Ownership Submission
FORM 4
Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(h) of the Investment Company Act of 1940
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(Print or Type Responses)
1. Name and Address of Reporting Person *
IBS CAPITAL LLC
  2. Issuer Name and Ticker or Trading Symbol
Applied Minerals, Inc. [AMNL]
5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
_____ Director __X__ 10% Owner
_____ Officer (give title below) _____ Other (specify below)
(Last)
(First)
(Middle)
ONE INTERNATIONAL PLACE, 31ST FLOOR
3. Date of Earliest Transaction (Month/Day/Year)
05/01/2016
(Street)

BOSTON, MA 02110
4. If Amendment, Date Original Filed(Month/Day/Year)
6. Individual or Joint/Group Filing(Check Applicable Line)
___ Form filed by One Reporting Person
_X_ Form filed by More than One Reporting Person
(City)
(State)
(Zip)
Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1.Title of Security
(Instr. 3)
2. Transaction Date (Month/Day/Year) 2A. Deemed Execution Date, if any (Month/Day/Year) 3. Transaction Code
(Instr. 8)
4. Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4 and 5)
5. Amount of Securities Beneficially Owned Following Reported Transaction(s)
(Instr. 3 and 4)
6. Ownership Form: Direct (D) or Indirect (I)
(Instr. 4)
7. Nature of Indirect Beneficial Ownership
(Instr. 4)
Code V Amount (A) or (D) Price

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Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security
(Instr. 3)
2. Conversion or Exercise Price of Derivative Security 3. Transaction Date (Month/Day/Year) 3A. Deemed Execution Date, if any (Month/Day/Year) 4. Transaction Code
(Instr. 8)
5. Number of Derivative Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4, and 5)
6. Date Exercisable and Expiration Date
(Month/Day/Year)
7. Title and Amount of Underlying Securities
(Instr. 3 and 4)
8. Price of Derivative Security
(Instr. 5)
9. Number of Derivative Securities Beneficially Owned Following Reported Transaction(s)
(Instr. 4)
10. Ownership Form of Derivative Security: Direct (D) or Indirect (I)
(Instr. 4)
11. Nature of Indirect Beneficial Ownership
(Instr. 4)
Code V (A) (D) Date Exercisable Expiration Date Title Amount or Number of Shares
PIK-Election Convertible Note due 2018 $ 0.92 (1) 05/02/2016   J(2)     0 (2) 11/04/2014   (1) Common Stock (2) (2) $ 3,506,094 (3) I See footnote (2) (4) (5)
PIK-Election Convertible Note due 2018 $ 0.92 (1) 05/02/2016   J(2)   0 (2)   11/04/2014   (1) Common Stock (2) (2) $ 3,506,094 (3) I See footnote (2) (4) (5)

Reporting Owners

Reporting Owner Name / Address Relationships
 Director  10% Owner  Officer  Other
IBS CAPITAL LLC
ONE INTERNATIONAL PLACE
31ST FLOOR
BOSTON, MA 02110
    X    
IBS TURNAROUND FUND (QP) (A LTD PARTNERSHIP)
ONE INTERNATIONAL PLACE
31ST FLOOR
BOSTON, MA 02110
    X    
TAFT DAVID A
ONE INTERNATIONAL PLACE
31ST FLOOR
BOSTON, MA 02110
  X      

Signatures

 /s/ David A. Taft   05/04/2016
**Signature of Reporting Person Date

 /s/ David A. Taft, President of IBS Capital LLC   05/04/2016
**Signature of Reporting Person Date

 /s/ David A. Taft, President of IBS Capital LLC, the general partner of The IBS Turnaround Fund (QP) (A Limited Partnership)   05/04/2016
**Signature of Reporting Person Date

Explanation of Responses:

* If the form is filed by more than one reporting person, see Instruction 4(b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
(1) At the noteholder's option, the amount outstanding under a Series A Note may be converted into common stock of the Issuer. The Series A Notes mature on November 3, 2018. The issuer has an option to extend the maturity date of the Series A Notes for 12 months if certain conditions are met. If the option to extend is exercised, the Series A Conversion Price will be reduced from $0.92 per share to $0.82 per share.
(2) This transaction is reported as a result of ordinary course rebalancing transactions in which the IBS Capital Funds purchased and sold securities among themselves. All of the rebalancing was effected at the same time. The Opportunity Fund sold $238,000 of principal under a PIK-Election Convertible Note of the Issuer and due in 2018 (the "Series A Note") to the QP Fund, which principal amount is convertible into 258,695 shares of common stock of the Issuer. The Opportunity Fund also sold $162,000 in principal amount of Series A Note convertible into 176,087 shares of common stock of the Issuer, to the LP Fund. Neither the LP Fund nor the Opportunity Fund are reporting persons. Following the rebalancing: (i) $2,197,979 of derivative securities of the Issuer were beneficially owned by QP Fund, (ii) $1,094,552 of derivative securities of the Issuer were beneficially owned by LP Fund and (iii) $213,563 of derivative securities of the Issuer were beneficially owned by Opportunity Fund.
(3) Amount includes an additional $475,794 in principal amount representing PIK interest received since the issuance of the Series A Notes.
(4) This Form 4 is being filed on behalf of IBS Capital LLC ("IBS Capital"), The IBS Turnaround Fund (QP) (A Limited Partnership) (the "QP Fund"), and David A. Taft (IBS Capital, the QP Fund and David A. Taft are each a "Reporting Person" and collectively the "Reporting Persons"), each of which has the same business address and may have a pecuniary interest in the securities reported herein. IBS Capital is the general partner of 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"). David A. Taft is a director of Applied Minerals, Inc. (the "Issuer") and president and a member of IBS Capital.
(5) The Reporting Persons each disclaim any beneficial ownership of the securities except to the extent of any pecuniary interest.

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