Problem with custom animated MAT files

[Danarogon AP]

I was trying to make a custom billboard that included an animation to it's diffuse texture unit (not an UV animation). In the material editor the animation works perfectly fine, however It doesn't function anywhere else, the texture simply does not load. Once I try loading the mat file again in the material editor, it opens it as an "Unnamed Material" and treats it as a default empty file. Its not a matter of me not properly saving the mat file because I've already made several custom MAT files already. It has something to do with the animation being bugged for some reason. Does this only happen to me? Am I doing something wrong? Or is this a genuine bug?