**Probable Realized Market Prices** | $645/t K_{2}SO_{4} & $147/t H_{2}SO_{4} |

**Flagship Project** | Blawn Mountain |

**Fully-Diluted Shares** | 202,510,000 |

**Fully-Diluted Market Cap** | 8,100,400 |

**Proven & Probable Mineral Reserves, 3% Cut-Off** | 153,330,000 tons |

**Payable Product (LoM)*** | 16,096,051 K_{2}SO_{4}Eq tons |

**Estimated Payable SOP (LoM)** | 10,603,000 tons |

**Estimated Payable Sulfuric Acid (LoM)** | 24,135,000 tons |

**Alumina Resources (M&I)**** | 19,418,000 tons |

**Average Annual Production** | 351,261 K_{2}SO_{4}Eq tons |

**LoM** | 46 Years |

**True All-in Cost (TAIC)** | $546/t |

**Gross Revenue** | **$10,381,952,895** |

**Operating Cost** | ($6,813,000,000) |

**Royalties (5%)** | ($519,097,645) |

**Property Taxes (2%)** | ($207,639,058) |

**Operating Profit** | **$2,842,216,192** |

**Total Capital Costs** | ($537,000,000) |

**Income Taxes** | ($710,554,048) |

**Net Income** | **$1,594,662,144** |

**Net Profit Margin** | 15% |

**Absolute Cost Structure (ACS)** | 85% |

| |

**True Value** | **$7.87/sh.** |

**Notes:** All Values in U.S. Dollars

*****This analysis hinges on **Payable Product** tonnages, as opposed to a sum of Proven & Probable Reserves, including: Direct Feed-to-Mill, Medium-Grade Stockpiles and Low-Grade Stockpiles. Analysts will likely be expecting a much larger number (153.3 Mt) for valuation computations. That number isn’t of interest to us in this analysis, today, as our case is predicated on estimated payable product.

Furthermore, we have elected to utilize K_{2}SO_{4}Eq tons in the stead of deducting sulfuric acid credits from our *Direct Operating Cost Matrix*. This has the effect of raising our independently-calculated True All-in Cost (TAIC) to $546/t, which is an increase of 159% from Millcreek Mining Group’s Cash Cost number ($211/t).

******Alumina, which trades for about $472/t, is classified as a waste byproduct of production. However, efforts are being made to develop a pilot plant 12 miles away from Blawn Mountain in Milford at the site of Tamra’s shuttered copper flotation mill to determine whether or not Alumina waste can be economically monetized.

##### Conclusion

The value proposition for SOPerior Fertilizer Corp. remains clear. Additionally, a handful of derisking events have occurred that lend further credence to the SOPerior story. Nevertheless, in spite of the positive news flow, we have chosen to be more conservative with our analysis than in the past.

Net Profit Margins are low and Absolute Cost Structure (ACS) is high. Consequently, we have assigned SOPerior with a conservative 5x Cash Flow Multiple.

**Average Annual Cash Flow** | $35,000,000 |

At 5x Average Annual Cash Flow, SOPerior could sport a Market Cap of ~$175M, which implies a potential Market Cap Growth of 2,060%.