NOTE 7 – INVENTORIES

Inventories at June 30, 2026 and December 31, 2025 consisted primarily of finished antimony metal ingots and antimony oxide products, antimony ore and concentrates, and finished zeolite products. Inventories are stated at the lower of first-in, first-out cost or estimated net realizable value. Finished antimony products and finished zeolite products primarily include direct materials, direct labor, overhead, depreciation, and freight. Inventories by type were as follows:

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At June 30, 2026 and December 31, 2025, inventories were valued at cost, except for the portion of inventory that is valued at net realizable value because costs are greater than the amount the Company expects to receive on the sale of this inventory. During the six months ended June 30, 2026, the Company recorded a write-down of $161,456 to adjust antimony inventory to its NRV. There were no inventory NRV adjustments during the six months ended June 30, 2025.