TERAWULF INC. — Director's Dealing 2008

May 1, 2008

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: IKONICS CORP (IKNX)
CIK: 0001083301
Period of Report: 2008-04-30

Reporting Person: GERLACH JON (V.P. Finance and CFO)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2008-04-30	Common Stock	M	11250	$3.36	Acquired	11250	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2008-04-30	Stock Option (right to buy)	$	M	11250	Disposed	2010-08-05	Common Stock (11250)	Direct

Footnotes

F1: Options vested in three equal annual installments beginning on August 5, 2004.

F2: Not applicable.

F3: This option was previously reported as covering 7,500 shares, but was adjusted to reflect the 3-for-2 stock split on May 13, 2004.