X0306 4 2014-03-31 0 0000008328 Applied Minerals, Inc. AMNL 0001414860 IBS CAPITAL LLC ONE INTERNATIONAL PLACE 31ST FLOOR BOSTON MA 02110 0 0 1 0 0001415021 IBS TURNAROUND FUND (QP) (A LTD PARTNERSHIP) ONE INTERNATIONAL PLACE 31ST FLOOR BOSTON MA 02110 0 0 1 0 Common Stock 2014-03-31 5 S 0 E 787000 0.69 D 22331153 I See notes 1, 2 and 3 Common Stock 2014-03-31 5 P 0 E 635473 0.69 A 22331153 I See notes 1, 2 and 3 Common Stock 2014-03-31 5 P 0 E 151527 0.69 A 22331153 I See notes 1, 2 and 3 IBS Capital LLC ("IBS Capital") is the general partner of The IBS Turnaround Fund (QP) (A Limited Partnership) ("QP Fund") and The IBS Turnaround Fund (A Limited Partnership) ("LP Fund"). IBS Capital is the investment manager of The IBS Opportunity Fund LTD ("Opportunity Fund"). On March 31, 2014 Opportunity Fund sold 635,473 shares of AMNL Common Stock to QP Fund and 151,527 shares of AMNL Common Stock to LP Fund. After Completion of these transactions, IBS Capital indirectly beneficially owned 22,331,153 shares of AMNL Common Stock which consisted of (I) 12,942,320 shares of AMNL Common Stock directly beneficially owned by QP Fund (ii) 6,254,239 shares of AMNL Common Stock directly beneficially owned by LP Fund and (iii) 3,134,594 shares of AMNL Common Stock directly beneficially owned by Opportunity Fund. The reported securities are directly beneficially owned by QP Fund, LP Fund and/or Opportunity Fund. The reporting person disclaims beneficial ownership of the reported securities except to the extent of any pecuniary interest therein. IBS Capital LLC by David A. Taft, Manager 2014-04-02 The IBS Turnaround Fund (QP) A Limited Partnership by IBS Capital LLC, its General Partner, by David A. Taft 2014-04-02