ITEM 1.01 Entry into a Material Definitive Agreement.

The Board of Directors of U. S. Antimony and the holders of all 1,692,672 outstanding shares of Series D Preferred stock mutually agreed to convert the preferred shares for 1,692,672 shares of common stock in addition to a cash payment of approximately $787,730 for accrued dividends on the Series D Preferred stock. The liquidation preference of the Series D Preferred stock as of September 30, 2022, as disclosed in the Company's quarterly report on Form 10- Q, filed November 14, 2022, was $4,979,634.

The Series D preferred shares accrue a dividend of $39,778 per year and is an expense to earnings that will be eliminated upon conversion.

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