SCHEDULE: Dugan Family Exits US Antimony Stake

Patrick Dugan and the Estate of Lydia Dugan have filed an exit Schedule 13D, reporting the sale of over 2.3 million shares of United States Antimony Corporation stock and ceasing to be a beneficial owner of more than 5%.

Summary

• Patrick Dugan and the Estate of Lydia Dugan (the "Reporting Persons") filed Amendment No. 4 to their Schedule 13D, marking their final exit filing for United States Antimony Corporation.
• The filing reports the disposition of shares that resulted in the Reporting Persons ceasing to beneficially own more than 5% of the Issuer's outstanding securities.
• Lydia Dugan passed away on March 25, 2025, leading to the transfer of her shares to her Estate. Patrick Dugan was appointed executor of the Estate on May 20, 2025.
• The Reporting Persons sold an aggregate of 1,022,089 shares on October 28, 2025, on the open market at a price of $9.41 per share.
• An additional 1,346,278 shares were sold on October 29, 2025, on the open market at a price of $9.29 per share.
• Following these sales, the Reporting Persons collectively beneficially own 5,700,560 shares, representing 4.1% of the 138,878,411 shares outstanding as of October 13, 2025.

Sentiment

Score: 4

Explanation: The sentiment is slightly negative due to the significant insider selling, which, regardless of the underlying reason (estate disposition), can be interpreted by the market as a bearish signal. However, it's not severely negative as the reason for selling is clear and not directly tied to company performance issues.

Positives

• The orderly disposition of shares by the Estate of Lydia Dugan resolves a significant ownership block following her passing.
• The filing provides clear transparency regarding the change in beneficial ownership by a major shareholder group.

Negatives

• Significant insider selling of over 2.3 million shares by a major shareholder group could be perceived negatively by the market.
• The sales occurred at prices of $9.41 and $9.29 per share, which might indicate a specific valuation point for the sellers.

Risks

• Large-scale selling by a significant shareholder group can put downward pressure on the stock price.
• The market may interpret the sales as a lack of confidence in the company's future prospects, even if the stated reason is estate-related.

Future Outlook

NA

Management Comments

• 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.
• Upon Lydia Dugan's passing in March 2025, the shares of common stock directly and beneficially owned by her were transferred to the Estate.
• 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.

Industry Context

This filing primarily concerns a change in beneficial ownership by a significant shareholder group due to estate matters and does not provide information directly related to broader industry trends or competitive landscape for United States Antimony Corporation.

Stakeholder Impact

• Shareholders may react to the significant insider selling, potentially leading to short-term price volatility or a re-evaluation of the stock.
• The company's management might need to address market perceptions related to the large share disposition, although the reason is external (estate).

Next Steps

• The Reporting Persons have filed an "exit filing," indicating they no longer beneficially own more than 5% of the Issuer's stock and are not required to file further Schedule 13D amendments unless their ownership again exceeds 5%.
• United States Antimony Corporation will continue its operations and regular SEC reporting.

Key Dates

Recommendation

While the significant insider selling by the Dugan family, totaling over 2.3 million shares, could be perceived negatively, the filing clearly states these dispositions are primarily due to estate matters following Lydia Dugan's passing. This suggests the sales are not necessarily a reflection of a lack of confidence in United States Antimony Corporation's fundamental business or future prospects. Investors should 'hold' to observe how the market absorbs this block of shares and to assess any subsequent company-specific news, rather than reacting solely to an estate-driven disposition.

Keywords

United States Antimony Corporation, US Antimony, Antimony, Schedule 13D, beneficial ownership, insider selling, stock disposition, estate, Patrick Dugan, Lydia Dugan