10-K/A: United States Antimony Corporation Files Amendment No. 1 to 10-K for Fiscal Year 2024

United States Antimony Corporation files an amendment to its 2024 annual report to include the inadvertently omitted Consent of Independent Registered Public Accounting Firm.

Summary

• United States Antimony Corporation (USAC) filed Amendment No. 1 to its Annual Report on Form 10-K for the year ended December 31, 2024.
• The amendment addresses the inadvertent omission of the Consent of Independent Registered Public Accounting Firm in the original filing.
• The original Form 10-K was filed with the SEC on March 20, 2025.
• The amendment includes updated certifications by the Company's Principal Executive Officer and Principal Financial and Principal Accounting Officer.
• The original Form 10-K is amended and restated in its entirety, reflecting matters as they existed on the original filing date.
• The company's principal business is in the processing and sale of antimony and precious metals, primarily gold and silver, at its facilities located in Montana and Mexico, and the mining, processing, and sale of zeolite at its facility located in Idaho.
• In 2024, the Company acquired mining claims and leases in Alaska and Ontario, Canada, which necessitated forming three entities related to the Alaska mining claims, Great Land Minerals, LLC, Denali Minerals, LLC, and Alaska Antimony LLC, and one entity related to the Ontario mining claims and leases, UAMY Cobalt Corporation.
• In March 2024, the Company shut down the operations of USAMSA and announced its intent to sell its USAMSA subsidiary.
• In December 2024, the Company announced plans to restart its Madero facility in Mexico and made the decision not to sell its USAMSA subsidiary because of substantially increased demand and market price for antimony.

Sentiment

Score: 6

Explanation: The document presents a mixed sentiment. While there's positive revenue growth and a return to gross profit, there are also concerns about internal control weaknesses and reliance on a single supplier. The future outlook is cautiously optimistic.

Positives

• The company reclassified its USAMSA subsidiary's assets and liabilities in its Consolidated Balance Sheets and related Notes to Consolidated Financial Statements from its presentation in the interim quarterly financial statements for the quarterly periods ended March 31, 2024, June 30, 2024, and September 30, 2024 to held-and-used for all periods presented in this Annual Report.
• The company reported its USAMSA subsidiary's operations in continuing operations in its Consolidated Statements of Operations, Consolidated Statements of Cash Flows, and related Notes to Consolidated Financial Statements for all periods presented in this Annual Report.
• In December 2024, the Company announced plans to restart its Madero facility in Mexico and made the decision not to sell its USAMSA subsidiary because of substantially increased demand and market price for antimony.

Negatives

• The original Form 10-K filing inadvertently omitted the Consent of Independent Registered Public Accounting Firm.
• The company's internal control over financial reporting was ineffective as of December 31, 2024 due to material weaknesses in its internal control over financial reporting.

Risks

• The company has experienced losses in recent years and may continue to incur losses.
• Metal market prices are volatile, including the antimony metal market price.
• The company is substantially dependent on one supplier in Canada that supplies the majority of the ore it processes and sells to its antimony customers.
• The company faces substantial governmental regulations, including the Mine Safety and Health Act, various environmental laws and regulations and the 1872 Mining Law.
• Artificial intelligence may have a material adverse effect on our business, results of operations, and financial condition.

Future Outlook

The company intends to continue to invest in its employees, customers, infrastructure, and operations with the goals of increasing production, decreasing costs, and growing revenue profitably.

Management Comments

• Our mission is to service our employees, customers, and vendors well and grow our business profitably both organically as well as through strategic acquisitions to increase shareholder value.
• Recently, our Company added some key personnel in the areas of customer service, sales, operations, finance, and plant management, a few new board members, several new business partners, and new mining claims, all of which will help achieve our strategic goals and our mission of attentive service and profitable growth.

Industry Context

The document provides insight into the operations and financial performance of a smaller reporting company in the antimony and zeolite mining and processing industry, highlighting the challenges and opportunities within this sector.

Comparison to Industry Standards

• The document estimates US Antimony's present share of the domestic and international markets for antimony oxide products is around 4% and less than 1%, respectively.
• The company competes with other mineral resource exploration and development companies for financing and for the acquisition of new mineral properties and for equipment and labor related to exploration and development of mineral properties.
• Many of the mineral resource exploration and development companies with whom we compete have greater financial and technical resources.

Stakeholder Impact

• The company's performance and strategic decisions impact shareholders, employees, customers, and suppliers.
• The company's ability to comply with environmental regulations affects the environment and local communities.

Next Steps

• The company intends to take the necessary steps to remediate these material weaknesses.
• The Company intends to start with a geophysics study and a geological, structural, and petrographic study to enable future development with plans for a comprehensive drilling program in Alaska and Ontario.

Key Dates

Keywords

antimony, zeolite, mining, financial results, US Antimony, USAC, 10-K/A, amendment, financial statements