John Leonard, CFA
Special situations, micro-cap, contrarian, CFA

Applied Minerals Is An Undiscovered Miner With Significant Growth Potential

Key takeaways

  • The ~31% decline YTD in Applied Minerals (OTCQB:AMNL) more than prices in the inherent uncertainty facing this exploration stage miner and ignores the ongoing transition to the production phase.
  • 100% ownership of one of the only two commercial halloysite clay deposits in the world provides a significant competitive advantage while the halloysite-based products have the potential to gain market share in a wide range of applications.
  • Insiders own ~32% and have a history of disciplined capital raising (uncommon in the mining industry).

Company overview

AMNL is a vertically integrated producer of halloysite clay (marketed under the Dragonite brand name and produced at the Dragon Mine in Utah) and iron oxide. Its products are used to improve...

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