X0306 4 2015-05-26 0 0000008328 Applied Minerals, Inc. AMNL 0001448562 TAFT DAVID A ONE INTERNATIONAL PLACE STE 2401 BOSTON MA 02110 1 0 1 0 Common Stock 2015-05-26 4 J 0 154975 0.73 A 22486128 I See footnote David A. Taft (the "Reporting Person") is a director of Applied Minerals, Inc. (the "Issuer") and president and a member of IBS Capital LLC ("IBS Capital"), which is the general partner of The IBS Turnaround Fund (QP) (A Limited Partnership) (The "QP Fund") and The IBS Turnaround Fund, L.P. (the "LP Fund"). IBS Capital is the investment manager of The IBS Opportunity Fund, Ltd. (the "Opportunity Fund") (the QP Fund, the LP Fund, and the Opportunity Fund are hereinafter referred to as the "IBS Capital Funds"). This transaction is being reported as a result of an acquisition of common stock in lieu of cash pursuant to the registration rights agreements entered into by the Issuer and each of the IBS Capital Funds whereby the Issuer would be liable for certain liquidated damages for failing to timely file a registration statement. The Issuer issued shares of common stock in the following amounts: (1) QP Fund of 86,634 shares, totaling 13,866,684 direct beneficially owned shares following such transaction, (2) LP Fund of 41,220 shares, totaling 6,597,729 direct beneficially owned shares following such transaction, and (3) Opportunity Fund of 27,121 shares, totaling 2,021,715 direct beneficially owned shares following such transaction. By virtue of Mr. Taft's position as president and member of IBS Capital, Mr. Taft may be deemed to be the beneficial owner of the securities for purposes of the SEC Rule 16(a)-1(a). The Reporting Person disclaims any beneficial ownership of the securities except to the extent of any pecuniary interest. /s/ David A. Taft 2015-05-28