| BUSINESS SEGMENTS |
NOTE 18 – 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 raw antimony ore primarily into antimony oxide, antimony metal ingots, antimony trisulfide, and precious metals, and |
| ● | Our facilities in our USAMSA subsidiary located in Mexico that process raw antimony ore primarily into antimony metal ingots and a lower grade of antimony oxide. |
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 June 30, 2026 from which they generated 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 for a management employee, apartment complex in Thompson Falls, Montana for hourly employees, and flotation and concentration facility located in Radersburg, 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 were as follows: | | | | | | | Total Assets | | June 30, 2026 | | December 31, 2025 | Antimony segment | | $ | 162,840,666 | | $ | 137,013,360 | Zeolite segment | | | 7,337,869 | | | 5,733,666 | All other | | | 20,438,179 | | | 11,178,643 | Total assets | | $ | 190,616,714 | | $ | 153,925,669 |
Total capital expenditures by segment were as follows: | | | | | | | | | | | | | | | Three months ended June 30, | | Six months ended June 30, | Capital expenditures | | 2026 | | 2025 | | 2026 | | 2025 | Antimony segment | | $ | 8,825,924 | | $ | 1,269,129 | | $ | 13,805,980 | | $ | 1,445,411 | Zeolite segment | | | 786,031 | | | 25,970 | | | 979,006 | | | 82,199 | All other | | | 619,799 | | | 5,236,463 | | | 8,028,355 | | | 5,866,463 | Total capital expenditures | | $ | 10,231,754 | | $ | 6,531,562 | | $ | 22,813,341 | | $ | 7,394,073 |
Selected segment operational information were as follows: | | | | | | | | | | | | | Three months ended June 30, 2026 | | Antimony | | Zeolite | | All Other | | Total | Total revenues | | $ | 6,064,637 | | $ | 1,860,964 | | $ | — | | $ | 7,925,601 | Depreciation and amortization | | | 229,503 | | | 115,602 | | | 170,260 | | | 515,365 | Loss from operations | | | (4,544,394) | | | (421,286) | | | (2,015,220) | | | (6,980,900) | Other income | | | | | | | | | | | | 7,147,704 | Income tax expense | | | | | | | | | | | | — | Equity in losses of joint venture | | | | | | | | | | | | (56,514) | Net income | | | | | | | | | | | $ | 110,290 |
| | | | | | | | | | | | | Three months ended June 30, 2025 | | Antimony | | Zeolite | | All Other | | Total | Total revenues | | $ | 9,636,842 | | $ | 888,281 | | $ | — | | $ | 10,525,123 | Depreciation and amortization | | | 171,040 | | | 98,031 | | | 8,484 | | | 277,555 | Income (loss) from operations | | | 832,735 | | | (122,252) | | | (690,476) | | | 20,007 | Other income | | | | | | | | | | | | 161,548 | Income tax expense | | | | | | | | | | | | — | Net income | | | | | | | | | | | $ | 181,555 |
| | | | | | | | | | | | | Six months ended June 30, 2026 | | Antimony | | Zeolite | | All Other | | Total | Total revenues | | $ | 11,832,793 | | $ | 2,876,877 | | $ | — | | $ | 14,709,670 | Depreciation and amortization | | | 419,252 | | | 229,019 | | | 277,553 | | | 925,824 | Loss from operations | | | (10,238,440) | | | (1,291,856) | | | (2,967,799) | | | (14,498,095) | Other income | | | | | | | | | | | | 3,386,535 | Income tax expense | | | | | | | | | | | | — | Equity in losses of joint venture | | | | | | | | | | | | (72,640) | Net loss | | | | | | | | | | | $ | (11,184,200) |
| | | | | | | | | | | | | Six months ended June 30, 2025 | | Antimony | | Zeolite | | All Other | | Total | Total revenues | | $ | 15,542,151 | | $ | 1,982,977 | | $ | — | | $ | 17,525,128 | Depreciation and amortization | | | 338,591 | | | 205,387 | | | 15,547 | | | 559,525 | Income (loss) from operations | | | 1,976,575 | | | (430,028) | | | (1,168,548) | | | 377,999 | Other income | | | | | | | | | | | | 350,080 | Income tax expense | | | | | | | | | | | | — | Net income | | | | | | | | | | | $ | 728,079 |
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