In this report, we present a number of reasons why investors in United States Antimony Corp. (“UAMY” or the “company”) should be especially cautious. We believe the company is currently violating both Regulation S-K disclosure requirements and AMEX listing requirements. Our evidence suggests the company’s board does not consist of a “majority” of independent directors, and that UAMY may be trading on the AMEX in violation of that exchange’s rules. We also believe the company is pumping its stock price and in doing so may be violating Regulation FD by providing potentially material, non-public information on a selective disclosure basis. We believe these potential violations and the benefits of its AMEX listing have enabled a successful effort to inflate the company’s market valuation beyond reasonable measure.