Applied Minerals Inc (AMNL)

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RE: Naval Research, by Wald

Wald asks,

"Is not the Dragon Mine halloysite rare?"

Moderately rare. There is only one other commercial
level source for this clay, in New Zealand. There
are some other sources but they are not viable.

"Are there any known reserves of halloysite microtubules?

The Dragon Mine. Hundreds of tons waiting to be processed.

"Halloysite is cheap relative to what?"

Relative to the same usages employing other materials
and other technologies. Halloysite is of natural source.

"Is the clay...cheap if it is sold for over $450 a ton?"

Market demand sets the price. Your "cheap" is relative
to traditional supply and demand market forces.

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