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of Contents](#TOC)\n\n​\n\n​\n\n**UNITED STATES**\n\n**SECURITIES AND EXCHANGE COMMISSION**\n\n**Washington, D.C. 20549**\n\n**Form ****10-K**\n\n​\n\n​\n\n​\n\n☒\n\n**ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934**\n\n​\n\n​\n\n​\n\n**For the fiscal year ended:****December 31, 2025**\n\n​\n\n☐\n\n**TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934**\n\n​\n\n​\n\n​\n\nFor the transition period from ________ to ________\n\n​\n\n​\n\nCommission file number: **001-08675**\n\n​\n\n​\n\n**UNITED STATES ANTIMONY CORPORATION**\n\n(Exact name of registrant as specified in its charter)\n\n​\n\n​\n\n​\n\n​\n\n**Texas**\n\n**  ​ ​ ​**\n\n**81-0305822**\n\n(State or other jurisdiction of\n\n​\n\n(I.R.S. Employer\n\nincorporation or organization)\n\n​\n\nIdentification No.)\n\n​\n\n​\n\n​\n\n**4438 W. Lovers Lane****,****Unit 100****,****Dallas****,****TX**\n\n**  ​ ​ ​**\n\n**75209**\n\n(Address of principal executive offices)\n\n​\n\n(Zip Code)\n\n​\n\nRegistrant’s telephone number, including area code:**(****406****)****606-4117**\n\n​\n\nSecurities registered under Section 12(b) of the Exchange Act:\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\nTitle of each class\n\n  ​ ​ ​\n\nTrading Symbol(s)\n\n  ​ ​ ​\n\nName of each exchange on which registered\n\n**Common stock, $0.01 par value**\n\n**Common Stock, $0.01 par value**\n\n​\n\n**UAMY**\n\n**UAMY**\n\n​\n\n**NYSE**\n\n**NYSE Texas**\n\n​\n\nSecurities registered under Section 12(g) of the Exchange Act:\n\n​\n\nTitle of class\n\n**None**\n\n​\n\nIndicate by checkmark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes ☒ No ☐\n\nIndicate by checkmark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. Yes ☐****No ☒\n\nIndicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐\n\nIndicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐\n\nIndicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act. (Check one):\n\n​\n\n​\n\n​\n\n​\n\nLarge accelerated filer\n\n☐\n\nAccelerated filer\n\n☐\n\nNon-accelerated Filer\n\n☒\n\nSmaller reporting company\n\n☒\n\nEmerging Growth Company\n\n☐\n\n​\n\n​\n\n​\n\nIf an emerging growth company, indicate by checkmark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐\n\nIndicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report. ☐\n\nIf securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements. ☐\n\nIndicate by check mark whether any of those error corrections are restatements requiring a recovery analysis of incentive-based compensation received by any of the registrant’s executive officers during the relevant recovery period pursuant to §240.10D-1(b). ☐\n\nIndicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). Yes ☐ No ☒\n\nAs of June 30, 2025, which was the last business day of the registrant’s most recently completed second fiscal quarter, the aggregate market value of the registrant’s common stock held by non-affiliates was $250,314,273, determined using the per share closing price of $2.18 on the NYSE exchange on June 30, 2025. Common stock held by each executive officer and director has been excluded from this aggregate market value.\n\nThe number of shares outstanding of the registrant’s common stock as of March 12, 2026 was 143,371,936.\n\n​\n\n​\n\n​\n\n[Table of Contents](#TOC)\n\n**UNITED STATES ANTIMONY CORPORATION**\n\n**INDEX TO THE FORM 10-K**\n\n**FOR THE FISCAL YEAR ENDED DECEMBER 31, 2025**\n\n​\n\n[**PART I**](#PARTI_312293)\n\n[ITEM 1.](#Item1Business_76519)\n\n[BUSINESS](#Item1Business_76519)\n\n6\n\n​\n\n​\n\n​\n\n[ITEM 1A.](#Item1ARiskFactors_260457)\n\n[RISK FACTORS](#Item1ARiskFactors_260457)\n\n14\n\n​\n\n​\n\n​\n\n[ITEM 1B.](#Item1BUnresolvedStaffComments_816417)\n\n[UNRESOLVED STAFF COMMENTS](#Item1BUnresolvedStaffComments_816417)\n\n31\n\n​\n\n​\n\n​\n\n[ITEM 1C.](#Item1CCybersecurity_836707)\n\n[CYBERSECURITY](#Item1CCybersecurity_836707)\n\n31\n\n​\n\n​\n\n​\n\n[ITEM 2.](#Item2Properties_640722)\n\n[PROPERTIES](#Item2Properties_640722)\n\n32\n\n​\n\n​\n\n​\n\n[ITEM 3.](#Item3LegalProceedings_424189)\n\n[LEGAL PROCEEDINGS](#Item3LegalProceedings_424189)\n\n48\n\n​\n\n​\n\n​\n\n[ITEM 4.](#Item4MineSafetyDisclosures_717556)\n\n[MINE SAFETY DISCLOSURES](#Item4MineSafetyDisclosures_717556)\n\n48\n\n​\n\n​\n\n​\n\n[**PART II**](#PARTII_435614)\n\n[ITEM 5.](#Item5MarketforRegistrantsCommonEquity_43)\n\n[MARKET FOR REGISTRANT’S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES](#Item5MarketforRegistrantsCommonEquity_43)\n\n49\n\n​\n\n​\n\n​\n\n[ITEM 6.](#Item6Reserved_104442)\n\n[[RESERVED]](#Item6Reserved_104442)\n\n49\n\n​\n\n​\n\n​\n\n[ITEM 7.](#Item7ManagementsDiscussionandAnalysis_69)\n\n[MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS](#Item7ManagementsDiscussionandAnalysis_69)\n\n50\n\n​\n\n​\n\n​\n\n[ITEM 7A.](#Item7AQuantitativeandQualitativeDisclosu)\n\n[QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK](#Item7AQuantitativeandQualitativeDisclosu)\n\n57\n\n​\n\n​\n\n​\n\n[ITEM 8.](#Item8FinancialStatementsandSupplementary)\n\n[FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA](#Item8FinancialStatementsandSupplementary)\n\n57\n\n​\n\n​\n\n​\n\n[ITEM 9.](#Item9ChangesinandDisagreementswithAccoun)\n\n[CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE](#Item9ChangesinandDisagreementswithAccoun)\n\n91\n\n​\n\n​\n\n​\n\n[ITEM 9A.](#Item9AControlsandProcedures_25856)\n\n[CONTROLS AND PROCEDURES](#Item9AControlsandProcedures_25856)\n\n91\n\n​\n\n​\n\n​\n\n[ITEM 9B.](#Item9BOtherinformation_173295)\n\n[OTHER INFORMATION](#Item9BOtherinformation_173295)\n\n92\n\n​\n\n​\n\n​\n\n[ITEM 9C.](#Item9CDisclosureRegardingForeignJurisdic)\n\n[DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS](#Item9CDisclosureRegardingForeignJurisdic)\n\n92\n\n​\n\n​\n\n​\n\n[**PART III**](#PARTIII_126299)\n\n[ITEM 10.](#Item10DirectorsExecutiveOfficersandCorpo)\n\n[DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE](#Item10DirectorsExecutiveOfficersandCorpo)\n\n93\n\n​\n\n​\n\n​\n\n[ITEM 11.](#Item11ExecutiveCompensation_119589)\n\n[EXECUTIVE COMPENSATION](#Item11ExecutiveCompensation_119589)\n\n98\n\n​\n\n​\n\n​\n\n[ITEM 12.](#Item12SecurityOwnershipofCertainBenefici)\n\n[SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS](#Item12SecurityOwnershipofCertainBenefici)\n\n101\n\n​\n\n​\n\n​\n\n[ITEM 13.](#Item13CertainRelationshipsandRelatedTran)\n\n[CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE](#Item13CertainRelationshipsandRelatedTran)\n\n102\n\n​\n\n​\n\n​\n\n[ITEM 14.](#Item14PrincipalAccountantFeesandServices)\n\n[PRINCIPAL ACCOUNTANT FEES AND SERVICES](#Item14PrincipalAccountantFeesandServices)\n\n102\n\n​\n\n​\n\n​\n\n[**PART IV**](#PARTIV_425027)\n\n[ITEM 15.](#Item15ExhibitsandFinancialStatementSched)\n\n[EXHIBIT AND FINANCIAL STATEMENT SCHEDULES](#Item15ExhibitsandFinancialStatementSched)\n\n104\n\n​\n\n​\n\n​\n\n[ITEM 16.](#Item16Form10KSummary_444879)\n\n[FORM 10-K SUMMARY](#Item16Form10KSummary_444879)\n\n104\n\n​\n\n​\n\n​\n\n[SIGNATURES](#SIGNATURES_972563)\n\n​\n\n105\n\n​\n\n​\n\n​\n\n2\n\n[Table of Contents](#TOC)\n\n**CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS**\n\nReaders 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 United States Antimony Corporation (“US Antimony,” “USAC,” and 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.\n\nAny statements 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, occur or be achieved) are not statements of historical fact and may be forward-looking statements. 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 and are subject to assumptions and uncertainties. Forward-looking statements are subject to a variety of known and unknown risks, uncertainties and other factors which could cause actual events or results to differ from those expressed or implied by the forward- looking statements, including, without limitation, risks related to:\n\n●The Company’s properties being in the exploration stage;\n\n●Macroeconomic factors;\n\n●The imposition of new tariffs, changes in trade policy or agreements, or the escalation of trade tensions between the United States and other countries or regions could have a material adverse impact on our business;\n\n●Continued operational losses;\n\n●Negative consequences related to mineral operations being subject to existing and new government regulations within and outside the United States;\n\n●The Company’s ability to obtain additional capital to develop the Company’s resources, if any;\n\n●Concentration of customers;\n\n●Increase in energy costs;\n\n●Mineral exploration and development activities;\n\n●Mineral estimates;\n\n●The Company’s insurance coverage for operating risks;\n\n●The fluctuation of prices for antimony and precious metals, such as gold and silver;\n\n●The competitive industry of mineral exploration;\n\n●The title and rights in the Company’s mineral properties;\n\n●Environmental hazards;\n\n●The possible dilution of the Company’s common stock from additional financing activities;\n\n●Metallurgical and other processing problems;\n\n●Unexpected geological formations;\n\n●Global economic and political conditions;\n\n●Staffing in remote locations;\n\n●Changes in product costing;\n\n●Inflation on operational costs and profitability;\n\n●Competitive technology positions and operating interruptions (including, but not limited to, labor disputes, leaks, fires, flooding, landslides, power outages, explosions, unscheduled downtime, transportation interruptions, war and terrorist activities);\n\n●Global pandemics, natural disasters, or civil unrest;\n\n●Mexican labor and cartel issues regarding safety and organized control over our properties;\n\n●The positions and associated outcomes of Mexican and other taxing authorities;\n\n●Cybersecurity and business disruptions;\n\n●Ineffective use of cash and cash equivalents, including proceeds from stock offerings;\n\n3\n\n[Table of Contents](#TOC)\n\n●Potential conflicts of interest with the Company’s management;\n\n●Mining exploration, development, and production not being economically viable;\n\n●Mineral reserve estimates, including those prepared by “Qualified Persons” (as defined by SEC Regulation S-K 1300), are not guarantees of the volume or grade of ore that will ultimately be recovered;\n\n●Processing and selling ore from new suppliers and internal sources not being economically viable;\n\n●Risks associated with non-domestic supply of antimony ore that could negatively impact our financial condition and results of operations including, among others, receipt of ore later than expected or not at all, antimony content in ore being less than expected, higher costs than expected related to logistics, ore content making ore more difficult to process, more costly to process, and/or take more time to process than expected, and the inability to process ore due to its possible content of deleterious elements;\n\n●Not achieving revenue growth, revenue diversification, and/or additional profit expected from initiatives and changes in our business that have been implemented or are being implemented could cause a significant negative impact on our financial condition and results of operations;\n\n●Volatility in market prices related to the Company’s investment in equity securities could negatively impact our financial condition and results of operations;\n\n●The Company’s supply contracts, including its sole-source contract with the DLA for antimony metal ingots, expose it to a variety of risks that could adversely impact performance and financial results;\n\n●Not having the cash flow from operations or other sources or vehicles to fully fund and support the business, strategy, initiatives, changes, and operations, among others, could negatively impact our financial condition and results of operations;\n\n●A discrepancy between the number of outstanding shares of our common stock as determined by the Transfer Agent and the number of outstanding shares of our common stock as determined by the Depositary Trust Company could have a material adverse effect on our financial reporting processes, regulatory compliance, corporate actions, investor confidence, and the market price of our common stock;\n\n●Lack of personnel to execute the Company’s strategy could delay or derail the Company’s implementation of its strategy that could negatively impact our financial condition and results of operations;\n\n●The Company is subject to significant operational and performance risks as the managing member of a joint venture that could negatively impact our financial condition and results of operations;\n\n●The Company’s minority ownership position and capital funding obligations in the joint venture expose us to dilution, financing, and governance risks; and\n\n●Fluctuations in the price of the Company’s common stock.\n\n​\n\n4\n\n[Table of Contents](#TOC)\n\nThis list is not an exhaustive list of the factors that may affect the Company’s forward-looking statements. Some of the important risks and uncertainties that could affect forward-looking statements are described further under the sections titled “Risk Factors,” “Description of Business” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” of this Annual Report. If one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those anticipated, believed, estimated or expected. The Company cautions readers not to place undue reliance on any such forward-looking statements, which speak only as of the date made. United States Antimony Corporation disclaims any obligation subsequently to revise any forward-looking statements to reflect events or circumstances after the date of such statements or to reflect the occurrence of anticipated or unanticipated events, except as required by law. The Company advises readers to carefully review this Form 10-K, the exhibits hereto, and the reports and documents incorporated by reference herein and filed with the Securities and Exchange Commission (the “SEC”).\n\nYou should read this report with the understanding that our actual future results, levels of activity, performance and events and circumstances may be materially different from what we expect and from our historical results.\n\nThis report contains estimates, projections and other information concerning our industry, our business and the markets for our products. We obtained the industry, market and similar data set forth in this report from our own internal estimates and research and from industry research, publications, surveys and studies conducted by third parties, including governmental agencies. Information that is based on estimates, forecasts, projections, market research or similar methodologies is inherently subject to uncertainties, and actual events or circumstances may differ materially from events and circumstances that are assumed in this information. While we believe that the data we use from third parties is reliable, we have not separately verified this data. You are cautioned not to give undue weight to any such information, projections and estimates.\n\nAs a result of a number of known and unknown risks and uncertainties, including without limitation, the important factors described in Part I. Item 1A “*Risk Factors*” in this Annual Report, our actual results or performance may be materially different from those expressed or implied by these forward-looking statements.\n\nAs used in this Annual Report, the terms “we,” “us,” “our,” “United States Antimony Corporation,” “US Antimony,” “USAC,” and the “Company,” mean United States Antimony Corporation and its subsidiaries, unless otherwise indicated. All dollar amounts in this Annual Report are expressed in U.S. dollars, unless otherwise indicated.\n\n​\n\n5\n\n[Table of Contents](#TOC)\n\n**PART I**"}