Hello Kerry (“cappysmart”),

Of course, you’re right. I’m embarrassed with my carelessness; but only slightly, because my
reasoning remains the same. The astronomical numbers divided by two remain astronomical.

Thanks for taking the time to make the correction, which serves to make the information take
on a greater reality. I got so wrapped up with the implications of my numerically confirmed
logic, that I became inattentive. For that, I’m sorry.

As follows are the reworked numbers. Also, I added the economics of the leftover iron.

Monetization of Magpie Titanium:
FNC interest 46.7% of 1 billion tonnes = 467 billion kilograms
Our percentage TiO2 to get ferrotitanium = 13.87% (11% to get 79.3%, not to get 100%)
13.87% of 467 billion kilograms (kgs) = Monetary value of 64.77 billion kilograms (kgs)
Value of 64.77 billion kgs = Value of 60 billion kgs (deduct 4.77 billion kgs processing loss)
60 billion kilograms X $7.90 per kg (spot price Bid) = $474 billion (in round numbers)

Monetization of Magpie Iron:
FNC interest 46.7% of 1 billion tonnes = 467 billion kilograms
Our percentage Fe leftover after contribution to ferrotitanium = 29.6% (43% minus 13.4%)
29.6% of 467 billion kilograms (kgs) = Monetary value of 138.23 billion kilograms (kgs)
Value of 138.23 billion kgs = Value of 130 billion kgs (deduct 8.23 billion kgs processing loss)
130 billion kgs X $0.1424 kg ($142.40 tonne spot price) = $18.5 billion (in round numbers)

Magpie = $492.5 billion total from the constituent rock of huge mountain ridges
FNC = 121,292,511 fully diluted shares (as of 12/16/2011)

Of course, we nor anybody else will ever pocket the entire $492.5 billion (in round numbers).
There are costs. There are deals to be made. There are time-consuming studies.

$40 per share captures 1% (to be exact: .01 X 492.5 billion / 121,292,511 = $40.60 share)
$100 per share captures 2.5% (to be exact: .025 X 492.5 billion / 121,292,511 = $101.51 share)
$200 per share captures 5% (to be exact: .05 X 492.5 billion / 121,292,511 = $203.02 share)
$300 per share captures 7.5% (to be exact: .075 X 492.5 billion / 121,292,511 = $304.53 share)
$400 per share captures 10% (to be exact: .1 X 492.5 billion / 121,292,511 = $406.04 share)

Besides extracting the money we deserve for Magpie, we should also have the presence of
mind to keep track of the money we have coming to us for our other properties.