Richard Isaak
About Richard Isaak
Richard R. Isaak, 57, is SVP and Chief Financial Officer (principal financial and accounting officer) of United States Antimony Corporation, serving since July 2023 . A CPA trained at Ernst & Young with 12 years in public-company audits and IT audit, then 20 years in senior finance roles (CFO, CAO, Controller, Treasurer, IR) across four companies, he leads finance and disclosure controls remediation; the company reported material weaknesses in ICFR as of December 31, 2024 and outlined remediation steps under his oversight . During his tenure, US Antimony’s revenue rose 72% year over year (from $8.69M to $14.94M), net loss narrowed from $(6.35)M to $(1.73)M, and EBITDA improved by $4.75M (to $(0.64)M); TSR on a $100 investment rose from $48.08 (2023) to $340.38 (2024) .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Ernst & Young LLP | Assurance & IT Audit (CPA) | 12 years | Led public company audits and IT controls assessments for large multinationals . |
| Various companies (four) | CFO/CAO/Controller/Treasurer/IR | 20 years | Executed strategic planning and large transformation projects across finance, operations, real estate, treasury, IR, and shared services . |
External Roles
No public-company board roles disclosed for Isaak .
Fixed Compensation
| Metric | 2023 | 2024 |
|---|---|---|
| Base Salary ($) | $107,692 | $174,635 |
| Target Bonus (%) | Not disclosed | Not disclosed |
| Actual Bonus Paid ($) | $0 | $150,000 |
Performance Compensation
- Program design: NEO pay includes salary, bonus, and equity awards; options and RSUs may be subject to service or performance-based vesting .
- Equity plan: The 2023 Equity Incentive Plan (approved in late 2023) enabled 2024 grants; options priced at or above fair market value; RSUs may include deferral features; plan supports performance shares/units (metrics not specified in filings) .
| Incentive Type | Metric | Weighting | Target | Actual/Payout | Vesting/Terms |
|---|---|---|---|---|---|
| Annual Cash Bonus (2024) | Company/initiative performance (qualitative factors cited by company: TSR, net income, strategic initiatives) | Not disclosed | Not disclosed | $150,000 | Paid for FY2024; no explicit formula disclosed . |
| RSUs (2024 grants; year-end status) | Equity value alignment | Not disclosed | Not disclosed | 133,333 RSUs unvested; stated value $235,999 at 12/31/2024 | RSUs subject to service/performance terms; remaining contractual term for nonvested RSUs company-wide ~1.5 years at YE 2024 . |
| Stock Options (2024 grants; year-end status) | Equity value alignment | Not disclosed | Not disclosed | 400,000 options unexercisable; strike $0.22; fair value in 2024 comp $64,000 | Expiration 3/1/2027; service/performance-based vesting; 10-year plan max but these options carry stated terms; exercise only upon vesting . |
Equity Ownership & Alignment
| Item | Detail |
|---|---|
| Total Beneficial Ownership | 258,513 common shares (0.2% of class) as of June 6, 2025 . |
| Options | 400,000 unexercisable options at $0.22, expiring 3/1/2027 . |
| RSUs | 133,333 unvested RSUs; year-end value $235,999 . |
| Exercisable vs Unexercisable Options | Exercisable count not disclosed individually; CFO’s disclosed options are unexercisable at YE 2024 . |
| Vested vs Unvested Shares | Unvested RSUs: 133,333; vested RSU/option detail not fully disclosed by executive . |
| Shares Pledged | No pledging disclosed in filings . |
| Ownership Guidelines | Not disclosed; no stated executive stock ownership requirements found . |
| Hedging Policy | Company states it does not have practices or policies regarding hedging or offsetting decreases in market value of registrant equity securities . |
| Clawback Policy | Board-adopted clawback for performance-based cash/equity upon material restatements; permits recoupment of excess compensation . |
Employment Terms
- Start date and role: SVP, CFO since July 2023 .
- Employment contracts/severance: Company discloses no employment contracts or separation/severance agreements for NEOs .
- Change-of-control: Amended and Restated 2023 Equity Incentive Plan provides single-trigger acceleration—outstanding awards become immediately exercisable/vested upon a Change in Control (unearned options/SARs with exercise price ≥ transaction price may be cancelled without payment) .
- Non-compete / Non-solicit / Garden leave: Not disclosed in filings .
- Insider trading policy: In place company-wide; emphasizes prohibition on trading on material nonpublic information .
- Governance/controls: Company reported material weaknesses in internal control over financial reporting at 12/31/2024; remediation initiatives underway (hiring CFO and accounting manager, software and process enhancements, audit committee strengthening) .
Performance & Track Record
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Company outcomes during his tenure:
- Revenue rose 72% YoY to $14.94M (FY2024); gross profit turned positive ($3.47M vs $(3.34)M); net loss improved to $(1.73)M; EBITDA loss narrowed to $(0.64)M (up $4.75M) .
- Antimony segment revenue +88%; average price/lb up and costs/lb down; zeolite tonnage +9% though segment still loss-making .
- TSR on initial $100 investment increased from $48.08 (2023) to $340.38 (2024) .
- Operational: USAMSA shutdown (Mar 2024) reversed with restart plans for Madero (Dec 2024) on stronger antimony demand/pricing; ore supply contract renewed with tiered pricing and larger volumes; BRZ lease extended to 2034 .
-
Risk factors to execution:
- ICFR material weaknesses (segregation of duties, documentation, monitoring) as of FY2024 .
- Operational safety: MSHA cited BRZ with four significant-and-substantial citations in 2024, all rectified; $25,721 assessments .
- Macro/business risks: antimony price volatility; supplier concentration; Mexican operational/geopolitical risks; environmental and regulatory exposure .
Compensation Structure Analysis
- Year-over-year mix shift: Isaak’s compensation moved from purely cash salary in 2023 ($107,692) to a 2024 mix including cash ($174,635 salary + $150,000 bonus) and equity ($44,000 RSUs + $64,000 options), increasing at-risk/equity-linked pay and introducing a sizable discretionary bonus aligned with strong operational and TSR outcomes .
- Equity program features: Options and RSUs include service/performance-based vesting; plan allows broad performance equity (PSUs/shares/units), though specific executive metrics/weightings were not disclosed .
- Governance levers: Clawback in place; however, company discloses no hedging policy ban and no executive stock ownership guidelines, which can weaken alignment safeguards relative to best practice .
Related Party Transactions
No related-party transactions involving Isaak reported for 2024 .
Investment Implications
- Alignment: Introduction of equity and continued unvested awards (133k RSUs; 400k options) strengthen multi-year alignment; clawback adds downside discipline on restatements .
- Retention risk: Absence of employment or severance agreements increases mobility risk; single-trigger acceleration under change-of-control could incentivize exit in a transaction scenario but also raise deal certainty concerns; note significant unvested awards that could accelerate .
- Trading supply/insider pressure: As RSUs vest and options become exercisable, potential incremental float could occur; no pledging disclosed; lack of hedging restrictions is a governance gap versus peers .
- Execution watch items: Continued ICFR remediation, antimony pricing/supply chain concentration, and Mexico operations stability are key to sustaining FY2024 performance momentum .