X0306 4 2016-05-11 0000008328 Applied Minerals, Inc. AMNL 0001600854 BETZ ROBERT 110 GREENE STREET SUITE 1101 NEW YORK NY 10012 1 COMMON STOCK OPTION (RIGHT TO BUY) 0.25 2016-05-11 4 A 0 30000 0.25 A 2016-05-11 2021-05-11 COMMON STOCK 30000 278752 D On May 11, 2016, Mr. Betz was granted an option to purchase 30,000 shares of common stock of the Company at $0.25 per share. This grant represents 50% of the $15,000 fee payable to Mr. Betz on April 1, 2016 for work to be performed as director of the Company for the three months ending June 30, 2016. This grant was issued from the Company's 2016 Long Term Incentive Plan, effective as of May 11, 2016. /s/ Robert Betz 2016-05-13