Item 1.01 Entry into a Material Definitive Agreement
US Antimony Corporation (USAC) has entered into a Purchase Option agreement with SB Wadley SA de CV. The agreement has been in negotiations since Nov 22 2021 and was finally signed by both parties on 8 Aug 2022. The agreement grants USAC 8 months, starting 15 Aug 2022 to mine and conduct geological and resource studies. USAC has agreed to pay $11,600 US dollars per month for these 8 months, at the end of which time, should USAC agree, USAC would pay an initial payment of $2.32 million dollars, followed by an annual payment of $1.16 million dollars for 7 years bringing total purchase price to $10.44 million dollars.
The Wadley District contains an extensive network of underground workings with at least 8 separate levels. Historically, it was the largest producer of antimony in Mexico.
