TERAWULF INC. — Director's Dealing 2007

May 16, 2007

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: IKONICS CORP (IKNX)
CIK: 0001083301
Period of Report: 2007-05-14

Reporting Person: ULLAND WILLIAM C (Director, Chairman of the Board and CEO, 10% Owner)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2007-05-14	Common Stock	M	6000	$2.2917	Acquired	233030	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2007-05-14	Common Stock Option (right to buy)	$2.2917	M	6000	Disposed	2007-06-03	Common Stock (6000)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	9000	Indirect

Footnotes

F1: Mr. Ulland serves as custodian of these shares which are held by his minor granchildren.

F2: This option was previously reported as covering 4,000 shares at an an exercise price of $4.4375 per share, but was adjusted to reflect the 3-for-2 stock split on May 13, 2004.

F3: Not applicable.