# EDGAR Filing Document

**Accession Number:** 0000101538
**File Stem:** 0001654954-25-010561
**Filing Date:** 2025-9
**Character Count:** 31425
**Document Hash:** 43026d08cee7b545369910ef19a4bb26
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001654954-25-010561.hdr.sgml**: 20250909

**ACCESSION NUMBER**: 0001654954-25-010561

**CONFORMED SUBMISSION TYPE**: S-8

**PUBLIC DOCUMENT COUNT**: 17

**FILED AS OF DATE**: 20250909

**DATE AS OF CHANGE**: 20250909

**EFFECTIVENESS DATE**: 20250909

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** UNITED STATES ANTIMONY CORP
- **CENTRAL INDEX KEY:** 0000101538
- **STANDARD INDUSTRIAL CLASSIFICATION:** PRIMARY SMELTING & REFINING OF NONFERROUS METALS [3330]
- **ORGANIZATION NAME:** 04 Manufacturing
- **EIN:** 810305822
- **STATE OF INCORPORATION:** MT
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** S-8
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-290145
- **FILM NUMBER:** 251304323

**BUSINESS ADDRESS:**
- **STREET 1:** 4438 W LOVERS LANE
- **STREET 2:** UNIT 100
- **CITY:** DALLAS
- **STATE:** TX
- **ZIP:** 75209
- **BUSINESS PHONE:** 4068273523

**MAIL ADDRESS:**
- **STREET 1:** 4438 W LOVERS LANE
- **STREET 2:** UNIT 100
- **CITY:** DALLAS
- **STATE:** TX
- **ZIP:** 75209

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** AGAU MINES INC
- **DATE OF NAME CHANGE:** 19740728

**As filed with the Securities and Exchange Commission on September , 2025.**

**Registration No. 333-_____**

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**WASHINGTON, D.C. 20549**

**FORM S-8**

**REGISTRATION STATEMENT**

**UNDER**

**THE SECURITIES ACT OF 1933**

---

| |
|:---|
| **UNITED STATES ANTIMONY CORPORATION**  |
| *(Exact name of registrant as specified in its charter)* |

---

---

| | |
|:---|:---|
| **Texas** | **81-0305822** |
| *(State or other jurisdiction of*<br> *incorporation or organization)* | *(I.R.S. Employer*<br> *Identification No.)* |

---

---

| | |
|:---|:---|
| **4438 W. Lovers Lane, Unit 100**<br> **Dallas, Texas** | **75209** |
| *(Address of Principal Executive Offices)* | *(Zip Code)* |

---

**UNITED STATES ANTIMONY CORPORATION AMENDED AND RESTATED** 

**2023 EQUITY INCENTIVE PLAN** 

*(Full title of the plan)*

Gary C. Evans

Chairman and Chief Executive Officer

United States Antimony Corporation

4438 W. Lovers Lane, Unit 100

Dallas, Texas 75209

 *(Name and address of agent for service)*

(406) 606-4117

*(Telephone number, including area code, of agent for service)*

*with copies to:*

Dean M. Colucci

Kelly A. Dabek

Alex Pherson

Duane Morris LLP

22 Vanderbilt

335 Madison Avenue, 23<sup>rd</sup> Floor

New York, NY 10017

(973) 424-2020

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company" and "emerging growth company" in Rule 12b-2 of the Exchange Act.

Large accelerated filer ☐ Accelerated filer ☐ <br> Non-accelerated filer ☒ Smaller reporting company ☒ <br> Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period to comply with any new or revised financial accounting standards provided pursuant to Section 7(a)(2)(B) of Securities Act. ☐

**EXPLANATORY NOTE**

Pursuant to General Instruction E to Form S-8, this registration statement on Form S-8 (this "Registration Statement") is being filed for the purpose of registering an additional 15,000,000 shares of common stock of United States Antimony Corporation. (the "Registrant" or the "Company"), par value $0.01 per share ("Common Stock"), that may be issued pursuant to awards granted under United States Antimony Corporation Amended and Restated 2023 Equity Incentive Plan (the "Amended and Restated 2023 Plan"). On May 30, 2025, the Board of Directors of the Company adopted, subject to shareholder approval, the Amended and Restated 2023 Plan. The Amended and Restated 2023 Plan was approved by the Company's shareholders at the 2025 Annual Meeting of Shareholders held on July 31, 2025, and became effective on that date. The Amended and Restated 2023 Plan increases the aggregate number of shares of Common Stock authorized for issuance pursuant to awards under the Plan by 15,000,000 shares, resulting in a new total share reserve of approximately 23,700,000 shares, and updates the governing law of the Plan to Texas.

As of September 4, 2025, 9,136,201 shares of Common Stock were subject to outstanding awards and 12,174,767 shares remained available for future grant under the Amended and Restated 2023 Plan.

**This Registration Statement hereby incorporates by reference the contents of the registration statement on Form S-8 (File No. 333-279415) (as it relates to the 2023 Equity Incentive Plan) previously filed by the Registrant on May 15, 2024, to the extent not superseded hereby.**

**PART II**

INFORMATION REQUIRED IN THE REGISTRATION STATEMENT

**Item 3. Incorporation of Documents by Reference.**

The Securities and Exchange Commission (the "Commission") allows us to "incorporate by reference" the information we file with it, which means that we can disclose important information to you by referring you to those documents instead of having to repeat the information in this prospectus. The information incorporated by reference is considered to be part of this prospectus, and later information that we file with the Commission will automatically update and supersede this information. We incorporate by reference the documents listed below and any future filings made with the Commission under Sections 13(a), 13(c), 14 or 15(d) of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), between the date of this prospectus and the termination of the offering:

(1) Our Annual Report on [Form 10-K](http://www.sec.gov/Archives/edgar/data/101538/000165495425003048/uamy_10k.htm) for the year ended December 31, 2024, filed with the SEC on March 20, 2025, as amended by Amendment No. 1 on [Form 10-K/A](http://www.sec.gov/Archives/edgar/data/101538/000165495425004433/uamy_10ka.htm) filed with the SEC on April 18, 2025;

(2) Our Quarterly Reports on Form 10-Q for (i) the quarter ended March 31, 2025, filed with the SEC on [May 8, 2025](http://www.sec.gov/Archives/edgar/data/101538/000165495425005221/uamy_10q.htm) and (ii) for the quarter ended June 30, 2025, filed with the SEC on [August 12, 2025](http://www.sec.gov/Archives/edgar/data/101538/000165495425009449/uamy_10q.htm) ;

(3) Our Current Reports on Form 8-K filed with the SEC on [April 14, 2025](http://www.sec.gov/Archives/edgar/data/101538/000165495425004234/uamy_8k.htm) , [July 25, 2025](http://www.sec.gov/Archives/edgar/data/101538/000165495425008485/uamy_8k.htm) , [August 4, 2025](http://www.sec.gov/Archives/edgar/data/101538/000165495425008923/uamy_8k.htm) , [August 19, 2025](http://www.sec.gov/Archives/edgar/data/101538/000165495425009792/uamy_8k.htm) , [August 29, 2025](http://www.sec.gov/Archives/edgar/data/101538/000165495425010160/uamy_8k.htm) and [September 3, 2025](http://www.sec.gov/Archives/edgar/data/101538/000165495425010316/uamy_8k.htm) ;

(4) Our Definitive Proxy Statement on [Schedule 14A](http://www.sec.gov/Archives/edgar/data/101538/000114036125022268/ny20049690x2_def14a.htm) , filed with the SEC on June 12, 2025; and

(5) The Description of Securities filed as Exhibit 4.1 to our Annual Report on Form 10-K for the fiscal year ended December 31, 2024, filed with the Commission on March 20, 2025.

All other reports and documents subsequently filed by us pursuant to Sections 13(a), 13(c), 14 or 15(d) of the Exchange Act (other than Current Reports furnished under Item 2.02 or Item 7.01 of Form 8-K and exhibits furnished on such form that relate to such items) shall be deemed to be incorporated by reference in this Registration Statement and to be a part of this Registration Statement from the respective date of filing of each of those reports or documents until the filing of a post-effective amendment to this Registration Statement which indicates either that all securities offered by this Registration Statement have been sold or which deregisters all of the securities under this Registration Statement then remaining unsold.

Any statement contained in this Registration Statement or in a document incorporated or deemed to be incorporated by reference in this Registration Statement shall be deemed to be modified or superseded for purposes of this Registration Statement to the extent that a statement contained in this Registration Statement or in any other subsequently filed document which also is or is deemed to be incorporated by reference in this Registration Statement modifies or supersedes that statement. Any statement so modified or superseded shall not be deemed, except as so modified or superseded, to constitute a part of this Registration Statement.

**Item 4. Description of Securities.**

Not applicable.

**Item 5. Interests of Named Experts and Counsel.**

Not applicable.

**Item 6. Indemnification of Directors and Officers.**

The Registrant is a Texas corporation and is governed by the indemnification provisions of the Texas Business Organizations Code ("TBOC"). Under Sections 8.101–8.105 of the TBOC, the Registrant may indemnify its directors and officers against certain liabilities, including judgments, penalties, fines, settlements, and reasonable expenses, if the person acted in good faith and in a manner reasonably believed to be in or not opposed to the best interests of the Registrant, and, in criminal matters, without reasonable cause to believe such conduct was unlawful. The Registrant is required to indemnify any director or officer who is wholly successful in defending any such proceeding against reasonable expenses. The TBOC also permits the advancement of expenses and the purchase of directors' and officers' liability insurance. Under Section 7.001 and related provisions, the Registrant's certificate of formation may limit the monetary liability of directors to the fullest extent permitted by Texas law, subject to certain statutory exceptions.

The foregoing summary is qualified in its entirety by reference to the full text of the TBOC, including Sections 7.001–7.003, 8.051–8.108, and 8.151.

Article VIII of our Bylaws and Article VII of our Certificate of Formation provide for indemnification of directors and officers to the fullest extent permitted by Sections 8.101–8.105 of the TBOC.

We have a directors' and officers' liability insurance policy.

The above discussion is qualified in its entirety by reference to our Certificate of Formation and Bylaws.

**Item 7. Exemption from Registration Claimed.**

Not applicable.

**Item 8. Exhibits.**

---

| | |
|:---|:---|
| Exhibit<br> Number | Description |
| [3.1](http://www.sec.gov/Archives/edgar/data/101538/000165495425010316/uamy_ex33.htm) | [Certificate of Conversion (incorporated by reference to Exhibit 3.3 included in the Registrant's Current Report on Form 8-K filed on September 3, 2025).](http://www.sec.gov/Archives/edgar/data/101538/000165495425010316/uamy_ex33.htm) |
| [3.2](http://www.sec.gov/Archives/edgar/data/101538/000165495425010316/uamy_ex31.htm) | [Certificate of Formation (incorporated by reference to Exhibit 3.1 included in the Registrant's Current Report on Form 8-K filed on September 3, 2025).](http://www.sec.gov/Archives/edgar/data/101538/000165495425010316/uamy_ex31.htm) |
| [3.3](http://www.sec.gov/Archives/edgar/data/101538/000165495425010316/uamy_ex32.htm) | [Bylaws (incorporated by reference to Exhibit 3.2 included in the Registrant's Current Report on Form 8-K filed on September 3, 2025).](http://www.sec.gov/Archives/edgar/data/101538/000165495425010316/uamy_ex32.htm) |
| 4.1 | Reference is hereby made to Exhibits 3.1, 3.2, and 3.3. |
| [5.1](uamy_ex51.htm) | [Opinion of Duane Morris LLP regarding legality of securities being registered. \*](uamy_ex51.htm) |
| [23.1](uamy_ex231.htm) | [Consent of Assure CPA, LLC. \*](uamy_ex231.htm) |
| [23.2](uamy_ex51.htm) | [Consent of Duane Morris LLP (included in Exhibit 5.1 to this Registration Statement). \*](uamy_ex51.htm) |
| [24.1](#POA) | [Power of Attorney (included on signature page of this Registration Statement). \*](#POA) |
| [99.1](http://www.sec.gov/Archives/edgar/data/101538/000114036125022269/ny20049690x3_defa14a.htm) | [United States Antimony Corporation Amended and Restated 2023 Equity Incentive Plan (incorporated by reference to Appendix E included in the Registrant's Definitive Proxy Statement on Form DEF 14A filed on June 12, 2025).\*](http://www.sec.gov/Archives/edgar/data/101538/000114036125022269/ny20049690x3_defa14a.htm) |
| [107](uamy_ex107.htm) | [Calculation of Filing Fee Table. \*](uamy_ex107.htm) |

---

______________

\* Filed herewith.

**Item 9. Undertakings.**

(a) The Registrant hereby undertakes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) To file, during any period in which offers or sales are being made, a post-effective amendment to this Registration Statement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) To include any prospectus required by Section 10(a)(3) of the Securities Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) To reflect in the prospectus any facts or events arising after the effective date of this Registration Statement (or the most recent post-effective amendment thereof) which, individually or in the aggregate, represent a fundamental change in the information set forth in this Registration Statement. Notwithstanding the foregoing, any increase or decrease in volume of securities offered (if the total dollar value of securities offered would not exceed that which was registered) and any deviation from the low or high end of the estimated maximum offering range may be reflected in the form of prospectus filed with the Securities and Exchange Commission pursuant to Rule 424(b) if, in the aggregate, the changes in volume and price represent no more than a 20 percent change in the maximum aggregate offering price set forth in the "Calculation of Registration Fee" table in the effective registration statement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) To include any material information with respect to the plan of distribution not previously disclosed in this Registration Statement or any material change to such information in this Registration Statement;

provided, however, that paragraphs (i) and (ii) shall not apply if the information required to be included in a post-effective amendment by those paragraphs is contained in periodic reports filed with or furnished to the Commission by the Registrant pursuant to section 13 or section 15(d) of the Securities Exchange Act that are incorporated by reference in this Registration Statement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) That, for the purpose of determining any liability under the Securities Act, each such post-effective amendment shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) To remove from registration by means of a post-effective amendment any of the securities being registered which remain unsold at the termination of the offering.

(b) The Registrant hereby further undertakes that, for purposes of determining any liability under the Securities Act, each filing of the Registrant's Annual Report pursuant to Section 13(a) or Section 15(d) of the Exchange Act that is incorporated by reference in the Registration Statement shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof.

(c) Insofar as indemnification for liabilities arising under the Securities Act may be permitted to directors, officers and controlling persons of the Registrant pursuant to the foregoing provisions, or otherwise, the Registrant has been advised that in the opinion of the Commission such indemnification is against public policy as expressed in the Securities Act and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the Registrant of expenses incurred or paid by a director, officer or controlling person of the Registrant in the successful defense of any action, suit or proceeding) is asserted by such director, officer or controlling person in connection with the securities being registered, the Registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in the Securities Act and will be governed by the final adjudication of such issue.

**SIGNATURES**

Pursuant to the requirements of the Securities Act of 1933, the Registrant certifies that it has reasonable grounds to believe that it meets all of the requirements for filing on Form S-8 and has duly caused this Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the city of Dallas, State of Texas, on this 9th day of September 2025.

---

| | |
|:---|:---|
| **UNITED STATES ANTIMONY CORPORATION** | **UNITED STATES ANTIMONY CORPORATION** |
| By: | */s/ Gary C. Evans* |
|  | Gary C. Evans |
|  | Chief Executive Officer  |

---

**POWER OF ATTORNEY**

KNOW ALL MEN BY THESE PRESENTS, that each person whose signature appears below constitutes and appoints Gary C. Evans and Richard Isaak, and each of them, his or her true and lawful attorneys-in-fact and agents, with full power of substitution and resubstitution, for him or her and in his or her name, place and stead in any and all capacities, to sign any or all amendments to this Registration Statement on Form S-8 (including post-effective amendments), and to file the same, with all exhibits thereto, and other documents in connection therewith with the United States Securities and Exchange Commission, granting unto said attorneys-in-fact and agents full power and authority to do and perform each and every act and thing requisite and necessary to be done in and about the premises, as fully and to all intents and purposes as he or she might or could do in person, hereby ratifying and confirming that said attorneys-in-fact and agents, or their substitute or substitutes, may lawfully do or cause to be done by virtue hereof.

Pursuant to the requirements of the Securities Act of 1933, this Registration Statement on Form S-8 has been signed by the following persons in the capacities and on the dates indicated.

---

| | | | |
|:---|:---|:---|:---|
| **Signature** | **Signature** | **Title** | **Date** |
| <br> By: | <br> */s/ Gary C. Evans* | Chairman and Chief  |  |
|  | Gary C. Evans | Executive Officer (Principal Executive Officer) | September 9, 2025  |
| By: | */s/ Dr. Blaise Aguirre* | Director |  |
|  | Dr. Blaise Aguirre |  | September 9, 2025 |
| By: | */s/ Lloyd Joseph Bardswich* | Director, Executive Vice President and Chief Mining Engineer |  |
|  | Lloyd Joseph Bardswich |  | September 9, 2025 |
| By: | */s/ Michael A. McManus* | Director |  |
|  | Michael A. McManus |  | September 9, 2025 |
| By: | */s/ Joseph A. Carrabba* | Director |  |
|  | Joseph A. Carrabba |  | September 9, 2025 |
| By: | */s/ General John M. Keane* | Director |  |
|  | General John M. Keane, U.S. Army (Ret.)  |  | September 9, 2025 |
| By: | */s/ Richard Isaak* |  |  |
|  | Richard Isaak | Chief Financial Officer (Principal Financial and Accounting Officer) | September 9, 2025 |

---

7<br>

## Exhibit 5.1

**EXHIBIT 5.1**

---

| | | |
|:---|:---|:---|
| NEW YORK<br> LONDON<br> SINGAPORE<br> PHILADELPHIA<br> CHICAGO<br> WASHINGTON, DC<br> SAN FRANCISCO<br> SILICON VALLEY<br> SAN DIEGO<br> LOS ANGELES<br> BOSTON<br> HOUSTON<br> DALLAS<br> FORT WORTH<br> AUSTIN | ![](uamy_ex51img3.jpg)<br>*FIRM and AFFILIATE OFFICES*<br>*www.duanemorris.com* | HANOI<br> HO CHI MINH CITY<br> SHANGHAI<br> ATLANTA<br> BALTIMORE<br> WILMINGTON<br> MIAMI<br> BOCA RATON<br> PITTSBURGH<br> NORTH JERSEY<br> LAS VEGAS<br> SOUTH JERSEY<br> SYDNEY<br> MYANMAR<br>ALLIANCES IN MEXICO |

---

September 9, 2025

United States Antimony Corporation

4438 W. Lovers Lane, Unit 100

Dallas, TX 75209

Ladies and Gentlemen:

We have acted as special counsel to United States Antimony Corporation, a Texas corporation (the "<u>Company</u>"), in connection with the preparation and filing on the date hereof by the Company with the Securities and Exchange Commission (the "<u>Commission</u>") pursuant to the Securities Act of 1933, as amended (the "<u>Securities Act</u>"), of a registration statement on Form S-8 (the "<u>Registration Statement</u>") relating to the proposed issuance by the Company of up to 15,000,000 shares (the "<u>Shares</u>") of common stock, par value $0.01 per share ("<u>Common Stock</u>"), of the Company pursuant to the United States Antimony Corporation Amended and Restated 2023 Equity Incentive Plan (the "<u>Plan</u>"). This opinion is being rendered in accordance with the requirements of Item 601(b)(5) of Regulation S-K under the Securities Act.

For purposes of rendering this opinion, we have examined originals or copies (certified or otherwise identified to our satisfaction) of (i) the Registration Statement, (ii) the Plan, (iii) the Company's Certificate of Formation and Bylaws, (iv) certain resolutions of the Company's Board of Directors adopting the Plan, approving the Registration Statement and reserving for issuance the Shares issuable pursuant to the Plan, and (v) such corporate records, agreements, documents and other instruments, and such certificates or comparable documents of public officials and of officers and representatives of the Company, and have made such inquiries of such officers and representatives, as we have deemed relevant and necessary as a basis for the opinions hereinafter set forth.

In such examination, we have assumed (i) the genuineness of all signatures, (ii) the legal capacity and competency of all natural persons, (iii) the authenticity of all documents submitted to us as originals, (iv) the conformity to original documents of all documents submitted to us as facsimile, electronic, certified, conformed or other copies and the authenticity of the originals of such documents, (v) that all records and other information made available to us by the Company on which we have relied are true, accurate and complete in all material respects, (vi) that the Registration Statement, and any amendments thereto (including, as applicable, all necessary post-effective amendments thereto), shall become effective under the Securities Act and comply with all applicable laws, (vii) that all action required to be taken under the Plan by the Board of Directors of the Company or any committee thereof shall have been taken by the Board of Directors of the Company or such committee, respectively, (viii) that the Shares shall have been duly issued and delivered in accordance with the terms of the Plan and the terms of any other agreement relating to any grants thereunder or the Shares and (ix) that all applicable provisions of the "Blue Sky" and securities laws of the various states and other jurisdictions in which the Shares may be offered and sold shall have been complied with. We have also assumed that the Shares, when issued, will be duly authenticated by the transfer agent and registrar for the Shares.

<u> DUANE MORRIS LLP </u>   <br> 1300 POST OAK BOULEVARD, SUITE 1500, HOUSTON, TX 77056-3166 PHONE: 713.402.3900 FAX: 713.402.3901

United States Antimony Corporation

September 9, 2025

As to all questions of fact material to these opinions, we have relied solely upon the above-referenced certificates or comparable documents and have not performed or had performed any independent research or investigation of public records as to the facts set forth therein and have assumed that certificates of or other comparable documents from public officials dated prior to the date hereof remain accurate as of the date hereof. We have also relied without independent investigation upon an assurance from the Company that the number of shares of Common Stock that the Company is authorized to issue pursuant to the Company's Certificate of Formation exceeds the sum of (i) the number of shares of Common Stock issued and outstanding, (ii) the number of shares of Common Stock issued but not outstanding, (iii) the number of shares of Common Stock that the Company is obligated to issue (or has otherwise reserved for issuance) for any purposes other than issuances pursuant to the Plan and (iv) the number of shares of Common Stock issuable pursuant to the Plan, and we have assumed that such condition will remain true at all future times relevant to the opinions expressed herein.

Based on the foregoing, and subject tothe limitations, assumptions and qualifications set forth herein, we are of the opinion that the Shares, when issued and delivered upon receipt by the Company of consideration constituting lawful consideration under Texas law and as contemplated under the Plan, will be validly issued, fully paid and nonassessable.

The opinions expressed herein are limited to the Texas Business Organizations Code (collectively, the "<u>Applicable Laws</u>"). No opinion is expressed as to the effect on the matters covered by this letter of the laws of (i) the State of Texas other than the Applicable Laws or (ii) any jurisdiction other than the State of Texas, whether in any such case applicable directly or through the Applicable Laws. We express no opinion regarding any federal or state securities laws or regulations or as to whether, or the extent to which, the laws of any particular jurisdiction apply to the subject matter hereof.

The Shares may be issued from time to time on a delayed or continuous basis, and the opinions expressed herein are rendered as of the date hereof and are based on existing law, which is subject to change. Where our opinions expressed herein refer to events to occur at a future date, we have assumed that there will have been no changes in the relevant law or facts between the date hereof and such future date. We do not undertake to advise you of any changes in the opinions expressed herein from matters that may hereafter arise or be brought to our attention or to revise or supplement such opinions should the present laws of any jurisdiction be changed by legislative action, judicial decision or otherwise. These opinions are expressed as of the date hereof unless otherwise expressly stated, and we disclaim any undertaking to advise you of any subsequent changes in the facts stated or assumed herein or of any subsequent changes in applicable laws.

<u> DUANE MORRIS LLP </u>   <br> 1300 POST OAK BOULEVARD, SUITE 1500, HOUSTON, TX 77056-3166 PHONE: 713.402.3900 FAX: 713.402.3901

United States Antimony Corporation

September 9, 2025

Our opinions expressed herein are limited to the matters expressly stated herein and no opinion is implied or may be inferred beyond the matters expressly stated.

This letter may be relied upon by the Company and by persons entitled to rely upon it pursuant to the applicable provisions of the Securities Act and cannot be relied upon for any other purpose. We hereby consent to the use of this letter as an exhibit to the Registration Statement. In giving this consent, we do not imply or admit that we are within the category of persons whose consent is required under Section 7 of the Securities Act or the rules and regulations of the Commission promulgated thereunder.

---

| |
|:---|
| Very truly yours, |
| */s/ Duane Morris LLP* |

---

<u> DUANE MORRIS LLP </u>   <br> 1300 POST OAK BOULEVARD, SUITE 1500, HOUSTON, TX 77056-3166 PHONE: 713.402.3900 FAX: 713.402.3901

## Exhibit 23.1

**Exhibit 23.1**

![](uamy_ex231img3.jpg)

CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

We consent to the use of our report dated March 20, 2025, with respect to the consolidated balance sheets of United States Antimony Corporation ("the Company") as of December 31, 2024 and 2023, and the related consolidated statements of operations, changes in stockholders' equity and cash flows for each of the years ended December 31, 2024 and 2023, and the related notes (collectively, the "financial statements"), incorporated herein by reference.

/s/ Assure CPA, LLC

Assure CPA, LLC

Spokane, Washington

September 8, 2025

## Ex-Filing

?xml version='1.0' encoding='ASCII'? uamy_ex107.htm

**EXHIBIT 107**

**Calculation of Filing Fee Tables**

**Form S-8**

(Form Type)

**UNITED STATES ANTIMONY CORPORATION**

(Exact name of Registrant as Specified in its Charter)

<u>Table 1: Newly Registered Securities</u>

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Security Type | Security<br>Class<br>Title | Fee<br>Calculation<br>Rule | Amount<br>to be<br>Registered (1) | Proposed<br>Maximum<br>Offering<br>Price<br>Per Share | Proposed<br>Maximum<br>Aggregate<br>Offering<br>Price | Fee Rate | Amount of<br>Registration<br>Fee |
| Equity | Common Stock, par value $0.01 per share | Rules 457(c) and 457(h) | 15,000,000 shares (2) | $4.49 (3) | $67350000 | $153.10 per $1,000,000 | $10311.29 |
| Total Offering Amounts | Total Offering Amounts | Total Offering Amounts | Total Offering Amounts |  | $67350000 |  | $10331.29 |
| Total Fee Offsets (5) | Total Fee Offsets (5) | Total Fee Offsets (5) | Total Fee Offsets (5) |  |  |  | $0 |
| Net Fee Due | Net Fee Due | Net Fee Due | Net Fee Due |  |  |  | $10311.29 |

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(1) Pursuant to Rule 416 under the Securities Act of 1933, as amended (the "Securities Act"), this registration statement also registers an indeterminate number of additional shares that may be issued pursuant to the above-named plans as the result of any future stock dividend, stock split, recapitalization or any other similar transaction effected without the receipt of consideration which results in an increase in the number of our outstanding shares of common stock.

(2) Represents an additional 15,000,000 shares of common stock available for issuance under the United States Antimony Corporation Amended and Restated 2023 Equity Incentive Plan (the "Plan"), which increase in shares of common stock was approved by the Registrant's shareholders at its Annual Meeting of Shareholders on July 31, 2025.

(3) This estimate is made pursuant to Rules 457(c) and 457(h) of the Securities Act solely for purposes of calculating the Registration fee. The Proposed Maximum Offering Price Per Share is $4.49 which is the average of the high and low prices for the Registrant's common stock as reported on The Nasdaq Capital Market on September 5, 2025.

(5) The Registrant does not have any fee offsets.