Applied Minerals is a publicly traded company incorporated in the state of Delaware. The common stock trades on the OTC market under the symbol AMNL.

Critical Accounting Policies and Estimates

Three Months Ended March 31, 2022 Compared to Three Months Ended March 31, 2021

The following sets forth, for the periods indicated, certain components of our operating earnings, including such data stated as percentage of revenues:

Total operating expenses was $782,184, a decrease $121,195 or 13% when compared to the same period in 2021. The decline was driven by a $328,830 decline in production expense, partially offset by a $191,880 increase in exploration costs.

Net Loss for the three-month period ending March 31, 2022 was $1,115,665, an increase of $269,707, or 32%, when compared to the same period in 2021. The decrease was primarily driven by a $74,532 increase in operating loss and a $195,175 increase in total other expense.

The Company has suffered recurring losses from operations and currently a working capital deficit. These conditions raise substantial doubt about the Company's ability to continue as a going concern.

Cash provided by financing activities during the three months ended March 31, 2022 was $146,621 compared to $314,566 during the same period in 2021. The reduction was driven primarily by the absence of PPP Loan proceeds during 2022.

For information with respect to issuance of convertible debt, see Note 7 of Notes to Unaudited Consolidated Financial Statements included elsewhere in this Quarterly Report.

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