Applied Minerals Inc (AMNL)

[wald]

Thank you for your efforts and excellent report.
The warrant granted to NanoDynamics is believed to have been issued on December 3, 2004, and to allow the purchase within one year of up to 1,000,000 restricted shares of ALMI at the price of 35 cents a share.
NaturalNano;s PR leads to the belief that they have rights to the 5,000 tons of processed halloysite clay (priced at $500 a ton) available under NanoDynamics'
purchase order with Atlas Mining.
NaturalNano purchased 500 tons of clay and was to process their clay
on the Dragon Mine site. How long that was to take is not known, nor is it known
if all 500 tons have been processed to date. This processed clay will be for resale.
by NaturalNano.
Through March 31, NaturalNano had paid $125,000 for the clay. (Atlas Mining has reported clay income of $250,000 through March 31, 2005 - with no clay income in 2005.) Did NanoDynamics actually take delivery of clay and pay for it? It
certainly does not seem they have any intention of using the halloysite for their own products, as you confirmed.
Fortunately, the activity for licensing from the Navy Research indicates there are others who do intend to use the clay in their products.