----

----

| þ | 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 of incorporation or organization) |   | (I.R.S. Employer Identification No.) |

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

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

----

----

----

|                                 |                                                                                        |   | Page   |   |
|--------------------------------------|---------------------------------------------------------------------------------------------|--------|--------|--------|
| PART I – FINANCIAL INFORMATION |                                                                                        |   |   |
|                                 |                                                                                        |   |   |   |
| Item 1:                              | Financial Statements (unaudited)                                                            |   |   | 3      |   |
|                                 |                                                                                        |   |   |   |   |
| Item 2:                              | Management’s Discussion and Analysis of Results of Operations and Financial Condition |   |   | 10     |   |
|                                 |                                                                                        |   |   |   |   |
| Item 3:                              | Quantitative and Qualitative Disclosure about Market Risk                                   |   |   | 12     |   |
|                                 |                                                                                        |   |   |   |   |
| Item 4:                              | Controls and Procedures                                                                     |   |   | 13     |   |
|                                 |                                                                                        |   |   |   |   |
| PART II – OTHER INFORMATION    |                                                                                        |   |   |   |
|                                 |                                                                                        |   |   |   |   |
| Item 1:                              | Legal Proceedings                                                                           |   |   | 14     |   |
|                                 |                                                                                        |   |   |   |   |
| Item 2:                              | Unregistered Sales of Equity Securities and Use of Proceeds                                 |   |   | 14     |   |
|                                 |                                                                                        |   |   |   |   |
| Item 3:                              | Defaults upon Senior Securities                                                             |   |   | 14     |   |
|                                 |                                                                                        |   |   |   |   |
| Item 4:                              | Mine Safety Disclosures                                                                     |   |   | 14     |   |
|                                 |                                                                                        |   |   |   |   |
| Item 5:                              | Other Information                                                                           |   |   | 14     |   |
|                                 |                                                                                        |   |   |   |   |
| Item 6:                              | Exhibits and Reports on Form 8-K                                                            |   |   | 14     |   |
|                                 |                                                                                        |   |   |   |   |
| SIGNATURE                            |                                                                                        |   | 15     |   |
|                                 |                                                                                        |   |   |   |   |
| CERTIFICATIONS                       |                                                                                        |   |   |   |

----

|                                                                  |   | (Unaudited)   |        |   |             |   |
|-----------------------------------------------------------------------|--------|---------------|-------------|--------|------------------|--------|
|                                                                  |   | March 31,2012 |        |   | December 31,2011 |   |
| ASSETS                                                                |
| Current assets:                                                       |   |          |        |   |             |   |
| Cash and cash equivalents                                             |   | $             | 1,413,583   |   |             | $      | 5,427 |   |
| Certificates of deposit (Note 4)                                      |   |          | 242,800     |   |             |   | - |   |
| Accounts receivable, less allowance                                   |   |          |        |   |             |   |   |   |
| for doubtful accounts of $4031 and $7600                              |   |          | 472,156     |   |             |   | 1,291,975 |   |
| Inventories                                                           |   |          | 1,461,149   |   |             |   | 1,066,813 |   |
| Other current assets                                                  |   |          | 97,315      |   |             |   | 56,208 |   |
| Deferred tax asset                                                    |   |          | 470,869     |   |             |   | 396,558 |   |
| Total current assets                                                  |   |          | 4,157,872   |   |             |   | 2,816,981 |   |
|                                                                  |   |          |        |   |             |   |   |   |
| Properties, plants and equipment, net                                 |   |          | 6,786,454   |   |             |   | 6,047,004 |   |
| Restricted cash for reclamation bonds                                 |   |          | 74,777      |   |             |   | 74,777 |   |
| Other assets                                                          |   |          | 122,036     |   |             |   | 54,766 |   |
| Total assets                                                          |   | $             | 11,141,139  |   |             | $      | 8,993,528 |   |
|                                                                  |   |          |        |   |             |   |   |   |
| LIABILITIES AND STOCKHOLDERS' EQUITY                                  |
| Current liabilities:                                                  |   |          |        |   |             |   |   |   |
| Checks issued and payable                                             |   | $             | -           |   |             | $      | 113,908 |   |
| Deferred revenue                                                      |   |          | -           |   |             |   | 43,760 |   |
| Accounts payable                                                      |   |          | 1,050,390   |   |             |   | 994,940 |   |
| Accrued payroll, taxes and interest                                   |   |          | 150,288     |   |             |   | 141,928 |   |
| Other accrued liabilities                                             |   |          | 33,476      |   |             |   | 119,292 |   |
| Payables to related parties                                           |   |          | 46,662      |   |             |   | 331,978 |   |
| Long-term debt, current                                               |   |          | 255,454     |   |             |   | 79,631 |   |
| Total current liabilities                                             |   |          | 1,536,270   |   |             |   | 1,825,437 |   |
|                                                                  |   |          |        |   |             |   |   |   |
| Long-term debt, noncurrent                                            |   |          | 246,815     |   |             |   | 158,218 |   |
| Accrued reclamation and remediation costs, noncurrent                 |   |          | 243,510     |   |             |   | 241,500 |   |
| Total liabilities                                                     |   |          | 2,026,595   |   |             |   | 2,225,155 |   |
|                                                                  |   |          |        |   |             |   |   |   |
| 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 $877,500)                                     |   |          | 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 $4,714,433)       |   |          | 17,509      |   |             |   | 17,509 |   |
| Common stock, $0.01 par vaue, 90,000,000 shares authorized;           |   |          |        |   |             |   |   |   |
| 60,804,010 and 59,349,300 shares issued and outstanding, respectively |   |          | 608,040     |   |             |   | 593,492 |   |
| Additional paid-in capital                                            |   |          | 28,082,985  |   |             |   | 25,635,129 |   |
| Accumulated deficit                                                   |   |          | (19,603,269 | )      |             |   | (19,487,036 | ) |
| Total stockholders' equity                                            |   |          | 9,114,544   |   |             |   | 6,768,373 |   |
| Total liabilities and stockholders' equity                            |   | $             | 11,141,139  |   |             | $      | 8,993,528 |   |

----

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

|                                                     |   | For the three months ended |       |
|----------------------------------------------------------|--------|----------------------------|------------|
|                                                     |   | March 31, 2012             |       |   | March 31, 2011 |   |
|                                                     |   |                       |       |   |   |   |
| REVENUES                                                 |   | $                          | 3,053,554  |   |   | $ | 2,838,039 |   |
|                                                     |   |                       |       |   |   |   |   |   |
| COST OF REVENUES                                         |   |                       | 2,890,144  |   |   |   | 2,491,519 |   |
|                                                     |   |                       |       |   |   |   |   |   |
| GROSS PROFIT                                             |   |                       | 163,410    |   |   |   | 346,520 |   |
|                                                     |   |                       |       |   |   |   |   |   |
| OPERATING EXPENSES:                                      |   |                       |       |   |   |   |   |   |
|                                                     |   |                       |       |   |   |   |   |   |
|      General and administrative |   |                       | 225,921    |   |   |   | 148,002 |   |
|      Professional fees          |   |                       | 98,306     |   |   |   | 94,952 |   |
| TOTAL OPERATING EXPENSES                                 |   |                       | 324,227    |   |   |   | 242,954 |   |
|                                                     |   |                       |       |   |   |   |   |   |
| INCOME (LOSS) FROM OPERATIONS                            |   |                       | (160,817   | ) |   |   | 103,566 |   |
|                                                     |   |                       |       |   |   |   |   |   |
| OTHER INCOME (EXPENSE):                                  |   |                       |       |   |   |   |   |   |
| Interest income                                          |   |                       | 2,054      |   |   |   | 2,069 |   |
| Interest expense                                         |   |                       | (4,333     | ) |   |   | (1,153 | ) |
| Factoring expense                                        |   |                       | (27,448    | ) |   |   | (34,693 | ) |
| TOTAL OTHER (EXPENSE)                                    |   |                       | (29,727    | ) |   |   | (33,777 | ) |
|                                                     |   |                       |       |   |   |   |   |   |
| INCOME (LOSS) BEFORE INCOME TAXES                        |   |                       | (190,544   | ) |   |   | 69,789 |   |
|                                                     |   |                       |       |   |   |   |   |   |
| INCOME TAX BENEFIT (EXPENSE)                             |   |                       | 74,311     |   |   |   | (24,426 | ) |
|                                                     |   |                       |       |   |   |   |   |   |
| NET INCOME (LOSS)                                        |   | $                          | (116,233   | ) |   | $ | 45,363 |   |
|                                                     |   |                       |       |   |   |   |   |   |
| Net income (loss) per share of                           |   |                       |       |   |   |   |   |   |
| common stock:                                            |   |                       |       |   |   |   |   |   |
| Basic and diluted                                        |   | $ Nil                 |       |   | $ Nil |   |
| Diluted                                                  |   | $ Nil                 |       |   | $ Nil |   |
|                                                     |   |                       |       |   |   |   |   |   |
| Weighted average shares outstanding:                     |   |                       |       |   |   |   |   |   |
| Basic                                                    |   |                       | 60,523,440 |   |   |   | 57,164,492 |   |
| Diluted                                                  |   |                       | 60,523,440 |   |   |   | 57,426,529 |   |

----

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

|                                                            |   | For the three months ended |      |
|-----------------------------------------------------------------|--------|----------------------------|-----------|
|                                                            |   | March 31, 2012             |      |   | March 31, 2011 |   |
| Cash Flows From Operating Activities:                           |   |                       |      |   |   |   |
| Net income (loss)                                               |   | $                          | (116,233  | ) |   | $ | 45,363 |   |
| Adjustments to reconcile net income (loss) to net cash provided |   |                       |      |   |   |   |   |   |
| (used) by operating activities:                                 |   |                       |      |   |   |   |   |   |
| Depreciation expense                                            |   |                       | 109,045   |   |   |   | 92,966 |   |
| Accretion of asset retirement obligation                        |   |                       | 2,010     |   |   |   | - |   |
| Deferred tax expense (benefit)                                  |   |                       | (74,311   | ) |   |   | 21,926 |   |
| Change in:                                                      |   |                       |      |   |   |   |   |   |
| Accounts receivable, net                                        |   |                       | 819,819   |   |   |   | 523,056 |   |
| Inventories                                                     |   |                       | (394,336  | ) |   |   | (73,702 | ) |
| Other current assets                                            |   |                       | (41,107   | ) |   |   | (336,381 | ) |
| Other assets                                                    |   |                       | (67,270   | ) |   |   | (18,770 | ) |
| Accounts payable                                                |   |                       | 55,450    |   |   |   | 152,609 |   |
| Accrued payroll, taxes and interest                             |   |                       | 8,360     |   |   |   | 8,729 |   |
| Other accrued liabilities                                       |   |                       | (85,816   | ) |   |   | (31,127 | ) |
| Deferred revenue                                                |   |                       | (43,760   | ) |   |   | - |   |
| Payables to related parties                                     |   |                       | (285,316  | ) |   |   | 6,837 |   |
| Net cash provided (used) by operating activities                |   |                       | (113,465  | ) |   |   | 391,506 |   |
|                                                            |   |                       |      |   |   |   |   |   |
| Cash Flows From Investing Activities:                           |   |                       |      |   |   |   |   |   |
|    Collateral CD for loan facility               |   |                       | (242,800  | ) |   |   | - |   |
| Purchase of properties, plants and equipment                    |   |                       | (564,555  | ) |   |   | (100,265 | ) |
| Net cash used by investing activities                           |   |                       | (807,355  | ) |   |   | (100,265 | ) |
|                                                            |   |                       |      |   |   |   |   |   |
| Cash Flows From Financing Activities:                           |   |                       |      |   |   |   |   |   |
| Proceeds from sale of common stock, net of commissions          |   |                       | 2,462,404 |   |   |   | 783,470 |   |
| Principal payments of long-term debt                            |   |                       | (19,520   | ) |   |   | (16,146 | ) |
| Payments received on stock subscription agreements              |   |                       |      |   |   |   | 22,379 |   |
| Change in checks issued and payable                             |   |                       | (113,908  | ) |   |   | 13,371 |   |
| Net cash provided by financing activities                       |   |                       | 2,328,976 |   |   |   | 803,074 |   |
|                                                            |   |                       |      |   |   |   |   |   |
| NET INCREASE IN CASH AND CASH EQUIVALENTS                       |   |                       | 1,408,156 |   |   |   | 1,094,315 |   |
|                                                            |   |                       |      |   |   |   |   |   |
| Cash and cash equivalents at beginning of period                |   |                       | 5,427     |   |   |   | 448,861 |   |
| Cash and cash equivalents at end of period                      |   | $                          | 1,413,583 |   |   | $ | 1,543,176 |   |
|                                                            |   |                       |      |   |   |   |   |   |
| SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION                |   |                       |      |   |   |   |   |   |
| Noncash investing and financing activities:                     |   |                       |      |   |   |   |   |   |
| Properties, plants & equipment acquired with long-term debt |   | $                          | 283,940   |   |   | $ | 30,500 |   |
| Properties, plants and equipment acquired with accounts payable |   |                       |      |   |   |   | 17,826 |   |

----

|                        |   | 3/31/2012 |      |   | 3/31/2011 |   |
|-----------------------------|--------|-----------|-----------|--------|-----------|--------|
| Warrants                    |   |      | 1,719,167 |   |      |   | 600,000 |   |
| Convertible preferred stock |   |      | 2,678,909 |   |      |   | 2,299,745 |   |
| Total possible dilution     |   |      | 4,398,076 |   |      |   | 2,899,745 |   |

|           |   | March 31,2012 |      |   | December 31,2011 |   |
|----------------|--------|--------------------|-----------|--------|-----------------------|--------|
| Antimony Metal |   | $                  | 183,169   |   |                  | $      | 152,026 |   |
| Antimony Oxide |   |               | 378,668   |   |                  |   | 180,404 |   |
| Antimony Ore   |   |               | 841,342   |   |                  |   | 644,113 |   |
| Zeolite        |   |               | 57,970    |   |                  |   | 90,270 |   |
|           |   | $                  | 1,461,149 |   |                  | $      | 1,066,813 |   |

----

|                                                                         |   | 2012   |     |   | 2011   |   |
|------------------------------------------------------------------------------|--------|--------|----------|--------|--------|--------|
| Note payable to De Lage Landen financial Services, bearing interest          |   |   |     |   |   |   |
| at 5.3%; payable in monthly installments of $549; maturing                   |   |   |     |   |   |   |
| March 2016; collateralized by equipment.                                     |   | $      | 23,700   |   |   | $      | - |   |
|                                                                         |   |   |     |   |   |   |   |   |
| Note payable to Western States Equipment Co., bearing interest               |   |   |     |   |   |   |   |   |
| at 6.15%; payable in monthly installments of $2,032; maturing                |   |   |     |   |   |   |   |   |
| June 2015; collateralized by equipment.                                      |   |   | 71,689   |   |   |   | 77,040 |   |
|                                                                         |   |   |     |   |   |   |   |   |
| Note payable to CNH Capital America, LLC, bearing interest                   |   |   |     |   |   |   |   |   |
|    at 4.5%; payable in monthly installments of $505; maturing |   |   |     |   |   |   |   |   |
|    June 2013; collateralized by equipment.                    |   |   | 7,337    |   |   |   | 8,648 |   |
|                                                                         |   |   |     |   |   |   |   |   |
| Note payable to GE Capital, bearing interest at 2.25%; payable in            |   |   |     |   |   |   |   |   |
| monthly installments of $359; maturing July 2013; collateralized by          |   |   |     |   |   |   |   |   |
| equipment.                                                                   |   |   | 5,652    |   |   |   | 6,531 |   |
|                                                                         |   |   |     |   |   |   |   |   |
| Note payable to Robert and Phyllis Rice, bearing interest                    |   |   |     |   |   |   |   |   |
| at 1%; payable in monthly installments of $2,000; maturing                   |   |   |     |   |   |   |   |   |
| March 2015; collateralized by equipment.                                     |   |   | 73,024   |   |   |   | 80,882 |   |
|                                                                         |   |   |     |   |   |   |   |   |
| Note payable to De Lage Landen Financial Services                            |   |   |     |   |   |   |   |   |
| at 5.2%; payable in monthly installments of $709; maturing                   |   |   |     |   |   |   |   |   |
| July 2014; collateralized by equipment.                                      |   |   | 18,001   |   |   |   | 19,229 |   |
|                                                                         |   |   |     |   |   |   |   |   |
| Note payable to Catepillar Finance, bearing interest                         |   |   |     |   |   |   |   |   |
| at 6.15%; payable in monthly installments of $766; maturing                  |   |   |     |   |   |   |   |   |
| August 2014; collateralized by equipment.                                    |   |   | 20,607   |   |   |   | 21,990 |   |
|                                                                         |   |   |     |   |   |   |   |   |
| Note payable to De Lage Landen Financial Services                            |   |   |     |   |   |   |   |   |
| at 5.2%; payable in monthly installments of $697; maturing                   |   |   |     |   |   |   |   |   |
| January 2015; collateralized by equipment.                                   |   |   | 22,019   |   |   |   | 23,529 |   |
|                                                                         |   |   |     |   |   |   |   |   |
| Note payable for Corral Blanco land, bearing interest                        |   |   |     |   |   |   |   |   |
| at 6%; payable in three installments; maturing                               |   |   |     |   |   |   |   |   |
| May 1, 2013; collateralized by land.                                         |   |   | 260,240  |   |   |   |   |   |
|                                                                         |   |   |     |   |   |   |   |   |
|                                                                         |   |   | 502,269  |   |   |   | 237,849 |   |
| Less current portion                                                         |   |   | (255,454 | )      |   |   | (79,631 | ) |
| Noncurrent portion                                                           |   | $      | 246,815  |   |   | $      | 158,218 |   |

----

|                                   |   | As of March 31,2012 |       |   | As of December 31,2011 |   |
|----------------------------------------|--------|---------------------|------------|--------|-----------------------------|--------|
| Properties, plants and equipment, net: |   |                |       |   |                        |   |
| Antimony                               |   |                |       |   |                        |   |
| United States                          |   | $                   | 626,593    |   |                        | $      | 603,959 |   |
| Mexico                                 |   |                | 4,218,042  |   |                        |   | 3,492,296 |   |
| Subtotal Antimony                      |   |                | 4,844,635  |   |                        |   | 4,096,255 |   |
| Zeolite                                |   |                | 1,941,819  |   |                        |   | 1,950,749 |   |
|                                   |   | $                   | 6,786,454  |   |                        | $      | 6,047,004 |   |
|                                   |   |                |       |   |                        |   |   |   |
| Total Assets:                          |   |                |       |   |                        |   |   |   |
| Antimony                               |   |                |       |   |                        |   |   |   |
| United States                          |   | $                   | 3,706,465  |   |                        | $      | 1,187,322 |   |
| Mexico                                 |   |                | 5,054,517  |   |                        |   | 4,992,250 |   |
| Subtotal Antimony                      |   |                | 8,760,982  |   |                        |   | 6,179,572 |   |
| Zeolite                                |   |                | 2,291,533  |   |                        |   | 2,813,956 |   |
|                                   |   | $                   | 11,052,515 |   |                        | $      | 8,993,528 |   |

|                  |   | For the three months ended |    |
|-----------------------|--------|----------------------------|---------|
|                  |   | March 31, 2012             |    |   | March 31, 2011 |   |
| Capital expenditures: |   |                       |    |   |   |   |
| Antimony              |   |                       |    |   |   |   |
| United States         |   | $                          | 44,768  |   |   | $ | 57,222 |   |
| Mexico                |   |                       | 762,840 |   |   |   | 91,369 |   |
| Subtotal Antimony     |   |                       | 807,608 |   |   |   | 148,591 |   |
| Zeolite               |   |                       | 40,887  |   |   |   | - |   |
|                  |   | $                          | 848,495 |   |   | $ | 148,591 |   |

----

|                                                                                                    |   | For the three months ended March 31, |      |
|---------------------------------------------------------------------------------------------------------|--------|-------------------------------------------|-----------|
|                                                                                                    |   | 2012                                      |      |   | 2011 |   |
| Antimony Division - United States:                                                                      |   |                                      |      |   |   |   |
| Revenues - Antimony                                                                                     |   | $                                         | 2,202,137 |   |   | $ | 2,114,232 |   |
| Customer discounts - Antimony                                                                           |   |                                      | (27,328   | ) |   |   |   |   |
| Revenues - Precious metals                                                                              |   |                                      | 180,138   |   |   |   | 331,200 |   |
|                                                                                                    |   |                                      | 2,354,947 |   |   |   | 2,445,432 |   |
| Cost of sales:                                                                                          |   |                                      |      |   |   |   |   |   |
| Production costs                                                                                        |   |                                      | 1,487,618 |   |   |   | 1,689,599 |   |
| Depreciation                                                                                            |   |                                      | 7,135     |   |   |   | 6,881 |   |
| Freight and delivery                                                                                    |   |                                      | 52,316    |   |   |   | 64,890 |   |
| General and administrative                                                                              |   |                                      | 19,451    |   |   |   | 26,208 |   |
| Direct sales expense                                                                                    |   |                                      | 17,769    |   |   |   | 12,590 |   |
|        Total cost of sales                                           |   |                                      | 1,584,289 |   |   |   | 1,800,168 |   |
|            Gross profit - United States antimony |   |                                      | 770,658   |   |   |   | 645,264 |   |
|                                                                                                    |   |                                      |      |   |   |   |   |   |
| Antimony Division - Mexico:                                                                             |   |                                      |      |   |   |   |   |   |
| Cost of sales - Madero smelter:                                                                         |   |                                      |      |   |   |   |   |   |
| Production costs                                                                                        |   |                                      | 440,510   |   |   |   | 225,198 |   |
| Depreciation                                                                                            |   |                                      | 50,418    |   |   |   | 39,946 |   |
| Freight and delivery                                                                                    |   |                                      | 65,424    |   |   |   | 804 |   |
| General and administrative                                                                              |   |                                      | 16,011    |   |   |   | 30,417 |   |
|        Total Madero smelter                                          |   |                                      | 572,363   |   |   |   | 296,365 |   |
| Non operating costs :                                                                                   |   |                                      |      |   |   |   |   |   |
|        Corporate                                                     |   |                                      | 39,216    |   |   |   |   |   |
|        Puerto Blanco mill                                            |   |                                      | 30,738    |   |   |   |   |   |
|        Los Juarez mine                                               |   |                                      | 11,828    |   |   |   |   |   |
| Total Mexico costs                                                                                      |   |                                      | 654,145   |   |   |   | 296,365 |   |
|            Gross profit (loss) - Mexico antimony |   |                                      | (654,145  | ) |   |   | (296,365 | ) |
|                                                                                                    |   |                                      |      |   |   |   |   |   |
|      Total revenues - antimony                                                 |   |                                      | 2,354,947 |   |   |   | 2,445,432 |   |
|      Total cost of sales - antimony                                            |   |                                      | 2,238,434 |   |   |   | 2,096,533 |   |
|      Total gross profit - antimony                                             |   |                                      | 116,513   |   |   |   | 348,899 |   |
|                                                                                                    |   |                                      |      |   |   |   |   |   |
| Zeolite Division:                                                                                       |   |                                      |      |   |   |   |   |   |
| Revenues                                                                                                |   |                                      | 698,607   |   |   |   | 392,607 |   |
| Cost of sales:                                                                                          |   |                                      |      |   |   |   |   |   |
| Production costs                                                                                        |   |                                      | 488,302   |   |   |   | 273,302 |   |
| Depreciation                                                                                            |   |                                      | 49,817    |   |   |   | 46,139 |   |
| Freight and delivery                                                                                    |   |                                      | 21,802    |   |   |   | (2,280 | ) |
| General and administrative                                                                              |   |                                      | 3,505     |   |   |   | 14,523 |   |
| Royalties                                                                                               |   |                                      | 66,810    |   |   |   | 44,912 |   |
| Direct sales expense                                                                                    |   |                                      | 21,474    |   |   |   | 18,390 |   |
|        Total cost of sales                                           |   |                                      | 651,710   |   |   |   | 394,986 |   |
|            Gross profit (loss) - zeolite         |   |                                      | 46,897    |   |   |   | (2,379 | ) |
|                                                                                                    |   |                                      |      |   |   |   |   |   |
| Total revenues - combined                                                                               |   | $                                         | 3,053,554 |   |   | $ | 2,838,039 |   |
| Total cost of sales - combined                                                                          |   |                                      | 2,890,144 |   |   |   | 2,491,519 |   |
| Total gross profit - combined                                                                           |   | $                                         | 163,410   |   |   | $ | 346,520 |   |

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| Financial Condition and Liquidity                      |   | March 31, 2012 |       |   | December 31, 2011 |   |
|--------------------------------------------------------|--------|----------------|------------|--------|-------------------|--------|
|                                                   |   |           |       |   |              |   |
| Current Assets                                         |   | $              | 4,157,872  |   |              | $      | 2,816,981 |   |
| Current liabilities                                    |   |           | (1,536,270 | )      |              |   | (1,595,433 | ) |
|    Net Working Capital                  |   | $              | 2,621,602  |   |              | $      | 1,221,548 |   |
|                                                   |   |           |       |   |              |   |   |   |
| Cash provided (used) by operations                     |   | $              | (113,465   | )      |              | $      | 564,041 |   |
| Cash (used) by investing                               |   |           | (807,355   | )      |              |   | (2,239,441 | ) |
| Cash provided (used) by financing:                     |   |           |       |   |              |   |   |   |
|    Principal paid on long-term debt     |   |           | (19,520    | )      |              |   | (124,722 | ) |
|    Sale of Stock                        |   |           | 2,462,404  |   |              |   | 1,242,780 |   |
|    Other                                |   |           | (113,908   | )      |              |   | 113,908 |   |
|       Net change in cash |   | $              | 1,408,156  |   |              | $      | (443,434 | ) |

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| ●   | 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. |
|---------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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

| ●   | The CFO will review all bank reconciliations |
|---------------------|----------------------------------------------|

| ●   | The CFO will review all material transactions for capital expenditures |
|---------------------|------------------------------------------------------------------------|

| ●   | The CFO will review all period ending entries for preparation of financial statements, including the calculation of inventory, depreciation, and amortization |
|---------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ●   | The CFO will review all material entries for compliance with generally accepted accounting principles prior to the annual audit and 10Q filings |
|---------------------|-------------------------------------------------------------------------------------------------------------------------------------------------|

| ●   | The CFO will develop a formal capitalization policy |
|---------------------|-----------------------------------------------------|

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| Mine               |   | Mine Act §104 Violations (1) |   |   | Mine Act §104(b) Orders (2) |   |   | Mine Act §104(d) Citations and Orders (3) |   |   | Mine Act §(b)(2) Violations (4) |   |   | Mine Act §107(a) Orders (5) |   |   | Proposed Assessments from MSHA (In dollars$) |   |   | Mining Related Fatalities |   | Mine Act §104(e) Notice (yes/no) (6) |     | Pending Legal Action before Federal Mine Saftey and Health Review Commission (yes/no) |
|--------------------|--------|-----------------------------------|--------|--------|----------------------------------|--------|--------|------------------------------------------------|--------|--------|--------------------------------------|--------|--------|----------------------------------|--------|--------|----------------------------------------------|--------|--------|---------------------------|--------|-------------------------------------------|----------|---------------------------------------------------------------------------------------|
| Bear River Zeolite |   |                              | 0      |   |                             |   | 0      |                                           |   |   | 0                                    |   |   |                             | 0      |   |                                         |   | 0      |                      |   | $                                         | 2,473.00 |                                                                                  |   |   | 0 |   | No |   | No |

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|        | UNITED STATES ANTIMONY CORPORATION |                                     |
|-------------|------------------------------------|------------------------------------------|
|        | (Registrant)                       |
|        |                               |
| Date:       | By:                                | /s/ John C. Lawrence                     |   |
|        |                               | John C. Lawrence, Director and President |   |
|        |                               | (Principal Executive)                    |   |
|        |                               |                                     |   |
| Date:  | By:                                | /s/ Daniel L. Parks                      |   |
|        |                               | Daniel L. Parks, Chief Financial Officer |   |

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