X0306 4 2016-03-10 0000008328 Applied Minerals, Inc. AMNL 0001459133 Carney Christopher T 110 GREENE STREET SUITE 1101 NEW YORK NY 10012 1 Chief Financial Officer COMMON STOCK OPTION (RIGHT TO BUY) 0.24 2016-03-10 4 A 0 248344 0.24 A 2016-03-10 2021-03-10 COMMON STOCK 248344 2851859 D On March 10, 2016, Mr. Carney was granted an option to purchase 248,344 shares of common stock of Applied Minerals, Inc. at $0.24 per share. The exercise price is the closing price of the Company's common stock on March 9, 2016. The option vests immediately and expires on March 10, 2021. This grant was a component of Mr. Carney's bonus for work performed during 2015 as determined by the Company's Board of Directors. The Black-Scholes value of the option grant is $37,500. /s/ Christopher T. Carney 2016-03-16