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Filing Details

Issuer

Cik	Name	Symbol	Sector (SIC)	IRS No
8328	Applied Minerals Inc.	AMNL	Gold And Silver Ores (1040)	820096527

Insiders

Cik	Name	Reported Address	Insider Title	Director	Officer	Large Shareholder	Other
1448562	A David Taft	One International Place Ste 2401 Boston MA 02110		Yes	No	Yes	No

Reported Non-Derivative Transactions

Sec. Name	Acquisiton - Disposition	Date	Amount	Price	Remaning Holdings	Equity Swap Involved	Form Type	Code	Nature of Ownership	Explanation
Common Stock	Disposition	2012-01-06	240,000	$1.27	22,339,053	No	4	S	Indirect	See Notes 1, 2 and 3.
Common Stock	Acquisiton	2012-01-06	240,000	$1.27	22,339,053	No	4	A	Indirect	See Notes 1, 2 and 3.

Equity Swap Involved	Form Type	Code	Nature of Ownership	Explanation
No	4	S	Indirect	See Notes 1, 2 and 3.
No	4	A	Indirect	See Notes 1, 2 and 3.

Footnotes

The reporting person is the president and a member of IBS Capital LLC ("IBS Capital"), which is the general partner of The IBS Turnaround (QP) Fund (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 January 6, 2012, the Opportunity Fund sold 240,000 shares to the QP Fund. After completion of these transactions, the reporting person indirectly beneficially owned 22,339,053 Shares, which consisted of 22,339,053 Shares indirectly owned by IBS Capital, which consisted of: (i) 12,724,747 Shares directly beneficially owned by the QP Fund; (ii) 5,692,712 Shares directly beneficially owned by the LP Fund; and (iii) 3,921,594 Shares directly beneficially owned by the Opportunity Fund.
The reported securities are directly beneficially owned by QP Fund, the LP Fund and/or the Opportunity Fund. The reporting person disclaims beneficial ownership of the reported securities except to the extent of his pecuniary interest therein.