X0306 4 2015-05-26 0 0000008328 Applied Minerals, Inc. AMNL 0001414860 IBS CAPITAL LLC ONE INTERNATIONAL PLACE 31ST FLOOR BOSTON MA 02110 0 0 1 0 Common Stock 2015-05-26 4 A 0 154975 0.73 A 22486128 I See footnote This Form 4 is being filed on behalf of IBS Capital LLC ("IBS Capital") and The IBS Turnaround Fund (QP) (A Limited Partnership) (the "QP Fund") (IBS Capital and the QP Fund 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"). This transaction is being reported as a result of an acquisition of common stock in lieu of cash pursuant to the registration rights agreement entered into by Applied Minerals, Inc. (the "Issuer") and each of the IBS Capital Funds whereby the Issuer would be liable for certain liquidated damages for failing to timely file a registration statement. The Issuer issued shares of common stock in the following amounts: (1) QP Fund of 86,634 shares, totaling 13,866,684 direct beneficially owned shares following such transaction, (2) LP Fund of 41,220 shares, totaling 6,597,729 direct beneficially owned shares following such transaction, and (3) Opportunity Fund of 27,121 shares, totaling 2,021,715 direct beneficially owned shares following such transaction. The Reporting Persons each disclaim any beneficial ownership of the securities except to the extent of any pecuniary interest. Name and address of Reporting Person: Name: IBS Capital LLC Address: One International Place, 31st Floor, Boston, MA 02110 Name and address Reporting Person: Name: The IBS Turnaround Fund (QP) (A Limited Partnership) Address: One International Place, 31st Floor, Boston, MA 02110 This Form 4 is jointly filed on behalf of IBS Capital LLC and The IBS Turnaround Fund (QP) (A Limited Partnership), each of which is a Reporting Person. The CIK number for The IBS Turnaround Fund (QP) (A Limited Partnership) is 0001415021, but the filing system is not accepting the CCC code. Pursuant to Instruction 4(b)(v), the name and address of The IBS Turnaround Fund (QP) (A Limited Partnership) is listed above, and the Form 4 is signed by David A. Taft on its behalf below. /s/ David A. Taft, president of IBS Capital LLC 2015-05-28 /s/ David A. Taft, president of IBS Capital LLC, the general partner for The IBS Turnaround Fund (QP) (A Limited Partnership) 2015-05-28