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Sheet: TABLE OF CONTENTSSheet: PART ISheet: PART I (1)Sheet: Dragon PitSheet: Dragon Pit (1)Sheet: Western AreaSheet: Western Area (1)Sheet: Surface PilesSheet: Market Prices for Our Common StSheet: Equity Compensation PlansSheet: AMONG APPLIED MINERALS INCSheet: AMONG APPLIED MINERALS (1)Sheet: CRITICAL ACCOUNTING POLICIESSheet: RECENT ACCOUNTING PRONOUNCEMENTSheet: RECENT ACCOUNTING (1)Sheet: ISSUANCE OF CONVERTIBLE DEBTSheet: CONTRACTUAL OBLIGATIONSSheet: CONTRACTUAL OBL (1)Sheet: Balance SheetSheet: Income StatementSheet: Shareholders EquitySheet: Cash FlowsSheet: Cash Flows (1)Sheet: ReceivablesSheet: Recent Accounting (2)Sheet: NOTE 6 8211 FAIR VALUE MEASUREMSheet: NOTE 6 8211 FAIR VALUE (1)Sheet: NOTE 6 8211 FAIR VALUE (2)Sheet: NOTE 6 8211 FAIR VALUE (3)Sheet: NOTE 6 8211 FAIR VALUE (4)Sheet: NOTE 7 NOTES PAYABLESheet: NOTE 7 NOTES PA (1)Sheet: NOTE 7 NOTES PA (2)Sheet: NOTE 7 NOTES PA (3)Sheet: NOTE 7 NOTES PA (4)Sheet: Outstanding Stock WarrantsSheet: Outstanding Stock OptionsSheet: Outstanding Stock (1)Sheet: Outstanding Stock (2)Sheet: Outstanding Stock (3)Sheet: NOTE 11 PER SHARE DATASheet: NOTE 11 PER SHARE (1)Sheet: NOTE 11 PER SHARE (2)Sheet: NOTE 11 PER SHARE (3)Sheet: Note 15A FINANCIAL INFORMATION Sheet: Note 15A FINANCIAL (1)Sheet: Identification of Directors andSheet: Committees of the BoardSheet: Summary CompensationSheet: Stock Option GrantsSheet: Outstanding Equity AwardsSheet: Grants of PlanBased AwardsSheet: Beneficial OwnershipSheet: Security Ownership of Certain BSheet: Ownership TablesSheet: Director IndependenceSheet: SCHEDULE II8212VALUATION AND QUSheet: SCHEDULE II8212VALUATION (1)Sheet: SCHEDULE II8212VALUATION (2)Sheet: SIGNATURESSheet: SIGNATURES (1)Sheet: IncentivesSheet: RESTRICTED STOCK AWARD AGREEMENSheet: AS ADOPTED PURSUANT TOSheet: NO TITLESheet: NO TITLE (1)Sheet: NO TITLE (2)Applied Minerals, Inc.10-K03/27/2015
TABLE OF CONTENTS
Page(s)
PART I
Item 1.Business1.0
Item 1A.Risk Factors19.0
Item 1B.Unresolved Staff Comments21.0
Item 2.Properties21.0
Item 3.Legal Proceedings22.0
Item 4.Mine Safety Disclosures22.0
PART II
Item 5.Market Price for the Registrant s Common23.0
Equity, Related Stockholders Matters
and Issuer Purchases of Equity Securities
Item 6.Selected Financial Data24.0
Item 7.Management s Discussion and Analysis of25.0
Financial Condition and Results of Operation
Item 7A.Quantitative and Qualitative Disclosures32.0
About Market Risk
Item 8.Consolidated Financial Statements and32.0
Supplementary Data
Item 9.Changes in and Disagreements with Accountants51.0
on Accounting and Financial Disclosure
Item 9A.Controls and Procedures51.0
Item 9B.Other Information51.0
PART III
Item 10.Directors and Executive Officers and Corporate52.0
Governance
Item 11.Executive Compensation57.0
Item 12.Security Ownership of Certain Beneficial71.0
Owners and Management and Related Stockholder
Matters
Item 13.Certain Relationships and Related Transactions,73.0
and Director Independence
Item 14.Principal Accounting Fees and Services73.0
PART IV
Item 15.Exhibits, Financial Statement Schedules74.0
____________________________Created by Morningstar Document Research.http://documentresearch.morningstar.com/Applied Minerals, Inc.10-K03/27/2015
PART I
2014.02013.0Tons extracted
Halloysite clay650.0450.0Iron oxide2200.03300.0Products produced (tons)
Halloysite clay69.022.0Iron oxide166.013.0
____________________________Created by Morningstar Document Research.http://documentresearch.morningstar.com/Applied Minerals, Inc.10-K03/27/2015
PART I
Percentages of Sales Classified by Customer
UseSales for:2014.02013.0Commercial Production70.069.0Scale-Ups26.017.0Testing2.04.0Other2.010.0
100.0100.0
____________________________Created by Morningstar Document Research.http://documentresearch.morningstar.com/Applied Minerals, Inc.10-K03/27/2015
Dragon Pit
Average Clay Content (%)AreaAcresResourceClay (tons)Clay TypeHalloysiteKaoliniteIllite-SmectiteTotalDragon Pit4.95Measured 1629650.0Pure Halloysite94.0N/AN/A94.0
565575.0Mix42.619.211.673.4
____________________________Created by Morningstar Document Research.http://documentresearch.morningstar.com/Applied Minerals, Inc.10-K03/27/2015
Dragon Pit
Average Content of Hematite, Goethite
and LOI (%)AreaAcresResourceIron (tons)HematiteGeothiteHematite + GoethiteLOIDragon Pit4.95Measured2631825.024.369.794.011.4
____________________________Created by Morningstar Document Research.http://documentresearch.morningstar.com/Applied Minerals, Inc.10-K03/27/2015
Western Area
Average Clay Content (%)AreaAcresResourceClay (tons) 1HalloysiteKaoliniteIllite-SmectiteTotalWestern Area6.3Measured862903.06.747.217.571.3
____________________________Created by Morningstar Document Research.http://documentresearch.morningstar.com/Applied Minerals, Inc.10-K03/27/2015
Western Area
Average Content of Hematite, Goethite
and LOI (%)AreaAcresResourceIron (tons)HematiteGeothiteHematite + GoethiteLOIWestern Area6.33Measured670450.075.920.296.16.8
____________________________Created by Morningstar Document Research.http://documentresearch.morningstar.com/Applied Minerals, Inc.10-K03/27/2015
Surface Piles
Average Clay Content (%)
Surface Pile
Clay
Halloysite
Kaolinite
Illite-
Total
(tons)
Smectite
1.0
154500.0
41.8
25.8
9.4
77.0
2.0
127100.0
19.0
33.6
27.8
80.4
3.0
298900.0
9.4
30.7
24.9
65.4
4.0
33280.0
13.2
31.7
31.7
76.7
5.0
144100.0
13.5
13.5
31.8
81.8
____________________________Created by Morningstar Document Research.http://documentresearch.morningstar.com/Applied Minerals, Inc.10-K03/27/2015
Market Prices for Our Common Stock
Year 2014
Year 2013
High
Low
High
Low
First Quarter
1.09
0.69
1.72
1.4
Second Quarter
0.85
0.6
1.47
1.11
Third Quarter
0.86
0.67
1.19
0.98
Fourth Quarter
0.78
0.59
1.22
1.0
____________________________Created by Morningstar Document Research.http://documentresearch.morningstar.com/Applied Minerals, Inc.10-K03/27/2015
Equity Compensation Plans
Equity Compensation Information
As of December 31, 2014
Number of securities to be issued upon exercise
Weighted-average exercise price of outstanding
Number of securities remaining available
of outstanding options, warrants, and
options, warrants and rights
for future issuance under equity compensation
rights
plans (excluding securities reflected
in column (a))
(a)
(b)
(c)
Equity compensation plans approved by
4978526.0
1.39
3644490.0
security holders
Equity compensation plans not approved
1.3251341E7
0.87
--
by security holders
Total
1.8229867E7
1.01
____________________________Created by Morningstar Document Research.http://documentresearch.morningstar.com/Applied Minerals, Inc.10-K03/27/2015
AMONG APPLIED MINERALS, INC.
Dec-09
Dec-10
Dec-11
Dec-12
Dec-13
Dec-14
Applied Minerals, Inc.
100.0
138.0
219.0
266.0
190.0
126.0
iShares Russell Microcap Index ETF
100.0
128.0
114.0
134.0
192.0
197.0
S&P Metals & Mining Index ETF
100.0
133.0
95.0
87.0
82.0
60.0
____________________________Created by Morningstar Document Research.http://documentresearch.morningstar.com/Applied Minerals, Inc.10-K03/27/2015
AMONG APPLIED MINERALS, INC.
Year Ended December 31 (in 000 s except per
2014.0
2013.0
2012.0
2011.0
2010.0
share data)Revenue
234.2
54.8
165.7
93.0
0.0
Loss from continuing operations
-10316.0
-13063.5
-9732.4
-7424.5
-4891.5
Net loss
-10316.0
-13063.5
-9732.4
-7430.3
-4767.7
Loss from continuing operations - basic
-0.11
-0.14
-0.11
-0.1
-0.07
Net loss - basic
-0.11
-0.14
-0.11
-0.1
-0.07
Loss from continuing operations - diluted
-0.11
-0.14
-0.11
-0.1
-0.07
Net loss - diluted
-0.11
-0.14
-0.11
-0.1
-0.07
Cash and equivalents
10701.7
8685.6
3356.1
10170.5
1642.3
Total assets
18457.7
15215.3
7818.5
12874.8
4215.1
Long-term liabilities
23119.0
11727.4
2129.4
3452.8
5055.0
Shareholders equity (deficit)
-7517.0
1486.6
3966.2
8828.4
-1561.3
____________________________Created by Morningstar Document Research.http://documentresearch.morningstar.com/Applied Minerals, Inc.10-K03/27/2015
CRITICAL ACCOUNTING POLICIES
Estimated
Useful Life *Building and Building Improvements5 40 yearsMining equipment2 7 yearsOffice and shop furniture and equipment3 7 yearsVehicles5 years
* See Note 4 of the Company s financial statementsfor explanation of change in useful lifein 2014.
____________________________Created by Morningstar Document Research.http://documentresearch.morningstar.com/Applied Minerals, Inc.10-K03/27/2015
RECENT ACCOUNTING PRONOUNCEMENTS
Twelve Months Ended December 31,
Variance
2014.0
% of Rev.
2013.0
% of Rev.
Amount
%
REVENUES
234221.0
100.0%
54825.0
100.0%
179396.0
327.0%
OPERATING EXPENSES:
Production costs
49464.0
21.0%
17244.0
31.0%
32220.0
187.0%Exploration costs
4626139.0
1975.0%
4551666.0
8302.0%
74473.0
2.0%General and administrative *
5195830.0*
2218.0%
8569413.0*
15630.0%
-3373583.0
-39.0%)Depreciation expense
1164366.0
497.0%
317570.0
579.0%
846796.0
267.0%Loss on impairment and disposition of land
--
0.0%
2482.0
5.0%
-2482.0
-100.0%)and equipmentTotal Operating Expenses
1.1035799E7
4712.0%
1.3458375E7
24548.0%
-2422576.0
-18.0%)
Operating Loss
-1.0801578E7
-4612.0%)
-1.340355E7
-24448.0%)
2601972.0
-19.0%)
OTHER INCOME (EXPENSE):
Interest expense, net, including amortization
-1667285.0
-712.0%)
-497187.0
-907.0%)
-1170098.0
235.0%of deferred financing cost and debt discountGain on revaluation of warrants derivative
830000.0
354.0%
995000.0
1815.0%
-165000.0
-17.0%)Gain on revaluation of stock awards
110000.0
47.0%
44000.0
80.0%
66000.0
150.0%Gain (Loss) on revaluation of PIK Notes
1470798.0
628.0%
-195000.0
-356.0%)
1665798.0
854.0%Other (expense)
-258252.0
-110.0%)
-6789.0
-12.0%)
-251463.0
3704.0%Total Other Income (Expense)
485261.0
207.0%
340024.0
620.0%
145237.0
43.0%
Net Loss
-1.0316317E7
-4405.0%)
-1.3063526E7
(23828%)
2747209.0
(21%)
____________________________Created by Morningstar Document Research.http://documentresearch.morningstar.com/Applied Minerals, Inc.10-K03/27/2015
RECENT ACCOUNTING PRONOUNCEMENTS
Twelve Months Ended December 31,
Variance
2013.0
% of Rev.
2012.0
% of Rev.
Amount
%
REVENUES
54825.0
100.0%
165742.0
100.0%
-110917.0
-67.0%)
OPERATING (INCOME) EXPENSES:
Production costs
17244.0
31.0%
103238.0
62.0%
-85994.0
-83.0%)Exploration costs
4551666.0
8302.0%
3542977.0
2138.0%
1008689.0
28.0%General and administrative
8569413.0
15630.0%
6541043.0
3947.0%
2028370.0
31.0%Depreciation expense
317570.0
579.0%
280991.0
170.0%
36579.0
13.0%Loss on impairment and disposition of land
2482.0
5.0%
9913.0
6.0%
-7431.0
-75.0%)and equipmentTotal Operating Expenses
1.3458375E7
24548.0%
1.0478162E7
6322.0%
2980213.0
28.0%
Operating Loss
-1.340355E7
-24448.0%)
-1.031242E7
-6222.0%)
-3091130.0
30.0%
OTHER INCOME (EXPENSE):
Interest expense, net, including amortization
-497187.0
-907.0%)
-12993.0
-8.0%)
-484194.0
3727.0%of deferred financing cost and debt discountGain on revaluation of warrants derivative
995000.0
1815.0%
630000.0
380.0%
365000.0
58.0%Gain (Loss) on revaluation of stock awards
44000.0
80.0%
-27000.0
-16.0%)
71000.0
-263.0%)(Loss) on revaluation of PIK Notes
-195000.0
-356.0%)
--
--
-195000.0
n/a
Other (expense)
-6789.0
-12.0%)
-9986.0
-6.0%)
3197.0
-32.0%)Total Other Income
340024.0
620.0%
580021.0
350.0%
-239997.0
-41.0%)
Net Loss
-1.3063526E7
-23828.0%)
-9732399.0
-5872.0%)
-3331127.0
34.0%
____________________________Created by Morningstar Document Research.http://documentresearch.morningstar.com/Applied Minerals, Inc.10-K03/27/2015
ISSUANCE OF CONVERTIBLE DEBT
Key TermsSeries 2023 Notes
Series A Notes
Inception Date08/05/2013
11/03/2014
Cash Received1.05E7
1.25E7
Principal1.05E7
1.9848486E7
Original Issue Discount (OID)N/A
7348486.0
Maturity (Term)10 years, but convertible after 1 year based
4 years, but may range between 2 years to
on the market price of the Company s stock
the full maturity of the Series 2023 Notes,
depending on whether a Specified Event
occurs and/or an Extension Option is elected
(see below for further details)Exercise Price$1.40 at inception, adjusted downward
$0.92 at inception, adjusted downward
based on antidilution provisions/downround
based on antidilution provisions; also
protection
may be reduced by $0.10 if Extension Option
is elected (see below)Stated Interest10% per annum, due semiannually
10% per annum, due semiannually, may be
reduced to 1% if Specified Event (see below)
occursDerivative Liability$2,055,000 established at inception due
$9,212,285 established at inception due
to existence of antidilution provisions;
to existence of antidilution provisions;
revalued every quarter using Monte Carlo
revalued every quarter using Monte Carlo____________________________Created by Morningstar Document Research.http://documentresearch.morningstar.com/Applied Minerals, Inc.10-K03/27/2015
CONTRACTUAL OBLIGATIONS
Payment due by period
Total
1 3 years
3 5 years
> 5 years
Contractual Obligations:
Rent obligations
309871.0
152296.0
157575.0
--
--
Total
309871.0
152296.0
157575.0
--
--
____________________________Created by Morningstar Document Research.http://documentresearch.morningstar.com/Applied Minerals, Inc.10-K03/27/2015
CONTRACTUAL OBLIGATIONS
Page
Report of Independent Registered Public33.0Accounting Firm
Financial Statements:
Consolidated Balance Sheets as of December34.031, 2014 and 2013
Consolidated Statements of Operations35.0for the years ended December 31, 2014, 2013,and 2012
Consolidated Statements of Changes in36.0Stockholders Equity (Deficit) for theyears ended December 31, 2014, 2013 and2012.0
Consolidated Statements of Cash Flows37.0for the years ended December 31, 2014, 2013,and 2012
Notes to Consolidated Financial Statements39.0
____________________________Created by Morningstar Document Research.http://documentresearch.morningstar.com/Applied Minerals, Inc.10-K03/27/2015
Balance Sheet
December 31,
December 31,
2014.0
2013.0
ASSETS
Current Assets
Cash and cash equivalents
1.0701666E7
8685552.0
Accounts receivable
112831.0
5756.0
Deposits and prepaid expenses
289644.0
282639.0
Total Current Assets
1.1104141E7
8973947.0
Property and Equipment, net
7055874.0
6031549.0
Other Assets
Deferred Financing Costs
28750.0
--
Deposits
268937.0
209791.0
Total Other Assets
297687.0
209791.0
TOTAL ASSETS
1.8457702E7
1.5215287E7
LIABILITIES AND STOCKHOLDERS (DEFICIT)
EQUITYCurrent Liabilities
Accounts payable and accrued liabilities
2608364.0
1580146.0
Stock award payable
--
110000.0
Current portion of notes payable
246894.0
311165.0
Total Current Liabilities
2855258.0
2001311.0
Long-Term Liabilities
Long-term portion of notes payable
59145.0
40826.0
Warrant derivative
--
950000.0
PIK notes payable, net of $18,400,297 and
1.3024439E7
8486583.0
$2,020,750 debt discount, respectivelyPIK Note derivatives
1.0035625E7
2250000.0
Total Long-Term Liabilities
2.3119209E7
1.1727409E7
Total Liabilities
2.5974467E7
1.372872E7
Commitments and Contingencies (Note 15)
Stockholders (Deficit) Equity
Preferred stock, $0.001 par value, 10,000,000
shares authorized, none issued and outstandingCommon stock, $0.001 par value, 200,000,000
95055.0
94646.0
shares authorized, 95,054,552 and 94,646,013shares issued and outstanding at December31, 2014 and 2013, respectivelyAdditional paid-in capital
6.4526469E7
6.3213893E7
Accumulated deficit prior to the exploration
-2.0009496E7
-2.0009496E7
stageAccumulated deficit during the exploration
-5.2128793E7
-4.1812476E7
stageTotal Stockholders (Deficit) Equity
-7516765.0
1486567.0
TOTAL LIABILITIES AND STOCKHOLDERS (DEFICIT)
1.8457702E7
1.5215287E7
EQUITY
____________________________Created by Morningstar Document Research.http://documentresearch.morningstar.com/Applied Minerals, Inc.10-K03/27/2015
Income Statement
For the year ended
December 31,
2014.0
2013.0
2012.0
REVENUES
234221.0
54825.0
165742.0
OPERATING EXPENSES:
Production costs
49464.0
17244.0
103238.0
Exploration costs
4626139.0
4551666.0
3542977.0
General and administrative
5195830.0
8569413.0
6541043.0
Depreciation expense
1164366.0
317570.0
280991.0
Loss from disposition and impairment of
--
2482.0
9913.0
land and equipmentTotal Operating Expenses
1.1035799E7
1.3458375E7
1.0478162E7
Operating Loss
-1.0801578E7
-1.340355E7
-1.031242E7
OTHER INCOME (EXPENSE):
Interest expense, net, including amortization
-1667285.0
-497187.0
-12993.0
of deferred financing cost and debt discountGain on revaluation of warrant derivative
830000.0
995000.0
630000.0
Gain (Loss) on revaluation of stock awards
110000.0
44000.0
-27000.0
Gain (Loss) on revaluation of PIK Note derivatives
1470798.0
-195000.0
--
Other expense
-258252.0
-6789.0
-9986.0
Total Other Income (Expense), net
485261.0
340024.0
580021.0
Net loss
-1.0316317E7
-1.3063526E7
-9732399.0
Net Loss Per Share (Basic and Diluted)
-0.11
-0.14
-0.11
Weighted Average Shares Outstanding (Basic
9.4895194E7
9.4303264E7
8.9552788E7
and Diluted)
____________________________Created by Morningstar Document Research.http://documentresearch.morningstar.com/Applied Minerals, Inc.10-K03/27/2015
Shareholders' Equity
Accumulated
Accumulated
Total
Common Stock
Deficit
Deficit
Stock-
Additional
Prior to
During
holders
Paid-In
Exploration
Exploration
Equity
Shares
Amount
Capital
Stage
Stage
(Deficit)
Balance, December 31, 2011
8.9119405E7
89120.0
4.776535E7
-2.0009496E7
-1.9016551E7
8828423.0
Reclassification from warrant derivative
--
--
780000.0
--
--
780000.0
liability due to change in valuation methodology
Shares issued for directors fees and other
103580.0
103.0
150956.0
--
--
151059.0
services
Shares issued for cashless option and warrant
146459.0
146.0
-146.0
--
--
--
exercise
Shares issued for cash
1250000.0
1250.0
1623750.0
--
--
1625000.0
Stock-based compensation expense
--
--
2314154.0
--
--
2314154.0
Net Loss
--
--
--
--
-9732399.0
-9732399.0
Balance, December 31, 2012
9.0619444E7
90619.0
5.2634064E7
-2.0009496E7
-2.874895E7
3966237.0
Shares issued for directors fees and other
269812.0
270.0
316205.0
--
--
316475.0
services
Shares issued for cash
3756757.0
3757.0
5556243.0
--
--
5560000.0
Stock-based compensation expense
--
--
4707381.0
--
--
4707381.0
Net Loss
--
--
--
--
-1.3063526E7
-1.3063526E7
Balance, December 31, 2013
9.4646013E7
94646.0
6.3213893E7
-2.0009496E7
-4.1812476E7
1486567.0
Shares issued for directors fees and other
408539.0
409.0
326860.0
--
--
327269.0
services
Warrant Cancellation
--
--
120000.0
--
--
120000.0
Stock-based compensation expense
--
--
865716.0
--
--
865716.0
Net Loss
--
--
--
--
-1.0316317E7
-1.0316317E7
Balance, December 31, 2014
9.5054552E7
95055.0
6.4526469E7
-2.0009496E7
-5.2128793E7
-7516765.0
____________________________Created by Morningstar Document Research.http://documentresearch.morningstar.com/Applied Minerals, Inc.10-K03/27/2015
Cash Flows
For the Year Ended
December 31,
2014.0
2013.0
2012.0
Cash flows from operating activities:
Net loss
-1.0316317E7
-1.3063526E7
-9732399.0
Adjustments to reconcile net loss to net
cash used in operating activitiesDepreciation
1164366.0
317570.0
280991.0
Amortization of discount PIK Notes
218031.0
41583.0
--
Amortization of deferred financing costs
1250.0
--
--
Accrued interest on PIK Notes
1076250.0
--
--
Stock issued for director and consulting
327269.0
316475.0
151059.0
servicesStock-based compensation expense
865716.0
4707381.0
2314154.0
(Gain) on revaluation of warrant derivative
-830000.0
-995000.0
-630000.0
(Gain) Loss on revaluation of PIK note derivative
-1470798.0
195000.0
--
(Gain) Loss on revaluation of stock awards
-110000.0
-44000.0
27000.0
for non-employeesLoss of disposal of equipment
--
2482.0
9913.0
Provision for (Reversal of) doubtful accounts
--
-25106.0
13168.0
Change in operating assets and liabilities:
Accounts receivable
-107075.0
27128.0
-482.0
Deposits and prepaid expenses
149239.0
189656.0
55148.0
Accounts payable and accrued expenses
1028218.0
125256.0
759185.0
Net cash used in operating activities
-8003851.0
-8205101.0
-6752263.0
Cash flows from investing activities:
Purchases of property and equipment
-2039562.0
-64345.0
-321440.0
Construction-in-progress
--
-1982013.0
-1051537.0
Net cash used in investing activities
-2039562.0
-2046358.0
-1372977.0
Cash flows from financing activities:
Payments on notes payable
-440471.0
-479092.0
-304099.0
Payments on leases payable
--
--
-10094.0
Proceeds from PIK notes payable
1.2499998E7
1.05E7
--
Proceeds from sale of common stock
--
5560000.0
1625000.0
Net cash provided by financing activities
1.2059527E7
1.5580908E7
1310807.0
Net increase (decrease) in cash and cash
2016114.0
5329449.0
-6814433.0
equivalentsCash and cash equivalents at beginning
8685552.0
3356103.0
1.0170536E7
of yearCash and cash equivalents at end of year
1.0701666E7
8685552.0
3356103.0
____________________________Created by Morningstar Document Research.http://documentresearch.morningstar.com/Applied Minerals, Inc.10-K03/27/2015
Cash Flows
For the year ended
December 31,
2014.0
2013.0
2012.0
Supplemental disclosure of cash flow information:
Cash paid during the period for:
Interest
10460.0
23180.0
18206.0
Income Taxes
1431.0
3841.0
$--
Supplemental disclosure of noncash investing
and financing activities:Property and equipment financed with note
149129.0
$--
438250.0
payable
Construction-in-progress in accounts
120000.0
299563.0
105000.0
payable
Prepaid insurance financed with note payable
245390.0
233187.0
170600.0
Reclassification of Construction in Progress
3091163.0
to building and equipment
Land reclassified from assets held for
$--
$--
445180.0
sale to land and mining property
____________________________Created by Morningstar Document Research.http://documentresearch.morningstar.com/Applied Minerals, Inc.10-K03/27/2015
Receivables
Estimated
Useful Life *Building and Building Improvements5 40 yearsMining equipment2 7 yearsOffice and shop furniture and equipment3 7 yearsVehicles5 years
____________________________Created by Morningstar Document Research.http://documentresearch.morningstar.com/Applied Minerals, Inc.10-K03/27/2015
Recent Accounting Pronouncements
2014.0
2013.0
Land (a)
945180.0
945180.0
Land improvements
164758.0
164758.0
Buildings
3308465.0
631299.0
Mining equipment
1684197.0
1569635.0
Milling equipment
2620300.0
333594.0
Laboratory equipment
594451.0
65934.0
Office equipment
72174.0
60992.0
Vehicles
148673.0
140002.0
9538198.0
3911394.0
Less: Accumulated depreciation
2482324.0
1317958.0
7055874.0
2593436.0
Construction in progress (b)
0.0
3438113.0
Total
7055874.0
6031549.0
____________________________Created by Morningstar Document Research.http://documentresearch.morningstar.com/Applied Minerals, Inc.10-K03/27/2015
NOTE 6 #8211; FAIR VALUE MEASUREMENTS AND FINANCIAL INSTRUMENTS
Fair value measurement using inputs
Carrying amount
Level 1
Level 2
Level 3
December 31, 2014
December 31, 2013
Financial instruments:
Warrant derivative *
--
--
950000.0
Series 2023 PIK Note Derivative
478149.0
478149.0
2250000.0
Series A PIK Note Derivative
9557476.0
9557476.0
--
____________________________Created by Morningstar Document Research.http://documentresearch.morningstar.com/Applied Minerals, Inc.10-K03/27/2015
NOTE 6 #8211; FAIR VALUE MEASUREMENTS AND FINANCIAL INSTRUMENTS
Balance at December 31, 2013
$-
Transfer into Level 3 (a)
2250000.0
Issuance of Series A PIK Note
9212285.0
Issuance of additional Series 2023 PIK
44138.0
NoteNet unrealized losses included in earnings
-1470798.0
(loss)
Balance at December 31, 2014
1.0035625E7
____________________________Created by Morningstar Document Research.http://documentresearch.morningstar.com/Applied Minerals, Inc.10-K03/27/2015
NOTE 6 #8211; FAIR VALUE MEASUREMENTS AND FINANCIAL INSTRUMENTS
Series 2023 PIK Note derivative liability
Fair Value Measurements
Using Inputs
December 31, 2014
December 31, 2013
Market price and estimated fair value of
0.73
1.1
stockExercise price
1.36
1.4
Term (years)
8.58
9.58
Dividend yield
$--
$--
Expected volatility *
52.0%
76.9%Risk-free interest rate
2.08%
2.96%
____________________________Created by Morningstar Document Research.http://documentresearch.morningstar.com/Applied Minerals, Inc.10-K03/27/2015
NOTE 6 #8211; FAIR VALUE MEASUREMENTS AND FINANCIAL INSTRUMENTS
Series A PIK Note derivative liability
Fair Value Measurements
Using Inputs
December 31, 2014
Market price and estimated fair value of
0.73
stockExercise price
0.92
Term (years)
3.83
Dividend yield
$--
Expected volatility
52.0%Risk-free interest rate
2.08%
____________________________Created by Morningstar Document Research.http://documentresearch.morningstar.com/Applied Minerals, Inc.10-K03/27/2015
NOTE 6 #8211; FAIR VALUE MEASUREMENTS AND FINANCIAL INSTRUMENTS
Warrant derivative liability
Fair Value Measurements
Using Inputs
December 31, 2013
Market price and estimated fair value of
1.1
stockExercise price
1.93
Term (years)
3.0
Dividend yield
$--
Expected volatility *
76.9%Risk-free interest rate
0.78%
____________________________Created by Morningstar Document Research.http://documentresearch.morningstar.com/Applied Minerals, Inc.10-K03/27/2015
NOTE 7 - NOTES PAYABLE
December 31,
2014.0
2013.0
Note payable for mining equipment, payable
$--
42927.0
$5,556 monthly, including interest (a)Note payable for mining equipment, payable
14057.0
23302.0
$950 monthly, including interest (b)Note payable for mining equipment, payable
6033.0
76313.0
$6,060 monthly, including interest (c)Note payable for lab equipment, payable
18246.0
--
$9,122 monthly, including interest (d)Note payable for mining equipment, payable
55720.0
--
$1,339 monthly, including interest (e)Note payable for mine site vehicle, payable
20736.0
28276.0
$628 monthly (f)Note payable for mining equipment, payable
--
9932.0
$5,000 monthly, including interest (g)Note payable for mining equipment, payable
--
8898.0
$2,250 monthly, including interest (h)Note payable to an insurance company, payable
149036.0
--
$21,531monthly, including interest (i)Note payable to an insurance company, payable
42211.0
--
$6,094 monthly, including interest (j)Note payable to an insurance company, payable
--
132576.0
$4,447 monthly, including interest (k)Note payable to an insurance company, payable
--
29767.0
$4,447 monthly, including interest (l)
306039.0
351991.0
Less: Current Portion
-246894.0
-311165.0
Notes Payable, Long-Term Portion
59145.0
40826.0
____________________________Created by Morningstar Document Research.http://documentresearch.morningstar.com/Applied Minerals, Inc.10-K03/27/2015
NOTE 7 - NOTES PAYABLE
2015.0
246894.0
2016.0
25457.0
2017.0
20615.0
2018.0
13073.0
Total Notes Payable
306039.0
____________________________Created by Morningstar Document Research.http://documentresearch.morningstar.com/Applied Minerals, Inc.10-K03/27/2015
NOTE 7 - NOTES PAYABLE
Key TermsSeries 2023 Notes
Series A Notes
Inception Date08/05/2013
11/03/2014
Cash Received1.05E7
1.25E7
Principal (Initial Liability)1.05E7
1.9848486E7
Original Issue Discount (OID)N/A
7348486.0
Maturity (Term)10 years, but convertible after 1 year based
4 years, but may range between 2 years to
on the market price of the Company s stock
the full maturity of the Series 2023 Notes,
depending on whether a Specified Event
occurs and/or an Extension Option is elected
(see below for further details)Exercise Price$1.40 at inception, adjusted downward
$0.92 at inception, adjusted downward
based on antidilution provisions/downround
based on antidilution provisions; also
protection
may be reduced by $0.10 if Extension Option
is elected (see below)Stated Interest10% per annum, due semiannually
10% per annum, due semiannually, may be
reduced to 1% if Specified Event (see below)
occursDerivative Liability$2,055,000 established at inception due
$9,212,285 established at inception due
to existence of antidilution provisions;
to existence of antidilution provisions;
revalued every quarter using Monte Carlo
revalued every quarter using Monte Carlo____________________________Created by Morningstar Document Research.http://documentresearch.morningstar.com/Applied Minerals, Inc.10-K03/27/2015
NOTE 7 - NOTES PAYABLE
(in $$)
Series 2023 Notes
Series A Notes
Total
PIK Note Payable, Gross
1.157625E7
1.9848486E7
3.1424736E7
Less: Discount
-1949555.0
-1.6450742E7
-1.8400297E7
PIK Note Payable, Net
9626695.0
3397744.0
1.3024439E7
PIK Note Derivative Liability
478149.0
9557476.0
1.0035625E7
____________________________Created by Morningstar Document Research.http://documentresearch.morningstar.com/Applied Minerals, Inc.10-K03/27/2015
NOTE 7 - NOTES PAYABLE
(in $$)
Series 2023 Notes
Series A Notes
Total
PIK Note Payable, Gross
1.0507333E7
--
1.0507333E7
Less: Discount
-2020750.0
--
-2020750.0
PIK Note Payable, Net
8486583.0
--
8486583.0
PIK Note Derivative Liability
2250000.0
--
2250000.0
____________________________Created by Morningstar Document Research.http://documentresearch.morningstar.com/Applied Minerals, Inc.10-K03/27/2015
Outstanding Stock Warrants
Warrants Outstanding and Exercisable
Exercise Price
Number Outstanding
Weighted Average Remaining Contractual
Weighted Average Exercise Price
Life (years)$ 0.75
139340.0
0.75
0.75
$ 0.78
213402.0
1.09
0.78
$ 0.80
124481.0
1.0
0.8
$ 1.00
180000.0
0.81
1.0
$ 1.15
461340.0
6.33
1.15
$ 2.00
54367.0
1.59
2.0
1172930.0
3.08
1.01
____________________________Created by Morningstar Document Research.http://documentresearch.morningstar.com/Applied Minerals, Inc.10-K03/27/2015
Outstanding Stock Options
2014.0
2013.0
Dividend Yield
0%
0%
Expected Life (years)
5.5
4.4
Expected Volatility
56.1%
63.5%
Risk Free Interest Rate
1.79%
1.48%
____________________________Created by Morningstar Document Research.http://documentresearch.morningstar.com/Applied Minerals, Inc.10-K03/27/2015
Outstanding Stock Options
December 31, 2014
December 31, 2013
Shares
Weighted
Shares
Weighted
Average
Average
Exercise Price
Exercise Price
Outstanding at beginning of period
1.5878116E7
1.03
1.5455471E7
1.04
Issued
1175000.0
0.84
760867.0
1.19
Exercised
--
--
--
--
Forfeited
--
--
-338222.0
1.73
Outstanding at end of period
1.7053116E7
1.02
1.5878116E7
1.03
____________________________Created by Morningstar Document Research.http://documentresearch.morningstar.com/Applied Minerals, Inc.10-K03/27/2015
Outstanding Stock Options
Vesting InformationShares
Frequency
Begin Date
End Date200000.0
Quarterly
03/31/2014
12/31/2014375000.0
Immediately
06/10/2014
06/10/2014600000.0
Monthly
06/10/2014
06/09/2017
____________________________Created by Morningstar Document Research.http://documentresearch.morningstar.com/Applied Minerals, Inc.10-K03/27/2015
Outstanding Stock Options
Options Outstanding
Options Exercisable
Number
Weighted
Weighted
Number
Weighted
Outstanding
Average
Average
Exercisable
Average
Remaining
Exercise
Exercise
Contractual Life (years)
Price
Price
7358277.0
3.94
0.7
7358277.0
0.7
3405134.0
6.69
0.83
3405134.0
0.83
975000.0
9.45
0.84
491667.0
0.84
60000.0
1.5
1.0
60000.0
1.0
300000.0
8.64
1.1
100000.0
1.1
300000.0
8.48
1.15
133333.0
1.15
100000.0
3.09
1.24
100000.0
1.24
115000.0
6.24
1.35
115000.0
1.35
125000.0
3.09
1.45
125000.0
1.45
330000.0
6.95
1.55
296667.0
1.55
7645.0
3.09
1.58
7645.0
1.58
3077060.0
7.89
1.66
3077060.0
1.66
900000.0
6.64
1.9
900000.0
1.9
1.7053116E7
5.87
1.02
1.6169783E7
1.02
____________________________Created by Morningstar Document Research.http://documentresearch.morningstar.com/Applied Minerals, Inc.10-K03/27/2015
NOTE 11 - PER SHARE DATA
Net Loss
Shares
Per-Share
(Numerator)
(Denominator)
Amount
For the year ended December 31, 2014:
Basic and Diluted EPS
Net loss
-1.0316317E7
9.4895194E7
-0.11
For the year ended December 31, 2013:
Basic and Diluted EPS
Net loss
-1.3063526E7
9.4303264E7
-0.14
For the year ended December 31, 2012:
Basic and Diluted EPS
Net loss
-9732399.0
8.9552788E7
-0.11
____________________________Created by Morningstar Document Research.http://documentresearch.morningstar.com/Applied Minerals, Inc.10-K03/27/2015
NOTE 11 - PER SHARE DATA
December 31, 2014
December 31, 2013
Deferred tax assets:
Net operating loss carryforward
2.3246809E7
1.8454164E7
Stock-based compensation
4121311.0
3685646.0
Stock Award Payable
--
40792.0
Total deferred tax assets
2.736812E7
2.2180602E7
Deferred tax liabilities:
Property and equipment
-673241.0
-421025.0
Less: valuation allowance
-2.6694879E7
-2.1759577E7
$--
$--
____________________________Created by Morningstar Document Research.http://documentresearch.morningstar.com/Applied Minerals, Inc.10-K03/27/2015
NOTE 11 - PER SHARE DATA
December 31, 2014
December 31, 2013
December 31, 2012
Federal statutory rate
-3610711.0
35.0%
-4572234.0
35.0%
-3406340.0
35.0%State income taxes Idaho
-11016.0
0.1%
-14264.0
0.1%
-37982.0
0.4%State income taxes - Utah
-239093.0
2.3%
-199166.0
1.5%
-227169.0
2.3%State and local income taxes - NY
-46372.0
0.4%
-58721.0
0.5%
--
--
Change in valuation allowance
4935302.0
-47.8%)
5034877.0
(39.0%)
3903777.0
(40.1%)Net nontaxable gain on derivative
-843861.0
8.2%
-290623.0
2.2%
-232286.0
2.4%Miscellaneous
-184249.0
1.8%
100131.0
(0.3%)
0.0
--
$--
0.0%
$--
0.0%
$--
0.0%
____________________________Created by Morningstar Document Research.http://documentresearch.morningstar.com/Applied Minerals, Inc.10-K03/27/2015
NOTE 11 - PER SHARE DATA
Investor
Investment
OID/Discount
Principal
Shares Issuable
@0.92, excluding
interest
IBS Turnaround Fund (A Limited Partnership)
531960.0
0.66
806000.0
876087.0
IBS Turnaround Fund QP (A Limited Partnership)
1118040.0
0.66
1694000.0
1841304.0
IBS Opportunity Fund, Ltd.
350000.0
0.66
530303.0
576416.0
2000000.0
3030303.0
3293807.0
____________________________Created by Morningstar Document Research.http://documentresearch.morningstar.com/Applied Minerals, Inc.10-K03/27/2015
Note 15A - FINANCIAL INFORMATION BY QUARTER (UNAUDITED)
2014 For Quarter Ended
December 31
September 30
June 30
March 31
Revenue
119533.0
55681.0
47993.0
11014.0
Operating loss
-3147929.0
-2389291.0
-2712065.0
-2552293.0
Net loss
-4346638.0
-2576750.0
-3035704.0
-357225.0
Loss Per Share (Basic and Diluted)
-0.05
-0.03
-0.03
0.0)
____________________________Created by Morningstar Document Research.http://documentresearch.morningstar.com/Applied Minerals, Inc.10-K03/27/2015
Note 15A - FINANCIAL INFORMATION BY QUARTER (UNAUDITED)
2013 For Quarter Ended
December 31
September 30
June 30
March 31
Revenue
10088.0
6773.0
12878.0
25086.0
Operating loss
-3795077.0
-3250990.0
-2774969.0
-3582514.0
Net loss
-3510651.0
-3869099.0
-2604885.0
-3078891.0
Loss Per Share (Basic and Diluted)
-0.04
-0.04
-0.03
-0.03
____________________________Created by Morningstar Document Research.http://documentresearch.morningstar.com/Applied Minerals, Inc.10-K03/27/2015
Identification of Directors and Officers
Name and Position with The Company
Age
Director 1 /Officer Since
Principal OccupationJohn F. Levy
59.0
Non-executive Chairman since 2009, Director
CEO of Board Advisory
since 2008David A. Taft
58.0
Director since 2008
President, IBS Capital LLCMario Concha
74.0
Director since 2013
President, Mario Concha & Associates,
LLCRobert T. Betz
73.0
Director since 2014
Owner, Personal Care IngredientsAli Zamani
35.0
Director since 2014
Portfolio Manager, Gefinor CapitalAndre M. Zeitoun
42.0
Chief Executive Officer, President and
President, Chief Executive Officer and
Director since 2009
Director of CompanyNat Krishnamurti
43.0
Officer since 2012
Chief Financial OfficerWilliam Gleeson
72.0
Officer since 2011
General Counsel
____________________________Created by Morningstar Document Research.http://documentresearch.morningstar.com/Applied Minerals, Inc.10-K03/27/2015
Committees of the Board
Audit CommitteeNominating CommitteeCompensation CommitteeJohn LevyXXXMario ConchaXXXRobert Betz
XXAli ZamaniX
____________________________Created by Morningstar Document Research.http://documentresearch.morningstar.com/Applied Minerals, Inc.10-K03/27/2015
Summary Compensation
Option
All Other
Name and
Salary
Bonus
Awards
Comp.
Total
Principal PositionYear
0.0
0.0
0.0
0.0
0.0
Andre M. Zeitoun,2014.0
600000.0
400000.0
--
--
1000000.0
CEO, Director (2)2013.0
600000.0
400000.0
--
--
1000000.0
2012.0
600000.0
850000.0
2408539.0
--
3858539.0
Nat Krishnamurti,2014.0
225000.0
--
31055.0
5000.0
261055.0
CFO (3)2013.0
225000.0
--
49686.0
5000.0
279686.0
2012.0
105000.0
--
400200.0
2917.0
508117.0
William Gleeson,2014.0
300000.0
--
270486.0
--
545486.0
General Counsel2013.0
250000.0
--
--
--
250000.0
2012.0
200000.0
--
100065.0
--
300065.0
____________________________Created by Morningstar Document Research.http://documentresearch.morningstar.com/Applied Minerals, Inc.10-K03/27/2015
Stock Option Grants
All other option awards: Number of securities
Exercise or base price of option
Grant date fair value of stock and option
underlying
Name
Grant date
options
awards
awards
(#)
($/Share)
0.0Nat Krishnamurti, CFO (1)
06-10-2014
75000.0
0.84
31055.0
William Gleeson (1)
06-10-2014
600000.0
0.84
270486.0
____________________________Created by Morningstar Document Research.http://documentresearch.morningstar.com/Applied Minerals, Inc.10-K03/27/2015
Outstanding Equity Awards
OUTSTANDING EQUITY AWARDS AT FISCAL YEAR
ENDOPTION AWARDS
Name
Grant Date
Number of Securities Underlying Unexercised
Number of Securities Underlying Unexercised
Equity Incentive Plan Awards Number of
Option Exercise Price
Option Expiration Date
Options: Exercisable
Options: Unexercisable
Securities Underlying Unexercised Unearned
Options
Andre Zeitoun
01-01-09
3949966.0
--
--
0.7
01-01-19
02-08-11
1742792.0
--
--
0.83
01-01-22
11-20-12
1742792.0
--
--
1.66
01-01-23
Nat Krishnamurti
05-29-12
275001.0
24999.0
--
1.55
05-01-22
05-29-13
65000.0
--
--
1.35
05-29-23
06-10-14
75000.0
--
--
0.84
06-10-24
William Gleeson
08-18-11
900000.0
--
--
1.9
08-18-21
11-20-12
72406.0
--
--
1.66
11-20-22
06-10-14
116669.0
483331.0
--
0.84
06-10-24
____________________________Created by Morningstar Document Research.http://documentresearch.morningstar.com/Applied Minerals, Inc.10-K03/27/2015
Grants of Plan-Based Awards
Name
Fees Earned or
Common Stock Awards
Options
Total ($)
Paid in Cash
Awards (1)
John Levy (1)
70000.0
$--
21288.0
91288.0
David Taft (2)
71288.0
$--
$--
71288.0
Mario Concha (1)
58750.0
$--
21288.0
80038.0
Robert Betz (1) (3)
38733.0
16600.0
21288.0
76621.0
Ali Zamani (1) (4)
$--
45278.0
21288.0
66566.0
Andre Zeitoun
$--
$--
$--
$--
____________________________Created by Morningstar Document Research.http://documentresearch.morningstar.com/Applied Minerals, Inc.10-K03/27/2015
Beneficial Ownership
200,000,000 authorized shares of Common
Stock;
____________________________Created by Morningstar Document Research.http://documentresearch.morningstar.com/Applied Minerals, Inc.10-K03/27/2015
Security Ownership of Certain Beneficial Owners and Management
95,331,128 issued shares of Common Stock
8,937,546 issuable shares of Common Stock,
the number of shares issuable on conversion
of 10% PIK Election Convertible Notes Due
2023 ("Series 2023 Notes") as of February
28, 2015.
21,574,441 issuable shares of Common Stock,
the number of shares issuable on the conversion
of 10% PIK Election Convertible Notes Due
2018 ("Series A Notes") the number of shares
issuable as of February 28, 2015.
____________________________Created by Morningstar Document Research.http://documentresearch.morningstar.com/Applied Minerals, Inc.10-K03/27/2015
Ownership Tables
Number of Shares of
Percentage of Common
Common Stock
Stock Beneficially
Name and Address (1)
Beneficially Owned (2)
Owned
Andre Zeitoun (3) (4) (10)
8762899.0
8.5%John Levy (3) (5)
630957.0
*
David Taft (3) (8)
2.5624957E7
26.9%Mario Concha (3) (7)
155275.0
*
Robert Betz (3) (6)
142036.0
*
Ali Zamani (3) (9)
183944.0
*
Nat Krishnamurti (4) (11)
440000.0
*
William Gleeson (4) (12)
1155743.0
*
All Officers and Directors as a Group
3.7095811E7
35.3%IBS Capital, LLC (8)
2.5624957E7
26.9%Samlyn Capital, LLC (13)
2.0869565E7
21.9%Berylson Capital Partners, LLC (14)
5620170.0
5.9%James Berylson (14)
6893170.0
7.2%
____________________________Created by Morningstar Document Research.http://documentresearch.morningstar.com/Applied Minerals, Inc.10-K03/27/2015
Director Independence
December 31, 2014
December 31, 2013
Audit Fees
117500.0
117500.0
S-1 filing review
4000.0
8000.0
Tax Fees (1)
7500.0
7500.0
All Other Fees
--
--
Total
129000.0
133000.0
____________________________Created by Morningstar Document Research.http://documentresearch.morningstar.com/Applied Minerals, Inc.10-K03/27/2015
SCHEDULE II#8212;VALUATION AND QUALIFYING ACCOUNTS
Balance at
Additions Charged
Net
Balance at
Beginning of
to Expenses/
(Deductions)
End of Year
Year
Other Accounts
RecoveriesAllowance for doubtful accounts
2014.0
$--
$--
$--
$--
2013.0
25106.0
$--
25106.0
$--
2012.0
11938.0
13168.0
$--
25106.0
Valuation allowance for deferred tax assets
2014.0
2.1759577E7
4935302.0
$--
2.6694879E7
2013.0
1.67247E7
5034877.0
$--
2.1759577E7
2012.0
1.2820923E7
3903777.0
$--
1.67247E7
____________________________Created by Morningstar Document Research.http://documentresearch.morningstar.com/Applied Minerals, Inc.10-K03/27/2015
SCHEDULE II#8212;VALUATION AND QUALIFYING ACCOUNTS
Exhibit
Number3.1Articles of Incorporation-1.03.2Bylaws, as amended-2.010.1Form of Investment Agreement used in connection-3.0
with January, 2013 capital raise10.2Form of Investment Agreement used in connection-4.0
with August, 2013 capital raise10.3Form of 10% PIK Election Convertible Note-5.0
due 2023 used in connection with August,
2013 capital raise10.4Form of Investment Agreement used in connection-6.0
with November, 2014 capital raise10.5Form of 10% PIK Election Convertible Note-7.0
due 2018 used in connection with November,
2014 capital raise10.6Form of Warrant Cancellation Agreement-8.0
used in connection with November, 2014
capital raise10.72012 Long Term Option Plan-9.010.8Form of Stock Option Agreement-10.010.9Short Term Incentive Plan-11.010.1Form of Stock Grant*10.11Terms of Private Placement of Securities-12.010.12Directors Compensation-13.023.1Consent of EisnerAmper LLP, Independent*
Registered Public Accounting Firm31.1Certification pursuant to Rule 13a-14*
of the Securities Exchange Act, as adopted
pursuant to Section 302 of the Sarbanes-Oxley
Act of 2002, of the Principal Executive
Officer31.2Certification pursuant to Rule 13a-14*
of the Securities Exchange Act, as adopted
pursuant to Section 302 of the Sarbanes-Oxley
Act of 2002, of the Principal Financial
Officer32.1Certification pursuant to 18 U.S.C. Section*
1350, as adopted pursuant to Section 906
of the Sarbanes-Oxley Act of 2002, of the
Principal Executive Officer32.2Certification pursuant to 18 U.S.C. Section*
1350, as adopted pursuant to Section 906
of the Sarbanes-Oxley Act of 2002, of the
Principal Financial Officer95.0Mine Safety Disclosure*101.INSXBRL Instance**101.SCHXBRL Taxonomy Extension Schema**101.CALXBRL Taxonomy Extension Calculation**101.DEFXBRL Taxonomy Extension Definition**101.LABXBRL Taxonomy Extension Labels**101.PREXBRL Taxonomy Extension Presentation**
____________________________Created by Morningstar Document Research.http://documentresearch.morningstar.com/Applied Minerals, Inc.10-K03/27/2015
SCHEDULE II#8212;VALUATION AND QUALIFYING ACCOUNTS
-1.0Incorporated by reference to exhibit 3(i)(a)
included in the Registrant s Current Report
on Form 8-K, filed on November 26, 2012-2.0Incorporated by reference to exhibit 3(i)(a)
included in the Registrant s Current Report
on Form 8-K, filed on November 26, 2012-3.0Incorporated by reference to exhibit 99.1
included in the Registrant s Current Report
on Form 8-K, filed on January 23, 2013-4.0Incorporated by reference to exhibit 99.1
included in the Registrant s Current Report
on Form 8-K, filed on August 5, 2013-5.0Incorporated by reference to exhibit 99.2
included in the Registrant s Current Report
on Form 8-K, filed on August 5, 2013-6.0Incorporated by reference to exhibit 99.1
included in the Registrant s Current Report
on Form 8-K, filed on November 5, 2014-7.0Incorporated by reference to exhibit 99.2
included in the Registrant s Current Report
on Form 8-K, filed on November 5, 2014-8.0Incorporated by reference to exhibit 99.4
included in the Registrant s Current Report
on Form 8-K, filed on November 5, 2014-9.0Incorporated by reference to exhibits
99.1 included in the Registrant s Current
Report on Form 8-K, filed on November 26,
2012.0-10.0Incorporated by reference to exhibits
99.2 included in the Registrant s Current
Report on Form 8-K, filed on November 26,
2012.0-11.0Incorporated by reference to exhibits
99.3 included in the Registrant s Current
Report on Form 8-K, filed on November 26,
2012.0-12.0Incorporated by reference to Items 1.01
included in the Registrant s Current Report
on Form 8-K, filed on January 23, 2013, August
5, 2013, and November 5, 2014-13.0Incorporated by reference to exhibit 10.13
included in Registrant s Form S-1 filed
on February 17, 2015
____________________________Created by Morningstar Document Research.http://documentresearch.morningstar.com/Applied Minerals, Inc.10-K03/27/2015
SIGNATURES
APPLIED MINERALS, INC.
By:/s/ ANDRE ZEITOUN
Andre Zeitoun
Chief Executive Officer
By:/s/ NAT KRISHNAMURTI
Nat Krishnamurti
Chief Financial Officer
____________________________Created by Morningstar Document Research.http://documentresearch.morningstar.com/Applied Minerals, Inc.10-K03/27/2015
SIGNATURES
Signature
Title
Date
/s/ JOHN F. LEVY
Director
March 27, 2015John F. Levy
/s/ ANDRE ZEITOUN
Director
March 27, 2015Andre Zeitoun
/s/ ROBERT BETZ
Director
March 27, 2015Robert Betz
/s/ MARIO CONCHA
Director
March 27, 2015Mario Concha
/s/ DAVID TAFT
Director
March 27, 2015David Taft
/s/ ALI ZAMANI
Director
March 27, 2015Ali Zamani
____________________________Created by Morningstar Document Research.http://documentresearch.morningstar.com/Applied Minerals, Inc.10-K03/27/2015
Incentives
APPLIED MINERALS INC.
By:
Its:
____________________________Created by Morningstar Document Research.http://documentresearch.morningstar.com/Applied Minerals, Inc.10-K03/27/2015
RESTRICTED STOCK AWARD AGREEMENT
[Insert Name]
Signature:
Printed Name:
____________________________Created by Morningstar Document Research.http://documentresearch.morningstar.com/Applied Minerals, Inc.10-K03/27/2015
AS ADOPTED PURSUANT TO
Date: March 27, 2015By:/s/ ANDRE ZEITOUN
Andre Zeitoun
Chief Executive Officer
____________________________Created by Morningstar Document Research.http://documentresearch.morningstar.com/Applied Minerals, Inc.10-K03/27/2015
NO TITLE
Date: March 27, 2015By:/s/ NAT KRISHNAMURTI
Nat Krishnamurti
Chief Financial Officer
____________________________Created by Morningstar Document Research.http://documentresearch.morningstar.com/Applied Minerals, Inc.10-K03/27/2015
NO TITLE
Date: March 27, 2015By:/s/ ANDRE ZEITOUN
Andre Zeitoun
Chief Executive Officer
____________________________Created by Morningstar Document Research.http://documentresearch.morningstar.com/Applied Minerals, Inc.10-K03/27/2015
NO TITLE
Date: March 27, 2015By:/s/ NAT KRISHNAMURTI
Nat Krishnamurti
Chief Financial Officer
____________________________Created by Morningstar Document Research.http://documentresearch.morningstar.com/
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