Document:

Exhibit 10.7

 

FIRST AMENDEDMENT TO MINING OPERATIONS AGREEMENT

 

This First Amendment to Mining Operations Agreement
is made and entered into as of the __ of July, 2022 by and between APPLIED MINERALS INC., a Delaware corporation, having its principal
place of business at 1200 Silver City Road, PO Box 432, Eureka, Utah 84628 ("AMI"), and BMI MINERALS COMPANY ("BMC”),
a Missouri corporation having its principal place of business at 16640 Chesterfield Grove Road, Suite 170, Chesterfield, MO 63005.

 

AMI and BMC may be referred to herein collectively
as the "Parties" or individually as a "Party."

 

NOW, THEREFORE, in consideration of the amount paid to AMI by BMC as
an Additional Deposit (as the term is defined in the Second Amendment to Iron Sale Agreement), and for good and valuable consideration,
the receipt and sufficiency of which are hereby acknowledged, the Parties agree as follows:

 

This First Amendment to Mining Operations Agreement amends the Mining
Operations Agreement, entered into between the Parties on May 31, 2022.

 

AMI and BMC agree that the Mining Operations Agreement is amended as
follows:

 

		1.	Section 8.12 is added as follows:

 

Section 8.12 Assignment The Mining Operations Agreement
is assignable in whole or in part without the consent of AMI.

 

    	 	 	1

     

    

 

IN WITNESS WHEREOF, the Parties hereto have executed
this Agreement as of the day and year first above written.

 

	APPLIED MINERALS, INC. 	 	BMI MINERALS COMPANY	 
	 	 	 	 	 	 
	By:	 	 	By:	 	 
	 	 	 	 	 	 
	Name:	 	 	Name:	 	 
	 	 	 	 	 	 
	Title:	 	 	Title:	 	 

 

    	 	 	2Exhibit 10.8

 

FIRST AMENDEDMENT TO MILLING OPERATIONS AGREEMENT

 

This First Amendment to Milling Operations Agreement
is made and entered into as of the __ of July, 2022 by and between APPLIED MINERALS INC., a Delaware corporation, having its principal
place of business at 1200 Silver City Road, PO Box 432, Eureka, Utah 84628 ("AMI"), and BRADY MCCASLAND, INC.,
("BMI”), a Missouri corporation having its principal place of business at 16640 Chesterfield Grove Road, Suite
170, Chesterfield, MO 63005.

 

AMI and BMI may be referred to herein collectively
as the "Parties" or individually as a "Party."

 

NOW, THEREFORE, in consideration
of the amount paid to AMI by BMI Minerals Company (“BMC”), a sister company to BMI under common ownership, as an Additional
Deposit (as the term is defined in the Second Amendment to Iron Sale Agreement), and for good and valuable consideration, the receipt
and sufficiency of which are hereby acknowledged, the Parties agree as follows:

 

This First Amendment to Milling Operations Agreement amends the Milling
Operations Agreement, entered into between the Parties on May 31, 2022.

 

AMI and BMI agree that the Milling Operations Agreement is amended as follows:

 

		1.	Section 8.12 is added as follows:

 

Section 8.12 Assignment The Milling Operations Agreement
is assignable in whole or in part without the consent of AMI.

  

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IN WITNESS WHEREOF, the Parties hereto have executed
this Agreement as of the day and year first above written.

   

	APPLIED MINERALS, INC.	 	BRADY MCCASLAND, INC.
	 	 	 	 	 
	By:	 	 	By:	 
	 	 	 	 	 
	Name:	 	 	Name:	 
	 	 	 	 	 
	Title:	 	 	Title:	 

 

    	 	2Exhibit 10.9 

 

GROUND LEASE

 

This GROUND LEASE ("Lease") is made and
entered into as of the               of July  2022 by and between APPLIED MINERALS
INC., a Delaware corporation, with a mailing address of 1200 Silver City Road, PO Box 432, Eureka, Utah 84628  ("Landlord"), and
BMI MINERALS COMPANY, ("Tenant”), a Missouri corporation having its
principal place of business at 16640 Chesterfield Grove Road, Suite 170, Chesterfield, MO 63005.

 

AMI and BMC may be referred
to herein collectively as the "Parties" or individually as a "Party."

 

 

RECITALS:

 

WHEREAS, Landlord
owns the real property more particularly described on Exhibit A attached hereto and made a part hereof (the “Property”);
and

  

WHEREAS, Landlord
and Tenant have reached agreement with respect to Landlord’s leasing and demising to Tenant, and Tenant’s taking and hiring
from Landlord, the Property on and subject to the terms and conditions hereinafter set forth.

 

NOW, THEREFORE, in
consideration of the mutual covenants and conditions herein contained and other good and valuable consideration, the receipt and sufficiency
of which are hereby acknowledged, the parties intending to be legally bound hereby agree as follows:

 

1. Lease
of Premises; Title Matters; Modification of Property.

 

(a) Lease Grant. Landlord
hereby leases and lets to Tenant, and Tenant hereby takes and hires from Landlord, upon and subject to the terms, conditions, covenants
and provisions hereof, rights of Property together with any and all appurtenances, rights, privileges and easements benefiting
same (all the foregoing, collectively, the “Premises”). Such surface rights shall be deemed to be the dominant estate.

 

(b) Title Matters and Improvements. Tenant
shall hold legal title to, and possession of all improvements constructed on the Property by or for the benefit of Tenant currently or
subsequently installed, including the Mill.  The improvements are severed from the land and will be deemed to be personal property.

  

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Title to the improvements including the Mill,
furniture, fixtures, equipment and all personalty (“MFF&E”), shall, upon the termination or expiration of this
Lease, not vest in Landlord. Any MFF&E which is not removed from the Property within two years following the termination of this Lease
shall be considered abandoned and Landlord may dispose of and/or store same as it deems expedient with the cost thereof borne by Tenant.
Notwithstanding anything herein to the contrary, Tenant shall have the right from time to time to demolish, remove, alter and/or replace
any improvements on the Premises in its sole and absolute discretion.

 

2. Term.

 

(a) Initial Term. The initial
term (the “Initial Term”) of this Lease shall be fifty (50) years commencing on the date hereof (the “Commencement
Date”) and ending at 11:59 p.m. on the day immediately preceding the fiftieth (50th) anniversary of the Commencement
Date (the “Expiration Date”) unless sooner terminated in accordance with the terms hereof. The rent for the Initial
Term is $5,000, payable in advance

 

(b) Renewal Term. Tenant
shall have the right to extend the term of this Lease for nine (9) consecutive ten (10) year renewal periods (each, a “Renewal
Term”), upon all of the terms and conditions set forth in this Lease. Tenant may do so only if no uncured Event of Default then
exists hereunder, and by giving Landlord notice thereof (an “Extension Notice”) not less than one hundred eighty (180) days’
prior to the expiration of the Initial Term or the immediately previous Renewal Term, as the case may be. The Initial Term and each exercised
Renewal Term are collectively referred to herein as the “Term”. Notwithstanding anything herein to the contrary, Tenant’s
right to extend the Term of this Lease shall not terminate or be extinguished due to Tenant’s failure to give Landlord an Extension
Notice as herein provided unless and until (i) Landlord shall have notified each Leasehold Mortgagee (as hereinafter defined), if
any, of such failure; and (ii) no Leasehold Mortgagee shall exercise the renewal option on behalf of Tenant within thirty (30) days
of such Leasehold Mortgagee’s receipt of the notice referred to in clause (i) above. Tenant hereby agrees to be legally bound
by the exercise of any renewal option by any Leasehold Mortgagee. The rent for each Renewal Term is $5,000, payable in advance

 `

3. Permitted
Use; Undertakings by Tenant; Landlord Covenants.

 

(a) Permitted Use. Landlord
and Tenant acknowledge and agree that Tenant shall have the right to use the Premises or allow the Premises to be used for any lawful
purpose.

 

(b) Undertakings by Tenant.  Tenant
shall have the right (but shall not be obligated), at its sole cost and expense, from time to time, to demolish, remove, alter, replace
and/or repair any improvements presently on the Property and construct and/or install and thereafter demolish, remove, alter, replace
and/or repair any buildings, structures or other improvements thereon. 

 

Landlord covenants and agrees to allow Tenant,
at no out-of-pocket costs to Landlord, to (i) pursue the foregoing in Landlord’s name and/or to execute and deliver such instruments
and/or documents (including, but not limited to, applications for land development and/or permits) which may be required to be executed
by the record owner of the Property in order to facilitate the foregoing, provided that all documents executed in Landlord’s name
are approved by Landlord in writing (such approval not to be unreasonably withheld, conditioned or delayed), and (ii) cooperate and/or
participate with Tenant, to the extent reasonably required by Tenant, in the pursuit of all applications, permits, consents and approvals.

 

 4. Delivery of Premises. Landlord
shall deliver sole and exclusive possession and control of the Premises to Tenant on the Commencement Date, free of all tenants, occupants
and others with a right to or claiming possession.

 

5. Rent.

 

The annual rent during the Initial Term is
$100 per year, which aggregates to $5,000 and has been paid in advance under the Mill Sale Agreement between the Parties.

 

6. Net Lease. Except
as expressly set forth herein to the contrary, it is the intention of the parties that the Rent payable hereunder shall be net to Landlord.
More specifically, it is intended that the provisions of this Lease shall require that, except as expressly set forth herein to the contrary,
Tenant shall pay all costs and expenses attributable to the Premises during the Term as if Tenant owned the Premises during the Term,
including without limitation, all Taxes (as hereinafter defined), insurance premiums, and maintenance and repair costs and expenses, attributable
to the Premises and the Term of this Lease.

 

7. Taxes.

 

(a) Tenant’s Obligation to Pay
Taxes. Except as expressly set forth herein to the contrary, Tenant shall pay or cause to be paid all taxes, assessments, general
and special assessments, excises, levies, use and occupancy taxes, licenses and permit fees and other governmental charges, general or
special, ordinary or extraordinary, foreseen or unforeseen, which, at any time during the Term, are imposed, levied or assessed against
the Premises, or arise in respect of the operation, possession or use of the Premises, and in each case relate to the Term of this Lease
(collectively, “Taxes”). To the extent not prohibited under applicable federal, state and local laws, statutes, ordinances,
rules, regulations and orders (“Applicable Laws”). Applicable Law, Tenant shall have the right to pay any assessment
in installments and only that portion of an assessment as relates to the Term shall be due and payable by Tenant. Taxes attributable to
a fiscal or tax period which covers a period of time both within and outside the Term of this Lease shall be prorated as between
Landlord and Tenant. Tenant will furnish to Landlord, promptly after demand therefor, proof of payment of all Taxes which are payable
by Tenant.

 

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(b) Tax Apportionment. Landlord
and Tenant shall use commercially reasonable efforts to cause all real property taxing and assessing authorities to assess and tax the
Premises separately from any other real property and/or improvements or subsurface rights owned by Landlord as soon as possible. In the
event the Premises are not assessed and taxed separately from any other real property and/or improvements or subsurface rights owned by
Landlord, Landlord and Tenant shall apportion the real property taxes between them as follows: real property taxes attributable to the
Property (or part thereof within the applicable tax parcel) shall be apportioned in relation to the square footage thereof during the
applicable taxing period; real property taxes attributable to the improvements on the Property (or part thereof within the applicable
tax parcel) shall be allocated in relation to the cost to construct such improvements; the subsurface rights shall be valued based on
income or if there is no income, based on comparable properties; and, all such allocations shall be prorated in the event the lease period
and applicable tax year do not coincide. Each party covenants and agrees to immediately forward copies of any notices relating to Taxes
which such party receives and is or may reasonably be believed to relate to or be payable by the other party.

 

(c) Tenant Not Obligated to Pay Landlord’s
Taxes. Nothing contained in this Lease shall obligate or be deemed to obligate Tenant to pay to or on behalf of Landlord, Landlord’s
assignee, transferee or successor (i) any federal tax on income and items of tax preference or federal tax in lieu of an income tax,
(ii) any state tax imposed on or measured by Landlord’s income, or any other state franchise or similar tax in lieu thereof,
(iii) any county, municipal or local tax imposed on or measured by income, and/or (iv) any income or capital gains taxes payable
by Landlord upon a sale or disposition by it of the Premises.

 

(d) Right to Contest. Tenant
shall have the right, at its sole cost and expense and from time to time, to contest the amount and/or validity of any Tax by appropriate
proceedings diligently conducted in good faith, provided that, Tenant shall either continue to pay all Taxes during the pendency of the
foregoing proceedings, or provide Landlord with reasonably satisfactory security to ensure Tenant’s satisfying such obligations
in the event of a negative outcome, and Landlord shall not be required to pay same during such contest. Upon the conclusion of such proceedings,
Tenant shall pay the amount of such Tax as is finally determined in such proceedings, the payment of which shall have been deferred pursuant
to this provision, together with all costs, fees, interest and penalties incurred in connection therewith. Upon the request of Tenant,
Landlord shall permit Tenant to pursue the foregoing in Landlord’s name and/or execute and deliver to Tenant such instruments and/or
documents which may be required to be executed by the record owner of the Property in order to facilitate the foregoing and to cooperate
and/or participate with Tenant, to the extent reasonably required by Tenant, in the pursuit of tax relief, provided that all reasonable
out-of-pocket costs incurred by Landlord in connection therewith are paid by Tenant and Landlord approves any and all documentation to
be signed by Landlord (such approval not to be unreasonably withheld, conditioned or delayed).

 

(e) Tax Refunds; Tax Abatements. If
there shall be any refunds or rebates on account of the Taxes paid by Tenant hereunder, such refunds and/or rebates shall belong solely
to Tenant. Any refunds and/or rebates received by Landlord shall be deemed trust funds and as such shall be received by Landlord in trust
and paid to Tenant forthwith. Landlord shall, upon the request of Tenant, sign any receipts which may be necessary to secure the payment
of any such refund and/or rebate, and shall pay over to Tenant such refund and/or rebate when and as received by Landlord. Landlord covenants
and agrees to use commercially reasonable efforts, at no out-of-pocket cost to Landlord, to obtain and/or keep in force and effect any
tax abatement available to the Premises and/or the use thereof.

 

(f) Realty Transfer Taxes. In
the event that any federal, state or local realty transfer tax (or other tax or obligation in lieu thereof) shall be imposed as a
result of the execution of this Lease, the exercise of any renewal option or the recording of a short form lease or memorandum in connection
with any of the foregoing, then the parties shall each pay fifty (50%) percent of such tax or other amount at the time such tax or
other amount is due and payable.

 

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8. Utilities. Tenant
shall have the right to make full use of the Premises as contemplated herein, and in connection therewith, Tenant shall have the right
to obtain and/or make use of all water, sewer, electric, gas, telecommunications and other utilities now or hereafter servicing the Premises
(the “Utilities”). In furtherance thereof, Tenant shall have the right, from time to time, to grant, modify, relocate
and/or terminate such easements and/or other rights as Tenant deems reasonably necessary to accommodate the design, installation, construction,
connection, operation and repair of such Utilities, whether now existing or hereafter created. Landlord covenants and agrees to allow
Tenant to pursue the foregoing in Landlord’s name and/or execute and deliver such instruments and/or documents in recordable form
(including, but not limited to, easements and/or rights-of-way of record) which may be required to be executed by the record owner of
the Property in order to facilitate the foregoing and to cooperate and/or participate with Tenant, to the extent reasonably required by
Tenant, in the pursuit of such utility rights, provided that all reasonable out-of-pocket costs incurred by Landlord in connection therewith
are paid by Tenant and Landlord approves any and all documentation to be signed by Landlord (such approval not to be unreasonably withheld,
conditioned or delayed). Landlord further covenants and agrees, with respect to real property owned or controlled by Landlord and/or any
Affiliate of Landlord, to execute and deliver (or cause to be executed and delivered) such instruments and/or documents in recordable
form (including, but not limited to, easements and/or rights-of-way of record) and burdening such real property which Tenant determines,
acting in good faith and in a commercially reasonable manner, are necessary or expedient in order to facilitate the foregoing and to cooperate
and/or participate with Tenant, to the extent reasonably required by Tenant, in the pursuit of such utility rights, provided that all
reasonable out-of-pocket costs incurred by Landlord in connection therewith are paid by Tenant and Landlord approves any and all documentation
to be signed by Landlord (such approval not to be unreasonably withheld, conditioned or delayed).

 

9.  Indemnification.

 

(a) Indemnification
of Landlord. Tenant shall defend, with counsel reasonably satisfactory to Landlord, indemnify and save Landlord harmless from
and against any and all claims, damages, losses, costs and expenses including, but not limited to, reasonable attorneys’ fees and
court costs, suffered or incurred by Landlord that result from (i) the use, operation and/or management of the Premises or any improvements
thereon, whether by Tenant or anyone claiming or holding through Tenant (including, but not limited to, any employees, contractors, subtenants,
licensees, invitees or agents of Tenant), (ii) any breach or default on the part of Tenant (or anyone claiming or holding through
Tenant) in the observance of, or performance of its obligations under, this Lease, (iii) any injury to or death of any person, or
damage to or loss of property on or by reason of activity on the Premises, but in each case only to the extent relating to the Term of
this Lease or to the extent caused by the negligence or wanton or willful misconduct of Tenant or anyone claiming or holding through Tenant
(including, but not limited to, any employees, contractors, subtenants, licensees, invitees or agents of Tenant), and not having arisen
by reason of or in connection with (y) the negligence or wanton or willful misconduct of Landlord or Landlord’s employees,
agents or contractors, and/or (z) Landlord’s breach or default in the observance of, or performance of its obligations under,
this Lease .Agreement.

 

(b) Indemnification
of Tenant. Landlord shall defend, with counsel reasonably satisfactory to Tenant, indemnify and save Tenant harmless from and
against any and all claims, damages, losses, costs and expenses including, but not limited to, reasonable attorneys’ fees and court
costs, suffered or incurred by Tenant that result from (i) the use, operation and/or management of the Premises or any improvements
thereon, whether by Landlord or anyone claiming or holding through Landlord (other than Tenant or anyone claiming or holding through Tenant
or any employees, contractors, subtenants, licensees, invitees or agents of Tenant and such third parties) prior to the Commencement Date,
(ii) any breach or default on the part of Landlord (or anyone claiming or holding through Landlord, other than Tenant or anyone claiming
or holding through Tenant or any employees, contractors, subtenants, licensees, invitees or agents of any of the foregoing) in the observance
of, or performance of its obligations under, this Lease, (iii) any injury to or death of any person, or damage to or loss of property
on or by reason of activity on the Premises, but in each case only to the extent relating to the period prior to the Commencement Date
or subsequent to the expiration or earlier termination of this Lease, and not having arisen by reason of or in connection with (y) the
negligence or wanton or willful misconduct of Tenant or anyone claiming or holding through Tenant or any employees, contractors, subtenants,
licensees, invitees or agents of any of the foregoing, and/or (z) Tenant’s breach or default in the observance of, or performance
of its obligations under, this Lease.

 

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(c) Notice of
Claim. Any party seeking indemnification hereunder shall give prompt notice to the other party of the basis therefore.
The failure on the part of such party to give such notice shall not relieve the other party from its obligations hereunder, except to
the extent that the failure to give such notice results in actual loss or damage to the indemnifying party.

  

(d) Survival. The
obligations of the parties pursuant to this Section shall survive the expiration or termination of this Lease.

 

10. Condemnation.

 

(a) Notices. Each
party shall immediately notify the other in the event such party receives notice of a Taking (as hereinafter defined).

 

(b) Tenant Right
to Intervene. If the use, occupancy or title to the Property, or any part thereof, or any buildings or improvements thereon,
is permanently taken, requisitioned, sold or impaired in, by or on account of any actual or threatened eminent domain proceeding or other
action by any person having the power of eminent domain (each, a “Taking”) during the Term, Tenant shall have the right,
subject to the rights of Leasehold Mortgagees, to appear in any such proceeding or action, to negotiate, prosecute and adjust any claim
for any award or compensation on account of its interests therein, and to collect any such award or compensation.

 

(c) Complete
Taking. If a Taking occurs that (i) results in a taking of substantially all of the Property, or (ii) in Tenant’s
determination, acting in good faith and in a commercially reasonable manner, renders the remaining Premises uneconomic or unviable for
Tenant’s continued use (which determination may include, but shall not be limited to, that a Taking less than five (5) years
before the end of the Term renders reconstruction of the Premises uneconomic and/or unviable) (each, a “Substantial Condemnation”),
then, at Tenant’s option by notice to Landlord, this Lease (except as it relates to allocation of the condemnation award) shall
terminate on the date when the condemning authority has acquired title to or taken possession of any portion of the Premises (the “Condemnation
Effective Date”). In the event of such a termination, all Rent shall be apportioned as of the Condemnation Effective Date and
any Condemnation award shall be allocated in accordance with the parties’ respective interests in the Premises.

 

(d) Temporary
Condemnation. If a Taking of the temporary right to use or occupy all or a part of the Premises occurs (a “Temporary
Condemnation”), and such Temporary Condemnation relates to a period longer than one hundred twenty (120) days, then Tenant
may, by notice to Landlord within thirty (30) after the entry of the final order (or its equivalent) for such Temporary Condemnation,
terminate this Lease effective as of the Condemnation Effective Date in which event all Rent shall be apportioned as of the Condemnation
Effective Date and any Condemnation award shall be allocated in accordance with the parties’ respective interests in the Premises.
If the Temporary Condemnation relates to a shorter period, or if Tenant does not terminate this Lease as aforesaid, then this Lease shall
continue as to that portion of the Premises not so taken (and resume as to the entire Premises immediately following the cessation of
such Taking), all Rent and all other obligations under this Lease shall continue without adjustment, and Tenant shall receive all condemnation
awards, if any (to the extent for periods within the Term).

 

(e) Partial Taking. If
any Taking occurs except a Substantial Condemnation resulting in a termination of this Lease, or a Temporary Condemnation, then this Lease
shall continue, all Rent shall be equitably adjusted and, subject to the rights of Leasehold Mortgagees, all condemnation awards shall
be paid to Tenant.

 

    	 	5	 

     

    

 

(f) Survival. The
obligations of the parties pursuant to this Section shall survive the expiration or termination of this Lease.

 

11. Casualty. Tenant
shall have the right to terminate this Lease if there is a fire or other casualty.  Tenant shall have the right to terminate
this Lease upon written notice to Landlord within ninety (90) days of such fire or other casualty, Tenant shall have no obligation
to deliver to Landlord any insurance proceeds received by Tenant The obligations of the parties pursuant to this Section shall survive
the expiration or termination of this Lease.

 

12. Permitted Contests. Notwithstanding
anything herein to the contrary and so long as not prohibited by Applicable Law, Tenant shall not be required, nor shall Landlord have
the right, to pay, discharge or remove any tax, assessment, levy, lien or encumbrance, or to comply with any Applicable Laws applicable
to the Premises or the use thereof, as long as Tenant is diligently and in good faith  contesting the existence, amount or validity
thereof by appropriate proceedings. Landlord covenants and agrees to allow Tenant to pursue the foregoing in Landlord’s name and/or
execute and deliver such instruments and/or documents which may be required to be executed by the record owner of the Property in order
to facilitate the foregoing and to cooperate and/or participate with Tenant, to the extent reasonably required by Tenant, in the pursuit
of same, provided that all reasonable out-of-pocket costs incurred by Landlord in connection therewith are paid by Tenant and Landlord
approves any and all documentation to be signed by Landlord (such approval not to be unreasonably withheld, conditioned or delayed).

 

13. Default
Provisions.

 

(a) Events of
Default by Tenant. The occurrence of the following shall constitute an “Event of Default” hereunder:

 

(i)             Tenant’s
failure to comply with or perform any term or condition set forth in this Lease to be satisfied by Tenant and such failure shall continue
for ninety (90) days after notice from Landlord to Tenant, or in the case of any default which cannot reasonably be cured within
such ninety (90) day period, if Tenant fails to promptly commence to cure same or thereafter fails to prosecute the curing thereof
with diligence to completion;

 

(b) Landlord’s
Remedies. If an Event of Default shall have occurred and be continuing, Landlord shall have all rights and remedies available
at law or in equity including, but not limited to the following:

 

(i) Landlord shall have the right
to require payments of all rents collected by Tenant pursuant to any sublease or occupancy agreement, provided Landlord applies such amounts
as are actually received by Landlord (after deduction for costs of collection) against the obligations of Tenant hereunder and
pays the remaining balance, if any, to Tenant;

 

(ii)  Landlord may give
Tenant notice of Landlord’s intention to terminate this Lease on a date specified in said notice. Upon the giving of such notice,
the Term and the estate hereby granted shall expire and terminate on the date set forth in said notice as fully and completely and with
the same effect as if such date were the date herein fixed for the expiration of the Term, and this Lease shall expire and terminate.
No act or proceeding done or undertaken by Landlord with respect to an Event of Default shall constitute a termination of this Lease by
Landlord unless and until Landlord shall give to Tenant a notice of termination;

  

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(c) Events of
Default by Landlord; Tenant Remedies. If Landlord shall fail to pay or perform any of Landlord’s obligations under this
Lease, and such failure is not cured within forty-five (45) days following notice from Tenant to Landlord, or in the case of any
default which cannot reasonably be cured within such forty-five (45) day period, if Landlord fails to promptly commence to cure same
or thereafter fails to prosecute the curing thereof with diligence to completion, then such occurrence shall constitute a “Landlord
Default” hereunder. If a Landlord Default shall have occurred and be continuing, Tenant shall have all rights and remedies available
at law or in equity. If Landlord shall fail to pay or perform any of Landlord’s obligations under this Lease, and such failure is
not cured within ninety (90) days following the aforesaid notice from Tenant to Landlord, or in the case of any default which cannot
reasonably be cured within such ninety (90) day period, if Landlord fails to promptly commence to cure same or thereafter fails to
prosecute the curing thereof with diligence to completion, then in addition to the rights and remedies available to Tenant in the event
of a Landlord Default, Tenant shall have the right to give Landlord notice of Tenant’s intention to terminate this Lease on a date
specified in said notice. Upon the giving of such notice, the Term and the estate hereby granted shall expire and terminate on the date
set forth in said notice as fully and completely and with the same effect as if such date were the date herein fixed for the expiration
of the Term, and this Lease shall expire and terminate. Tenant, at its option but without being obligated to do so, and in addition to
any other rights and remedies Tenant may have on account of such Landlord Default, shall immediately have the right to cure such Landlord
Default, whereupon all costs and expenses reasonably incurred by Tenant in curing such Landlord Default, shall be paid by Landlord within
thirty (30) days of a demand therefore and in the event of Landlord’s failure to do so, Tenant shall have the right to offset
such amounts against amounts otherwise owing hereunder from Tenant to Landlord.

 

14. Assignment and Subletting. Tenant
shall have the right, from time to time, to sublease such portions of the Premises and/or grant licenses and/or concessions as Tenant
elects in its sole discretion, provided that such subleases, licenses and concessions are for uses permitted hereunder and are otherwise
subject to all of the terms and conditions of this Lease. Tenant shall have the right to assign this Lease without the consent
of Landlord. No such assignment shall modify or limit any right or power of Landlord hereunder or affect or reduce any obligation of Tenant.
Any sublease or assignment shall require the subtenant or assignee, as applicable, to assume in writing all of Tenant’s obligations
with respect to the Premises (or applicable part thereof) pursuant to this Lease from and after the date thereof (and in the case of a
sublease, for the term thereof). Every sublease shall include a provision substantially as follows:

 

“If
for any reason the right of possession and/or leasehold estate of the Sublessor as tenant under any underlying lease is terminated, then,
at the option of landlord under such underlying lease, Sublessee shall attorn to landlord and shall recognize landlord as Sublessee’s
landlord under this Sublease. Sublessee agrees to execute and deliver, from time to time, upon the request of Sublessor or of landlord
under such underlying lease, instruments appropriate to evidence such attornment, and Sublessee hereby irrevocably appoints landlord under
such underlying lease the Sublessee’s attorney-in-fact, coupled with an interest, to execute and deliver such instrument for and
on behalf of Sublessee following Sublessee’s failure to do so. Sublessee waives the provisions of any statute or rule of law now
or hereafter in effect which may give or purport to give Sublessee any right of election to terminate this Sublease or to surrender possession
of the Subleased Premises in the event such underlying lease is terminated or any proceeding is brought by landlord to enforce its rights
under such underlying lease, and agrees that, at the election of such landlord, this Sublease shall not be affected in any way whatsoever
by any such termination or proceeding.”

 

15. Additional
Landlord Covenants.

 

(a) Cooperation. Landlord
covenants and agrees to reasonably cooperate with Tenant from and after the execution and delivery of this Lease so as to permit Tenant
the fullest opportunity possible to obtain and maintain any necessary governmental and quasi-governmental permits, licenses and approvals
(including, but not limited to, land use waivers, variances and approvals, building permits and certificates of occupancy) as Tenant,
acting in good faith and in a commercially reasonable manner, deems necessary or desirable in connection with the development, construction,
operation, maintenance and repair of the Premises for the uses contemplated herein. Such cooperation shall include, but not be limited
to, joining in one or more applications \and/or permitting Tenant to proceed with such applications in the name of Landlord, attendance
at such hearings, proceedings, meetings and/or consultations held by governmental, quasi-governmental, neighborhood, civic group or other
persons as tenant may reasonably require. All reasonable out-of-pocket expenses incurred by Landlord in connection with the foregoing
shall be promptly reimbursed by Tenant.

 

    	 	7	 

     

    

 

(b) Licensing. Landlord
shall, at its sole cost and expense, comply, and cause all persons associated with Landlord to comply, with all Applicable Laws to the
extent necessary to allow Tenant to lease the Property from Landlord. Landlord further covenants and agrees not to take any action (or
fail to take any action) which might result in Tenant’s governmental and/or quasi-governmental permits, licenses and approvals to
be revoked or suspended. Landlord’s obligations hereunder shall include, but not be limited to, its obtaining and maintaining throughout
the Term, all required business and other permits, licenses and approvals relating to the operations and business conducted by Landlord
(as opposed to the operations and business of Tenant or anyone claiming by or through Tenant) including the ownership of the Property.
 Tenant shall have the right to obtain injunctive relief in the event of such a Landlord Default or a threatened Landlord Default.

 

16. Environmental.

 

(a) Tenant’s
Environmental Covenants. Tenant covenants and agrees with Landlord that Tenant shall:

 

(i) not locate, store, generate,
manufacture, process, distribute, use, treat, transport, handle, dispose of, emit, discharge or release any Hazardous Substance or Hazardous
Waste (as such terms are hereinafter defined) on or from the Premises, and shall not knowingly permit others to do so, except in the ordinary
course of business and in compliance with all Environmental Laws (as hereinafter defined);

 

(ii) comply with all orders, actions
and demands of all governmental agencies and legal or administrative agencies having jurisdiction over the Premises to clean and remove
any Hazardous Substance or Hazardous Waste from the Premises attributable to Tenant’s (or anyone claiming by or through Tenant)
use and enjoyment of the Premises, and shall pay for such clean up, removal and associated costs, fines and penalties pertaining thereto;
and

 

(iii) otherwise comply with all
Environmental Laws as they apply to the Premises.

 

(b) Landlord’s
Environmental Covenants. Landlord covenants and agrees with Tenant that  Landlord shall not locate, store, generate,
manufacture, process, distribute, use, treat, transport, handle, dispose of, emit, discharge or release any Hazardous Substance or Hazardous
Waste on or from the Premises, or any other property in the vicinity of the Premises which Landlord or any Affiliate of Landlord may own,
lease or otherwise hold an interest in or exercise any control over and shall not knowingly permit others to do so, except in compliance
with all Environmental Laws.

 

(c) Tenant’s
Additional Environmental Indemnification of Landlord. Tenant hereby agrees to indemnify, defend (with counsel reasonably acceptable
to Landlord) and hold Landlord harmless from and against any and all costs, expenses (including, but not limited to reasonable attorneys’
fees and court costs), claims, liabilities, actions, demands, losses and damages which may be asserted against or incurred by Landlord
(each, a “Claim”) with respect to the existence, introduction, discharge, release or spill of any Hazardous Substances or
Hazardous Waste upon the Premises in violation of any Environmental Laws which shall occur from and after the date of this Lease, except
to the extent such introduction, discharge, spill or release is attributable to (i) conditions existing prior to the date of this
Lease (except if caused by Tenant or anyone holding through Tenant or any employees, contractors, subtenants, licensees, invitees or agents
of any of the foregoing), and/or (ii) the acts or omissions of Landlord or Landlord’s Affiliates or the employees, contractors
or agents of any of the foregoing.

 

(d) Landlord’s
Additional Environmental Indemnification of Tenant. Landlord hereby agrees to indemnify, defend (with counsel reasonably acceptable
to Tenant) and hold Tenant harmless from and against any and all costs, expenses (including, but not limited to, reasonable
attorneys’ fees and court costs), claims, liabilities, actions, demands, losses and damages which may be asserted against or incurred
by Tenant (each, a “Claim”) with respect to any failure by Landlord to comply with its obligations pursuant to paragraph
(b) above.

 

    	 	8	 

     

    

 

(e) Environmental
Indemnification Procedures. An indemnified party hereunder shall promptly provide the indemnifying party with notice of a claim
for indemnification hereunder, but the failure to notify the indemnifying party shall not relieve the indemnifying party of any liability
that it may have to any indemnified party, except to the extent that the indemnifying party demonstrates that the defense of such action
is materially prejudiced by the indemnified party’s failure to give such notice. If any Claim referred to in this Section is brought
against an indemnified party and it gives notice thereof to the indemnifying party, the indemnifying party shall be entitled to participate
in the defense of same and, if (i) the indemnifying party acknowledges in writing to the indemnified party, without qualification
or limitation, its obligation to indemnify the indemnified party pursuant to this Lease, and (ii) provides the indemnified party
with satisfactory assurances that it has the financial ability to fully meet its obligations under this Section 16, the indemnifying
party shall assume the defense of such Claim with counsel reasonably satisfactory to the indemnified party. If notice is given to an indemnifying
party of a Claim and the indemnifying party does not, within ten (10) days after the indemnified party’s notice is given, give
notice to the indemnified party of its election to assume the defense of such Claim, the indemnifying party will be bound by any determination
made with respect to such Claim or any compromise or settlement effected by the indemnified party. Notwithstanding the foregoing, if an
indemnified party determines in good faith that there is a reasonable probability that a Claim may adversely affect it other than as a
result of monetary damages for which it would be entitled to indemnification under this Agreement, or if an indemnified party reasonably
believes that it may not receive the indemnification to which it may be entitled from the indemnifying party, the indemnified party may,
by notice to the indemnifying party, assume the exclusive right to defend, compromise, or settle such Claim, but the indemnifying party
will not be bound by any determination of a Claim so defended or any compromise or settlement effected without its consent (which may
not be unreasonably withheld). The parties shall cooperate reasonably in the defense of all third party claims which may give rise to
claims for indemnification hereunder. In connection with the defense of any claim, each party shall make available to the party controlling
the defense of such claim, all books, records and other materials within the control of such party and not protected by attorney-client
privilege that are necessary or appropriate to such defense.

 

(f) Definitions. As
used herein (i) the terms “Hazardous Substance” or “Hazardous Waste” mean any substance which
(a) constitutes a hazardous waste, radioactive waste, or substance under any applicable federal, state or local law, rule, order
or regulation now or hereafter adopted, (b) constitutes a “hazardous substance” under CERCLA or the regulations promulgated
thereunder, (c) constitutes a “hazardous waste” under RCRA or the regulations promulgated thereunder, (d) constitutes
a pollutant, contaminant, chemical or industrial, toxic or hazardous substance or waste, (e) exhibits any of the characteristics
enumerated in 40 C.F.R. Sections 261.20-261.24, inclusive, (f) constitutes any of those extremely hazardous substances listed under
§302 of SARA which are present in threshold planning or reportable quantities as defined under SARA, (g) constitutes toxic or
hazardous chemical substances which are present in quantities which exceed exposure standards as those terms are defined under §§6
and 8 of OSHA and 29 C.F.R. Part 1910 subpart 2, (h) consists, in whole or in part, of asbestos, urea formaldehyde or polychlorinated
biphenyls, or (i) constitutes low-level radioactive waste under the Atomic Energy Act of 1954; and (ii) the term “Environmental
Laws” means the Clean Water Act, also known as the Federal Water Pollution Control Act, 33 U.S.C. §1251 et seq.,
as amended by the Water Quality Act of 1987, Pub. L. No. 100-4 (Feb. 4, 1987), the Toxic Substances Control Act, 15 U.S.C. §§2601 et
seq., the Clean Air Act, 42 U.S.C. §§7401 et seq., the Federal Insecticide, Fungicide and Rodenticide Act, 7
U.S.C. §§136 et seq., the Safe Drinking Water Act, 42 U.S.C. §§300f et seq., the Surface Mining
Control and Reclamation Act, §§1201 et seq., 30 U.S.C. §§1201 et seq., the Comprehensive Environmental
Response, Compensation and Liability Act (“CERCLA”), 42 U.S.C. §9601 et seq., the Superfund Amendment
and Reauthorization Act of 1986 (“SARA”), Public Law 99-499, 100 Stat. 1613, the Emergency Planning and Community Right
to Know Act, 42 U.S.C. §11001 et seq., the Resource Conservation and Recovery Act (“RCRA”), 42 U.S.C.
§6901 et seq., the Occupational Safety and Health Act as amended (“OSHA”), 29 U.S.C. §655 and
§657, the Hazardous Materials Transportation Act, as amended (49 U.S.C. 1801 &c), the Atomic Energy Act of 1954, 42 U.S.C. Sect.
2011 - Sect. 2259, and any other applicable provisions of law of the state in which the Property is located, together with all other federal,
state, local or foreign statutory or common laws, regulations or orders now existing or hereafter adopted with respect to Hazardous Substances
or Hazardous Waste or relating to pollution or protection of the environment including, but not limited to, all common laws of nuisance
or trespass, and all laws and regulations relating to emissions, discharges, releases or threatened release of pollutants, contaminants,
chemicals or industrial, toxic or hazardous substances or wastes into the environment (including, but not limited to, ambient air, surface
water, groundwater, land surface or subsurface strata) or otherwise relating to the manufacture, processing, distribution, use, treatment,
storage, disposal, transport or handling of pollutants, contaminants, chemicals, radiological, industrial, toxic or hazardous substances
or wastes. Any reference in this Agreement to any legislative act or regulation shall be deemed to include all amendments, modifications
and supplements thereto and all substitutions therefor, and all regulations thereunder. The term “Environmental Laws”
also includes all regulations, codes, plans, orders, decrees, judgments, injunctions, notices and demand letters issued, entered, promulgated
or approved under or pursuant to any of the aforesaid Environmental Laws by any court, agency, bureau or other governmental body or authority
with relevant jurisdiction.

 

    	 	9	 

     

    

 

(g) Survival. This
Section shall survive the expiration or termination of this Lease.

 

17. Tenant’s Nondisturbance
and Attornment; Subordination of Fee Mortgages. In the event that Landlord mortgages or otherwise encumbers the Property
at any time (including, but not limited to, prior to the Commencement Date), Landlord shall (i) deliver to Tenant a non-disturbance
agreement (a “Non-Disturbance Agreement”) in form and substance reasonably satisfactory to Tenant, duly executed by
the holder of any such mortgage or encumbrance (each, a “Fee Mortgagee”), and (ii) include within any instrument
granting such mortgage or other encumbrance a provision, reasonably satisfactory to Tenant, requiring the applicable Fee Mortgagee to
attorn to this Lease and any substitute Lease pursuant to the provisions hereof or the provisions of any Recognition Agreement (as hereinafter
defined) and the rights of Tenant hereunder or thereunder, and agrees to be bound by the terms of this Lease and the Recognition Agreement,
in the event that such Fee Mortgagee shall succeed to the interests of Landlord.

 

18. Leasehold Mortgages. Landlord
covenants and agrees to cooperate with Tenant and each lender providing financing to Tenant (each, a “Leasehold Mortgagee”),
from time to time, at no out-of-pocket cost to Landlord, to the extent such financing is, or is intended to be, secured by a mortgage
encumbering the leasehold estate of Tenant hereunder or any part thereof. Landlord covenants and agrees to provide each Leasehold Mortgagee
of which Landlord has notice with a reasonable means to protect and preserve its lien and security interest in the Premises upon the occurrence
of an Event of Default by Tenant hereunder. Landlord, Tenant and each Leasehold Mortgagee shall execute, acknowledge and deliver to one
another one or more agreements, in form and substance reasonably acceptable to such Leasehold Mortgagee(s) to facilitate the closing of
such leasehold mortgage financing transaction(s) (each, a “Recognition Agreement”); provided, however, that Landlord
will not have any obligation to enter into any agreement that will affect the Term or the Rent due hereunder, or substantially increase
the obligations or materially adversely affect any rights of Landlord hereunder, except as expressly set forth herein nor  shall
Landlord be obligated to subordinate its fee estate to any Leasehold Mortgagee, execute any document creating personal liability on the
part of Landlord or otherwise subject Landlord or its interests in the Property to liability on account of such leasehold financing beyond
that expressly granted to Tenant pursuant to this Lease. Each such agreement shall provide, inter alia, that each Leasehold
Mortgagee shall have the following rights: (i) copies of all notices to Tenant under this Lease shall be provided contemporaneously
to the Leasehold Mortgagee, provided that Landlord has been provided with written notice of the address to which such notices should be
sent, (ii) Landlord’s failure to so provide each Leasehold Mortgagee with copies of notices to Tenant shall render the subject
of such notice non-binding on such Leasehold Mortgagee, (iii) in the event of a default by Tenant hereunder, such Leasehold Mortgagee
shall have the same concurrent notice and grace periods as are required to be given to Tenant to cure the same hereunder or after Landlord
has provided such Leasehold Mortgagee with such notice, whichever is later, plus, in each instance, an additional ninety (90) days
after the expiration of same; or where Leasehold Mortgagee’s ability to cure such Event of Default is contingent upon such Leasehold
Mortgagee (or its designee) taking possession of the Premises and such Leasehold Mortgagee has commenced to take such action(s) as may
be required to so take possession within such additional ninety (90) day period, such additional period of time as is reasonably
required to complete such action(s), take possession of the Premises and cure such Event of Default (except in the case of a monetary
default hereunder, in which event such Leasehold Mortgagee shall not have any additional cure period beyond the ninety (90) day period
described above), (iv) Leasehold Mortgagee, without prejudicing any of its rights or remedies, shall have the right to cure any default
or Event of Default of Tenant within the notice and cure periods set forth herein and/or the Recognition Agreement and Landlord shall
be required to accept such performance and/or payment (and such Leasehold Mortgagee is and shall be authorized to enter upon the Premises
for such purposes), (v) if the Lease shall be terminated due to a failure to cure an Event of Default, such Leasehold Mortgagee shall
have the right to require that Landlord enter into a new and separate lease with such Leasehold Mortgagee or its designee on the same
terms and conditions as this Lease, provided that such Leasehold Mortgagee (or its designee) thereafter cures all Events of Defaults within
ninety (90) of written notice from Landlord, (vi) in the event of a default by Tenant under a leasehold mortgage, the applicable
Leasehold Mortgagee shall be entitled to enforce all of its rights and remedies as provided for therein (provided that no Leasehold Mortgagee
shall have rights in addition to those of Tenant hereunder other than as expressly set forth in this Section), (vii) this Lease may
be assigned, without the consent of Landlord, but otherwise subject to the terms and conditions of this Lease, and (viii) no surrender,
other than upon the Expiration Date, shall be effective as against such Leasehold Mortgagee unless expressly consented to in writing by
such Leasehold Mortgagee.

 

    	 	10	 

     

    

 

 19.MFF&E Liens. Tenant
and any subtenant of Tenant shall have the right, from time to time, to enter into and grant one or more liens (each, an “MFF&E
Lien”) with respect to its acquisition of MFF&E (the “Financed MFF&E”). Provided no Event of Default
then exists and such MFF&E Lien otherwise complies with the provisions of this Section, then upon a request therefor Landlord shall
enter into an agreement regarding the Financed MFF&E in form and substance reasonably acceptable to the holder of such MFF&E Lien,
Tenant and Landlord, providing for, inter alia (i) Landlord’s subordination of any right, title or interest
in the Financed MFF&E including, but not limited to, the right to take possession of such Financed MFF&E upon an Event of Default,
and (ii) the agreement of Landlord to enable the holder of such MFF&E Lien to repossess such Financed MFF&E if such holder
exercises remedies under its MFF&E Lien; provided, however, that the foregoing agreement shall not in any way interfere with Landlord’s
rights in and under this Lease to obtain possession of the Premises. If Tenant or any subtenant enters into and/or grants an MFF&E
Lien with any party other than a Leasehold Mortgagee providing leasehold mortgage financing pursuant to Section 18 above, then Tenant
or such subtenant, as applicable, shall (i) not file (or cause or permit to be filed) such MFF&E Lien as a lien against the Premises
or any part thereof (other than against the Financed MFF&E itself), and (ii) cause to be inserted in the documents for such MFF&E
Lien the following provision:

 

“Notwithstanding anything
herein to the contrary, this [chattel mortgage, conditional sales agreement, title retention agreement, security or other agreement] shall
not create, be deemed to create, or be filed as, a lien against the fee interest of the owner of the Property.”

  

20. Representations
and Warranties.

 

(a) Landlord represents
and warrants to Tenant that the following facts and conditions exist and are true as of the Commencement Date:

 

(i) Landlord is a corporation
duly organized and validly existing under the laws of the state of Delaware and is legally authorized to transact business in the state
of Utah;

 

(ii) Landlord’s execution
and delivery of this Lease and Landlord’s performance and satisfaction in full of its obligations hereunder have been duly authorized
by all requisite action on the part of Landlord, including the consent of all necessary third parties, including its officers, directors,
and/or shareholders. This Lease constitutes a legal, valid and binding obligation of Landlord, enforceable against it in accordance
with its terms;

 

(iii) No litigation or proceeding
in any court or before any other governmental or quasi-governmental authority or other person or entity is currently pending or  threatened
(i) with respect to the Premises or any part thereof, or (ii) which seeks to enjoin Landlord from entering into this
Lease or any of the other transactions contemplated herein including, but not limited to, any condemnation proceedings or other exercise
of eminent domain;

 

    	 	11	 

     

    

 

(iv) Neither the execution and
delivery by Landlord of this Lease, the consummation of the transactions contemplated herein, nor compliance with the provisions hereof,
violates, breaches, contravenes or conflicts with, or will violate, breach, contravene or conflict with, any provision of the certificate
of incorporation or bylaws of Landlord or any provisions of any existing note, bond, mortgage, debenture, indenture, trust, license, lease,
instrument, decree, order, judgment or other agreement to which Landlord is a party or by which it or its assets (including, but not limited
to, the Property) may be bound or affected; and

 

(v) Landlord has good and marketable
fee simple title to the Property.

 

(b) Tenant represents
and warrants to Landlord that the following facts and conditions exist and are true as of the Commencement Date:

 

(i) Tenant is a corporation duly
organized and validly existing under the laws of the State of Missouri;

 

(ii) Tenant’s execution
and delivery of this Lease and Tenant’s performance and satisfaction in full of its obligations hereunder have been duly authorized
by all requisite action on the part of Tenant, including the consent of all necessary third parties, including its officers, directors
and shareholders. This Lease constitutes a legal, valid and binding obligation of Tenant, enforceable against it in accordance
with its terms;

 

(iii) Neither the execution and
delivery by Tenant of this Lease, the consummation of the transactions contemplated herein, nor compliance with the provisions hereof,
violates, breaches, contravenes or conflicts with, or will violate, breach, contravene or conflict with any provision of the certificate
of incorporation or bylaws of Tenant or any provisions of any existing note, bond, mortgage, debenture, indenture, trust, license, lease,
instrument, decree, order, judgment or other agreement to which Tenant is a party or by which it or its assets may be bound or affected;
and

 

(iv) No litigation
or proceeding in any court or before any other governmental or quasi-governmental authority or other person or entity is currently pending
or, to the best knowledge of Tenant, threatened, with respect to Tenant or any of Tenant’s property, or which seeks to enjoin Tenant
from entering into this Lease or any of the other transactions contemplated herein.

 

21. Notices. All notices
required or permitted to be given pursuant to this Lease (each, a “notice”) shall be in writing and shall be sent by hand
delivery, mailed by prepaid registered or certified mail, return receipt requested, or sent by nationally recognized courier service guaranteeing
overnight delivery, postage prepaid, in each case addressed as follows:

 

 If
to AMI, to:

APPLIED
MINERALS, INC.

1200
Silver City Road

PO
Box 432

Eureka,
UT 84628

Attn:
Christopher Carney

 

or
to such other address as AMI may designate to BMC, in writing.

 

 

If
to BMC, to:

BMI
MINERALS COMPANY.

16640
Chesterfield Grove Road, Suite 170

Chesterfield,
MO 63005

Attn:
Richard Fox

 

or
to such other address as BMC may designate to AMI, in writing.

 

    	 	12	 

     

    

 

Notices shall be effective (i) upon receipt
(or refusal thereof) in the case of personal delivery, (ii) three (3) business days after being deposited, postage prepaid,
in the United States mail in the case of mail, and (iii) the next business day if sent via courier service of nationally recognized
standing (e.g., Federal Express). Either party may from time to time specify, by giving written notice to the other party in accordance
with the terms hereof (a) any other address as its address for purposes of this Lease, and/or (b) any other person or entity
that is to receive copies of notices hereunder.

 

22. Estoppel Certificates. Each
of the parties shall, from time to time, upon ten (10) days’ written request from the other, execute, acknowledge and deliver
to the requesting party a certificate duly signed by an authorized officer stating that this Lease is unmodified and in full force and
effect (or, if there have been modifications, that this Lease is in full force and effect as modified, and setting forth such modifications)
and the dates to which Rent has been paid, and either stating that to the knowledge of the signer of such certificate no default exists
hereunder or specifying each such default of which the signer has knowledge. Any such certificate may be relied upon by any actual or
prospective mortgagee, assignee, sublessee or purchaser of the Premises.

 

23. No Merger. There
shall be no merger of this Lease or of the estate hereby created with any other estate in the Premises by reason of the fact that the
same person acquires or holds, directly or indirectly, this Lease or the estate hereby created or any interest herein or in such estate
as well as any other estate in the Premises or any interest in such other estate.

 

24. Surrender; Holdover. Upon
the Expiration Date or earlier termination of this Lease, Tenant shall surrender the Premises to Landlord. 

 

25. Severability; Binding Effect;
Amendments to be in Writing. If any provision of this Lease or the application thereof to any person or circumstance shall
to any extent be invalid or unenforceable, the remaining provisions hereof, or the application of such provision to persons or circumstances
other than those to which it is invalid or unenforceable, shall not be affected thereby, and each provision hereof shall be valid and
enforceable to the extent permitted by law. All provisions contained in this Lease shall be binding upon, inure to the benefit of, and
be enforceable by, the respective successors and assigns of Landlord and, to the extent permitted hereunder, Tenant, in each case to the
same extent as if each such successor and assign were named as a party hereto. This Lease may not be changed, modified or discharged except
by a writing signed by Landlord and Tenant.

 

26. Governing Law. This
Lease shall be governed by and interpreted in accordance with the laws of the state of Utah without regard to its conflict of laws principles.

 

27. Headings. The
headings set forth herein have been inserted for convenient reference only and shall not to any extent have the effect of modifying or
amending the express terms and provisions of this Lease.

 

28. Limitation of Liability. Notwithstanding
anything herein to the contrary, the liability of Tenant under this Lease for damages or otherwise, shall be enforceable against, and
shall not extend beyond, Tenant or any assets of Tenant including, but not limited to, its interest in the Premises (including the proceeds
thereof and all rents and profits therefrom).

 

29. Force
Majeure. Except as it relates to any monetary or payment obligations under this Lease, in the event
that either party shall be delayed, hindered or prevented from the performance of any act required hereunder by reason of
strike, lock-out, labor trouble, inability to procure material, failure of power, restrictive governmental laws or regulations,
riot, insurrection, the act, failure to act or default of the other party, war or other reason beyond such party’s control
(other than financial condition of such party which, in all events shall be deemed within such party’s control), then
performance of such act shall be excused for the period of the delay and the period for the performance of any such act shall be
extended for a period equivalent to the period of such delay.

 

    	 	13	 

     

    

 

30. Default Rate. Any
amount due but unpaid hereunder shall bear interest until paid at an annual rate of 5%.

 

31. Memorandum of Lease. The
parties shall execute and deliver a short form or memorandum of lease in the form attached hereto as Exhibit B and
made a part hereof contemporaneously with the execution of this Lease, which instrument shall be placed of record by Tenant in the Recorder
of Deeds for Juab County. Upon the Expiration Date or earlier termination of this Lease, the parties shall immediately execute a termination
of said instrument which shall be placed of record by Landlord.

 

32. Relationship of the Parties. The
parties do not intend to create any partnership, joint venture or other relationship as amongst themselves and neither this Lease nor
the performance by the parties of their respective obligations shall establish or be deemed to establish any relationship between the
parties other than as landlord and tenant. Except as expressly set forth herein to the contrary, nothing contained herein shall be construed
as appointing or authorizing either party or any of their agents, employees or representatives to represent or bind the other party in
any manner.

 

33. Quiet Enjoyment. At
all times during the Term, the rights and privileges of Tenant hereunder to the possession and quiet enjoyment of the Premises shall not
be disturbed by Landlord or any person acting by, though or on behalf of Landlord.

 

34.  No Third Party Beneficiaries. Except
as expressly set forth in this Lease to the contrary, no other person shall be deemed a third party beneficiary under this Lease.

 

35. Counterparts. This
Lease may be executed in any number of counterparts, each of which as executed shall be deemed to be an original, but all such counterparts
shall constitute one and the same agreement.

 

36. Construction. Each
of the parties was involved in the negotiation, review and execution of this Agreement. In the event of any dispute or controversy regarding
this Agreement, the parties shall be considered joint authors of this Agreement and no provision of this Agreement shall be interpreted
against a party due to authorship.

 

IN WITNESS WHEREOF, the
parties hereto have caused this Lease to be executed as of the date and year first above written.

  

	APPLIED MINERALS INC.	 	BMI Minerals Company
	 	 	 	 	 
	By:	 	 	By:	 
	 	 	 	 	 
	Name:	 	 	Name:	 
	 	 	 	 	 
	Title:	 	 	Title:	 

  

	List of Exhibits
	 
	A – Legal Description of Property
	B –Form of Memorandum of Lease

   

    	 	14	 

     

    

 

Exhibit B

 

RECORDING REQUESTED BY AND WHEN RECORDED
RETURN TO:

William Gleeson

4710 Bethesda Ave.

Suite 1405

Bethesda, MD 20814

 

 

(Space Above For
Recorder's Use)

 

MEMORANDUM OF LEASE

 

THIS MEMORANDUM OF LEASE is made and
entered into as of the day of July -_, 2022 (the "Effective Date"), by and between APPLIED MINERALS INC., a Delaware corporation,
with a mailing address of ("AMI"), and with a mailing address of 1200 Silver City Road, PO Box 432, Eureka, Utah 84628 ("AMI"),
and BRADY MCCASLAND, INC., ("BMI”), a Missouri corporation having its principal place of business at
16640 Chesterfield Grove Road, Suite 170, Chesterfield, MO 63005. AMI and BMI may be collectively referred to herein as the "Parties"
or individually as a "Party,"

 

RECITALS

 

A.
WHEREAS, AMI is the 100% interest owner in certain patented and unpatented mining claims located in the Juab County, State of Utah,
as more particularly described on attached Exhibit A (the "Mining Claims"); and

 

B. WHEREAS, AMI and BMI entered into
that certain Ground Lease Agreement, of even date herewith (the "Lease Agreement").

 

c. WHEREAS, by this Memorandum, AMI
and BMI desire to provide public notice of the Lease Agreement.

 

AGREEMENT

 

NOW, THEREFORE, in consideration of
the foregoing recitals, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the
Parties agree as follows:

 

1.       Public
Notice. All members of the general public are hereby placed on notice of inquiry as to the specific provisions of the Lease Agreement,
all of which are incorporated herein by reference with the same force and effect as if herein set forth in full. This Memorandum shall
be recorded in the real estate records of Juab County, Utah, in lieu of recording the entire Exploration Agreement.

 

    	 	15	 

     

    

 

2.       
Lease Agreement. As set forth more fully in the Lease Agreement, AMI has granted to BMI, and its successors and assigns, the right
to lease the surface rights to the property in Exhibit A upon and subject to the terms, conditions, covenants and provisions hereof, rights
of property together with any and all appurtenances, rights, privileges and easements benefiting same (all the foregoing, collectively,
the “Premises”). BMI shall hold legal title to, and possession of all improvements constructed on the Property by or
for the benefit of Tenant currently or subsequently installed, including the Mill.  The improvements are severed from the land
and will be deemed to be personal property. The term of the Lease Agreement is 50 years, commencing on the Effective Date with nine 10-year
extensions at BMI’s election. The 50 year period begins on July ___, 2022 and ending the day before the fiftieth anniversary of
such date.

 

3.       Conflicts.
In the event of any conflict between the terms of this Memorandum and the terms of the Exploration Agreement, the terms of the Exploration
Agreement shall control.

 

4.       Captions
and Capitalized Terms. Caption headings are inserted herein only as a matter of convenience of reference, and in no way serve to define,
limit, or describe the scope of intent of, or in any way affect, this Memorandum. Capitalized terms not defined in this Memorandum shall
have the meanings ascribed to them in the Memorandum.

 

IN WITNESS WHEREOF, the Parties hereto
have executed this Memorandum ofExp10ration Agreement with Option to Purchase as of the date set forth above.

 

	 	 	AMI:
	 	 	 
	 	 	APPLIED MINERALS INC., a
	 	 	Delaware corporation
	 	 	 	 
	 	 	Name:	 
	 	 	 	 
	 	 	Title:	 
	 	 	 	 
	 	Dated this ____day of July 2022.
	 	 	 	 
	 	 	BMI:
	 	 	 
	 	 	BRADY MCCSLAND, INC.
	 	 	 	 
	 	 	Delaware corporation
	 	 	 	 
	 	 	Name:	 
	 	 	 	 
	 	 	Title:	 
	 	 	 	 
	 	Dated this ____day of July 2022

 

    	 	16	 

     

    

 

EXHIBIT A MINING CLAIMS

  

    	 	17

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