EXHIBIT 96.1

Cover Image Credits

Bear River Zeolite Mine Site (drone image), Processing Plant, Zeolite Crystal Image

(SEM), and Digital Elevation Model (DEM) background.

Images courtesy of Bear River Zeolite Company and GeoGRAFX Consulting.

Contents

Tables

Figures

Appendix

1 Executive Summary

1.1 Introduction

Ms. Barbara Carroll, CPG, Mr. P. J. Hollenbeck, CPG, Mr. Randall K. Martin, RM, and Mr. L. J. Bardswich, PE were retained by United States Antimony Corporation (USAC) to prepare a Technical Report Summary (TRS) on the Bear River Zeolite Mine Operations (BRZ), located in southeastern Idaho.

USAC acquired the Bear River Zeolite operations in June 2000 from Bear River Zeolite, LLC. Operations are conducted by USAC’s wholly owned subsidiary, Bear River Zeolite Company, an Idaho corporation. In 2000. In 2000, shortly after acquisition, BRZ began construction of a processing plant on the property. Commercial mining of zeolite at the current site commenced in 2001.

1.2 Terms of Reference

The Report was prepared to be attached as an exhibit to support mineral property disclosure, including - Mineral Resource and Mineral Reserve estimates - for the Bear River Zeolite operation in United States Antimony Corporation’s (USAC’s) Form 10-K for the year ended December 31, 2024.

Mineral Resources and Mineral Reserves are reported based on a geologic block model and pit shell developed from the Bear River Zeolite deposit and are not limited to the currently active pit area. The deposit is currently mined using conventional drill, blast, truck-and-loader methods.

Unless otherwise stated, all financial values, including operating costs, capital costs, cash flows, taxes, revenues, expenses, and overhead distributions, are presented in United States currency (US$). This report uses the U.S. customary unit system for mineral resources, mineral reserves, and associated financials, unless otherwise noted.

Mineral resources and mineral reserves are reported using the definitions set forth in Item 1300 of Regulation S–K (17 CFR Part 229) (SK1300) of the United States Securities and Exchange Commission Illustrations and disclosures required by S-K 1300 are included in the relevant chapters of the Report, as specified.

1.3 Property Setting

The Bear River Zeolite property is located in Franklin County, Idaho, approximately seven miles east of Preston, 34 miles north of Logan, Utah, 79 miles south of Pocatello, Idaho, and 100 miles north of Salt Lake City, Utah.

Access to the BRZ plant is via State Highway ID-34 from Preston, a paved route. Travel 1.8 miles north on ID-34 to East Glendale Road, then proceed 4 miles east on the paved road to the intersection with gravel road N2200 E. Turn left onto N2200 E and continue north for 0.5 miles to reach the processing plant, warehouses, and office building.

The climate at the BRZ operations area is classified as semi-arid. Mining operations have been demonstrated to be feasible year-round, though snow removal equipment is required during the winter months to maintain access roads.

The mine is situated in a region characterized by rolling hills, mountain foothills, and broad valleys. Elevations in the area generally range from around 4,500 feet in the valleys to over 9,000 feet in the nearby mountain ranges. The terrain near the mine is moderately sloping, with low hills and ridgelines.

Vegetation in the vicinity reflects a transition between semi-arid plains and forested mountain environments. In the valleys and lower elevations, the landscape is dominated by sagebrush, grasses, and juniper, typical of high desert and steppe ecosystems. At higher elevations, particularly in the nearby Bear River Range, the terrain becomes increasingly forested, with stands of pine, fir, and aspen.

1.4 Mineral Tenure, Surface Rights, Water Rights, Royalties and Agreements

The Bear River Zeolite Project is situated on a combination of federal unpatented placer mining claims administered by the U.S. Bureau of Land Management (BLM) and privately owned leased lands. The property comprises 50 contiguous unpatented federal placer claims, each approximately 20 acres, covering a total of approximately 994 acres (402.26 hectares), held directly by Bear River Zeolite Company (BRZ). These claims are active and valid through August 31, 2025, with annual maintenance fees paid.

In addition, BRZ holds a long-term lease agreement with Zeolite, LLC covering approximately 320 acres (129.5 hectares) of private land. This lease was renewed effective January 1, 2025, and extends through December 31, 2034, with automatic annual renewal provisions unless terminated with 180 days’ written notice. There are no known encumbrances, disputes, or conflicting claims associated with the lease. The leased land includes the active open pit, processing plant, access roads, and stockpile areas, and BRZ maintains exclusive operational control.

Under the 2025 lease agreement, BRZ pays production royalties to Zeolite, LLC based on tonnage removed and shipped from the leased premises. The royalty structure is tiered as follows:

BRZ also pays royalties on any zeolite brought from nearby sources and shipped from the leased site. The lease guarantees Zeolite, LLC a minimum annual royalty of $100,000, with any shortfall to be paid within 90 days of year-end.

In addition to the Zeolite, LLC Amended and Restated Mining Lease royalties, there are additional royalty holders. Nick Raymond and the estate of George Desborough each have a graduated royalty of

$1.00 per ton to $5.00 per ton, depending on the sale price.

During 2002, the Company sold a 3% gross proceeds royalty on all zeolite extracted from BRZ to Delaware Royalty Company, Inc., a company controlled by a Al Dugan, a major shareholder.

On a combined basis, BRZ pays total royalties ranging from 8% to 13% of zeolite product revenue.

Surface rights are secured through federal mining claims and the private lease and are sufficient to support the life-of-mine (LOM) plan presented in this Report.

Water for operations is sourced from onsite wells located on the leased private land. These sources provide sufficient water for dust control and site operations. No additional water rights are expected to be needed for the life-of-mine (LOM) operations.

1.5 Geology and Mineralization

The zeolite-bearing units mined at the Bear River property occur within the Tertiary Cache Valley Formation of the Salt Lake Group. The zeolite mineralization is stratigraphic in nature, and the deposit type is considered an example of a sedimentary zeolite hosted in tuffaceous rocks deposited in a closed hydrologic system.

The Bear River Zeolite property is located on the western slope of the Bear River Range in southwest Idaho, within the Southeast Basin and Range Geologic Province. This range is located along the western margin of the Cordilleran overthrust belt that spans Idaho, Wyoming, and Utah. The belt features north- south-oriented, eastward-directed folds and imbricate thrust faults. In Idaho, the overthrust belt includes formations from the Laramide Orogeny (80–35 Ma) and the earlier Sevier Orogeny (160–50 Ma). About 17 million years ago, Basin and Range extension and normal faulting began, forming linear north-south and northwest-southeast trending mountain ranges in southeastern and east-central Idaho. This extension overlaid the older thrust belt, creating sedimentary basins with sandstone, conglomerate, and limestone deposits ranging in age from the Miocene to recent. The Salt Lake Group was deposited during Tertiary/Pliocene time, prior to the Quaternary/Pleistocene, Bonneville flood events which further shaped the region, carving drainage paths down-gradient to the Snake River Valley, including Cache Valley.

Tertiary rocks of the Salt Lake Group consist of conglomerates, siltstones, sandstones, limestones, and tuffaceous sedimentary units deposited in and along the flanks of extensional basins. The Cache Valley Formation of the Salt Lake Group contains the zeolite beds that form the basis for this current investigation into the zeolite mineralization found at the Bear River deposit.

Cache Valley is a long, narrow intermontane basin, approximately 60 miles by·l7 miles wide, tapering gradually at both ends. The valley floor rises gently northward from 4,400 feet near Hyrum, Utah to 4,800 feet: near Banida, Idaho. Structurally, Cache Valley, directly to the west of the property, lies along the Wasatch Fault Zone, part of the Basin and Range Province. It is characterized by north-striking, high- angle normal faults (the East Cache and West Cache fault zones). The valley is a result of crustal extension that began around 15 to 20 million years ago. Here, the Paleozoic rocks were folded into northward and southward trending flexures and dislocated by high-angle faults. The Cenozoic beds, in most localities, dip eastward at relatively low angles and are displaced only to a minor degree by faulting. They overlie the older rocks with pronounced unconformity.

The Bear River Zeolite deposit itself is a thick sedimentary deposit of zeolitized volcanic ash of Tertiary age deposited in the Cache Valley Formation of the Salt Lake Group. The sedimentary interval in which the clinoptilolite occurs is more than 1000 feet thick in this area. Thick intervals of the zeolite are separated by thin beds of limestone which was deposited in the freshwater lake where the volcanic ash accumulated. The zeolite and limestone layers are overlain by zeolite rich soil varying in thickness from a few inches to approximately 12 feet.

The Bear River zeolites consist of a recurring sequence of over 93 feet of olive green to gray green tuffaceous zeolite bearing sediments interspersed with lenses of what is locally termed “limey shale” overburden which is locally derived from thinly layered rhyolitic tuff. In some areas, this cap exceeds 40 feet in thickness and forms a mechanically competent layer that supports ridgelines. Where this cap is thin or absent, increased erosion of the underlying zeolitized tuff is observed.

Mineralogically, the Bear River Zeolite consists of approximately 77 to 85% clinoptilolite with the remainder consisting primarily of opaline silica. Clinoptilolite is a natural zeolite mineral, primarily composed of hydrated aluminosilicates of sodium, potassium, and calcium with the chemical formula (Na, K, Ca)2-3Al3(Al, Si)2Si13O.12H2O. Its unique, porous crystal structure enables it to absorb and exchange ions, making it valuable in filtering, detoxifying, and nutrient exchange applications.

The properties of the zeolite at BRZ reflect its formation conditions, including:

The primary alkali component—whether calcium, sodium, or potassium—is largely determined by the chemical composition of these waters.

BRZ clinoptilolite samples typically exhibit high cation exchange capacity (CEC) values ranging from 98 to 178 meq/100g, low sodium content (<0.5%), high potassium content, and a Mohs hardness of 3.5 to 4. The consistency of these geochemical and physical properties across the deposit supports a robust geologic model and contributes to predictable product performance.

The zeolite deposits in the Tertiary Cache Valley Formation of the Salt Lake Group formed in a lacustrine depositional environment characterized by:

The deposit type is considered an example of a sedimentary zeolite in tuffs of a closed hydrologic system.

1.6 History and Exploration

Early work by the U.S. Bureau of Mines and U.S. Geological Survey identified the zeolite occurrences in the Salt Lake formation at the Bear River location as a potential source of clinoptilolite.

During 2000, USAC formed a 75% owned subsidiary, Bear River Zeolite Company (BRZ), to mine and market zeolite and zeolite products from a mineral deposit in southeastern Idaho. In 2001, an operating plant was constructed at the zeolite site and zeolite extraction and sales commenced. During 2002, USAC acquired the remaining 25% of BRZ and continued to extract and sell zeolite products.

Shortly after its formation, BRZ constructed a processing plant on the property, which has been routinely upgraded to accommodate increased demand, expanded product lines, and improved operating efficiency. Groundbreaking for an additional warehouse and equipment shop began in 2021, and both facilities were completed in 2023.

A vertical-shaft impactor (VSI) crusher was replaced by a hammer mill in 2021 for Crushing Line #1, increasing production rates. A replacement jaw crusher was also installed in 2021 and was enhanced later that year with a variable-speed apron feeder. Substantial improvements were made to the jaw crusher system again in 2022.

Historic exploration was limited to examination and sampling of surface outcrops. Modern exploration activities resumed in 2024, including topographic surveys, geologic mapping in the pit area, and surface geochemical sampling.

The 2024 program also marked the first exploration drilling campaign conducted on the property.

Since its inception in 2000, BRZ has conducted drilling, mining studies, metallurgical testing, permitting and environmental activities, and active mining operations, as described in this report.

1.7 Drilling and Sampling

In June 2024, a drilling contractor conducted a drilling program using a percussion rock drill. The percussion rig drilled 82 shallow, vertical holes with a diameter of 3.5 inches, reaching a maximum depth of 84 feet each. Of these, 80 holes were successfully completed, totaling 6,713 feet (2,046 meters) of drilling. The drill holes were spaced approximately 100 feet apart and positioned using the available access roads.

The BRZ contract geologist logged the drill holes for rock type and lithology using small, washed, representative chip samples. The logging information was recorded on paper forms and then later entered into electronic spreadsheets.

Drill collars were initially located by the project geologist using UTM coordinates and downloaded onto a handheld GPS unit. Each proposed drill pad was located in the field using a differential GPS (DGPS) unit with a positional accuracy of approximately 2.5 meters. A wooden stake marked with the pad name was placed at each location. Upon hole completion, all drill collars were marked with a survey flag attached to a metal stake inserted into the collar plug. Collar locations were entered into electronic spreadsheets for data management.

Cuttings from the drill rig were collected from an air exchange purge valve mounted on the drill rig in six-foot increments, then split, bagged and tagged. The entire drill hole was sampled.

Fourteen representative samples for bulk density measurement were collected by the contract geologist from three main excavations on the mine site. Samples were dried, coated in paraffin, and processed using the water displacement method. Bulk density values ranged from 2.0 to 2.6 g/cm³, depending on lithology, and were used in resource estimation.

Independent, ISO/IEC 17025:2017-accredited laboratories used for analysis include ALS Global (ALS) in North Vancouver, BC, Canada, ALS Environmental in Saskatoon, SK, Canada, and SGS Canada, Inc. located in Lakefield, Ontario, Canada. All laboratories are independent of BRZ and its parent company, US Antimony Corporation.

At ALS laboratory in North Vancouver, samples were dried, crushed to greater than 70% of the sample passing 2mm, and pulverized to greater than 85% passing a 425μm screen. Pulverized splits from each of the prepared samples was sent to the ALS Environmental Lab in Saskatoon, Saskatchewan, Canada for Cation Exchange Capacity (“CEC”) determination (ALS Code: E407). Cation Exchange Capacity was determined by ammonium acetate (NH4Oac) extraction. The ammonium ions will displace cations present on exchange sites in the sample. The ammonium acetate solution is flushed from the sample using alcohol. The treated sample is then extracted using potassium chloride where potassium ions displace the ammonium on the active sites in the sample. The ammonium ions in solution are then analyzed by the colorimetric method using a discrete analyzer. The ammonium concentration in the extract is a direct representation of the cation exchange capacity of the sample. Values were reported in milliequivalents per 100 grams (meq/100 g).

Based on the CEC analytical results, fourteen representative samples were sent to SGS Canada, Inc. in Lakefield, Ontario, each weighing up to 250 g for assay and X-ray diffraction (XRD) analysis. Bulk crystalline minerals identified by X-ray diffraction analysis were processed using RIR method and reported in weight percent. Mineral abundances generated by RIR method XRD analysis were reconciled with a Whole Rock Analysis plus any other major elements contained in the sample and reported.

BRZ implemented QA/QC protocols to monitor precision and accuracy of sampling, preparation, and analysis. Commercial standards were not available for natural zeolite, which is typical for industrial minerals of this type and composition. As a result, certified reference materials could not be included in the sample stream. Instead, BRZ’s QA/QC program included the routine insertion of coarse blanks and field duplicate samples to monitor analytical precision and contamination.

QA/QC samples were inserted at a frequency of approximately 1 in 20 samples, including 26 blanks and 25 duplicates—representing 5.4% of all assayed intervals. Field duplicates were collected at the rig in real time with the primary sample. Assay results of blanks and duplicates were monitored routinely.

Blanks returning values more than ten times the detection limit were flagged as analytical failures. Review of 2024 QA/QC data indicated no material bias or contamination in the sample stream.

1.8 Data Verification

Data verification activities included review of CEC assay results, confirmation of spatial and lithological data integrity, and field inspections. This process involved an independent comparison of Cation Exchange Capacity (CEC) values for selected samples, as well as a systematic review of the project database for internal consistency, including checks for unique sample identifiers, non-overlapping intervals, and correct collar coordinates.

The Qualified Person (QP) personally verified a total of 182 assay records in the drillhole database, and reviewed the 2024 QA/QC program, including blank and duplicate results. The QP also confirmed the land status of BRZ’s unpatented placer mining claims and conducted field verification of selected drill collar locations to ensure positional accuracy.

The QP believes that the data verification procedures adequately support the geological interpretation, ensure the reliability of analytical data and database structure, and are appropriate for use in Mineral Resource and Reserve estimation, as well as for ongoing mine planning.

1.9 Mineral Processing and Metallurgical Testing

The Bear River Zeolite (BRZ) Project involves industrial mineral processing, rather than conventional metallurgical extraction. The value of the deposit lies in the natural ion-exchange, adsorption, and filtration properties of high-purity clinoptilolite zeolite. Testing has focused on characterizing the physical and chemical attributes of the zeolite—particularly its Cation Exchange Capacity (CEC), mineralogical composition, and suitability for industrial, environmental, and agricultural applications. The results of these investigations support the technical and economic assumptions used in this Report.

1.9.1 Testing Overview and Methodology

Metallurgical and analytical testing for the BRZ Project focused on evaluating the CEC, mineralogical composition, and geochemical consistency of the Zeo1 lithologic unit, which forms the economic core of the deposit. Key testwork included:

Both ALS and SGS are ISO/IEC 17025:2017 accredited and independent of Bear River Zeolite and US Antimony Corporation.

1.9.2 Key Findings and Mineralogical Characteristics

The correlation between clinoptilolite content and CEC values confirms that the deposit meets industry standards for ion-exchange and filtration performance. These characteristics support the material’s application in water treatment, soil remediation, animal nutrition, and odor control.

1.9.3 Qualified Person’s Assessment

The Qualified Person considers the test data to be technically sufficient and representative for use in the Technical Report Summary. The analytical protocols followed accepted industry standards and were conducted by independent, certified laboratories. The extensive CEC dataset and supporting mineralogical analyses provide a reliable basis for product specification and mine planning. Variability in test results reflects expected heterogeneity in grain size, alteration intensity, and lithologic mixing, and does not materially impact confidence in the processing assumptions or product performance.

1.10 Mineral Resource Estimation

The Mineral Resource estimate for the Bear River Zeolite Project reflects the application of SEC Regulation S-K 1300 standards and is based on three-dimensional geologic modeling of zeolite-bearing units constrained by grade, continuity, and data confidence. The following subsections summarize the estimation methodology, classified Mineral Resources exclusive of reserves, and factors that may influence the estimate over time. The full Mineral Resource statement, including Effective Date and Qualified Person responsibility, is presented in Section 11 of this report.

1.10.1 Estimation Methodology

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.

1.10.2 Mineral Resource Statement

As of May 22, 2024, the Bear River Zeolite Project is estimated to contain the following in-situ Mineral Resources, reported above a cutoff grade of 100 meq/100g CEC and exclusive of Mineral Reserves.

Measured and Indicated Mineral Resources are summarized in Table 11-11 in compliance with SEC Regulation S-K 1300, and Inferred Mineral Resources are summarized separately in Table 11-12.

Table 1-1 Measured and Indicated Mineral Resources (Exclusive of Reserves)

Table 1-2 Inferred Mineral Resources (Exclusive of Reserves)

These estimates are based on validated drill data and block modeling of zeolite-bearing tuffs, incorporating all drilling, sampling, and technical data available through May 22, 2024. The Mineral Resource estimates reflect the tonnage and grade of material with reasonable prospects for economic extraction under current conditions.

1.10.3 Factors That May Affect the Mineral Resource Estimate

The estimate may be affected by future changes in cutoff grade, market demand for zeolite, mining recovery factors, or additional drilling that could better define grade continuity and extend known mineralized zones. No known legal, technical, or permitting limitations currently affect the accessibility or extractability of the Mineral Resources.

1.11 Mineral Reserve Estimation

The Mineral Reserve estimate for the Bear River Zeolite Project reflects a robust evaluation of the economically mineable portion of the Measured and Indicated Mineral Resources, using well-supported modifying factors and established pit design parameters. Prepared in accordance with SEC Regulation S- K 1300, the Reserve estimate demonstrates the Project’s economic viability under current operating and market conditions. This section summarizes the estimation methodology, Reserve classification results, and key risk factors that may influence Reserve confidence or long-term extraction potential. The full Mineral Reserve statement, including Effective Date and Qualified Person responsibility, is presented in Section 12 of this report.

1.11.1    Estimation Methodology

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.

Key modifying factors applied in the reserve estimation include:

Inferred Resources were excluded from the estimate. Only blocks within the final pit shell and within the company-owned property boundaries were considered.

1.11.2 Mineral Reserve Statement

As of the effective date of May 31, 2025, the Bear River Zeolite Project hosts the following Mineral Reserves, reported as dry in situ tons and exclusive of Mineral Resources summarized in Table 12-1 below:

Table 1-3 Mineral Reserve for Bear River Zeolite Project

(*) The Probable category has been adjusted downward to reflect approximately 12,600 tons of material mined between the date of topographic survey (May 22, 2024) and the report effective date (May 31, 2025). All mined material was sourced from the Probable category.

At the current production rate of approximately 12,600 short tons per year, the Reserve supports a theoretical mine life exceeding 400 years. Even with a 20-fold increase in production, the Reserve could support two or more decades of operations.

1.11.3 Factors That May Affect the Mineral Resource Estimate

The Qualified Person has identified several risk factors that could materially affect the Mineral Reserve estimate:

1.12 Mining Methods

The Bear River Zeolite Project utilizes conventional open-pit mining methods, employing a truck-and- loader fleet in conjunction with controlled drilling and blasting. The operation is optimized for the selective recovery of high-grade zeolite from shallow, gently dipping beds within the Cache Valley Formation.

Mining is conducted on 20-foot benches, with visual ore control performed in the field by trained operators and geologists. This allows for real-time differentiation between ore and waste materials, ensuring high selectivity and minimal dilution. Due to the strong lithologic contrast between zeolite-rich units and waste (e.g., rhyolitic tuff or limey shale), dilution is not a significant concern, and no explicit dilution factor is applied in the mine plan.

No ore blending is required at the pit level. Ore is delivered either directly to the processing plant or stockpiled, depending on plant feed needs and operational logistics. Overburden stripping is conducted as needed using conventional dozers and hydraulic excavators.

Pit advancement is phased to maintain multiple working faces and provide operational flexibility. This ensures continuous access to ore while allowing for concurrent waste stripping and road maintenance. The current mining configuration is well-suited to the geometry and geomechanical characteristics of the deposit and is expected to remain appropriate over the life of mine.

1.13 Processing and Recovery Methods

The Bear River Zeolite Project utilizes a dry mechanical processing system consisting of crushing, screening, and packaging facilities located on site. Run-of-mine (ROM) material is transported directly from the pit to a surface stockpile, from which it is fed into the primary crushing circuit.

The processing system is designed to produce multiple particle size fractions in accordance with customer specifications. All processing occurs within enclosed shelters to protect the zeolite material from moisture prior to and during handling. No chemical reagents or water are used, and no tailings or wastewater streams are generated, as the beneficiation process relies solely on size reduction and material classification.

The final product is packaged in customer supplied (25 to 55 lb.) bags, bulk bags (supersacks) or loaded as bulk material for shipment to customers.

The plant currently operates at a nominal throughput rate of approximately 12,600 short tons per year, consistent with market demand and sales volumes. This throughput rate forms the basis for the Mineral Reserve estimate (Section 12) and the economic analysis (Section 22).

Historical production in 2024 totaled 11,095 short tons. Incremental improvements to the crushing and screening circuits are underway, with a target throughput increase to 14–18 tons per hour projected by late 2025. These upgrades are designed to improve operational efficiency without materially altering the flowsheet or processing methodology, which remains consistent with historical practice at the site.

First quarter 2025 production totaled 3,802 short tons, up from 2,273 short tons in Q1 2024—an increase of 1,529 short tons year-over-year. This growth underscores the effectiveness of recent equipment and operational enhancements.

1.14 Infrastructure

All infrastructure necessary to support mining and processing operations at the Bear River Zeolite (BRZ) Project is fully constructed, operational, and considered sufficient to support the life-of-mine (LOM) plan. The site includes all-weather mine access roads, power supply, water systems, communications infrastructure, and on-site processing facilities. No material infrastructure gaps have been identified by the Qualified Person that would limit the feasibility of continued operations.

1.14.1 Site Facilities and Layout

The BRZ site includes an open pit mine, a fully equipped processing plant with crushing, screening, and packaging circuits, enclosed ore storage sheds, a warehouse, administrative offices, and ancillary buildings. The infrastructure layout supports efficient internal logistics and operational safety through controlled site access, fencing, and natural topographic features that function as barriers.

On-site employee accommodations are not required, as the workforce commutes from nearby towns with established housing, utilities, and services.

1.14.2 Power and Communications

Electricity is supplied by Rocky Mountain Power via a 12.47 kV line and a 750 kVA transformer, currently operating at approximately 50% of peak capacity. The utility has confirmed adequate capacity to support future site expansions up to 2,000 kVA.

Site communications are well-developed, with dual internet systems (Rise Broadband and Starlink), VoIP phone service, Ubiquiti-managed Wi-Fi, two-way radios, and a signal-boosted Verizon cellular system.

Uninterruptible power supply (UPS) units protect critical networking equipment during short-term outages.

1.14.3 Water and Fuel Supply

Water for dust control and general operational use is sourced from a well located on leased private land, under agreement with the landowner. Potable water is delivered by a third-party vendor (Culligan). Dust suppression is conducted using water trucks and engineered drainage channels to manage stormwater.

Fuel infrastructure includes:

1.14.4 Roads, Rail, and Transportation

The site is accessed via a combination of paved highways (ID-34 and Glendale Road) and a maintained gravel road suitable for semi-truck transport. Internal haul roads connect the mine, plant, and stockpile areas.

Preston, Idaho, is served by the Union Pacific Railroad’s Cache Valley branch. Although the BRZ site is not directly rail-served, regional freight access via Union Pacific and BNSF routes through Pocatello provide logistical flexibility for bulk product transport.

1.14.5 Waste and Reclamation Management

Due to the deposit’s low strip ratio, minimal waste rock is generated during operations. Waste material is inert and is used for internal road construction and site reclamation. Formal Waste Rock Storage Facilities (WRSFs) are not required.

Topsoil is stripped selectively and used for reclamation as needed. No long-term top-soil stockpiles are maintained beyond operational requirements.

Qualified Person’s Assessment

The Qualified Person has reviewed the BRZ site’s infrastructure and confirms that it is adequate to support both current and planned operations and the projected life-of-mine plan. No infrastructure deficiencies were identified that would materially affect the implementation of the mine plan or processing strategy.

1.15 Markets and Contracts

The Bear River Zeolite (BRZ) Project produces high-purity natural clinoptilolite zeolite for a wide range of industrial, agricultural, and environmental applications. Unlike commodity metal markets, the value of BRZ's products is tied to their functional properties—particularly ion-exchange capacity and adsorption performance—rather than to market-based metal pricing. Recent market analysis and internal sales data indicate growing demand for BRZ’s product line across multiple sectors, supporting the long-term economic viability of BRZ’s operations.

1.15.1    Market Overview and Product Positioning

Natural zeolite is a niche industrial mineral with diverse applications. BRZ holds approximately 22% of the North American zeolite market, supplying product across sectors including agriculture, animal feed, water treatment, and environmental cleanup. The global market for natural zeolites reached $7.3 billion in 2023 and is projected to grow at a 2.9% CAGR, reaching $9.4 billion by 2032, according to Acumen Research and Consulting.

BRZ offers a range of granular, powdered, and blended zeolite products, tailored to specific market segments. In 2024, BRZ launched CattleMax™, a branded livestock feed additive, to expand its presence in the animal health sector. Key application areas and estimated revenue distribution include:

1.15.2 Pricing and Sales Strategy

BRZ's average sales price reached $264 per ton in 2024, reflecting enhancements to product quality and packaging. The company anticipates a 10% price increase in 2025, based on sustained demand and cost recovery. Zeolite pricing remains highly dependent on grade, particle size, and intended application— ranging from $50/ton for bulk soil additives to over $300/ton for specialized industrial and environmental products.

BRZ operates without long-term offtake or hedging contracts. Sales are managed through spot or short- term agreements, with terms negotiated directly with end users or distributors. All commercial terms are consistent with prevailing industry practices, and there are no related-party transactions or insider arrangements associated with the sale of the product.

Qualified Person's Assessment

The Qualified Persons have reviewed BRZ’s market share, historical pricing, and contracting strategies and consider the supporting data to be reasonable and appropriate for use in economic evaluations, Mineral Reserve estimation, and mine planning. The company’s flexible product portfolio, regional market position, and ongoing operational enhancements are expected to support continued growth and sustained market participation.

1.16 Environmental, Permitting and Social Considerations

The Bear River Zeolite property includes both privately leased ground and adjacent federal (BLM- managed) mining claims. All current mining and processing operations are confined to the private lease area. No baseline field studies were required at the time of mine development. However, the Company has undertaken desktop environmental analyses and permitting actions consistent with Idaho state regulations and to satisfy SEC Regulation S-K 1300 disclosure requirements.

All permits necessary for current operations have been obtained and are summarized below. Each permit outlines potential environmental impacts, includes required operational controls, and incorporates closure and reclamation provisions where applicable.

1.16.1 Permitting

Permitting for the BRZ Project is managed primarily at the state and county levels. The following authorizations are in place:

Because mining and processing take place exclusively on private land, BRZ is not subject to BLM mine plan review or NEPA requirements. Permitting risk is therefore considered low, and the company maintains a history of compliant operations.

1.16.2 Environmental Studies and Monitoring

No formal baseline environmental fieldwork has been conducted, as it was not required under applicable Idaho regulations for private land operations. Instead, a series of desktop environmental reviews were conducted using publicly available datasets to evaluate potential environmental sensitivities within the project footprint. These include:

These reviews confirm that the project area has a low likelihood of intersecting environmentally

sensitive resources and support the conclusion that BRZ’s operations pose minimal risk of adverse environmental impact. No ongoing monitoring programs are currently in place. Operational BMPs— especially for dust suppression—are implemented consistent with IDEQ guidance and permit conditions.

1.16.3 Closure and Reclamation Considerations

All current surface disturbance at the Bear River Zeolite operation is located on privately leased land. No development or mining activity has yet occurred on the federally administered (BLM) portion of the property. As such, no federal reclamation bond has been required or filed to date.

Reclamation of disturbed areas is conducted on an ongoing basis, with the use of locally sourced native seed to stabilize and revegetate exposed ground. While Idaho does not require a formal reclamation bond for private land operations, BRZ maintains a mine plan that includes:

Because the deposit contains no sulfide minerals, there is no potential for acid rock drainage (ARD). As a result, closure liabilities are considered minimal, and concurrent reclamation has reduced the need for future large-scale earthworks.

1.16.4 Social Considerations, Plans, Negotiations and Agreements

There are no tribal lands, subsistence resources, or traditional cultural sites within or adjacent to the BRZ Project areas. The area is rural and sparsely populated, and BRZ’s operations have been ongoing since the early 2000s without any recorded conflicts or public opposition.

No social impact or community impact agreements are in place, and none are required. BRZ maintains informal but positive relationships with nearby landowners, local authorities and regional stakeholders. No public opposition or permitting challenges have been documented..

1.17 Capital and Operating Cost Estimates

Capital and operating cost estimates for the Bear River Zeolite (BRZ) Project were developed using a combination of historical actuals and forward-looking assumptions. Site cost data from 2019 through 2024 form the empirical basis for projections covering 2025 and 2026.

Capital expenditures are reported as annual aggregates and include scheduled investments in infrastructure maintenance, mobile equipment replacement, and plant system upgrades. These estimates reflect actual expenditures for recent construction (e.g., warehouse/shop facilities completed in 2023), as well as anticipated replacement intervals for critical processing and support equipment.

Operating costs are presented on a per-ton processed basis, and include:

These costs reflect current throughput rates and do not incorporate inflation escalators or scale-up assumptions beyond minor incremental efficiency gains projected in 2025. Refer to Section 18 for a full breakdown of capital expenditures and Section 19 for a detailed life-of-mine economic analysis, including sensitivity scenarios.

The Qualified Person considers capital and operating cost assumptions to be reasonable, representative of current conditions, and sufficiently robust to support the Mineral Reserve estimate and associated economic analyses. All estimates are presented in U.S. dollars and assume continued operations at current production capacity (~12,600 tons/year).

1.18 Economic Analysis

An economic analysis was completed to evaluate the Bear River Zeolite (BRZ) Project’s ability to sustain profitable operations under current conditions. A simplified, pre-tax cash flow model was developed using actual 2025 production rates, average realized sales prices, and verified site-specific operating costs, all of which are detailed in Section 19.

To maintain conservative assumptions and reflect observed performance, the model holds these 2025 values constant over the 5-year projection period. No escalation, discounting, or long-term growth adjustments were applied.

The model incorporates a 10% aggregate royalty burden on gross product sales, consistent with the combined royalty structure outlined in Section 3.4. Federal and state income taxes, financing charges, and salvage value are excluded from the analysis, as permitted by SEC Regulation S-K 1300 for pre-tax cash flow modeling.

The analysis assumes:

These inputs result in a pre-tax cash flow of $2,149,856 per year, totaling approximately $10.75 million over the 5-year projection, as shown in Table 19-1. The analysis demonstrates strong positive cash flow under base-case conditions and confirms the Project’s ability to operate profitably using conservative, documented production and cost data. Based on the current production rate, the mine life supported by the defined Mineral Reserve exceeds 400 years.

Table 1-4 Simplified Pre-Tax Cash Flow Summary

Note: Five-year projection shown for illustration. Actual production life extends well beyond this period based on current Reserves.

A sensitivity analysis was performed to evaluate the impact of changes in sales price and operating costs. The project remains economically robust under sensitivity scenarios of up to ±20% in both price and cost variables.

The analysis supports the Project’s long-term economic viability and demonstrates its ability to recover capital and generate sustained positive returns using actual operational performance data and assumptions consistent with current operations.

Qualified Person’s Assessment:

Based on this analysis, the Qualified Person considers the Bear River Zeolite Project’s Mineral Reserves to be economically extractable under the stated assumptions. The analysis confirms that current operational practices and market conditions are sufficient to support long-term production.

1.19 Risks and Opportunities

The Bear River Zeolite Project benefits from a large, high-purity mineral inventory and a stable production history, underpinned by robust Mineral Reserves and a well-maintained processing facility. However, as with all industrial mineral projects, certain risks and opportunities could affect long-term performance, economic returns, and development pathways.

1.19.1 Key Risks

1.19.2 Key Opportunities

Qualified Person’s Assessment:

The Qualified Person concludes that the Bear River Zeolite Project presents a low-risk, high-confidence industrial mineral operation with strong potential for future optimization and market-driven growth.

1.20 Conclusions

Based on the assumptions and parameters presented in this Report, the Bear River Zeolite Project is projected to generate positive cash flow over the remaining life of mine. The proposed mine plan is technically achievable and economically viable under current operational and market conditions.

The Qualified Persons conclude that there are no known fatal flaws and that all key technical areas— geology, mining, processing, permitting, and economics—have been appropriately addressed to a level sufficient for disclosure.

This Technical Report Summary has been prepared in accordance with the requirements of SEC Regulation S-K 1300 and is considered suitable to support inclusion in the Company’s Annual Report on Form 10-K.

1.21 Recommendations

As the Bear River Zeolite Project is an active, ongoing mining operation with current production and established infrastructure, the Qualified Persons have no material recommendations for additional exploration work at this time. However, they recommend formalizing mine planning, resource development, and reclamation practices as part of routine operations. Waste stripping should be directed toward final reclamation areas, with concurrent topsoiling and reseeding where final contours are achieved.

A significant quantity of high-grade zeolite was delineated in the 2024 exploration drilling program, and no immediate technical work is required to define additional resources. Future exploration drilling will be guided by operational needs, market demand, and strategic decisions by management. No phased programs or associated cost estimates are included at this time.

2 Introduction

2.1 Registrant

Ms. Barbara Carroll, CPG, Mr. P. J. Hollenbeck, CPG, Mr. Randall K. Martin, RM, and Mr. L. J. Bardswich, PE were retained by US Antimony Corporation to prepare a Technical Report Summary (TRS) on the Bear River Zeolite Mine (BRZ), located in southeastern Idaho.

United States Antimony Corp. (USAC), publicly traded on the NYSE under the ticker UAMY, was established in 1969. The company specializes in the extraction, processing, and sale of antimony, zeolite, silver, and gold products. Headquartered in Thompson Falls, Montana, USA, USAC operates across several segments: United States antimony operations, Mexican antimony operations, precious metals recovery, and United States zeolite operations.

USAC acquired the Bear River Zeolite Operations in June 2000 from Bear River Zeolite, LLC. The zeolite operations are conducted by USAC’s wholly owned subsidiary, Bear River Zeolite Company, an Idaho corporation. In 2000, shortly after inception, BRZ began construction on a processing plant on the property. Mining of zeolite at the current location commenced in 2001.

2.2 Scope of Report

2.2.1 Report Purpose

The purpose of this Technical Report Summary (TRS) is to support the disclosure of Mineral Resource and Mineral Reserve estimates for the Bear River Zeolite operation in accordance with the United States Securities and Exchange Commission’s (SEC) Modernized Property Disclosure Requirements for Mining Registrants, as set forth in Subpart 229.1300 of Regulation S-K (S-K 1300) and Item 601(b)(96) of Regulation S-K.

The Mineral Resource and Mineral Reserve estimates presented in this TRS have effective dates of May 22, 2024, as described in detail within this report. This TRS has been prepared to be filed as an exhibit to US Antimony Corporation’s Form 10-K for the year ended December 31, 2024, to provide the required technical support for mineral property disclosures, including the reporting of Mineral Resources and Mineral Reserves under S-K 1300.

The Mineral Resource and Mineral Reserve estimates presented in this report are based in part on results from the 2024 drilling program, which supported updated geological modeling and reserve definition. The Bear River Zeolite operation is an active surface mining operation utilizing conventional truck-and-loader methods to extract zeolite for commercial sale.

2.2.2 Terms of Reference

The Bear River Zeolite project is located in the United States. The majority of the historical and recent reports and documents pertaining to the property primarily use Imperial units of measurement. Where such units are referenced in this report, metric conversions are also provided where applicable.

Unless otherwise stated, all financial values, including operating costs, capital costs, cash flows, taxes, revenues, expenses, and overhead distributions, are presented in United States currency (US$).

This report uses the US customary unit system for mineral resources, mineral reserves, and associated financials, unless otherwise noted.

Mineral resources and mineral reserves are reported using the definitions set forth in Item 1300 of Regulation S–K (17 CFR Part 229) (SK1300) of the United States Securities and Exchange Commission. Illustrations required by S-K 1300 are included in the relevant chapters of the report where specified. This Technical Report Summary has been prepared with specific consideration of the characteristics of an industrial minerals mining operation and the requirements of S-K 1300 as applied to such operations.

2.3 Qualified Persons

The mining professionals preparing this Technical Report are specialists in the fields of geology, exploration, Mineral Resource and Mineral Reserve estimation and classification, metallurgical testing, mineral processing, processing design, capital and operating cost estimation, and mineral economics.

The following serve as the qualified persons or qualified firms for this Report in compliance with 17 CFR

§ 229.1302 (b)(1)(i) and (ii) qualified person definition:

The QPs have supervised the preparation of this Report and take responsibility for the contents of the Report as set out in Table 2-1. The Date and Signature summary can be found in Section 26 Date and Signature Page.

Table 2-1 Report Contributors and Responsibility

Ms. Barbara Carroll, of GeoGRAFX Consulting, LLC is a Certified Professional Geologist (CPG #10987) in good standing with the American Institute of Professional Geologists and a Registered Member (RM) of the Society of Mining Metallurgy & Exploration (4100964RM). She is an independent consultant to the mineral resource sector and a Qualified Person (QP) as defined by 17 CFR §229.1302(b)(1)(i). Ms. Carroll earned a Bachelor of Science in Extended Geology from Northern Arizona University in 1975 and has over 40 years of professional experience in the minerals industry. Her work spans a wide range of mineral resource projects, including gold, silver, polymetallic resources, and industrial minerals across the Americas. Ms. Carroll served as the project manager for the preparation of this report and is the QP responsible for Sections 1 through 10, 16 through 21, and 23 through 25 (except as noted), as well as for the overall content of the report. Email: bcarroll@geografxworld.com.

Mr. Patrick J. Hollenbeck, of Blue Goo Enterprises is a Certified Professional Geologist (CPG) (#11436) in good standing with the American Institute of Professional Geologists and is a “Qualified Person” as defined as defined by 17 CFR §229.1302 (b)(1)(i). He holds a BA in Geology from Colorado College and an MBA from Colorado State University. With over 15 years of experience as a Mineral Resource Modeler and Geostatistical Analyst, Mr. Hollenbeck specializes in Leapfrog and VULCAN software, geological and resource modeling, and reporting. He is the QP responsible for Section 11, 1.10 and 22.7. Email: pj@bluegooenterprises.com.

Mr. Randall K. Martin, president of Randall K Martin and Associates, Inc, is an SME registered member (RM-4063888) and is a “Qualified Person” as defined by 17 CFR §229.1302 (b)(1)(i). He holds both a BS in Metallurgical Engineering and MS in Mineral Economics from the Colorado School of Mines. He has spent 45 years as a resource modeler, mine planner, and computer software engineer. He is president and owner of a software company which specializes in mineral modeling and mine planning tools (MicroMODEL and PolyMap). He is the QP responsible for Section12, 1.11, and 22.8. Email: rkmassoc@comcast.net

Mr. Lloyd Joseph Bardswich, M.Eng. Mining, serves as EVP, Chief Mining Officer, & Director for USAC. bringing extensive experience in all facets of mining. His career spans roles from contract mining and production supervision to mining engineering, heavy civil engineering, and mine management in underground, open-pit, and alluvial operations across Canada, the U.S., Europe, and Africa. He holds a B.A.Sc. in Civil Engineering from the University of Windsor and a Master’s Degree (M.Eng. Mining) from McGill University. Mr. Bardswich is a licensed Professional Engineer (PE) in the State of Arizona and a Professional Engineer (P. Eng.) in the Province of Ontario. He is a life member of the Canadian Institute of Mining and Metallurgy (CIM) and is recognized as a Qualified Person (QP) as defined by 17 CFR

§229.1302(b)(1)(i). In his role with USAC, he serves as Executive Vice President, Chief Mining Officer, and Director of the Company. Mr. Bardswich is the QP responsible for Sections 13, 14, 15, 1.12, 1.13, 1.14, 22.9, 22.10, and 22.11. He has conducted multiple site visits in his role at USAC from February 2021 to the present. Email: joebardswich@hotmail.com

2.4 Site Visits and Scope of Personal Inspection

Ms. Carroll visited the BRZ property on November 5, 2024, accompanied by Jeff Fink, BRZ’s VP & General

Manager and Nick O'Neill, the Plant Superintendent, to complete a QP data verification site inspection.

During this site visit, Ms. Carroll received a project overview by site management that included a tour of the mine itself, review of current drilling, geology, plant tour, discussion of the site security, permitting, mining, and processing operations.

Mr. Hollenbeck has not visited the property. His role as a QP was limited to the preparation of the Mineral Resource Estimate, which was based entirely on technical data provided by BRZ, including drilling, sampling, analytical, and geological information. Mr. Hollenbeck's resource estimate was prepared in accordance with the disclosure requirements of Regulation S-K 1300, utilizing verified datasets and QA/QC protocols, which did not require a site inspection for this scope of work.

Mr. Martin has not visited the property. His role as a QP was focused on the preparation of the Mineral Reserve Estimate, including evaluation of mine planning, processing assumptions, and economic factors, all of which were based on technical information and production data provided by BRZ management and site personnel. Mr. Martin’s reserve estimate was prepared in accordance with Regulation S-K 1300 requirements and is supported by site-derived data, but a personal site visit was not deemed necessary for his specific scope of responsibility.

Mr. Bardswich has visited the mine site multiple times in his role as a Director, Executive Vice President, and Chief Mining Officer of USAC over the period of February 2021 to present and has participated in management and Directors discussions regarding operations at BRZ. Mr. Bardswich was on site for several days to ensure a professional start-up of the exploration drilling program.

2.5 Report Date

The information in this report is current as of March 31, 2025.

Although this Technical Report Summary has an Effective Date of March 31, 2025, it has been prepared to support United States Antimony Corporation’s Annual Report on Form 10-K for the fiscal year ended December 31, 2024, in accordance with SEC Regulation S-K 1300. The Report reflects Mineral Resource and Mineral Reserve estimates based on all available data through March 31, 2025. The Qualified Persons completed and signed off on these estimates following that date, and their respective effective dates are stated in the applicable sections of this Report.

2.6 Information Sources and References

The information, conclusions, opinions, and estimates contained herein are based on:

In preparing this Technical Report Summary, the Qualified Persons have relied on information provided by Bear River Zeolite Company management regarding operational history, mining and processing methods, site infrastructure, cost data, and product pricing assumptions. This reliance is based on the site’s continuous operations since the early 2000s and the technical experience of BRZ personnel.

Discussions regarding past and current operations at the Bear River Mine were held with the following personnel:

2.7 Previous Technical Report Summaries

This S-K 1300 Technical Report Summary is the first report that has been prepared by USAC for the Bear River Zeolite Mine. Thus, this report is not an update of a previously filed Technical Report Summary under the S-K Regulations.

3 Property Description

This section addresses the Project landholdings, corporate agreements, existing environmental liabilities and the permitting process.

Ms. Carroll is not an expert in land, legal, environmental, and permitting matters and expresses no opinion regarding these topics as they pertain to the Bear River Zeolite project. Sections 3.2, 3.3, and 3.4 are based entirely on information provided to the author by Bear River Zeolite Company, their consultants, and their legal advisors.

3.1 Property Location

The Bear River Zeolite Project (the "Project") is located in southeastern Idaho in Franklin County, approximately 7 miles east of Preston, Idaho (population ~5,591) and 34 miles north of Logan, Utah (population ~52,778). The geographic center of current mine operations is located at approximately 42.1441574° North latitude and -111.7751464° West longitude (WGS84 datum). The Project is situated on the Riverdale and Mink Creek 7.5-minute USGS quadrangle maps and occupies portions of Township 14 South, Range 40 East, Sections 33, 34, and 35, and Township 15 South, Range 40 East, Sections 3 and 10, Boise Meridian. Figure 3.11 presents a location map for the Project.

Figure 3.1-1 Location Map

3.2 Land Tenure and Mineral Titles

The Bear River Zeolite Project is situated on public lands administered by the United States Department of the Interior Bureau of Land Management (BLM) and on privately owned leased lands. The property comprises 50 unpatented placer mining claims of 20 acres each held directly by Bear River Zeolite Company. (BRZ), covering approximately 994 acres (402.258 hectares); and approximately 320 acres (129.499 hectares) of private land leased by BRZ under a Mining Agreement with Zeolite, L.L.C. (the “Zeolite lease”).

Figure 3.2-1 shows the land status and configuration of the various mineral holdings comprising the Property.

Figure 3.2-1 Land Status Map

3.2.1 Federal Lands

Ownership of unpatented mining claims on federal land is in the name of the holder (locator), subject to the paramount title of the United States of America, under the administration of the U.S. Bureau of Land Management (“BLM”). Under the Mining Law of 1872, which governs the location of unpatented mining claims on Federal lands, the locator has the right to explore, develop, and mine minerals on unpatented mining claims without payments of production royalties to the U.S. government, subject to the surface management regulation of the BLM. In recent years, there have been efforts in the U.S. Congress to change the 1872 Mining Law to include, among other items, a provision of production royalties to theU.S. government. Currently, annual claim maintenance fees are the only federal payments related to unpatented mining claims. BLM records of mining claims can be searched on-line at https://reports.blm.gov/reports/MLRS.

The located mineral claims were staked as placer claims on public lands administered by the Bureau of Land Management (BLM) in accordance with BLM regulations, which are documented online at BLM Idaho Mining and Minerals. The BRZ placer claims within the project area were located in the field using substantial wooden posts at least four feet in height and four inches square. Each post/monument was marked with the name of the claim, position or number of corner, and direction of boundary lines. A discovery monument containing a “Notice of Location” was posted at one corner of the claim, conforming to Idaho regulations. The placer claims occupy no more than 20 acres and measure 660 feet by 1,320 feet. As nearly as practical, the placer claim conforms to the public land survey system (PLSS), meaning it aligns with the boundaries of a section and takes a legal subdivision (aliquot part) of the section. The Company staked and recorded its wholly owned unpatented placer mining claims BRZ# 1 through BRZ# 50 in October 2020. The claims cover portions of Township 14 South, Range 40 East, Sections 33,34 35 and Township 15 South, Range 40 East, Section 3 Boise Meridian as shown in Figure 3.2-2.

The Company represents that the list of unpatented claims held by Bear River Zeolite Company, a wholly owned subsidiary of United States Antimony Corporation (USAC) shown in Figure 3.2.2 and included in Appendix B is complete and accurate as of July 12, 2024, and that all claims are valid through August 31, 2025. USAC has not sought a legal opinion regarding claim status. Ms. Carroll produced a Mining Claim Customer Information Report from the BLM for all claims current as of July 2024 that agrees with the BRZ unpatented Placer Mining Claims listing provided in Appendix B.

The report generated from the BLM shows that the 50 unpatented mining claims starting with “BRZ” are listed as “active” in the BLM's database, and annual maintenance fees were paid in July 2024. Annual maintenance fees of US$200 per unpatented mining claim are due to BLM on or before September 1 each year to maintain the claims. The next annual maintenance fees (for fiscal year 2026) are due before September 1, 2025. The claim fees for the Fiscal Year 2025 have been paid to the BLM.

Additionally, according to Idaho Code § 47-6, Location of Mining Claims, a Notice of Intent to Hold (NOI) must be filed before December 30 of any year when annual labor, improvements, or claim maintenance fee payments are required. The individual responsible for the work, improvements, or payment—or their representative—may record an Affidavit of Annual Work or an Affidavit of Claim Maintenance Fee Payment with the county recorder’s office in the county where the claim is located.

The Franklin County NOI recording fee is $20.48 per instrument. The Notice of Intent to Hold and Affidavit of Payment for the BMZ Claims was recorded with the Franklin County Recorder on July 16, 2024, for fiscal year 2025.

The total holding costs of the unpatented mining claims comprising the Bear River Zeolite property that were paid in 2024 for fiscal year 2025 were US$10,020.48 (Table 3-1).

Table 3-1 Annual Claim Holding Costs

Table 3-2 lists the active placer claims for Bear River Zeolite as of July 18, 2024:

Table 3-2 Brear River Zeolite active placer claims

Figure 3.2-2 BRZ Unpatented Placer Claims

3.2.2 Private Ground

Zeolite, L.L.C., an Idaho Limited Liability Company referred to in section 3.3.1, is the owner of real property located in Franklin County, Idaho, (the “BRZ Leased Property”), together with all surface rights, mineral rights and interests, rights of ways and easements and all other rights appurtenant or incidental to the property. The property covers approximately 320 acres in portions of Sections 3 and 10, Township 15 South, Range 40 East of the Boise Meridian.

Bear River Zeolite Company, a wholly owned subsidiary of United States Antimony Corporation, has entered into a lease agreement with Zeolite LLC to lease the property shown in Figure 3.2-3, until December 31, 2034. This includes the mill site and zeolite in the area of the open pit. This lease replaces previous lease agreements and grants the Lessee the right to extract zeolites (the "Subject Minerals") from the Leased Premises, specifically excluding the extraction of any other minerals. Under the terms and conditions set forth in section 3.3.1, Lessee is permitted to remove and dispose of any sand, gravel, caliche, and other unleased materials that need to be removed in connection with its operations. If these materials are associated with the Subject Minerals, Lessee may dispose of them as it sees fit, provided that any net profits received from such disposal are shared equally with the Lessor. Lessee is also responsible for all reclamation work.

The Lessor grants Lessee the right to enter the Leased Premises for surveying, exploring (including geophysical and geochemical exploration), and production activities. This includes stockpiling, waste disposal, removing, milling, shipping, and marketing the Subject Minerals, though chemical treatment of these minerals is not permitted except for the application of specific chemicals such as ammonium nitrate and phosphate during production. Lessee must ensure that no chemicals or products contaminate surrounding lands or vegetation and must keep all such substances contained, preventing drift or runoff into streams or drainage areas. Chemical waste materials must be stored in impermeable containers and enclosed facilities, except for dolomite and mill shale (phosphate rock), which may be stored in piles in unenclosed areas provided they do not drift onto surrounding lands or vegetation.

Lessee is prohibited from placing underground fuel tanks on the Leased Premises and must immediately clean up any fuel spills, disposing of contaminated soil according to Idaho Department of Environmental Quality standards. Lessee is allowed to construct and use buildings, roads, camp facilities, inclines, adits, drifts, pits, mine buildings, power and communication lines, mills, and related facilities necessary for its operations. Additionally, Lessee has the right to use the surface of the Leased Premises as needed for these activities and is granted an easement for ingress and egress through an existing private road to a gravel pit owned by Lessor located near the Northwest corner of Section 10, Township 15 South, Range 40 East of the Boise Meridian.

Upon termination of mining activities or the Lease, Lessee must remove all improvements, buildings, mills, equipment, and other facilities from the Leased Premises at its own cost within one year. Any property not removed within this period becomes the exclusive property of Lessor, and Lessee must cover any costs incurred by Lessor for removal within ten days of demand.

Lessee may construct an access roadway from the gravel pit across a cultivated field of Lessor to the uncultivated portion of the Leased Premises, minimizing roadway construction and use on Lessor's cultivated lands. If no significant mining occurs on the Leased Premises but does occur on adjacent land, Lessor will allow Lessee an easement for ingress and egress, up to 25 feet wide, to convey minerals across the Leased Premises. In consideration for such an easement, Lessee will pay the same royalty for each ton of mineral extracted and the Minimum Royalty per year as referred to in section 3.3.1.

Mining operations shall be conducted in a manner consistent with the usual and customary practices of skillful and proper mining operations of a similar nature. These operations must be carried out to prevent any injury or damage to persons or property. In the course of mining, the Lessee shall deposit all earth and other waste materials in locations and in a manner that will not obstruct or impair future mining operations and, to the extent reasonably possible, will not interfere with the Lessor's use of the surface of the Leased Premises.

Figure 3.2-3 BRZ Zeolite, LLC Leased Ground

3.3 Property Agreements

The copies of the following agreement on the Zeolite, LLC Amended and Restated Mining Lease were provided by Mr. Joe Bardswich, Ex VP, Chief Mining Officer and a Director for US Antimony.

3.3.1 Zeolite, LLC Amended and Restated Mining Lease

On January 1, 2025, Bear River Zeolite Corporation (BRZ), a subsidiary of United States Antimony Corporation, renewed its mining lease with Zeolite, LLC for parcels RP02094.02, RP02043.00, and RP02040.00. The lease has been extended until December 31, 2034, and will automatically renew each year unless either party provides 180 days' prior written notice of termination before the renewal date.

This agreement ensures continued operations and royalty payments for the duration of the lease, benefiting both companies.

Production Royalty:

BRZ shall pay Zeolite, LLC the royalty on all zeolite mineral removed and shipped from the Leased Premises during the remainder Term as follows:

The Production Royalty shall continue to be paid according to this schedule until the termination of the Lease.

3.4 Additional Royalties

This section describes the obligations that must be met to retain the Property, and to the extent known, the terms of any royalties, back-in rights, payments, or other agreements and encumbrances to which the Property is subject.

In addition to the Zeolite, LLC Amended and Restated Mining Lease royalties, there are additional royalty holders. Nick Raymond and the estate of George Desborough each have a graduated royalty of

$1.00 per ton to $5.00 per ton, depending on the sale price.

During 2002, the Company sold a 3% gross proceeds royalty on all zeolite extracted from BRZ to Delaware Royalty Company, Inc., a company controlled by a Al Dugan, a major shareholder.

On a combined basis, BRZ pays total royalties ranging from 8% to 13% of zeolite product revenue. According to United States Antimony Corporation’s (USAC) filings, Bear River Zeolite (BRZ) accrued royalties payable of $133,434 as of December 31, 2024, and $153,429 as of December 31, 2023.

3.5 Surface Rights

BRZ controls surface rights through a combination of federal mining claims and the Zeolite Lease. The lease also grants access to easements, road construction rights, and use of existing infrastructure (e.g., mill site, pits, roads). The lessee is responsible for reclamation, contamination prevention, and compliance with Idaho DEQ regulations. Access to the site is via a private road and permitted rights-of- way. No additional rights are needed to support the life-of-mine (LOM) plan as presented in this Report.

3.6 Water Rights

Water for operations is sourced from onsite wells located on the Zeolite, LLC leased property. These sources provide sufficient water for dust control and site operations. No additional water rights are expected to be needed for the life-of-mine (LOM) operations.