US Antimony Corp Reports Exit/Disposal Costs
Ticker: UAMY · Form: 8-K · Filed: Mar 11, 2024 · CIK: 101538
| Field | Detail |
|---|---|
| Company | United States Antimony Corp (UAMY) |
| Form Type | 8-K |
| Filed Date | Mar 11, 2024 |
| Risk Level | medium |
| Pages | 3 |
| Reading Time | 4 min |
| Key Dollar Amounts | $0.01 |
| Sentiment | neutral |
Sentiment: neutral
Topics: restructuring, disposal, corporate-action
TL;DR
US Antimony Corp is formally reporting costs related to exiting or disposing of activities.
AI Summary
United States Antimony Corporation filed an 8-K on March 11, 2024, to report on costs associated with exit or disposal activities. The filing does not contain specific dollar amounts or detailed descriptions of these activities, but it indicates a formal reporting of such events.
Why It Matters
This filing signals that the company is undergoing restructuring or divesting assets, which could impact its future operations and financial performance.
Risk Assessment
Risk Level: medium — The filing indicates potential restructuring or asset sales, which can introduce uncertainty and financial risk.
Key Players & Entities
- UNITED STATES ANTIMONY CORPORATION (company) — Registrant
- March 11, 2024 (date) — Date of Report
- Montana (location) — State of Incorporation
- Thompson Falls, MT (location) — Principal Executive Offices
FAQ
What specific activities are associated with the exit or disposal costs being reported?
The filing does not specify the exact nature of the exit or disposal activities, only that costs are associated with them.
When did the exit or disposal activities begin?
The filing reports costs associated with exit or disposal activities as of March 11, 2024, but does not specify a start date for the activities themselves.
Are there any financial figures provided for these exit or disposal costs?
No specific dollar amounts for the exit or disposal costs are provided in this 8-K filing.
What is the primary business of United States Antimony Corporation?
United States Antimony Corporation is primarily involved in the smelting and refining of nonferrous metals, specifically antimony.
Where is United States Antimony Corporation headquartered?
The company's principal executive offices are located in Thompson Falls, Montana.
Filing Stats: 949 words · 4 min read · ~3 pages · Grade level 11.6 · Accepted 2024-03-11 08:01:39
Key Financial Figures
- $0.01 — ange on which registered Common Stock, $0.01 par value UAMY NYSE American Indi
Filing Documents
- uamy_8k.htm (8-K) — 24KB
- 0001654954-24-002910.txt ( ) — 143KB
- uamy-20240311.xsd (EX-101.SCH) — 6KB
- uamy-20240311_lab.xml (EX-101.LAB) — 14KB
- uamy-20240311_cal.xml (EX-101.CAL) — 1KB
- uamy-20240311_pre.xml (EX-101.PRE) — 9KB
- uamy-20240311_def.xml (EX-101.DEF) — 2KB
- uamy_8k_htm.xml (XML) — 4KB
05 Costs Associated with Exit or Disposal Activities
Item 2.05 Costs Associated with Exit or Disposal Activities After a thorough review by management and the Board of Directors over the last six months, on March 11, 2024, United States Antimony Corporation's ("USAC" or "U.S. Antimony" or the "Company") Board of Directors approved a plan to discontinue all Latin America operational activities and dispose of its US Antimony de Mexico, S.A. de C.V. ("USAMSA") subsidiary, effective immediately. This primarily includes the Company's Madero smelter facility in Parras de la Fuente Coahuila and its Puerto Blanco mining facility in San Luis de la Paz Guanajuato. This decision was made after a detailed, in-depth review into the historical financial performance of these assets and due to USAMSA's negative cash flow cumulatively since inception, which goes back many years, as well as the lack of any potential to generate positive cash flow in the foreseeable future. The Company also believes that the cash flow of its remaining antimony business located in Thompson Falls, Montana will be significantly improved after the closure and disposal of its USAMSA subsidiary. Therefore, the Company will shut down the operations of USAMSA on March 11, 2024, and terminate a majority of USAMSA employees. The Company intends to possibly sell or lease its USAMSA entity, operations, or assets over the next year and has initiated an active search for buyers or leasing opportunities of its operations and/or existing assets. At this time, the Company is unable to estimate the total amount or range of amounts to be incurred in connection with these actions or the total amount or range of amounts of the charge that will ultimately result in future cash expenditures. USAC will continue to hold its existing Los Juarez mining claims and concessions in Cadereyta de Montes Queretaro, which are included in its Antimonio De Mexico, S.A. De C.V. ("ADM") subsidiary. There are presently no active operations at Los Juarez, but the company believes there is
SIGNATURES
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 hereunto duly authorized. UNITED STATES ANTIMONY CORPORATION Dated: March 11, 2024 By: /s/ Richard R. Isaak Richard R. Isaak SVP, Chief Financial Officer 3