[SCHEDULE 13D/A] UNITED STATES ANTIMONY CORP SEC Filing

Rhea-AI Filing Summary

United States Antimony Corporation (UAMY): Patrick Dugan and the Estate of Lydia Dugan filed Amendment No. 4 to Schedule 13D, an exit filing, after selling shares and reducing their beneficial ownership below 5%.

The group reports beneficial ownership of 5,700,560 shares, representing 4.1% of the class, based on 138,878,411 shares outstanding as of October 13, 2025. Dispositions disclosed include 1,022,089 shares at $9.41 per share (transaction effected on October 28, 2025) and 1,346,278 shares at $9.29 per share (transaction effected on October 29, 2025). The filing states they ceased to be beneficial owners of more than five percent of the issuer’s securities.

Insights

Equity ownership & filings analyst

Exit 13D signals ownership fell to 4.1% after disclosed sales.

This amendment reports that the Dugan group’s stake in United States Antimony dropped below the 5% Schedule 13D threshold, prompting a final, exit filing. The cover figures show 5,700,560 shares, or 4.1%, calculated against 138,878,411 shares outstanding as of October 13, 2025.

The filing lists open‑market sales of 1,022,089 shares at $9.41 (effected October 28, 2025) and 1,346,278 shares at $9.29 (effected October 29, 2025). These transactions explain the drop below 5%.

As an ownership update, this is typically neutral for valuation; actual market impact depends on trading dynamics and any future disclosures by the holders.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13D

Under the Securities Exchange Act of 1934

(Amendment No. 4)

UNITED STATES ANTIMONY CORPORATION

(Name of Issuer)

CLASS A COMMON STOCK, PAR VALUE $0.01

(Title of Class of Securities)

911549103

(CUSIP Number)

Patrick Dugan
3009 Post Oak Boulevard, Suite 1212,
Houston, TX, 77056
713-658-1142

Estate of Lydia Dugan
3009 Post Oak Boulevard, Suite 1212,
Houston, TX, 77056
713-658-1142

(Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications)

10/29/2025

(Date of Event Which Requires Filing of This Statement)

If the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because of §§ 240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the following box.

The information required on the remainder of this cover page shall not be deemed to be "filed" for the purpose of Section 18 of the Securities Exchange Act of 1934 ("Act") or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).

SCHEDULE 13D

CUSIP No. 911549103

1

Name of reporting person

Patrick Dugan

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

OO

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

UNITED STATES

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 233,846.00
8	Shared Voting Power 5,466,714.00
9	Sole Dispositive Power 233,846.00
10	Shared Dispositive Power 5,466,714.00

11

Aggregate amount beneficially owned by each reporting person

5,700,560.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

4.1 %

14

Type of Reporting Person (See Instructions)

IN

Comment for Type of Reporting Person:

* Calculated as set forth in Item 5. (This represents the aggregate number of shares held by the group as a whole and is comprised of (i) 233,846 shares of common stock, par value $0.01 per share ("Common Stock") of the Issuer held directly by Mr. Dugan with sole voting power; (ii) 1,520,122 shares of the Issuer's Common Stock held by The Estate of Lydia Dugan, for which Mr. Dugan serves as executor (the "Estate"); (iii) 2,051,681 shares of the Issuer's Common Stock held by Delaware Royalty (as defined below), which the Estate and the Lydia Pate Dugan 1986 Trust (the "1986 Trust") are the controlling shareholders of and Mr. Dugan is the Vice President of; (iv) 162,844 shares of the Issuer's Common Stock held by Houston Resources (as defined below), which the Estate and the Lydia P. Dugan Marital Trust (the "Marital Trust") are the controlling shareholders of and Mr. Dugan is the Vice President of; (v) 127,167 shares of the Issuer's Common Stock held by Anglo Exploration (as defined below), which the Estate and the Marital Trust are the controlling shareholders of and Mr. Dugan is the Vice President of; (vi) 120,102 shares of the Issuer's Common Stock held by Nortex (as defined below), which the Estate and the 1986 Trust are the controlling shareholders of and Mr. Dugan is the Vice President of; (vii) 1,484,798 shares of the Issuer's Common Stock previously held by the Martial Trust, which are to be distributed to a trust for Patrick Dugan and his descendants. Patrick Dugan, in his capacity as executor of the Estate, as trustee of the Marital Trust, and as trustee of the 1986 Trust, holds the sole voting and disposition power of the shares held by the Estate and Marital Trust, and the 1986 Trust, which are the controlling shareholders of the above mentioned entities. (2) Based on 138,878,411 shares of common stock outstanding as at October 13, 2025, as disclosed in the prospectus supplement on Form 424(b) filed by United States Antimony Corporation (the "Company"), with the Securities and Exchange Commission on October 17, 2025.

SCHEDULE 13D

CUSIP No. 911549103

1

Name of reporting person

Estate of Lydia Dugan

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

OO

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

UNITED STATES

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 3,004,920.00
8	Shared Voting Power 2,695,640.00
9	Sole Dispositive Power 3,004,920.00
10	Shared Dispositive Power 2,695,640.00

11

Aggregate amount beneficially owned by each reporting person

5,700,560.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

4.1 %

14

Type of Reporting Person (See Instructions)

OO

Comment for Type of Reporting Person:

* Calculated as set forth in Item 5. Upon Lydia Dugan's passing in March 2025, the shares of common stock directly and beneficially owned by her were transferred to the Estate. (2) This represents the aggregate number of shares held by the group as a whole and is comprised of (i) 233,846 shares of common stock, par value $0.01 per share ("Common Stock") of the Issuer held directly by Mr. Dugan with sole voting power; (ii) 1,520,122 shares of the Issuer's Common Stock held by The Estate of Lydia Dugan, for which Mr. Dugan serves as executor (the "Estate"); (iii) 2,051,681 shares of the Issuer's Common Stock held by Delaware Royalty (as defined below), which the Estate and the Lydia Pate Dugan 1986 Trust (the "1986 Trust") are the controlling shareholders of and Mr. Dugan is the Vice President of; (iv) 162,844 shares of the Issuer's Common Stock held by Houston Resources (as defined below), which the Estate and the Lydia P. Dugan Marital Trust (the "Marital Trust") are the controlling shareholders of and Mr. Dugan is the Vice President of; (v) 127,167 shares of the Issuer's Common Stock held by Anglo Exploration (as defined below), which the Estate and the Marital Trust are the controlling shareholders of and Mr. Dugan is the Vice President of; (vi) 120,102 shares of the Issuer's Common Stock held by Nortex (as defined below), which the Estate and the 1986 Trust are the controlling shareholders of and Mr. Dugan is the Vice President of; (vii) 1,484,798 shares of the Issuer's Common Stock previously held by the Martial Trust, which are to be distributed to a trust for Patrick Dugan and his descendants. Patrick Dugan, in his capacity as executor of the Estate, as trustee of the Marital Trust, and as trustee of the 1986 Trust, holds the sole voting and disposition power of the shares held by the Estate and Marital Trust, and the 1986 Trust, which are the controlling shareholders of the above mentioned entities.

SCHEDULE 13D

Item 1.	Security and Issuer
(a)	Title of Class of Securities: CLASS A COMMON STOCK, PAR VALUE $0.01
(b)	Name of Issuer: UNITED STATES ANTIMONY CORPORATION
(c)	Address of Issuer's Principal Executive Offices: 4438 W. Lovers Lane, Unit 100, Dallas, TEXAS , 75209.
Item 1 Comment: This Amendment No. 4 (the "Amendment No. 4") to the Schedule 13D amends the statement on Schedule 13D that was originally filed with the U.S. Securities and Exchange Commission (the "Commission") on May 15, 2002 (the "Schedule 13D") as amended on January 17, 2003, January 15, 2024, and April 26, 2019 filed by the Reporting Persons (as defined below) related to the shares of common stock, par value $0.01 per share (the "Shares"), of United States Antimony Corporation (the "Issuer"). This Amendment No. 4 is the final amendment to the Schedule 13D and constitutes an exit filing for the Reporting Persons.
Item 2.	Identity and Background
(a)	This Amendment No. 4 is being filed jointly by (1) Patrick Dugan and (2) the Estate of Lydia Dugan (each individually, a "Reporting Person" and collectively, the "Reporting Persons").
(b)	The business address for each of the Reporting Persons is 3009 Post Oak Boulevard, Suite 1212, Houston, Texas 77056-6599.
(c)	Patrick Dugan serves as the Vice President of Delaware Royalty Company, Inc. ("Delaware Royalty"), Anglo Exploration Corporation ("Anglo Exploration"), Houston Resources Corporation ("Houston Resources"), and Nortex Corporation ("Nortex"), the principal business address for all of which is 3009 Post Oak Boulevard, Suite 1212, Houston, Texas 77056-6599.
(d)	None.
(e)	None.
(f)	Patrick Dugan is a citizen of Unites States of America. The Estate of Lydia Dugan is organized in the United States of America.
Item 3.	Source and Amount of Funds or Other Consideration
	(i) The shares of Common Stock described herein as being held by the Estate of Lydia Dugan were acquired by the Estate upon the death of Mrs. Dugan and the opening of her estate and issuance of letters testamentary to the executor of the Estate on June 10, 2025. No pecuniary or other consideration was exchanged in connection with the acquisition of the shares of Common Stock by the Estate. Lydia Dugan passed away on March 25, 2025. Prior to that date, Mrs. Dugan filed reports on Schedule 13D to report her beneficial ownership of the shares of Common Stock now held by the Estate. (ii) Patrick Dugan is deemed to have acquired beneficial ownership of the shares of Common Stock held by the Estate as a result of his appointment as the executor of the Estate, effective May 20, 2025. No funds were expended by Patrick Dugan in connection with acquiring beneficial ownership of the shares of Common Stock of the Company held by the Estate.
Item 4.	Purpose of Transaction
	Item 4 is hereby amended and supplemented with the following: This Amendment No. 4 is being filed to update the Reporting Persons and the percentage ownership of the Reporting Persons as a result of Lydia Dugan's passing on March 25, 2025, and to report the dispositions of the shares pursuant to sales in the open market via a broker on October 28, 2025 for an aggregate amount of 1,022,089 shares, and on October 29, 2025 for an aggregate amount of 1,346,278 shares. As a result, the Reporting Persons ceased to be the beneficial owner of more than five percent (5%) of the outstanding securities of Issuer. The filing of this Amendment No. 4 represents the final amendment to the Schedule 13D and constitutes an exit filing for the Reporting Persons.
Item 5.	Interest in Securities of the Issuer
(a)	The responses of the Reporting Persons to rows 7, 8, 9, 10, 11 and 13 on the cover pages of this Amendment are incorporated herein by reference.
(b)	The responses of the Reporting Persons to rows 7, 8, 9, 10, 11 and 13 on the cover pages of this Amendment are incorporated herein by reference.
(c)	The Reporting Persons (together through the corporations that beneficially own the shares of the Issuer's common stock) sold 1,022,089 shares of the Issuer's common stock on October, 27, 2025 on the open market at a price of $9.41 per share. The transaction was effected on October 28, 2025. The Reporting Persons (together through the corporations that beneficially own the shares of the Issuer's common stock) sold 1,346,278 shares of the Issuer's common stock on October 28, 2025 on the open market at a price of $9.29 per share. The transaction was effected on October 29, 2025.
(d)	Not applicable.
(e)	Item 5(e) of the Schedule 13D is hereby amended and supplemented as follows: As a result of the transactions described in Item 4 of this Amendment No. 4, on October 28 and October 29, 2025, the Reporting Persons ceased to be the beneficial owner of more than five percent (5%) of the outstanding securities of Issuer. The filing of this Amendment No. 4 represents the final amendment to the Schedule 13D and constitutes an exit filing for the Reporting Persons.
Item 6.	Contracts, Arrangements, Understandings or Relationships With Respect to Securities of the Issuer
	None.
Item 7.	Material to be Filed as Exhibits.
	None.

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

Patrick Dugan

Signature:	/s/ Patrick Dugan
Name/Title:	Patrick Dugan
Date:	11/10/2025

Estate of Lydia Dugan

Signature:	/s/ Patrick Dugan
Name/Title:	Patrick Dugan, Executor
Date:	11/10/2025