FIRST AMENDEDMENT TO MINING OPERATIONS AGREEMENT

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 0000 Xxxxxx Xxxx Xxxx, XX Xxx 000, Xxxxxx, Xxxx 00000 ("AMI"), and BMI MINERALS COMPANY ("BMC”), a Missouri corporation having its principal place of business at 00000 Xxxxxxxxxxxx Xxxxx Xxxx, Xxxxx 000, Xxxxxxxxxxxx, XX 00000.

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.

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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.			BMI MINERALS COMPANY
By:			By:
Name:			Name:
Title:			Title:

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