COMMITMENTS AND CONTINGENCIES	6 Months Ended
Jun. 30, 2026
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES	NOTE 16 – COMMITMENTS AND CONTINGENCIES Mine Safety Matters Historically, BRZ has been assessed fines and penalties by the Mine Safety and Health Administration (“MSHA”). During the six months ended June 30, 2026, BRZ received four citations from MSHA, none of which were significant and substantial. All four citations were rectified by BRZ and terminated by MSHA either on the day the citations were issued or the day after. At June 30, 2026 and December 31, 2025, BRZ had no accrued liabilities relating to MSHA citations. BRZ’s Zeolite Lease BRZ 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”). Thompson Falls, Montana Facility Expansion In April 2025, the Company engaged engineering and construction firms to expand its existing smelting operating capacity located in Thompson Falls, Montana. Total capital expenditures associated with the expansion plans are estimated to be approximately $39 million, of which approximately $37 million has been formally agreed to with various third-party vendors. As of June 30, 2026, the Company has incurred approximately $33 million related to these commitments. The Thompson Falls facility expansion was substantially completed during the second quarter of 2026, resulting in approximately $4 million of project costs being transferred from construction in progress to the appropriate PP&E asset categories as the related assets were placed in service late in the quarter. The remaining approximately $29 million of gross project costs are included in the “Construction in progress” component of PP&E in the Condensed Consolidated Balance Sheets presented net of the $12.8 million of grant funding received under the Company’s DIBC award, as discussed in NOTE 9 – GOVERNMENT GRANT. Inventory Purchase Commitments As of June 30, 2026, the Company had outstanding purchase commitments for antimony inventory with an aggregate estimated cost of approximately $5 million, which is not reflected in the Condensed Consolidated Balance Sheet. The Company expects to take delivery of this inventory during the remainder of 2026. Legal Matters The Company’s Mexican subsidiary USAMSA is a defendant in a commercial lawsuit relating to historical obligations under an agreement for certain services related to mining claims in Mexico. The action is in its initial stages with the plaintiff seeking approximately $339,000 in damages and $54,390 of associated value added tax. In connection with the litigation, a Mexican court issued a precautionary attachment order requiring the Company to restrict approximately $339,000 held in a bank account as security pending resolution of the matter and until posting of a judicial surety bond to substitute for the attachment is completed. As a result, the Company has classified such amount as restricted cash in the accompanying Condensed Consolidated Balance Sheet as of June 30, 2026. The Company intends to vigorously defend the action and, based on the information currently available and after consultation with legal counsel, management does not believe a loss is probable. Accordingly, no liability has been recorded as of June 30, 2026, although an adverse outcome remains reasonably possible. The Company has subsequently filed a countersuit against the same party in excess of the amounts described to recover amounts previously paid to the party for services subject to the disagreement. The Company is from time to time involved in various other claims, legal proceedings and complaints arising in the ordinary course of business. The Company does not believe that adverse decisions in any such pending or threatened proceedings, or any amount that the Company might be required to pay by reason thereof, would have a material adverse effect on the financial condition or future results of the Company.

COMMITMENTS AND CONTINGENCIES

6 Months Ended

Jun. 30, 2026

NOTE 16 – COMMITMENTS AND CONTINGENCIES

Mine Safety Matters

Historically, BRZ has been assessed fines and penalties by the Mine Safety and Health Administration (“MSHA”). During the six months ended June 30, 2026, BRZ received four citations from MSHA, none of which were significant and substantial. All four citations were rectified by BRZ and terminated by MSHA either on the day the citations were issued or the day after. At June 30, 2026 and December 31, 2025, BRZ had no accrued liabilities relating to MSHA citations.

BRZ’s Zeolite Lease

BRZ 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”).

Thompson Falls, Montana Facility Expansion

In April 2025, the Company engaged engineering and construction firms to expand its existing smelting operating capacity located in Thompson Falls, Montana. Total capital expenditures associated with the expansion plans are estimated to be approximately $39 million, of which approximately $37 million has been formally agreed to with various third-party vendors. As of June 30, 2026, the Company has incurred approximately $33 million related to these commitments. The Thompson Falls facility expansion was substantially completed during the second quarter of 2026, resulting in approximately $4 million of project costs being transferred from construction in progress to the appropriate PP&E asset categories as the related assets were placed in service late in the quarter. The remaining approximately $29 million of gross project costs are included in the “Construction in progress” component of PP&E in the Condensed Consolidated Balance Sheets presented net of the $12.8 million of grant funding received under the Company’s DIBC award, as discussed in NOTE 9 – GOVERNMENT GRANT.

Inventory Purchase Commitments

As of June 30, 2026, the Company had outstanding purchase commitments for antimony inventory with an aggregate estimated cost of approximately $5 million, which is not reflected in the Condensed Consolidated Balance Sheet. The Company expects to take delivery of this inventory during the remainder of 2026.

Legal Matters

The Company’s Mexican subsidiary USAMSA is a defendant in a commercial lawsuit relating to historical obligations under an agreement for certain services related to mining claims in Mexico. The action is in its initial stages with the plaintiff seeking approximately $339,000 in damages and $54,390 of associated value added tax. In connection with the litigation, a Mexican court issued a precautionary attachment order requiring the Company to restrict approximately $339,000 held in a bank account as security pending

resolution of the matter and until posting of a judicial surety bond to substitute for the attachment is completed. As a result, the Company has classified such amount as restricted cash in the accompanying Condensed Consolidated Balance Sheet as of June 30, 2026. The Company intends to vigorously defend the action and, based on the information currently available and after consultation with legal counsel, management does not believe a loss is probable. Accordingly, no liability has been recorded as of June 30, 2026, although an adverse outcome remains reasonably possible. The Company has subsequently filed a countersuit against the same party in excess of the amounts described to recover amounts previously paid to the party for services subject to the disagreement.

The Company is from time to time involved in various other claims, legal proceedings and complaints arising in the ordinary course of business. The Company does not believe that adverse decisions in any such pending or threatened proceedings, or any amount that the Company might be required to pay by reason thereof, would have a material adverse effect on the financial condition or future results of the Company.