X0306 4 2016-01-01 0000008328 Applied Minerals, Inc. AMNL 0001588715 CONCHA MARIO 110 GREENE STREET SUITE 1101 NEW YORK NY 10012 1 COMMON STOCK OPTION (RIGHT TO BUY) 0.28 2016-01-01 4 A 0 50000 0.28 A 2016-03-31 2026-01-01 COMMON STOCK 50000 263937 D On January 1, 2016, Mr. Concha was granted an option to purchase 50,000 shares of common stock of the Company at $0.28 per share. The term of the option is 10 years. The option vests equally on March 31, June 30, September 30 and December 31, 2016. The option is an annual grant provided to directors of the Company. /s/ Mario Concha 2016-03-31