X0306 4/A 2015-05-26 2015-05-28 0 0000008328 Applied Minerals, Inc. AMNL 0001414860 IBS CAPITAL LLC ONE INTERNATIONAL PLACE 31ST FLOOR BOSTON MA 02110 0 0 1 0 0001415021 IBS TURNAROUND FUND (QP) (A LTD PARTNERSHIP) ONE INTERNATIONAL PLACE 31ST FLOOR BOSTON MA 02110 0 0 1 0 Common Stock 2015-05-26 4 J 0 154975 0.73 A 22536128 I See footnote 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") amend Item 5 of Table 1 in the Form 4 submitted on May 28, 2015 (the "Original Form 4") to correct the amount of securities beneficially owned following the transaction reported therein. That amount reported on the Original Form 4 neglected to include 50,000 shares that were acquired in a grant made on February 12, 2015. The 50,000 shares were divided between the QP Fund, which acquired 34,000 shares, and The IBS Turnaround Fund, L.P. (the "LP Fund"), which acquired 16,000 shares. Thus, following the transaction reported in the Original Form 4, the total amount of shares beneficially owned by the QP Fund was 13,900,684, and the total amount of shares beneficially owned by the LP Fund was 6,613,729. The total amount of shares beneficially owned by IBS Capital was 22,536,128. IBS Capital is the general partner of QP Fund and the LP 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 2015-06-15 /s/ David A. Taft, President of IBS Capital LLC, the general partner of The IBS Turnaround Fund (QP)(A Limited Partnership) 2015-06-15