CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS

This quarterly report and the accompanying exhibits contain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, as amended. Such forward-looking statements relate to the expected results and developments of the Company’s operations in future periods, planned exploration and development of its properties, plans for its business and other matters that may occur in the future. These statements relate to projections of future results, estimates of amounts that cannot yet be determined, and analyzes and other information based on management’s assumptions.

Any statement (often, but not always, a word such as “expects” or “does not expect”) that expresses or contains projections, expectations, beliefs, plans, projections, objectives, assumptions or discussions of future events or performance; expressions are not used), “expects”, “expects” or “does not expect”, “plans”, “estimates” or “intends” or that certain actions, events or results “may”, “could” , “may,” will, will, or will be) are not statements of historical fact and may be forward-looking statements. Forward-looking statements are subject to various known and unknown risks, uncertainties and other factors that could cause actual events or results to differ materially from those expressed or implied by the forward-looking statements, including, without limitation:

    ·   Risks related to the Company's properties being in the exploration stage;
    ·   Risks related to the mineral operations being subject to government
        regulation;
    ·   Risks related to environmental concerns;
    ·   Risks related to the Company's ability to obtain additional capital to
        develop the Company's resources, if any;
    ·   Risks related to mineral exploration and development activities;
    ·   Risks related to mineral estimates;
    ·   Risks related to the Company's insurance coverage for operating risks;
    ·   Risks related to the fluctuation of prices for precious and base metals,
        such as gold, silver and copper;
    ·   Risks related to the competitive industry of mineral exploration;
    ·   Risks related to the title and rights in the Company's mineral properties;
    ·   Risks related to the possible dilution of the Company's common stock from
        additional financing activities;
    ·   Risks related to potential conflicts of interest with the Company's
        management;
    ·   Risks related to the Company's shares of common stock;

This list does not include factors that could affect the Company’s forward-looking statements. Certain important risks and uncertainties that may affect forward-looking statements are described in more detail under the headings “Risk Factors”, “Business Description” and “Management’s Discussion and Analysis and Operating Plan” of this Quarterly Report. If one or more of these risks or uncertainties materialize or if underlying assumptions prove incorrect, actual results could differ materially from those anticipated, believed, estimated or anticipated. The Company cautions readers not to place undue reliance on such forward-looking statements, which speak only as of the date hereof. United States Antimony Corporation except as required by law, disclaims any obligation to revise any forward-looking statements to reflect events or circumstances after the date on which such statements are made, or to reflect the occurrence of expected or unanticipated events. The Company advises readers to carefully review the reports and documents provided from time to time
Securities and Exchange Commission (“SEC”), particularly the Company’s Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K.

United States Antimony Corporation All forward-looking statements contained in this Quarterly Report are qualified by the above cautionary statement.

Certain statements contained in this Quarterly Report on Form 10-Q constitute “forward-looking statements.” Defined by the words “plan,” “expect,” “believe,” “estimate,” “anticipate,” “anticipate,” and similar expressions, these statements include the Company’s expectations and goals regarding its future financial condition, operating results, and operating results. Business strategy. These statements reflect management’s current views regarding future events and are subject to risks, uncertainties and other factors that could cause actual results, performance or achievements or industry results to differ materially from those described in the forward-looking statements. . Such risks and uncertainties include those discussed under the heading “Management’s Discussion and Analysis or Plan of Operations” and elsewhere in this Quarterly Report.

As used in this Quarterly Report, “we”, “us”, “our”, “United States Antimony Corporation,” means “US Antinomy” and “the Company”. United States Antimony Corporation, unless otherwise specified. All dollar amounts in this Quarterly Report are expressed USA dollars, unless otherwise stated.

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Management’s Discussion and Analysis is intended to be read in conjunction with the Company’s condensed consolidated financial statements and their integral notes (the “Notes”) included in the Company’s Annual Report on Form 10-K for the year just ended. December 31, 2021. The following statements may be forward-looking in nature and actual results may differ materially.

Reports to Security Holders

The registrant does not make annual or quarterly reports to security holders other than the annual Form 10-K and quarterly Form 10-Q. SEC. Electronically filed reports can be accessed at www.sec.gov

DESCRIPTION OF BUSINESS



History

United States Antimony Corporationor entered into the USAC Montana in
January 1970 extraction and production of antimony products. In December 1983, we stopped antimony mining operations, but continued to manufacture antimony products from local and foreign sources. In April 1998we formed United States Antimony SA de CV or USAMSA, to mine and smelt antimony Mexico. Bear River Zeolite Companyor BRZ, was established in 2000 and mines and manufactures zeolite in the Southeast. Idaho. Active August 19, 2005USAC organized Antimony MexicoExploration and development of antimony and silver deposits in SA de CV Mexico. Our main activity is the production and sale of antimony, silver, gold and zeolite products. Active May 16, 2012we began trading on the NYSE MKT (now NYSE AMERICAN) under the symbol UAMY.

Antimony Division

Antimony smelting and precious metals are located in our plant Burns Mining District of Sanders County, Montanaabout 15 miles west Thompson Falls, MT. We maintain 2 patented mill sites where the plant is located. We do not have “proved reserves” or “probable reserves” of antimony. Environmental restrictions prevent mining in this area.

mining operations were suspended December 1983because antimony could be purchased more economically from foreign sources.

For 2021 and since 1983, we have used foreign sources for raw materials and there are risks of interruptions in purchases from these sources and/or volatile changes in world market prices of these materials that are not controlled by us. We have driving resources Mexico but we are still dependent on foreign companies for raw materials in the future. We expect to purchase raw materials from our owned and leased properties for 2022 and beyond. We continue to work with suppliers North America, Central Americaand
South America.

We currently own 100% of the common stock, equipment and real estate leases United States Antimony, Mexico SA de CV or “USAMSA” created in April 1998. We currently own 100% of the shares Antimony de Mexico SA de CV (ADM) owner San Miguel concession of Juarez property. USAMSA has two divisions, (1) the Madero smelter Coahuila(2) the White Harbor flotation mill and oxide circuit Guanajuato. ADM owns Juarez mineral deposit.

In our current operations Montana, we produce antimony oxide, antimony metal and precious metals. Antimony oxide is a fine, white powder used primarily with halogen to form a synergistic flame retardant system for plastics, rubber, fiberglass, textiles, paints, coatings, and paper. Antimony oxide is also used as a color fixer in paint, as a catalyst for the production of polyester resins for fibers and films, as a catalyst for the production of polyethylene phthalate in plastic bottles, as a phosphorescent agent in fluorescent lamps, and as an opacifier. for porcelain. We also sell antimony for use in bearings, batteries and ammunition.

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We estimate (but have not independently confirmed) that our current share of the domestic market and the international market for antimony oxide products is less than approximately 4% and 1%, respectively. We are the only ones that matter
USA while a manufacturer of antimony products Demon it supplies 92% of the world’s driving demand. We believe we are competitive both domestically and globally because of:

    ·   We have a reputation for quality products delivered on a timely basis.

    ·   We have the only two operating, permitted, antimony smelters in North and
        Central America.

    ·   We are the only domestic producer of antimony products.

    ·   We can ship on short notice to domestic customers.

    ·   We are vertically integrated, with raw materials from our own mines,
        mills, and smelter in Mexico, along with the raw materials from exclusive
        supply agreements we have with numerous ore and raw material suppliers.

    ·   Our smelter in Coahuila is the largest operating antimony smelter in
        Mexico or the United States with a current maximum capacity of about
        32,600 pounds of feed per day and permitting for 50% to 70% expansion.




Zeolite Division

We own 100% Bear River Zeolite Company(BRZ, sec Idaho corporation) is built on June 1, 2000. There is a lease agreement with the BRZ Webster Farm, LLC This gives BRZ the right to process surface mine and zeolite on a nearby property
Preston, Idaho, in exchange for a royalty payment. In 2010, the royalty payment was revised 10 dollars sold per ton. The current minimum is an annual royalty 60,000 dollars. In addition, BRZ has more zeolite US Bureau of Land Management soil. The company pays various royalties for the sale of its zeolite products. William Raymond and Nancy Coase a fee varying between $1 for 5 dollars per ton. On a joint basis, royalties range from 8% to 13% of sales. Shortly after its inception, the BRZ built a refinery that increased its productivity. Groundbreaking for an additional warehouse to hold additional inventory and a store to service the equipment began in 2021, and the warehouse and store are expected to be completed by mid-2022. In 2021, the vertical shaft impact crusher was replaced by a hammer mill for crushing line #1 to increase the production rate. A replacement jaw crusher was installed and commissioned in 2021. The new jaw crusher was further improved in late 2021 with a variable speed apron feeder, and further and major improvements were made to the jaw crusher in 2022. In 2021, the Company also bought a house Preston Idaho for the urgent purpose of housing workers for its zeolite operation.

We do not have any zeolite stock or inventory.

“Zeolite” refers to a group of industrial minerals consisting of hydrated aluminosilicates that hold cations such as calcium, sodium, ammonium, various heavy metals and potassium in their crystal cages. Water is stored freely in the gaps in the network. Due to its high CEC of about 180-220 meg/100 g, hardness and high clinoptilolite content, absence of clay minerals and low sodium content, BRZ zeolite is considered one of the best zeolites in the world. BRZ’s zeolite beds have properties that make the mineral useful for a variety of purposes, including:

    ?   Soil Amendment and Fertilizer. Zeolite has been successfully used to
        fertilize golf courses, sports fields, parks and common areas, and high
        value agricultural crops

    ?   Water Filtration. Zeolite is used for particulate, heavy metal and
        ammonium removal in swimming pools, municipal water systems, fisheries,
        fish farms, and aquariums.

    ?   Sewage Treatment. Zeolite is used in sewage treatment plants to remove
        nitrogen and as a carrier for microorganisms.

    ?   Nuclear Waste and Other Environmental Cleanup. Zeolite has shown a strong
        ability to selectively remove strontium, cesium, radium, uranium, and
        various other radioactive isotopes from solution. Zeolite can also be used
        for the cleanup of soluble metals such as mercury, chromium, copper, lead,
        zinc, arsenic, molybdenum, nickel, cobalt, antimony, calcium, silver and
        uranium.

    ?   Odor Control. A major cause of odor around cattle, hog, and poultry feed
        lots is the generation of the ammonium in urea and manure. The ability of
        zeolite to absorb ammonium prevents the formation of ammonia gas, which
        disperses the odor.





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    ?   Gas Separation. Zeolite has been used for some time to separate gases, to
        re-oxygenate downstream water from sewage plants, smelters, pulp and paper
        plants, and fish ponds and tanks, and to remove carbon dioxide, sulfur
        dioxide and hydrogen sulfide from methane generators as organic waste,
        sanitary landfills, municipal sewage systems, animal waste treatment
        facilities, and is excellent in pressure swing apparatuses.

    ?   Animal Nutrition. According to other research, feeding up to 2% zeolite
        increases growth rates, decreases conversion rates, and prevents scours.
        BRZ does not make these claims.

    ?   Miscellaneous Uses. Other uses include catalysts, petroleum refining,
        concrete, solar energy and heat exchange, desiccants, pellet binding,
        horse and kitty litter, floor cleaner and carriers for insecticides,
        pesticides and herbicides.

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