UNITED STATES ANTIMONY CORP Annual Report - How They Performed This Year

Let's see how UNITED STATES ANTIMONY CORP (UAMY) performed this past year. Think of this as a chat with a friend. We'll break down their business without confusing financial talk. We'll cover what they do, how they made money, any big wins or bumps in the road, and what the future might hold.

Here's what we'll dive into:

1. What does this company do and how did they perform this year? UNITED STATES ANTIMONY CORP (UAMY) mines and produces Antimony, Zeolite, and Precious Metals like gold and silver. They run mining and processing facilities. These include their Metals Concentration Facility in Philipsburg, Montana. A new flotation and concentration facility is planned for Radersburg, Montana. They are an established company. They regularly file financial reports on time with the SEC. This gives them more flexibility to raise money. The past year (ending December 31, 2025) brought significant expansion and strategic moves. They raised a lot of money and bought new mining rights. This will boost future production.

2. Financial performance - sales, profit, growth metrics The company clearly focused on raising money for growth. USAC raised money several times. They sold shares directly to investors in August and October 2025. They also sold shares in March 2026, just after the year ended. Selling shares directly to investors shows they needed funds. This money supports their big expansion plans and daily operations. They likely used this money to buy new mining rights in 2025. These include the Fairbanks Agreements and Fostung Properties. They also developed new processing facilities. All these moves aim to boost future production and potential sales.

3. Major wins and challenges this year

   • Big Wins:
     • Expanding their footprint: USAC bought many new mining rights in 2025. These include the Fairbanks Agreements and Fostung Properties. These purchases secure long-term mineral resources. They also expand USAC's operations, especially for antimony and precious metals.
     • New Facilities: They opened their Metals Concentration Facility in Philipsburg, Montana, in September 2025. This facility processes mined materials. It improves efficiency and increases product value.
     • Key Supply Deal: In December 2025, they secured a big supply deal. It's with the U.S. Defense Logistics Agency Strategic Materials. This is a big win. It makes USAC a key supplier of strategic materials for national defense. This provides stable, high-profile sales and confirms their products' importance.
     • Future Collaborations: Just after year-end, in February 2026, they announced a joint venture. It's with Americas Gold and Silver Corporation. This could bring new, larger mining projects and shared expertise. They also plan a new facility in Radersburg, Montana, by January 2026. This will further boost their processing ability.
   • Bumps in the Road:
     • Mexican Tax Issues: They are dealing with Mexican tax issues from 2016 and 2019. There was a recent development in January 2026. These issues could mean big financial penalties or back taxes. They might also face legal fees or operational problems if not resolved well.
     • Capital Raising: Raising money often fuels growth. But frequent stock offerings can reduce the value of existing shares. This happened in August and October 2025, and March 2026. More shares issued means your ownership percentage shrinks.

4. Financial health - cash, debt, available funds The company sold shares multiple times. This shows they actively raised money for big expansion efforts. This money is vital for buying new mining rights and building facilities. These are big investments. These purchases also have payment plans stretching to 2029-2030. This means ongoing financial commitments. They might involve cash, royalties, or more share issues. Aggressive fundraising and long-term commitments suggest a growth company. They need continuous funding. This implies they focus on reinvestment, not immediate profit.

5. Key risks that could hurt the stock price

   • Tax Troubles: Ongoing Mexican tax issues from 2016 and 2019 could mean unexpected costs. These include fines, penalties, or back taxes. Also, operations could face disruptions. Asset freezes or permit issues would directly hurt production and profit.
   • Share Dilution: Frequent new share issues to raise money could reduce each existing share's value. This happens because earnings and assets spread across more shares. This can lower earnings per share and your ownership percentage.
   • High Investment Costs: Expansion drives growth. But big investments in new mining rights and facilities mean large financial commitments. These commitments carry risks. They could strain cash flow or require more fundraising, which means more shares issued. Projects might face delays. Investments might not bring expected returns or production.

6. Competitive positioning The supply deal with the U.S. Defense Logistics Agency Strategic Materials, secured in December 2025, shows USAC's strong position. They provide critical materials like antimony. These are vital for national security and defense. This government contract often brings stable demand and higher profit margins. It also creates a big barrier for competitors. This gives USAC a clear advantage in strategic markets.

7. Leadership or strategy changes The company changed its Equity Incentive Plan in July 2025. This usually means changes to how stock options or restricted stock units are given to staff and leaders. This change might show a new strategy. They want to attract, keep, and motivate their team. This aligns management goals with long-term shareholder value. More broadly, their strategy clearly involves aggressive expansion. They bought many mining rights, like Fairbanks and Fostung Properties. They also developed new facilities, such as Philipsburg and the planned Radersburg one. The joint venture with Americas Gold and Silver Corporation, announced in February 2026, also signals a strategic move. They aim for collaboration and potentially larger projects. This leverages shared resources and expertise.

8. Future outlook USAC seems very optimistic about its future. They made big investments in new mining rights and facilities. Payment plans for these purchases stretch to 2029-2030. This shows a commitment to long-term growth, not just quick wins. The joint venture with Americas Gold and Silver Corporation and the new Radersburg facility were announced just after year-end. Both point to continued development. They show strong potential for more production and varied sales in coming years. This aggressive expansion aims to profit from growing demand for strategic minerals.

9. Market trends or regulatory changes affecting them The U.S. Defense Logistics Agency deal highlights a positive market trend for USAC. Strategic materials are becoming more important. Global politics and supply chain worries drive demand for critical minerals from home. This could mean steady, growing demand for their products like antimony. On the regulatory side, unresolved Mexican tax issues from 2016 and 2019 remain a challenge. They could impact operations or finances through fines, penalties, or restrictions. This requires careful management and potentially big legal and financial resources.