UNITED STATES
                      SECURITIES AND EXCHANGE COMMISSION
                            WASHINGTON, D.C. 20549

                                  FORM 10-QSB




(Mark One)

[X]  QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT
     OF 1934
                 For the quarterly period ended March 31, 2001

[ ] TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE
     ACT OF 1934

		For the transition period ____  to_____



                        Commission file number 33-00215

                      UNITED STATES ANTIMONY CORPORATION

                (Name of small business issuer in its charter)


                          MONTANA                              81-0305822

     (State or other jurisdiction of incorporation or       (I.R.S. Employer
                       organization)                       Identification No.)

            P.O. BOX 643, THOMPSON FALLS, MONTANA              59873
        (Address of principal executive offices)            (Zip code)


      Registrant's telephone number, including area code:  (406) 827-3523



Check  whether the issuer (1) filed all reports required to be filed by Section
13 or 15(d)  of the Exchange Act during the past 12 months (or for such shorter
period that the registrant was required to file such reports), and (2) has been
subject to such filing requirements for the past 90 days.

YES X  No



At May 9, 2001,  the  registrant had outstanding 18,647,064 shares of par value
$.01 common stock.


<PAGE>



                    PART I-FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS

UNITED STATES ANTIMONY CORPORATION AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
<TABLE>
<S>                                             <C>            <C>
                                                       (Unaudited)
                                                         MARCH 31,  DECEMBER 31,
                                                           2001        2000
                                    ASSETS
Current assets:
  Restricted cash                                       $   8,990  $   8,518
  Inventories                                             171,378    221,457
  Accounts receivable, less allowance
  for doubtful accounts of $30,000                         65,636    119,568
                                                        ---------  ---------
        Total current assets                              246,004    349,543
                                                        ---------  ---------

Investment in USAMSA                                      111,088    111,088
Properties, plants and equipment, net                     261,060    246,250
Restricted cash for reclamation bonds                     123,250    123,250
Deferred financing charges, net                            53,476     63,789
                                                        ---------  ---------
        Total assets                                    $ 794,878  $ 893,920
                                                        =========  =========

                     LIABILITIES AND STOCKHOLDERS' DEFICIT
Current liabilities:
  Checks issued and payable                             $  83,332  $ 107,133
  Accounts payable                                        460,722    429,654
  Accrued payroll and property taxes                      174,905    241,588
  Accrued payroll and other                               158,713     89,680
  Judgment payable                                         44,241     43,480
  Accrued interest payable                                 72,899     47,324
  Due to related parties                                   54,523     10,307
  Notes payable to bank, current                          200,724    150,625
  Accrued reclamation costs, current                       80,000     80,000
                                                        ---------  ---------
        Total current liabilities                       1,330,059  1,199,791

Debentures payable, net of discount                     1,000,610    997,449
Notes payable to bank, noncurrent                         196,212    205,377
Accrued reclamation costs, noncurrent                    199,388    199,388
                                                        ---------  ---------
        Total liabilities                               2,726,269  2,602,005
                                                        ---------  ---------

Commitments and contingencies

Stockholders' deficit:
 Preferred stock, $.01 par value, 10,000,000 shares authorized:
  Series A: 4,500 shares issued and outstanding                45          45
  Series B: 750,000 shares issued and outstanding           7,500       7,500
  Series C: 177,904 shares issued and outstanding           1,779       1,779
 Common stock, $.01 par value, 30,000,000 shares
  authorized; 18,585,564 and 18,375,564 shares
  issued and outstanding                                  185,855     183,755
  Additional paid-in capital                           14,858,185  14,818,285
  Accumulated deficit                                 (16,984,755)(16,719,449)
                                                      -----------  ----------
        Total stockholders' deficit                    (1,931,391) (1,708,085)
                                                      -----------  ----------
        Total liabilities and stockholders' deficit     $ 794,878   $ 893,920
                                                      ===========  ==========

<PAGE>

United States Antimony Corporation and Subsidiaries
Consolidated Statements of Operations (Unaudited)


                                                For the three months ended
                                                   March 31,     March 31,
                                                     2001         2000
Revenues:

Sales of antimony products and other              $ 961,131    $ 1,173,050

  Cost of antimony production                       802,368        841,791
  Freight and delivery                              103,614        107,978
                                                  ---------    -----------

Gross profit                                         55,149        223,281
                                                  ---------    -----------

Other operating expenses:
  Bear River Zeolite                                 46,243
  Care, maintenance, and reclamation-Yellow Jacket      360         27,801
  General and administrative                        173,687        252,844
  Sales expenses                                     38,496        110,065
                                                  ---------    -----------
                                                    258,786        390,710
                                                  ---------    -----------
Other (income) expense:
  Interest expense                                   39,886         41,110
  Factoring expense                                  23,264         24,461
  Interest income and other                          (1,481)        (2,140)
                                                  ---------    -----------
                                                     61,669         63,431
                                                  ---------    -----------

Net loss                                          $ 265,306      $ 230,860
                                                  =========    ===========

Basic net loss per share of common stock          $    0.01      $    0.01
                                                  =========    ===========

Basic weighted average shares outstanding        18,467,762     17,046,131
                                                 ==========    ===========


<PAGE>


United States Antimony Corporation and Subsidiaries
Consolidated Statements of Cash Flows (Unaudited)

                                             For the three months ended
                                                 March 31,  March 31,
                                                   2001       2000

Cash flows from operating activities:
  Net loss                                     $ (265,306)  $ (230,860)
  Adjustments to reconcile net loss to
   net cash used by operations:
     Depreciation                                  24,000       33,000
     Amortization of deferred financing charges    10,313
     Amortization of debenture discount             3,161
     Provision for doubtful accounts                           (20,000)
     Issuance of common stock for consulting services          153,000
  Change In:
      Restricted cash                                (472)          (1)
      Accounts receivable                          53,932      (21,062)
      Inventories                                  50,079      (13,107)
      Restricted cash for reclamation bond                       7,170
      Accounts payable                             31,068       (4,348)
      Accrued payroll and property taxes          (66,683)     (43,797)
      Accrued payroll and other                    69,033        2,641
      Judgments payable                               761          712
      Accrued debenture interest payable           25,575
      Payable to related parties                   (5,784)      (8,349)
      Accrued reclamation costs                                (19,268)
                                                ---------    ---------
        Net cash used by operating activities     (70,323)    (164,269)
                                                ---------    ---------

Cash flows from investing activities:
  Purchase of properties, plants and equipment    (38,810)     (16,319)
                                                ---------    ---------
        Net cash used in investing activities     (38,810)     (16,319)
                                                ---------    ---------

Cash flows from financing activities:
 Proceeds from issuance of common stock
 and warrants                                      42,000      140,000
 Proceeds from related party advances              50,000
 Proceeds from note payable to bank, net           40,934        5,113
 Change in checks issued and payable              (23,801)      52,254
 Payments on note payable to Bobby C. Hamilton                 (16,779)
                                                ---------    ---------
      Net cash provided by financing activities   109,133      180,588
                                                ---------    ---------
Net change in cash                                      0            0
Cash, beginning of period                               0            0
                                                ---------    ---------
Cash, end of period                            $        0    $       0
                                                =========    =========

Supplemental disclosures:
  Cash paid during the period for interest     $   12,495    $  39,297
                                                =========    =========

</TABLE>
<PAGE>



  PART I - FINANCIAL INFORMATION, CONTINUED:

  UNITED STATES ANTIMONY CORPORATION AND SUBSIDIARIES

  NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
  (UNAUDITED)

  1. BASIS OF PRESENTATION:

  The unaudited consolidated  financial  statements  have  been prepared by the
  Company  in  accordance  with  generally  accepted accounting principles  for
  interim financial information, as well as the  instructions  to  Form 10-QSB.
  Accordingly,  they  do  not  include  all  of  the  information and footnotes
  required by generally accepted accounting principles  for  complete financial
  statements.  In  the  opinion  of  the Company's management, all  adjustments
  (consisting of only normal recurring  accruals)  considered  necessary  for a
  fair  presentation  of  the  interim financial statements have been included.
  Operating results for the three-month  period  ended  March  31, 2001 are not
  necessarily indicative of the results that may be expected for  the full year
  ending  December 31, 2001.  Certain consolidated financial statement  amounts
  for the three-month  period  ended  March  31, 2000 have been reclassified to
  conform to the 2001 presentation.  These reclassifications  had  no effect on
  the net loss or accumulated deficit as previously reported.

  For  further  information  refer  to  the  financial statements and footnotes
  thereto in the Company's Annual Report on Form  10-KSB  for  the  year  ended
  December 31, 2000.

  2. LOSS PER COMMON SHARE

  The Company accounts for its income (loss) per common share according to  the
  Statement  of  Financial  Accounting  Standards  No. 128 "Earnings Per Share"
  ("SFAS No. 128").  Under the provisions of SFAS No.  128,  primary  and fully
  diluted  earnings per share are replaced with basic and diluted earnings  per
  share.  Basic  earnings per share is arrived at by dividing net income (loss)
  available to common  stockholders  by  the  weighted average number of common
  shares  outstanding,  and  does not include the  impact  of  any  potentially
  dilutive  common  stock equivalents.   Common  stock  equivalents,  including
  warrants to purchase  the  Company's  common  stock and common stock issuable
  upon the conversion of debentures are excluded  from  the  calculations  when
  their effect is antidilutive.

  3. COMMITMENTS AND CONTINGENCIES:

  Until  1989,  the  Company  mined,  milled and leached gold and silver in the
  Yankee  Fork  Mining  District  in Custer  County,  Idaho.  The  metals  were
  recovered  by  a  150-ton  per  day  gravity  and  flotation  mill,  and  the
  concentrates were leached with cyanide  to  produce  a bullion product at the
  Preachers Cove mill, which is located nine miles north  of  Sunbeam, Idaho on
  the Yankee Fork of the Salmon River. In 1994, the U.S. Forest  Service, under
  the provisions of the Comprehensive Environmental Response Liability  Act  of
  1980  (CERCLA),  designated  the  cyanide  leach plant as a contaminated site
  requiring cleanup of the cyanide solution. In  1996,  the  Company  signed  a
  consent decree with the Idaho Department of Environmental Quality relating to
  completing the reclamation and remediation at the Preachers Cove mill.

  The  Company's  management  believes  that  USAC  is currently in substantial
  compliance  with  environmental  regulatory  agencies and  that  its  accrued
  environmental reclamation costs are representative  of  management's estimate
  of  costs  required  to  fulfill  its reclamation obligations.   The  Company
  recognizes,  however, that in some cases  future  environmental  expenditures
  cannot be reliably  determined due to the uncertainty of specific remediation
  methods,  conflicts  between  regulating  agencies  relating  to  remediation
  methods and environmental  law  interpretations, and changes in environmental
  laws and regulations.  Such costs  are  accrued  at  the time the expenditure
  becomes probable and the costs can reasonably be estimated.

<PAGE>

  UNITED STATES ANTIMONY CORPORATION AND SUBSIDIARIES

  NOTES TO CONSOLIDATED FINANCIAL STATEMENTS, CONTINUED:
  (UNAUDITED)

   3. COMMITMENTS AND CONTINGENCIES, CONTINUED:

  During 2000, the Company issued 150,000 shares of its common stock to Thomson
  Kernaghan & Co., Ltd., and 150,000 shares of its common  stock  to Blue Water
  Partners, Inc. as compensation for fiscal advisory and consulting services to
  be  provided  the Company.  The shares were issued pursuant to the  Company's
  2000 Stock Plan,  and  were  believed by the Company to be registered under a
  Form S-8 registration statement filed in connection with the 2000 Stock Plan.
  The stock certificates issued  to  the two companies therefore did not bear a
  restrictive legend.  Subsequent to the issuance of the shares, management was
  informed by its legal counsel that Form  S-8 cannot be used to register stock
  issued  to  consultants whose services involve  promotion  of  the  Company's
  stock.  In response  to  this  information,  management immediately contacted
  both companies and requested that the unlegended  shares  of  common stock be
  returned  to the Company in exchange for a certificate bearing a  restrictive
  legend.  In  March  of  2001,  Thomson Kernaghan & Co., Ltd. returned 150,000
  shares to the Company in exchange  for  150,000  restricted  shares, that the
  Company  agreed  to  register  in  conjunction  with a Form SB-2 registration
  statement  it is preparing.  No response has been  received  from  Blue Water
  Partners,  Inc.  As  a result of the issuance, the Company may be subject  to
  civil liabilities, including fines and other penalties imposed by federal and
  state securities agencies.   At  March 31, 2001, the Company had not recorded
  any liability associated with the  issuance  of  these  shares, as management
  believes the likelihood of a claim and the ultimate outcome  if  a  claim  is
  asserted cannot be ascertained at this time.

   4. SUBSEQUENT EVENT:

  In  July of 2000, the Company entered into a financing agreement with Thomson
  Kernaghan & Co., Ltd. The financing agreement contained a registration rights
  agreement  in  which  Company  agreed  to  register the debenture purchasers'
  resale of the shares of common stock issued upon conversion of the debentures
  and upon  exercise  of  the  related purchasers, and  agent's  warrants.  The
  registration rights agreement also  provides for liquidated damages to be due
  if the Company fails to have an effective registration statement filed by the
  registration deadline. The liquidated  damages  are calculated as two percent
  (2%)  per  month  of  the  aggregate  value of the principal  amount  of  the
  debentures outstanding combined with the  aggregate  exercise  prices  of the
  outstanding  purchasers'  and  agent's warrants issued in connection with the
  convertible  debentures,  accrued   on   a  daily  basis  subsequent  to  the
  registration  deadline.  At  March 31, 2001,  the  Company  did  not  have  a
  registration statement yet effective, and the registration deadline had
  passed.

   During April of 2001, the Company's management negotiated the payment of the
  liquidated damages with Thomson  Kernaghan  & Co., Ltd., by tentantively
  agreeing to issue $70,000 of its common stock at a per-share price  of
  $0.29125 (for a total of 240,343 shares) and to register the shares in
  conjunction  with a  Form SB-2 registration  statement  it  is  preparing.
  The  Company  has accrued  the liability  for  the  issuance  of  the shares
  in its March 31, 2001 financial statements.

  ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF RESULTS OF
          OPERATIONS AND FINANCIAL CONDITION

  General

  This report contains both historical and prospective statements concerning the
  Company  and  its operations.  Prospective  statements  (known  as  "forward-
  looking statements")  may  or  may  not  prove  true with the passage of time
  because of future risks and uncertainties.  The Company  cannot  predict what
  factors might cause actual results to differ materially from those  indicated
  by prospective statements.

  ITEM 2.MANAGEMENT'S DISCUSSION AND ANALYSIS OF RESULTS OF
  OPERATIONS AND FINANCIAL CONDITION, CONTINUED:

Results of Operations

During   the  first  quarter  of  2001  many  of  the  Company's  customers
dramatically  reduced  their  orders for antimony products due to a general
downward  trend of economic conditions.   The  resulting  effect  of  these
conditions reduced the  Company's  sales  volume  of  antimony pounds during
the first quarter  of  2001  to approximately 75% (on an  annualized  basis)
of  the average sales volume  of  antimony  pounds  sold  during 2000. Sales
volume during the first part of the second quarter has shown improvement,
however; and management is optimistic that sales orders will  increase in
the months to come.

The Company's operations resulted in a net loss of $265,306  for the three-
month period ended March 31, 2001 compared with a net loss of  $230,860 for
the three-month period ended March 31, 2000.  The increase in loss for the
first quarter of 2001 compared to the similar quarter of 2000 is primarily
due to: 1) decreased antimony product sales and corresponding decreases in
gross profit (due to slowing economic conditions and increased fuel and
antimony metal prices), 2) late registration penalties and legal and
accounting expenses associated with the preparation of a registration
statement  pursuant to a financing agreement with Thomson Kernaghan
& Co., Ltd. ("TK") and, 3) development and start-up costs relating to the
Company's newly formed 75% owned subsidiary, Bear River Zeolite.

Total revenues from antimony product  sales  for  the first quarter of 2001
were $961,131 compared with $1,173,050 for the comparable  quarter of 2000,
a  decrease  of  $211,919.    Sales of antimony products during  the  first
quarter of 2001 consisted of 945,324  pounds  at  an  average sale price of
$1.02  per  pound.   During  the  first quarter of 2000 sales  of  antimony
products consisted of 1,247,589 pounds  at  an  average sale price of $0.94
per  pound.  Management believes that the decrease in the sales of antimony
product pounds is the result of a general economic slow down experienced
during the first quarter of 2001.  The increase in sale prices of antimony
products  from  the first quarter of  2000  to  the  first  quarter  of 2001
is the result of a corresponding  increase  in  antimony  metal  prices.
Gross  profit  from antimony  sales during the first three-month period  of
2001  was  $55,149 compared with gross profit of  $223,281 during the first
three-month period of 2000. The decrease in gross profit was principally
due to increased raw materials costs,due to antimony metal purchases
made by the Company's former sales staff during 2000 (that bound the Company
to purchase antimony metal from a supplier at costs higher than the then
current market price of antimony metal) and increased fuel and energy costs
experienced in the first quarter of 2001.

During the first quarter of 2001,  the  Company  incurred expenses totaling
$46,243 associated with development and start-up costs  advanced  its newly
formed  75%  owned  subsidiary,  Bear  River  Zeolite.  No  such costs were
incurred during the first quarter of 2000, as the subsidiary  did  not  yet
exist.  In addition to the first quarter Bear River Zeolite start-up and
development expenses, the Company capitalized $38,310 in plant construction
costs at the property.  To date, the Company has made substantial progress
in permitting, plant engineering, and studying the market feasibility of the
Zeolite products it plans to produce from the property.  The Company has
mobilized crushing, mining and processing equipment from its other Montana
and Idaho locations to the Bear River property and begun the construction
of a processing/shop building.  The Company has been able to wisely utilize
its existing capital assets and in-house technical expertise in such a
manner as to expend only a fraction of the capital resources that would
ordinarily be required to develop a similar project.  The Company is taking
orders for zeolite products and anticipates being in production sometime in
the near future.

Care,  maintenance,  and  reclamation  costs at the Company's Yellow Jacket
property decreased from $27,801 during the  first  quarter  of 2000 to $360
during  the  first  quarter  of  2001.  The decrease was primarily  due  to
decreased reclamation activities at Yellow  Jacket during the first quarter
of 2001, and the de-mobilization of mining equipment from the Yellow Jacket
property for use in the Company's zeolite operations.

General and administrative expenses were $173,687  during the first quarter
of  2001,  compared  to  $252,844  during the first quarter  of  2000.  The
decrease during the first quarter of  2001  compared to the same quarter of
2000  was  partially  due  to  the  absence  of approximately  $150,000  of
consulting expenses related to 300,000 shares of common stock issued by the
Company to TK and Blue Water Partners, Inc. for financial consulting services
that were included  in the first quarter of 2000's  operations  and  not  in
the first quarter of 2001.   Included  in general and administrative expenses
during the first quarter of 2001 were, 1)  $70,000  in  late  registration
statement  penalties payable to TK,  2)  approximately $25,000 in legal and
accounting  expenses  related  to the preparation of the TK registration
statement and, 3) amortization of deferred  debenture offering costs of
$10,313.

Sales expenses were $38,496 during the first quarter of 2001  compared with
$110,065 in the first quarter of 2001, the decrease was due to management's
restructuring of its sales staff, with less costly and fewer employees.

<PAGE>

ITEM 2.MANAGEMENT'S DISCUSSION AND ANALYSIS OF RESULTS OF
OPERATIONS AND FINANCIAL CONDITION, CONTINUED:

Results of Operations, Continued:

Interest  expense  was  $39,886 during the first quarter of 2001,  and  was
comparable to interest expense of $41,110 incurred during the first quarter
of 2000. Included in interest  expense during the first quarter of 2001 was
$25,575 accrued on debentures payable  and  $3,161  of  amortized debenture
discounts.

Accounts receivable factoring expense was $23,264 during  the first quarter
of  2001 and was comparable to $24,461 of factoring expense incurred  during
the first quarter of 2000.

Interest  income had decreased from $2,140 during the first quarter of 2000
to $1,481 during the first quarter of 2001.  The decrease was the result of
decreasing reclamation bonds held during 2001 as compared to 2000.

Financial Condition and Liquidity

At March 31, 2001, Company assets totaled $794,878, and there was a
stockholders' deficit of $1,931,391. The stockholders' deficit increased
$223,306 from December 31, 2000, primarily due to the net loss incurred
during the first quarter of 2001. At March 31, 2001 the Company's total
current liabilities exceeded its total current assets by $1,084,055. Due to
the Company's operating losses, negative working capital, and
stockholders' deficit, the Company's independent accountants included a
paragraph in the Company's 2000 financial statements relating to a going
concern uncertainty. To continue as a going concern the Company must
generate profits from its antimony sales and to acquire additional capital
resources through the sale of its securities or from short and long-term
debt financing. Without financing and profitable operations, the Company
may not be able to meet its obligations, fund operations and continue in
existence. While management is optimistic that the Company will be able to
sustain profitable operations and meet its financial obligations, there can
be no assurance of such.

Cash used by operating activities during the first three months of 2001 was
$70,323, and resulted from the first quarter net loss of $265,306 as
adjusted principally by decreasing inventories and accounts receivable and
the non-cash effects of depreciation and amortization expenses.

Cash used in investing activities during the first three months of 2001 was
$38,810 and almost exclusively related to the construction of capital
assets to be used at the Bear River Zeolite facility.

Cash provided by financing activities was $109,133 during the first three
months of 2001, and was principally generated by net borrowings from a bank
of $40,934, sales of 210,000 shares of unregistered common stock for
$42,000 or $0.20 per share, and advances from John C. Lawrence, the
Company's president and a director of $50,000.


PART II-OTHER INFORMATION

ITEMS 1, 2, 3, 4, AND 5 ARE OMITTED FROM THIS REPORT AS INAPPLICABLE.

ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K

None.


<PAGE>



SIGNATURES


Pursuant to the requirements of Section 13 or 15(b) of the Securities
Exchange Act of 1934, the Registrant has duly caused this report to be
signed on its behalf by the undersigned, thereunto duly authorized.


UNITED STATES ANTIMONY CORPORATION
(Registrant)



By:/S/ JOHN C. LAWRENCE DATE: MAY 14, 2001
John C. Lawrence, Director and President
(Principal Executive, Financial and Accounting Officer)