UAMY 10-K Fiscal year ended Dec. 31, 2010

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-K

(Mark One)

x	ANNUAL REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the fiscal year ended December 31, 2010

o	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

(Exact name of registrant as specified in its charter)

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)

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

Securities registered pursuant to Section 12(b) of the Act:  None

Securities registered pursuant to Section 12(g) of the Act:  Common Stock, par value $.01 per share

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 o

Check if there is no disclosure of delinquent filers in response to Item 405 of Regulation S-K contained in this form and will not be contained, to the best of registrant's knowledge, in definitive proxy or information statements incorporated by reference in Part III of this Form 10-K or any amendment to this Form 10-K. x

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

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act) Yes o No x

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TABLE OF CONTENTS

PART I

United States Antimony Corporation and Subsidiaries
Consolidated Balance Sheets
December 31, 2010 and 2009
ASSETS
		2010				2009
Current assets:
Cash and cash equivalents		$	448,861			$	180,613
Accounts receivable, less allowance
for doubtful accounts of $7,600 and $7,872, respectively			745,418				161,765
Inventories			143,291				197,436
Other current assets			18,255				–
Deferred tax asset			493,000				–
Total current assets			1,848,825				539,814
Properties, plants and equipment, net			3,845,000				3,404,154
Restricted cash for reclamation bonds			74,311				73,916
Other assets			94,766				–
Total assets		$	5,862,902			$	4,017,884
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Checks issued and payable		$	–			$	17,142
Accounts payable			410,242				377,775
Accrued payroll, taxes and interest			90,503				83,857
Other accrued liabilities			220,128				228,485
Deferred revenue			–				73,022
Payables to related parties			18,060				10,306
Long-term debt, current			45,389				57,856
Total current liabilities			784,322				848,443
Long-term debt, noncurrent			82,407				98,710
Accrued reclamation costs, noncurrent			107,500				107,500
Total liabilities			974,229				1,054,653
Commitments and contingencies (Note 3 and 13)
Stockholders' equity:
Preferred stock $0.01 par value, 10,000,000 shares authorized:
Series A:  -0- shares issued and outstanding			–				–
Series B: 750,000 shares issued and outstanding
(liquidation preference and cumulative dividends $870,000
and $862,500, respectively.)			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 $4,673,284
and $4,632,136, repectively)			17,509				17,509
Common stock, $0.01 par value, 60,000,000 shares authorized;
56,307,382 and 53,098,769 shares issued and outstanding, respectively.			563,073				530,987
Stock subscriptions receivable			(82,563	)			(270,000	)
Additional paid-in capital			24,505,331				23,604,625
Accumulated deficit			(20,123,956	)			(20,929,169	)
Total stockholders' equity			4,888,673				2,963,231
Total liabilities and stockholders' equity		$	5,862,902			$	4,017,884
The accompanying notes are an integral part of these consolidated financial statements.

United States Antimony Corporation and Subsidiaries
Consolidated Statements of Operations
For the years ended December 31, 2010 and 2009
		2010				2009
REVENUES		$	9,073,324			$	4,103,340
COST OF REVENUES			7,699,592				3,734,294
GROSS PROFIT			1,373,732				369,046
OPERATING EXPENSES:
Mineral exploration expense			245,700				58,529
General and administrative			352,804				474,215
Professional fees			152,357				121,588
Impairment of properties, plant and equipment			199,302				–
Gain on sale of properties, plant and equipment			–				(49,100	)
TOTAL OPERATING EXPENSES			950,163				605,232
INCOME (LOSS) FROM OPERATIONS			423,569				(236,186	)
OTHER INCOME (EXPENSE):
Interest income (expense), net			7,751				(5,605	)
Factoring expense			(119,107	)			(90,124	)
Extinguishment of payables			–				37,072
TOTAL OTHER INCOME (EXPENSE)			(111,356	)			(58,657	)
INCOME (LOSS) BEFORE INCOME TAXES			312,213				(294,843	)
INCOME TAX BENEFIT			493,000				–
NET INCOME (LOSS)			805,213				(294,843	)
Preferred dividends			(48,648	)			(48,649	)
Net income (loss) available to common shareholders		$	756,565			$	(343,492	)
NET INCOME (LOSS) PER COMMON SHARE:
Basic		$	0.01			$	(0.01	)
Diluted		$	0.01			$	(0.01	)
WEIGHTED AVERAGE SHARES OUTSTANDING:
Basic			54,356,693				49,855,229
Diluted			54,544,357				49,885,229
The accompanying notes are an integral part of these consolidated financial statements.