TERAWULF INC. — Director's Dealing 2007

Jul 30, 2007

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: IKONICS CORP (IKNX)
CIK: 0001083301
Period of Report: 2007-07-26

Reporting Person: BANKS ROBERT D JR (V.P., International Sales)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2007-07-26	Common Stock	M	3000	$2.6667	Acquired	7950	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2007-07-26	Common Stock Option (right to buy)	$2.6667	M	3000	Disposed	2008-04-24	Common Stock (3000)	Direct

Footnotes

F1: The options vested in three equal annual installments beginning on April 24, 2004.

F2: Not applicable.

F3: This option was previously reported as covering 2,000 shares at an exercise price of $4.00 per share, but was adjusted to reflect the 3 for 2 stock split on May 13, 2004.