There have been no material changes from the risk factors previously disclosed in the Company’s Form 10-K for the year ended December 31, 2025, which was filed with the SEC on March 19, 2026, except as described below. The Company’s receipt of funds under its Department of War award is subject to significant conditions, and failure to satisfy these conditions or obtain continued authorization could adversely impact its operations and financial condition. In March 2026, the Company was awarded up to $27.0 million in funding from the U.S. Department of War under the Defense Production Act, administered through the Defense Industrial Base Consortium (“DIBC”), to support the expansion and modernization of its domestic antimony processing operations. The award is structured as a milestone-based arrangement, with $16.2 million currently obligated and the remaining $10.8 million subject to future authorization at the discretion of the U.S. government. Payments are contingent upon the Company achieving specified project milestones, obtaining formal government approval of such milestones, and complying with ongoing requirements, including environmental, reporting, and project execution obligations. There can be no assurance that the Company will successfully complete all required milestones, maintain compliance with all applicable conditions, or receive approval for additional funding. Any failure to meet these requirements, delays in milestone achievement or approval, changes in government priorities, or termination or modification of the agreement could result in a delay, reduction, or forfeiture of expected funding. In addition, the Company is required to fund a portion of the project costs, and if anticipated grant proceeds are not received in a timely manner or at all, the Company may be required to obtain alternative sources of financing or delay planned capital expenditures. The Company’s financing and commercial arrangement with a key antimony supplier exposes us to credit, operational, and supply chain risks. We have entered into a commercial antimony sourcing arrangement with a supplier as part of our strategy to support and expand our antimony supply chain. This arrangement is supported by a $4.0 million Convertible Promissory Note (the “Convertible Note”) that is secured by substantially all assets of the supplier and supported by a personal guaranty from the supplier’s principal owner. While these protections are intended to mitigate our credit exposure, there can be no assurance that the supplier will have sufficient liquidity, operational capacity, or financial resources to satisfy its obligations under the note or related commercial agreements. If the international supplier experiences financial distress, operational difficulties, liquidity constraints, regulatory challenges, equipment failures, or other adverse developments, it may be unable to repay amounts owed to us, deliver anticipated antimony products, or otherwise perform under its contractual obligations. In such circumstances, we could incur losses associated with the note receivable, experience delays or disruptions in anticipated antimony supply, incur additional costs to obtain alternative sources of supply, or be required to devote additional resources to enforcing our contractual rights. In addition, although the Convertible Note provides us with the right to convert indebtedness into membership interests of the supplier, it is a privately held company and there can be no assurance that any equity interests received upon conversion would have a readily realizable value or provide a recovery equivalent to the amounts owed under the note. Any of these events could adversely affect our business, financial condition, results of operations, cash flows, and growth strategy. 35 Table of Contents The Company’s significant inventory position in Mexico may expose us to operational, inventory valuation, and liquidity risks. The Company maintains a significant inventory of antimony materials at its facilities in Mexico. The ultimate realization of the value of this inventory depends upon our ability to efficiently process these materials into finished products that meet applicable customer specifications in a commercially acceptable and timely manner. Processing results may be affected by numerous factors, including the characteristics of the raw materials, recovery rates, production yields, equipment performance, operating efficiencies, and other manufacturing variables. If we are unable to process these materials as anticipated, or if processing requires additional time, costs, or modifications to our production methods, the inventory may remain on hand longer than expected, resulting in increased carrying costs, reduced liquidity, and higher working capital requirements. In addition, if market prices for antimony continue to decline while such inventory remains on hand, or if the estimated net realizable value of the inventory falls below its carrying value for any reason, we may be required to recognize inventory write-downs, which could adversely affect our gross margins, operating results, financial condition, and cash flows. Any significant delay or inability to convert this inventory into finished products that satisfy customer requirements could materially and adversely affect our business, financial condition, results of operations, and cash flows. ​