Recent Quotes View Full List My Watchlist Create Watchlist Indicators DJI Nasdaq Composite SPX Gold Crude Oil EL&P Market Index Markets Stocks ETFs Tools Overview News Currencies International Treasuries United States Antimony Corporation Reports First Quarter 2024 Results By: ACCESSWIRE May 15, 2024 at 03:15 AM EDT THOMPSON FALLS, MT / ACCESSWIRE / May 15, 2024 / United States Antimony Corporation ("USAC" or the "Company" or "U.S. Antimony Corporation"), (NYSE American:UAMY) reports today its first quarter 2024 financial and operational results. Revenues for the first quarter of 2024 increased 28%, or $621k, to $2.83 million, compared to the first quarter of 2023, while cost of sales only increased 11%, or $192k, during the same period. This in-turn allowed gross profit to increase 108%, or $428k, quarter over quarter. Operating expenses increased $577k, or 183%, quarter over quarter to $892k, of which $205k of the increase was non-cash stock compensation. Additionally, the company reported federal grant income in the first quarter of last year of $85k, however, no federal grant income was reported in the first quarter of 2024. The Company reported net income of $86k for the three months ended March 31, 2024. As the Company announced on March 11, 2024, all operational activities in Mexico have ceased and this subsidiary is now reported as a "Discontinued Operation". Overhead was substantially reduced, and business brokers are currently being interviewed to handle future disposition of these assets and/or entities. The historical drain of these operations on USAC have ceased with this decision. The cash position of the Company at March 31, 2024 was $11.94 million, up $42k from December 31, 2023. Commenting on the First Quarter 2024 operational and financial results, Mr. Gary C. Evans, Chairman and Co-CEO of U.S. Antimony Corporation stated, "We believe this first quarter of 2024 was truly a turning point for the Company. We discontinued the historical money losing operations in Mexico and continued to improve the operational performance of the U.S. based assets. The financial results reported today exemplify that occurrence. Most importantly, we have also protected our strong cash position and continue to maintain an extremely liquid balance sheet." While we are active in making necessary management and supervisor changes at Bear River Zeolite (three new hires since January 29, 2024) and continue to enhance operations with both mechanical and equipment changes having been made, we still experienced over 30 days of downtime during the first quarter of 2024. This is unacceptable. However, we are seeing a dramatic improvement in the overall operating environment at Bear River Zeolite which is leading to higher throughput, improved customer order delivery times, and safety. These necessary improvements will be further observed in future financial reports to our shareholders. The demand for this universally accepted hard mineral continues to expand with a wide diversity of customers. It is also noteworthy that the worldwide antimony metal market price has increased over 34% from $5.31 per pound on December 31, 2023 to $7.14 per pound as of May 10, 2024. Our Thompson Falls antimony processing facility continues to run seamlessly under the direction of Gus Gustavsen, the Divisional President. As mentioned in our most recent conference call held on April 17, 2024, management is actively pursuing potential acquisition(s) in addition to new mineral leasing activities for both antimony and zeolite within the United States. Due to confidentiality and competitive reasons surrounding these ongoing activities, the Company is not yet in a position to further disclose these various transactions. About USAC: United States Antimony Corporation and its subsidiaries in the U.S. and Mexico ("USAC", the "Company", "Our", "Us", or "We") sell processed antimony, zeolite, and precious metals products in the U.S. and Canada. The Company processes antimony ore primarily into antimony oxide, antimony metal, and antimony trisulfide. 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. Our antimony trisulfide is used as a primer in ammunition. 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. We recover certain amounts of precious metals, primarily gold and silver, at our plant in Montana from antimony concentrates. United States Antimony Corporation and Subsidiaries Condensed Consolidated Statements of Operations (Unaudited) For the three months ended March 31, 2024 March 31, 2023 REVENUES $ 2,831,390 $ 2,210,844 COST OF REVENUES 2,008,486 1,816,001 GROSS PROFIT 822,904 394,843 OPERATING EXPENSES: General and administrative 455,394 141,271 Salaries and benefits 241,605 127,692 Professional fees 177,157 46,004 Loss on disposal of property, plant and equipment 17,494 - TOTAL OPERATING EXPENSES 891,650 314,967 INCOME (LOSS) FROM OPERATIONS (68,746 ) 79,876 OTHER INCOME (EXPENSE): Interest and investment income 150,851 122,372 Trademark and licensing income 6,368 7,525 Other miscellaneous income (expense) (2,372 ) 83,608 TOTAL OTHER INCOME 154,847 213,505 INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES 86,101 293,381 Income tax expense - - INCOME FROM CONTINUING OPERATIONS 86,101 293,381 Discontinued operations: Loss from discontinued operations before income taxes (408,869 ) (1,100,365 ) Income tax expense - - Loss from discontinued operations (408,869 ) (1,100,365 ) Net loss (322,768 ) (806,984 ) Preferred dividends (1,875 ) (1,875 ) Net loss available to common stockholders $ (324,643 ) $ (808,859 ) Basic and diluted earnings per common share: Income from continuing operations $ nil $ nil Loss from discontinued operations $ nil $ (0.01 ) Net loss $ nil $ (0.01 ) Weighted average shares outstanding: Basic 107,908,306 107,260,472 Diluted 107,908,306 107,260,472 United States Antimony Corporation and Subsidiaries Condensed Consolidated Balance Sheets (Unaudited) March 31, 2024 December 31, 2023 ASSETS CURRENT ASSETS Cash and cash equivalents $ 11,941,298 $ 11,899,574 Certificates of deposit 22,216 72,898 Accounts receivable, net 1,057,742 625,256 Inventories, net 653,010 1,019,154 Prepaid expenses and other current assets 117,167 92,369 Current assets held for sale 215,110 366,955 Total current assets 14,006,543 14,076,206 Properties, plants and equipment, net 7,709,812 7,765,045 Restricted cash for reclamation bonds 55,060 55,061 Other assets 18,098 18,098 Non-current assets held for sale 6,215,574 6,180,585 Total assets $ 28,005,087 $ 28,094,995 LIABILITIES AND STOCKHOLDERS' EQUITY CURRENT LIABILITIES Accounts payable $ 403,441 $ 330,147 Accrued liabilities 117,822 109,341 Accrued liabilities - directors 167,059 124,810 Royalties payable 52,527 153,429 Long-term debt, current portion 7,170 28,443 Current liabilities held for sale 158,103 151,288 Total current liabilities 906,122 897,458 Stock payable to directors 38,542 38,542 Asset retirement obligations 1,119,832 1,101,561 Non-current liabilities held for sale 536,466 536,466 Total liabilities 2,600,962 2,574,027 COMMITMENTS AND CONTINGENCIES 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 $969,375 and $967,500, respectively) 7,500 7,500 Series C: 177,904 shares issued and outstanding (liquidation preference $97,847 both years) 1,779 1,779 Series D: 0 shares issued and outstanding - - Common stock, $0.01 par value, 150,000,000 shares authorized; 108,438,984 and 107,647,317 shares issued and outstanding, respectively 1,084,389 1,076,472 Additional paid-in capital 64,051,844 63,853,836 Accumulated deficit (39,741,387 ) (39,418,619 ) Total stockholders' equity 25,404,125 25,520,968 Total liabilities and stockholders' equity $ 28,005,087 $ 28,094,995 United States Antimony Corporation and Subsidiaries Condensed Consolidated Statements of Cash Flows (Unaudited) March 31, 2024 March 31, 2023 CASH FLOWS FROM OPERATING ACTIVITIES OF CONTINUING OPERATIONS: Net income from continuing operations $ 86,101 $ 293,381 Adjustments to reconcile net income from continuing operations to net cash provided (used) by operating activities of continuing operations: Depreciation and amortization 106,147 69,332 Accretion of asset retirement obligation 18,271 375 Loss on disposal of property, plant, and equipment 17,494 - Write down of inventory to net realizable value 80,143 - Share-based compensation 205,925 - Other non-cash items (15,695 ) 2,041 Changes in operating assets and liabilities: Accounts receivable, net (432,486 ) (919,819 ) Inventories, net 286,001 (76,504 ) Prepaid expenses and other current assets (24,798 ) (141,852 ) Accounts payable 73,294 158,942 Accrued liabilities 8,481 (55,425 ) Accrued liabilities - directors 42,249 19,746 Royalties payable (100,902 ) (419,191 ) Net cash provided (used) by operating activities of continuing operations 350,225 (1,068,974 ) CASH FLOWS FROM INVESTING ACTIVITIES OF CONTINUING OPERATIONS: Proceeds from redemption of certificates of deposit 50,682 - Purchases of properties, plant, and equipment (52,713 ) (501,202 ) Net cash used by investing activities of continuing operations (2,031 ) (501,202 ) CASH FLOWS FROM FINANCING ACTIVITIES OF CONTINUING OPERATIONS: Payments on dividends payable - (787,730 ) Principal payments on long-term debt (21,273 ) (23,022 ) Net cash used by financing activities of continuing operations (21,273 ) (810,752 ) Net cash flows provided (used) by continuing operations 326,921 (2,380,928 ) CASH FLOWS FROM DISCONTINUED OPERATIONS: Net cash used by operating activities (285,198 ) (1,204,818 ) Net cash used by investing activities - (113,568 ) Net cash flows used by discontinued operations (285,198 ) (1,318,386 ) NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS AND RESTRICTED CASH 41,723 (3,699,314 ) | CASH AND CASH EQUIVALENTS AND RESTRICTED CASH AT BEGINNING OF PERIOD 11,954,635 19,117,666 CASH AND CASH EQUIVALENTS AND RESTRICTED CASH AT END OF PERIOD $ 11,996,358 $ 15,418,352 NON-CASH FINANCING AND INVESTING ACTIVITIES: Common stock buyback and retirement - $ 202,980 Conversion of Preferred Series D to Common Stock - $ 16,926 Forward-Looking Statements: Readers should note that, in addition to the historical information contained herein, this press release may 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. Forward-looking statements are typically identified by words such as "believe," "expect," "anticipate," "intend," "outlook," "estimate," "forecast," "project," "pro forma" and other similar words and expressions. Forward-looking statements are subject to numerous assumptions, risks, and uncertainties, which change over time. Forward-looking statements speak only as of the date they are made. Because forward-looking statements are subject to assumptions and uncertainties, actual results or future events could differ, possibly materially, from those anticipated in the forward-looking statements and future results could differ materially from historical performance. Contact: United States Antimony CorporationPO Box 64347 Cox Gulch Rd.Thompson Falls, Montana 59873-0643406-606-4117E-Mail: info@usantimony.com SOURCE: United States Antimony Corporation View the original press release on accesswire.com Data & News supplied by www.cloudquote.io Stock quotes supplied by Barchart Quotes delayed at least 20 minutes. By accessing this page, you agree to the following Privacy Policy and Terms and Conditions.
United States Antimony Corporation Reports First Quarter 2024 Results By: ACCESSWIRE May 15, 2024 at 03:15 AM EDT THOMPSON FALLS, MT / ACCESSWIRE / May 15, 2024 / United States Antimony Corporation ("USAC" or the "Company" or "U.S. Antimony Corporation"), (NYSE American:UAMY) reports today its first quarter 2024 financial and operational results. Revenues for the first quarter of 2024 increased 28%, or $621k, to $2.83 million, compared to the first quarter of 2023, while cost of sales only increased 11%, or $192k, during the same period. This in-turn allowed gross profit to increase 108%, or $428k, quarter over quarter. Operating expenses increased $577k, or 183%, quarter over quarter to $892k, of which $205k of the increase was non-cash stock compensation. Additionally, the company reported federal grant income in the first quarter of last year of $85k, however, no federal grant income was reported in the first quarter of 2024. The Company reported net income of $86k for the three months ended March 31, 2024. As the Company announced on March 11, 2024, all operational activities in Mexico have ceased and this subsidiary is now reported as a "Discontinued Operation". Overhead was substantially reduced, and business brokers are currently being interviewed to handle future disposition of these assets and/or entities. The historical drain of these operations on USAC have ceased with this decision. The cash position of the Company at March 31, 2024 was $11.94 million, up $42k from December 31, 2023. Commenting on the First Quarter 2024 operational and financial results, Mr. Gary C. Evans, Chairman and Co-CEO of U.S. Antimony Corporation stated, "We believe this first quarter of 2024 was truly a turning point for the Company. We discontinued the historical money losing operations in Mexico and continued to improve the operational performance of the U.S. based assets. The financial results reported today exemplify that occurrence. Most importantly, we have also protected our strong cash position and continue to maintain an extremely liquid balance sheet." While we are active in making necessary management and supervisor changes at Bear River Zeolite (three new hires since January 29, 2024) and continue to enhance operations with both mechanical and equipment changes having been made, we still experienced over 30 days of downtime during the first quarter of 2024. This is unacceptable. However, we are seeing a dramatic improvement in the overall operating environment at Bear River Zeolite which is leading to higher throughput, improved customer order delivery times, and safety. These necessary improvements will be further observed in future financial reports to our shareholders. The demand for this universally accepted hard mineral continues to expand with a wide diversity of customers. It is also noteworthy that the worldwide antimony metal market price has increased over 34% from $5.31 per pound on December 31, 2023 to $7.14 per pound as of May 10, 2024. Our Thompson Falls antimony processing facility continues to run seamlessly under the direction of Gus Gustavsen, the Divisional President. As mentioned in our most recent conference call held on April 17, 2024, management is actively pursuing potential acquisition(s) in addition to new mineral leasing activities for both antimony and zeolite within the United States. Due to confidentiality and competitive reasons surrounding these ongoing activities, the Company is not yet in a position to further disclose these various transactions. About USAC: United States Antimony Corporation and its subsidiaries in the U.S. and Mexico ("USAC", the "Company", "Our", "Us", or "We") sell processed antimony, zeolite, and precious metals products in the U.S. and Canada. The Company processes antimony ore primarily into antimony oxide, antimony metal, and antimony trisulfide. 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. Our antimony trisulfide is used as a primer in ammunition. 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. We recover certain amounts of precious metals, primarily gold and silver, at our plant in Montana from antimony concentrates. United States Antimony Corporation and Subsidiaries Condensed Consolidated Statements of Operations (Unaudited) For the three months ended March 31, 2024 March 31, 2023 REVENUES $ 2,831,390 $ 2,210,844 COST OF REVENUES 2,008,486 1,816,001 GROSS PROFIT 822,904 394,843 OPERATING EXPENSES: General and administrative 455,394 141,271 Salaries and benefits 241,605 127,692 Professional fees 177,157 46,004 Loss on disposal of property, plant and equipment 17,494 - TOTAL OPERATING EXPENSES 891,650 314,967 INCOME (LOSS) FROM OPERATIONS (68,746 ) 79,876 OTHER INCOME (EXPENSE): Interest and investment income 150,851 122,372 Trademark and licensing income 6,368 7,525 Other miscellaneous income (expense) (2,372 ) 83,608 TOTAL OTHER INCOME 154,847 213,505 INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES 86,101 293,381 Income tax expense - - INCOME FROM CONTINUING OPERATIONS 86,101 293,381 Discontinued operations: Loss from discontinued operations before income taxes (408,869 ) (1,100,365 ) Income tax expense - - Loss from discontinued operations (408,869 ) (1,100,365 ) Net loss (322,768 ) (806,984 ) Preferred dividends (1,875 ) (1,875 ) Net loss available to common stockholders $ (324,643 ) $ (808,859 ) Basic and diluted earnings per common share: Income from continuing operations $ nil $ nil Loss from discontinued operations $ nil $ (0.01 ) Net loss $ nil $ (0.01 ) Weighted average shares outstanding: Basic 107,908,306 107,260,472 Diluted 107,908,306 107,260,472 United States Antimony Corporation and Subsidiaries Condensed Consolidated Balance Sheets (Unaudited) March 31, 2024 December 31, 2023 ASSETS CURRENT ASSETS Cash and cash equivalents $ 11,941,298 $ 11,899,574 Certificates of deposit 22,216 72,898 Accounts receivable, net 1,057,742 625,256 Inventories, net 653,010 1,019,154 Prepaid expenses and other current assets 117,167 92,369 Current assets held for sale 215,110 366,955 Total current assets 14,006,543 14,076,206 Properties, plants and equipment, net 7,709,812 7,765,045 Restricted cash for reclamation bonds 55,060 55,061 Other assets 18,098 18,098 Non-current assets held for sale 6,215,574 6,180,585 Total assets $ 28,005,087 $ 28,094,995 LIABILITIES AND STOCKHOLDERS' EQUITY CURRENT LIABILITIES Accounts payable $ 403,441 $ 330,147 Accrued liabilities 117,822 109,341 Accrued liabilities - directors 167,059 124,810 Royalties payable 52,527 153,429 Long-term debt, current portion 7,170 28,443 Current liabilities held for sale 158,103 151,288 Total current liabilities 906,122 897,458 Stock payable to directors 38,542 38,542 Asset retirement obligations 1,119,832 1,101,561 Non-current liabilities held for sale 536,466 536,466 Total liabilities 2,600,962 2,574,027 COMMITMENTS AND CONTINGENCIES 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 $969,375 and $967,500, respectively) 7,500 7,500 Series C: 177,904 shares issued and outstanding (liquidation preference $97,847 both years) 1,779 1,779 Series D: 0 shares issued and outstanding - - Common stock, $0.01 par value, 150,000,000 shares authorized; 108,438,984 and 107,647,317 shares issued and outstanding, respectively 1,084,389 1,076,472 Additional paid-in capital 64,051,844 63,853,836 Accumulated deficit (39,741,387 ) (39,418,619 ) Total stockholders' equity 25,404,125 25,520,968 Total liabilities and stockholders' equity $ 28,005,087 $ 28,094,995 United States Antimony Corporation and Subsidiaries Condensed Consolidated Statements of Cash Flows (Unaudited) March 31, 2024 March 31, 2023 CASH FLOWS FROM OPERATING ACTIVITIES OF CONTINUING OPERATIONS: Net income from continuing operations $ 86,101 $ 293,381 Adjustments to reconcile net income from continuing operations to net cash provided (used) by operating activities of continuing operations: Depreciation and amortization 106,147 69,332 Accretion of asset retirement obligation 18,271 375 Loss on disposal of property, plant, and equipment 17,494 - Write down of inventory to net realizable value 80,143 - Share-based compensation 205,925 - Other non-cash items (15,695 ) 2,041 Changes in operating assets and liabilities: Accounts receivable, net (432,486 ) (919,819 ) Inventories, net 286,001 (76,504 ) Prepaid expenses and other current assets (24,798 ) (141,852 ) Accounts payable 73,294 158,942 Accrued liabilities 8,481 (55,425 ) Accrued liabilities - directors 42,249 19,746 Royalties payable (100,902 ) (419,191 ) Net cash provided (used) by operating activities of continuing operations 350,225 (1,068,974 ) CASH FLOWS FROM INVESTING ACTIVITIES OF CONTINUING OPERATIONS: Proceeds from redemption of certificates of deposit 50,682 - Purchases of properties, plant, and equipment (52,713 ) (501,202 ) Net cash used by investing activities of continuing operations (2,031 ) (501,202 ) CASH FLOWS FROM FINANCING ACTIVITIES OF CONTINUING OPERATIONS: Payments on dividends payable - (787,730 ) Principal payments on long-term debt (21,273 ) (23,022 ) Net cash used by financing activities of continuing operations (21,273 ) (810,752 ) Net cash flows provided (used) by continuing operations 326,921 (2,380,928 ) CASH FLOWS FROM DISCONTINUED OPERATIONS: Net cash used by operating activities (285,198 ) (1,204,818 ) Net cash used by investing activities - (113,568 ) Net cash flows used by discontinued operations (285,198 ) (1,318,386 ) NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS AND RESTRICTED CASH 41,723 (3,699,314 ) | CASH AND CASH EQUIVALENTS AND RESTRICTED CASH AT BEGINNING OF PERIOD 11,954,635 19,117,666 CASH AND CASH EQUIVALENTS AND RESTRICTED CASH AT END OF PERIOD $ 11,996,358 $ 15,418,352 NON-CASH FINANCING AND INVESTING ACTIVITIES: Common stock buyback and retirement - $ 202,980 Conversion of Preferred Series D to Common Stock - $ 16,926 Forward-Looking Statements: Readers should note that, in addition to the historical information contained herein, this press release may 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. Forward-looking statements are typically identified by words such as "believe," "expect," "anticipate," "intend," "outlook," "estimate," "forecast," "project," "pro forma" and other similar words and expressions. Forward-looking statements are subject to numerous assumptions, risks, and uncertainties, which change over time. Forward-looking statements speak only as of the date they are made. Because forward-looking statements are subject to assumptions and uncertainties, actual results or future events could differ, possibly materially, from those anticipated in the forward-looking statements and future results could differ materially from historical performance. Contact: United States Antimony CorporationPO Box 64347 Cox Gulch Rd.Thompson Falls, Montana 59873-0643406-606-4117E-Mail: info@usantimony.com SOURCE: United States Antimony Corporation View the original press release on accesswire.com
THOMPSON FALLS, MT / ACCESSWIRE / May 15, 2024 / United States Antimony Corporation ("USAC" or the "Company" or "U.S. Antimony Corporation"), (NYSE American:UAMY) reports today its first quarter 2024 financial and operational results. Revenues for the first quarter of 2024 increased 28%, or $621k, to $2.83 million, compared to the first quarter of 2023, while cost of sales only increased 11%, or $192k, during the same period. This in-turn allowed gross profit to increase 108%, or $428k, quarter over quarter. Operating expenses increased $577k, or 183%, quarter over quarter to $892k, of which $205k of the increase was non-cash stock compensation. Additionally, the company reported federal grant income in the first quarter of last year of $85k, however, no federal grant income was reported in the first quarter of 2024. The Company reported net income of $86k for the three months ended March 31, 2024. As the Company announced on March 11, 2024, all operational activities in Mexico have ceased and this subsidiary is now reported as a "Discontinued Operation". Overhead was substantially reduced, and business brokers are currently being interviewed to handle future disposition of these assets and/or entities. The historical drain of these operations on USAC have ceased with this decision. The cash position of the Company at March 31, 2024 was $11.94 million, up $42k from December 31, 2023. Commenting on the First Quarter 2024 operational and financial results, Mr. Gary C. Evans, Chairman and Co-CEO of U.S. Antimony Corporation stated, "We believe this first quarter of 2024 was truly a turning point for the Company. We discontinued the historical money losing operations in Mexico and continued to improve the operational performance of the U.S. based assets. The financial results reported today exemplify that occurrence. Most importantly, we have also protected our strong cash position and continue to maintain an extremely liquid balance sheet." While we are active in making necessary management and supervisor changes at Bear River Zeolite (three new hires since January 29, 2024) and continue to enhance operations with both mechanical and equipment changes having been made, we still experienced over 30 days of downtime during the first quarter of 2024. This is unacceptable. However, we are seeing a dramatic improvement in the overall operating environment at Bear River Zeolite which is leading to higher throughput, improved customer order delivery times, and safety. These necessary improvements will be further observed in future financial reports to our shareholders. The demand for this universally accepted hard mineral continues to expand with a wide diversity of customers. It is also noteworthy that the worldwide antimony metal market price has increased over 34% from $5.31 per pound on December 31, 2023 to $7.14 per pound as of May 10, 2024. Our Thompson Falls antimony processing facility continues to run seamlessly under the direction of Gus Gustavsen, the Divisional President. As mentioned in our most recent conference call held on April 17, 2024, management is actively pursuing potential acquisition(s) in addition to new mineral leasing activities for both antimony and zeolite within the United States. Due to confidentiality and competitive reasons surrounding these ongoing activities, the Company is not yet in a position to further disclose these various transactions. About USAC: United States Antimony Corporation and its subsidiaries in the U.S. and Mexico ("USAC", the "Company", "Our", "Us", or "We") sell processed antimony, zeolite, and precious metals products in the U.S. and Canada. The Company processes antimony ore primarily into antimony oxide, antimony metal, and antimony trisulfide. 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. Our antimony trisulfide is used as a primer in ammunition. 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. We recover certain amounts of precious metals, primarily gold and silver, at our plant in Montana from antimony concentrates. United States Antimony Corporation and Subsidiaries Condensed Consolidated Statements of Operations (Unaudited) For the three months ended March 31, 2024 March 31, 2023 REVENUES $ 2,831,390 $ 2,210,844 COST OF REVENUES 2,008,486 1,816,001 GROSS PROFIT 822,904 394,843 OPERATING EXPENSES: General and administrative 455,394 141,271 Salaries and benefits 241,605 127,692 Professional fees 177,157 46,004 Loss on disposal of property, plant and equipment 17,494 - TOTAL OPERATING EXPENSES 891,650 314,967 INCOME (LOSS) FROM OPERATIONS (68,746 ) 79,876 OTHER INCOME (EXPENSE): Interest and investment income 150,851 122,372 Trademark and licensing income 6,368 7,525 Other miscellaneous income (expense) (2,372 ) 83,608 TOTAL OTHER INCOME 154,847 213,505 INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES 86,101 293,381 Income tax expense - - INCOME FROM CONTINUING OPERATIONS 86,101 293,381 Discontinued operations: Loss from discontinued operations before income taxes (408,869 ) (1,100,365 ) Income tax expense - - Loss from discontinued operations (408,869 ) (1,100,365 ) Net loss (322,768 ) (806,984 ) Preferred dividends (1,875 ) (1,875 ) Net loss available to common stockholders $ (324,643 ) $ (808,859 ) Basic and diluted earnings per common share: Income from continuing operations $ nil $ nil Loss from discontinued operations $ nil $ (0.01 ) Net loss $ nil $ (0.01 ) Weighted average shares outstanding: Basic 107,908,306 107,260,472 Diluted 107,908,306 107,260,472 United States Antimony Corporation and Subsidiaries Condensed Consolidated Balance Sheets (Unaudited) March 31, 2024 December 31, 2023 ASSETS CURRENT ASSETS Cash and cash equivalents $ 11,941,298 $ 11,899,574 Certificates of deposit 22,216 72,898 Accounts receivable, net 1,057,742 625,256 Inventories, net 653,010 1,019,154 Prepaid expenses and other current assets 117,167 92,369 Current assets held for sale 215,110 366,955 Total current assets 14,006,543 14,076,206 Properties, plants and equipment, net 7,709,812 7,765,045 Restricted cash for reclamation bonds 55,060 55,061 Other assets 18,098 18,098 Non-current assets held for sale 6,215,574 6,180,585 Total assets $ 28,005,087 $ 28,094,995 LIABILITIES AND STOCKHOLDERS' EQUITY CURRENT LIABILITIES Accounts payable $ 403,441 $ 330,147 Accrued liabilities 117,822 109,341 Accrued liabilities - directors 167,059 124,810 Royalties payable 52,527 153,429 Long-term debt, current portion 7,170 28,443 Current liabilities held for sale 158,103 151,288 Total current liabilities 906,122 897,458 Stock payable to directors 38,542 38,542 Asset retirement obligations 1,119,832 1,101,561 Non-current liabilities held for sale 536,466 536,466 Total liabilities 2,600,962 2,574,027 COMMITMENTS AND CONTINGENCIES 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 $969,375 and $967,500, respectively) 7,500 7,500 Series C: 177,904 shares issued and outstanding (liquidation preference $97,847 both years) 1,779 1,779 Series D: 0 shares issued and outstanding - - Common stock, $0.01 par value, 150,000,000 shares authorized; 108,438,984 and 107,647,317 shares issued and outstanding, respectively 1,084,389 1,076,472 Additional paid-in capital 64,051,844 63,853,836 Accumulated deficit (39,741,387 ) (39,418,619 ) Total stockholders' equity 25,404,125 25,520,968 Total liabilities and stockholders' equity $ 28,005,087 $ 28,094,995 United States Antimony Corporation and Subsidiaries Condensed Consolidated Statements of Cash Flows (Unaudited) March 31, 2024 March 31, 2023 CASH FLOWS FROM OPERATING ACTIVITIES OF CONTINUING OPERATIONS: Net income from continuing operations $ 86,101 $ 293,381 Adjustments to reconcile net income from continuing operations to net cash provided (used) by operating activities of continuing operations: Depreciation and amortization 106,147 69,332 Accretion of asset retirement obligation 18,271 375 Loss on disposal of property, plant, and equipment 17,494 - Write down of inventory to net realizable value 80,143 - Share-based compensation 205,925 - Other non-cash items (15,695 ) 2,041 Changes in operating assets and liabilities: Accounts receivable, net (432,486 ) (919,819 ) Inventories, net 286,001 (76,504 ) Prepaid expenses and other current assets (24,798 ) (141,852 ) Accounts payable 73,294 158,942 Accrued liabilities 8,481 (55,425 ) Accrued liabilities - directors 42,249 19,746 Royalties payable (100,902 ) (419,191 ) Net cash provided (used) by operating activities of continuing operations 350,225 (1,068,974 ) CASH FLOWS FROM INVESTING ACTIVITIES OF CONTINUING OPERATIONS: Proceeds from redemption of certificates of deposit 50,682 - Purchases of properties, plant, and equipment (52,713 ) (501,202 ) Net cash used by investing activities of continuing operations (2,031 ) (501,202 ) CASH FLOWS FROM FINANCING ACTIVITIES OF CONTINUING OPERATIONS: Payments on dividends payable - (787,730 ) Principal payments on long-term debt (21,273 ) (23,022 ) Net cash used by financing activities of continuing operations (21,273 ) (810,752 ) Net cash flows provided (used) by continuing operations 326,921 (2,380,928 ) CASH FLOWS FROM DISCONTINUED OPERATIONS: Net cash used by operating activities (285,198 ) (1,204,818 ) Net cash used by investing activities - (113,568 ) Net cash flows used by discontinued operations (285,198 ) (1,318,386 ) NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS AND RESTRICTED CASH 41,723 (3,699,314 ) | CASH AND CASH EQUIVALENTS AND RESTRICTED CASH AT BEGINNING OF PERIOD 11,954,635 19,117,666 CASH AND CASH EQUIVALENTS AND RESTRICTED CASH AT END OF PERIOD $ 11,996,358 $ 15,418,352 NON-CASH FINANCING AND INVESTING ACTIVITIES: Common stock buyback and retirement - $ 202,980 Conversion of Preferred Series D to Common Stock - $ 16,926 Forward-Looking Statements: Readers should note that, in addition to the historical information contained herein, this press release may 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. Forward-looking statements are typically identified by words such as "believe," "expect," "anticipate," "intend," "outlook," "estimate," "forecast," "project," "pro forma" and other similar words and expressions. Forward-looking statements are subject to numerous assumptions, risks, and uncertainties, which change over time. Forward-looking statements speak only as of the date they are made. Because forward-looking statements are subject to assumptions and uncertainties, actual results or future events could differ, possibly materially, from those anticipated in the forward-looking statements and future results could differ materially from historical performance. Contact: United States Antimony CorporationPO Box 64347 Cox Gulch Rd.Thompson Falls, Montana 59873-0643406-606-4117E-Mail: info@usantimony.com SOURCE: United States Antimony Corporation View the original press release on accesswire.com