United States Antimony Corp. Files 2023 Annual Report

TL;DR

<b>United States Antimony Corp. filed its 2023 10-K report detailing financial performance and segment data for antimony and precious metals.</b>

AI Summary

UNITED STATES ANTIMONY CORP (UAMY) filed a Annual Report (10-K) with the SEC on April 12, 2024. The company reported its 2023 fiscal year-end results on December 31, 2023. The filing includes data related to Total Antimony, Subtotal Precious Metals, and Subtotal Antimony for 2023 and 2022. Specific segments like Mexico Antimony and United States Antimony are detailed for the fiscal years 2023 and 2022. Information on Zeolite, Precious Metals Mexico, and Precious Metals United States is provided as of December 31, 2023 and 2022. The report references various financial instruments and entities including Preferred Stock D Series, Common Stock Warrants, and specific banks like Caterpillar Financial Services and First Security Bank of Missoula.

Why It Matters

For investors and stakeholders tracking UNITED STATES ANTIMONY CORP, this filing contains several important signals. This 10-K filing provides a comprehensive overview of United States Antimony Corp.'s financial standing and operational segments for the fiscal year 2023, crucial for investors assessing the company's performance and future prospects. The detailed breakdown of antimony and precious metals segments, including geographical contributions from Mexico and the United States, offers insights into the company's core business activities and revenue drivers.

Risk Assessment

Risk Level: medium — UNITED STATES ANTIMONY CORP shows moderate risk based on this filing. The company's financial performance and operational details are presented in a 10-K filing, which typically contains a mix of positive and negative information, requiring careful analysis to determine overall sentiment.

Analyst Insight

Investors should carefully review the detailed segment performance, particularly for antimony and precious metals, and any associated risks or opportunities mentioned in the full filing.

Revenue Breakdown

Key Numbers

• 20231231 — Fiscal Year End (Conformed period of report)
• 20240412 — Filing Date (Filed as of date)
• 0.01 — Par Value (Common Stock par value)
• 150000000 — Authorized Shares (Common Stock authorized shares)
• 107647317 — Outstanding Shares (Common Stock outstanding shares)
• 106373341 — Outstanding Shares (Common Stock outstanding shares)
• 2023-01-01 — Reporting Period Start (Total Antimony reporting period start)
• 2023-12-31 — Reporting Period End (Total Antimony reporting period end)

Key Players & Entities

• UNITED STATES ANTIMONY CORP (company) — Filer name
• 0000101538 (company) — Central Index Key
• MT (company) — State of incorporation
• THOMPSON FALLS (company) — Business address city
• AGAU MINES INC (company) — Former company name
• USAMSAMember (company) — Segment identifier
• TotalAntimonyMember (company) — Segment identifier
• CaterpillarFinancialServicesMember (company) — Entity mentioned

FAQ

Key Financial Figures

• $0.01 — ange on which registered Common stock, $0.01 par value UAMY NYSE American Secu
• $0.31 — ed using the per share closing price of $0.31 on the NYSE American exchange on June 3
• $40,000 — employee termination was approximately $40,000, and announced its plans to sell, lease
• $5.50 — pound, as reported by Argus Metals, was $5.50 in 2023 and $5.99 in 2022. The market
• $5.99 — by Argus Metals, was $5.50 in 2023 and $5.99 in 2022. The market price of antimony
• $60,000 — r of: (1) the minimum annual royalty of $60,000, adjusted annually for the Consumer Pri
• $11.00 — e Index for all Urban Consumers, or (2) $11.00 per ton for the first ten thousand tons
• $9.90 — er ton for the first ten thousand tons, $9.90 per ton for tons in excess of ten thous
• $8.80 — ten thousand up to twenty thousand, and $8.80 per ton for tons in excess of twenty th
• $10,000 — lite LLC lease also requires BRZ to pay $10,000 to the lessor on March 1 of each year d

Filing Documents

• uamy_10k.htm (10-K) — 1421KB
• uamy_ex41.htm (EX-4.1) — 9KB
• uamy_ex101.htm (EX-10.1) — 125KB
• uamy_ex211.htm (EX-21.1) — 4KB
• uamy_ex311a.htm (EX-31.1A) — 13KB
• uamy_ex311b.htm (EX-31.1B) — 13KB
• uamy_ex312.htm (EX-31.2) — 12KB
• uamy_ex321.htm (EX-32.1) — 7KB
• uamy_ex95.htm (EX-95) — 11KB
• uamy_ex97.htm (EX-97) — 24KB
• uamy_10kimg16.jpg (GRAPHIC) — 13KB
• uamy_10kimg14.jpg (GRAPHIC) — 22KB
• uamy_10kimg13.jpg (GRAPHIC) — 27KB
• uamy_10kimg17.jpg (GRAPHIC) — 34KB
• uamy_10kimg18.jpg (GRAPHIC) — 28KB
• uamy_10kimg19.jpg (GRAPHIC) — 27KB
• uamy_10kimg20.jpg (GRAPHIC) — 26KB
• uamy_10kimg21.jpg (GRAPHIC) — 13KB
• uamy_10kimg22.jpg (GRAPHIC) — 16KB
• uamy_10kimg23.jpg (GRAPHIC) — 8KB
• uamy_10kimg24.jpg (GRAPHIC) — 3KB
• uamy_10kimg15.jpg (GRAPHIC) — 42KB
• 0001654954-24-004576.txt (&nbsp;) — 6634KB
• uamy-20231231.xsd (EX-101.SCH) — 48KB
• uamy-20231231_lab.xml (EX-101.LAB) — 279KB
• uamy-20231231_cal.xml (EX-101.CAL) — 52KB
• uamy-20231231_pre.xml (EX-101.PRE) — 257KB
• uamy-20231231_def.xml (EX-101.DEF) — 149KB
• uamy_10k_htm.xml (XML) — 858KB

BUSINESS

BUSINESS 5 ITEM 1A.

RISK FACTORS

RISK FACTORS 11 ITEM 1B. UNRESOLVED STAFF COMMENTS 25 ITEM 1C. CYBERSECURITY 25 ITEM 2.

PROPERTIES

PROPERTIES 26 ITEM 3.

LEGAL PROCEEDINGS

LEGAL PROCEEDINGS 35 ITEM 4. MINE SAFETY DISCLOSURES 35 PART II ITEM 5. MARKET FOR REGISTRANT'S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES 36 ITEM 6. [RESERVED] 37 ITEM 7.

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS 37 ITEM 7A.

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK 45 ITEM 8.

FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA

FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA 46 ITEM 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE 47 ITEM 9A.

CONTROLS AND PROCEDURES

CONTROLS AND PROCEDURES 47 ITEM 9B. OTHER INFORMATION 48 ITEM 9C. DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS 48 PART III ITEM 10. DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE 49 ITEM 11.

EXECUTIVE COMPENSATION

EXECUTIVE COMPENSATION 53 ITEM 12.

SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS

SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS 54 ITEM 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE 55 ITEM 14. PRINCIPAL ACCOUNTANT FEES AND SERVICES 56 PART IV ITEM 15. EXHIBIT AND FINANCIAL STATEMENT SCHEDULES 57 ITEM 16. FORM 10-K SUMMARY 57

SIGNATURES

SIGNATURES 58 2 Table of Contents CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS Readers should note that, in addition to the historical information contained herein, this Annual Report and the exhibits attached hereto contain "forward-looking statements" within the meaning of, and intended to be covered by, the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements are based upon current expectations and beliefs concerning future developments and their potential effects on the Company including matters related to the Company's operations, pending contracts and future revenues, financial performance, and profitability, ability to execute on its increased production and installation schedules for planned capital expenditures, and the size of forecasted deposits. Although the Company believes that the expectations reflected in the forward-looking statements and the assumptions upon which they are based are reasonable, it can give no assurance that such expectations and assumptions will prove to have been correct. The reader is cautioned not to put undue reliance on these forward-looking statements, as these statements are subject to numerous factors and uncertainties. In addition, other factors that could cause actual results to differ materially are discussed in the Company's most recent filings, including Form 10-K, Form 10-Q, and Form 8-K with the Securities and Exchange Commission. Any statement that express or involve 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 "believes", "expects" or "does not expect", "is expected", "outlook", "anticipates" or "does not anticipate", "plans", "estimates", "forecast", "project", "pro forma", or "intends", or stating that certain actions, events or results "may" or "could", "would", "might" or "will" be taken,

Business

Item 1. 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 its antimony mining operations in the U.S. but continued to produce antimony products using foreign sources of antimony ore. In April 1998, the Company formed US Antimony de Mexico, S.A. de C.V. ("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 precious metal deposits in Mexico. The Company formed Bear River Zeolite Company ("BRZ") in 2000 for the purpose of mining and producing zeolite in Idaho. Our principal business is the production and sale of antimony, precious metals, primarily gold and silver, 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 Bear River Zeolite property in Idaho that we later process and sell, we have not prepared a technical report summary for the Bear River Zeolite property making a determination on the property's mineral resources or mineral reserves. Recent Developments The Company has two subsidiaries in Mexico, US Antimony de Mexico, S.A. de C.V. ("USAMSA") and Antimonio de Mexico, S.A. de C.V. ("ADM"). On March 11, 2024, the Company shut down the operations of USAMSA, terminated a majority of USAMSA employees, the cost of which related to this employee termination was approximately $40,000, and announced its plans to sell, lease, or dispose of its USAMSA subsidiary, operations, or assets. The USAMSA subsidiary primarily includes the Company's Madero antimony and precious metals plant in Parras de la Fuente Coahuila, Mexico and its Puerto Blanco antimony and precious metals plant in San Luis de la Paz Guanajuato, Mexico. The Company intends to sell or lease its USAMSA subsidiary, operations, or assets over the next yea

View Full Filing

View this 10-K filing on SEC EDGAR