First Tidal Acquisition Corp T.AAA

Revised (BHP / API) KCL Valuation

[Karmanow]

Stockta your inquisitive instincts were correct and put me to work. As I also could not understand why API appeared to sell for .80 cents per proven ton in the ground? After reviewing the data and looking at the revised resource estimate I can say with pleasure that BHP paid more than initially thought for API.   BHP paid $341 million dollars for Athabasca Potash.
It appears that K20 converts to KCL at a ratio of 37% based on the NI Resource Estimate Report below.
Ronin posted an industry conversion of 1.596 as the K20 conversion to KCL. I am not sure what the valuation would be with the 1.596 factor applied?

241 million tons =    89 million tons KCL  According to the original 101 NI Resource Estimate 2008
425 million tons =  156 million tons KCL  Revised calculation including 3 more holes 2009
$341 million dollars paid by BHP for 156 million tons of KCL = $2.18 per ton in the ground
My prelim. calculation: Allana will have 96 million + tons of KCL in the measured/indicated for holes #1 - #12

 96 million tons x average paid $2.50 = $240 million dollar NAV / 150 million shares = $1.60 AAA share price for "pounds in the ground" in 3 months. Not guess work but Allana's reality!!!

Shareholders need to understand that three recent sales for potash companies for "POUNDS IN THE GROUND"
2009 - Vale/Inco paid $850 million dollars for Bunge for 410 million tons at 20%KCL. That = $2.07 per ton in the ground
2010 - BHP paid $341 million dollars for Athabasca Potash for 156 million tons at 22%KCL. That = $2.18 per ton in the ground
2010 - K + S paid $434 million dollars for Potash One for 134.5 million tons at 25%KCL. That = $3.23 per ton in the ground

Average price paid  = $2.50 per ton in the ground measured and indicated

Sept 2008. 101-NI Resource Estimate:
        Indicated Mineral Resource of 241,200,000 tonnes at a grade of 23.3%
        K(2)O containing 89,000,000 tonnes of KCl on the Burr Project based
        on 14 potash test wells. These results included four successful
        potash test wells drilled in the quarter. Athabasca now has an
        adequate resource to begin its pre-feasibility studies on the Burr
        Project.

SASKATOON, SASKATCHEWAN--(Marketwire - May 29, 2009) - Athabasca Potash Inc. ("API" or the "Company") (TSX:API) is pleased to announce an updated National Instrument 43-101 - Standards of Disclosure for Mineral Projects ("NI 43-101") compliant potash resource estimate for the Burr Project prepared by Lions Gate Geological Consulting Inc. ("LGGC"). The targeted mining members, including both the Upper Patience Lake ("UPL") and Lower Patience Lake ("LPL") Sub-Members, contain Measured Mineral Resources of 125,800,000 tonnes at a grade of 21.27% potassium oxide ("K2O"), Indicated Mineral Resources of 299,000,000 tonnes at a grade of 23.07 % K2O, and Inferred Mineral Resources of 186,900,000 tonnes at a grade of 23.55% K2O. The updated resource estimate has an effective date of May 22, 2009.