Document:

THESE  SECURITIES HAVE NOT BEEN REGISTERED  UNDER THE SECURITIES ACT OF 1933, AS
AMENDED, OR QUALIFIED UNDER APPLICABLE STATE SECURITIES LAWS AND HAVE BEEN TAKEN
FOR  INVESTMENT  PURPOSES  ONLY AND NOT WITH A VIEW TO OR FOR SALE IN CONNECTION
WITH ANY  DISTRIBUTION  THEREOF.  THESE  SECURITIES MAY NOT BE SOLD OR OTHERWISE
TRANSFERRED UNLESS A REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933, AS
AMENDED,  IS IN EFFECT WITH RESPECT TO SUCH  SECURITIES OR THE  CORPORATION  HAS
RECEIVED  AN  OPINION  IN FORM AND  SUBSTANCE  SATISFACTORY  TO THE  CORPORATION
PROVIDING THAT AN EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES
ACT OF 1933, AS AMENDED, IS AVAILABLE.

                          ALTAIR NANOTECHNOLOGIES INC.

                          COMMON SHARE PURCHASE WARRANT

______ Series 2003E Warrants                   Warrant Certificate No. 2003E-_

                   Void after 5:00 p.m., Pacific Standard Time
            on [_________], or on such earlier date specified herein

                          ALTAIR NANOTECHNOLOGIES INC.
                     (Incorporated under the laws of Canada)

This Series 2003E  Warrant  Certificate  ("Warrant  Certificate")  is to certify
that, for value received,  _______________  or registered assigns (the "Holder")
shall have the right to purchase from Altair  Nanotechnologies Inc. (hereinafter
called the "Corporation") one fully paid and non-assessable  Common Share of the
Corporation (a "Common  Share") for each Series 2003E Warrant  (individually,  a
"Warrant")  represented  by this  Warrant  Certificate  during  the time  period
commencing  on  the  date  this  Warrant  is  executed  by the  Corporation  and
continuing until 5:00 p.m. (Pacific  Standard time) on [__________],  2008 [date
that is fifth anniversary of issue date] (the "Expiry Time"). The exercise price
for the  purchase of each such Common  Share shall be U.S.  $1.75 per share (the
"Exercise Price").  The number of Common Shares to be received upon the exercise
of each  Warrant and the  Exercise  Price may be  adjusted  from time to time as
hereinafter set forth.

The Warrants shall be subject to the following terms and conditions:

1.       For the purposes of this Warrant, the term "Common Shares" means common
         shares without  nominal or par value in the capital of the  Corporation
         as  constituted  on the date  hereof;  provided  that in the event of a
         change,   subdivision,    redivision,    reduction,    combination   or
         consolidation  thereof or any other adjustment under section 10 hereof,
         or successive  such  changes,  subdivisions,  redivisions,  reductions,
         combinations,  consolidations or other adjustments, then subject to the
         adjustments, if any, having been made in accordance with the provisions
         of this Warrant Certificate,  "Common Shares" shall thereafter mean the
         shares,  other securities or other property resulting from such change,
         subdivision,  redivision,  reduction,  combination or  consolidation or
         other adjustment.

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2.       This  Warrant  Certificate  shall  be  signed  by  an  officer  of  the
         Corporation  holding office at the time of signing, or any successor or
         replacement person and notwithstanding any change in any of the persons
         holding  said  offices  between  the  time of  actual  signing  and the
         delivery  of the  Warrant  Certificate  and  notwithstanding  that such
         officer signing may not have held office at the date of the delivery of
         the Warrant  Certificate,  the Warrant  Certificate  so signed shall be
         valid and binding upon the Corporation.

3.       All rights  under any of the  Warrants in respect of which the right of
         subscription  and purchase  therein  provided for shall not theretofore
         have been exercised  shall wholly cease and determine and such Warrants
         shall be wholly void and of no valid or binding effect after the Expiry
         Time.

4.       The right to purchase  Common Shares  pursuant to the Warrants may only
         be exercised by the Holder at or before the Expiry Time by:

         (a)      duly completing and executing a Subscription  Form in the form
                  attached hereto, in the manner therein indicated; and

         (b)      surrendering  this Warrant  Certificate and the duly completed
                  and  executed  Subscription  Form  to the  Corporation  at the
                  address specified in section 22 below together with payment of
                  the purchase price for the Common Shares subscribed for in the
                  form of cash or a certified  cheque payable to the Corporation
                  in an  amount  equal to the  then  applicable  Exercise  Price
                  multiplied by the number of Common Shares subscribed for.

5.       Upon receipt of the Subscription  Form, this Warrant  Certificate,  and
         payment as aforesaid,  the Corporation  shall cause to be issued to the
         Holder  the number of Common  Shares to be issued and the Holder  shall
         become a  shareholder  of the  Corporation  in respect  of such  Common
         Shares,  effective as of the date of receipt by the Corporation of such
         Subscription  Form,  Warrant  Certificate,  and  payment  and  shall be
         entitled to delivery of a certificate or  certificates  evidencing such
         shares. The Corporation shall cause such certificate or certificates to
         be mailed to the Holder at the address or  addresses  specified in such
         Subscription  Form within ten (10)  business  days of such  receipt and
         payment as herein provided or, if so instructed by the Holder, held for
         pick-up  by the Holder at the  principal  office of the  registrar  and
         transfer agent of the Common Shares, Equity Transfer Services Inc. (the
         "Transfer Agent").

6.       No fractional shares or stock  representing  fractional shares shall be
         issued upon the  exercise  of any  Warrant.  In lieu of any  fractional
         shares which would otherwise be issuable,  the Corporation shall either
         pay cash equal to the product of such  fraction  multiplied by the fair
         market  value  of  one  Common  Shares  on the  date  of  exercise,  as
         determined in good faith by the  Corporation's  Board of Directors,  or
         issue  the  next  largest   whole  number  of  Common   Shares  at  the
         Corporation's option.

7.       The Warrants may not be exercised  unless at the time of exercise (i) a
         registration statement registering the Common Shares issuable upon such
         exercise is effective under the Securities Act of 1933, as amended (the
         "1933 Act"),  or the  transaction in which such shares are to be issued
         is exempted from the  application of the  registration  requirements of
         the 1933 Act, and (ii) the Common Shares  issuable upon exercise of the

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         Warrants  have  been  registered  or  qualified  under  any  applicable
         Canadian,  provincial,  state  securities  laws  or an  exemption  from
         registration or  qualification is available under such laws. The Common
         Shares  issuable  upon  exercise  of  this  Warrant  are  and  will  be
         "restricted  securities"  under the 1933 Act inasmuch as they are being
         acquired from the  Corporation in a transaction  not involving a public
         offering,  and  that,  under  the 1933 Act and  applicable  regulations
         thereunder,  such securities may be resold without  registration  under
         the  1933  Act  only  in  certain  limited   circumstances.   Unless  a
         registration  statement  registering  the Common  Shares  issuable upon
         exercise  of any  Warrant is  effective  under the 1933 Act at the time
         such Common Shares are issued, the certificates  evidencing such Common
         Shares shall bear the legend set forth below,  together  with any other
         legends  required by the laws of the  Province of Ontario and any other
         state or province with jurisdiction:

                  THESE SECURITIES HAVE NOT BEEN REGISTERED UNDER THE SECURITIES
                  ACT OF 1933, AS AMENDED,  OR QUALIFIED UNDER  APPLICABLE STATE
                  SECURITIES  LAWS AND HAVE BEEN TAKEN FOR  INVESTMENT  PURPOSES
                  ONLY AND NOT WITH A VIEW TO OR FOR SALE IN CONNECTION WITH ANY
                  DISTRIBUTION  THEREOF.  THESE  SECURITIES  MAY  NOT BE SOLD OR
                  OTHERWISE TRANSFERRED UNLESS A REGISTRATION STAEMENT UNDER THE
                  SECURITIES ACT OF 1933, AS AMENDED,  IS IN EFFECT WITH RESPECT
                  TO SUCH  SECURITIES OR THE CORPORATION HAS RECEIVED AN OPINION
                  IN  FORM  AND  SUBSTANCE   SATISFACTORY   TO  THE  CORPORATION
                  PROVIDING THAT AN EXEMPTION FROM THE REGISTRATION REQUIREMENTS
                  OF THE SECURITIES ACT OF 1933, AS AMENDED, IS AVAILABLE.

         The legend set forth above shall be removed by the Corporation from any
         certificate  evidencing the Common Shares issuable upon exercise of the
         Warrants only (i) upon receipt by the Corporation of an opinion in form
         and substance  satisfactory to the Corporation  that such legend may be
         removed pursuant to Rule 144 promulgated  under the 1933 Act, (ii) upon
         confirmation  that a  registration  statement  under the 1933 Act is at
         that time in effect  with  respect  to such  Common  Shares,  that such
         transfer  will  not  jeopardize   the  exemption  or  exemptions   from
         registration pursuant to which the respective Common Shares were issued
         and  that  the  Holder  will  comply  with  the   prospectus   delivery
         requirements  in connection  with any re-sale of the respective  Common
         Shares.

8.                The  holding of a Warrant  shall not  constitute  the Holder a
                  shareholder of the Corporation nor entitle him to any right or
                  interest  in  respect  thereof  except  as  herein   expressly
                  provided.

9.       The Corporation  covenants and agrees that until the Expiry Time, while
         any of the Warrants  shall be  outstanding,  it shall reserve and there
         shall remain unissued out of its authorized capital a sufficient number
         of Common Shares to satisfy the right of purchase herein  provided,  as
         such right of purchase  may be adjusted  pursuant to sections 10 and 11
         hereof.  All Common  Shares  which shall be issued upon the exercise of
         the right to purchase herein provided for, upon payment therefor of the
         amount  at  which  such  Common  Shares  may at the  time be  purchased
         pursuant to the  provisions  hereof,  shall be issued as fully paid and
         non-assessable  shares and the holders  thereof  shall not be liable to
         the Corporation or its creditors in respect thereof.

10.      (a)  If and whenever at any time after the date hereof and prior to the
              Expiry  Time the  Corporation  shall (i)  subdivide,  redivide  or
              change its then outstanding Common Shares into a greater number of
              Common  Shares,  (ii)  reduce,  combine  or  consolidate  its then

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              outstanding Common Shares into a lesser number of Common Shares or
              (iii)  issue  Common  Shares (or  securities  exchangeable  for or
              convertible   into  Common  Shares)  to  the  holders  of  all  or
              substantially all of its then outstanding  Common Shares by way of
              a stock dividend or other  distribution (any of such events herein
              called a "Common Share  Reorganization"),  then the Exercise Price
              shall be adjusted  effective  immediately after the effective date
              of any such event in (i) or (ii) above or the record date at which
              the holders of Common Shares are determined for the purpose of any
              such dividend or  distribution in (iii) above, as the case may be,
              by multiplying the Exercise Price in effect on such effective date
              or record date,  as the case may be, by a fraction,  the numerator
              of which shall be the number of Common Shares  outstanding on such
              effective  date or record date,  as the case may be, before giving
              effect to such Common Share  Reorganization and the denominator of
              which shall be the number of Common Shares outstanding immediately
              after giving effect to such Common Share Reorganization including,
              in the case where securities  exchangeable for or convertible into
              Common  Shares are  distributed,  the number of Common Shares that
              would be  outstanding  if such  securities  were  exchanged for or
              converted into Common Shares.

         (b)  If and whenever at any time after the date hereof and prior to the
              Expiry Time, the Corporation  shall distribute any class of shares
              or rights,  options or  warrants or other  securities  (other than
              those   referred  to  in  section  10(a)   above),   evidences  of
              indebtedness  or property  (excluding  cash  dividends paid in the
              ordinary  course) to holders  of all or  substantially  all of its
              then outstanding  Common Shares, the number of Common Shares to be
              issued by the Corporation under this Warrant shall, at the time of
              exercise  of the right of  subscription  and  purchase  under this
              Warrant  Certificate,  be  appropriately  adjusted  and the Holder
              shall  receive,  in lieu of the  number  of the  Common  Shares in
              respect of which the right to  purchase  is then being  exercised,
              the  aggregate  number of Common  Shares  or other  securities  or
              property  that the Holder would have been entitled to receive as a
              result of such event,  if, on the record date thereof,  the Holder
              had been the  registered  holder of the number of Common Shares to
              which the Holder was theretofore entitled upon the exercise of the
              rights of the Holder hereunder.

         (c)  If and whenever at any time after the date hereof and prior to the
              Expiry Time there is a capital  reorganization  of the Corporation
              or a reclassification  or other change in the Common Shares (other
              than a Common Share  Reorganization)  or a consolidation or merger
              or  amalgamation  of  the  Corporation  with  or  into  any  other
              corporation or other entity (other than a consolidation, merger or
              amalgamation which does not result in any  reclassification of the
              outstanding  Common  Shares or a change of the Common  Shares into
              other  securities),  or a transfer of all or substantially  all of
              the Corporation's assets to another corporation or other entity in
              which the holders of Common Shares are entitled to receive shares,
              other  securities  or other  property  (any of such  events  being
              called a "Capital  Reorganization"),  the Holder, where he has not
              exercised  the  right of  subscription  and  purchase  under  this
              Warrant  Certificate  prior to the effective  date of such Capital
              Reorganization,  shall be entitled  to receive  and shall  accept,
              upon  the  exercise  of  such  right,  on such  date  or any  time
              thereafter,  for the same aggregate  consideration  in lieu of the
              number of Common  shares to which he was  theretofore  entitled to
              subscribe  for and  purchase,  the  aggregate  number of shares or
              other  securities  or  property  which the Holder  would have been
              entitled to receive as a result of such Capital Reorganization if,

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              on the effective date thereof,  he had been the registered  holder
              of the  number  of  Common  Shares  to  which  he was  theretofore
              entitled to subscribe for and purchase.

         (d)  If and whenever at any time after the date hereof and prior to the
              Expiry Time,  any of the events set out in section  10(a),  (b) or
              (c) shall  occur and the  occurrence  of such event  results in an
              adjustment  of the Exercise  Price  pursuant to the  provisions of
              this  section  10, then the number of Common  Shares  purchaseable
              pursuant to this Warrant shall be adjusted  contemporaneously with
              the adjustment of the Exercise Price by multiplying  the number of
              Common Shares then otherwise  purchaseable on the exercise thereof
              by a fraction,  the numerator of which shall be the Exercise Price
              in effect  immediately prior to the adjustment and the denominator
              of  which  shall  be  the  Exercise  Price   resulting  from  such
              adjustment.

         (e)  If the Corporation takes any action affecting its Common Shares to
              which the foregoing  provisions of this section 10, in the opinion
              of the  board of  directors  of the  Corporation,  acting  in good
              faith,  are not  strictly  applicable,  or if strictly  applicable
              would not fairly adjust the rights of the Holder against  dilution
              in  accordance  with the  intent  and  purposes  hereof,  or would
              otherwise  materially  affect the rights of the Holder  hereunder,
              then the  Corporation  may  execute  and  deliver to the Holder an
              amendment hereto providing for an adjustment in the application of
              such  provisions  so as to adjust such rights as aforesaid in such
              manner as the board of directors of the  Corporation may determine
              to be equitable in the  circumstances,  acting in good faith.  The
              failure of the taking of action by the board of  directors  of the
              Corporation  to so provide for any  adjustment  on or prior to the
              effective  date of any action or  occurrence  giving  rise to such
              state of  facts  will be  conclusive  evidence  that the  board of
              directors  has  determined   that  it  is  equitable  to  make  no
              adjustment in the circumstances.

11. The following  rules and procedures  shall be applicable to the  adjustments
made pursuant to section 10:

         (a)  any  Common  Shares  owned  or held by or for the  account  of the
              Corporation shall be deemed not be to outstanding except that, for
              the  purposes of section 10, any Common  Shares owned by a pension
              plan or profit  sharing plan for employees of the  Corporation  or
              any of its  subsidiaries  shall not be  considered  to be owned or
              held by or for the account of the Corporation;

         (b)  no  adjustment  in the Exercise  Price shall be required  unless a
              change  of at  least 1% of the  prevailing  Exercise  Price  would
              result,  provided,  however, that any adjustment which, except for
              the  provisions of this section 11(b),  would  otherwise have been
              required  to be made,  shall be  carried  forward  and taken  into
              account in any subsequent adjustment; (c) the adjustments provided
              for in section 10 are  cumulative  and shall  apply to  successive
              subdivisions,  consolidations,  dividends, distributions and other
              events  resulting in any  adjustment  under the provisions of such
              section;

         (d)  in the absence of a  resolution  of the board of  directors of the
              Corporation  fixing a record date for any dividend or distribution
              referred to in section  10(a)(iii) above, the Corporation shall be
              deemed to have fixed as the record date therefor the date on which
              such dividend or distribution is effected;

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         (e)  if the  Corporation  sets a  record  date to take any  action  and
              thereafter and before the taking of such action  abandons its plan
              to take such action, then no adjustment to the Exercise Price will
              be required by reason of the setting of such record date;

         (f)  forthwith after any adjustment to the Exercise Price or the number
              of  Common  Shares  purchaseable  pursuant  to the  Warrants,  the
              Corporation  shall  provide  to the  Holder  a  certificate  of an
              officer  of the  Corporation  certifying  as to the amount of such
              adjustment  and,  in  reasonable  detail,   describing  the  event
              requiring  and  the  manner  of  computing  or  determining   such
              adjustment; and

         (g)  any  question  that at any time or from time to time  arises  with
              respect to the amount of any  adjustment to the Exercise  Price or
              other  adjustment  pursuant  to section  10 shall be  conclusively
              determined by a firm of independent chartered accountants (who may
              be the Corporation's  auditors) selected by the board of directors
              of the  Corporation  and shall be binding upon the Corporation and
              the Holder.

12.      Within 30 days after the effective  date or record date, as applicable,
         of any event  referred to in section 10, the  Corporation  shall notify
         the Holder of the particulars of such event and the estimated amount of
         any adjustment required as a result thereof.

13.      On the  happening  of each and every such event set out in section  10,
         the  applicable  provisions  of this  Warrant,  including  the Exercise
         Price,  shall, ipso facto, be deemed to be amended  accordingly and the
         Corporation  shall take all necessary  action so as to comply with such
         provisions as so amended.

14.      The  Corporation  shall not be  required  to deliver  certificates  for
         Common Shares while the share  transfer  books of the  Corporation  are
         properly closed,  having regard to the provisions of sections 10 and 11
         hereof,  prior to any  meeting of  shareholders  or for the  payment of
         dividends or for any other purpose and in the event of the surrender of
         any Warrant in accordance with the provisions  hereof and the making of
         any  subscription  and payment for the Common Shares called for thereby
         during any such period delivery of  certificates  for Common Shares may
         be  postponed  for not more  than  five (5) days  after the date of the
         re-opening of said share transfer books.  Provided,  however,  that any
         such  postponement  of  delivery  of  certificates   shall  be  without
         prejudice  to the  right of the  Holder  so  surrendering  the same and
         making  payment  during such period to receive after the share transfer
         books shall have been re-opened such certificates for the Common Shares
         called for, as the same may be adjusted  pursuant to sections 10 and 11
         hereof as a result of the  completion  of the event in respect of which
         the transfer books were closed.

15.      Subject as  hereinafter  provided,  all or any of the rights  conferred
         upon the Holder by the terms  hereof may be  enforced  by the Holder by
         appropriate   legal   proceedings.   No  recourse  under  or  upon  any
         obligation, covenant or agreement contained herein shall be had against
         any  shareholder  or  officer of the  Corporation  either  directly  or
         through the  Corporation,  it being expressly  agreed and declared that
         the obligations under the Warrants are solely corporate obligations and
         that no personal  liability  whatever shall attach to or be incurred by
         the  shareholders  or  officers  of the  Corporation  or any of them in
         respect  thereof,  any and all  rights and  claims  against  every such
         shareholder,  officer or director  being hereby  expressly  waived as a
         condition of and as a consideration for the issue of the Warrants.

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16.      (a) The Warrants may not be assigned or transferred  except as provided
         herein and in accordance with and subject to the provisions of the 1933
         Act  and the  Rules  and  Regulations  promulgated  thereunder  and any
         applicable state,  Canadian, and provincial securities laws. Assignment
         of a Warrant will be permitted only (i) upon receipt by the Corporation
         of an opinion in form and  substance  satisfactory  to the  Corporation
         that the Warrant may be  transferred  pursuant to Rule 144  promulgated
         under  the 1933  Act,  or (ii) upon  confirmation  that a  registration
         statement  under the 1933 Act is at that time in effect with respect to
         the Warrant and that such transfer will not jeopardize the exemption or
         exemptions from registration  pursuant to which the Warrant was issued.
         Any purported transfer or assignment made other than in accordance with
         this Section 16 shall be null and void and of no force and effect.

         (b) Any assignment  permitted  hereunder  shall be made by surrender of
         this Warrant  Certificate to the  Corporation  at its principal  office
         with the  Assignment  Form  annexed  hereto  duly  executed  and  funds
         sufficient  to pay any  transfer  tax. In such event,  the  Corporation
         shall, without charge, execute and deliver a new Warrant Certificate in
         the  name of the  assignee  named  in  such  Assignment  Form,  and the
         Warrants  represented  by this Warrant  Certificate  shall  promptly be
         cancelled.  This Warrant  Certificate  may be divided or combined  with
         other Warrants which carry the same rights upon presentation thereof at
         the principal office of the Corporation  together with a written notice
         signed by the Holder thereof, specifying the names and denominations in
         which new Warrants are to be issued. The terms "Warrant" and "Warrants"
         as used herein include any Warrants in substitution  for or replacement
         of this Warrant,  or into which the Warrant represented by this Warrant
         Certificate may be divided or exchanged.

17.      The Holder may  subscribe  for and purchase any lesser number of Common
         Shares than the number of shares expressed in this Warrant Certificate.
         In the case of any  subscription  for a lesser  number of Common Shares
         than  expressed  in  this or any  successor  Warrant  Certificate  or a
         transfer  of any of the  Warrants  pursuant  to section  16, the Holder
         shall be  entitled  to receive  at no cost to the Holder a new  Warrant
         Certificate in respect of the balance of Warrants not then exercised or
         transferred.  Any new  Warrant  Certificate(s)  shall be  mailed to the
         Holder  or  assignee  by the  Corporation  or,  at its  direction,  the
         Transfer  Agent,  within  five  (5)  business  days of  receipt  by the
         Corporation  of  all  materials  required  by  sections  5  or  16,  as
         applicable.

18.      Each Holder of this Warrant,  the Warrant  Shares or any other security
         issued or issuable upon  exercise of this Warrant  shall  indemnify and
         hold harmless the  Corporation,  its  directors and officers,  and each
         person,  if any,  who  controls  the  Corporation,  against any losses,
         claims,  damages  or  liabilities,  joint  or  several,  to  which  the
         Corporation or any such director, officer or any such person may become
         subject  under the 1933 Act or statute or common  law,  insofar as such
         losses, claims, damages or liabilities,  or actions in respect thereof,
         arise out of or are based upon the  disposition  by such  Holder of the
         Warrant the Common Shares issuable upon the exercise of this Warrant in
         violation of the terms of this Warrant Certificate.

19.      If  any  Warrant  Certificate  becomes  stolen,   lost,   mutilated  or
         destroyed,  the  Corporation  shall,  on  such  terms  as it may in its
         discretion  acting  reasonably  impose,  issue  and sign a new  Warrant
         Certificate  of  like  denomination,  tenor  and  date  as the  Warrant
         Certificate so stolen, lost, mutilated or destroyed for delivery to the
         Holder.

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<PAGE>

20.      The  Corporation  and  the  Transfer  Agent  may  deem  and  treat  the
         registered  holder of any Warrant  Certificate as the absolute owner of
         the Warrants represented thereby for all purposes,  and the Corporation
         and neither the Corporation nor the Transfer Agent shall be affected by
         any notice or knowledge to the contrary except where the Corporation or
         the Transfer Agent is required to take notice by statute or by order of
         a court of  competent  jurisdiction.  A Holder shall be entitled to the
         rights evidenced by such Warrant  Certificate free from all equities or
         rights of set-off  or  counterclaim  between  the  Corporation  and the
         original  or any  intermediate  holder  thereof and all persons may act
         accordingly  and the  receipt by any such  Holder of the Common  Shares
         purchaseable  pursuant to such Warrant shall be a good discharge to the
         Corporation  and the  Transfer  Agent  for the  same  and  neither  the
         Corporation  nor the Transfer  Agent shall be bound to inquire into the
         title of any such Holder except where the  Corporation  or the Transfer
         Agent is  required  to take notice by statute or by order of a court of
         competent jurisdiction.

21.      Provisions  of  this  Warrant   Certificate  may  be  amended  and  the
         observance  thereof may be waived (either  generally or in a particular
         instance  and either  retroactively  or  prospectively),  only with the
         written  consent  of the  Corporation  and the  Holder of this  Warrant
         Certificate.

22.      All notices to be sent hereunder shall be deemed to be validly given to
         the  Holders  of the  Warrants  on the date of  receipt  if  personally
         delivered, sent by telecopier or overnight courier, charges prepaid, or
         five days after  deposit in the United  States mail,  by  registered or
         certified  mail,  postage  prepaid,  addressed to such holders at their
         post office  addresses  appearing  in the  register of Warrant  holders
         caused to be  maintained  by the  Corporation.  All  notices to be sent
         hereunder shall be deemed to be validly given to the Corporation on the
         date  of  receipt  if  personally  delivered,  sent  by  telecopier  or
         overnight courier,  charges prepaid,  or five days after deposit in the
         United States mail, by registered or certified mail,  postage  prepaid,
         addressed to the  Corporation at 204 Edison Way, Reno,  Nevada 89502 or
         such other address as the Corporation  shall have designated by written
         notice to such registered owner.

23.      This  Warrant  shall be governed by the laws of the State of Nevada and
         the  federal  laws of the  United  States  applicable  therein  (within
         reference to the conflict of laws provisions thereof).

24.      Notwithstanding  anything to the contrary herein contained,  the Holder
         may not exercise any of the Warrants to the extent that,  giving effect
         to such exercises,  the number of Common Shares then beneficially owned
         by the Holder, as determined under Section 13(d) of the Exchange Act of
         1934, as amended, exceeds 9.999% of the then total number of issued and
         outstanding Common Shares (including for such purpose the Common Shares
         issuable upon such exercise). Each delivery of an exercise notice under
         this Warrant Certificate will constitute a representation by the Holder
         that it has  evaluated  the  limitation  set forth in this  letter  and
         determined that issuance of the full number of Common Shares  requested
         in such exercise  notice is permitted  hereunder.  The exercise cap set
         forth  hereunder  shall not restrict the number of Common  Shares which
         the Holder may receive or  beneficially  own in order to determine  the
         amount of securities or other consideration that the Holder may receive
         in  the  event  of  a  merger   or  other   business   combination   or
         reclassification involving the Corporation.

                                       8
<PAGE>

         The  Corporation is not  responsible  for tracking (and has no means to
         track) the number of Common  Shares  beneficially  owned by the Holder,
         and neither the Corporation nor the Corporation's counsel has provided,
         or has any  obligation to provide,  advice to the Holder  regarding the
         Holders  ownership  of  Common  Shares  or  compliance  with  governing
         securities  laws.  The  Corporation  is not  liable  for any  civil  or
         criminal  damages or sanctions  that may be imposed upon or against the
         Holder  as a  result  of  the  Holder's  failure  to  comply  with  the
         provisions  of this  Warrant or governing  state or federal  securities
         laws.  Notwithstanding  anything  in this  Warrant  Certificate  to the
         contrary,  this  Section 24 shall not be subject  to  amendment  by the
         parties hereto.

         IN WITNESS WHEREOF the Corporation has caused this Series 2003E Warrant
Certificate to be signed by its duly authorized officer.

         DATED as of the _____________ day of ______, ____.

                                          ALTAIR NANOTECHNOLOGIES INC.

                                          By: __________________________________
                                          Its: _________________________________

                                       9
<PAGE>

                                SUBSCRIPTION FORM

TO BE COMPLETED UPON EXERCISE:

The undersigned hereby subscribes for  ________________  common shares of Altair
Nanotechnologies  Inc.  according to the terms and  conditions  set forth in the
annexed Warrant  Certificate (or such number of other  securities or property to
which such  warrant  entitles  the  undersigned  to acquire  under the terms and
conditions  set  forth in the  annexed  warrant  certificate).  The  undersigned
represents  that the common  shares being  acquired upon exercise of the Warrant
Certificate are being acquired for the account of the undersigned for investment
and not with a view to,  or for  resale in  connection  with,  the  distribution
thereof and that the  undersigned  has no present  intention of  distributing or
reselling such shares.  The subscriber  acknowledges  and agrees that any legend
required  the  Warrant  Certificate  or by  applicable  law may be placed on any
certificates representing common shares delivered to the undersigned.

         Address for Delivery of Shares:    ____________________________________
                                            ____________________________________
                                            ____________________________________
                                            ____________________________________

                                            Attention: _________________________

         Tendered (U.S. $_____ per share) Exercise Price $______________________

         Dated at ________________, this _______ day of _______________, ______.

                                  _____________________________________
                                  Holder's Name

                                  _____________________________________
                                  Authorized Signature

                                  _____________________________________
                                  Title (if applicable)

Signature guaranteed:

                                       10
<PAGE>

                                 ASSIGNMENT FORM

TO BE COMPLETED IF WARRANTS ARE TO BE ASSIGNED:

TO:      ALTAIR NANOTECHNOLOGIES INC.
         204 Edison Way
         Reno, Nevada 89502

         By signing below, the undersigned represents, warrants and certifies to
Altair Nanotechnologies Inc. as follows:

         (a)  the  undersigned  is  the  record  and  beneficial  owner  of  the
         Warrant(s) represented by the Warrant Certificate attached hereto; and

         (b) either
                  _____ (i) attached  hereto is an opinion in form and substance
         satisfactory to the  Corporation  that the Warrant(s) to be transferred
         hereby may be transferred  pursuant to Rule 144  promulgated  under the
         1933 Act, or

                  _____ (ii) a registration  statement under the 1933 Act  is at
         that time in effect with respect to the  Warrant(s)  to be  transferred
         hereby  and  transfer  of  such  Warrant(s)  will  not  jeopardize  the
         exemption  or  exemptions  from  registration  pursuant  to which  such
         Warrant(s) were issued.

By signing below,  the  undersigned  hereby  transfers,  assigns and conveys all
right,  title and interest in and to _________  of the Warrants  represented  by
this  Warrant Certificate to  __________________________________________________
____________________________ residing at _______________________________________
________________________________________  for good and  valuable  consideration.
You are hereby instructed to take the necessary steps to effect this transfer.

         Dated at ___________________, this ______ day of _____________, _____.

                  Witness:                  ) __________________________________
                                            ) Holder's Name
                                            )
                                            ) __________________________________
                                            ) Authorized Signature )
                                            )
                                            )__________________________________
                                            ) Title (if applicable) )
Signature guaranteed:                       )

                                       11THESE  SECURITIES HAVE NOT BEEN REGISTERED  UNDER THE SECURITIES ACT OF 1933, AS
AMENDED, OR QUALIFIED UNDER APPLICABLE STATE SECURITIES LAWS AND HAVE BEEN TAKEN
FOR  INVESTMENT  PURPOSES  ONLY AND NOT WITH A VIEW TO OR FOR SALE IN CONNECTION
WITH ANY  DISTRIBUTION  THEREOF.  THESE  SECURITIES MAY NOT BE SOLD OR OTHERWISE
TRANSFERRED UNLESS A REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933, AS
AMENDED,  IS IN EFFECT WITH RESPECT TO SUCH  SECURITIES OR THE  CORPORATION  HAS
RECEIVED  AN  OPINION  IN FORM AND  SUBSTANCE  SATISFACTORY  TO THE  CORPORATION
PROVIDING THAT AN EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES
ACT OF 1933, AS AMENDED, IS AVAILABLE.

                          ALTAIR NANOTECHNOLOGIES INC.

                          COMMON SHARE PURCHASE WARRANT

______ Series 2003F Warrants                   Warrant Certificate No. 2003F-_

                   Void after 5:00 p.m., Pacific Standard Time
            on [_________], or on such earlier date specified herein

                          ALTAIR NANOTECHNOLOGIES INC.
                     (Incorporated under the laws of Canada)

This Series 2003F  Warrant  Certificate  ("Warrant  Certificate")  is to certify
that, for value received,  _______________  or registered assigns (the "Holder")
shall have the right to purchase from Altair  Nanotechnologies Inc. (hereinafter
called the "Corporation") one fully paid and non-assessable  Common Share of the
Corporation (a "Common  Share") for each Series 2003F Warrant  (individually,  a
"Warrant")  represented  by this  Warrant  Certificate  during  the time  period
commencing  on  the  date  this  Warrant  is  executed  by the  Corporation  and
continuing until 5:00 p.m. (Pacific  Standard time) on [__________],  2008 [date
that is fifth anniversary of issue date] (the "Expiry Time"). The exercise price
for the  purchase of each such Common  Share shall be U.S.  $2.00 per share (the
"Exercise Price").  The number of Common Shares to be received upon the exercise
of each  Warrant and the  Exercise  Price may be  adjusted  from time to time as
hereinafter set forth.

The Warrants shall be subject to the following terms and conditions:

1.       For the purposes of this Warrant, the term "Common Shares" means common
         shares without  nominal or par value in the capital of the  Corporation
         as  constituted  on the date  hereof;  provided  that in the event of a
         change,   subdivision,    redivision,    reduction,    combination   or
         consolidation  thereof or any other adjustment under section 10 hereof,
         or successive  such  changes,  subdivisions,  redivisions,  reductions,
         combinations,  consolidations or other adjustments, then subject to the
         adjustments, if any, having been made in accordance with the provisions
         of this Warrant Certificate,  "Common Shares" shall thereafter mean the
         shares,  other securities or other property resulting from such change,
         subdivision,  redivision,  reduction,  combination or  consolidation or
         other adjustment.

                                       1
<PAGE>

2.       This  Warrant  Certificate  shall  be  signed  by  an  officer  of  the
         Corporation  holding office at the time of signing, or any successor or
         replacement person and notwithstanding any change in any of the persons
         holding  said  offices  between  the  time of  actual  signing  and the
         delivery  of the  Warrant  Certificate  and  notwithstanding  that such
         officer signing may not have held office at the date of the delivery of
         the Warrant  Certificate,  the Warrant  Certificate  so signed shall be
         valid and binding upon the Corporation.

3.       All rights  under any of the  Warrants in respect of which the right of
         subscription  and purchase  therein  provided for shall not theretofore
         have been exercised  shall wholly cease and determine and such Warrants
         shall be wholly void and of no valid or binding effect after the Expiry
         Time.

4.       The right to purchase  Common Shares  pursuant to the Warrants may only
         be exercised by the Holder at or before the Expiry Time by:

         (a)      duly completing and executing a Subscription  Form in the form
                  attached hereto, in the manner therein indicated; and

         (b)      surrendering  this Warrant  Certificate and the duly completed
                  and  executed  Subscription  Form  to the  Corporation  at the
                  address specified in section 22 below together with payment of
                  the purchase price for the Common Shares subscribed for in the
                  form of cash or a certified  cheque payable to the Corporation
                  in an  amount  equal to the  then  applicable  Exercise  Price
                  multiplied by the number of Common Shares subscribed for.

5.       Upon receipt of the Subscription  Form, this Warrant  Certificate,  and
         payment as aforesaid,  the Corporation  shall cause to be issued to the
         Holder  the number of Common  Shares to be issued and the Holder  shall
         become a  shareholder  of the  Corporation  in respect  of such  Common
         Shares,  effective as of the date of receipt by the Corporation of such
         Subscription  Form,  Warrant  Certificate,  and  payment  and  shall be
         entitled to delivery of a certificate or  certificates  evidencing such
         shares. The Corporation shall cause such certificate or certificates to
         be mailed to the Holder at the address or  addresses  specified in such
         Subscription  Form within ten (10)  business  days of such  receipt and
         payment as herein provided or, if so instructed by the Holder, held for
         pick-up  by the Holder at the  principal  office of the  registrar  and
         transfer agent of the Common Shares, Equity Transfer Services Inc. (the
         "Transfer Agent").

6.       No fractional shares or stock  representing  fractional shares shall be
         issued upon the  exercise  of any  Warrant.  In lieu of any  fractional
         shares which would otherwise be issuable,  the Corporation shall either
         pay cash equal to the product of such  fraction  multiplied by the fair
         market  value  of  one  Common  Shares  on the  date  of  exercise,  as
         determined in good faith by the  Corporation's  Board of Directors,  or
         issue  the  next  largest   whole  number  of  Common   Shares  at  the
         Corporation's option.

7.       The Warrants may not be exercised  unless at the time of exercise (i) a
         registration statement registering the Common Shares issuable upon such
         exercise is effective under the Securities Act of 1933, as amended (the
         "1933 Act"),  or the  transaction in which such shares are to be issued
         is exempted from the  application of the  registration  requirements of
         the 1933 Act, and (ii) the Common Shares  issuable upon exercise of the
         Warrants  have  been  registered  or  qualified  under  any  applicable
         Canadian,  provincial,  state  securities  laws  or an  exemption  from

                                       2
<PAGE>

         registration or  qualification is available under such laws. The Common
         Shares  issuable  upon  exercise  of  this  Warrant  are  and  will  be
         "restricted  securities"  under the 1933 Act inasmuch as they are being
         acquired from the  Corporation in a transaction  not involving a public
         offering,  and  that,  under  the 1933 Act and  applicable  regulations
         thereunder,  such securities may be resold without  registration  under
         the  1933  Act  only  in  certain  limited   circumstances.   Unless  a
         registration  statement  registering  the Common  Shares  issuable upon
         exercise  of any  Warrant is  effective  under the 1933 Act at the time
         such Common Shares are issued, the certificates  evidencing such Common
         Shares shall bear the legend set forth below,  together  with any other
         legends  required by the laws of the  Province of Ontario and any other
         state or province with jurisdiction:

                  THESE SECURITIES HAVE NOT BEEN REGISTERED UNDER THE SECURITIES
                  ACT OF 1933, AS AMENDED,  OR QUALIFIED UNDER  APPLICABLE STATE
                  SECURITIES  LAWS AND HAVE BEEN TAKEN FOR  INVESTMENT  PURPOSES
                  ONLY AND NOT WITH A VIEW TO OR FOR SALE IN CONNECTION WITH ANY
                  DISTRIBUTION  THEREOF.  THESE  SECURITIES  MAY  NOT BE SOLD OR
                  OTHERWISE TRANSFERRED UNLESS A REGISTRATION STAEMENT UNDER THE
                  SECURITIES ACT OF 1933, AS AMENDED,  IS IN EFFECT WITH RESPECT
                  TO SUCH  SECURITIES OR THE CORPORATION HAS RECEIVED AN OPINION
                  IN  FORM  AND  SUBSTANCE   SATISFACTORY   TO  THE  CORPORATION
                  PROVIDING THAT AN EXEMPTION FROM THE REGISTRATION REQUIREMENTS
                  OF THE SECURITIES ACT OF 1933, AS AMENDED, IS AVAILABLE.

         The legend set forth above shall be removed by the Corporation from any
         certificate  evidencing the Common Shares issuable upon exercise of the
         Warrants only (i) upon receipt by the Corporation of an opinion in form
         and substance  satisfactory to the Corporation  that such legend may be
         removed pursuant to Rule 144 promulgated  under the 1933 Act, (ii) upon
         confirmation  that a  registration  statement  under the 1933 Act is at
         that time in effect  with  respect  to such  Common  Shares,  that such
         transfer  will  not  jeopardize   the  exemption  or  exemptions   from
         registration pursuant to which the respective Common Shares were issued
         and  that  the  Holder  will  comply  with  the   prospectus   delivery
         requirements  in connection  with any re-sale of the respective  Common
         Shares.

8.       The holding of a Warrant shall not  constitute the Holder a shareholder
         of the  Corporation nor entitle him to any right or interest in respect
         thereof except as herein expressly provided.

9.       The Corporation  covenants and agrees that until the Expiry Time, while
         any of the Warrants  shall be  outstanding,  it shall reserve and there
         shall remain unissued out of its authorized capital a sufficient number
         of Common Shares to satisfy the right of purchase herein  provided,  as
         such right of purchase  may be adjusted  pursuant to sections 10 and 11
         hereof.  All Common  Shares  which shall be issued upon the exercise of
         the right to purchase herein provided for, upon payment therefor of the
         amount  at  which  such  Common  Shares  may at the  time be  purchased
         pursuant to the  provisions  hereof,  shall be issued as fully paid and
         non-assessable  shares and the holders  thereof  shall not be liable to
         the Corporation or its creditors in respect thereof.

10.      (a)  If and whenever at any time after the date hereof and prior to the
              Expiry  Time the  Corporation  shall (i)  subdivide,  redivide  or
              change its then outstanding Common Shares into a greater number of
              Common  Shares,  (ii)  reduce,  combine  or  consolidate  its then
              outstanding Common Shares into a lesser number of Common Shares or
              (iii)  issue  Common  Shares (or  securities  exchangeable  for or
              convertible   into  Common  Shares)  to  the  holders  of  all  or
              substantially all of its then outstanding  Common Shares by way of

                                       3
<PAGE>
              a stock dividend or other  distribution (any of such events herein
              called a "Common Share  Reorganization"),  then the Exercise Price
              shall be adjusted  effective  immediately after the effective date
              of any such event in (i) or (ii) above or the record date at which
              the holders of Common Shares are determined for the purpose of any
              such dividend or  distribution in (iii) above, as the case may be,
              by multiplying the Exercise Price in effect on such effective date
              or record date,  as the case may be, by a fraction,  the numerator
              of which shall be the number of Common Shares  outstanding on such
              effective  date or record date,  as the case may be, before giving
              effect to such Common Share  Reorganization and the denominator of
              which shall be the number of Common Shares outstanding immediately
              after giving effect to such Common Share Reorganization including,
              in the case where securities  exchangeable for or convertible into
              Common  Shares are  distributed,  the number of Common Shares that
              would be  outstanding  if such  securities  were  exchanged for or
              converted into Common Shares.

         (b)  If and whenever at any time after the date hereof and prior to the
              Expiry Time, the Corporation  shall distribute any class of shares
              or rights,  options or  warrants or other  securities  (other than
              those   referred  to  in  section  10(a)   above),   evidences  of
              indebtedness  or property  (excluding  cash  dividends paid in the
              ordinary  course) to holders  of all or  substantially  all of its
              then outstanding  Common Shares, the number of Common Shares to be
              issued by the Corporation under this Warrant shall, at the time of
              exercise  of the right of  subscription  and  purchase  under this
              Warrant  Certificate,  be  appropriately  adjusted  and the Holder
              shall  receive,  in lieu of the  number  of the  Common  Shares in
              respect of which the right to  purchase  is then being  exercised,
              the  aggregate  number of Common  Shares  or other  securities  or
              property  that the Holder would have been entitled to receive as a
              result of such event,  if, on the record date thereof,  the Holder
              had been the  registered  holder of the number of Common Shares to
              which the Holder was theretofore entitled upon the exercise of the
              rights of the Holder hereunder.

         (c)  If and whenever at any time after the date hereof and prior to the
              Expiry Time there is a capital  reorganization  of the Corporation
              or a reclassification  or other change in the Common Shares (other
              than a Common Share  Reorganization)  or a consolidation or merger
              or  amalgamation  of  the  Corporation  with  or  into  any  other
              corporation or other entity (other than a consolidation, merger or
              amalgamation which does not result in any  reclassification of the
              outstanding  Common  Shares or a change of the Common  Shares into
              other  securities),  or a transfer of all or substantially  all of
              the Corporation's assets to another corporation or other entity in
              which the holders of Common Shares are entitled to receive shares,
              other  securities  or other  property  (any of such  events  being
              called a "Capital  Reorganization"),  the Holder, where he has not
              exercised  the  right of  subscription  and  purchase  under  this
              Warrant  Certificate  prior to the effective  date of such Capital
              Reorganization,  shall be entitled  to receive  and shall  accept,
              upon  the  exercise  of  such  right,  on such  date  or any  time
              thereafter,  for the same aggregate  consideration  in lieu of the
              number of Common  shares to which he was  theretofore  entitled to
              subscribe  for and  purchase,  the  aggregate  number of shares or
              other  securities  or  property  which the Holder  would have been
              entitled to receive as a result of such Capital Reorganization if,
              on the effective date thereof,  he had been the registered  holder
              of the  number  of  Common  Shares  to  which  he was  theretofore
              entitled to subscribe for and purchase.

                                       4
<PAGE>

         (d)  If and whenever at any time after the date hereof and prior to the
              Expiry Time,  any of the events set out in section  10(a),  (b) or
              (c) shall  occur and the  occurrence  of such event  results in an
              adjustment  of the Exercise  Price  pursuant to the  provisions of
              this  section  10, then the number of Common  Shares  purchaseable
              pursuant to this Warrant shall be adjusted  contemporaneously with
              the adjustment of the Exercise Price by multiplying  the number of
              Common Shares then otherwise  purchaseable on the exercise thereof
              by a fraction,  the numerator of which shall be the Exercise Price
              in effect  immediately prior to the adjustment and the denominator
              of  which  shall  be  the  Exercise  Price   resulting  from  such
              adjustment.

         (e)  If the Corporation takes any action affecting its Common Shares to
              which the foregoing  provisions of this section 10, in the opinion
              of the  board of  directors  of the  Corporation,  acting  in good
              faith,  are not  strictly  applicable,  or if strictly  applicable
              would not fairly adjust the rights of the Holder against  dilution
              in  accordance  with the  intent  and  purposes  hereof,  or would
              otherwise  materially  affect the rights of the Holder  hereunder,
              then the  Corporation  may  execute  and  deliver to the Holder an
              amendment hereto providing for an adjustment in the application of
              such  provisions  so as to adjust such rights as aforesaid in such
              manner as the board of directors of the  Corporation may determine
              to be equitable in the  circumstances,  acting in good faith.  The
              failure of the taking of action by the board of  directors  of the
              Corporation  to so provide for any  adjustment  on or prior to the
              effective  date of any action or  occurrence  giving  rise to such
              state of  facts  will be  conclusive  evidence  that the  board of
              directors  has  determined   that  it  is  equitable  to  make  no
              adjustment in the circumstances.

11.      The  following  rules  and  procedures   shall  be  applicable  to  the
         adjustments made pursuant to section 10:

         (a)  any  Common  Shares  owned  or held by or for the  account  of the
              Corporation shall be deemed not be to outstanding except that, for
              the  purposes of section 10, any Common  Shares owned by a pension
              plan or profit  sharing plan for employees of the  Corporation  or
              any of its  subsidiaries  shall not be  considered  to be owned or
              held by or for the account of the Corporation;

         (b)  no  adjustment  in the Exercise  Price shall be required  unless a
              change  of at  least 1% of the  prevailing  Exercise  Price  would
              result,  provided,  however, that any adjustment which, except for
              the  provisions of this section 11(b),  would  otherwise have been
              required  to be made,  shall be  carried  forward  and taken  into
              account in any subsequent adjustment; (c) the adjustments provided
              for in section 10 are  cumulative  and shall  apply to  successive
              subdivisions,  consolidations,  dividends, distributions and other
              events  resulting in any  adjustment  under the provisions of such
              section;

         (d)  in the absence of a  resolution  of the board of  directors of the
              Corporation  fixing a record date for any dividend or distribution
              referred to in section  10(a)(iii) above, the Corporation shall be
              deemed to have fixed as the record date therefor the date on which
              such dividend or distribution is effected;

         (e)  if the  Corporation  sets a  record  date to take any  action  and
              thereafter and before the taking of such action  abandons its plan
              to take such action, then no adjustment to the Exercise Price will
              be required by reason of the setting of such record date;

                                       5
<PAGE>

         (f)  forthwith after any adjustment to the Exercise Price or the number
              of  Common  Shares  purchaseable  pursuant  to the  Warrants,  the
              Corporation  shall  provide  to the  Holder  a  certificate  of an
              officer  of the  Corporation  certifying  as to the amount of such
              adjustment  and,  in  reasonable  detail,   describing  the  event
              requiring  and  the  manner  of  computing  or  determining   such
              adjustment; and

         (g)  any  question  that at any time or from time to time  arises  with
              respect to the amount of any  adjustment to the Exercise  Price or
              other  adjustment  pursuant  to section  10 shall be  conclusively
              determined by a firm of independent chartered accountants (who may
              be the Corporation's  auditors) selected by the board of directors
              of the  Corporation  and shall be binding upon the Corporation and
              the Holder.

12.      Within 30 days after the effective  date or record date, as applicable,
         of any event  referred to in section 10, the  Corporation  shall notify
         the Holder of the particulars of such event and the estimated amount of
         any adjustment required as a result thereof.

13.      On the  happening  of each and every such event set out in section  10,
         the  applicable  provisions  of this  Warrant,  including  the Exercise
         Price,  shall, ipso facto, be deemed to be amended  accordingly and the
         Corporation  shall take all necessary  action so as to comply with such
         provisions as so amended.

14.      The  Corporation  shall not be  required  to deliver  certificates  for
         Common Shares while the share  transfer  books of the  Corporation  are
         properly closed,  having regard to the provisions of sections 10 and 11
         hereof,  prior to any  meeting of  shareholders  or for the  payment of
         dividends or for any other purpose and in the event of the surrender of
         any Warrant in accordance with the provisions  hereof and the making of
         any  subscription  and payment for the Common Shares called for thereby
         during any such period delivery of  certificates  for Common Shares may
         be  postponed  for not more  than  five (5) days  after the date of the
         re-opening of said share transfer books.  Provided,  however,  that any
         such  postponement  of  delivery  of  certificates   shall  be  without
         prejudice  to the  right of the  Holder  so  surrendering  the same and
         making  payment  during such period to receive after the share transfer
         books shall have been re-opened such certificates for the Common Shares
         called for, as the same may be adjusted  pursuant to sections 10 and 11
         hereof as a result of the  completion  of the event in respect of which
         the transfer books were closed.

15.      Subject as  hereinafter  provided,  all or any of the rights  conferred
         upon the Holder by the terms  hereof may be  enforced  by the Holder by
         appropriate   legal   proceedings.   No  recourse  under  or  upon  any
         obligation, covenant or agreement contained herein shall be had against
         any  shareholder  or  officer of the  Corporation  either  directly  or
         through the  Corporation,  it being expressly  agreed and declared that
         the obligations under the Warrants are solely corporate obligations and
         that no personal  liability  whatever shall attach to or be incurred by
         the  shareholders  or  officers  of the  Corporation  or any of them in
         respect  thereof,  any and all  rights and  claims  against  every such
         shareholder,  officer or director  being hereby  expressly  waived as a
         condition of and as a consideration for the issue of the Warrants.

16.      (a) The Warrants may not be assigned or transferred  except as provided
         herein and in accordance with and subject to the provisions of the 1933
         Act  and the  Rules  and  Regulations  promulgated  thereunder  and any
         applicable state,  Canadian, and provincial securities laws. Assignment
         of a Warrant will be permitted only (i) upon receipt by the Corporation

                                       6
<PAGE>

         of an opinion in form and  substance  satisfactory  to the  Corporation
         that the Warrant may be  transferred  pursuant to Rule 144  promulgated
         under  the 1933  Act,  or (ii) upon  confirmation  that a  registration
         statement  under the 1933 Act is at that time in effect with respect to
         the Warrant and that such transfer will not jeopardize the exemption or
         exemptions from registration  pursuant to which the Warrant was issued.
         Any purported transfer or assignment made other than in accordance with
         this Section 16 shall be null and void and of no force and effect.

         (b) Any assignment  permitted  hereunder  shall be made by surrender of
         this Warrant  Certificate to the  Corporation  at its principal  office
         with the  Assignment  Form  annexed  hereto  duly  executed  and  funds
         sufficient  to pay any  transfer  tax. In such event,  the  Corporation
         shall, without charge, execute and deliver a new Warrant Certificate in
         the  name of the  assignee  named  in  such  Assignment  Form,  and the
         Warrants  represented  by this Warrant  Certificate  shall  promptly be
         cancelled.  This Warrant  Certificate  may be divided or combined  with
         other Warrants which carry the same rights upon presentation thereof at
         the principal office of the Corporation  together with a written notice
         signed by the Holder thereof, specifying the names and denominations in
         which new Warrants are to be issued. The terms "Warrant" and "Warrants"
         as used herein include any Warrants in substitution  for or replacement
         of this Warrant,  or into which the Warrant represented by this Warrant
         Certificate may be divided or exchanged.

17.      The Holder may  subscribe  for and purchase any lesser number of Common
         Shares than the number of shares expressed in this Warrant Certificate.
         In the case of any  subscription  for a lesser  number of Common Shares
         than  expressed  in  this or any  successor  Warrant  Certificate  or a
         transfer  of any of the  Warrants  pursuant  to section  16, the Holder
         shall be  entitled  to receive  at no cost to the Holder a new  Warrant
         Certificate in respect of the balance of Warrants not then exercised or
         transferred.  Any new  Warrant  Certificate(s)  shall be  mailed to the
         Holder  or  assignee  by the  Corporation  or,  at its  direction,  the
         Transfer  Agent,  within  five  (5)  business  days of  receipt  by the
         Corporation  of  all  materials  required  by  sections  5  or  16,  as
         applicable.

18.      Each Holder of this Warrant,  the Warrant  Shares or any other security
         issued or issuable upon  exercise of this Warrant  shall  indemnify and
         hold harmless the  Corporation,  its  directors and officers,  and each
         person,  if any,  who  controls  the  Corporation,  against any losses,
         claims,  damages  or  liabilities,  joint  or  several,  to  which  the
         Corporation or any such director, officer or any such person may become
         subject  under the 1933 Act or statute or common  law,  insofar as such
         losses, claims, damages or liabilities,  or actions in respect thereof,
         arise out of or are based upon the  disposition  by such  Holder of the
         Warrant the Common Shares issuable upon the exercise of this Warrant in
         violation of the terms of this Warrant Certificate.

19.      If  any  Warrant  Certificate  becomes  stolen,   lost,   mutilated  or
         destroyed,  the  Corporation  shall,  on  such  terms  as it may in its
         discretion  acting  reasonably  impose,  issue  and sign a new  Warrant
         Certificate  of  like  denomination,  tenor  and  date  as the  Warrant
         Certificate so stolen, lost, mutilated or destroyed for delivery to the
         Holder.

20.      The  Corporation  and  the  Transfer  Agent  may  deem  and  treat  the
         registered  holder of any Warrant  Certificate as the absolute owner of
         the Warrants represented thereby for all purposes,  and the Corporation
         and neither the Corporation nor the Transfer Agent shall be affected by
         any notice or knowledge to the contrary except where the Corporation or
         the Transfer Agent is required to take notice by statute or by order of

                                       7
<PAGE>

         a court of  competent  jurisdiction.  A Holder shall be entitled to the
         rights evidenced by such Warrant  Certificate free from all equities or
         rights of set-off  or  counterclaim  between  the  Corporation  and the
         original  or any  intermediate  holder  thereof and all persons may act
         accordingly  and the  receipt by any such  Holder of the Common  Shares
         purchaseable  pursuant to such Warrant shall be a good discharge to the
         Corporation  and the  Transfer  Agent  for the  same  and  neither  the
         Corporation  nor the Transfer  Agent shall be bound to inquire into the
         title of any such Holder except where the  Corporation  or the Transfer
         Agent is  required  to take notice by statute or by order of a court of
         competent jurisdiction.

21.      Provisions  of  this  Warrant   Certificate  may  be  amended  and  the
         observance  thereof may be waived (either  generally or in a particular
         instance  and either  retroactively  or  prospectively),  only with the
         written  consent  of the  Corporation  and the  Holder of this  Warrant
         Certificate.

22.      All notices to be sent hereunder shall be deemed to be validly given to
         the  Holders  of the  Warrants  on the date of  receipt  if  personally
         delivered, sent by telecopier or overnight courier, charges prepaid, or
         five days after  deposit in the United  States mail,  by  registered or
         certified  mail,  postage  prepaid,  addressed to such holders at their
         post office  addresses  appearing  in the  register of Warrant  holders
         caused to be  maintained  by the  Corporation.  All  notices to be sent
         hereunder shall be deemed to be validly given to the Corporation on the
         date  of  receipt  if  personally  delivered,  sent  by  telecopier  or
         overnight courier,  charges prepaid,  or five days after deposit in the
         United States mail, by registered or certified mail,  postage  prepaid,
         addressed to the  Corporation at 204 Edison Way, Reno,  Nevada 89502 or
         such other address as the Corporation  shall have designated by written
         notice to such registered owner.

23.      This  Warrant  shall be governed by the laws of the State of Nevada and
         the  federal  laws of the  United  States  applicable  therein  (within
         reference to the conflict of laws provisions thereof).

24.      Notwithstanding  anything to the contrary herein contained,  the Holder
         may not exercise any of the Warrants to the extent that,  giving effect
         to such exercises,  the number of Common Shares then beneficially owned
         by the Holder, as determined under Section 13(d) of the Exchange Act of
         1934, as amended, exceeds 9.999% of the then total number of issued and
         outstanding Common Shares (including for such purpose the Common Shares
         issuable upon such exercise). Each delivery of an exercise notice under
         this Warrant Certificate will constitute a representation by the Holder
         that it has  evaluated  the  limitation  set forth in this  letter  and
         determined that issuance of the full number of Common Shares  requested
         in such exercise  notice is permitted  hereunder.  The exercise cap set
         forth  hereunder  shall not restrict the number of Common  Shares which
         the Holder may receive or  beneficially  own in order to determine  the
         amount of securities or other consideration that the Holder may receive
         in  the  event  of  a  merger   or  other   business   combination   or
         reclassification involving the Corporation.

         The  Corporation is not  responsible  for tracking (and has no means to
         track) the number of Common  Shares  beneficially  owned by the Holder,
         and neither the Corporation nor the Corporation's counsel has provided,
         or has any  obligation to provide,  advice to the Holder  regarding the
         Holders  ownership  of  Common  Shares  or  compliance  with  governing
         securities  laws.  The  Corporation  is not  liable  for any  civil  or
         criminal  damages or sanctions  that may be imposed upon or against the
         Holder  as a  result  of  the  Holder's  failure  to  comply  with  the

                                       8
<PAGE>

         provisions  of this  Warrant or governing  state or federal  securities
         laws.  Notwithstanding  anything  in this  Warrant  Certificate  to the
         contrary,  this  Section 24 shall not be subject  to  amendment  by the
         parties hereto.

         IN WITNESS WHEREOF the Corporation has caused this Series 2003F Warrant
Certificate to be signed by its duly authorized officer.

         DATED as of the _____________ day of ______, ____.

                                       ALTAIR NANOTECHNOLOGIES INC.

                                       By: _____________________________________
                                       Its: ____________________________________

                                       9
<PAGE>

                                SUBSCRIPTION FORM

TO BE COMPLETED UPON EXERCISE:

The undersigned hereby subscribes for  ________________  common shares of Altair
Nanotechnologies  Inc.  according to the terms and  conditions  set forth in the
annexed Warrant  Certificate (or such number of other  securities or property to
which such  warrant  entitles  the  undersigned  to acquire  under the terms and
conditions  set  forth in the  annexed  warrant  certificate).  The  undersigned
represents  that the common  shares being  acquired upon exercise of the Warrant
Certificate are being acquired for the account of the undersigned for investment
and not with a view to,  or for  resale in  connection  with,  the  distribution
thereof and that the  undersigned  has no present  intention of  distributing or
reselling such shares.  The subscriber  acknowledges  and agrees that any legend
required  the  Warrant  Certificate  or by  applicable  law may be placed on any
certificates representing common shares delivered to the undersigned.

         Address for Delivery of Shares:    ____________________________________
                                            ____________________________________
                                            ____________________________________
                                            ____________________________________

                                            Attention: _________________________

         Tendered (U.S. $_____ per share) Exercise Price $______________________

         Dated at ________________, this _______ day of _______________, ______.

                                         _______________________________________
                                         Holder's Name

                                         _______________________________________
                                         Authorized Signature

                                         _______________________________________
                                         Title (if applicable)

Signature guaranteed:

                                       10
<PAGE>

                                 ASSIGNMENT FORM

TO BE COMPLETED IF WARRANTS ARE TO BE ASSIGNED:

TO:      ALTAIR NANOTECHNOLOGIES INC.
         204 Edison Way
         Reno, Nevada 89502

         By signing below, the undersigned represents, warrants and certifies to
Altair Nanotechnologies Inc. as follows:

         (a)  the  undersigned  is  the  record  and  beneficial  owner  of  the
         Warrant(s) represented by the Warrant Certificate attached hereto; and

         (b) either
                  _____ (i) attached  hereto is an opinion in form and substance
         satisfactory to the  Corporation  that the Warrant(s) to be transferred
         hereby may be transferred  pursuant to Rule 144  promulgated  under the
         1933 Act, or

                  ______ (ii) a registration  statement under the 1933 Act is at
         that time in effect with respect to the  Warrant(s)  to be  transferred
         hereby  and  transfer  of  such  Warrant(s)  will  not  jeopardize  the
         exemption  or  exemptions  from  registration  pursuant  to which  such
         Warrant(s) were issued.

By signing below,  the  undersigned  hereby  transfers,  assigns and conveys all
right,  title and interest in and to _________  of the Warrants  represented  by
this  Warrant Certificate to  __________________________________________________
____________________________ residing at _______________________________________
________________________________________  for good and  valuable  consideration.
You are hereby instructed to take the necessary steps to effect this transfer.

         Dated at ___________________, this ______ day of _____________, _____.

                  Witness:                  ) __________________________________
                                            ) Holder's Name
                                            )
                                            ) __________________________________
                                            ) Authorized Signature )
                                            )
                                            )__________________________________
                                            ) Title (if applicable) )
Signature guaranteed:                       )

                                       11

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