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

                                   FORM 10-QSB




(Mark  One)

[X]  QUARTERLY  REPORT  UNDER  SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE
     ACT  OF  1934
                  For the quarterly period ended March 31, 2002

[ ]  TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE
     ACT  OF  1934
                      For  the  transition  period ______to________




                         Commission file number 33-00215

                       UNITED STATES ANTIMONY CORPORATION

                 (Name of small business issuer in its charter)


        MONTANA                                   81-0305822
        -------                                   ----------
  (State or other jurisdiction                 (I.R.S. Employer
of incorporation or organization)             Identification No.)

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


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



Check  whether  the issuer (1) filed all reports required to be filed by Section
13  or  15(d) of the Exchange Act during the past 12 months (or for such shorter
period  that the registrant was required to file such reports), and (2) has been
subject  to  such  filing  requirements  for  the  past  90  days.
YES     X          No
       ---            ---




At  May  6,  2002, the registrant had outstanding 26,956,956 shares of par value
$0.01  common  stock.




<PAGE>


                       UNITED STATES ANTIMONY CORPORATION
                         QUARTERLY REPORT ON FORM 10-QSB
                            FOR THE QUARTERLY PERIOD
                              ENDED MARCH 31, 2002



                                TABLE OF CONTENTS


                                                                        Page

PART  I  -  FINANCIAL  INFORMATION

Item  1:  Financial  Statements                                            1

Item  2:  Management's  Discussion  and  Analysis  of  Financial
          Condition  and Results  of  Operations                           5


PART  II  -  OTHER  INFORMATION

Item  1:  Legal  Proceedings                                               7

Item  2:  Changes  in  Securities                                          7

Item  3:  Defaults  among  Senior  Securities                              7

Item  4:  Submission  of  Matters  to  a  Vote  of  Security  Holders      7

Item  5:  Other  Information                                               7

Item  6:  Exhibits  and  Reports  on  Form  8-K                            7


SIGNATURES







         [The balance of this page has been intentionally left blank.]






<PAGE>


     PART  I-FINANCIAL  INFORMATION

ITEM  1.  FINANCIAL  STATEMENTS
UNITED  STATES  ANTIMONY  CORPORATION  AND  SUBSIDIARY
CONSOLIDATED  BALANCE  SHEETS

<TABLE>
<CAPTION>

                                                                         (UNAUDITED)
                                                                          MARCH 31,     DECEMBER 31,
                                                                            2002            2001
<S>                                                                     <C>            <C>
                                                      ASSETS
Current assets:
  Restricted cash. . . . . . . . . . . . . . . . . . . . . . . . . . .  $      3,659   $       3,803
  Accounts receivable, less allowance
    for doubtful accounts of $30,000 . . . . . . . . . . . . . . . . .        40,598         105,084
  Inventories. . . . . . . . . . . . . . . . . . . . . . . . . . . . .       132,943         126,075
                                                                        -------------  --------------
          Total current assets . . . . . . . . . . . . . . . . . . . .       177,200         234,962

Investment in USAMSA, net. . . . . . . . . . . . . . . . . . . . . . .        89,303          95,734
Properties, plants and equipment, net. . . . . . . . . . . . . . . . .       392,894         307,373
Restricted cash for reclamation bonds. . . . . . . . . . . . . . . . .        87,550          87,550
                                                                        -------------  --------------
          Total assets . . . . . . . . . . . . . . . . . . . . . . . .  $    746,947   $     725,619
                                                                        =============  ==============

                                      LIABILITIES AND STOCKHOLDERS' DEFICIT
Current liabilities:
  Checks issued and payable. . . . . . . . . . . . . . . . . . . . . .  $     56,885   $      61,121
  Accounts payable . . . . . . . . . . . . . . . . . . . . . . . . . .       691,859         624,588
  Accrued payroll and property taxes . . . . . . . . . . . . . . . . .       271,229         256,320
  Accrued payroll. . . . . . . . . . . . . . . . . . . . . . . . . . .        26,198          26,150
  Other current liabilities. . . . . . . . . . . . . . . . . . . . . .        56,467          56,640
  Judgment payable . . . . . . . . . . . . . . . . . . . . . . . . . .        47,374          46,523
  Accrued interest payable . . . . . . . . . . . . . . . . . . . . . .        14,640          14,640
  Payable to related parties . . . . . . . . . . . . . . . . . . . . .        94,702         121,082
  Notes payable to bank, current . . . . . . . . . . . . . . . . . . .       216,183         119,431
  Accrued reclamation costs, current . . . . . . . . . . . . . . . . .       137,639         137,639
                                                                        -------------  --------------
          Total current liabilities. . . . . . . . . . . . . . . . . .     1,613,176       1,464,134

Notes payable to bank, noncurrent. . . . . . . . . . . . . . . . . . .       248,467         341,845
Accrued reclamations costs, noncurrent . . . . . . . . . . . . . . . .        87,524          87,524
                                                                        -------------  --------------
          Total liabilities. . . . . . . . . . . . . . . . . . . . . .     1,949,167       1,893,503
                                                                        -------------  --------------

Commitments and contingencies (Note 3)

Stockholders' deficit:
  Preferred stock, $.01 par value, 10,000,000 shares authorized:
      Series A: 4,500 shares issued and outstanding. . . . . . . . . .            45              45
      Series B: 750,000 shares issued and outstanding. . . . . . . . .         7,500           7,500
      Series C: 177,904 shares issued and outstanding. . . . . . . . .         1,779           1,779
  Common stock, $.01 par value, 30,000,000 shares
    authorized; 26,956,959 issued and outstanding at March 31, 2002
    and 26,156,959 shares issued and outstanding at December 31, 2001.       269,569         261,569
  Additional paid-in capital . . . . . . . . . . . . . . . . . . . . .    16,943,610      16,791,610
  Accumulated deficit. . . . . . . . . . . . . . . . . . . . . . . . .   (18,424,723)    (18,230,387)
                                                                        -------------  --------------
          Total stockholders' deficit. . . . . . . . . . . . . . . . .    (1,202,220)     (1,167,884)
                                                                        -------------  --------------
          Total liabilities and stockholders' deficit. . . . . . . . .  $    746,947   $     725,619
                                                                        =============  ==============
</TABLE>

The accompanying notes are an integral part of the financial statements.
1

<PAGE>

UNITED  STATES  ANTIMONY  CORPORATION  AND  SUBSIDIARIES
CONSOLIDATED  STATEMENTS  OF  OPERATIONS  (UNAUDITED)
<TABLE>
<CAPTION>




                                                                   FOR THE THREE MONTHS ENDED
                                                                       MARCH 31,    MARCH 31,
                                                                        2002         2001
<S>                                                         <C>                       <C>
Revenues:
  Sales of antimony products and other . .                       $     651,089   $   961,131
  Sales of zeolite products. . . . . . . .                              61,314
                                                                 -------------   -----------
                                                                       712,403       961,131

  Cost of zeolite production . . . . . . .                              39,311
  Cost of antimony production. . . . . . .                             564,548       802,368
  Freight and delivery-antimony. . . . . .                              79,809       103,614
                                                                 -------------   -----------
                                                                       683,668       905,982

Gross profit . . . . . . . . . . . . . . .                              28,735        55,149
                                                                 -------------   -----------

Other operating expenses:
  Bear River Zeolite-sales and development                              68,481        46,243
  General and administrative . . . . . . .                              97,896       174,047
  Sales expenses . . . . . . . . . . . . .                              26,865        38,496
                                                                  ------------   -----------
                                                                       193,242       258,786
                                                                  ------------   -----------
Other (income) expense:
  Interest expense . . . . . . . . . . . .                              17,453        39,886
  Factoring expense. . . . . . . . . . . .                              19,326        23,264
  Interest income and other. . . . . . . .                              (6,950)       (1,481)
                                                                   -----------   -----------
                                                                        29,829        61,669
                                                                   -----------   -----------

Net loss . . . . . . . . . . . . . . . . .                         $   194,336   $   265,306
                                                                   ===========   ===========

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

Basic weighted average shares outstanding.                          26,588,070    18,467,762
                                                                   ===========   ===========



</TABLE>

The accompanying notes are an integral part of the financial statements.
2
<PAGE>

UNITED  STATES  ANTIMONY  CORPORATION  AND  SUBSIDIARY
CONSOLIDATED  STATEMENTS  OF  CASH  FLOWS  (UNAUDITED)
<TABLE>
<CAPTION>



                                                                     FOR THE THREE MONTHS ENDED
                                                                        MARCH 31,       MARCH 31,
                                                                          2002            2001
<S>                                                    <C>                           <C>
Cash flows from operating activities:
  Net loss. . . . . . . . . . . . . . . . . . . . . .                 $   (194,336)  $ (265,306)
  Adjustments to reconcile net loss to
    net cash used by operations:
      Depreciation. . . . . . . . . . . . . . . . . .                       26,931       24,000
      Amortization of deferred financing charges. . .                                    10,313
      Amortization of debenture discount. . . . . . .                                     3,161
  Change in:
        Restricted cash . . . . . . . . . . . . . . .                          144         (472)
        Accounts receivable . . . . . . . . . . . . .                       64,486       53,932
        Inventories . . . . . . . . . . . . . . . . .                       (6,868)      50,079
        Accounts payable. . . . . . . . . . . . . . .                       67,271       31,068
        Accrued payroll and property taxes. . . . . .                       14,909      (66,683)
        Accrued payroll and other . . . . . . . . . .                         (125)      69,033
        Judgments payable . . . . . . . . . . . . . .                          851          761
        Accrued debenture interest payable. . . . . .                                    25,575
        Payable to related parties. . . . . . . . . .                      (26,380)      (5,784)
                                                                       ------------  ----------
          Net cash used by operating activities . . .                      (53,117)     (70,323)
                                                                       ------------  -----------

Cash flows from investing activities:
  Purchase of properties, plants and equipment. . . .                     (106,021)     (38,810)
                                                                       -----------   -----------
          Net cash used in investing activities . . .                     (106,021)     (38,810)
                                                                       -----------   -----------

Cash flows from financing activities:
  Proceeds from issuance of common stock and warrants                      160,000       42,000
  Payments on notes payable to bank . . . . . . . . .                      (96,117)
  Proceeds from related party advances. . . . . . . .                       50,000
  Proceeds from notes payable to bank . . . . . . . .                       99,491       40,934
  Change in checks issued and payable . . . . . . . .                       (4,236)     (23,801)
                                                                        ----------   -----------
          Net cash provided by financing activities .                      159,138      109,133
                                                                         ----------  -----------
Net change in cash. . . . . . . . . . . . . . . . . .                            0            0
Cash, beginning of period . . . . . . . . . . . . . .                            0            0
                                                                         ---------  -----------
Cash, end of period . . . . . . . . . . . . . . . .                   .  $       0   $        0
                                                                         ==========  ===========

Supplemental disclosures:
  Cash paid during the period for interest. . . . . .                    $   13,343  $    12,495
                                                                         ==========  ===========



</TABLE>

The accompanying notes are an integral part of the financial statements.
3
<PAGE>

PART  I  -  FINANCIAL  INFORMATION,  CONTINUED:

UNITED  STATES  ANTIMONY  CORPORATION  AND  SUBSIDIARIES

NOTES  TO  CONSOLIDATED  FINANCIAL  STATEMENTS  (UNAUDITED)

1.  BASIS  OF  PRESENTATION:

The  unaudited  consolidated  financial  statements  have  been  prepared by the
Company  in  accordance  with  accounting  principles  generally accepted in the
United  States  of  America  for  interim  financial information, as well as the
instructions  to  Form  10-QSB.  Accordingly,  they  do  not  include all of the
information  and  footnotes required by accounting principles generally accepted
in  the  United  States  of  America  for  complete financial statements. In the
opinion  of the Company's management, all adjustments (consisting of only normal
recurring  accruals) considered necessary for a fair presentation of the interim
financial  statements  have been included. Operating results for the three-month
period  ended  March 31, 2002 are not necessarily indicative of the results that
may  be  expected  for  the  full  year  ending  December  31,  2002.  Certain
consolidated  financial statement amounts for the three-month period ended March
31,  2001  have  been  reclassified  to conform to the 2002 presentation.  These
reclassifications  had  no  effect  on  the  net  loss or accumulated deficit as
previously  reported.

For  further information refer to the financial statements and footnotes thereto
in  the  Company's  Annual Report on Form 10-KSB for the year ended December 31,
2001.

2.  LOSS  PER  COMMON  SHARE

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

3.  COMMITMENTS  AND  CONTINGENCIES:

Until  1989, the Company mined, milled and leached gold and silver in the Yankee
Fork  Mining District in Custer County, Idaho. 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  December  31,  2001,  the  cyanide  solution cleanup was
complete, the mill removed, and a majority of the cyanide leach residue disposed
of.  In  1996,  the Idaho Department of Environmental Quality requested that the
Company  sign  a  consent  decree  related  to  completing  the  reclamation and
remediation  at  the  Preachers  Cove mill, which the Company signed in December
1996.

In  November  of  2001,  the  Environmental Protection Agency ("EPA") listed two
by-products  of  the Company's antimony oxide manufacturing process as hazardous
wastes.  Antimony  slag  and  antimony  bag  house  filters  are  now subject to
comprehensive  management  and  treatment  standards  under  subtitle  C  of the
Resource  Conservation  and  Recovery  Act  ("RCRA"), and emergency notification
requirements  for  releases  to  the environment under CERCLA.  During 2001, the
Company  adjusted  its reclamation accrual at its antimony processing site based
on an estimate of costs associated with disposing the Company's current antimony
slag  inventory  according  to  EPA  universal  treatment standards. While it is
probable  that  future costs will result from the EPA's listings, the additional
costs  are  not  estimable  at  December  31,  2001.

                                        4

<PAGE>

UNITED  STATES  ANTIMONY  CORPORATION  AND  SUBSIDIARY

NOTES  TO  CONSOLIDATED  FINANCIAL  STATEMENTS  (UNAUDITED),  CONTINUED:

3.  COMMITMENTS  AND  CONTINGENCIES,  CONTINUED:

The  Company's  management  believes  that  USAC  is  currently  in  substantial
compliance  with  environmental  regulatory  requirements  and  that its accrued
environmental  reclamation  costs are representative of management's estimate of
costs  required  to fulfill its reclamation obligations.  Such costs are accrued
at  the  time  the  expenditure becomes probable and the costs can reasonably be
estimated.  The  Company  recognizes,  however,  that  in  some  cases  future
environmental  expenditures cannot be reliably determined due to the uncertainty
of  specific remediation methods, conflicts between regulating agencies relating
to  remediation  methods  and  environmental law interpretations, and changes in
environmental  laws  and  regulations.  Any changes to the Company's reclamation
plans as a result of these factors could have an adverse affect on the Company's
operations.  The  range  of  possible  losses  in  excess of the amounts accrued
cannot  be  reasonably  estimated  at  this  time.

During  2001, the Company issued a number of shares in transactions that may not
qualify  for exemption from the Securities Act registration requirements and may
be  in  violation  of  Section 5 of the Securities Act of 1933.  As a result the
Company  may  be subject to liabilities associated with the rescission rights of
the  purchasers  of  these  shares  and  fines  and  penalties  from  securities
regulators.  At  March  31,  2002  and  December  31,  2001, the Company had not
recorded  any  liability  associated  with  the  issuance  of  these  shares, as
management  believes  the  likelihood  of a claim, and the ultimate outcome if a
claim  is  asserted,  cannot  be  ascertained  at  this  time.

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

General

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

Results  of  Operations

The  Company's operations resulted in a net loss of $194,336 for the three-month
period  ended  March  31,  2002,  compared  with  a net loss of $265,306 for the
three-month  period ended March 31, 2001. The decrease in the loss for the first
quarter  of  2002  compared  to  the similar quarter of 2001 is primarily due to
decreased  general and administrative expenses during the first quarter of 2002.
During  the  first quarter of 2001, the Company incurred penalties and legal and
accounting  expenses associated with the preparation of a registration statement
that  were  not  incurred  during  the  first  quarter  of  2002.

Total  revenues  from  antimony product sales for the first quarter of 2002 were
$651,089  compared  with $961,131 for the comparable quarter of 2001, a decrease
of $310,042.  During the three-month period ended March 31, 2002, 40.36%, of the
Company's  revenues  from antimony product sales were from sales to one customer
and  10.7%  were  from sales to a second individual customer.  Sales of antimony
products  during  the  first  quarter  of 2002 consisted of 752,049 pounds at an
average  sale  price of $0.87 per pound.  During the first quarter of 2001 sales
of  antimony  products  consisted  of 945,324 pounds at an average sale price of
$1.02 per pound.  Management believes that the decrease in the sales of antimony
products  is the result of a general economic slow down during the first quarter
of 2002. The decrease in sale prices of antimony products from the first quarter
of  2001  to the first quarter of 2002 is the result of a corresponding decrease
in  antimony  metal  prices.

                                            5
<PAGE>


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

Sales  of  zeolite  products  during  the first quarter of 2002 were $61,314, no
corresponding  sales  were  made  during the first period of 2001.  Gross profit
from  antimony and zeolite sales during the first three-month period of 2002 was
$28,735  compared  with  gross  profit  of  $55,149 during the first three-month
period  of  2001.

During the first quarter of 2002, the Company incurred expenses totaling $68,481
associated  with  production  and development costs of its 75% owned subsidiary,
Bear River Zeolite Company, ("Bear River Zeolite or BRZ") compared to $46,243 of
expenses  in  the  comparable quarter of 2001.  The increase in BRZ expenses was
principally  due  to  the  costs  associated  with zeolite marketing efforts and
expenses  relating  to the development of the zeolite plant and equipment during
2002.

General  and  administrative  expenses  were $97,896 during the first quarter of
2002,  compared  to  $174,047 during the first quarter of 2001.  The decrease in
general and administrative expenses during the first quarter of 2002 compared to
the same quarter of 2001 was partially due to the absence of penalties and legal
and  accounting  expenses  associated  with  the  preparation  of a registration
statement  during  the first quarter of 2001 that were incurred during the first
quarter  of  2001.

Sales  expenses  were  $26,865  during  the  first quarter of 2002 compared with
$38,496  in the first quarter of 2001, the decrease was due to the allocation of
a  portion  of  the  Company's  sales  and  labor  costs  to  BRZ.

Interest  expense  was  $17,453  during  the  first quarter of 2002, compared to
interest  expense  of  $39,886  incurred  during  the first quarter of 2001; the
decrease in interest expense was due to the conversion of outstanding debentures
during  the  fourth  quarter  of  2001.

Accounts  receivable  factoring  expense was $19,326 during the first quarter of
2002  compared to $23,264 of factoring expense incurred during the first quarter
of  2002.  The  decrease was primarily due to fewer accounts receivable factored
during  the  first  quarter  of  2002  compared  to  2001.

Interest and other income increased from $1,481 during the first quarter of 2001
to  $6,950  during  the  first  quarter of 2002.  The increase was the result of
plant  and  equipment  rental  income  recognized  from  BRZ.

Financial  Condition  and  Liquidity

At  March  31,  2002,  Company  assets  totaled  $746,947,  and  there  was  a
stockholders' deficit of $1,202,220. The stockholders' deficit increased $34,336
from  December 31, 2001, primarily due to the net loss incurred during the first
quarter  of  2002.  At  March  31,  2002 the Company's total current liabilities
exceeded  its total current assets by $1,435,976. Due to the Company's operating
losses,  negative  working  capital,  and  stockholders'  deficit, the Company's
independent  accountants  included  a  paragraph in the Company's 2001 financial
statements  relating  to  a  going  concern  uncertainty. To continue as a going
concern  the  Company  must generate profits from its antimony and zeolite sales
and  to  acquire additional capital resources through the sale of its securities
or  from  short  and  long-term debt financing. Without financing and profitable
operations, the Company may not be able to meet its obligations, fund operations
and  continue in existence. While management is optimistic that the Company will
be  able  to  sustain  profitable operations and meet its financial obligations,
there  can  be  no  assurance  of  such.

Cash used by operating activities during the first three months of 2002 was
$53,117,  and  resulted  from the first quarter net loss of $194,336 as adjusted
principally  by  decreasing accounts receivable, increasing accounts payable and
the  non-cash  affects  of  depreciation  and  amortization  expenses.

Cash  used  in  investing  activities  during the first three months of 2002 was
$106,021 and primarily related to the construction of capital assets at the Bear
River  Zeolite  facility.

                                             6
<PAGE>

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

Cash provided by financing activities was $159,138 during the first three months
of  2002,  and  was  principally  generated  by  sales  of  800,000  shares  of
unregistered  common  stock  for  $160,000  or  $0.20  per  share.


                           PART II - OTHER INFORMATION

ITEM  1.     LEGAL  PROCEEDINGS

None

ITEM  2.     CHANGES  IN  SECURITIES

Neither  the  constituent  instruments  defining  the rights of the registrant's
securities  filers  nor  the  rights  evidenced  by the registrant's outstanding
common stock have been modified, limited or qualified.  The Company sold 800,000
shares  of  its  common  stock  for $0.20 per share, during the first quarter of
2002  pursuant  to  exemptions  from  registration  under  Section  4(2)  of the
Securities  Act  of  1933  as  amended.

ITEM  3.     DEFAULTS  UPON  SENIOR  SECURITIES

The  registrant  has  no  outstanding  senior  securities.

ITEM  4.     SUBMISSION  OF  MATTERS  TO  A  VOTE  OF  SECURITY  HOLDERS

None

ITEM  5.     OTHER  INFORMATION

None

ITEM  6.     EXHIBITS  AND  REPORTS  ON  FORM  8-K

Exhibits  None


Reports  on  Form  8-K     None











                                                     7
<PAGE>
























                                    SIGNATURE


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


                       UNITED STATES ANTIMONY CORPORATION
                                  (Registrant)



                   By:/s/ John C. Lawrence Date: May 14, 2002
                      ---------------------------------------
                    John C. Lawrence, Director and President
                 (Principal Executive, Financial and Accounting
Officer)






                                            8
<PAGE>