Taking the market capitalizations at today’s closing prices (RGX $0.90 and FNC $0.185)
and deducting from FNC its 9 million shares of RGX, we can compare how the market
values the NI 43-101 compliant TiO2 of RGX compared to how it values the NI 43-101
compliant TiO2 of FNC.

Of course, there’s more to Fancamp and Argex than Titanium. I’m only comparing
Titanium. I’m ignoring the fact both companies own other metal ores and other assets
besides NI 43-101 compliant Titanium.

RGX’s TiO2 concentration is 18.8%.
FNC’s TiO2 concentration is 11.2%.

After extracting the TiO2, per equal weights,
RGX’s TiO2 in the ground is valued at $12.66 per metric tonne.
That’s 50.64 X the value given to FNC’s TiO2.
FNC’s TiO2 in the ground is valued at $0.25 per metric tonne.