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

                                   FORM 10-QSB


     (Mark One)

     [X] ANNUAL REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE
         ACT OF 1934 (fee required)

                  For the quarterly period ended June 30, 1996

     [ ] TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES
         EXCHANGE ACT OF 1934 (no fee required)
         For the transition period      to
                                   -----   -----


                        Commission file number 33-00215 

                       UNITED STATES ANTIMONY CORPORATION

                 (Name of small business issuer in its charter)

                                    Montana 
                       --------------------------------- 
                         (State or other jurisdictuion 
                       of incorporation or organization) 

                                   81-0305822
                       --------------------------------- 

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

     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        No   X
                       -----     -----

     At January 10, 1997, the registrant had outstanding  12,573,434 shares
     of par value $.01 common stock.
     <PAGE>
     PART 1.  FINANCIAL INFORMATION
     ------------------------------
     ITEM 1.  Financial Statements and Supplementary Data

     UNITED STATES ANTIMONY CORPORATION AND SUBSIDIARY
     CONSOLIDATED BALANCE SHEETS


                                                      (Unaudited)
                                               ---------------------------
                                                 June  30,    December 31,
                                                   1996           1995
                                               ------------   ------------
                     ASSETS

     Cash assets:
       Cash (bank overdraft)                   $    (37,003)  $      5,800
       Restricted cash, payroll taxes                                4,598
       Accounts Receivable                          142,854        110,920
       Inventories                                  513,198        450,501
       Prepaid royalty expense                       10,040         10,040
                                               ------------   ------------
               Total current assets                 629,089        581,859
                                               ------------   ------------
     Properties, plants and equipment, net        1,283,172      1,281,742
     Restricted cash, reclamation bonds             170,046        170,046
                                               ------------   ------------
               Total assets                    $  2,082,307   $  2,033,647
                                               ============   ============

       LIABILITIES AND STOCKHOLDERS' DEFICIT

     Current liabilities:
       Accounts payable                        $    365,322   $    299,446
       Accrued payroll and property taxes           161,406         71,772
       Accrued payroll and other                     45,083         47,285
       Judgments payable                            145,907        147,865
       Accrued interest payable                     736,379        672,130
       Payable to related parties                   646,120        646,347
       Notes payable to bank                         93,378        114,824
       Notes payable to Bobby C. Hamilton, 
         current                                     16,363         15,771
       Debentures payable                           650,000        650,000
       Accrued reclamation costs, current            80,000         80,000
                                               ------------   ------------
               Total current liabilities          2,939,958      2,745,440

     Note payable to Bobby C. Hamilton, 
       noncurrent                                 1,732,056      1,773,948
     Accrued reclamation costs, noncurrent          307,511        330,193
                                               ------------   ------------
               Total liabilities                  4,979,525      4,849,581
                                               ------------   ------------
     <PAGE>
     UNITED STATES ANTIMONY CORPORATION AND SUBSIDIARY
     CONSOLIDATED BALANCE SHEETS, CONTINUED


                                                      (Unaudited)
                                               ---------------------------
                                                 June  30,    December 31,
                                                   1996           1995
                                               ------------   ------------
      LIABILITIES AND STOCKHOLDERS' DEFICIT, 
                    CONTINUED

     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 (liquidation
             preference $765,000 at 
             December 31, 1995)                       7,500          7,500
       Common stock, $.01 par value, 
         20,000,000 shares authorized; 
         12,223,434 and 12,113,434 shares 
         issued and outstanding                     122,234        121,134
       Additional paid-in capital                13,246,944     13,190,544
       Accumulated deficit                      (16,273,941)   (16,135,157)
                                               ------------   ------------
               Total stockholders' deficit       (2,897,218)    (2,815,934)
                                               ------------   ------------
               Total liabilities and stock-
                 holders' deficit              $  2,082,307   $  2,033,647
                                               ============   ============

     See Notes to Conslidated Financial Statements
     <PAGE>
     UNITED STATES ANTIMONY CORPORATION AND SUBSIDIARY
     CONSOLIDATED STATEMENTS OF OPERATIONS
     for the three and six-month periods ended June 30, 1996 
       and June 30, 1995

     <TABLE>
     <CAPTION>
                                                  Unaudited
                                    -----------------------------------------------------
                                       Three Months Ended           Six Months Ended
                                            June 30,                     June 30,
                                    -------------------------   -------------------------
                                       1996          1995          1996          1995
                                    -----------   -----------   -----------   -----------
      <S>                           <C>           <C>           <C>           <C>
      Revenues:
        Sales of antimony products  $   970,302   $ 1,447,320   $ 2,318,832   $ 2,358,123
        Sales of gold and silver        255,201       292,337       432,651       519,999
                                    -----------   -----------   -----------   -----------
          Total Revenues              1,225,503     1,739,657     2,751,483     2,878,122
                                    -----------   -----------   -----------   -----------
      Cost of Production:
        Cost of antimony 
          production                    819,051     1,076,576     1,972,363     1,650,905
        Cost of gold and silver 
          production                    365,318       347,187       649,740       674,777
                                    -----------   -----------   -----------   -----------
            Total Cost of 
              Production              1,184,369     1,423,763     2,622,103     2,325,682
                                    -----------   -----------   -----------   -----------
            Gross Profit                 41,134       315,894       129,380       552,440
                                    -----------   -----------   -----------   -----------
      Other expenses (income):
        General and administrative 
          expenses                       76,738        34,418       177,667        83,405
        Gain on disposal of asset                     (17,500)      (45,000)      (17,500)
        Interest expense                 67,957        75,109       139,947       160,304
        Interest income                  (1,935)       (1,811)       (4,450)       (3,356)
                                    -----------   -----------   -----------   -----------
                                        142,760        90,216       268,164       222,853
                                    -----------   -----------   -----------   -----------
      Net income (loss)             $  (101,626)  $   225,678   $  (138,784)  $   329,587
                                    ===========   ===========   ===========   ===========
      Net Income (loss) per share   $      (.01)  $       .02   $      (.01)  $       .03
                                    ===========   ===========   ===========   ===========
      Weighted average common 
        shares outstanding           12,187,990    11,715,323    12,150,545    11,693,545
                                    ===========   ===========   ===========   ===========

      </TABLE>

      See Notes to Consolidated Financial Statements
     <PAGE>
     UNITED STATES ANTIMONY CORPORATION AND SUBSIDIARY
     CONSOLIDATED STATEMENTS OF CASH FLOWS
     for the six month period ended June 30, 1996
     Unaudited

                                                                 June 30, 
                                                                   1996
                                                                 ---------
     Cash flows from operating activities:
       Net loss                                                  $(138,784)
       Adjustments to reconcile net income to net 
         cash provided by operations:
           Depreciation and amortization                           102,925
           Gain on disposal of equipment                           (45,000)
           Change in:
             Restricted cash                                         4,598
             Accounts receivable                                   (31,934)
             Inventories                                           (62,697)
             Accounts payable                                       65,876
             Accrued payroll and property taxes                     89,634
             Accrued payroll and other                              (2,202)
             Judgments payable                                      (1,958)
             Accrued interest payable                               64,249
             Payable to related parties                               (227)
             Accrued reclamation costs                             (25,735)
                                                                 ---------
               Net cash provided by operating activities            18,745
                                                                 ---------
     Cash flows from investing activities:
       Purchase of properties, plant and equipment                (101,300)
       Sale of property                                             45,000
                                                                 ---------
               Net cash used in investing activities:              (56,300)
                                                                 ---------
     Cash flows from financing activities:
       Payments on notes payable to bank (net)                     (21,448)
       Payments to Bobby C. Hamilton                               (41,300)
       Proceeds from sale of common stock                           57,500
       Advances from bank overdraft                                 37,003
                                                                 ---------
               Net cash used in financing activities                31,755
                                                                 ---------
     Net decrease in cash                                           (5,800)
     Cash, beginning of period                                       5,800
                                                                 ---------
     Cash, end of  period                                        $     -0-
                                                                 =========
     Supplemental disclosures:
       Cash paid during the six-month period for interest        $  75,698

     See Notes to Consolidated Financial Statements
     <PAGE>
     PART I - FINANCIAL INFORMATION (Continued)


     UNITED STATES ANTIMONY CORPORATION and SUBSIDIARY
     NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
     (UNAUDITED)


     1.  NOTES TO DECEMBER 31, 1995 CONSOLIDATED FINANCIAL STATEMENTS:

         The notes to the consolidated financial statements as of 
         December 31, 1995, as set forth in the Company's 1995 Annual
         Report on Form 10-KSB, substantially apply to these interim
         consolidated financial statements and are not repeated here.


     2.  ADJUSTMENTS TO FINANCIAL STATEMENTS:

         The financial statements reflect all adjustments which are, in the
         opinion of management, necessary to a fair statement of the
         results for the interim periods reported.  All such adjustments
         are of a normal recurring nature.  All financial statements
         presented herein are unaudited.  However, the balance sheet as of
         December 31, 1995, was derived from the audited consolidated
         balance sheet referred to in Note 1 above.


     3.  PRESENTATION OF FINANCIAL STATEMENTS:

         The financial statements include a statement of cash flows for the
         six-month period ended June 31, 1996.  A comparable statement for
         the six-month period ended June 30, 1995 is not presented as no
         balance sheet for the six-month period ended June 31, 1995 was
         prepared.  Accordingly, the statement of cash flows for the twelve
         month-period ended December 31, 1995, as set forth in the
         Company's Form 10-KSB should be read in conjunction with these
         financial statements.


     4.  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 six
         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. The Company has
         been reclaiming the property and as of September 30, 1996, 
     <PAGE>
     NOTES TO CONSOLIDATED FINANCIAL STATEMENTS, CONTINUED
     (UNAUDITED)


     4.  COMMITMENTS AND CONTINGENCIES, CONTINUED:

         management estimates that the cyanide cleanup is approximately 75%
         complete. Approximately two-thirds of the mill has also been
         removed. The Company anticipates having the cyanide contamination
         remediated and the mill removed by 1998. In 1996, the Idaho
         Department of  Environmental Quality requested the Company sign a
         consent decree related to completing the reclamation and
         remediation at the Preachers Cove mill. The Company plans to enter
         into the consent decree upon completion of the cyanide
         remediation. At June 30, 1996, the liability for the remaining
         estimated costs to complete remediation at the site was $139,233.


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

     GENERAL

     The Company's operations resulted in a net loss of $138,784 for the
     six-month and $101,626 for the  three-month periods ended June 30,
     1996, compared to net income of $329,587 and $225,678 for the same
     respective periods in 1995.  The reduction in income is primarily due
     to decreased gross profit in the antimony division, increased losses
     in the gold division and increased general and administrative
     expenses.

     Total revenues for the first six months of 1996 were $2,751,483
     compared with $2,878,122 for the comparable period in 1995, a decrease
     of $126,639 or 4%.  Total revenues during the second quarter of 1996
     were $1,225,503 compared with $1,739,657 during the second quarter of
     1995, a decrease of $514,154 or 30%.  The decrease was due to
     decreased antimony products and gold sales during the second quarter
     of 1996.  Sales of antimony products during the first six months of
     1996 were $2,318,832 conisting of 1,124,062 pounds at an average sale
     price of $2.06 per pound.  During the second quarter of 1996 sales of
     antimony products were $970,302 consisting of 482,969 pounds at an
     average sale price of  $2.01 per pound. Sales of antimony products
     during the first six months of 1995 were $2,358,123 consisting of
     865,901 pounds at an average sale price of $2.72 per pound. During the
     second quarter of 1995 sales of antimony products were $1,447,320
     consisting of 563,706 pounds at an average sale price of  $2.56 per
     pound.  The decrease in sale prices of antimony products from the
     comparable six and three month periods in 1995 to those in 1996 is the
     result of a corresponding decrease in antimony metal prices.  Gross
     profit from antimony sales during the first six months of 1996 was
     $346,469, and $151,251 during the second quarter of 1996, compared
     with a gross profit of  $707,218 during the first six months of 1995 
     <PAGE>
     and $370,744 during the second quarter of 1995.  The decreases in
     gross profit for the six and three month periods ended June 30, 1996
     are principally due to declining antimony sale prices (described
     above) as compared to the cost of antimony products sold during the
     respective periods.

     The Company reports 50% of total antimony sales made by HoltraChem and
     the Company.  Accordingly, total sales of antimony products by both
     companies was $4,637,664 or 2,248,124 pounds during the first six
     months of 1996 and $1,940,604 or 965,938 pounds during the second
     quarter of 1996.  Substantially all of the antimony products sold were
     produced at the Company's plant in Thompson Falls, Montana.

     Sales of gold and silver totaled $432,651 during the first six months
     of 1996 and $255,201 during the second quarter of 1996.  Ounces of
     gold sold during the six and three month periods ended June 30, 1996
     were 1,095 and 654, respectively. Sales of gold and silver totaled
     $519,999 during the first six months of 1995 and $292,337 during the
     second quarter of 1995.  Ounces of gold sold during the six and three
     month periods ended June 30, 1995 were 1,341 and 751, respectively.
     The decline in gold and silver sales from the six and three month
     periods ended June 30, 1995 to the comparable periods of 1996 related
     to decreased production due to fewer tons of ore mined and milled and
     lower gold recoveries.  Sale price per ounce of gold sold during the
     first six months of 1996 was $390 and $386 during the second quarter
     of 1996, compared with $384 and $386 for the comparable six and three
     month periods in 1995.  Gross losses from the gold division were
     $217,089 and $110,117 for the six and three month periods ended June
     30, 1996, respectively, compared with gross losses of $154,778 and
     $54,850 during the same periods in 1995.  The increase in gross losses
     in 1996 was due to increased production costs and lower gold
     production as a result of the factors described above.  The Yellow
     Jacket production has been plagued since its inception by a lack of
     operating capital that has prevented the Company from bringing its
     production to capacity.  In August 1996, the Company placed the Yellow
     Jacket mine on a care-and-maintenance status.

     General and administrative expenses increased $94,262 during the first
     six months of 1996 as compared to the first six months of 1995, and
     $42,320 during the second quarter of 1996 as compared to the second
     quarter of 1995.  The increase was principally due to legal fees
     relating to the company's USAMSA negotiations and increased
     professional and accounting fees related to the Company's annual audit
     of it's financial statements and efforts to regain compliance with 
     the Securities and Exchange Commission.

     During the six months of 1996 the Company recognized a gain on the
     disposal of property of $45,000.  There were no gains or losses on
     disposition of assets for the comparable period in 1995.
     <PAGE>
     Interest expense was $139,947 and $67,957 for the six and three month
     periods ended June 30, 1996, respectively, compared to $160,304 and
     $75,109 for the same periods in 1995.  The decrease was due to a
     decrease in interest bearing obligations from 1995 to 1996. 

     Interest  income was $4,450 and $1,935 for the six and three month
     period ended June 30, 1996, respectively, compared to $3,356 and
     $1,181 for the same periods in 1995.  The increase in interest income
     was attributable to a corresponding increase in restricted cash held
     for reclamation purposes.

     FINANCIAL CONDITION AND LIQUIDITY

     At June 30, 1996, Company assets totaled $2,082,307, and there was a
     stockholders' deficit of $2,897,218. The stockholders' deficit
     increased $138,784 from December 31, 1995 due to a net loss recognized
     from the Company's operations during the first two quarters of 1996.
     In order to continue as a going concern, the Company is dependent upon
     (1) the planned conversion of certain debt and accrued interest to
     equity (2) profitable operations from the antimony division, (3)
     additional equity financing, and (4) continued availability of bank
     financing. Without such debt conversions and additional financing, the
     Company may not be able to meet its obligations, fund operations and
     continue in existence. There can be no assurance that management will
     be successful in its plans to improve the financial condition of the
     Company. 

     Cash provided by operating activities during the first six months of
     1996 was $18,745 and resulted primarily from increases in current
     liabilities and accounts payable.  Cash provided by investing
     activites during the six months ended June 30, 1996 consisted of
     $45,000 from the disposal of  property.  Purchases of  property plant
     and equipment in the antimony division consumed $101,300 of cash
     during the first six months of 1996. Proceeds of $57,500 were
     generated through sales of common stock during the second quarter of
     1996.  Cash used in financing activities totaled $62,748 during the
     first six months of 1996 and  consisted of principal payments on notes
     to bank and to Bobby C. Hamilton. Advances in the form of bank
     overdrafts consisted of  $37,003 during the six-month period ended
     June 30, 1996.

     During  the third quarter of 1996, the Company borrowed $238,297
     pursuant to a five-year note payable and $75,000 under an operating
     line of credit with a bank, which are guaranteed by John C. Lawrence.
     The borrowings paid certain current obligations of the Company and
     funded operating activities. In addition, during the third quarter of
     1996, the Company attempted to decrease its operating losses at the
     Yellow Jacket mine by placing the property on a care-and-maintenance
     basis. This  care-and-maintenance basis still provides for a limited
     amount of gold production that will partially offset the care-and-
     maintenance costs and help finance the Company's environmental
     obligation costs at the Preacher's Cove Millsite and fund underground
     exploration of the Yellow Jacket property.
     <PAGE>
     FINANCIAL CONDITION AND LIQUIDITY, (CONTINUED)

     At September 30, 1996, the Company completed its investment in its 50%
     share of antimony inventory. Correspondingly, the Company will begin
     receiving a greater percentage of profits from antimony sales with
     HoltraChem. These resources will be available to meet the Company's
     obligations and fund operations.

     In addition, during the fourth quarter of 1996, the Company realized
     cash from a retroactive adjustment in the "tolling" fee it charges to
     convert antimony metal into antimony products.  The adjustment
     resulted from costs of production exceeding toll fees received during
     the first, second and third quarters of 1996.  The adjustment, and the
     resulting increase in toll fee, will help the Company to cover more of
     its costs of antimony products production.

     Significant financial commitments for future periods will include:

     --  Providing $5,000 per month for a "sinking fund" to pay defaulted
         debentures and accrued interest, which are not ultimately
         converted (see Note 18 to the December 31, 1995 consolidated
         financial statements).
 
     --  Servicing borrowings from the bank (see above).

     --  Servicing the Hamilton note payable at a minimum of $150,000
         annually (see Note 11 to the December 31, 1995  consolidated
         financial statements).

     --  Keeping current on payroll tax liabilities and accounts payable.

     --  Fulfilling reclamation responsibilities with regulatory agencies.

     --  Annual care and maintenance costs of approximately $136,000 at the
         Yellow Jacket mine.

     --  Minimum annual royalty payments of $52,500 to Geosearch and Yellow
         Jacket mines.

     --  Providing antimony profits to fund the remaining portion of the
         Company's antimony inventory up until  the Company's share of
         antimony inventory amounts to $750,000 or 50% of the total
         inventory.

     The Company plans to address these and other financial requirements by
     enhancing the value of its gold properties through an exploration
     program begun in 1996. The Company hopes to develop additional
     reserves from exploration and generate funds from the sale, joint
     venture or eventual production from the property. During 1996, the
     Company completed its Form 10K and continued in preparing its Forms
     10Q and other reports  required by SEC regulations. It is the
     Company's intention that as these reports are available and as the 
     <PAGE>
     Company regains compliance with SEC regulations to seek additional
     financing to expand its business operations and satisfy its
     obligations. In 1996, $127,500 was generated through sales of 460,000
     shares of unregistered common stock to existing stockholders and
     others to help finance the preparation of financial information and
     fund operations. In the fourth quarter of 1996, the Company sought and
     is obtaining sponsorship from a market maker to list the Company's
     stock on NASD's Electronic Bulletin Board trading exchange.
     Upon re-establishing a market for its common stock, the Company plans
     to issue additional shares to investors to help finance the
     finalization of its investment in USAMSA and fund production from the
     Mexican properties.
     <PAGE>
     PART I I - 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

     Reports on Form 8-K

     A form 8-K was filed by the Company on January 10, 1997 to report
     under Item 5, the resignation of Jeffrey R. Maichel and Walter L.
     Maguire, Jr. from the Board of Directors.
     <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: January 13, 1997
         ---------------------------------------
         John C. Lawrence, Director and 
           President (Principal Executive, 
           Financial and Accounting (Officer)
<PAGE>