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 *
M. Kingdon Offshore Master Fund L.P.
   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) __X__ Other (specify below)
Director by Deputization
(Last)
(First)
(Middle)
C/O KINGDON CAPITAL MANAGEMENT, L.L.C., 152 WEST 57TH STREET, 50TH FLOOR		 3. Date of Earliest Transaction (Month/Day/Year)
06/01/2018
(Street)

NEW YORK, NY 10019		 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
Option (Right to Buy) $ 0.11 06/01/2018   A   277,777     (1)   (1) Common Stock 277,777 $ 0 277,777 D (2)  

Reporting Owners

Reporting Owner Name / Address Relationships
 Director  10% Owner  Officer  Other
M. Kingdon Offshore Master Fund L.P.
C/O KINGDON CAPITAL MANAGEMENT, L.L.C.
152 WEST 57TH STREET, 50TH FLOOR
NEW YORK, NY 10019		     X   Director by Deputization
KINGDON CAPITAL MANAGEMENT, L.L.C.
C/O KINGDON CAPITAL MANAGEMENT, L.L.C.
152 WEST 57TH STREET, 50TH FLOOR
NEW YORK, NY 10019		     X   Director by Deputization
Kingdon GP, LLC
C/O KINGDON CAPITAL MANAGEMENT, L.L.C.
152 WEST 57TH STREET, 50TH FLOOR
NEW YORK, NY 10019		     X   Director by Deputization
KINGDON MARK E
C/O KINGDON CAPITAL MANAGEMENT, L.L.C.
152 WEST 57TH STREET, 50TH FLOOR
NEW YORK, NY 10019		     X   Director by Deputization

Signatures

 M. Kingdon Offshore Master Fund L.P., By: Kingdon GP, LLC, its general partner, By: /s/ Mark Kingdon, Managing Member   06/06/2018
**Signature of Reporting Person Date
 Kingdon Capital Management, L.L.C., By: /s/ William Walsh, Chief Financial Officer   06/06/2018
**Signature of Reporting Person Date
 Kingdon GP, LLC, By: /s/Mark Kingdon, Managing Member   06/06/2018
**Signature of Reporting Person Date
 /s/Mark Kingdon   06/06/2018
**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 direction of Michael Pohly, a portfolio manager at Kingdon Capital Management, L.L.C. ("Kingdon Capital"), his compensation for service as a director of the issuer will be paid to M. Kingdon Offshore Master Fund, L.P. (the "Fund"). On June 1, 2018, under the issuer's 2017 Incentive Plan, the Fund was granted options to purchase an aggregate 277,777 shares of common stock. Options to purchase 69,444 shares of common stock vested immediately and options to purchase the remaining 208,333 shares of common stock vest on July 1, 2018.
(2) These securities are owned directly by the Fund and may be deemed to be indirectly beneficially owned by (i) Kingdon Capital, the investment adviser to the Fund, (ii) Kingdon GP, LLC, the general partner of the Fund, and (ii) Mark Kingdon, the managing member of Kingdon Capital and Kingdon GP, LLC.
 
Remarks:
Solely for purposes of Section 16 of the Securities Exchange Act of 1934, as amended, each Reporting Person may be deemed to be a director-by-deputization by virtue of Michael Pohly serving on the board of directors of the issuer.

Each Reporting Person disclaims beneficial ownership in the securities reported on this Form 3 except to the extent of its or his pecuniary interest, if any, therein, and this report shall not be deemed to be an admission that such Reporting Person is the beneficial owner of such securities for purposes of Section 16 or for any other purpose.

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