X0306 4 2014-06-30 0 0000008328 Applied Minerals, Inc. AMNL 0001414860 IBS CAPITAL LLC ONE INTERNATIONAL PLACE 31ST FLOOR BOSTON MA 02110 0 0 1 0 Common Stock 2014-06-30 4 S 0 540000 0.83 D 22331153 I See Notes. Common Stock 2014-06-30 4 P 0 342350 0.83 A 22331153 I See Notes. Common Stock 2014-06-30 4 P 0 197650 0.83 A 22331153 I See Notes. On June 30, 2014, The IBS Opportuntiy Fund, Ltd. ("Opportunity Fund") sold 342,350 shares of AMNL common stock to The IBS Turnaround Fund (QP) (A Limited Partnership) ("QP Fund") and 197,650 shares of AMNL common stock to The IBS Turnaround Fund (A Limited Partnership) ("LP Fund"). After completion of these transactions, IBS Capital LLC ("IBS Capital") indirectly beneficial owed 22,331,153 shares of AMNL common stock which consisted of (i) 13,284,670 shares of AMNL common stock directly beneficially owned by QP Fund, (ii) 6,451,889 shares of AMNL common stock direcly beneficially owned by LP Fund and (iii) 2,594,594 shares of AMNL common stock directly benefically owned by Opportunity Fund. IBS Capital is the general partner of QP Fund and LP Fund and is the investment manager of 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 2014-07-03 THe IBS Turnaround Fund (QP) (A Limited Partnership) by IBS Capital LLC, its general partner by David A. Taft 2014-07-03