First Tidal Acquisition Corp T.AAA

RE: K20 vrs KCL

[cote101]

Extract from Dundee report -Google it if you want, i am not here to lie, but i can make mistake

cote101


EthiopiaKCl % grades converted to K2O grades @ 0.621 short ton = 0.9072 metric tonnePEA = Preliminary Economic AssessmentPFS = Preliminary Feasability StudySylvinite: Potash bearing member containing mostly sylvite with some halite and trace carnallite mineralization.Kainitite: Potash bearing member containing mostly kainite with some kieserite and carnallite mineralization.Intermediate: Potash bearing member containing carnallite mineralization.ICP K2O grade converted from a polyhalite grade of 83% assuming 15.62% K20 compositionMAA plans two-stage, 0.6 mln tonne potash plantsPotash One was acquired by K+SAthabasca Potash was acquired by BHPMeasuredResource (M): is that part of a Mineral Resource for which quantity and grade have been estimated from sampling at intervals that are spaced closely enough together so that the deposit’s continuity is essentially confirmed.Indicated Resource (I): is that part of a Mineral Resource for which quantity, grade, densities, shape and physical characteristics, can be estimated with a level of confidence sufficient to allow the appropriate application of technical and economic paraInferred Resource: is that part of a Mineral Resource for which quantity and grade can be estimated on the basis of geological evidence and limited sampling and reasonably assumed, but not verified, geological and grade continuity. The estimate is based o

Source: Company filings, Dundee Securities Corp.


4Total Discounted Cash Flows$651.2Discount Rate17.00%DCF Enterprise Value$651.2Debt
.0Cash$16.0Implied Equity Value$667.2In Cad$667.2Shares Outstanding (Basic)148 Fully Financed # of shares 224 M. Value per Share of AAA (NAV) - Fully Financed$2.98IRR43