----

----

| x | QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
|---|-----------------------------------------------------------------------------------|

| o | TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
|---|------------------------------------------------------------------------------------|

----

| Montana                                                       |   | 81-0305822                          |
|---------------------------------------------------------------|--------|-------------------------------------|
| (State or other jurisdiction ofincorporation or organization) |   | (I.R.S. EmployerIdentification No.) |

| P.O. Box 643, Thompson Falls, Montana  59873 |
|--------------------------------------------------------|
| (Address of principal executive offices)(Zip code)     |

| Large accelerated filer o | Accelerated filer o | Non-accelerated filer o(Do not check if a smaller reporting company) | Smaller reporting company þ |
|---------------------------|---------------------|----------------------------------------------------------------------|----------------------------------|

----

----

| Item 1:    Financial Statements (unaudited)                                                            | 1-7    |
|-----------------------------------------------------------------------------------------------------------------------|--------|
|                                                                                                                  |   |
| Item 2:    Management’s Discussion and Analysis of Results of Operations and Financial Condition | 7-11   |
|                                                                                                                  |   |
| Item 3:    Quantitative and Qualitative Disclosure about Market Risk                                   | 11     |
|                                                                                                                  |   |
| Item 4:    Controls and Procedures                                                                     | 11-12  |
|                                                                                                                  |   |
|                                                                                                                  |   |
|                                                                                                                  |   |
| PART II – OTHER INFORMATION                                                                                     |   |
|                                                                                                                  |   |
| Item 1:    Legal Proceedings                                                                           | 13     |
|                                                                                                                  |   |
| Item 2:    Unregistered Sales of Equity Securities and Use of Proceeds                                 | 13     |
|                                                                                                                  |   |
| Item 3:    Defaults upon Senior Securities                                                             | 13     |
|                                                                                                                  |   |
| Item 4:    Removed and Reserved                                                                        | 13     |
|                                                                                                                  |   |
| Item 5:    Other Information                                                                           | 13     |
|                                                                                                                  |   |
| Item 6:    Exhibits and Reports on Form 8-K                                                            | 13     |
|                                                                                                                  |   |
|                                                                                                                  |   |
| SIGNATURE                                                                                                             | 14     |
|                                                                                                                  |   |
| CERTIFICATIONS                                                                                                        | 15-16  |

----

|                                                                  |   | (Unaudited)    |        |   |              |   |
|-----------------------------------------------------------------------|--------|----------------|-------------|--------|-------------------|--------|
|                                                                  |   | March 31, 2011 |        |   | December 31, 2010 |   |
| ASSETS                                                                |   |           |        |   |              |   |
| Current assets:                                                       |   |           |        |   |              |   |
| Cash and cash equivalents                                             |   | $              | 1,543,176   |   |              | $      | 448,861 |   |
| Accounts receivable, less allowance                                   |   |           |        |   |              |   |   |   |
| for doubtful accounts of $7,600                                       |   |           | 222,362     |   |              |   | 745,418 |   |
| Inventories                                                           |   |           | 216,993     |   |              |   | 143,291 |   |
| Other current assets                                                  |   |           | 354,636     |   |              |   | 18,255 |   |
| Deferred tax asset                                                    |   |           | 471,074     |   |              |   | 493,000 |   |
| Total current assets                                                  |   |           | 2,808,241   |   |              |   | 1,848,825 |   |
|                                                                  |   |           |        |   |              |   |   |   |
| Properties, plants and equipment, net                                 |   |           | 3,900,624   |   |              |   | 3,845,000 |   |
| Restricted cash for reclamation bonds                                 |   |           | 74,311      |   |              |   | 74,311 |   |
| Other assets                                                          |   |           | 113,536     |   |              |   | 94,766 |   |
| Total assets                                                          |   | $              | 6,896,712   |   |              | $      | 5,862,902 |   |
|                                                                  |   |           |        |   |              |   |   |   |
| LIABILITIES AND STOCKHOLDERS' EQUITY                                  |   |           |        |   |              |   |   |   |
| Current liabilities:                                                  |   |           |        |   |              |   |   |   |
| Checks issued and payable                                             |   | $              | 13,371      |   |              | $      | — |   |
| Accounts payable                                                      |   |           | 580,677     |   |              |   | 410,242 |   |
| Accrued payroll, taxes and interest                                   |   |           | 99,232      |   |              |   | 90,503 |   |
| Other accrued liabilities                                             |   |           | 189,001     |   |              |   | 220,128 |   |
| Payables to related parties                                           |   |           | 24,897      |   |              |   | 18,060 |   |
| Long-term debt, current                                               |   |           | 54,669      |   |              |   | 45,389 |   |
| Total current liabilities                                             |   |           | 961,847     |   |              |   | 784,322 |   |
|                                                                  |   |           |        |   |              |   |   |   |
| Long-term debt, noncurrent                                            |   |           | 87,481      |   |              |   | 82,407 |   |
| Accrued reclamation and remediation costs, noncurrent                 |   |           | 107,500     |   |              |   | 107,500 |   |
| Total liabilities                                                     |   |           | 1,156,828   |   |              |   | 974,229 |   |
|                                                                  |   |           |        |   |              |   |   |   |
| Commitments and contingencies (Note 4)                                |   |           |        |   |              |   |   |   |
|                                                                  |   |           |        |   |              |   |   |   |
| Stockholders' equity:                                                 |   |           |        |   |              |   |   |   |
| Preferred stock $0.01 par value, 10,000,000 shares authorized:        |   |           |        |   |              |   |   |   |
| Series A:  no shares issued and outstanding                 |   |           | —     |   |              |   | — |   |
| Series B: 750,000 shares issued and outstanding                       |   |           |        |   |              |   |   |   |
| (liquidation preference $870,000)                                     |   |           | 7,500       |   |              |   | 7,500 |   |
| Series C: 177,904 shares issued and outstanding                       |   |           |        |   |              |   |   |   |
| (liquidation preference $97,847)                                      |   |           | 1,779       |   |              |   | 1,779 |   |
| Series D: 1,751,005 shares issued and outstanding                     |   |           |        |   |              |   |   |   |
| (liquidation preference and cumulative dividends of $4,673,284)       |   |           | 17,509      |   |              |   | 17,509 |   |
| Common stock, $0.01 par vaue, 60,000,000 shares authorized;           |   |           |        |   |              |   |   |   |
| 58,356,800 and 56,307,382 shares issued and outstanding, respectively |   |           | 583,567     |   |              |   | 563,073 |   |
| Stock subscriptions receivable                                        |   |           | (60,184     | )      |              |   | (82,563 | ) |
| Additional paid-in capital                                            |   |           | 25,268,307  |   |              |   | 24,505,331 |   |
| Accumulated deficit                                                   |   |           | (20,078,594 | )      |              |   | (20,123,956 | ) |
| Total stockholders' equity                                            |   |           | 5,739,884   |   |              |   | 4,888,673 |   |
| Total liabilities and stockholders' equity                            |   | $              | 6,896,712   |   |              | $      | 5,862,902 |   |

----

|                                                      |   | For the three months ended |       |
|-----------------------------------------------------------|--------|----------------------------|------------|
|                                                      |   | March 31, 2011             |       |   | March 31, 2010 |   |
|                                                      |   |                       |       |   |   |   |
| REVENUES                                                  |   | $                          | 2,838,039  |   |   | $ | 1,414,826 |   |
|                                                      |   |                       |       |   |   |   |   |   |
| COST OF REVENUES                                          |   |                       | 2,491,519  |   |   |   | 1,296,403 |   |
|                                                      |   |                       |       |   |   |   |   |   |
| GROSS PROFIT                                              |   |                       | 346,520    |   |   |   | 118,423 |   |
|                                                      |   |                       |       |   |   |   |   |   |
| OPERATING EXPENSES:                                       |   |                       |       |   |   |   |   |   |
|      Mineral exploration expense |   |                       | 67,653     |   |   |   | 74,354 |   |
|      General and administrative  |   |                       | 80,349     |   |   |   | 54,408 |   |
|      Professional fees           |   |                       | 94,952     |   |   |   | 65,520 |   |
| TOTAL OPERATING EXPENSES                                  |   |                       | 242,954    |   |   |   | 194,282 |   |
|                                                      |   |                       |       |   |   |   |   |   |
| INCOME (LOSS) FROM OPERATIONS                             |   |                       | 103,566    |   |   |   | (75,859 | ) |
|                                                      |   |                       |       |   |   |   |   |   |
| OTHER INCOME (EXPENSE):                                   |   |                       |       |   |   |   |   |   |
| Interest income, net                                      |   |                       | 916        |   |   |   | 6,890 |   |
| Factoring expense                                         |   |                       | (34,693    | ) |   |   | (15,148 | ) |
| TOTAL OTHER (EXPENSE)                                     |   |                       | (33,777    | ) |   |   | (8,258 | ) |
|                                                      |   |                       |       |   |   |   |   |   |
| INCOME (LOSS) BEFORE INCOME TAXES                         |   |                       | 69,789     |   |   |   | (84,117 | ) |
|                                                      |   |                       |       |   |   |   |   |   |
| INCOME TAX EXPENSE                                        |   |                       | 24,426     |   |   |   | — |   |
|                                                      |   |                       |       |   |   |   |   |   |
| NET INCOME (LOSS)                                         |   | $                          | 45,363     |   |   | $ | (84,117 | ) |
|                                                      |   |                       |       |   |   |   |   |   |
| Net income (loss) per share of common stock:              |   |                       |       |   |   |   |   |   |
| Basic and diluted                                         |   | $ Nil                 |       |   | $ Nil |   |
| Diluted                                                   |   | $ Nil                 |       |   | $ Nil |   |
|                                                      |   |                       |       |   |   |   |   |   |
| Weighted average shares outstanding:                      |   |                       |       |   |   |   |   |   |
| Basic                                                     |   |                       | 57,164,492 |   |   |   | 53,327,290 |   |
| Diluted                                                   |   |                       | 57,426,529 |   |   |   | 53,327,290 |   |

----

|                                                            |   | For the three months ended |      |
|-----------------------------------------------------------------|--------|----------------------------|-----------|
|                                                            |   | March 31, 2011             |      |   | March 31, 2010 |   |
| Cash Flows From Operating Activities:                           |   |                       |      |   |   |   |
| Net income (loss)                                               |   | $                          | 45,363    |   |   | $ | (84,117 | ) |
| Adjustments to reconcile net income (loss) to net cash provided |   |                       |      |   |   |   |   |   |
| (used) by operating activities:                                 |   |                       |      |   |   |   |   |   |
| Depreciation expense                                            |   |                       | 92,966    |   |   |   | 76,102 |   |
| Common stock issued to directors for services                   |   |                       | —   |   |   |   | 49,400 |   |
| Deferred tax expense                                            |   |                       | 21,926    |   |   |   | — |   |
| Change in:                                                      |   |                       |      |   |   |   |   |   |
| Accounts receivable, net                                        |   |                       | 523,056   |   |   |   | (55,453 | ) |
| Inventories                                                     |   |                       | (73,702   | ) |   |   | 20,505 |   |
| Other current assets                                            |   |                       | (336,381  | ) |   |   |   |   |
| Other assets                                                    |   |                       | (18,770   | ) |   |   | — |   |
| Accounts payable                                                |   |                       | 152,609   |   |   |   | (31,481 | ) |
| Accrued payroll, taxes and interest                             |   |                       | 8,729     |   |   |   | 10,020 |   |
| Other accrued liabilities                                       |   |                       | (31,127   | ) |   |   | (35,949 | ) |
| Deferred revenue                                                |   |                       | —   |   |   |   | (6,361 | ) |
| Payables to related parties                                     |   |                       | 6,837     |   |   |   | 930 |   |
| Net cash provided (used) by operating activities                |   |                       | 391,506   |   |   |   | (56,404 | ) |
|                                                            |   |                       |      |   |   |   |   |   |
| Cash Flows From Investing Activities:                           |   |                       |      |   |   |   |   |   |
| Purchase of properties, plants and equipment                    |   |                       | (100,265  | ) |   |   | (141,925 | ) |
| Net cash used by investing activities                           |   |                       | (100,265  | ) |   |   | (141,925 | ) |
|                                                            |   |                       |      |   |   |   |   |   |
| Cash Flows From Financing Activities:                           |   |                       |      |   |   |   |   |   |
| Proceeds from sale of common stock, net of commissions          |   |                       | 783,470   |   |   |   | 73,818 |   |
| Principal payments of long-term debt                            |   |                       | (16,146   | ) |   |   | (15,543 | ) |
| Payments received on stock subscription agreements              |   |                       | 22,379    |   |   |   | 26,270 |   |
| Change in checks issued and payable                             |   |                       | 13,371    |   |   |   | 29,254 |   |
| Net cash provided by financing activities                       |   |                       | 803,074   |   |   |   | 113,799 |   |
|                                                            |   |                       |      |   |   |   |   |   |
| NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS            |   |                       | 1,094,315 |   |   |   | (84,530 | ) |
|                                                            |   |                       |      |   |   |   |   |   |
| Cash and cash equivalents at beginning of period                |   |                       | 448,861   |   |   |   | 180,613 |   |
| Cash and cash equivalents at end of period                      |   | $                          | 1,543,176 |   |   | $ | 96,083 |   |
|                                                            |   |                       |      |   |   |   |   |   |
|                                                            |   |                       |      |   |   |   |   |   |
| SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION                |   |                       |      |   |   |   |   |   |
| Noncash investing and financing activities:                     |   |                       |      |   |   |   |   |   |
| Properties, plants & equipment acquired with long-term debt |   | $                          | 30,500    |   |   | $ | — |   |
| Properties, plants and equipment acquired with accounts payable |   |                       | 17,826    |   |   |   | 18,723 |   |

----

|                        |   | March 31, 2011 |      |   | March 31, 2010 |   |
|-----------------------------|--------|---------------------|-----------|--------|---------------------|--------|
| Warrants                    |   |                | —   |   |                |   | 941,667 |   |
| Convertible preferred stock |   |                | 2,299,745 |   |                |   | 2,260,252 |   |
| Total possible dilution     |   |                | 2,299,745 |   |                |   | 3,201,919 |   |

|           |   | March 31, 2011 |    |   | December 31, 2010 |   |
|----------------|--------|---------------------|---------|--------|-------------------|--------|
| Antimony Metal |   | $                   | 91,273  |   |              | $      | 97,187 |   |
| Antimony Oxide |   |                | 93,775  |   |              |   | 7,233 |   |
| Zeolite        |   |                | 31,945  |   |              |   | 38,871 |   |
|           |   | $                   | 216,993 |   |              | $      | 143,291 |   |

----

----

|                                   |   | As ofMarch 31, 2011 |      |   | As ofDecember 31, 2010 |   |
|----------------------------------------|--------|---------------------|-----------|--------|------------------------|--------|
| Properties, plants and equipment, net: |   |                |      |   |                   |   |
| Antimony                               |   |                |      |   |                   |   |
| United States                          |   | $                   | 123,973   |   |                   | $      | 73,632 |   |
| Mexico                                 |   |                | 2,299,083 |   |                   |   | 2,247,661 |   |
| Subtotal Antimony                      |   |                | 2,423,056 |   |                   |   | 2,321,293 |   |
| Zeolite                                |   |                | 1,477,568 |   |                   |   | 1,523,707 |   |
|                                   |   | $                   | 3,900,624 |   |                   | $      | 3,845,000 |   |
|                                   |   |                |      |   |                   |   |   |   |
| Total Assets:                          |   |                |      |   |                   |   |   |   |
| Antimony                               |   |                |      |   |                   |   |   |   |
| United States                          |   | $                   | 678,071   |   |                   | $      | 879,446 |   |
| Mexico                                 |   |                | 3,853,691 |   |                   |   | 2,719,630 |   |
| Subtotal Antimony                      |   |                | 4,531,762 |   |                   |   | 3,599,076 |   |
| Zeolite                                |   |                | 1,789,491 |   |                   |   | 1,763,903 |   |
| Corporate                              |   |                | 575,459   |   |                   |   | 499,923 |   |
|                                   |   | $                   | 6,896,712 |   |                   | $      | 5,862,902 |   |

|                  |   | For the three months ended |    |
|-----------------------|--------|----------------------------|---------|
|                  |   | March 31, 2011             |    |   | March 31, 2010 |   |
| Capital expenditures: |   |                       |    |   |   |   |
| Antimony              |   |                       |    |   |   |   |
| United States         |   | $                          | 57,222  |   |   | $ | 800 |   |
| Mexico                |   |                       | 91,369  |   |   |   | 159,848 |   |
| Subtotal Antimony     |   |                       | 148,591 |   |   |   | 160,648 |   |
| Zeolite               |   |                       | — |   |   |   | — |   |
|                  |   | $                          | 148,591 |   |   | $ | 160,648 |   |

----

|                                                                                                    |   | For the three monthsended March 31, |      |
|---------------------------------------------------------------------------------------------------------|--------|-------------------------------------|-----------|
|                                                                                                    |   | 2011                                |      |   | 2010 |   |
| Antimony Division - United States:                                                                      |   |                                |      |   |   |   |
| Revenues                                                                                                |   | $                                   | 2,445,432 |   |   | $ | 1,003,080 |   |
| Cost of sales:                                                                                          |   |                                |      |   |   |   |   |   |
| Production costs                                                                                        |   |                                | 1,689,599 |   |   |   | 697,391 |   |
| Depreciation                                                                                            |   |                                | 6,881     |   |   |   | 5,579 |   |
| Freight and delivery                                                                                    |   |                                | 64,890    |   |   |   | 46,702 |   |
| General and administrative                                                                              |   |                                | 26,208    |   |   |   | 16,329 |   |
| Direct sales expense                                                                                    |   |                                | 12,590    |   |   |   | 11,250 |   |
|        Total cost of sales                                           |   |                                | 1,800,168 |   |   |   | 777,251 |   |
|            Gross profit - United States antimony |   |                                | 645,264   |   |   |   | 225,829 |   |
|                                                                                                    |   |                                |      |   |   |   |   |   |
| Antimony Division - Mexico:                                                                             |   |                                |      |   |   |   |   |   |
| Revenues (1)                                                                                            |   |                                | —   |   |   |   | — |   |
| Cost of sales:                                                                                          |   |                                |      |   |   |   |   |   |
| Production costs                                                                                        |   |                                | 225,198   |   |   |   | 65,884 |   |
| Depreciation                                                                                            |   |                                | 39,946    |   |   |   | 24,449 |   |
| Freight and delivery                                                                                    |   |                                | 804       |   |   |   | 5,578 |   |
| General and administrative                                                                              |   |                                | 30,417    |   |   |   | 27,916 |   |
|        Total cost of sales                                           |   |                                | 296,365   |   |   |   | 123,827 |   |
|            Gross profit (loss) - Mexico antimony |   |                                | (296,365  | ) |   |   | (123,827 | ) |
|                                                                                                    |   |                                |      |   |   |   |   |   |
| Total revenues - antimony                                                                               |   |                                | 2,445,432 |   |   |   | 1,003,080 |   |
| Total cost of sales - antimony                                                                          |   |                                | 2,096,533 |   |   |   | 901,078 |   |
| Total gross profit - antimony                                                                           |   |                                | 348,899   |   |   |   | 102,002 |   |
|                                                                                                    |   |                                |      |   |   |   |   |   |
| Zeolite Division:                                                                                       |   |                                |      |   |   |   |   |   |
| Revenues                                                                                                |   |                                | 392,607   |   |   |   | 411,746 |   |
| Cost of sales:                                                                                          |   |                                |      |   |   |   |   |   |
| Production costs                                                                                        |   |                                | 273,302   |   |   |   | 262,654 |   |
| Depreciation                                                                                            |   |                                | 46,139    |   |   |   | 46,074 |   |
| Freight and delivery                                                                                    |   |                                | (2,280    | ) |   |   | (1,178 | ) |
| General and administrative                                                                              |   |                                | 14,523    |   |   |   | 22,192 |   |
| Royalties                                                                                               |   |                                | 44,912    |   |   |   | 48,290 |   |
| Direct sales expense                                                                                    |   |                                | 18,390    |   |   |   | 17,293 |   |
|        Total cost of sales                                           |   |                                | 394,986   |   |   |   | 395,325 |   |
|            Gross profit - zeolite                |   |                                | (2,379    | ) |   |   | 16,421 |   |
|                                                                                                    |   |                                |      |   |   |   |   |   |
| Total revenues - combined                                                                               |   |                                | 2,838,039 |   |   |   | 1,414,826 |   |
| Total cost of sales - combined                                                                          |   |                                | 2,491,519 |   |   |   | 1,296,403 |   |
| Total gross profit - combined                                                                           |   | $                                   | 346,520   |   |   | $ | 118,423 |   |

| (1)   | Production at the Company’s Mexico operation only brings antimony up to an intermediate stage, which must then be shipped to the United States operation for finishing.  Revenues are not recorded as no true sales occur at the intermediate stage. |
|-----------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| ITEM 2.  | Management’s Discussion and Analysis of Results of Operations and Financial Condition |
|---------------|---------------------------------------------------------------------------------------------|

----

| ITEM 2.  | Management’s Discussion and Analysis of Results of Operations and Financial Condition, continued |
|---------------|--------------------------------------------------------------------------------------------------------|

----

| ITEM 2.  | Management’s Discussion and Analysis of Results of Operations and Financial Condition, continued |
|---------------|--------------------------------------------------------------------------------------------------------|

| ITEM 3.  | Quantitative and Qualitative Disclosure about Market Risk. |
|---------------|------------------------------------------------------------|

| ITEM 4.  | Controls and Procedures |
|---------------|-------------------------|

| · | The Company does not have either internally or on its Board of Directors the expertise to produce financial statements to be filed with the SEC. |
|--------|--------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | The Company lacks proper segregation of duties. As with any company the size of ours, this lack of segregation of duties is due to limited resources. The president authorizes the majority of the expenditures and signs checks. |
|--------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | The Company lacks accounting personnel with sufficient skills and experience to ensure proper accounting for complex, non-routine transactions. |
|--------------------|-------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | During its year end audit, our independent registered accountants discovered material misstatements in our financial statements that required audit adjustments. |
|--------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

----

----

|                    | UNITED STATES ANTIMONY CORPORATION |                                                    |
|-------------------------|------------------------------------|---------------------------------------------------------|
|                    | (Registrant)                       |                                                    |
|                    |                               |                                                    |   |
|                    |                               |                                                    |   |
|                    |                               |                                                    |   |
| Date: May 13, 2011 | By:                                | /s/  John C. Lawrence                         |   |
|                    |                               |  John C. Lawrence, Director and President          |   |
|                    |                               | (Principal Executive, Financial and Accounting Officer) |   |
|                    |                               |                                                    |   |

----