X0304 4 2012-01-06 0 0000008328 Applied Minerals, Inc. AMNL 0001414860 IBS CAPITAL LLC ONE INTERNATIONAL PLACE SUITE 2401 BOSTON MA 02110 1 0 1 0 0001415021 IBS TURNAROUND FUND (QP) (A LTD PARTNERSHIP) ONE INTERNATIONAL PLACE STE 2410 BOSTON MA 02110 0 0 1 0 Common Stock 2012-01-06 4 S 0 240000 1.27 D 22339053 I See Notes 1, 2 and 3. Common Stock 2012-01-06 4 A 0 240000 1.27 A 22339053 I See Notes 1, 2 and 3. IBS Capital LLC ("IBS Capital") is the general partner of The IBS Turnaround (QP) Fund (A Limited Partnership) ("QP Fund") and The IBS Turnaround Fund (A Limited Partnership) ("LP Fund"). IBS Capital is the investment manager of The IBS Opportunity Fund, Ltd. ("Opportunity Fund"). On January 6, 2012, the Opportunity Fund sold 240,000 shares to the QP Fund. After completion of these transactions, IBS Capital indirectly beneficially owned 22,339,053 Shares, which consisted of: (i) 12,724,747 Shares directly beneficially owned by the QP Fund; (ii) 5,692,712 Shares directly beneficially owned by the LP Fund; and (iii) 3,921,594 Shares directly beneficially owned by the Opportunity Fund. The reported securities are directly beneficially owned by QP Fund, the LP Fund and/or the Opportunity Fund. The reporting persons disclaim beneficial ownership of the reported securities except to the extent of their pecuniary interest therein. IBS Capital LLC, by David A. Taft, Manager 2012-01-10 IBS TURNAROUND FUND (QP) (A LTD PARTNERSHIP) By IBS Capital LLC, Its General Partner, David A. Taft, Manager 2012-01-10