{"url_path":"/sec/uamy/10-k/2026/item-2","section_key":"item-2","section_title":"Item 2 Properties.**","topic":"sec","document":{"doc_type":"10-K","doc_date":"2026-03-19","source_url":"https://www.sec.gov/Archives/edgar/data/101538/0001104659-26-032049-index.html","accession_number":"0001104659-26-032049","cik":"0000101538","ticker":"UAMY","issuer_name":"UNITED STATES ANTIMONY CORP","edgar_url":"https://www.sec.gov/Archives/edgar/data/101538/0001104659-26-032049-index.html","primary_entity_key":"0000101538","primary_entity_name":"UNITED STATES ANTIMONY CORP"},"word_count":7010,"has_tables":true,"body_markdown":"**Item 2. Properties.**\n\nThe Company owns, leases, and operates a portfolio of domestic and international properties supporting its antimony, precious metals, and zeolite businesses, and has invested in other properties prospective for tungsten, cobalt, and other critical minerals. These properties include processing and smelting facilities, a production-stage zeolite mine, exploration-stage mineral properties, and supporting infrastructure. The Company’s property portfolio is organized across its antimony and zeolite segments and is intended to support an integrated supply chain encompassing mineral extraction, concentration, and processing.\n\nThe Company’s principal operating assets include its antimony smelting and precious metals processing facility in Sanders County, Montana; two antimony and precious metals processing facilities in Mexico; and the Bear River Zeolite (“BRZ”) surface mine and processing facility in Preston, Idaho, which represents the Company’s sole production-stage mine. In addition, the Company holds exploration-stage mineral properties in Mexico, Montana, Alaska, the southeastern United States, and Ontario, Canada, which are prospective for antimony, tungsten, cobalt, and other critical and base metals. All properties described below have not yet established mineral resources or mineral reserves other than the BRZ surface mine, and mining or commercial production activities at those sites are subject to further technical evaluation, permitting, and market conditions. The sections below that follow the table describe the Company’s properties by location and operating status.\n\n32\n\n[Table of Contents](#TOC)\n\nThe following table provides a summary of the properties we were affiliated with at December 31, 2025:\n\n**Segment**\n\n**  ​ ​ ​**\n\n**Location**\n\n**  ​ ​ ​**\n\n**Owned or********Leased**1\n\n**  ​ ​ ​**\n\n**Mine, Processing********Facility, or********Warehouse**\n\n**  ​ ​ ​**\n\n**Status**\n\n**  ​ ​ ​**\n\n**Own********Mining********Claims**\n\n**  ​ ​ ​**\n\n**Acreage**\n\n** **\n\nAntimony\n\n​\n\nSanders County, Montana\n\n​\n\nOwned\n\n​\n\nProcessing Facility\n\n​\n\nActive\n\n​\n\nn/a\n\n​\n\n14\n\n​\n\nAntimony\n\n​\n\nMadero in Coahuila, Mexico\n\n​\n\nOwned\n\n​\n\nProcessing Facility\n\n​\n\nActive\n\n​\n\nn/a\n\n​\n\n16\n\n​\n\nAntimony\n\n​\n\nPuerto Blanco in Guanajuato, Mexico\n\n​\n\nOwned\n\n​\n\nProcessing Facility\n\n​\n\nActive\n\n​\n\nn/a\n\n​\n\n100\n\n​\n\nAll Other\n\n​\n\nLos Juarez in Queretaro, Mexico\n\n​\n\nLeased / Owned\n\n​\n\nMine\n\n​\n\nExploration\n\n​\n\nNo / Yes\n\n​\n\n529 / 100\n\n​\n\nZeolite\n\n​\n\nPreston, Idaho\n\n​\n\nLeased / Owned\n\n​\n\nMine / Processing\n\n​\n\nProduction\n\n​\n\nNo / Yes\n\n​\n\n320 / 994\n\n​\n\nAll Other\n\n​\n\nSanders County, Montana\n\n​\n\nn/a / Owned\n\n​\n\nMine\n\n​\n\nExploration\n\n​\n\nYes\n\n​\n\n2,400 / 30\n\n​\n\nAll Other\n\n​\n\nAlaska\n\n​\n\nn/a\n\n​\n\nMine\n\n​\n\nExploration\n\n​\n\nYes\n\n​\n\n22,800\n\n​\n\nAll Other\n\n​\n\nOntario, Canada\n\n​\n\nn/a / Owned\n\n​\n\nMine\n\n​\n\nExploration\n\n​\n\nYes\n\n​\n\n38,100 / 2,900\n\n​\n\nZeolite\n\n​\n\nLethbridge, Canada\n\n​\n\nLeased\n\n​\n\nWarehouse\n\n​\n\nActive\n\n​\n\nn/a\n\n​\n\nn/a\n\n​\n\n1 - see additional property description information below.\n\n​\n\nThe following is a map of the Company’s properties:\n\n33\n\n[Table of Contents](#TOC)\n\n**DESCRIPTION OF PROPERTIES**\n\n**Antimony and Precious Metals Facility in Sanders County, Montana**\n\nWe own 14 acres of land in the Burns Mining District in Sanders County, Montana, where we operate a facility that includes our antimony smelter and precious metals equipment. This facility was built in 1971, started operating in 1972, and is included in our antimony segment. We built the road system, but it was purchased and is currently operated and maintained by the USFS. The antimony smelter includes furnaces of a proprietary design to produce antimony metal ingots, antimony oxide, antimony trisulfide, and various other antimony products. We have 8 operational Small Rotary Furnaces (SRF’s) and a permit for up to 15 SRF’s. Also, we are using 2 of our 4 operational electric furnaces. The SRF’s are used to roast various antimony ore inputs and can produce either finished antimony trioxide or finished antimony metal in the form of ingots. The electrical furnaces are used to produce antimony trisulfide. The furnaces are maintained to modern standards. Annual antimony production was approximately 1,409,000 pounds in 2025 and approximately 1,460,000 pounds in 2024. This plant is also equipped for the treatment and production of precious metals. Annual gold production was approximately 13 ounces in 2025 and approximately 35 ounces in 2024. Annual silver production was approximately 8,755 ounces in 2025 and approximately 14,600 ounces in 2024. We do not mine at this facility but rather process ore into finished products.\n\nIn April 2025, the Company entered into definitive engineering and construction service agreements with a third-party contractor to support an expansion of its smelting operations at this location that will more than triple its capacity. The project has been designed to maintain existing smelting operations without material interruption. Construction activities commenced in 2025, and the expansion is expected to be completed in April 2026. Management believes the expansion project is strategically important to supporting domestic antimony supply.\n\nThis facility is approximately 16 miles west of Thompson Falls on Montana Secondary Highway 471 with GPS coordinates latitude 47.548077 north and longitude 115.591828 west. Our property is approximately 850 feet north-northeast of Prospect Creek in Cox Gulch, which resides in the northern Bitterroot Mountain range. This Highway 471 is asphalt, and the property is accessible by car and/or truck. There is a smaller airport, Sanders Airport, that is about 2 hours from our property and a major airport in Spokane, WA, that is about two and one-half hours from our property. Our facility is serviced with electricity from Northwestern Energy, and water is pumped from a well located on our property. Personnel are sourced from nearby cities like Belknap, Plains, and Missoula. Our facility is considered a large quantity generator (“LQG”) of hazardous waste and must comply with the Montana Hazardous Waste Act, which is regulated by the Montana Department of Environmental Quality (“DEQ”).\n\nFollowing are location maps related to this property:\n\n34\n\n[Table of Contents](#TOC)\n\n**Properties in Mexico**\n\nThe Company has two subsidiaries in Mexico, USAMSA and ADM. The USAMSA subsidiary includes the following two antimony and precious metals processing facilities in Mexico, both of which are owned: (1) the Madero facility in Coahuila, Mexico and (2) the Puerto Blanco flotation mill, oxide circuit, and cyanide leach circuit facility in Guanajuato, Mexico. We do not presently mine at these facilities but rather process ore into finished products. The Los Juarez mining claims and concessions are in Cadereyta de Montes Queretaro, Mexico and are included in our ADM subsidiary. There are presently no active operations at Los Juarez.\n\nMadero Antimony Smelter and Precious Metals Processing Facility in Coahuila, Mexico\n\nThe Madero antimony smelter and precious metal processing facility at Estacion Madero, in the Municipio of Parras de la Fuente, Coahuila, Mexico, is included in our antimony segment. Construction started on the property in 2009. The property is about 16 acres with fourteen small rotating furnaces (“SRF’s”) and three large rotating furnaces (“LRF”) with an associated stack and scrubbers. The Madero antimony production is sold as antimony metal ingots or antimony low-grade oxide. In 2019, we completed the installation of a caustic leach circuit to process antimony concentrates from our Puerto Blanco cyanide leach facility containing any precious metals from our Los Juarez property or other sources. Annual antimony finished goods production was 163,788 pounds of antimony metal ingots in 2024. There was production operations in fiscal 2025 but no finished goods sold in 2025.\n\nThis property is about 7 kms north of the gas station known as Paila Coahuila and less than 1 km from a railroad and the ejido Estacion Madero, Coahuila. Paila is about halfway between Torreon and Saltillo, both in the state of Coahila on state highway 40 and is accessible by truck. Electricity is supplied by CFE, the socialized electricity provider in Mexico and provides adequate and fairly reliable power. Water is sourced from a well located at the smelter. Personnel are sourced mainly from the nearby community of about 100 residents. The Madero smelter currently employs 30 people. Following is a location map related to this property:\n\nPuerto Blanco Flotation Mill and Precious Metals Processing Facility in Guanajuato, Mexico\n\nThe Puerto Blanco facility in Guanajuato, Mexico is about 100 acres and is included in our antimony segment. Construction started on the property in 2010. The facility contains a flotation mill and gravity circuit that are used in increasing the concentration of antimony in ore and a cyanide leach circuit this is used in the processing of precious metals. The flotation mill can be used for the processing of ore from the Company’s mine in Los Juarez and other unrelated third-party properties. A gravity circuit was added to the plant in 2013 and 2014 to mill oxide ores from Los Juarez and other properties. In 2019 a cyanide leach circuit for recovery of precious metals was built and permits were obtained for this circuit. This cyanide leach circuity is not yet in operation and has not been used. Puerto Blanco had no production operations in 2025 and 2024.\n\n35\n\n[Table of Contents](#TOC)\n\nThe Puerto Blanco property is approximately 15 kms (about 9.32 mi) north of the city of San Jose Iturbide along state highway 57 in the state of Guanjuato, Mexico with GPS coordinates of 21.07827, -100.54144 and is located approximately 144 kms (about 89.48 mi) from our Los Juarez property. It is accessible by highway to all vehicles. Following are location maps related to this property:\n\n36\n\n[Table of Contents](#TOC)\n\n**Zeolite Mine and Processing Facility in Preston, Idaho**\n\nProperty Description and Ownership\n\nBear River Zeolite Company (“BRZ”), which represents our Zeolite Segment, has a lease through December 31, 2034 with Zeolite, LLC that entitles BRZ to surface mine and process zeolite on property in Preston, Idaho, in exchange for an annual payment and a royalty payment, which is based on the amount of zeolite shipped from the leased property (“BRZ Lease”). BRZ pays two other royalties based on the sale of zeolite products. BRZ holds all necessary MSHA and operational permits and is regularly inspected by MSHA for compliance with State and Federal requirements.\n\nAnnual zeolite production was approximately 12,000 tons in 2025 and approximately 11,100 tons in 2024. In addition, after obtaining required permits, BRZ can surface mine and process zeolite on the 1,000 acres of property owned by the BLM and held by our 50, 20-acre Placer claims, that is adjacent to the Company’s Preston, Idaho property.\n\nThe BRZ mine is a surface mining operation located near Preston, Idaho and represents the Company’s sole production-staged mine. BRZ’s zeolite is considered to be one of the best zeolites in the world for water filtration, soil amendment, animal feed additive, and industrial absorption due to its high cation exchange capacity (CEC) averaging 146 meq/100 gr. (which predicts plant nutrient availability and retention in soil), its hardness and high clinoptilolite content (which is an effective barrier to prevent problematic radionuclide movement), its low clay content, and its low sodium content.\n\nOperations at the BRZ mine are conducted via conventional open-pit methods, organized into a series of stepped levels, or benches, typically ranging from 10 to 20 feet in height. The operation begins with the removal of a thin layer of overburden using standard dozers and excavators; this material is stockpiled for future land reclamation and site restoration. Once the surface is cleared, the volcanic zeolite rock is broken into manageable pieces primarily through controlled drilling and blasting, though softer material near the surface may be extracted using tractor-mounted rippers. During the loading phase, operators and geologists utilize visual sorting to separate high-grade zeolite from waste rock, a process facilitated by the distinct physical characteristics of the ore which minimizes dilution. Extracted material is loaded into 18- to 20-ton haul trucks and transported approximately 4,000 feet to the onsite processing mill. The mining operation is currently configured to support a production capacity of approximately 120 tons of zeolite per hour, providing a consistent supply of raw material to the mill.\n\nBRZ is in the southeast corner of Idaho and is accessible by seven miles of paved road and about l/4 mile of gravel road from Preston, Idaho. Preston is a city in Franklin County, Idaho and is near the major north-south Interstate Highway 15 to Salt Lake City, UT or Pocatello, ID. Water is sourced from the landowner during the early spring and summer months. Late summer, water is generally scarcer but is obtained from the same source. Electricity is provided by the local electric company and is fairly reliable. Personnel are sourced, mainly from Preston, but also from North Logan. Following are location maps related to this property:\n\n​\n\n37\n\n[Table of Contents](#TOC)\n\nMineral Reserves and Resources\n\nOn July 24, 2025, the Company published a Technical Report Summary (the “TRS”) dated July 2, 2025, covering the BRZ mining deposits. The TRS was prepared by an independent Qualified Person in accordance with Regulation S-K Subpart 1300 and summarizes the geological setting, mineral reserve and resource estimates, mining and processing methods, infrastructure, environmental and permitting considerations, and economic assumptions applicable to the BRZ operation. The full TRS is filed as an exhibit to the Company’s Form 8-K dated July 25, 2025. The mineral reserve and resource estimates disclosed below are derived from, and consistent with, the TRS, and the Company is not aware of any material changes since the TRS effective date that would affect the estimates as of December 31, 2025.\n\nThe mineral resource estimates in the TRS are effective as of May 24, 2024, while the mineral reserve estimates are effective as of May 31, 2025. The difference in dates reflects the timing of the geological modeling and mine planning used to calculate resources versus reserves. The mineral reserve and resource estimates disclosed below are point-in-time estimates as of their respective effective dates. A year-over-year mineral reserve reconciliation is not presented because there was previously no independent Technical Report Summary or comparable reserve study prepared prior to the TRS mineral estimates that are effective as of May 31, 2025.\n\nMineral reserves represent the economically mineable portion of the BRZ mine and are reported exclusive of mineral resources. Reserves are classified as proven or probable based on geological confidence, mine planning, and economic analysis. As of May 31, 2025, total proven and probable mineral reserves were estimated at approximately 5.1 million short tons, with an average grade of approximately 146 meq/100g cation exchange capacity (“CEC”), all of which are considered saleable product. Proven mineral reserves totaled approximately 2.3 million short tons and probable mineral reserves totaled approximately 2.8 million short tons. Mineral reserves were estimated using long-term zeolite product price forecasts and operating cost assumptions that include mining, processing, and general and administrative costs. The mineral reserve estimate was prepared in compliance with the disclosure standards of SEC Regulation S-K 1300 by independent Qualified Person Randall K. Martin, SME-RM. The estimate is based on the measured and indicated mineral resources, incorporating inputs derived from the 2024 geologic model and operational data provided by site management. A 3D pit optimization analysis was conducted utilizing the Colorado School of Mines MineFlow™ software, incorporating geotechnical slope angles, economic assumptions, and operational data provided by site management. At the current production rate of approximately 12,000 short tons per year, proven and probable mineral reserves of approximately 5.1 million short tons support a theoretical mine life exceeding 400 years.\n\n38\n\n[Table of Contents](#TOC)\n\nMineral resources represent mineralization with reasonable prospects for eventual economic extraction but which do not meet the criteria to be classified as mineral reserves. As of May 22, 2024, mineral resources exclusive of mineral reserves included approximately 339,000 short tons of measured and indicated mineral resources and approximately 426,000 short tons of inferred mineral resources, at average grades ranging from approximately 140 to 147 meq/100g CEC. The mineral resource estimate was prepared using a 3D block model constrained by geologic interpretation and a cutoff grade of 100 meq/100g CEC. Resources were classified as measured, indicated, or inferred based on drill density, lithologic confidence, and data quality. No capping or compositing was required. Estimation was conducted in accordance with SEC Regulation S-K 1300 standards using validated drill data and surface mapping.\n\nEnvironmental and Reclamation\n\nMining operations are conducted in compliance with applicable federal and state environmental regulations. Overburden is stockpiled and used for concurrent reclamation of mined areas, and the Company maintains reclamation plans consistent with lease and permit requirements. No material environmental compliance issues have been identified for the Bear River Zeolite Mine.\n\nInternal Controls over Mineral Reserve and Resource Disclosures\n\nThe Company maintains internal controls and procedures designed to support the preparation of the TRS for its BRZ mining operations and to provide reasonable assurance that the disclosures included therein are prepared in accordance with Regulation S-K Subpart 1300. These controls and procedures address the collection, evaluation, and systematic review of geological, mining, processing, and economic information specific to the BRZ facility.\n\nInformation underlying the BRZ TRS is derived from the Company’s internal mine records, historical production data, mine planning information, processing and recovery data, and operating cost records maintained at the BRZ operation. The Company utilizes standardized data collection protocols and maintains a centralized database to ensure the integrity of the technical data. Such information is reviewed by management personnel with relevant operational and technical expertise and by a Qualified Person (as defined in Item 1300 of Regulation S-K) prior to inclusion in the TRS.\n\nThe Company’s internal controls also include procedures to evaluate the key assumptions, estimates, and forward-looking information included in the TRS, including those related to mining methods, production rates, processing performance, and capital and operating costs. Management reviews the TRS for consistency with other disclosures included in this Annual Report on Form 10-K to ensure alignment between technical estimates and financial reporting.\n\nWhile these controls and procedures are designed to provide reasonable assurance regarding the reliability of the TRS disclosures, the preparation of such information involves significant estimates and judgments and is subject to inherent uncertainties in the geological and economic environment.\n\n**Stibnite Hill Antimony Mine – Sanders County, Montana**\n\nProperty Description and Location\n\nThe Stibnite Hill property is located in the Prospect Creek Mining District of Sanders County, Montana, approximately 15 miles west of Thompson Falls. The approximate center of the property is located at 47.548077° North latitude and 115.591828° West longitude. The property lies within the U.S. Geological Survey Thompson Falls 7.5-minute quadrangle and is situated in a mountainous, historically mined area of northwestern Montana.\n\nAccess to the property is available from Thompson Falls via Montana Highway 200, with direct access provided by Montana Highway 471 and associated secondary county and forest service roads extending into the Prospect Creek area. The site is characterized by forested terrain and seasonal weather conditions typical of historic antimony and base-metal mining districts in western Montana.\n\n39\n\n[Table of Contents](#TOC)\n\nFollowing is a location map related to this property.\n\nOwnership and Mineral Rights\n\nThe property comprises approximately 30 acres of surface estate associated with our patented lode mining claims, which are owned in fee simple by the Company. During 2025, the Company expanded its land position by staking 2,400 acres of additional unpatented federal mining claims covering extensions of known mineralized structures on adjacent open ground immediately adjacent to the Company’s antimony smelting facility in Thompson Falls, Montana. In March 2026, the Company paid $320,000 to acquire additional surface rights associated with patented lode mining claims in the area. Operations at Stibnite Hill are conducted pursuant to permits issued by the State of Montana.\n\nInfrastructure and Accessibility\n\nAccess to the Stibnite Hill property is provided by Montana Highway 200, which intersects with Montana Secondary Highway 471 approximately seven miles west of Thompson Falls. The property is accessed directly via Highway 471, the primary paved route through the Prospect Creek Mining District, with final access provided by secondary county and U.S. Forest Service roads leading to the claim blocks and historical workings. The Company has established a centralized processing chain to manage mineralized material extracted from the Stibnite Hill project. Under this operational framework, excavated material was transported via regional highway networks to the Company’s recently acquired flotation mill property located in Radersburg, Montana.\n\nThis facility provides a dedicated flotation circuit capable of processing bulk samples and production-scale material into high-grade antimony concentrates. The Radersburg location is strategically positioned within central Montana’s transportation network, supporting the efficient movement of processed concentrates to the Company’s downstream smelting operations. Although the mine and mill are located in separate regions of the state, the haul route utilizes established commercial trucking corridors, including Montana Highway 200 and connecting Interstate 90 and U.S. Highway 12 routes, with an estimated one-way drive time of approximately five to six hours under normal road conditions, providing a consistent logistical link between extraction and concentration activities.\n\nWhile the lower elevations of Highway 471 remain accessible for much of the year, the site is subject to seasonal transit constraints typical of western Montana. Heavy snowfall during the winter months generally limits surface exploration and bulk haulage activities. The site currently maintains limited permanent infrastructure consistent with its exploration-stage status, though it benefits from proximity to the regional power grid and available industrial services.\n\n40\n\n[Table of Contents](#TOC)\n\nHistory of Operations\n\nThe Stibnite Hill property was previously operated by the Company using underground narrow-vein extraction methods from 1968 until operations were discontinued in 1983 due to prevailing market conditions. Historical mining activities focused on the extraction of high-grade stibnite-bearing veins. Following cessation of underground operations, the property remained inactive for several decades prior to renewed technical evaluation and exploration activities conducted by the Company, which included the mining of 840 tons of stibnite ore grading approximately 10% antimony in the fourth quarter of 2025 that was trucked to our flotation mill in Radersburg, Montana.\n\nGeology and Mineralization\n\nAntimony mineralization at Stibnite Hill occurs in narrow, relatively flat-lying stibnite-bearing veins with an approximate dip of 25 degrees and strike lengths extending for several thousand feet. Mineralization is structurally controlled and hosted primarily within brecciated and fractured sedimentary and volcanic rocks. Stibnite is the predominant mineral, with minor associated sulfide minerals.\n\nHistorical mining and drilling, together with more recent exploration results, indicate that mineralized zones exhibit continuity both along strike and at depth; however, the full extent of mineralization remains subject to further evaluation. During 2025, the Company undertook a comprehensive technical review of historical records, publicly available technical information, and field observations, supported by a consulting geologist, to reassess the characteristics and continuity of known mineralization.\n\nMining and Processing Operations\n\nThe Stibnite Hill property is currently in the exploration stage. In October 2025, the Company received approval from the Montana Department of Environmental Quality, Hard Rock Mining Bureau, to modify its operating plan and initiated a mechanized exploration and bulk sampling program. Activities commenced in early October 2025, utilizing a surface-based selective recovery method involving removal of overburden, selective excavation of stibnite-bearing material, and progressive replacement of overburden in accordance with permit requirements.\n\nMining activities utilized hydraulic excavators and, where necessary, hydraulic hammers for fragmentation. By the time operations were seasonally suspended due to winter weather conditions, approximately 840 tons of antimony-bearing material had been extracted. Operations are expected to resume in the early spring of 2026 since winter weather conditions have been mild.\n\nTo facilitate the processing of this material, extracted ore has been stockpiled for future processing at a flotation mill near Radersburg, Montana, which was acquired by the Company in January 2026. This facility will be utilized for crushing, milling, metallurgical testing, and evaluation activities. Sampling and assay work is being conducted by an independent geological consulting firm, with samples submitted to an accredited third-party assayer recognized as a Qualified Person under Regulation S-K Subpart 1300.\n\nThe Company has not established mineral resources or mineral reserves for the Stibnite Hill property and has not completed a Technical Report Summary for the site in accordance with Regulation S-K Item 1300. No revenue has been recognized from mining activities yet, as no excavated material has been sold or entered commercial production.\n\nPermitting, Environmental and Encumbrances\n\nExploration and bulk sampling activities are conducted pursuant to approvals issued by the Montana Department of Environmental Quality. Reclamation activities are performed concurrently with excavation in accordance with permit requirements. Any expansion of mining activities remains subject to the establishment of mineral resources or reserves, receipt of additional permits, operational considerations, and prevailing market conditions.\n\nThere are no known environmental liabilities or material encumbrances affecting the property and there are no royalty obligations attached to the property.\n\n**Alaska Mining Properties**\n\nProperty Description and Location\n\nThe Company’s Alaska mining properties are located in interior Alaska, distributed across the Fairbanks Mining District, the Tok area, and the Maclaren River region. The Fairbanks-area claims include the Mohawk property (64.8721° N, 147.9879° W), the Quill claims\n\n41\n\n[Table of Contents](#TOC)\n\n(64.8726° N, 148.0051° W), and the RMA and Oliver claims (64.8734° N, 148.0159° W) near Ester Dome, approximately six miles northwest of Fairbanks. The Stibnite Creek claim group (63.2481° N, 143.7986° W) is located near the junction of the Alaska Highway and the Tok Cutoff and the Maclaren River claims (63.1735° N, 146.8295° W) are situated south of Delta Junction along the Denali Highway corridor. Collectively, these properties are located within historically productive mineral districts known for structurally controlled gold and antimony mineralization. Following is a location map related to these properties.\n\nOwnership and Mineral Rights\n\nThe Company holds its Alaska properties through a combination of state and federal lode mining claims, federal placer mining claims, and patented federal lode mining claims located in the Fairbanks District and other interior Alaska regions. During 2025, the Company significantly expanded its Fairbanks District position through a series of strategic acquisition agreements, each subject to a purchase option with net smelter royalty obligations on production, with certain agreements also providing for royalty buyback rights.\n\nIn January 2025, the Company executed an agreement to acquire 120 mining claims in the Fairbanks District for aggregate consideration of $3.0 million payable in installments through July 2030. The agreement includes net smelter royalty obligations on production from the claims and certain surrounding areas, partial royalty buyback provisions, and a commitment to expend approximately $2.25 million on exploration and development activities over five years beginning January 2025.\n\nIn March 2025, the Company executed an agreement covering 25 mining claims and mineral leases in the Fairbanks District and Maclaren area for aggregate consideration of approximately $425,000 payable through March 2029. This agreement includes a net smelter royalty subject to partial buyback rights and a commitment to expend approximately $250,000 on exploration and development activities over approximately forty-one months.\n\nEffective June 1, 2025, the Company entered into an agreement to acquire various patented federal lode mining claims in the Fairbanks District for aggregate consideration of approximately $2.0 million payable through June 2029. This agreement provides for net smelter royalty payments on production and includes a commitment to expend approximately $700,000 on exploration and development activities over approximately thirty-nine months.\n\n42\n\n[Table of Contents](#TOC)\n\nIn September 2025, the Company executed an additional agreement to acquire mining claims in the Fairbanks District for aggregate consideration of approximately $500,000 payable through September 2029. This agreement includes a net smelter royalty with partial buyback rights and a commitment to expend approximately $250,000 on exploration activities over approximately thirty-six months beginning September 2026.\n\nThe Company currently holds the rights and privileges associated with the acquired mining claims and patented lode claims, subject to the terms of the respective acquisition agreements. To maintain and ultimately obtain full ownership of the claims under installment-based agreements, the Company must make scheduled payments, satisfy applicable royalty obligations, and meet required exploration expenditure commitments. Failure to satisfy these conditions could result in termination of the applicable agreement. All payments related to these mining claims and leases that became due on or before December 31, 2025 were made by the Company pursuant to the terms of the underlying agreements.\n\nAll of the above agreements may be terminated by the Company without cause upon notice in accordance with their respective terms.\n\nInfrastructure and Accessibility\n\nThe Fairbanks-area claims are accessible by publicly maintained roads extending from Fairbanks. The Stibnite Creek claim group is located near the Alaska Highway and Tok Cutoff, and the Maclaren River claims are accessible via the Denali Highway corridor south of Delta Junction. The Mohawk property is located approximately 0.8 miles northeast of the junction of St. Patrick and Henderson Roads in Ester, Alaska and consists of patented mining claims held in fee simple. The properties benefit from proximity to established highway infrastructure, including the Alaska Highway, Richardson Highway, or Denali Highway. The approximate transport distance from Alaska’s processing facility in Fairbanks to the Company’s processing facilities in Thompson Falls, Montana is approximately 45 hours of transit time.\n\nHistory of Operations\n\nCertain of the Company’s Alaska properties, including the Mohawk property in the Ester Dome area, were historically developed for lode gold production during the early- to mid-20th century. Historical mining in the Fairbanks Mining District included both placer and underground hard-rock operations conducted by various operators. Antimony mineralization was historically associated with gold-bearing vein systems but was not economically attractive for production from prior operations. Following cessation of historical mining activities, the properties remained largely inactive prior to the Company’s recent exploration efforts.\n\nGeology and Mineralization\n\nThe Alaska properties are prospective for structurally controlled antimony mineralization commonly associated with gold-bearing vein systems, as well as copper and tungsten in certain areas. The properties are located within historically productive mineral districts where high-grade antimony has been documented in association with gold mineralization. Based on the structurally controlled vein-hosted mineralization and historical underground production in the district, any future development would likely involve selective hard-rock mining methods; however, no mining method has been selected, and further technical evaluation is required.\n\nMining and Processing Operations\n\nAll of the Alaska properties are in the exploration stage and consist primarily of lode mining claims. Following receipt of applicable permits in 2025, the Company conducted initial field activities consisting of geological mapping, soil geochemical sampling, mechanized trenching, and evaluation of historical workings. These activities were undertaken for evaluation purposes only and did not constitute commercial mining or production. Exploration activities were suspended in October 2025 due to winter weather conditions and are expected to resume when conditions permit, which will likely be in May or June 2026. No mineral extraction, milling, or commercial production occurred during the 2025 fiscal year.\n\nNo mineral resources or mineral reserves have been established for any of the Alaska properties in accordance with Regulation S-K Item 1300, and no Technical Report Summary has been completed for these properties.\n\nPermitting, Environmental and Encumbrances\n\nDuring 2025, the Company submitted permit applications to various state and federal agencies for exploration activities in the Ester Dome and Stibnite Creek areas, including the Alaska Department of Fish and Game Habitat Division, the Alaska Department of\n\n43\n\n[Table of Contents](#TOC)\n\nEnvironmental Conservation Water Division, the Alaska Department of Natural Resources (“Alaska DNR”) Mining Division, and the U.S. Army Corps of Engineers. On September 5, 2025, the Company received approval from the Alaska DNR to conduct permitted exploration activities at the Mohawk property and the RMA and Oliver claims near Ester Dome. Exploration work was conducted within the scope of issued permits and focused on previously disturbed areas. Reclamation of disturbed areas commenced following completion of fieldwork, with only minor reclamation obligations, mainly seeding of the affected areas, expected to be completed when weather conditions permit.\n\nThere are no known environmental liabilities or material encumbrances affecting the properties other than the royalty obligations previously described which would reduce net proceeds from any future production. Certain agreements provide partial royalty buyback rights.\n\n**Ontario, Canada Mining Properties**\n\nProperty Description and Location\n\nThe Company’s Canadian portfolio of mining properties consists of two strategic assets situated within the Sudbury Mining District of Ontario, a globally recognized hub for base and precious metal production. In June 2025, the Company acquired property located in the Sudbury District of Ontario, Canada, which was comprised of 50 single-cell mining claims (the “Fostung Properties) covering approximately 1,177 hectares (approximately 2,908 acres). The Fostung Properties are located approximately 70 kilometers west-southwest of Sudbury near the town of Espanola at approximately 46.2301° N latitude and 81.6513° W longitude. The Company also holds rights under an option agreement covering 97 mining claims and three mining leases located ten miles northwest of the Sudbury Basin (the “Iron Mask Properties”). The Iron Mask Properties, which cover approximately 1,696 hectares (approximately 4,200 acres), are located within approximately ten miles of the north rim of the Sudbury Basin at approximately 46.6000° N latitude and 81.1833° W longitude. These two properties are situated within a historically active mining district known for base and precious metal production. Following is a location map related to these properties.\n\n​\n\nOwnership and Mineral Rights\n\nIn June 2025, the Company acquired a 100% ownership interest in the Fostung Properties for cash consideration of $5.0 million. The Fostung Properties were originally subject to an aggregate 1.5% net smelter return (“NSR”) royalty, consisting of a 0.25% NSR payable\n\n44\n\n[Table of Contents](#TOC)\n\nto each of the two sellers plus a 1.0% NSR to a prior owner. In January 2026, the Company paid approximately $108,000 to buy back the 1.0% NSR related to the prior owner.\n\nThe Company’s acquisition of the Iron Mask Properties claims and leases is structured through a series of staged payments totaling $275,000, due in installments through August 2028. These properties are subject to a NSR royalty on future production, which includes a minimum royalty provision commencing on the fifth anniversary of the agreement and a partial buyback option. Additionally, the Company is committed to $250,000 in aggregate exploration and development expenditures over a four-year period. While the Company must satisfy the scheduled payment and exploration expenditure commitments to maintain its interest and achieve full ownership, the agreement may be terminated by us without cause upon 30 days’ notice. All payments related to the Iron Mask Properties that were due on or before December 31, 2025 were made by the Company pursuant to the terms of the underlying agreement.\n\nInfrastructure and Accessibility\n\nThe Fostung Properties and the Iron Mask Properties both benefit from proximity to established infrastructure within the Sudbury mining district. The Fostung Properties are located near the town of Espanola and are accessible by regional roads. The Iron Mask Properties are accessible via a provincial highway and logging roads, and the Canadian Pacific Railway mainline is located within a few miles of portions of the claim boundary.\n\nThe properties are located within a region that hosts active mining operations, processing facilities, and related infrastructure, including open-pit and underground mines, flotation mills, smelters, and refineries that have operated in the district for decades.\n\nHistory of Operations\n\nThe Sudbury Basin is one of Canada’s longest-operating and most productive mining districts, with mining activity dating to the late 1880s. Numerous operators have historically conducted exploration and mining in the region for nickel, copper, cobalt, and associated metals.\n\nThe Fostung Properties have been the subject of prior exploration programs, including drilling and technical evaluations conducted by previous owners. The Iron Mask Properties have likewise been subject to historical prospecting and exploration activities targeting cobalt, nickel, copper, and bismuth mineralization. No commercial mining operations have yet to be conducted by the Company on these properties.\n\nGeology and Mineralization\n\nThe Fostung Properties deposit occurs within the Espanola Formation, part of the Huronian Supergroup meta-sedimentary sequence along the north shore of Lake Huron. Mineralization consists primarily of tungsten hosted within stratiform geological units. On March 3, 2026, the Company announced the completion of an initial resource engineering study regarding these mining claims to determine the property’s initial mineral resources; however, the report has not yet been filed with the SEC.\n\nThe Iron Mask Properties are prospective for cobalt, nickel, copper, and bismuth mineralization, with minor silver and gold values reported historically. These commodities occur within geological settings associated with the Sudbury Basin and surrounding formations. No mineral resources or mineral reserves have been established for the Basin Properties in accordance with SEC Regulation S-K Item 1300.\n\nMining and Processing Operations\n\nDuring 2025, activities at the Iron Mask Properties were limited to geological mapping and surface sampling. At the Fostung Properties, the Company obtained authorization for mechanical stripping and conducted limited surface evaluation work with minimal disturbance. No mineral extraction, processing, or commercial production have yet to occur at either Ontario property during 2025.\n\nBased on the SEC definition in Regulation S-K Item 1300, both Ontario properties are considered exploration stage properties.\n\nPermitting, Environmental and Encumbrances\n\nThe Company has not sought or received approval to conduct commercial mining operations at either of the Ontario properties. Exploration activities conducted to-date have been authorized under applicable provincial permits.\n\n45\n\n[Table of Contents](#TOC)\n\nThe Fostung Properties were originally subject to an aggregate 1.5% net smelter return (“NSR”) royalty, consisting of a 0.25% NSR payable to each of the two sellers plus a 1.0% NSR to a prior owner. In January 2026, the Company paid approximately $108,000 to buy back the 1.0% NSR related to the prior owner.\n\nThe Company has no known environmental liabilities or remediation obligations associated with the properties. The Company has not commenced development or mining operations and has not selected a mining method. Any future exploration or development activities would be subject to completion of technical and economic studies, environmental review, permitting, regulatory approvals, and community engagement in accordance with applicable provincial and federal requirements.\n\nIn 2025, the company staked mining claims in the Dubreuilville area of Ontario, following up on high grade silver values obtained in an Ontario Government helicopter-borne pre-Ambrosia lake sediment sampling program. The company intends to conduct soil sampling programs in the areas up-ice of the lakes and ponds with the high-grade silver values. The Company has also staked additional mining claims near the Iron Mask Properties. The total acreage for these two areas where the Company has staked mining claims is approximately 33,900 acres.\n\n**Los Juarez Antimony Mine – Querétaro, Mexico**\n\nProperty Description and Location\n\nThe Los Juarez Property is located in the State of Querétaro, Mexico, approximately 40 kilometers (24.9 miles) by road from the town of Vizarrón de Montes and approximately 4 kilometers from the ejido of Los Juarez. The approximate center of the property is located at 20.8721° North latitude and 99.6704° West longitude. The property comprises mining concessions totaling approximately 629 acres (254 hectares). Access is provided primarily by paved highway, with the final approximately 4 kilometers reached via a dirt road constructed by the Company. The property is situated in a mountainous region of central Mexico. Following is a location map related to the Los Juarez property.\n\n46\n\n[Table of Contents](#TOC)\n\nOwnership and Mineral Rights\n\nThe Los Juarez Property consists of the San Miguel I and II mining claims, comprising approximately 100 acres (40 hectares) which the Company acquired in 2018 and the San Juan III mining concession, comprising approximately 529 acres (214 hectares), which is held under a lease agreement requiring a monthly payment of $1,000 and providing for a 10% NSR based on production from the property. Collectively, these claims and concessions total approximately 629 acres (254 hectares), and the associated mineral rights are governed by Mexican federal mining law and subject to applicable concession obligations and regulatory requirements.\n\nInfrastructure and Accessibility\n\nThe Los Juarez property is situated within the mineralized highlands of the Sierra Madre Oriental, approximately 40 kilometers by road from Vizarrón de Montes, a regional center with established quarrying activity and supporting industrial infrastructure. Access is provided primarily by paved highways, with the final approximately four kilometers reached via a Company-constructed and maintained dirt road suitable for heavy equipment and haulage trucks. The property’s location supports over-the-road transportation of mineralized material to the Company’s Puerto Blanco flotation mill for concentration into antimony-bearing products.\n\nExisting on-site infrastructure is limited and primarily supports exploration and limited mining activities. Improvements include a functional explosives magazine, a small staff support structure, and a generator/welder unit. The Company also maintains mobile equipment at the site to support exploration and bulk sampling activities. No permanent processing plant or large-scale production infrastructure is currently installed on the property.\n\nHistory of Operations\n\nIn 2019, the Company commenced limited open pit mining operations at Los Juarez and extracted approximately 2,000 pounds of material for metallurgical testing and processing evaluation at its Puerto Blanco flotation mill. The purpose of the program was to evaluate recoverability and processing characteristics. Mineral extraction activities were suspended in 2020 to prioritize comprehensive geological modeling and to reconcile grade variability identified during the initial bulk sampling phase. While there have been no mining or commercial production activities at the property since 2020, the Company continues to evaluate geological data and assess development alternatives, potentially with other suitable companies active in mining operations in Mexico.\n\nGeology and Mineralization\n\nThe Los Juarez Property is considered prospective for antimony, gold and silver mineralization. The Company has conducted geological mapping, sampling, and evaluation programs on the property, including bulk sampling associated with the 2019 test mining program. Although the property has demonstrated antimony-bearing material, the Company has not established mineral resources or mineral reserves for the Los Juarez Property in accordance with Regulation S-K Subpart 1300 and no Technical Report Summary has been prepared for the property.\n\n​\n\n47\n\n[Table of Contents](#TOC)\n\nMining and Processing Operations\n\nThe Los Juarez property is currently inactive. No mining operations, mineral extraction, or commercial production occurred during 2024 or 2025. Any decision to resume mining or advance the property would be subject to completion of further geological evaluation, engineering studies, economic analysis, and receipt of required permits and regulatory approvals under Mexican law. Ore extracted during the 2019 program was processed at the Company’s Puerto Blanco flotation facility; however, no ongoing processing operations are currently on going.\n\nPermitting, Environmental and Encumbrances\n\nMining concessions in Mexico are subject to federal regulation, including environmental permitting requirements and compliance with applicable safety, explosives, and land-use regulations. The San Juan III concession is subject to a 10% NSR. The Company is also required to maintain concession rights in good standing under Mexican mining law, including payment of applicable mining duties and compliance with regulatory requirements. Future development or production would require updated permits, environmental review, and regulatory approvals from appropriate Mexican authorities."}