Ann: High-Grade Muckanippie Titanium Heavy Mineral Test Work, page-22

Hello. Compared to PTR, the MEU numbers today look like rubbish. PTR is now a $100M company and probably heading much further north.

* PTR is 65% titanium content & 22% iron content. 21% of PTR's 65% titanium is "rutile" (95%+ titanium).

* MEU looks like 50% titanium content and 50% iron content (excluding the other junk).

* Rutile sells for US$1,800 tonne.

* 65%/22% pseudorutile (high grade "ilmenite") may sell for US$600/t

* 50%/50% ilmenite may possibly sell for US$180/t.

* Operating costs might be US$150/t to US$200/t.

Do the math