X0306 4 2016-01-29 0000008328 Applied Minerals, Inc. AMNL 0001600854 BETZ ROBERT 110 GREENE ST., STE 1101 NEW YORK NY 10012 1 COMMON STOCK OPTION (RIGHT TO BUY) 0.28 2016-01-29 4 A 0 64815 0.28 A 2017-01-29 2026-01-28 COMMON STOCK 64815 198752 D On January 29, 2016, Mr. Betz was granted an option to purchase 64,815 shares of common stock of Applied Minerals, Inc. This grant is a component of the compensation Mr. Betz will receive for serving as a Director of the Company for the 2016 calendar year. The exercise price of the option is $0.28 per share. The term is 10 years. 50% of the option vests on the first anniversary date of the grant and the remaining 50% vests on the second anniversary date of the grant. /s/ Robert Betz 2016-02-02