On August 9, 2022, Applied Minerals, Inc. (AMI) satisfied the closing conditions of the Iron Sale Agreement, Mill Sale Agreement, Mining Operations Agreement and Milling Operations Agreement (collectively, the Four Agreements) entered into with Brady McCasland Inc. (BMI) and BMI Minerals Company (BMCO) on May 31, 2022 and amended on July 22, 2022 and July 28, 2022. As part of the consummation of the Four Agreements, Mario Concha resigned from the Board of Directors of the Company and any committees of the Board of Directors effective August 8, 2022. The resignation was not the result of any disagreement with either the Board of Directors or management of the Company.

As part of the consummation of the Four Agreements, John Levy resigned from the Board of Directors of the Company and any committees of the Board of Directors effective August 8, 2022. The resignation was not the result of any disagreement with either the Board of Directors or management of the Company. As part of the consummation of the Four Agreements, Robert Betz resigned from the Board of Directors of the Company and any committees of the Board of Directors effective August 8, 2022.

The resignation was not the result of any disagreement with either the Board of Directors or management of the Company.