[Form 4] UNITED STATES ANTIMONY CORP Insider Trading Activity

Rhea-AI Filing Summary

United States Antimony Corp (UAMY) insider award disclosure: Director and EVP Lloyd Bardswich was granted time-based restricted stock units totaling 180,000 shares and stock options covering 225,000 shares on 05/27/2025. The RSUs vest one-third on 05/27/2025 and the remainder in equal annual tranches through 05/27/2027, subject to continued service and shareholder approval of the company's Amended Restated 2023 Equity Incentive Plan. The options carry a $2.57 exercise price and vest upon achievement of specified performance measures at any time during their 10-year term, also subject to continued service and shareholder approval. The Form 4 reports these awards as beneficially owned following the transactions and is signed by Lloyd Joseph Bardswich on 09/18/2025.

Positive

• Substantial combined award of 405,000 shares of economic interest via RSUs and options, indicating alignment of the reporting person with shareholder outcomes
• RSU vesting schedule includes an initial one-third vesting on grant date, supporting near-term retention

Negative

• Both awards are contingent on shareholder approval of the Amended Restated 2023 Equity Incentive Plan, so they are not effective until approved
• Option vesting is performance-based and may not vest if performance measures are unmet; specific targets are not disclosed in the Form 4

Insights

Corporate Governance Expert

TL;DR: Significant equity awards to a senior executive are contingent on shareholder approval and service-based/performance vesting.

The filings show a combined grant of 405,000 shares of economic exposure via RSUs and stock options to a director and executive officer. Conditioning the awards on shareholder approval of an amended equity plan is a governance control that requires investor consent before dilution occurs. Time-based RSU vesting over three years and performance-linked option vesting align pay with continued service and targets, but the contingency means the grants are not immediately executable without plan approval.

Compensation Analyst

TL;DR: Award structure mixes retention and incentive pay, with a fixed exercise price and multi-year performance levers.

The RSU component vests one-third immediately with further annual vesting, supporting retention. The option grant with a $2.57 strike and 10-year term uses performance vesting, which can drive long-term value creation if targets are meaningful. Both awards depend on shareholder approval of the Amended Restated 2023 Equity Incentive Plan, delaying realization until that approval is obtained. The filing documents post-grant beneficial ownership amounts but does not disclose shareholder vote timing or specific performance targets.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
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hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

1. Name and Address of Reporting Person^*

Bardswich Lloyd

(Last) (First) (Middle)

4438 W LOVERS LANE, UNIT 100

(Street)

DALLAS TX 75209

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
UNITED STATES ANTIMONY CORP [ UAMY ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	Dir, EVP & Chief Mining Eng

3. Date of Earliest Transaction (Month/Day/Year)
05/27/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Common Stock(1)	$0	05/27/2025		A		180,000(1)		(1)	(1)	Common Stock	180,000	(1)	0(1)	D
Stock Option(2)	$2.57	05/27/2025		A		225,000(2)		(2)	(2)	Common Stock	225,000	(2)	0(2)	D

Explanation of Responses:

1. Represents shares of Common Stock underlying a time-based vesting restricted stock unit ("RSU") award granted on May 27, 2025, but contingent on the Issuer's shareholders approving its Amended Restated 2023 Equity Incentive Plan. The RSU will vest as to one-third, or 60,000 shares of the 180,000 total number of shares on May 27, 2025 and an additional one-third of the total number of shares will vest on May 27, 2026 and May 27, 2027, subject to the Reporting Person's continued service through any vesting date and shareholder approval of the Issuer's Amended Restated 2023 Equity Incentive Plan.

2. Represents shares of Common Stock underlying a stock option award granted on May 27, 2025, but contingent on the Issuer's shareholders approving its Amended Restated 2023 Equity Incentive Plan. The stock option will vest upon meeting any of the performance measures specified in the grant at any time during the 10-year term of the award, subject to the Reporting Person's continued service through any vesting date and shareholder approval of the Issuer's Amended Restated 2023 Equity Incentive Plan.

	/s/ Lloyd Joseph Bardswich	09/18/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

What did UAMY insider Lloyd Bardswich receive on 05/27/2025?

He was granted 180,000 RSUs and 225,000 stock options, as reported on the Form 4.

Are the awards immediately vested and exercisable?

No. The RSUs vest one-third on 05/27/2025 and the remainder annually through 05/27/2027 subject to continued service and shareholder approval; the options vest upon meeting performance measures during a 10-year term and also require shareholder approval.

What is the exercise price of the stock options?

The Form 4 lists an exercise price of $2.57 for the stock option award.

Does the Form 4 indicate the awards are effective now?

No. The filings state the awards are contingent on shareholder approval of the company's Amended Restated 2023 Equity Incentive Plan.

When was the Form 4 signed by the reporting person?

The form is signed by Lloyd Joseph Bardswich on 09/18/2025.