Hello Hogey. 

The so-called Magpie-Process is far more in the news than the value of our hard Titanium assets at Magpie. So far as the process, thanks for the update. 

On the other hand, my attention always remains on our underlying assets, which are hardly ever news items. Especially, being that our Magpie ore in the ground (and on the surface) is not going anywhere, from one year to the next, there is not much to add beyond that; except management’s decision to never make any concerted effort to publicize it. 

Of course, there is the changing reality that Titanium changes hands according to changes in the market. However, in recent years, the trading and the contract prices have not moved much. According to Metalary’s comprehensive study, Titanium prices went up two percent from 2015 to 2016 and three percent from 2016 to 2017. According to its website chart, going back to 1997, the 2017 price is US$10,200 per metric tonne. That comes to $12,750 Canadian. 

https://www.metalary.com/titanium-price/

The last time I brought this subject up, I referenced prices from a single market trading source. Apparently, Metalary’s prices are more reliable (albeit “estimates only”) because “they are aggregated using multiple sources.” This is important because Titanium is thinly traded.

Adding the Titanium $12,750 per tonne to the Iron $72.33 per tonne price (US$57.86) given by Metalary, raises the Magpie values from my earlier (August 1st) message. Because Iron is traded actively, Metalary updates that price daily (today September 4th).

https://www.metalary.com/iron-price/

Metalary does not cover Chromium or Vanadium prices. Adding Metalary’s more reliable Titanium and Iron prices to the less reliable Chromium and Vanadium prices I gave in my previous message, you get: Titanium $12,750, Chromium $3,100, Vanadium $28,250, Iron $72.33.

How much ore is at Magpie (at the highest 20 percent Iron cutoff at 82 percent recovery)?
634,218,022 tonnes indicated + 293,057,308 tonnes inferred = 927,275,330 tonnes

http://www.marketwired.com/press-release/fancamp-receives-ni-43-101-resource-estimate-for-its-4672-owned-magpie-deposit-tsx-venture-fnc-1645780.htm

Note our present ownership of Magpie has increased to 96 percent from the earlier 47 percent ownership given in the metalurgy chart. I will summarize that 96 percent later (in the last dollar total).

62,317,496 tonnes Titanium (Titanium is 59.934 percent of TiO2 Titanium Dioxide)
(71,095,840 Magpie TiO2 indicated tonnes at 11.21 percent + 32,881,030 inferred at 11.22)

12,478,067 tonnes Chromium (Chromium is 51.999 percent of CrO3 Chromium Trioxide)
(16,553,090 Magpie CrO3 indicated tonnes at 2.61 percent + 7,443,656 inferred at 2.54)

1,591,128 tonnes Vanadium (Vanadium is 56.017 percent of V2O5 Vanadium Oxide)
(1,902,654 Magpie V2O5 indicated tonnes at 0.30 percent + 937,783 inferred at 0.32)

393,865,670 tonnes Iron (Iron is 69.943 percent of FeO3 Iron Oxide)
(385,794,820 Magpie FeO3 indicated tonnes at 60.83 percent + 177,328,970 inferred at 60.51)

$15,890,961,480 = Titanium at 2 percent—98 percent discounted—0.02 X $12,750 X 62,317,496
$773,640,154 = Chromium at 2 percent—98 percent discounted—0.02 X $3,100 X 12,478,067
$898,987,320 = Vanadium at 2 percent—98 percent discounted—0.02 X $28,250 X 1,591,128
$577,643,392 = Iron at 2 percent—98 percent discounted—0.02 X $73.33 X 393,865,670

$18,141,232,346 = Total Magpie Market Prices at a 98 Percent Discount
$17,415,583,052 = Fancamp 96 Percent Ownership of 98 Percent Discounted Magpie 

$114.11 per Share = 151,801,629 Shares divided into the Discounted $17,415,583,052.

I have no chemical or metallurgical or geological expertise.
This is an exercise in the multiplication and division of large numbers.