Warrant No.  Series 2000-01             Warrant to Purchase
                                        300,000 Common Shares

                         STOCK PURCHASE WARRANT
      (For the Purchase of Shares of a Par Value of $.01 Per Share)

                   UNITED STATES ANTIMONY CORPORATION
          (Incorporated under the laws of the State of Montana)

Void After 9:00 AM on 25 January 2003


     This is to certify that, for the value received, AL W. DUGAN,1415
LOUISIANA, SUITE 3100, HOUSTON, TEXAS 77002 is entitled, subject to the
terms and conditions hereinafter set forth, to purchase the number of
Unregistered Common Shares as set forth above, with a par value of $.01
per share, hereinafter called Unregistered Common Shares, of United
States Antimony Corporation, hereinafter called the Company, at an
exercise price of $.25 per share, and to receive a certificate or
certificates for the Unregistered Common Shares so purchased, upon
presentation and surrender to the Company, with the form of subscription
duly executed, and accompanied by the payment of the purchase price of
each share purchased either in cash or by certified or bank cashier's
check payable to the order of the Company.

     The Company covenants and agrees that all shares which may be
delivered upon the exercise of this Warrant will, upon delivery, be free
from all taxes, liens and charges, will be fully paid and non-
assessable, and the Company further covenants and agrees that it will
from time-to-time take all such action as may be requisite to assure
that the par value per share of the Common Shares is at all time equal
to or less than the current Warrant purchase price per share of the
Unregistered Common Shares issuable pursuant to this Warrant.

     The purchase rights represented by this Warrant are exercisable at
the option of the registered owner hereof in whole at any time, or in
part from time-to-time, within the period above stated, provided,
however, that such purchase rights shall not be exercisable with respect
to a fraction of a share of Common Shares.

     In case of the purchase of less than all shares purchasable under
this warrant, the Company shall cancel this Warrant upon the surrender
hereof and shall execute and deliver a new Warrant of like tenor and
date for the balance of the shares purchasable hereunder.
     The Company agrees at all times to reserve and hold available a
sufficient number of Unregistered Common Shares to cover the number of
shares issuable upon the exercise of this and all other similar Warrants
then outstanding.

     This Warrant shall not entitle the holder hereof to any voting
rights or other rights as a shareholder of the Corporation, or any other
rights whatsoever, except the rights herein expressed and such as are
set forth, and no dividends shall be payable or accrue in respect of the
Warrant or the interest represented hereby or the shares purchasable
hereunder until or unless, and except to the extent that, this Warrant
shall be exercised.

     This warrant and the rights represented hereby may not be
transferred except by way of gift to family members and family entities,
such as trusts or foundations.

     In any of the following events, occurring hereafter and until the
expiration of the Warrant by the passage of time or the full exercise
hereof, appropriate adjustments shall be made in the number of shares
deliverable upon the exercise of this Warrant or the price per share to
be paid so as to maintain the proportion of interest of each Warrant
holder. If the Company at any time prior to the expiration of the
Warrants and prior to the exercise thereof declares a dividend on the
Common Stock of the Company, payable in Common Stock or securities
convertible into Common Stock, or divides, consolidates or reclassifies
the Common Stock, whether upon a recapitalization or otherwise, or
merges or consolidates with or into another Corporation (unless the
Company is the continuing Corporation and there is no reclassification
or change of outstanding shares of Common Stock) the number of Common
Shares issuable upon exercise of this Warrant shall thereafter (until
further adjusted), consist of the kind and amount of securities or
property which would have been issuable had the Warrants been exercised
immediately prior to the record date for the event in question.  The
Company shall not affect any such merger or consolidation unless, at or
prior to the consumption thereof, the surviving Corporation shall assume
by written agreement the obligation to deliver these securities which,
and accordance with the foregoing, the Warrant holder is entitled to
purchase.  The above provisions relative to dilution shall not apply to
any issuance or sale by the Company of any of its securities, or any
securities convertible into Common Stock, which issuance and sale was
for valid consideration as determined by the Board of Directors of the
Company and the Company shall be free to offer and sell during the term
of this Warrant such of its securities as it may deem advisable and
appropriate.


     Upon receipt by the Company of evidence satisfactory to it (in the
exercise of its reasonable discretion) of the ownership of and the loss,
theft, destruction or mutilation of this Warrant and (in the case of
loss, theft, or destruction) of indemnity satisfactory to it, and (in
the case of mutilation) upon surrendering this Warrant for cancellation,
the Company will execute and deliver, in lieu thereof, a new Warrant for
like tenor.

     The Warrants represented by this certificate and the shares
underlying issuable upon exercise hereof, have not been registered under
the Securities Act of 1933.  The Warrants have been purchased for
investment and not with a view to distribution or resale, they may not
be made subject to security interest, pledged, hypothecated. The warrant
may not be transferred except by way of gift to family members and
family entities, such as trusts or foundations.  Shares issuable upon
exercise of this warrant will have been purchased by the holder thereof
for investment and not with a view to distribution or resale, or
otherwise transferred without an effective registration statement
pursuant to the Securities Act of 1933, or an opinion of counsel
acceptable to counsel for the Company that registration is not required
under such Act.  Any shares issued upon the exercise of this Warrant
shall bear a restrictive legend in substantially the following form:

     "No sale offer to sell or transfer of the shares represented
      by this certificate shall be made unless a registration
      statement under the Securities Act of 1933, as amends,
      with respect to such shares is then in effect or an
      exemption from the registration requirements of such Act
      is then in fact applicable to such shares."

     All notices and other communications from the Company to the holder
of this Warrant shall be mailed by first class mail, postage prepaid, to
the address furnished to the Company in writing by the holder of this
Warrant.

          Dated: 25 January 2000

                               UNITED STATES ANTIMONY CORPORATION


                               By
                                 John C. Lawrence, President

ATTEST:


Lee Martin