X0306 4 2016-07-06 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) 0.16 2016-07-06 4 A 0 500000 0 A 2016-08-15 2019-08-15 COMMON STOCK 500000 3351861 D Mr. Carney was granted 500,000 options in exchange for a $50,000 reduction in his annual salary over the next 12 months. The options vest equally over a 12-month period beginning August 15, 2016. If Mr. Carney resigns or is terminated for cause during the vesting period, he forfeits all options not vested at the time of his resignation or termination. /s/ Christopher T. Carney 2016-07-08