fraud

We believe United States Antimony Corp (“UAMY” or 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, 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 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.

We urge the AMEX to halt trading in UAMY’s shares pending resolution. Further, we urge FINRA and the SEC to investigate these potential violations and to mandate corrective action in an effort to protect public shareholders.

We have also discovered evidence that UAMY’s business model is structurally flawed, rendering it noncompetitive in price relative to cheaper foreign sources of antimony. With a few price checks, we were able to verify that imported antimony prices are being sold in the U.S. at least 10 – 15% cheaper than UAMY’s identical products. This structural price gap has persisted for many years, explaining why the company has never been able to earn a sustained profit.

We believe UAMY has an intrinsic worth best approximated by its current book value of $0.20 per share, ~90% below current trading levels.

We urge the AMEX to halt trading in UAMY’s shares pending resolution. Further, we urge FINRA and the SEC to investigate these potential violations and to mandate corrective action in an effort to protect public shareholders.

We have also discovered evidence that UAMY’s business model is structurally flawed, rendering it noncompetitive in price relative to cheaper foreign sources of antimony. With a few price checks, we were able to verify that imported antimony prices are being sold in the U.S. at least 10 – 15% cheaper than UAMY’s identical products. This structural price gap has persisted for many years, explaining why the company has never been able to earn a sustained profit.


UAMY Report Final2

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