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 September  30, 1997

[ ]     TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES 
        EXCHANGE ACT OF 1934 (no fee required) 
           

                    For the transition period_____ to_____

                       UNITED STATES ANTIMONY CORPORATION
                 (Name of small business issuer in its charter)


                                  Montana
        (State or other jurisdiction of incorporation or organization)
                                81-0305822      
                 (I.R.S. Employer 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 November 10, 1997, the registrant had outstanding 13,065,434 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
<TABLE>
                                                                                
                                   (Unaudited)     
                                   September 30, December  31,
                                     1997           1996               
<S>                               <C>          <C>
Current assets:     
 Restricted cash                      $35,078      
 Accounts Receivable                    1,000     $33,837 
 Inventories                          564,752     556,249 
 Prepaid expenses                      10,937      21,085
     Total current assets             611,767     611,171 
                                      -------     -------
Properties, plants 
and equipment, net                    640,469     670,081 
Restricted cash, reclamation bonds    178,486     170,046 
                                      -------     -------
      Total assets                 $1,430,722  $1,451,298 
                                   ==========  ==========
LIABILITIES AND STOCKHOLDERS' DEFICIT

Current liabilities:
 Checks issued and outstanding        $33,416     $29,491      
 Reserve for production costs          43,000
 Accounts payable                     122,029     306,636 
 Accrued payroll and property taxes    83,944      93,454 
 Accrued payroll and other             37,517      39,823 
 Judgments payable                    142,924     131,764 
 Accrued interest payable             882,887     792,240 
 Payable to related parties           608,630     644,752 
 Notes payable to bank, current       178,205     125,397 
 Note payable to Bobby C. Hamilton, 
  current                              21,648      20,494 
 Debentures payable                   650,000     650,000 
 Accrued reclamation costs, current   100,000     100,000
                                      -------     -------
      Total current liabilities     2,904,200   2,934,051 
                                    ---------   ---------
Notes payable to bank, noncurrent     118,556     185,607
Note payable to Bobby C. Hamilton,
  noncurrent                        1,646,566   1,706,257
Accrued reclamation costs,  
  noncurrent                          254,311     215,212
                                     ---------  ----------
          Total liabilities        $4,923,633  $5,141,127
                                    ----------  ---------- 
</TABLE>
Commitments and contingencies



              See Notes to Consolidated Financial Statements


<PAGE>
ITEM 1.  Financial Statements and Supplementary Data, Continued

United States Antimony Corporation and Subsidiary
Consolidated Balance Sheets
                                                                                
                                  (Unaudited)     
                                  September 30,       December  31,
                                      1997                1996
<TABLE> 
<S>                                  <C>             <C>                 
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 
Common stock, $.01 par value, 
  20,000,000 shares authorized; 
  13,065,434 and 12,627,434
  shares issued and outstanding          130,654          126,274 
Additional paid-in capital            13,537,147       13,326,464 
Accumulated deficit                  (17,168,257)     (17,150,112)
Total stockholders' deficit           (3,492,911)      (3,689,829)
                                     ------------     ------------
Total liabilities and 
stockholders' deficit                 $1,430,722       $1,451,298 
                                     ============     ============  
</TABLE>









            See Notes to Consolidated Financial Statements

<PAGE>
United States Antimony Corporation and Subsidiary
Consolidated Statements of Operations for the three and nine-month
periods ended September 30, 1997 and September 30, 1996


<TABLE>
<CAPTION>
                                          Unaudited

                                                                                
                           Three Months Ended         Nine Months Ended
                              September 30,              September 30,
                                                                                
                                1997       1996          1997        1996     
<S>                         <C>         <C>         <C>          <C>
Revenues:
 Sales of antimony products  $1,083,361  $1,101,688  $3,386,667   $3,420,520
 Sales of gold and silver                   234,034                  666,685
                              ---------  ----------  ----------   ----------
Total Revenues                1,083,361   1,335,722   3,386,667    4,087,205
                              ---------  ----------  ----------   ----------
     
Cost of Production:               
 Cost of antimony production    801,041   1,040,662   2,737,414    3,013,025
 Cost of gold and 
  silver production                         285,308                  935,048
                              ---------   ----------  ---------   ----------
Total Cost of Production        801,041   1,325,970   2,737,414    3,948,073
                              ---------   ----------  ---------   ---------- 
Gross Profit                    282,320       9,752     649,253      139,132
                              ---------   ----------  ---------   ----------
Other operating expenses:
 Care and maintenance 
  Yellow Jacket                  48,336                 157,949
  Exploration and evaluation     44,961                 123,253
  General and administrative     77,621      74,277     223,789     251,944
                                -------      ------     -------     -------
                                170,918      74,277     504,991     251,944     
                                -------      ------     -------     -------
Other expenses (income):
     
  Gain on disposal of asset                                         (45,000)
  Gain from accounts 
   payable adjustment                                   (37,386)     
  Interest expense              79,251      57,504      227,980     197,451   
  Interest income               (1,520)     (2,725)     (10,238)     (7,175)
  Other                        (17,949)                 (17,949)
                                59,782      54,779      162,407     145,276
                              ---------    --------   ----------   ---------
     Net income (loss)         $51,620   $(119,304)    $(18,145)  $(258,088)
                               ========   =========     ========    ========   
     Net Income (loss) 
     per share                   Nil       $(.01)           Nil      $(.03)     
                               ========   =========     ========    ========
Weighted average common 
 shares outstanding          13,065,434  12,543,399    12,952,997 12,281,496
</TABLE>


                See Notes to Consolidated Financial Statements 


<PAGE>
United States Antimony Corporation and Subsidiary
Consolidated Statement of Cash Flows
for the three and nine-month periods ended 
September 30, 1997 and September 30,1996                               
<TABLE>
<CAPTION>
                                                                                
                                               Unaudited
                                                                                
                                      September 30,      September 30,
                                          1997               1996
<S>                                  <C>                 <C>
Cash flows from operating activities:
     Net loss                           $(18,145)         $(258,088)
Adjustments to reconcile net income 
to net cash provided by operations:
      Depreciation and amortization      122,331            155,626
      Gain on disposal of equipment                         (45,000)
      Issuance of common stock to 
      directors as compensation                               5,063
      Gain on adjustment to 
      accounts payable                   (37,386)
      Reservation for production costs    43,000
          Change in:
       Restricted cash                   (43,518)             4,598
       Accounts receivable                32,837             39,038
       Inventories                        (8,503)          (109,788)
       Prepaid expenses                   10,148             (6,578)
       Accounts payable                 (184,607)             7,973
       Accrued payroll and property 
        taxes                             (9,510)           (25,884)
       Accrued payroll and other          (2,306)            (5,178)
       Judgments payable                  11,160            (11,214)
       Accrued interest payable           90,647             80,160
       Payable to related parties        (36,122)             2,319
       Accrued reclamation costs         (60,901)           (70,607)
                                        ---------          ---------
Net cash used in operating activities    (48,426)          (242,623)
                                        ---------          ---------
Cash flows from investing activities:
     Purchase of properties, plant and 
      equipment                          (92,719)          (116,012)
     Sale of property                                        45,000
                                        ---------          ---------
Net cash used in investing activities    (92,719)           (71,012)
                                        ---------          ---------
Cash flows from financing activities:
     Payments on notes payable 
      to bank (net)                      (58,057)           (51,289)
     Proceeds from note payable 
      to bank, current                    43,814
     Proceeds from long-term bank debt                      238,297
     Payments to Bobby C. Hamilton       (58,537)           (49,922)
     Proceeds from sale of common stock  210,000            127,560
     Advances from bank overdraft          3,925             43,189 
                                        ---------          ---------
Net cash provided by financing 
 activities                              141,145            307,835
                                        ---------          --------- 
Net decrease  in cash                       -0-              (5,800)
Cash, beginning of period                   -0-               5,800
                                        ---------          ---------
Cash, end of  period                      $ -0-              $ -0-              
                                        =========          =========
Supplemental disclosures:
Cash paid during the nine-month 
period for interest                     $137,333           $117,291
                                        --------           --------


           </TABLE>





             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, 1996 consolidated financial statements:

The notes to the consolidated financial statements as of December 31, 1996, as 
set forth in the   Company's 1996 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, 1996, was derived from the audited consolidated 
balance sheet referred to in Note 1 above.

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 anticipates having the cleanup complete sometime in 1998.

On November 15, 1996, the Bureau of Land Management (BLM) notified the Company 
that it may be a responsible party as defined under CERCLA for hazardous 
substance release from uncontained mining tailings at a mining site near Pine 
Creek, Idaho.  The Company was one of 13 companies that had received a similar 
notice.

In response to the notification the Company informed the BLM that it is 
neither a current or former owner of  a site, has never been an operator, nor 
has it shipped hazardous substances or arranged for the disposal or treatment 
of hazardous substances in the Pine Creek area.  Accordingly, the Company does 
not consider itself a potentially responsible party under CERCLA for the Pine 
Creek site.

On August 21, 1997, the Company received correspondence from the United 
States Environmental Protection Agency, Region 10, informing the Company that 
it will not recommend that the Company be added to the litigation involving 
contamination at the Pine Creek site.      


ITEM 2.   Management's Discussion and Analysis of Results of
          Operations and Financial Condition

     General

Section 21E of the Securities Exchange Act of 1934 provides a "Safe Harbor" 
for forward-looking statements. Certain information included herein contains 
statements regarding management's expectations about future production and 
development activities as well as other capital spending, financing sources 
and effects of regulation.  Such forward-looking information involves 
important risks and uncertainties that could significantly affect anticipated 
results in the future and, accordingly, such results may differ from those 
expressed in any forward-looking statements made herein. These risks and 
uncertainties include, but are not limited to, those relating to the market 
price of metals, production rates, production costs, availability of continued 
financing, and the Company's ability to remain a going concern.  The Company 
cautions readers not to place undue reliance on any forward-looking 
statements, and such statements speak only as of the date made.

The Company's business is subject to various risk factors, some of which are 
discussed in the Company's report on Form 10KSB for the year ended December 
31, 1996, in "Item 1. Description of Business" and in Notes to Consolidated 
Financial Statements, "2. Concentration of Risk:"
 
     Results of Operations, comparison of the nine and three-month periods 
     ended September 30, 1997 and September 30, 1996

The Company's operations resulted in a net loss of $18,145 for the nine-month 
period and net income of  $51,620 for the  three-month period ended September 
30, 1997, compared to net losses of $258,088 and $119,304  for the same 
respective periods in 1996.  The increase in income is primarily due to 
increased gross profit in the antimony division and decreased general and 
administrative expenses.

Total revenues for the first nine months of 1997 were $3,386,667 compared with 
$4,087,205 for the comparable period in 1996, a decrease of $700,538.  Total 
revenues during the third quarter of 1997 were $1,083,361 compared with  
$1,335,722 during the third quarter of 1996, a decrease of $252,361.  The 
decrease in revenues during 1997 compared to 1996 was due to the absence of  
gold sales in 1997. Sales of antimony products during the first nine months of 
1997 were $3,386,667 consisting of 2,346,336 pounds at an average sale price 
of $1.44 per pound.  During the third quarter of 1997 sales of antimony 
products were $1,083,361 consisting of 774,829 pounds at an average sale 
price of $1.40 per pound. Sales of antimony products during the first nine 
months of 1996 were $3,420,520 consisting of 1,802,402 pounds at an average 
sale price of $1.90 per pound.  During the third quarter of 1996 sales of
antimony products were $1,101,688 consisting of 678,340 pounds at an average
sale price of  $1.62 per pound.  The decrease in sale prices of antimony
products from the comparable nine and three month periods in 1996 to those
of 1997 is the result of a corresponding decrease in antimony metal prices.
Gross profit from antimony sales during the first nine months of 1997 was
$649,253, and  $282,320 during the third quarter of 1997, compared with gross
profit of $407,495 during the first nine months of 1996 and  $61,026 during
the third quarter of 1996. The increases in gross profit for the nine and
three month periods ended September 30, 1997, compared to the same periods of
1996 are principally due to lower costs of antimony metal and increasing 
sales of antimony products with greater gross margins.

The Company reports 50% of total antimony sales made by HoltraChem and the 
Company.  Accordingly, total sales of antimony products by both companies was 
$6,773,334 or 4,693,463 pounds during the first nine months of 1997 and 
1,549,657 pounds during the third quarter of 1997.  Substantially all of the 
antimony products sold were produced at the Company's plant in 
Thompson Falls, Montana.


<PAGE>

ITEM 2.   Management's Discussion and Analysis of Results of
          Operations and Financial Condition (Continued):

Sales of gold and silver totaled $666,685 during the first nine months of 1996 
and $234,034 during the third quarter of 1996.  Ounces of gold sold during the 
nine and three month periods ended September 30, 1996, were 1,726 and 631, 
respectively. Gross losses from the gold division were $268,363 and $51,274 
for the nine and three month periods ended September 30, 1996, respectively. 

In August of 1996 the Company discontinued mining operations at Yellow Jacket 
due to recurring operating losses, and placed the property on a 
care and maintenance basis.  Concurrently, the Company began an underground 
exploration program in an effort to discover mineralized material that could 
be economically mined and processed.  Costs related to the care and 
maintenance of Yellow Jacket were $157,949 and $48,336 for the nine and three 
month periods ended September 30, 1997, respectively. Costs related to 
exploration and evaluation were $123,253 and $44,961 for the nine and three 
month periods ended September 30, 1997, respectively. 

General and administrative expenses decreased $28,155 during the first  nine 
months of 1997 compared to the first nine months of 1996.  The decrease in 
general and administrative costs n 1996 compared to 1997 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 incurred in 1996.

During the first nine 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 1997.

Interest expense was $227,980 and $79,251 for the nine and three month periods 
ended September 30, 1997, respectively, compared to $197,451 and $57,504 for 
the same periods in 1997.  The increase was due to a increased borrowings from 
a bank in 1997. 

Interest  income was $10,238 and $1,520 for the nine and three month periods 
ended September 30, 1997, respectively, compared to $7,175 and $2,725 for the 
same periods in 1996.  The increase in interest income was attributable to a 
corresponding increase in restricted cash held for reclamation purposes and 
restricted cash held for USAMSA development.

During the nine month period ended September 30, 1997 the Company realized a 
gain from an accounts payable adjustment of $37,386, there was no such gain 
during the comparable period of 1996.  In addition,
the Company realized other income of $17,949 during the three and nine month 
periods ended September 30, 1997.  The other income was principally composed 
of proceeds from the sale of residual gold contained in carbon from the 
Preachers Cove mill, there were no similar sources of other income during the 
comparable periods of 1996.


<PAGE>

ITEM 2. Management's Discussion and Analysis of Results of
        Operations and Financial Condition (Continued):

     Financial Condition and Liquidity

At September 30, 1997, Company assets totaled $1,430,722, and there was a 
stockholders' deficit of $3,492,911. The accumulated deficit increased 
$18,145 from December 31, 1996 due to the  net loss recognized from the 
Company's operations during the first nine months of 1997. 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 consumed by operating activities during the first nine months of 1997 was 
$48,426 compared to  $242,623 during the same period in 1996. The decrease 
related primarily  to decreased operating losses during 1997 as compared to 
the same period in 1996.   Investing activities consumed $92,719 during the 
first nine months of 1997 and resulted from the Company's investment in 
domestic and Mexican (USAMSA) antimony processing equipment and buildings. 
Cash provided by investing activities during the nine months ended September 
30, 1996, consisted of $45,000 from the disposal of  property.  Purchases of  
property plant and equipment in the antimony division consumed $116,012 of 
cash during the first nine months of 1996. 

Proceeds of $210,000 were generated through stock sales during the first 
nine months of 1997 compared with $127,560 from sales of common stock during
the comparable period of 1996. 

Borrowings of $238,297 pursuant to a five-year note payable provided 
additional cash during the third quarter of 1996, similar short term 
borrowings from a bank  provided $43,814 during the third quarter of 1997. 
Cash used by financing activities totaled $116,594 during the first nine 
months of 1997 compared with $101,211 during the comparable period of 1996.  
In both periods cash used by financing activities consisted of payments on 
notes to a bank and  Bobby C. Hamilton. Advances in the form of bank 
overdrafts was $3,925 during the first nine months of 1997 and  $43,189 during 
the nine-month period ended September 30, 1996.
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.

 Servicing borrowings from the bank.

 Servicing the Hamilton note payable at a minimum of $150,000 annually.

 Keeping current on payroll tax liabilities and accounts payable.

 Fulfilling its responsibilities with environmental regulatory and 
financial reporting agencies.

<PAGE>

ITEM 2. Management's Discussion and Analysis of Results of
        Operations and Financial Condition (Continued):

 Annual care and maintenance costs at the Yellow Jacket mine.

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

 Providing antimony profits to fund its antimony 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. 
          
In 1997, $210,000 was generated through sales of shares of unregistered common 
stock to existing stockholders, directors, and others to help finance 
operations and develop the Company's interests in USAMSA. In the fourth 
quarter of 1996, the Company sought and obtained sponsorship  to list the 
Company's stock on NASD's Electronic Bulletin Board trading exchange.

While the Company has yet to sign a definitive agreement relating to its 
investment in USAMSA, it continues to expend cash in the development of  
Mexican antimony operations.  The Company hopes that additional financial 
resources will be available from these operations once the finalization of the 
Company's interest is complete and antimony production from USAMSA begins.

On October 3rd, 1997, the Company held its first annual shareholders' meeting 
since 1989.  During this meeting the Company's directors were elected to 
serve for another annual term and a proposal to convert certain director and
debenture holder debt into convertible Series C Preferred Stock was approved.
The Company's managementintends to proceed with the proposal to debt holders
to convert their debts into Series C Preferred Stock and improve the 
financial position of the Company.

<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


Exhibit No.             Item                        Dated
10.27          Letter from Environmental       August 21, 1997          
               Protection Agency, Region 10
          
<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: November 12, 1997
              John C. Lawrence, Director and President
          (Principal Executive, Financial and Accounting
                              Officer)


<PAGE>