X0306 4 2016-01-27 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 0001448562 TAFT DAVID A ONE INTERNATIONAL PLACE 31ST FLOOR BOSTON MA 02110 1 0 0 0 Stock Option (right to buy) 0.21 2016-01-27 4 A 0 81395 0 A 2021-01-27 Common Stock 81395 81395 I See footnotes 50% of the Options (as defined below) will vest on the one-year anniversary of the grant, and the second 50% of the Options will vest on the two-year anniversary of the grant. 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 81,395 stock options for the Issuer's common stock (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) 49,820 Options were directly beneficially owned by QP Fund, (ii) 25,175 Options were directly beneficially owned by LP Fund and (iii) 6,400 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 2016-01-29 /s/ David A. Taft, President of IBS Capital LLC 2016-01-29 /s/ David A. Taft, President of IBS Capital LLC, the general partner of The IBS Turnaround Fund (QP) (A Limited Partnership) 2016-01-29