit per ton	$	(155.44	)	$	39.63		)	(492.2		%)

All values are in US Dollars.

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Financial and operational performance of zeolite for the nine months ended September 30, 2023 and 2022 was as follows:

	Nine months ended<br><br>September 30,							Percent Increase/
Zeolite	2023			2022		Change		(Decrease)
Revenue	$	1,941,009		$	2,487,116		)	(22.0		%)
Gross profit	$	(195,464	)	$	327,227		)	(159.7		%)
Tons of zeolite sold		8,007			10,336		)	(22.5		%)
Average sales price per ton	$	242.41		$	240.63				0.7	%
Average cost per ton	$	266.83		$	208.97				27.7	%
Average gross profit per ton	$	(24.41	)	$	31.66		)	(177.1		%)

All values are in US Dollars.

During the three and nine months ended September 30, 2023, zeolite revenue decreased $120,858 and $546,107, respectively, or 15% and 22%, respectively, compared to the three and nine months ended September 30, 2022. The decrease was primarily due to the decrease in tons sold, which was primarily due to a significant equipment failure for approximately 14 weeks during the nine months ended September 30, 2023. The cone of BRZ’s main cone crusher failed and production was curtailed until a new cone could be sourced, delivered, and installed. The new cone is equipped with performance monitoring features that are expected to eventually enhance our preventive maintenance program, contribute to longer and more reliable run times, and enable a material increase in production. The failure of the original cone curtailed production for approximately two months in the first quarter of 2023 until completion of the new cone acquisition and installation. The curtailment of production resulted in lower revenue for the nine months ended September 30, 2023.

During the three and nine months ended September 30, 2023, zeolite gross profit decreased $479,728 and $522,691, respectively, compared to the three and nine months ended September 30, 2022. The decrease was primarily due to increased maintenance costs and equipment and facility-related labor costs during production downtime during the nine months ended September 30, 2023.

Precious Metals Segment

Financial and operational performance of precious metals for the three months ended September 30, 2023 and 2022 was as follows:

	Three months ended<br><br>September 30,							Percent Increase/
Precious metals	2023			2022			Change	(Decrease)
Revenue	$	-		$	-				-
Gross profit	$	(27,673	)	$	(27,673	)			-
Ounces sold - gold		-			-				-
Ounces sold - silver		-			-				-

All values are in US Dollars.

Financial and operational performance of precious metals for the nine months ended September 30, 2023 and 2022 was as follows:

	Nine months ended<br><br>September 30,					Percent Increase/
Precious metals	2023		2022		Change	(Decrease)
Revenue	$	242,433	$	165,183			46.8	%
Gross profit	$	159,414	$	82,316			93.7	%
Ounces sold-gold		24.30		21.35			13.8	%
Ounces sold-silver		15,074		8,175			84.4	%

All values are in US Dollars.

Earnings before Interest, Tax, Depreciation and Amortization (“EBITDA”)

We present EBTIDA, a non-GAAP financial measurement, to supplement other measures of our financial performance. We believe that EBITDA is a useful measure of our operating performance because it eliminates non-cash expenses that do not reflect our underlying business performance. We use this measure to facilitate a comparison of our operating performance on a consistent basis from period to period, to analyze the factors and trends affecting our business and to evaluate our performance.

19
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We had an EBITDA loss of ($2,065,050) for the nine months ended September 30, 2023, compared to positive EBITDA of $1,894,533 for the nine months ended September 30, 2022.

EBIDTA by segment for the three months ended September 30, 2023 and 2022 was as follows:

Antimony - Combined USA and Mexico	Three months ended						Three months ended
	September 30, 2023						September 30, 2022
Revenue	$	1,641,666			100.0	%	$	1,671,301			100.0	%
Cost of sales	$	(2,324,695	)	(141.6		%)	$	(1,342,068	)	(80.3		%)
Gross profit (loss)	$	(683,029	)	(41.6		%)	$	329,233			19.7	%
Operating expenses	$	(734,437	)	(44.7		%)	$	(344,162	)	(20.6		%)
Income (loss) from operations	$	(1,417,466	)	(86.3		%)	$	(14,929	)	(0.9		%)
Non-operating income (expense)	$	182,734			11.1	%	$	(7,058	)	(0.4		%)
Net income (loss)	$	(1,234,731	)	(75.2		%)	$	(21,987	)	(1.3		%)
Interest expense	$	1,126			0.1	%	$	1,181			0.1	%
Depreciation and amortization	$	148,095			9.0	%	$	164,500			9.8	%
EBITDA	$	(1,085,510	)	(66.1%)			$	143,694			8.6	%
Zeolite	Three months ended						Three months ended
---	---	---	---	---	---	---	---	---	---	---	---	---
	September 30, 2023						September 30, 2022
Revenue	$	671,825			100.0	%	$	792,683			100.0	%
Cost of sales	$	(1,022,195	)	(152.2		%)	$	(663,325	)	(83.7		%)
Gross profit (loss)	$	(350,370	)	(52.2		%)	$	129,358			16.3	%
Operating expenses	$	(29,052	)	(4.3		%)	$	(26,270	)	(3.3		%)
Income (loss) from operations	$	(379,422	)	(56.5		%)	$	103,088			13.0	%
Non-operating income (expense)	$	(2,701	)	(0.4		%)	$	(3,026	)	(0.4		%)
Net income (loss)	$	(382,123	)	(56.9		%)	$	100,062			12.6	%
Interest expense	$	1,049			0.2	%	$	3,026			0.4	%
Depreciation and amortization	$	73,193			10.9	%	$	50,610			6.4	%
EBITDA	$	(307,881	)	(45.8%)			$	153,698			19.4	%
Precious Metals	Three months ended<br><br>September 30,
---	---	---	---	---	---	---
	2023			2022
Revenue	$	-		$	-
Cost of sales	$	(27,673	)	$	(27,673	)
Gross profit (loss)	$	(27,673	)	$	(27,673	)
Operating expenses	$	-		$	-
Income (loss) from operations	$	(27,673	)	$	(27,673	)
Non-operating income (expense)	$	-		$	-
Net income (loss)	$	(27,673	)	$	(27,673	)
Interest expense	$	-		$	-
Depreciation and amortization	$	27,673		$	27,673
EBITDA	$	-		$	-
20
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Company-wide	Three months ended						Three months ended
---	---	---	---	---	---	---	---	---	---	---	---	---
	September 30, 2023						September 30, 2022
Revenue	$	2,313,491			100.0	%	$	2,463,984			100.0	%
Cost of sales	$	(3,374,563	)	(145.9		%)	$	(2,033,066	)	(82.5		%)
Gross profit (loss)	$	(1,061,072	)	(45.9		%)	$	430,918			17.5	%
Operating expenses	$	(763,489	)	(33.0		%)	$	(370,432	)	(15.0		%)
Income (loss) from operations	$	(1,824,561	)	(78.9		%)	$	60,486			2.5	%
Non-operating income (expense)	$	180,033			7.8	%	$	(10,084	)	(0.4		%)
Net income (loss)	$	(1,644,528	)	(71.1		%)	$	50,402			2.0	%
Interest expense	$	2,175			0.1	%	$	4,207			0.2	%
Depreciation and amortization	$	248,961			10.8	%	$	242,783			9.9	%
EBITDA	$	(1,393,392	)	(60.2		%)	$	297,392			12.1	%

EBIDTA by segment for the nine months ended September 30, 2023 and 2022 was as follows:

Antimony - Combined USA and Mexico	Nine months ended						Nine months ended
	September 30, 2023						September 30, 2022
Revenue	$	4,844,466			100.0	%	$	6,972,312			100.0	%
Cost of sales	$	(6,109,011	)	(126.1		%)	$	(5,096,743	)	(73.1		%)
Gross profit (loss)	$	(1,264,545	)	(26.1		%)	$	1,875,569			26.9	%
Operating expenses	$	(1,821,200	)	(37.6		%)	$	(1,037,991	)	(14.9		%)
Income (loss) from operations	$	(3,085,745	)	(63.7		%)	$	837,578			12.0	%
Non-operating income (expense)	$	564,852			11.7	%	$	(3,723	)	(0.1		%)
Net income (loss)	$	(2,520,892	)	(52.0		%)	$	833,855			12.0	%
Interest expense	$	3,843			0.1	%	$	4,869			0.1	%
Depreciation and amortization	$	442,021			9.1	%	$	467,263			6.7	%
EBITDA	$	(2,075,028	)	(42.8		%)	$	1,305,987			18.7	%
21
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Zeolite	Nine months ended						Nine months ended
---	---	---	---	---	---	---	---	---	---	---	---	---
	September 30, 2023						September 30, 2022
Revenue	$	1,941,009			100.0	%	$	2,487,116			100.0	%
Cost of sales	$	(2,136,473	)	(110.1		%)	$	(2,159,889	)	(86.8		%)
Gross profit (loss)	$	(195,464	)	(10.1		%)	$	327,227			13.2	%
Operating expenses	$	(224,711	)	(11.6		%)	$	(47,724	)	(1.9		%)
Income (loss) from operations	$	(420,175	)	(21.6		%)	$	279,503			11.2	%
Non-operating income (expense)	$	(6,323	)	(0.3		%)	$	(5,401	)	(0.2		%)
Net income (loss)	$	(426,498	)	(22.0		%)	$	274,102			11.0	%
Interest expense	$	4,782			0.2	%	$	5,401			0.2	%
Depreciation and amortization	$	189,262			9.8	%	$	143,860			5.8	%
EBITDA	$	(232,454	)	(12.0		%)	$	423,363			17.0	%
Precious Metals	Nine months ended						Nine months ended
---	---	---	---	---	---	---	---	---	---	---	---	---
	September 30, 2023						September 30, 2022
Revenue	$	242,433			100.0	%	$	165,183			100.0	%
Cost of sales	$	(83,019	)	(34.2		%)	$	(82,867	)	(50.2		%)
Gross profit (loss)	$	159,414			65.8	%	$	82,316			49.8	%
Operating expenses	$	-			0.0	%	$	-			0.0	%
Income (loss) from operations	$	159,414			65.8	%	$	82,316			49.8	%
Non-operating income (expense)	$	-			0.0	%	$	-			0.0	%
Net income (loss)	$	159,414			65.8	%	$	82,316			49.8	%
Interest expense	$	-			0.0	%	$	-			0.0	%
Depreciation and amortization	$	83,019			34.2	%	$	82,867			50.2	%
EBITDA	$	242,433			100.0	%	$	165,183			100.0	%
Company-wide	Nine months ended						Nine months ended
---	---	---	---	---	---	---	---	---	---	---	---	---
	September 30, 2023						September 30, 2022
Revenue	$	7,027,908			100.0	%	$	9,624,611			100.0	%
Cost of sales	$	(8,328,503	)	(118.5		%)	$	(7,339,499	)	(76.3		%)
Gross profit (loss)	$	(1,300,595	)	(18.5		%)	$	2,285,112			23.7	%
Operating expenses	$	(2,045,911	)	(29.1		%)	$	(1,085,715	)	(11.3		%)
Income (loss) from operations	$	(3,346,506	)	(47.6		%)	$	1,199,397			12.5	%
Non-operating income (expense)	$	558,529			7.9	%	$	(9,124	)	(0.1		%)
Net income (loss)	$	(2,787,977	)	(39.7		%)	$	1,190,273			12.4	%
Interest expense	$	8,625			0.1	%	$	10,270			0.1	%
Depreciation and amortization	$	714,302			10.2	%	$	693,990			7.2	%
EBITDA	$	(2,065,050	)	(29.4		%)	$	1,894,533			19.7	%
22
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Capital Resources and Liquidity:
---	---	---	---	---	---	---
Working Capital:	September 30,<br><br>2023			December 31,<br><br>2022
Current assets	$	16,628,806		$	21,617,359
Current liabilities		(1,279,696	)		(2,219,870	)
Working capital	$	15,349,110		$	19,397,489
Cash Flows:	For the nine months ended
---	---	---	---	---	---	---
	September 30,<br><br>2023			September 30,<br><br>2022
Cash flow provided (used) by operating activities	$	(3,817,887	)	$	22,916
Cash flow used by investing activities		(1,519,720	)		(13,685,072	)
Cash flow used by financing activities		(857,779	)		(42,080	)
Net decrease in cash and cash equivalents during the period	$	(6,195,386	)	$	(13,704,236	)

As of September 30, 2023, the Company had cash and cash equivalents of $12,864,992.

Cash flow used by operating activities was $3,817,887 for the nine months ended September 30, 2023, compared to cash flow provided by operating activities of $22,916 for the nine months ended September 30, 2022. The $3,840,803 decrease in cash flow from operating activities was attributable primarily to the differential between the net loss generated during 2023 compared to the net income generated during 2022, an increase in the use of cash in inventories in 2023, and an increase in the payment of royalties in 2023. The increase in the use of cash in inventories was primarily due to an increase in antimony ore inventory in Mexico in 2023, which can be used in future processing. The increase in the payment of royalties was primarily due to the Company finalizing its estimates and paying a royalty obligation in 2023 that had been accumulating since 2016.

Cash flow used by investing activities was $1,519,720 for the nine months ended September 30, 2023, compared to $13,685,072 for the nine months ended September 30, 2022. The use of cash in 2023 related to purchases of fixed assets primarily at BRZ, which included the purchase of a new cone for the cone crusher. The use of cash in 2022 related primarily to investing cash in U.S. treasury bonds and other fixed income funds to improve return on cash.

Cash flow used by financing activities increased by $815,699 to $857,779 for the nine months ended September 30, 2023, compared to $42,080 for the nine months ended September 30, 2022. This increase in the use of cash was primarily due to the payment of dividends of $787,730 on January 25, 2023 to the holders of 1,692,672 shares of Series D Preferred Stock related to the conversion of these shares into common stock.

We are planning to continue using our funds to make improvements to our operations with the goal of increasing production and decreasing costs and for revenue growth. Also, we plan to continue to review the operations and financial results of each segment in order to make informed decisions that benefit the Company overall.

In the past, the Company has been successful in raising required capital from the sale of common stock and, to a lesser extent, from debt issuance. As a result of planned operations and potential equity sales and debt borrowings, management believes cash flows from operations and existing cash and cash equivalents are sufficient to conduct planned operations and meet contractual obligations for the next 12 months.

ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

Not applicable.

ITEM 4. CONTROLS AND PROCEDURES

Conclusions of Management Regarding Effectiveness of Disclosure Controls and Procedures

At the end of the period covered by this Quarterly Report on Form 10-Q, an evaluation was carried out under the supervision and with the participation of the Company's management, including the Principal Executive Officer ("PEO") and Principal Financial Officer ("PFO"), of the effectiveness of the design and operations of the Company's disclosure controls and procedures (as defined in Rule 13a – 15(e) and Rule 15d – 15(e) under the Exchange Act). Based on that evaluation, the PEO and the PFO have concluded that as of the end of the period covered by this report, the Company's disclosure controls and procedures were not effective as it was determined that there were material weaknesses affecting our disclosure controls and procedures related to segregation of accounting duties.

Management of the Company believes that these material weaknesses are due to the small size of the Company's accounting staff. The small size of the Company's accounting staff may prevent adequate controls in the future, such as segregation of duties, due to the cost/benefit of such remediation. To mitigate the current limited resources and limited employees, we rely heavily on direct management oversight of transactions, along with the use of external accounting and legal professionals. As the Company grows, management expects to increase the number of employees, which will enable us to implement adequate segregation of duties within the internal control framework.

Changes in Internal Control over Financial Reporting

There have been no changes during the quarter ended September 30, 2023 in the Company’s internal controls over financial reporting that have materially affected, or are reasonably likely to materially affect, internal controls over financial reporting.

23
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PART II - OTHER INFORMATION

ITEM 1. LEGAL PROCEEDINGS.

United States Antimony Corporation is not a party to any material legal proceedings, and, to management’s knowledge, no such proceedings are threatened or contemplated. No director, officer or affiliate of United States Antimony Corporation and no owner of record or beneficial owner of more than 5% of the Company’s securities or any associate of any such director, officer or security holder is a party adverse to United States Antimony Corporation or has a material interest adverse to United States Antimony Corporation in reference to pending litigation.

ITEM 1A. RISK FACTORS.

There have been no material changes from the risk factors as previously disclosed in the Company’s Form 10-K for the year ended December 31, 2022 which was filed with the SEC on July 18, 2023.

ITEM 2. RECENT SALES OF UNREGISTERED SECURITIES.

For the three months ended September 30, 2023, the Company sold no common stock.

ITEM 3. DEFAULTS UPON SENIOR SECURITIES.

None.

ITEM 4. MINE SAFETY DISCOSURES.

The information concerning mine safety violations or other regulatory matters required by Section 1503 (a) of the Dodd-Frank Wall Street Reform and Consumer Protection Act and Item 104 of Regulation S-K is included in Exhibit 95 to this report.

ITEM 5. OTHER INFORMATION.

None.

24
Table of Contents

ITEM 6. EXHIBITS.

Exhibit No.	Description
3.1	Second Amended and Restated Articles of Incorporation (incorporated by reference as Exhibit 3.1 to the Company’s current Report on Form 8-K filed with the SEC on January 15, 2021)
3.2	Amended and Restated Bylaws (incorporated by reference to Exhibit 3.02 to the Company’s Current Report on Form 8-K filed with the SEC on December 20, 2012)
31.1	Rule 15d-14(a) Certification by Principal Executive Officer
31.2	Rule 15d-14(a) Certification by Principal Financial Officer
32.1	Section 1350 Certification of Principal Executive Officer
32.2	Section 1350 Certification of Principal Financial Officer
95	Mine Safety Disclosure
101.INS	Inline XBRL Instance Document.
101.SCH	Inline XBRL Taxonomy Extension Schema Document.
101.CAL	Inline XBRL Taxonomy Extension Calculation Linkbase Document.
101.DEF	Inline XBRL Taxonomy Extension Definition Linkbase Document.
101.LAB	Inline XBRL Taxonomy Extension Label Linkbase Document.
101.PRE	Inline XBRL Taxonomy Extension Presentation Linkbase Document.
104	Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101).
25
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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 10, 2023	By:	/s/ John C. Gustavsen
		John C. Gustavsen
		(Principal Executive Officer and Chief Executive Officer)
Date: November 10, 2023	By:	/s/ Richard R. Isaak
		Richard R. Isaak
		(Principal Accounting Officer and Chief Financial Officer)
26
---

uamy_ex311.htm

EXHIBIT 31.1

Certification

I, John C. Gustavsen, certify that:

1.	I have reviewed this quarterly report on Form 10-Q of United States Antimony Corporation for the quarter ended September 30, 2023;
2.	Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3.	Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
4.	The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a–15(e) and 15d–15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a–15(f) and 15d–15(f)) for the registrant and have:

(a)	Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
(b)	Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
(c)	Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
(d)	Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5.	The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a)	All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
(b)	Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: November 10, 2023

/s/ John C. Gustavsen

| John C. Gustavsen |

| (Principal Executive Officer and Chief Executive Officer) |

uamy_ex312.htm

EXHIBIT 31.2

Certification

I, Richard R. Isaak, certify that:

1.	I have reviewed this quarterly report on Form 10-Q of United States Antimony Corporation for the quarter ended September 30, 2023;
2.	Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3.	Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
4.	The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a–15(e) and 15d–15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a–15(f) and 15d–15(f)) for the registrant and have:

(a)	Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
(b)	Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
(c)	Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
(d)	Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5.	The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a)	All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
(b)	Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: November 10, 2023

/s/ Richard R. Isaak

| Richard R. Isaak |

| (Principal Accounting Officer and Chief Financial Officer) |

uamy_ex321.htm

EXHIBIT 32.1

CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350

AS ADOPTED PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the quarterly report of United States Antimony Corporation (the “Company”) on Form 10‑Q for the quarter ended September 30, 2023, as filed with the Securities and Exchange Commission (the “Report”), the undersigned principal executive officer of the Company, hereby certifies pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

(1)	the Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
(2)	the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

Date: November 10, 2023

/s/ John C. Gustavsen

| John C. Gustavsen |

| (Principal Executive Officer and Chief Executive Officer) |

uamy_ex322.htm

EXHIBIT 32.2

CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350

AS ADOPTED PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

(1)	the Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
(2)	the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

Date: November 10, 2023

/s/ Richard R. Isaak

| Richard R. Isaak |

| (Principal Accounting Officer and Chief Financial Officer) |

uamy_ex95.htm

EXHIBIT 95

MINE SAFETY DISCLOSURE

Pursuant to Section 1503(a) of the recently enacted Dodd-Frank Wall Street Reform and Consumer Protection Act (the “Dodd-Frank Act”), issuers that are operators, or that have a subsidiary that is an operator, of a coal or other mine in the United States are required to disclose in their periodic reports filed with the SEC information regarding specified health and safety violations, orders and citations, issued under the Federal Mine Safety and Health Act of 1977 (the “Mine Act”) by the Mine Safety and Health Administration (the “MSHA”), as well as related assessments and legal actions, and mining-related fatalities.

The following table provides information for the year ended September 30, 2023.

Mine	§104 Significant and Substantial Citations (1)	§104(b) Orders (2)	§104(d) Citations and Orders (3)	§110(b)(2) Violations (4)	§107(a) Orders (5)	Proposed Assessments from MSHA (In dollars $)	Mining Related Fatalities	§104(e) Notice (yes/no) (6)	Pending Legal Action before Federal Mine Safety and Health Review Commission (yes/no)

| Bear River Zeolite | 9 | 0 | 0 | 0 | 0 | 0 | 0 | No | No |

(1)	The total number of violations received from MSHA under §104 of the Mine Act, which includes citations for health or safety standards that could significantly and substantially contribute to a serious injury if left unabated.
(2)	The total number of orders issued by MSHA under §104(b) of the Mine Act, which represents a failure to abate a citation under §104(a) within the period of time prescribed by MSHA.
(3)	The total number of citations and orders issued by MSHA under §104(d) of the Mine Act for unwarrantable failure to comply with mandatory health or safety standards.
(4)	The total number of flagrant violations issued by MSHA under §110(b)(2) of the Mine Act.
(5)	The total number of orders issued by MSHA under §107(a) of the Mine Act for situations in which MSHA determined an imminent danger existed.
(6)	A written notice from the MSHA regarding a pattern of violations, or a potential to have such pattern under §104(e) of the Mine Act.