X0306 4 2017-05-23 0 0000008328 Applied Minerals, Inc. AMNL 0001414860 IBS CAPITAL LLC ONE INTERNATIONAL PLACE SUITE 3120 BOSTON MA 02110 0 0 1 0 0001415021 IBS TURNAROUND FUND (QP) (A LTD PARTNERSHIP) ONE INTERNATIONAL PLACE SUITE 3120 BOSTON MA 02110 0 0 1 0 0001448562 TAFT DAVID A ONE INTERNATIONAL PLACE SUITE 3120 BOSTON MA 02110 0 0 1 0 Common Stock 2017-05-23 4 A 0 50000 0 A 24033734 I See footnotes Stock Option (right to buy) 0.25 2017-05-23 4 A 0 50000 0 A 2017-05-23 2022-05-23 Common Stock 50000 50000 I See footnotes Stock Option (right to buy) 0.25 2017-05-24 4 A 0 50000 0 A 2017-05-24 2022-05-24 Common Stock 50000 50000 I See footnotes 50% vest on the 1st year anniversary of grant date; 50% vest on the 2nd year anniversary of grant date. This Form 4 is being filed on behalf of IBS Capital LLC ("IBS Capital"), The IBS Turnaround Fund (QP) (A Limited Partnership) (the "QP Fund"), and David A. Taft (IBS Capital, the QP Fund and David A. Taft are each a "Reporting Person" and collectively the "Reporting Persons"), each of which has the same business address and may have a pecuniary interest in the securities reported herein. IBS Capital is the general partner of QP Fund and The IBS Turnaround Fund, L.P. (the "LP Fund"). IBS Capital is the investment manager of The IBS Opportunity Fund, Ltd. (the "Opportunity Fund") (the QP Fund, the LP Fund and the Opportunity Fund are hereinafter referred to as the "IBS Capital Funds"). David A. Taft is a director of Applied Minerals, Inc. (the "Issuer") and president and a member of IBS Capital. David A. Taft, received 50,000 shares of the Issuer's Common Stock (the "Shares") as compensation for his service as a director of the Issuer. The Shares will be allocated to the IBS Capital Funds so that, following such allocation: (i) 15,252,583 Shares were directly beneficially owned by QP Fund, (ii) 7,305,997 Shares were directly beneficially owned by LP Fund and (iii) 1,475,154 Shares were directly beneficially owned by the Opportunity Fund. David A. Taft, received 50,000 stock options for the Issuer's Common Stock on May 23, 2017 and 50,000 stock options for the Issuer's Common Stock on May 24, 2017 (the "Options") as compensation for his service as a director of the Issuer. The Options will be allocated to the IBS Capital Funds so that, following such allocation: (i) 64,000 Options were directly beneficially owned by QP Fund, (ii) 30,000 Options were directly beneficially owned by LP Fund and (iii) 6,000 Options were directly beneficially owned by Opportunity Fund. The Reporting Persons each disclaim any beneficial ownership of the securities except to the extent of any pecuniary interest. /s/ David A. Taft, President of IBS Capital LLC 2017-05-25 /s/ David A. Taft, President of IBS Capital LLC, the general partner of The IBS Turnaround Fund (QP) (A Limited Partnership) 2017-05-25 /s/ David A. Taft 2017-05-25