Atlas Mining Company (OTC BB: ALMI - $1.70)

The Story of an Emerging Nanoclay Producer

January 19, 2007

Source: Atlas Mining

Disclaimer: This report has been authored by a shareholder of Atlas Mining Company. The data contained in this report was obtained from publicly available sources. The author does not guarantee the accuracy of the information or the estimates contained in this document. The management teams of Atlas Mining Company and NanoClay and Technologies, Inc. did not request this report, have not endorsed its accuracy and paid no compensation for its creation. The sole purpose of this document is informational. No investment decision is to be made based on its contents. Each reader of this document should verify its contents.

Table of Contents I. Overview

II. Company History

III. The Dragon Mine

IV. Halloysite Markets

V. Development of the Dragon Mine and the Halloysite Processing Facility

VI. Marketing NTI’s Halloysite

VII. Other Assets and Businesses

VIII. Management – Board of Directors

IX. Capitalization

X. Valuation

XI. Additional Valuation Considerations

XII. Atlas Mining Company – Beyond the Dragon Mine

XIII. Where Does Atlas Mining Company Stand Today?

XIV. The Risks

I. Overview At first glance Atlas Mining Company (“Atlas”) seems a sleepy natural resources operation that, historically, has eked out a living by developing small, niche mineral properties and managing a contract mining operation. Upon further observation, however, one will ultimately recognize the hidden value of the company’s NanoClay and Technologies Inc. (“NTI”) subsidiary which is poised to introduce a halloysite clay-based portfolio of engineered materials into the polymer, controlled-release and advanced ceramic markets. The unique tubular structure of halloysite clay has enabled NTI to develop a product offering that, in many instances, outperforms other clay-based nanomaterials currently utilized in advanced polymer applications. NTI has created significant intellectual property related to the conversion of raw halloysite into a value-added material. Atlas Mining and NTI are focused on becoming the premiere manufacturer of high-quality, halloysite-based nanomaterials and capitalizing on the significant growth prospects presented by the polymer, controlled-release and advanced ceramic markets. II. Company History Atlas Mining Company was originally incorporated in Idaho in March 1924 to pursue silver, lead, zinc and copper mining on the Atlas Mine property, located in the Coeur d’Alene mining district in Shoshone County, Idaho. The Atlas Mine contained 540 acres of fee simple property and patented mining claims and 180 acres of unpatented claims. From its inception through early 1997, Atlas engaged in no significant mining-related activities due to the cost required in developing its properties. In 1997, under the direction of newly appointed Chairman and CEO William (“Bill”) Jacobson, Atlas acquired the equipment of Fausett International and established a contract mining business, Atlas Fausett Contracting (“AFC”). Atlas followed the AFC acquisition with a number of smaller mining company purchases in 1998 and 1999 which grew the company’s property ownership to 900 acres of fee simple property and patented mining claims and 329 acres of mineral rights. By the end of 1999, Atlas was primarily focused on growing its contract mining operation while deferring the development of its properties until it could profitably exploit them. Despite not pursuing the development of his existing properties, Bill Jacobson continued to search for niche-type mining opportunities that could be economically developed. In August 2001, Jacobson entered into a lease agreement on the Dragon Mine, located in Juab County, Utah. The Dragon Mine is a halloysite property. Halloysite is a clay mineral that has been used historically to make porcelain, bone and fine china. The primary supplier of commercial grade halloysite to the porcelain and fine china markets is a New Zealand mine owned by Imerys SA (XPAR: NK). The Dragon Mine is the largest known deposit of halloysite in the western hemisphere. Clays are currently being used as nanomaterials to enhance the performance characteristics of plastics. The unique physical characteristics of halloysite provide it with certain performance advantages over other clays when incorporated into polymers, utilized in controlled-release applications and used to manufacture ceramic products. Bill Jacobson recognized a number of large, high value markets for his clay and, given the relatively low investment need to develop the Dragon Mine, decided to move aggressively to exploit this valuable resource.

III. The History of the Dragon Mine The Dragon Mine is a halloysite clay deposit located in the historic Tintic Distric of north central Utah. The property is 2 miles southwest the town of Eureka which, in turn, is approximately 75 miles southwest of Salt Lake City.

Source: MapQuest The mine was discovered in 1870. The property was initially exploited, with little success, for silver, gold, copper and lead. From 1949 through 1976, the Filtrol Corporation mined approximately 1.1 million tons of halloysite from the mine for use as a petroleum cracking catalyst until the development of a cheaper synthetic catalyst was adopted by the industry. The mine was idle from 1977 until it was leased by Atlas Mining from Conjecture Mines (later acquired by Chester Mining Co.) in 2001. The mine sits on approximately 230 acres. Records left by the previous owner indicated a resource of at least 300,000 tons of halloysite remaining on the 4 -5 acres of the mine that were developed. Core drilling activity has indicated the presence of additional halloysite on the property (discussed later in this report). Below is a hyperspecral image of the Dragon Mine. The halloysite resource is represented by the purple shading.

Source: SII

IV. Halloysite Markets Historically, the primary uses of halloysite have included petroleum cracking catalyst and a raw material for the manufacturing of fine china, bone china and porcelain products. As mentioned earlier, the unique tubular structure of halloysite has resulted in the emergence of a number of new markets for the clay. These markets include high-performance polymers, controlled-release applications and specialty ceramics. These markets have strong growth profiles and will spur continued R&D by a number of industries looking for enhanced product performance. Below is a description of the markets to which Atlas Mining’s NTI subsidiary will promote its halloysite.

High-Performance Plastics For decades researchers have worked at boosting the properties of plastics by adding fillers to them. Fillers, such as talc, glass and calcium carbonate, have been used to enhance the strength, improve the flexibility, control the thermal expansion and reduce the weight of plastics. Despite the value these fillers have provided, researchers have continued to look for additives that could further enhance the performance characteristics of plastics. Natural clays were determined to offer a number of advantages over traditional fillers at lower loading rates (loading rate = the amount of filler used). Clay particles are exceedingly small. Their widths range from 0.5 to 1.0 micron (one millionth of a meter) and they have thicknesses of 3 – 5 atoms (nanosized). The surface chemistry of clay particles can be modified (surface treated) so that they can bind with a polymer. Clay particles have large surface areas which provide more “contact” points to which a polymer binding can be formed. These two characteristics of clay provide a level of added strength and modulus (smoothness) to plastics which, even at lower loading rates, exceed those provided by traditional fillers. The modifiable surface chemistry of clays also allows a manufacturer to customize the desired characteristic enhancements of the polymer. The automotive industry was one of the first to take notice of the potential of nanoclays. A number of years ago, Toyota set out to find a way in which to improve heat resistance in polymers so the company could replace high-priced metal and ceramic casings with plastic ones. The automaker added 3% - 5% clay to an industrial polymer which normally softened at 60 degrees centigrade. The addition of clay increased the polymer’s softening point to 140 degrees centrigrade which allowed the plastic to survive the high temperatures existent within an automobile’s engine compartment. In addition to improving the strength of plastics under heat, surface treated nanoclays also elevate barrier properties, increase hardness and scratch resistance, enhance thermal conductivity, provide flame retardancy, improve mechanical properties, and control thermal expansion. This technology allows a manufacturer to enhance a range of polymer properties concurrently. Clay is naturally incompatible with polymers (the oil and water problem). To successfully introduce a nanoclay into a polymer application, the clay must be surface treated with a chemical compound. Most clays currently being used in plastic applications, such as montmorillonite, have sheet-like (layered or platelet) structures. The first step required to surface treat a platelet-structured clay involves separating the layers from one another chemically (exfoliation). Once the clay is exfoliated, it is then surface treated with an organo-silane which alters its polarity and allows it to bind with and disperse evenly through the polymer. The type of silane used depends on both the performance enhancements desired and the type of polymer being treated. The following link may provide more clarity concerning the exfoliation-surface modification process http://www.azom.com/details.asp?ArticleID=936.

Halloysite is relatively new to the polymer market. Halloysite is a clay mineral with a unique tubular structure. The tubular material is 10 – 100 nanometers in diameter and up to 1.2 microns in length. These nanotubes have very high aspect ratios (surface areas) which are critical to the polymer binding process. The image below on the left is a magnified view of platelet-structured clay. The image below on the right is a magnified view of tubular-structured halloysite.

According to researchers, the nanotubular structures that constitute halloysite provide a number of advantages over platelet clays when modifying a polymer. Halloysite is naturally exfoliated. The chemical exfoliation process applied to layered clay, such as montmorillonite, reduces the number of contact points at which the clay can bind to the polymer. The greater the number of contact points the better the binding. The better the binding, the better the dispersion (i.e. the clay is distributed evenly throughout the polymer). Better dispersion results in a better performing polymer. Halloysite’s unique tubular structure enables a polymer manufacturer to use a lower loading rate of clay while still achieving performance results similar to, or greater than, that of layered clays. The halloysite can also be encapsulated with a biological or chemical agent that would be released over an extended period of time. This technology would provide additional value to the polymer (this encapsulation and controlled-release technology will be discussed later). Halloysite clay outperforms platelet clay in barrier applications that require a level of breathe-ability whereas layered clay particles form a much stronger barrier in applications that seeks to reduce the permeability to gases. NTI is currently marketing its halloysite nanoclay for polymer applications to an array of potential customers in industries ranging from medical products to cable manufacturing. Average demand of a plastics customer for surface treated clay is estimated to be 2,000 to 5,000 tons annually, depending on the size of its application. Prices for nanoclays currently fall in the $3,000 - $4,000 per ton range, depending on the level of surface treatment required. Nanoclays utilized in polymer applications will be heavily customized per customer specifications.

Controlled-Release Applications Halloysite nanotubes serve as excellent media through which the controlled-release of an active agent can be applied. Dr Ron Price, formerly of the Naval Research Lab (“NLR”) in Bethesda, MD and the current CEO of NTI, developed a technology, on behalf of the United States Department of Defense, that enables an active agent to be released from a micro-tubular structure in a slow, controlled manner. The technology was initially developed to create anti-fouling applications to protect surfaces such as ship hulls. Ship owners, such as the United States Navy, spend a lot of money to control the build-up of barnacles on the hulls of their vessels. Barnacle accumulation increases drag which, in turn, wastes fuel. The traditional method of barnacle removal involves dry docking a ship, scraping off the build-up and repainting the hull. A number of anti-fouling paints have been developed to reduce the frequent scrapings but the effectiveness of these paints is not long-lasting. Price’s controlled-release technology provides an effective solution to the barnacle problem. The technology allows for the encapsulation of an anti-fouling agent within a microtubule in such a way that the agent is expelled from the microstructure over an extended period of time. Introducing large quantities of these microstructures (impregnated with an anti-fouling agent) into a commercial paint resulted in an barnicle-resistant product that, once applied to the hull of a ship, kept the surface barnacle-free for an extended period of time. A detailed description of the technology can be found at the United States Patent Office website - www.uspto.gov . The patent number is 6280759. The success of the anti-fouling paint application highlights the possibility of numerous other commercial applications to which the controlled-release technology could be applied. These applications include house paints, building products, wood preservation, and pesticide and fertilizer control, to name a few. Any product or process that would benefit from the slow, controlled-release of an active agent would find a use for Price’s technology. Prior to the discovery of halloysite clay’s applicability to the controlled-release technology, the one barrier to commercializing the technology involved identifying an affordable source of microstructures. The lipid-based microtubules initially used by Price were incredibly expensive to manufacture and deemed most commercial applications economically unfeasible. The search for a cheap supply of tubular material eventually led Ron Price to the Dragon Mine property. The Dragon Mine’s halloysite resource was rich in tubular microstructures, naturally exfoliated and contained little silica, a common waste product. The relative affordability of the Dragon Mine’s halloysite resource made possible the widespread commercial application of the controlled-release technology. Price was invited by Jacobson to join Atlas Mining as a scientific advisor in September 2003 to help structure a plan with which to exploit the Dragon Mine resource in conjunction with Price’s controlled-release technology. Ron Price was later appointed a member of Atlas Mining’s board of directors in July 2005 and ultimately retired from the Navy to become the CEO of Atlas Mining’s NTI subsidiary in March 2006. Dr. Price developed the controlled-release technology as an employee of the U.S. Navy’s Naval Research Lab. The Department of Defense owns the patent in the U.S. Price receives a small royalty on the licensing fees generated by the patent. The controlled-release patent, which would primarily utilize halloysite as its medium, is currently being licensed to a number of firms that are developing mildew resistant paints and building products in addition to fragrance, drug delivery and herbicide applications. An application on the verge of commercialization is a mold resistant drywall product.

Drywall (aka gypsum board or plasterboard) is a common manufactured building material used for the finish construction of interior walls and ceilings. A drywall panel is made of a paper liner wrapped around an inner core made primarily from gypsum plaster. Mold resistant building products that have been developed in the past have not been able to prevent mold build-up build for any extended period of time. Molds are microscopic, multinucleated and multicellular fungi that live primarily on organic matter. Molds will grow on most surfaces, provided there is sufficient moisture. Many building materials provide nutrients suitable for the growth of molds. Mold spores travel through the air and create serious health problems for human beings. Once mold growth encroaches upon drywall or ceiling tile it must be either professionally cleaned or destroyed. This results in great expense for the property owner. Below are two examples of mold damage to the interior surfaces of a home.

The mold resistant drywall that will utilize the controlled-release technology involves the encapsulation of a biocide within halloysite nanotubes. The encapsulated clay nanotubes are incorporated into the paper liner of the drywall. Once the paper liner comes in contact with moisture, the biocide is released from the clay nanotubes, preventing mold spore build-up. When the paper liner dries out, the release of biocide ceases and is not re-released until the paper liner is again exposed to moisture. The technology prevents the majority of the biocide from expelling during the paper liner’s initial contact with moisture which, under certain circumstances, preserves the mold resistant characteristic of the drywall for years. Before the drywall application can be marketed, the EPA must approve the nanoclay-biocide combination that will be incorporated into the drywall liner. Halloysite is a benign substance, generally regarded as safe (GRAS) by the EPA. The biocide being used is an off-the-shelf agent that has already been approved by the EPA. NTI and the firm licensing the technology for the building products industry are currently assembling the data requested by the EPA as part of the approval process. Once EPA approval is granted, NTI will sell its processed halloysite nanotubes to the licensee who will then encapsulate the clay with an active agent and sell it into the building products industry.

The drywall application is expected to be the first of many building material products developed using halloysite clay and the controlled-release technology. In addition to the extensive work that has been done on the development of a barnicle-resistant paint, Dr. Price has also worked with a large paint and coatings manufacturer to develop a mold-resistant paint application. Once the EPA approval is obtained for the drywall application, the development of other products, utilizing nanoclays and a controlled-release of an active agent, is expected to accelerate. The application options are seemingly boundless. Given that Price is the creator of the controlled-release technology, NTI is positioned not only to be the premier supplier of nanoclays for controlled-release applications but also to be the ideal technical consultant for those companies that wish to incorporate the controlled-release technology into their product lines. A controlled-release application buyer of NTI’s halloysite clay would require somewhat larger volumes than those purchased by a polymer manufacturer. For example, a major drywall manufacturer may need anywhere from 10,000 tons to 30,000 tons of clay annually, according to certain estimates. Unlike the halloysite introduced into a polymer, the clay used in a controlled-release application does not have to be surface treated but must still be specially milled to ensure that proper encapsulation of an agent can be achieved. The selling prices realized for halloysite processed for a controlled-release application should fall in the $2,000 per ton - $2,500 per ton range. NTI estimates that this price range would only add approximately $0.50 - $0.75 of incremental cost to a piece of standard drywall while the premium charged for a high-performance, mold resistant drywall product would yield multiples of this added cost. Advanced Ceramics High performance ceramics can be found in applications such as electrical components, bio-ceramics, filters and membranes, catalysts and catalyst supports, military and civilian armor systems, high performance coatings, engine components, and cutting tools. The development of advanced ceramic materials has enabled industry to both enhance the performance of current products and develop new ones that were inconceivable with traditional materials. In 1974, the U.S. ceramic market was approximately $20 billion. Today, the same market is estimated to be over $35.0 billion. A significant portion of this growth is due, in part, to the increased utilization of advanced ceramic material. The vast electronics industry would not exist were it not for ceramics. Ceramics possess a range of electrical properties including insulating, semi-conducting, superconducting, piezoelectric and magnetic. Ceramics are found in cell phones, computers, televisions and other consumer electronic products. Ceramics are a key component of magnetic storage devices vital to information technology industry and are being used to make “smart” sporting goods that respond to changing environments to increase effectiveness. Ceramics are becoming increasingly useful in the medical and dental industries. Surgeons are using bio-ceramic material to repair and replace human hips, knees and diseased heart valves while dentists use ceramics for tooth implants and braces. Ceramic materials also aid in pollution control as the core material in catalytic converters and form the basis of the heat shield tiles used on the surface of the space shuttle. The advanced ceramics market is the most established of the three being pursued by NTI. The Company will use its attendance at the January ceramics trade show to identify possible customers for its clay. High performance ceramics, according to certain sources, often yield selling prices of $1,500 per ton and up, depending on the application.

V. Development of the Dragon Mine and the Halloysite Processing Facility At the time Bill Jacobson entered into a lease agreement on the Dragon Mine in 1997, it had been sitting idle for approximately for 20 years. Needless to say, the property required significant work to bring it to operational status. From 1949 through 1976, the Filtrol Corporation mined approximately 1.1 million tons of halloysite at the Dragon Mine. The clay was used as a petroleum cracking catalyst. Records left by Filtrol management indicated that approximately 300,000 tons of halloysite remained on the 4 – 5 acre site on which the mining effort was focused. To bring the Dragon Mine back into operation, Jacobson raised approximately $5.0 million through the sale of 5.5 million shares of restricted stock in July 2005. The proceeds were earmarked to settle certain debts, exercise the $0.5 million purchase option on the Dragon Mine and procure the necessary equipment to both rehabilitate the mine and establish a halloysite processing facility. After the capital was raised, the development of the underground mine began to take shape. Mining activities were directed toward certain identifiable clay beds. Test drillings identified clay deposits incremental to the 300,000 residual tons identified by Filtrol. The development of the halloysite processing facility presented a challenge for management. The high value markets into which Atlas wanted to sell its halloysite resource required the clay be run through a series of engineering processes that would make it amenable to polymer, controlled-release and specialty ceramic applications. Atlas lacked the personnel with the necessary scientific background to both develop and implement such processes. The one individual who possessed the scientific background necessary for an implementation of a halloysite processing facility at the Dragon Mine was Dr. Ron Price. Price had significant experience working with the Imerys and Dragon Mine halloysite resources and understood how best to process the clay so that it could be utilized for the applications previously discussed. Jacobson understood that, if Atlas Mining was going to realize the full commercial potential of the Dragon Mine, Ron Price would have to become intimately involved with the effort. Price was named CEO of Atlas Mining’s NTI subsidiary in March 2006 and embarked on a mission to establish a halloysite processing facility, increase the output of the Dragon Mine and sell the Company’s value-added clays to the polymer, controlled-release and advanced ceramic application markets. The development of the Company’s clay processing facility required Price to develop a proprietary system by which the halloysite nanotubes would be adequately separated, reduced to a nanoscale and purged of any iron residue. The effort required the procurement of many customized pieces of equipment. The facility is oriented to run the raw clay through a series of processes that removes any non-clay material, eliminates moisture present in the halloysite, separates the clay’s tubular structures and reduces these structures to nanoscale dimensions. If necessary, the clay is then run through a citric acid process to remove any iron residue. For a controlled-release application, the processed clay would have to be impregnated with an active agent offsite while a polymer application would require the processed halloysite be surfaced treated with a customer-specified silane. A quality-control capability has been included as part of the processing facility to ensure that customer specifications are consistently met and the Company’s goal of being recognized as the premier supplier of engineered halloysite clay is achieved and maintained. Unique product customization and strong quality control will be NTI’s two primary manufacturing objectives.

According to management, the first question frequently asked by a potential customer is “How much halloysite does the Dragon Mine property contain?” This is an important inquiry. A customer seriously contemplating the incorporation of NTI’s halloysite clay into its product line will need to know just how many years of supply exist to accurately plan for and justify the capital investment needed for its own commerical infrastructure. Aside from the existence of 300,000 residual tons documented by Filtrol when it ceased operations at the mine, little was known concerning the ultimate resource size of the Dragon Mine when Atlas entered into its lease agreement on the property. A priority of management has been to obtain a better understanding of the mine’s true resource size. The mine property encompasses approximately 230 acres. Atlas is currently exploiting a 4 - 5 acre section that was initially developed by Filtrol. Management has conducted select exploratory drillings beyond the 4 - 5 acres lot that it’s currently developing. The Company estimates that an additional resource size of up to 500,000 tons of halloysite may sit beyond the 300,000 tons currently being targeted. This additional clay is just an estimate and will need to be further analyzed and, if necessary, developed as the current 300,000 ton resource is processed and sold. Beyond the current area of exploration, numerous outcroppings of halloysite can be identified throughout the remainder of the 230 acre property. These outcroppings point to further halloysite resources that will require test drillings to estimate their sizes. When Filtrol was operating the Dragon Mine, it only utilized the “pure white” halloysite that it mined. Any halloysite stained with iron was relegated to a tailing pile along with other waste product. Filtrol had no use for the iron-stained halloysite because the iron impaired the clay’s ability to function as a petroleum cracking catalyst. Atlas estimates that there is at least 1.0 million - 1.2 million tons of waste material sitting on the property. Samples of these pilings have shown a 40.0% - 50.0% halloysite clay concentration which, if accurate, indicates a clay resource of 400,000 - 600,000 tons within the waste piles. The waste piles will be run through a water-based process that will separate the clay from the other waste material. The separated halloysite would then be processed in the same way as the underground clay so that it can be used in advanced ceramic, controlled-release and polymer applications. Due to the water involved in the separation process, the tailing piles can only be exploited during the warmer months. Below is a view of certain waste piles at the Dragon Mine.

Source: Atlas Mining

The above resource estimates indicate that Atlas currently has access to 1.2 million – 1.4 million tons of halloysite clay. The current capacity of the Company’s nanoclay processing facility is approximately 36,000 tons annually which, based on a clay resource estimate of 1.2 – 1.4 million tons, provides 33 – 39 years of output at full capacity. The resource size described above is strictly an estimate. Aside from the 300,000 tons of halloysite which management is currently exploiting, the actual clay volumes realized from the other sources may fall short of estimates. The Company does believe it has enough data concerning these additional sources of halloysite to provide customers with sufficient confidence as to the breadth of the Company’s clay supply. While determining the ultimate resource size of the Dragon Mine property is a top priority for Atlas, management believes it could enhance its supply of halloysite by procuring clay from a number of quality sources that are in relatively close proximity to the Dragon Mine. The locations and sizes of these properties have not been disclosed. VI. Marketing NTI’s Halloysite As discussed earlier, Atlas Mining’s NTI subsidiary will focus its sales efforts on the advanced ceramic, controlled-release and polymer application markets. These markets are expected to result in higher profit margin transactions than ones executed in the traditional commodity markets. The time and effort required on NTI’s part to obtain an advanced application customer will exceed that of a commodity buyer. A high value application customer will have certain R&D requirements its must satisfy before it incorporates NTI’s clay either into an existing or new product line. A potential polymer application customer will initially request small samples of surface treated halloysite to identify the formulation that best produces the characteristic enhancements it seeks. Once the ideal formulation is identified, a larger sample will be requested for use in a production test run. This test run will be needed to make certain that the introduction of NTI’s surface treated halloysite does not impair the integrity of the customer’s manufacturing infrastructure. The sales cycle for a typical halloysite buyer could take anywhere from 3 – 6 months, depending on the level of R&D required by the customer. During the sales process, NTI will provide significant technical guidance to potential customers. NTI hopes to create partnership-like relationships with the buyers of its clay. The partnerships would enable NTI to continually identify ways in which to enhance a customer’s evolving product line with its portfolio of engineered clays. Management plans to attend a number of scientific conferences in 2007 as part of its marketing effort. The first conference attended by the Company will be the 31st Annual Cocoa Beach Conference and Exposition on Advanced Ceramics and Composites (http://www.ceramics.org/meetings/cocoabeach2007/home.asp) being held in Daytona Beach, FL being from January 21st through January 26th. NTI management also plans on attending Nanotech Northern Europe 2007 (http://www.nanotech.net) in Helsinki, Finland (March 24 – 27). Dr Price will lecture at the 1st International Conference on Industrial Processes for Nano and Micro Products (http://www.bhrgroup.com/confsite/NT07home.htm) in London, England (April 3 – 4). Price will make a presentation at the Pulp and Paper Industry Convention in Knoxville, TN in June 2007 and has been invited to speak at the International Conference on Composites/Nano Engineering in China (July 15 – 17). Management believes these venues will provide significant exposure for NTI’s halloysite product line and technical consulting capabilities.

VII. Other Assets and Businesses Atlas Mining has certain non-halloysite related assets that pre-dated the development of the Dragon Mine and the formation of the Nanoclay and Technologies Inc. subsidiary. Atlas Fausett Contracting Atlas Fausett Contracting (“AFC”) was formed in 1997 through the purchase of most of the assets of Fausett International, Inc., a privately held contract mining business that had operated in the mining industry for over 30 years. AFC performs site evaluation, feasibility studies, trouble-shooting and consultation prior to undertaking exploration and mine development for its customers. The subsidiary’s projects include all types of underground mine development, rehabilitation and specialized civil construction. AFC crews have worked on projects primarily in the western United States and Canada. The business operates under a license from the Mine Safety and Health Administration and also possesses a permit to handle explosives from the Bureau of Alcohol, Firearms and Tobacco. AFC has experience in a number of different mining techniques. Besides underground mining, AFC has expertise in ground stabilization, tunnel construction and mine closures. The demand for experienced miners in the western U.S. has demonstrated strong growth over the last couple years. AFC is currently generating approximately $500,000 in monthly revenue, up from $50,000 per month in 2004. Cash flow from the contract mining business has contributed to the funding of the development of the Dragon Mine. Timber Assets Atlas estimates that it owns approximately 2 million board-feet of harvestable timber on its Shoshone County properties. A standard board-foot of lumber measures 144 cubic inches (1ft in length x 1ft in width x 1 inch in thickness). The Company contracts its logging activities to an outside firm. In its March 2006 10-K filing, Atlas reported receiving a net price of approximately $150 per thousand board feet (MBF) for its timber which would value its timber holding at approximately $3.0 million. A good portion of the Company’s remaining timber requires access through US Forest Service or BLM properties. Obtaining permission to log through these areas expeditiously may delay the Company’s ability to harvest its timber in the near-term. Other Mining Properties In addition to the Dragon Mine, Atlas Mining owns a number of other properties. The properties include: Atlas Mine (540 acres fee simple and patented, 180 acres unpatented), Sierra Trapper Creek (80 acres patented), Aulbach, Section 6 & 7 (100 acres patented), Sierra Silver, Woodland Pk & 9 Mi (60 acres patented and 80 acres mineral rights), Sierra Hardscrabble (20 acres patented) and L & N Claims (108 acres patented). These properties are located in the Cour d’Alene mining district in Shoshone County, ID and had some past production of silver, lead, zinc and copper in the early 1900’s. The properties are either idle or undeveloped and there are no immediate plans to move forward with them while management focuses on further exploiting the Dragon Mine. The Company also holds title to a number of promising claims on the Handcamp gold property in New Foundland, Canada on which it has performed some preliminary exploration work and intends to monetize.

VIII. Management - Board of Directors William T. Jacobson – Chairman of the Board, CEO Bill Jacobson, 59, has been the Chairman of the Board and CEO of Atlas Mining Company since August 1997. From 1994 through July 1997, he served as the Secretary of Atlas and Treasurer of Fausett International, Inc. Jacobson has enjoyed a 20-year career in the mining industry with 15 years spent as a banker. Prior to joining Atlas, Jacobson was a president and director of the Silver Trend Mining Company in Kellog, ID. He holds a business degree from the University of Idaho and is a director of Transnational Automotive Group (OTC BB: TAMG). Ron R. Price, PhD – President of Nanoclay and Technologies, Inc., Director Ron Price, 57, has been President of Atlas Mining’s Nanoclay and Technologies, Inc. subsidiary since March of 2006. Price spent 20 years as a research scientist at the U.S. Naval Research Laboratory (NRL) in Bethesda, MD. A primary focus of his research was on the entrapment and controlled-release of active agents within a micro-tubular structure. His work at NRL resulted in numerous peer-reviewed publications and the issuance of U.S. and international patents. He has consulted with numerous Fortune 500 companies concerning his controlled-release technology. Price was appointed a director in July 2005. Dr. Price has degrees from Wright State University and California Polytechnic State University. He was also served as a pilot for the USAF. John Harvey – Vice President, Director John Harvey, 84, has been Vice President of the Company for approximately 20 years. He worked with Anaconda Corp and Arco Corp during his 41 years in the mining industry. He received his mining engineering degree from Montana Tech. Kurt Hoffman – Treasurer, Director Kurt Hoffman, 40, is the Treasurer of Atlas Mining Company and has been the President of Trend Mining Company (OTC: TRDM) since 1998. Hoffman has also owned and operated Hoffman Land and Mining Services since 1995. Barbara Suveg, CPA Barbara Suveg joined the firm in the latter half of 2006 to assist with the completion of financial statement and associated SEC filings. Barbara has performed auditing and accounting work for a number of publicly traded companies. She will assist in the development of the financial controls and reporting procedures needed for the expected growth of the Company. Management has indicated that it will reassess its current corporate governance structure and make the changes necessary to meet its needs as it develops commercially. Management will likely add directors to board from outside the mining industry who possess the accounting, financial and operational experience needed to develop the Company.

IX. Capitalization At November 14, 2006, the Company had approximately 50.3 million shares of common stock outstanding. At September 30, 2006, the Company had approximately 946,820 warrants issued and outstanding as part of previous financings and services rendered. The warrants strike at an average price of $0.40 per share and expire in January 2007. During 2004, the Company issued to the CEO warrants to purchase 3.5 million shares of stock at $0.18 per share as part of the Company’s non-qualified stock option plan. Approximately 43% of the warrants vested in January 2005 and an additional 14% vest every year through 2009. Jacobson exercised warrants to purchase 726,667 shares of common stock in December 2006. Atlas sold approximately 1.5 miilion shares on January 12, 2007 to its largest shareholder. Pro forma for the exercise of 946,820 warrants expiring in January 2007 and the most recent sale of restricted stock, there are approximately 56.2 million fully diluted shares outstanding. This figure includes Jacobson’s 2.8 million unexercised warrants. At September 30, 2006, there was approximately $500,000 of debt and $280,000 of cash on the balance sheet.

X. Valuation The driver of value for Atlas Mining is expected to be its NTI subsidiary. NTI is at an early stage of its commercial development and has yet to enter into any material sales agreement for its halloysite. Any valuation of NTI must incorporate, among other things, material assumptions involving the annual halloysite volumes sold, the prices realized for the subsidiary’s processed clay, the average cost at which the clay is mined, overhead costs, and the ultimate tonnage available at the Dragon Mine property. A valuation will also place a heavy emphasis on management’s ability to execute its business model and build the credibility needed among potential customers. The challenges facing the Company are significant but the potential rewards are just as great. The most direct way to value Atlas Mining’s equity is through an analysis of its earnings potential. Despite its corporate name, the Company is more a nanomaterials manufacturer than a mining operation. There are few nano-focused companies that generate net income. The majority of nanomaterial firms are developing products that won’t see commercialization for years. The valuations of these companies are a function of earnings estimates that, in many cases, are 5 – 10 years out. Given that NTI could realistically begin generating net income in 2007, there is no easy way to “comp” it to similar nanomaterials companies, many of which have few near-to-intermediate term earnings prospects. Two publicly traded companies, Amcol International Corp. (NYSE: ACO) and Rockwood Holdings Inc. (NYSE: ROC) both have divisions which manufacture nanoclays used in polymer applications. Amcol mines, processes and distributes clays for industrial and consumer markets. The majority of Amcol’s montmorillonite clay products are sold into mineral and environmental markets such as metalcasting, pet products, detergents, health and beauty aids, and petroleum drilling applications. The company’s subsidiary, Nanocor Inc., focuses on developing nanoclays for the polymer application market. Rockwood is a more diverse chemical and materials company than is either Amcol or Atlas Mining. The company manufactures specialty chemicals and advanced materials used to enhance product performance in industries ranging from construction materials to pharmaceuticals. A business of Rockwood, Southern Clay Products (SCP), produces a line of montmorillonite-based nanoclay products used in polymer applications. The financial results for neither Nanocor nor SCP are segregated.

Amcol and Rockwood are, by no means, perfect valuation comparables for Atlas Mining. Both are large enterprises that operate in established, stable markets which generate significant revenue and earnings for each company. Atlas Mining, on the other hand, has yet to generate any revenues or earnings, will focus its sales efforts on relatively new markets and will experience much stronger growth if it executes its business strategy appropriately. If, however, Atlas Mining is to be valued in a traditional manner, it seems best to comp it against the earnings multiples at which Amcol and Rockwood trade. Amcol and Rockwood both trade at approximately 15.0x their respective 2007 earnings estimates. Below are the estimates that must be made to calculate Atlas Mining’s earnings potential. Sales Volumes The primary focus of NTI’s management is to sell its halloysite to advanced application users. These customers, as previously discussed, will require a longer sales-cycle than would a commodity-like ceramic buyer but will engage in significantly higher-margin transactions. Additionally, the intense technical consulting provided by NTI to a customer during the sales-cycle will conceive a developmental partnership that, in many instances, will create high barriers to entry. The Company’s current mining capacity is approximately 35,000 tons annually on one shift and the current annual capacity of the processing facility is approximately 36,000 tons on three shifts. Management has indicated that 2007 will be the year in which it engages in aggressive marketing of its halloysite product to advanced ceramic, controlled-release and polymer application customers. NTI has engaged in R&D consultations with a number of controlled-release and polymer customers for the last 6 – 9 months which should yield sales in 2007 while the Company seeks out new application customers at select technical conferences this year. A polymer application customer is expected to demand anywhere from 2,500 – 5,000 tons of surface treated halloysite annually, depending on the size of the application. Upon EPA approval of the halloysite clay-biocide combination, building product companies should be the first customers to order clay for controlled-release applications. A building products company that utilizes the clay for a wallboard application would, in most cases, demand anywhere from 10,000 ton to 30,000 tons annually. Estimated volume for typical ceramics buyer could vary widely. The actual sales volume achieved over the next twelve months is a function of NTI’s ability to create demand for its product. Assuming the Company is successful in obtaining a number of ceramic, controlled-release and polymer customers throughout 2007, it could potentially tie up much of its current processing capacity by the end of 2007. This would imply that NTI’s annual run-rate by the end of 2007 would be approximately 36,000 tons of halloysite. Selling Prices The average selling price realized for the halloysite is heavily dependant on the type of application market into which it is sold. As mentioned earlier, advanced ceramic clay sells for up to $1,500 per ton while the clay used in controlled-release and polymer application is expected to sell for $2,000 - $2,500 per ton and $2,500 - $3,000 per ton, respectively. Assuming NTI sells 20.0% of its capacity to ceramic buyers, 40.0% to controlled-release application buyers and 40.0% to polymer customers, the waited average selling price would be in the $2,100 - $2,500 per ton range. Again, these prices are estimates based on where other valued-added clays have sold. The selling prices realized by NTI could deviate.

Mining Costs Per an April 2004 presentation, Atlas estimated that the mining and basic processing costs associated with clay originating from the underground Dragon Mine was approximately $183 per ton. This figure does not include additional costs that would be necessary for iron stain removal and surface treatment. Iron stain removal, if needed, and surface treatment preparation would most likely increase the total mining cost per ton to $200 - $250. If, however, the clay being sold originates from the tailing piles, the processing costs drop to as low as $100 per ton. A conservative mining cost estimate would be $200 per ton. SG&A Expense Corporate expenses for the last twelve months have been approximately $2.0 million for Atlas. Annual SG&A expense should remain at this level going forward. Dragon Mine Resource

To enter into long-term sales agreements with high value application customers, the Company must demonstrate its ability to supply customers with clay for 25 – 30 years. Management believes its estimate of the underground resource plus the clay contained in the tailing piles gives the business over 1.0 million tons of halloysite which will result in close to 30 years of customer supply at its current annual processing capacity of 36,000 tons.

Stock Valuation Below is a table that highlights the potential earnings power of Atlas Mining and provides a range of stock prices for the Company based on both fixed assumptions (volume, mining costs, overhead cost and P/E multiple) and a variable assumption (halloysite selling price).

Halloysite volume (tons) 35,000 35,000 35,000Selling price per ton ($) x 2,000 2,500 3,000Total halloysite revenue 70,000,000 87,500,000 105,000,000

Per ton cost to mine halloysite 200 200 200

Gross profit 63,000,000 80,500,000 98,000,000 SG&A expense (2,000,000) (2,000,000) (2,000,000)EBIT 61,000,000 78,500,000 96,000,000

Tax rate 35.0% 35.0% 35.0%

Net halloysite profit 39,650,000 51,025,000 62,400,000

Fully diluted shares 56,200,000 56,200,000 56,200,000

EPS 0.7055 0.9079 1.1103Multiple 15.x 15.x 15.xStock price 10.58 13.62 16.65

XI. Additional Valuation Considerations As explained previously, Amcol and Rockwood are less-than-perfect peers of NTI. A research report issued by Cannacord Adams (“Cannacord”) on Novemner 29, 2006 identified an emerging group of companies that is focusing primarily on the development and manufacturing of Advanced Enabling Materials ™. Cannacord defines a material as “advanced enabling” as one that stimulates development, improves performance, prolongs product life, or lowers cost. According to the report, a true Advanced Enabling Materials ™ company should meet the following criteria: (i) niche player with 50.0% leverage to AEM’s vs conventional materials; (ii) differentiated and defensible technology; (iii) product focus on very specific and tangible end-markets; (iv) near- to medium-term revenue-generation capability and a potentially profitable business model; and (v) solid management team. Atlas Mining meets these criteria. Cannacord has identified the follwing types of Advanced Enabling Materials ™ segments and the publicly-traded companies that are focusing on them: (i) Semiconductor Materials (ATMI, BW, ENTG); (ii) Ceramics (CRDN); (iii) Nanomaterials (ALTI, NANX, TINY); (iv) Chemicals and Gases (ATMI, DVSA, ETNG); (v) Composite Materials (CRDN); (vi) Thin-Film and Coatings (BW, NANX); (vii) Polymers and Plastics (SMMX); and (viii) Metals and Alloys (BW). NTI’s products focus on applications in the Ceramics, Nanomaterials, Thin-Films and Coatings, and Polymers and Plastics segments. The table below compares select Atlas Mining financial metrics with three companies within Cannacord’s AEM universe that compare favorably with Atlas in terms of size, growth opportunity and stage of development. The following data is as of January 19, 2007.

Altair Nanophase Symyx Atlas MiningNASDAQ: ALTI NASDAQ: NANX NASDAQ: SMMX OTC BB: ALMI

Stock Price 2.70 5.82 19.66 1.71Market Cap ($000) 160,650 107,088 645,438 96,102

FY '07 Revenue Est. ($000) 17,000 14,800 143,750 FY '07 EPS Est. (0.24) (0.96) 0.45

FY '08 Revenue Est. ($000) 18,000 26,000 168,440 87,500FY '08 EPS Est. (0.19) 0.20 0.55 0.91

FY '07 P/E neg neg 43.7x FY '08 P/E neg 29.1x 35.7x 1.9x

Market Cap/FY '07 Revenue 9.5x 7.2x 4.5x Market Cap/FY '08 Revenue 8.9x 4.1x 3.8x 1.1x

If Atlas reaches a 35,000 ton run rate by the end of 2007/beginning of 2008, its current midpoint valuation is at a significant discount to those of its three peers. Applying Nanophase’s or Symyx’s FY ’08 P/E to Atlas’ estimate generates stock prices of $26.39 and $32.50, respectively. Whether Atlas achieves this EPS estimate or garners a valuation similar to that of its peers still remains to be seen. The premium ascribed to AEM companies, however, does highlight the potential value in Atlas Mining’s business model.

XII. Atlas Mining Company – Beyond the Dragon Mine The management teams of both Atlas Mining and NTI have a lot of work to do before realizing the commercial potential of the Dragon Mine and its halloysite resource. The challenges that face Atlas and NTI are obvious, but a successful execution of the Company’s business plan could result in significant value creation. The strategy surrounding the exploitation of the Dragon Mine has been highlighted in this report. What has not been discussed, however, are the commercial opportunities that exist for the Company beyond Utah. Once the Dragon Mine operation is firmly established, NTI management will be free to pursue additional opportunities described in further detail below. Joint Venture Possibilities NTI management believes it has developed a unique way in which to appropriately process halloysite so that it may be utilized in advanced ceramic, controlled-release and polymer applications. Management believes there may be other quality halloysite properties throughout the world. The owners of these properties may be large mining operations looking to find a market for their clay resources. NTI could form joint ventures with other halloysite resource owners, contribute its clay processing expertise to the relationship and, subsequently, develop advanced ceramic, controlled-release and polymer application customers in markets it may not operate. The halloysite from these potential sources will have to contain sufficient tubular material to be deemed viable joint venture options. A joint venture relationship will provide the Company with an opportunity to both increase its clay supply and expand its customer base without material capital investment. Intellectual Property Development There exists potential opportunities for NTI, in conjunction with Dr Price, to develop IP as it creates novel ways to treat halloysite to enhance material performance. Once the halloysite processing operations no longer need Price’s daily technical oversight, he should be able to dedicate more time to developing an IP portfolio for the Company. Price’s employment contract, detailed in an 8-K filed March 21, 2006, entitles him to a 20.0% ownership stake in any IP he creates on behalf of the Company. The development of an IP portfolio presents the Company with another potential revenue stream. XIII. Where Does Atlas Mining Stand Today? The first significant round of financing executed by the Company took place in July 2005. The $5.0 million raised was used primarily to settle certain outstanding debts, purchase the Dragon Mine property, develop portions of the underground mine, and establish a halloysite processing facility. Cash flow generated from the Company’s contract mining business has, to some extent, contributed to softening the cash flow burn incurred by the Dragon Mine development activities. Atlas raised an additional $2.0MM through the sale of 1.48 million restricted shares of stock to its largest institutional shareholder on January 16, 2007. These additional funds were likely raised to strengthen the Company’s balance sheet and procure redundant processing equipment which should give potential customers confidence in Atlas’ ability to consistently supply its halloysite product to end markets. The Company must now execute on its plan to sell its clay in the advanced application markets. This year should mark the start of an aggressive marketing effort on behalf of NTI management.

XIV. The Risks Atlas Mining Company’s commercial potential is promising but along with its prospects come market and operational risks that are commonplace for an enterprise at its stage of development. Below are a number of negative aspects and risks one must consider when calculating the Company’s probability of success:

• NTI has yet to enter into a long-term sales agreement for its halloysite product. • NTI is pursuing sales in emerging markets in which volume and price expectations could fall

short. • The Company has little experience operating an advanced materials business and must build

credibility. • A lack of operating history and strong balance sheet may impair NTI’s ability to attract large,

well-established customers as the first buyers of its clay. • The halloysite resource supply at the Dragon Mine could be smaller than that which is

estimated. • The sales-cycle associated with the Company’s product line will be relatively long due to the

initial R&D required on the customer’s end. • The emergence of other value-added halloysite producers could have an adverse effect on the

volumes and prices realized by NTI. • The Company does not yet have in place the corporate governance and financial controls

necessary to accommodate the growth it hopes to achieve. • Dr. Ron Price does not own a material amount of Atlas Mining equity.

Atlas Mining (OTC BB: ALMI) LTM Year Year Q3 Q2 Q1 Q3 Q2 Q1

09/30/06 12/31/05 12/31/04 09/30/06 06/30/06 03/31/06 09/30/05 06/30/05 03/31/05Income Statement Contract mining revenue $1,571,505 $628,176 $694,264 $1,144,762 $767,097 $334,710 $234,448 $15,105 $143,373Mining production revenue 0 0 250,000 0 0 0 0 0 0Tinber sales 0 0 89,064 0 0 0 0 0 0 Total revenue 1,571,505 628,176 1,033,328 1,144,762 767,097 334,710 234,448 15,105 143,373 Cost of contract mining revenue 1,073,780 551,258 533,324 690,744 526,126 174,281 145,119 27,738 150,147 Cost of mining production 0 0 33,925 0 0 0 9,229 0 0 Cost of timber sales (534) 0 1,295 0 0 0 5,734 534 0Gross profit 498,259 76,918 464,784 454,018 240,971 160,429 74,366 (13,167) (6,774) Exploration & development costs 1,752,956 760,347 340,657 533,067 587,075 716,996 198,475 145,883 165,579 General and administrative expense 2,101,862 3,106,029 1,010,781 229,314 194,520 350,129 283,973 997,880 550,936Operating income (loss) (3,356,559) (3,789,458) (886,654) (308,363) (540,624) (906,696) (408,082) (1,156,930) (723,289) Interest income 46,684 26,131 36 4,871 9,568 11,501 16,204 349 167 Interest expense (40,945) (65,089) (56,224) (18,554) (16,158) (558) (37,364) (6,299) (34,561) Miscellaneous income 221 146 750 51 65 15 15 5 0 Minority interest (148) (145) 3 0 0 0 0 3 0 Gain (loss) on sale of assets (3,393) (3,393) (10,049) 0 0 0 0 0 0 Gain (loss) on settlement of debt 18,066 51,490 2,864 0 0 0 17,618 33,424 0Income (loss) ftaxes and minority interest (3,336,074) (3,780,318) (949,274) (321,995) (547,149) (895,738) (411,609) (1,129,448) (757,683) Income tax expense (benefit) 0 0 0 0 0 0 0 0 0Income (loss) from continuing operations (3,336,074) (3,780,318) (949,274) (321,995) (547,149) (895,738) (411,609) (1,129,448) (757,683)

EBITDA AnalysisOperating income (3,356,559) (3,789,458) (886,654) (308,363) (540,624) (906,696) (408,082) (1,156,930) (723,289) D&A expense 127,916 80,911 30,593 67,972 65,384 35,632 28,862 27,089 26,922EBITDA (3,228,643) (3,708,547) (856,061) (240,391) (475,240) (871,064) (379,220) (1,129,841) (696,367)

Free Cash Flow AnalysisAdjusted EBITDA (3,228,643) (3,708,547) (856,061) (240,391) (475,240) (871,064) (379,220) (1,129,841) (696,367) Capital expenditures (1,160,322) (729,010) (524,119) (635,000) (331,881) (183,329) (543,243) 0 (83,898) Interest expense, net (40,945) (65,089) (56,224) (18,554) (16,158) (558) (37,364) (6,299) (34,561)Free cash flow (4,429,910) (4,502,646) (1,436,404) (893,945) (823,279) (1,054,951) (959,827) (1,136,140) (814,826)

Selected Balance Sheet ItemsCash 278,378 2,215,090 206,635 278,378 1,043,810 1,195,953 2,684,580 3,276,808 333,298A/R 520,655 40,713 273,014 520,655 258,141 211,251 132,949 0 133,755Investments - available for sale 23,128 19,538 19,538 23,128 22,379 19,538 19,538 19,538 19,538Advances 96 750 0 96 148 701 231 0 0Deposits and prepaids 190,484 100,454 65,738 190,484 55,614 71,731 93,074 27,426 46,721 Current assets 1,012,741 2,376,545 564,925 1,012,741 1,380,092 1,499,174 2,930,372 3,323,772 533,312Property and equipment, net 2,725,173 1,594,200 849,746 2,725,173 2,266,914 1,741,897 1,494,014 879,632 849,746Other assets, net 59,419 59,000 9,000 59,419 59,000 59,000 9,000 9,000 9,000Accounts payable 299,119 101,532 304,925 299,119 180,314 205,424 119,799 97,753 304,925Other current liabilities (ex debt) 0 0 0 0 0 0 0 0 0 Current liabilities 299,119 101,532 304,925 299,119 180,314 205,424 119,799 97,753 304,925Minority interest 52,797 52,797 52,649 52,797 0 52,797 52,649 52,649 52,649Total debt 487,276 75,634 2,093,399 487,276 225,458 39,683 33,662 866,438 1,061,727 Total net debt 208,898 (2,139,456) 1,886,764 208,898 (818,352) (1,156,270) (2,650,918) (2,410,370) 728,429

Margin AnalysisGross profit margin 31.7% 12.2% 66.9% 39.7% 31.4% 47.9% 31.7% -87.2% -4.7%SG&A expense margin 133.7% 494.5% 97.8% 20.0% 25.4% 104.6% 121.1% 6606.3% 384.3%Adj operating margin 133.7% 494.5% 97.8% 20.0% 25.4% 104.6% 121.1% 6606.3% 384.3%Adj EBITDA margin -205.4% -590.4% -82.8% -21.0% -62.0% -260.2% -161.8% -7479.9% -485.7%

Pro Forma Balance Sheet (09/30/06)Cash @ 01/16/07 $2,000,000 Adjusted for Jan '07 capital raiseAccounts receivable 520,655Investments - available for sale 23,128Advances 96Deposits and prepaids 190,484 Total current assets 2,734,363Property and equipment, net 2,725,173Other assets, net 59,419Accounts payable 299,119Other current liabilities (ex debt) 0 Total current liabilities 299,119Minority interest 52,797Debt Face % Par MarketNotes payable 487,276 100.0% 487,276 Total debt 487,276 487,276Comm stock 56,200,000 1.70 95,540,000Enterprise value 93,540,000