Form of First Amendment 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 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:

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

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