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BUSINESS SEGMENTS | 9 Months Ended
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Sep. 30, 2025
BUSINESS SEGMENTS |
BUSINESS SEGMENTS | NOTE 14 – BUSINESS SEGMENTS The Company has two reportable segments: antimony and zeolite. Our antimony segment consists of:
| ● | Our facility located in the Burns Mining District of Sanders County in Montana that processes ore primarily into antimony oxide, antimony metal ingots, antimony trisulfide, and precious metals, and
| ● | Two facilities in our USAMSA subsidiary located in Mexico, one being a rock crushing mill and the other a smelter, that process ore primarily into antimony metal ingots, a lower grade of antimony oxide, and precious metals.
Our zeolite segment consists of our facility located in Preston, Idaho that mines, processes, and sells zeolite. The following components of the Company’s business were not engaged in business activities at September 30, 2025 from which they recognized revenue offset by related expenses: Los Juarez, Mexico in our ADM subsidiary, Ontario, Canada, Alaska, and the mining claims in Thompson Falls, Montana. Therefore, these components, along with the Company’s personal residence in Thompson Falls, Montana, have been included in the “All Other” category for segment reporting. The Company’s chief operating decision maker is its chief executive officer. Total assets by segment at September 30, 2025 and December 31, 2024 were as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​
Total Assets |  | September 30, 2025 |  | December 31, 2024
Antimony segment | ​ | $ | 66,518,746 | ​ | $ | 27,230,312
Zeolite segment | ​ |  | 5,815,663 | ​ |  | 5,604,003
All other | ​ |  | 7,547,932 | ​ |  | 1,808,287
Total assets | ​ | $ | 79,882,341 | ​ | $ | 34,642,602
​ Total capital expenditures by segment for the three and nine months ended September 30, 2025 and 2024 were as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Three months ended September 30, | ​ | Nine months ended September 30,
​ |  | 2025 |  | 2024 |  | 2025 |  | 2024
Antimony segment | ​ | $ | 7,928,732 | ​ | $ | — | ​ | $ | 9,374,143 | ​ | $ | —
Zeolite segment | ​ |  | 284,833 | ​ |  | 62,337 | ​ |  | 367,032 | ​ |  | 213,058
All other | ​ |  | 461,606 | ​ |  | 10,000 | ​ |  | 6,328,069 | ​ |  | 10,000
Total capital expenditures | ​ | $ | 8,675,171 | ​ | $ | 72,337 | ​ | $ | 16,069,244 | ​ | $ | 223,058
​ Selected segment operational information for the three and nine months ended September 30, 2025 and 2024 were as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Three months ended September 30, 2025 |  | Antimony |  | Zeolite |  | All Other |  | Total
Total revenues | ​ | $ | 8,030,005 | ​ | $ | 671,946 | ​ | $ | — | ​ | $ | 8,701,951
Depreciation and amortization | ​ |  | 170,813 | ​ |  | 98,678 | ​ |  | 10,337 | ​ |  | 279,828
Loss from operations | ​ |  | (3,646,313) | ​ |  | (236,420) | ​ |  | (1,034,449) | ​ |  | (4,917,182)
Other income | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  | 136,482
Income tax expense | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  | —
Net loss | ​ |  |  | ​ |  |  | ​ |  |  | ​ | $ | (4,780,700)
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Three months ended September 30, 2024 |  | Antimony |  | Zeolite |  | All Other |  | Total
Total revenues | ​ | $ | 1,889,231 | ​ | $ | 682,947 | ​ | $ | — | ​ | $ | 2,572,178
Depreciation and amortization | ​ |  | 19,901 | ​ |  | 95,659 | ​ |  | 4,024 | ​ |  | 119,584
Loss from operations | ​ |  | (44,384) | ​ |  | (713,180) | ​ |  | (133,457) | ​ |  | (891,021)
Other income | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  | 163,512
Income tax expense | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  | —
Net loss | ​ |  |  | ​ |  |  | ​ |  |  | ​ | $ | (727,509)
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Nine months ended September 30, 2025 |  | Antimony |  | Zeolite |  | All Other |  | Total
Total revenues | ​ | $ | 23,572,156 | ​ | $ | 2,654,923 | ​ | $ | — | ​ | $ | 26,227,079
Depreciation and amortization | ​ |  | 509,404 | ​ |  | 304,065 | ​ |  | 25,884 | ​ |  | 839,353
Loss from operations | ​ |  | (1,669,738) | ​ |  | (666,448) | ​ |  | (2,202,997) | ​ |  | (4,539,183)
Other income | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  | 486,562
Income tax expense | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  | —
Net loss | ​ |  |  | ​ |  |  | ​ |  |  | ​ | $ | (4,052,621)
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Nine months ended September 30, 2024 |  | Antimony |  | Zeolite |  | All Other |  | Total
Total revenues | ​ | $ | 7,026,884 | ​ | $ | 2,280,338 | ​ | $ | — | ​ | $ | 9,307,222
Depreciation and amortization | ​ |  | 59,598 | ​ |  | 268,547 | ​ |  | 12,072 | ​ |  | 340,217
Income (loss) from operations | ​ |  | 723,385 | ​ |  | (1,720,314) | ​ |  | (308,538) | ​ |  | (1,305,467)
Other income | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  | 457,982
Income tax expense | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  | —
Net loss | ​ |  |  | ​ |  |  | ​ |  |  | ​ | $ | (847,485)
​

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- Definition The entire disclosure for reporting segments including data and tables. 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