Dear Torch River Shareholders,

The attached article outlines increased demand for Rhenium as well as the lack of supply. The current world demand of 41 Tons per year is only met by a supply of 35.5-37 tons per year.

Regards,

AGORACOM Investor Relations

To view the report click below:

http://www.roskill.com/reports/rhenium

Pressure on producers as supply-demand balance tightens

The number of rhenium producers has fallen significantly over the past decade, to the point where just three companies now supply almost all of current world demand. Rhenium's supply-demand balance is currently very tight: world demand of some 41tpy is met by primary production of 35.5-37.0tpy, with the balance derived largely from recycled material. Demand is unlikely to fall in the coming years, and will most probably continue to rise. This will increase the pressure on suppliers to make more rhenium available. Molymet will almost certainly wish to retain its position as the world's principal producer and will probably increase its output at its Chilean and Mexican operations. It is also possible that the company will install rhenium recovery capability at its recently acquired Sadaci molybdenum roaster in Belgium. Rhenium production at Zhezkazganredmet in Kazakhstan is thought to be at less than full capacity, so increased supplies from that source are also possible. If copper prices recover sufficiently, Phelps Dodge may be encouraged to raise output at Sierrita and other copper-molybdenum mines where rhenium is present, thereby potentially returning several tonnes per year of rhenium to the market.