United States Antimony (UAMY) risk factors, FY2025 10-K

Financial Risks

1. 01We have experienced losses in recent years and may continue to incur losses
2. 02Changes in United States trade policies, including the imposition of tariffs and retaliatory tariffs, may adversely impact our business, financial condition, and results of operationsNew
3. 03We may seek or require additional financing, which may not be available on acceptable terms, if at all
4. 04We have broad discretion in the use of our cash and cash equivalents, including the net proceeds we receive from stock offerings, and may not use them effectively
5. 05Metal market prices are volatile, including the antimony metal ingot market price. A substantial and/or extended decline in metals prices, and specifically the antimony market price, would have a material adverse effect on us, especially during the time period that the antimony market price was declining47% rewritten
6. 06An extended decline in metals prices, an increase in operating or capital costs, mine accidents or closures, increasing regulatory obligations, or our inability to convert resources or exploration targets to reserves may cause us to record write-downs, which could negatively impact our results of operations64% rewritten
7. 07average estimated undiscounted cash flows resulting from operating plans using various metals price scenarios. Our estimates of undiscounted cash flows for our long-lived assets also include an estimate of the market value of the resources and exploration targets beyond the current operating plansNew
8. 08Our profitability could be affected by the prices of other commodities
9. 09We are subject to the risk of fluctuations in the relative values of the U.S., ,Canadian Dollar, Mexican Peso, and Australian Dollar
10. 10Volatility in market prices related to the Company’s investment in equity securities could negatively impact our financial condition and results of operationsNew
11. 11Our liabilities for environmental reclamation and retirement and safety may exceed the amounts accrued on our financial statements
12. 12Our accounting and other estimates may be imprecise37% rewritten

Operational and Mining Industry Risks

1. 13Mining exploration, development, and production may not be economically viableNew
2. 14We are substantially dependent on a lease agreement related to the property that we mine, process, and sell zeolite. Changes to this lease agreement could have a material adverse effect on our business, results of operations, and financial condition47% rewritten
3. 15We are substantially dependent on a few significant customers, and we face significant risks associated with changes in our relationship with these significant customers44% rewritten
4. 16The Company’s sales 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 resultsNew
5. 17Additional risk associated with non-domestic supply of antimony oreNew
6. 18The $2.5 million loan made to an international supplier exposes us to credit and liquidity risks, and any default could disrupt our ore supply chainNew
7. 19The Company is subject to significant operational and performance risks as the managing member of a joint venture entered into in February 2026New
8. 20Our minority ownership position and capital funding obligations in the JV expose us to dilution, financing, and governance risksNew
9. 21Natural disasters, public health crises, political crises, and other catastrophic events or other events outside of our control may materially and adversely affect our business or financial results
10. 22Energy costs, including electrical power costs, propane costs, and natural gas costs, represent one of the larger components of our cost of goods sold. As a result, the availability of electricity and other energy costs at competitive prices is critical to the profitability of our operations
11. 23Mining accidents or other adverse events at an operation could decrease our anticipated production or otherwise adversely affect our operations
12. 24We may not be able to maintain the infrastructure necessary to conduct mining activities
13. 25Our mining activities may be adversely affected by the local climate, especially in Alaska and Montana due to harsh wintersNew
14. 26Certain operations are in Mexico and may be subject to geo-political risk
15. 27Our operations are subject to hazards and risks normally associated with the exploration and development of mineral properties
16. 28Our non-extractive properties may not be brought into the state of commercial production
17. 29Actual capital costs, operating costs, production and economic returns may differ significantly from those we have anticipated and there are no assurances that any future development activities will result in profitable mining operations
18. 30We may face equipment shortages, access restrictions and lack of infrastructure
19. 31Insurance may not be available to us
20. 32Our business depends on the availability of skilled personnel and good relations with employees34% rewritten
21. 33A significant disruption to our information technology could adversely affect our business, operating result and financial position
22. 34Competition from other mining companies may harm our business
23. 35Our Articles of Incorporation allow for our board to create new series of preferred stock without further approval by our stockholders, which could adversely affect the rights of the holders of our common stock
24. 36If we lose any of our key personnel, we may encounter difficulty replacing their expertise, which could impair our ability to implement our business plan successfully
25. 37The price of our common stock has a history of volatility and could decline in the future31% rewritten
26. 38If we were liquidated, our common stockholders could lose part, or all, of their investment
27. 39Our Series B preferred stock has a liquidation preference of $1.00 per share or $750,000 plus accumulated dividends
28. 40The issuance of additional equity securities in the future could adversely affect holders of our common stock
29. 41The provisions in our certificate of incorporation, our by-laws and Texas law could delay or deter tender offers or takeover attempts

Legal, Regulatory, and Compliance Risks

1. 42We may be unable to comply with NYSE continued listing standards and our common stock may be delisted from the NYSE, which would likely cause the liquidity and market price of the common stock to decline22% rewritten
2. 43We face substantial governmental regulations, including the Mine Safety and Health Act, various environmental laws and regulations and the 1872 Mining Law
3. 44Our operations are subject to complex, evolving and increasingly stringent environmental laws and regulations. Compliance with environmental regulations, and litigation based on such regulations, involves significant costs and can threaten existing operations or constrain expansion opportunities
4. 45Some of our facilities are located in or near environmentally sensitive areas such as salmon fisheries, endangered species habitats, wilderness areas, national monuments and national forests, and we may incur additional costs to mitigate potential environmental harm in such areas
5. 46We are required to obtain governmental permits and other approvals in order to conduct mining operations
6. 47New federal and state laws, regulations and initiatives could impact our operations54% rewritten
7. 48We cannot guarantee title to all of our properties
8. 49Mining Claims may not be feasible or economical
9. 50Artificial intelligence may have a material adverse effect on our business, results of operations, and financial condition
10. 51Under the laws of Mexico, mineral resources belong to the state, and therefore, concessions are required to explore or exploit mineral reserves. In Mexico, mineral rights derive from concessions granted, on a discretionary basis, by the Ministry of Economy, pursuant to Mexican mining law and regulations thereunder
11. 52Mexican economic and political conditions, as well as drug-related violence, may have an adverse impact on our business
12. 53Mexican inflation, restrictive exchange control policies and fluctuations in the peso exchange rate may adversely affect our financial condition and results of operations