BALANCE SHEETS (USD $)	Dec. 31, 2011	Dec. 31, 2010
Current Assets
Cash and cash equivalents	$ 10,170,536	$ 1,642,340
Accounts receivable, net of allowance of $11,938 and $0 at December 31, 2011 and 2010, respectively	20,464	61,275
Mining supplies inventory	0	3,503
Deposits and prepaid expenses	333,447	178,738
Total Current Assets	10,524,447	1,885,856
Property and Equipment
Land and tunnels	500,000	523,729
Land improvements	164,758	164,758
Buildings	455,906	432,997
Mining equipment	975,164	588,523
Milling equipment	336,146	333,483
Laboratory equipment	67,728	67,728
Office furniture and equipment	34,643	27,419
Vehicles	100,800	75,013
Less: Accumulated Depreciation	(729,969)	(481,364)
Total Property and Equipment	1,905,176	1,732,286
Other Assets
Assets held for sale	445,180	450,042
Deferred financing cost	0	146,939
Total Other Assets	445,180	596,981
TOTAL ASSETS	12,874,803	4,215,123
Current Liabilities
Accounts payable and accrued liabilities	291,142	266,139
Liabilities from discontinued operations	0	1,152
Stock awards payable	127,000	80,000
Current portion of notes payable	165,375	206,209
Current portion of leases payable	10,094	167,956
Warrant derivative	3,355,000	0
Total Current Liabilities	3,948,611	721,456
Long-Term Liabilities
Long-term portion of notes payable	0	361,295
Long-term portion of leases payable	97,769	10,094
Convertible debt (PIK Notes)	0	4,683,624
Total Long-Term Liabilities	97,769	5,055,013
TOTAL LIABILITIES	4,046,380	5,776,469
Commitments and Contingencies
Stockholders' Equity (Deficit)
Preferred stock, $0.001 par value, 10,000,000 shares authorized, noncumulative, nonvoting, nonconvertible, none issued or outstanding	0	0
Common stock, $0.001 par value, 120,000,000 shares authorized, 89,119,405 and 69,704,393 shares issued and outstanding at December 31, 2011 and December 31, 2010, respectively	89,120	69,704
Additional paid-in capital	47,765,350	29,860,041
Accumulated deficit prior to the exploration stage	(20,009,496)	(20,009,496)
Accumulated deficit during the exploration stage	(19,016,551)	(11,533,915)
Total Applied Minerals, Inc. stockholders' equity (deficit)	8,828,423	(1,613,666)
Non-controlling interest	0	52,320
Total Stockholders' Equity (Deficit)	8,828,423	(1,561,346)
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT)	$ 12,874,803	$ 4,215,123