Filed  pursuant  to
                                                             Rule   424   (b)(3)
                                                             Registration   Nos.
                                                             333-54092,
                                                             333-45511 &
                                                             333-36462




                            ALTAIR INTERNATIONAL INC.
                            12,060,842 Common Shares
                               ------------------

         This prospectus  relates to the offering and sale of 12,060,842  common
shares of Altair  International  Inc.,  without  par value.  All of the  offered
shares  are to be  sold  by  persons  who  are  existing  security  holders  and
identified in the section of this prospectus entitled "Selling Shareholders." Of
the  shares  offered  hereby,   650,000  are  currently  owned  by  the  selling
shareholders  and  1,383,672  are  issuable  upon the  exercise  of  outstanding
warrants to purchase common shares of Altair.  The remaining  10,027,170 offered
shares are being registered pursuant to a contractual obligation with one of the
selling  shareholders  and  represent an estimated  number of common shares that
Altair may be required to issue to such  selling  shareholder  pursuant to a 10%
Asset-Backed  Exchangeable  Term Note. The number of shares actually issued upon
the  exchange  of the  Exchangeable  Term  Note may be  greater  or  fewer  than
10,027,170  shares.  In addition,  pursuant to Rule 416 of the Securities Act of
1933, as amended, this prospectus and the registration  statement of which it is
a part cover a presently indeterminate number of common shares issuable upon the
occurrence of a stock split, stock dividend, or other similar transaction.

         We will not  receive  any of the  proceeds  from the sale of the shares
offered  hereunder.  In the  United  States,  our  common  shares are listed for
trading  under the symbol  ALTI on the Nasdaq  National  Market.  On November 8,
2001,  the  closing  sale price of a common  share,  as  reported  by the Nasdaq
National Market, was $1.52 per share. Unless otherwise expressly indicated,  all
monetary  amounts set forth in this  prospectus  are  expressed in United States
Dollars.

         Our  principal  office is located at 1725 Sheridan  Avenue,  Suite 140,
Cody, Wyoming 82414 U.S.A., and our telephone number is (307) 587-8245.


================================================================================
Consider  carefully  the risk  factors  beginning  on page 2 in this  prospectus
before investing in the offered share being sold with this prospectus.
================================================================================


Neither  the  Securities  and  Exchange  Commission  nor  any  state  securities
commission  has approved or  disapproved  of these  securities  or passed on the
adequacy or accuracy of this prospectus. Any representation to the contrary is a
criminal offense.


                             Dated November 9, 2001






                                TABLE OF CONTENTS


RISK FACTORS................................................................2


FORWARD-LOOKING STATEMENTS.................................................10


OUR COMPANY'S COMMON STOCK.................................................10


USE OF PROCEEDS............................................................12


DILUTION...................................................................12


SELLING SHAREHOLDERS.......................................................13


PLAN OF DISTRIBUTION.......................................................22


DESCRIPTION OF OFFERED SECURITIES..........................................24


LEGAL MATTERS..............................................................24


EXPERTS....................................................................24


INCORPORATION OF CERTAIN DOCUMENTS BY REFERENCE............................24


WHERE YOU CAN FIND MORE INFORMATION........................................25







                                  RISK FACTORS

         Before  you  invest  in  the  offered  securities   described  in  this
prospectus,  you should be aware that such investment involves the assumption of
various risks.  You should consider  carefully the risk factors  described below
together with all of the other  information  included in this prospectus  before
you decide to purchase the offered securities.

We have not generated, and may never generate, significant operating revenues.
------------------------------------------------------------------------------

         To  date,  we  have  not  generated  any   significant   revenues  from
operations.  We  have  not  completed  development  of the  jig or the  titanium
processing  technology  and  have not  completed  exploration  of the  Tennessee
mineral  property.  We can  provide  no  assurance  that we will  ever  generate
significant  revenues from the jig or the Tennessee  mineral property or that we
will generate significant revenues from the titanium processing technology.

We may continue to experience significant losses from operations.
-----------------------------------------------------------------

         We have  experienced a loss from  operations in every fiscal year since
our inception. Our losses from operations in 1999 were $3,729,534 and our losses
from  operations in 2000 were  $6,647,367.  We will continue to experience a net
operating loss until, and if, the titanium processing technology, the jig and/or
the Tennessee mineral property begin generating  significant  revenues.  Even if
any or all such products or projects begin generating  significant revenues, the
revenues may not exceed our costs of production and operating  expenses.  We may
not ever realize a profit from operations.

We may not be able to raise sufficient capital to meet future obligations.
------------------------------------------------------------------------- -

         As of  September  30,  2001,  we had $17,728 in  unrestricted  cash and
$2,504,715  in  restricted  cash that is  securing  a letter  of  credit  and is
scheduled  to be  released  as the  outstanding  principal  balance is  reduced.
through In the  absence of  significant  revenue,  this  amount of capital  will
likely prove  insufficient  to complete the testing and  additional  development
work  necessary  to place the titanium  processing  technology  into  continuous
operation.  In addition,  we will likely need additional capital for testing and
development of the jig or exploration of the Tennessee mineral  property.  If we
determine to construct and operate a mine on the Tennessee mineral property,  we
will need to obtain a  significant  amount of  additional  capital  to  complete
construction of the mine and commence operations.

         We may not be able to obtain the amount of additional capital needed or
may be forced to pay an extremely high price for capital.  Factors affecting the
availability and price of capital may include the following:

         o    market  factors  affecting  the  availability  and cost of capital
              generally;
         o    our financial results;
         o    the amount of our capital needs;
         o    the market's  perception  of mining,  technology  and/or  minerals
              stocks;
         o    the economics of projects being pursued;

                                       2


         o    industry  perception  of our ability to recover  minerals with the
              jig or  titanium  processing  technology  or  from  the  Tennessee
              mineral property; and
         o    the price, volatility and trading volume of our common shares.

If we are unable to obtain sufficient  capital or are forced to pay a high price
for capital,  we may be unable to meet future  obligations or adequately exploit
existing or future opportunities, and may be forced to discontinue operations.

Our  competitors  may be able to raise  money  and  exploit  opportunities  more
--------------------------------------------------------------------------------
rapidly, easily and thoroughly than we can.
-------------------------------------------

         We have  limited  financial  and other  resources  and,  because of our
earlier stage of development,  have limited access to capital. We compete or may
compete  against  entities that are much larger than we are, have more extensive
resources than we do and have an established  reputation and operating  history.
Because of their size, resources, reputation, history and other factors, certain
of our  competitors  may have  better  access to capital  and other  significant
resources than we do and, as a result,  may be able to exploit  acquisition  and
development opportunities more rapidly, easily or thoroughly than we can.

The common shares issued upon exchange of the Exchangeable  Term Note may dilute
--------------------------------------------------------------------------------
existing shareholders.
----------------------

         We do not  presently  have the capital to redeem the  monthly  payments
required by the 10% Asset-Backed  Exchangeable Term Note dated December 15, 2000
(the "Exchangeable  Term Note"). If we do not redeem such monthly payments,  the
holder  of the  Exchangeable  Term Note has the right to  exchange  the  monthly
payment  amounts into common shares at an exchange  price equal to the lesser of
$3.00 and the  average of the lowest  three daily  trading  prices of the common
shares during the 15 trading days ending on the day before an exchange  right is
exercised.  Because the exchange price is tied to the market price of our common
shares, the number of shares issuable upon exercise of exchange rights increases
significantly  as the market  price of our common  shares  falls below $3.00 and
would  approach  infinity if the market  price of our common  shares  approached
zero. For example, if the market price of our common shares were to drop to $.50
and remain at that level throughout the term of the Exchangeable  Term Note, the
holder would receive  approximately  15,458,332  common shares (or approximately
44.5% of the common shares that would be  outstanding  after the issuance)  upon
exercise of all exchange rights accruing under the Exchangeable Term Note.

The  exercise  of exchange  rights  under the  Exchangeable  Term Note may place
--------------------------------------------------------------------------------
downward  pressure on the market price of our common shares and encourage  short
--------------------------------------------------------------------------------
selling.
--------

         The exchange of the monthly payment amount under the Exchangeable  Term
Note and  subsequent  sale of the common shares  issuable upon such exchange may
place downward  pressure on the market price of our common  shares.  Speculative
traders may  anticipate the exercise of exchange  rights under the  Exchangeable
Term Note and, in  anticipation  of a decline in the market  price of our common
shares,  engage in short  sales of our common  shares.  Such short  sales  could
further negatively affect the market price of our common shares.

                                       3


We have pledged substantial assets to secure the Exchangeable Term Note.
------------------------------------------------------------------------

         We have  pledged all of the  intellectual  property and common stock of
Altair Technologies,  Inc., our second-tier wholly-owned  subsidiary,  to secure
repayment of the  Exchangeable  Term Note.  Altair  Technologies,  Inc. owns and
operates the titanium  processing  technology  we acquired  from BHP Minerals in
1999. The Exchangeable Term Note is also secured by a pledge of the common stock
of Mineral  Recovery  Systems,  Inc.,  which  owns and  operates  our  leasehold
interests in the Camden,  Tennessee area. If we default on the Exchangeable Term
Note,  severe remedies will be available to the holder of the Exchangeable  Term
Note, including immediate seizure and disposition of all pledged assets.

Operations using the titanium  processing  technology,  the jig or the Tennessee
--------------------------------------------------------------------------------
mineral property may lead to substantial environmental liability.
-----------------------------------------------------------------

         Virtually any proposed use of the titanium processing  technology,  the
jig or the Tennessee  mineral  property  would be subject to federal,  state and
local  environmental  laws.  Under such laws,  we may be jointly  and  severally
liable with prior property owners for the treatment, cleanup, remediation and/or
removal of any  hazardous  substances  discovered  at any  property  we use.  In
addition,  courts or government  agencies may impose  liability for, among other
things,   the  improper   release,   discharge,   storage,   use,   disposal  or
transportation of hazardous  substances.  We might use hazardous substances and,
if we do, we will be subject to substantial risks that environmental remediation
will be required.

Certain of our experts and  directors  reside in Canada and may be able to avoid
--------------------------------------------------------------------------------
civil liability.
----------------

         We are an Ontario corporation,  and a majority of our directors and our
Canadian  legal counsel are residents of Canada.  As a result,  investors may be
unable to effect  service of process upon such persons  within the United States
and may be unable to enforce  court  judgments  against such persons  predicated
upon civil  liability  provisions  of the United States  securities  laws. It is
uncertain  whether Canadian courts would (i) enforce  judgments of United States
courts  obtained  against us or such directors,  officers or experts  predicated
upon the civil  liability  provisions of United States  securities  laws or (ii)
impose liability in original  actions against Altair or its directors,  officers
or experts predicated upon United States securities laws.

We are dependent on key personnel.
----------------------------------

         Our  continued  success  will  depend  to a  significant  extent on the
services of Dr. William P. Long, our President and Chief Executive Officer,  and
Mr. C. Patrick  Costin,  our Vice  President and President of Fine Gold and MRS.
The loss or  unavailability  of Dr.  Long or Mr.  Costin  could  have a material
adverse effect on us. We do not carry key man insurance on the lives of Dr. Long
or Mr. Costin.

                                       4


We may issue  substantial  amounts  of  additional  shares  without  stockholder
--------------------------------------------------------------------------------
approval.
---------

         Our Articles of  Incorporation  authorize  the issuance of an unlimited
number of common  shares.  All such  shares may be issued  without any action or
approval by our stockholders.  In addition, we have two stock option plans which
have potential for diluting of the ownership interests of our stockholders.  The
issuance of any  additional  common shares would further  dilute the  percentage
ownership  of Altair held by existing  stockholders.  Additional  common  shares
could be issued at a lower price per share than the price you are being offered.

The market price of our common shares is extremely volatile.
------------------------------------------------------------

         Our common shares have been listed on the Nasdaq  National Market since
January 26, 1998.  Trading in our common shares has been characterized by a high
degree  of  volatility.  Trading  in  our  common  shares  may  continue  to  be
characterized  by  extreme  volatility  for  numerous  reasons,   including  the
following:

         o    Uncertainty  regarding  the  viability of the titanium  processing
              technology, the jig or the Tennessee mineral property;

         o    Continued  dominance  of trading  in our common  shares by a small
              number of firms;

         o    Positive or negative announcements by us or our competitors;

         o    Industry trends,  general economic conditions in the United States
              or  elsewhere,  or the  general  markets  for  equity  securities,
              minerals, or commodities; and

         o    Speculation by short sellers of our common shares or other persons
              (such as the holders of the  Exchangeable  Term Note) who stand to
              profit  from a rapid  increase  or  decrease  in the  price of our
              common shares.

Future sales of currently  restricted  securities  or common  shares  subject to
--------------------------------------------------------------------------------
outstanding options may affect the market price of our common shares.
---------------------------------------------------------------------

         In general,  Rule 144 of the Securities  Act provides that  outstanding
restricted  common  shares of Altair may be sold  subject to certain  conditions
beginning one year after  issuance  and,  unless held by an affiliate of Altair,
may be sold without limitation beginning two years after issuance.  Future sales
of  currently  restricted  securities  may have a negative  effect on the market
price of our common shares.

         In addition, shares issued upon exercise of options granted pursuant to
our employee  stock option plans are presently  registered  under the Securities
Act. Subject to certain restrictions on resale by affiliates, such shares may be
sold without  restriction.  The sale of any substantial  number of common shares
may have a depressive effect on the market price of our common shares.

We have never declared, and are currently prohibited from declaring, a dividend.
--------------------------------------------------------------------------------

         We have never  declared  or paid  dividends  on our common  shares.  We
currently intend to retain any future earnings,  if any, for use in our business
and,  therefore,  do not anticipate paying dividends on our common shares in the

                                       5


foreseeable future. In addition,  under the terms of the Exchangeable Term Note,
we are prohibited from declaring or paying any dividends until the  Exchangeable
Term Note is paid in full.

We may not be able to sell nanoparticles  produced using the titanium processing
--------------------------------------------------------------------------------
technology.
-----------

         In the short run, we plan to use the titanium processing  technology to
produce titanium dioxide ("TiO2")  nanoparticles.  TiO2  nanoparticles  are TiO2
crystals that are  approximately  one-tenth the size of conventional  pigmentary
TiO2  particles.  Because of their small size,  photocatalytic  and  ultraviolet
shielding capabilities and other unique characteristics, TiO2 nanoparticles sell
at a much higher price than conventional TiO2 particles and are used in products
such  as  specialty  surface  coatings,  UV  protectant  cosmetics  and  battery
components.

         TiO2  nanoparticles  and other products we intend to initially  produce
with the titanium  processing  technology  generally  must be  customized  for a
specific  application  working in  cooperation  with the end user.  We are still
testing and customizing our TiO2 nanoparticle  products for various applications
and  have no  long-term  agreements  with  end  users  to  purchase  any of TiO2
nanoparticle  products.  If we are  unable to  customize  our TiO2  nanoparticle
products to the  satisfaction  of customers  or  otherwise  unable to obtain any
long-term  commitments from end-users of our TiO2 nanoparticle  products, we may
be unable to recoup our  investment in the titanium  processing  technology  and
titanium processing equipment.

         In  addition,  the uses for such  nanoparticles  are  limited,  and the
market for such  nanoparticles is small,  currently  estimated at 3,800 tons per
annum.  In  light  of the  small  size  of the  market,  we may  not be  able to
profitably  market any proposed  nanoparticle  products for any of the following
reasons:

         o    there may be insufficient demand for such products;

         o    despite strong  initial  demand for any such products,  the market
              for such products may contract as a result of a decrease in demand
              for goods incorporating such products or other event;

         o    the increased  supply of such products as a result of our entrance
              into  the  market  may  cause  the  price  to  drop,  reducing  or
              eliminating profitability; and

         o    competing   entities  may  begin  producing,   or  increase  their
              production  of  nanoparticles,   causing  the  price  to  drop  or
              displacing potential sales.

                                       6


Our  costs  of  production  may  be so  high  as to  prevent  us  from  becoming
--------------------------------------------------------------------------------
profitable.
-----------

         We have not produced any mineral products using the titanium processing
technology and equipment on a commercial  basis.  Our actual costs of production
may exceed those of competitors  and, even if our costs of production are lower,
competitors may be able to sell TiO2 and other products at a lower price than is
economical for Altair.

         In addition, even if our initial costs are as anticipated, the titanium
processing  equipment may break down, prove unreliable or prove inefficient in a
commercial  setting. If so, related costs, delays and related problems may cause
production of TiO2 nanoparticles and related products to be unprofitable.

Our costs of production may exceed estimates.
---------------------------------------------

         We  have  not  produced  any  mineral  products  using  the  processing
technology and equipment on a commercial  basis.  Our actual costs of production
may exceed those of competitors  and, even if our costs of production are lower,
competitors may be able to sell TiO2 and other products at a lower price than is
economical for Altair.

         In addition, even if our initial costs are as anticipated, the titanium
processing  equipment may break down, prove unreliable or prove inefficient in a
commercial  setting. If so, related costs, delays and related problems may cause
production of TiO2 nanoparticles and related products to be unprofitable.

We have not  completed  testing  and  development  of the jig and are  presently
--------------------------------------------------------------------------------
focusing our resources on other projects.
-----------------------------------\------

         We have not completed  testing of, or developed a production  model of,
any series of the jig. We do not expect to complete  testing and  development of
the jig during the coming year and have  determined to focus most of our limited
resources  on the  titanium  processing  technology  and the  Tennessee  mineral
property. We may never develop a production model of the jig.

Even if we complete  development of the jig, the jig may prove  unmarketable and
--------------------------------------------------------------------------------
may not perform as anticipated in a commercial operation.
---------------------------------------------------------

         The  designed  capacity  of the  Series  12 jig is too  small  for coal
washing, heavy minerals extraction,  and most other intended applications of the
jig,  except use in small placer gold mines or similar  operations.  Even if the
Series 12 jig is completed and performs to design  specifications  in subsequent
tests or at a  commercial  facility,  we  believe  that,  because  of its  small
capacity, the potential market for the Series 12 jig is limited.

         If we complete development of and begin marketing a production model of
the Series 30 jig, it may not prove  attractive to potential  end users,  may be
rendered obsolete by competing  technologies or may not recover end product at a
commercially  viable  rate.  Even if  technology  included in the jig  initially
proves attractive to potential end users,  performance  problems and maintenance
issues may limit the market for the jig.

                                       7


The jig faces  competition  from other  jig-like  products and from  alternative
--------------------------------------------------------------------------------
technologies.
-------------

         Various   jig-like   products  and   alternative   mineral   processing
technologies  perform many functions similar or identical to those for which the
jig is designed. Results from further tests or actual operations may reveal that
these alternative  products and technologies are better adapted to any or all of
the uses for which the jig is intended.  Moreover,  regardless  of test results,
consumers may view any or all of such  alternative  products and technologies as
technically superior to, or more cost effective than, the jig.

Certain patents for the jig have expired, and those that have not expired may be
--------------------------------------------------------------------------------
difficult to enforce.
---------------------

         All of the initial  patents issued on the jig have expired,  and we are
unable to prevent competitors from copying the technology once protected by such
patents. Additional patents related to the process through which water is pulsed
through the cylindrical  screen on the jig expire beginning in 2010, and patents
for an efficiency-enhancing aspect of the cylindrical screen expire during 2018.
The cost of enforcing patents is often significant,  especially outside of North
America. Accordingly, we may be unable to enforce even our patents that have not
yet expired.

We have not completed  examining the feasibility of mining the Tennessee mineral
--------------------------------------------------------------------------------
property.
---------

         We are  currently in the process of conducting  feasibility  testing of
the Tennessee mineral property.  Because we are at an early stage of testing, we
are  unable to  provide  any  assurance  that  mining of the  Tennessee  mineral
property is feasible or to identify all processes that we would need to complete
before we could commence a mining operation on the Tennessee  mineral  property.
To the extent early  feasibility  testing  yields  positive  results,  we expect
feasibility testing to involve, among other things, the following:

         o    operating a pilot mining  facility to determine  mineral  recovery
              efficiencies and the quality of end products;
         o    additional  drilling  and  sampling  in order  to more  accurately
              determine the quantity;  quality and continuity of minerals on the
              Tennessee mineral property;
         o    examining production costs and the market for products produced at
              the pilot facility;
         o    designing any proposed mining facility;
         o    identifying  and  applying  for  the  permits  necessary  for  any
              proposed full-scale mining facility; and
         o    attempting to secure financing for any proposed  full-scale mining
              facility.

         Our  test  production  at  the  pilot  plant,   economic  analysis  and
additional exploration activities may indicate any of the following:

         o    that  the  Tennessee  mineral  property  does  not  contain  heavy
              minerals of a sufficient quantity, quality or continuity to permit
              any mining;
         o    that production costs exceed anticipated revenues;
         o    that end  products  do not meet  market  requirements  or customer
              expectations;
         o    that there is an insufficient market for products minable from the
              Tennessee mineral property; or
         o    that  mining the  Tennessee  mineral  property  is  otherwise  not
              economically or technically feasible.

                                       8


Even if we conclude that mining is economically and technically  feasible on the
Tennessee  mineral property,  we may be unable to obtain the capital,  resources
and permits necessary to mine the Tennessee  mineral  property.  Market factors,
such as a decline in the price of, or demand for,  minerals  recoverable  at the
Tennessee  mineral  property,  may adversely  affect the  development  of mining
operations  on such  property.  In  addition,  as we move  through  the  testing
process,  we may  identify  additional  items  that  need to be  researched  and
resolved before any proposed mining operation could commence.

We cannot  forecast the life of any potential  mining  operation  located on the
--------------------------------------------------------------------------------
Tennessee mineral property.
---------------------------

         We have not explored and tested the Tennessee  mineral  property enough
to establish the existence of a commercially minable deposit (i.e. a reserve) on
such property.  Until such time as a reserve is established  (of which there can
be no  assurance),  we cannot  provide an estimate as to how long the  Tennessee
mineral property could sustain any proposed mining operation.

We may be  unable to  obtain  necessary  environmental  permits  and may  expend
--------------------------------------------------------------------------------
significant resources in order to comply with environmental laws.
-----------------------------------------------------------------

         In order to begin  construction and commercial  mining on the Tennessee
mineral property, we must obtain additional federal, state and local permits. We
will also be required to conform our operations to the  requirements of numerous
federal,  state and local  environmental laws. Because we have not yet commenced
design of a commercial mining facility on the Tennessee mineral property, we are
not in a position  to  definitively  ascertain  which  federal,  state and local
mining  and  environmental  laws or  regulations  would  apply  to a mine on the
Tennessee  mineral property.  Nevertheless,  we anticipate having to comply with
and/or  obtain  permits  under the Clean Air Act,  Clean Water Act and  Resource
Conservation   and  Recovery  Act,  in  addition  to  numerous  state  laws  and
regulations  before  commencing  construction  or  operation  of a  mine  on the
Tennessee mineral property.  We can provide no assurance that we will be able to
comply with such laws and  regulations or obtain any such permits.  In addition,
obtaining  such  permits  and  complying  with  such   environmental   laws  and
regulations may be cost prohibitive.

The market for  commodities  produced using the jig or at the Tennessee  mineral
--------------------------------------------------------------------------------
property may significantly decline.
-----------------------------------

         If the jig is successfully  developed and  manufactured on a commercial
basis,  we intend  to use the jig,  or lease the jig for use,  to  separate  and
recover valuable,  heavy mineral particles.  Active international  markets exist
for gold, titanium,  zircon and many other minerals potentially recoverable with
the jig. Prices of such minerals  fluctuate widely and are beyond our control. A
significant  decline in the price of minerals  capable of being extracted by the
jig could have significant negative effect on the value of the jig. Similarly, a
significant  decline in the price of  minerals  expected  to be  produced on the
Tennessee  mineral  property  could have a  significant  negative  effect on the
viability of a mine or processing facility on such property.

                                       9


                           FORWARD-LOOKING STATEMENTS

         This  prospectus  contains  various  forward-looking  statements.  Such
statements  can  be  identified  by  the  use  of  the   forward-looking   words
"anticipate," "estimate," "project," "likely," "believe," "intend," "expect," or
similar words. These statements discuss future expectations, contain projections
regarding future developments,  operations,  or financial  conditions,  or state
other  forward-looking   information.   When  considering  such  forward-looking
statements,  you  should  keep in mind the risk  factors  noted in the  previous
section and other  cautionary  statements  throughout  this  prospectus  and our
periodic  filings with the SEC that are  incorporated  herein by reference.  You
should  also  keep in mind  that all  forward-looking  statements  are  based on
management's  existing  beliefs  about  present  and  future  events  outside of
management's  control and on assumptions that may prove to be incorrect.  If one
or  more  risks  identified  in  this  prospectus  or  any  applicable   filings
materializes,  or any other underlying  assumptions prove incorrect,  our actual
results may vary materially from those  anticipated,  estimated,  projected,  or
intended.

         Among the key factors that may have a direct  bearing on our  operating
results are risks and  uncertainties  described under "Risk Factors,"  including
those   attributable   to  the  absence  of   operating   revenues  or  profits,
uncertainties  regarding the development and  commercialization  of the titanium
processing  technology  and the  jig,  development  risks  associated  with  the
Tennessee  mineral  property and  uncertainties  regarding our ability to obtain
capital  sufficient to continue our operations and pursue our proposed  business
strategy.

                           OUR COMPANY'S COMMON STOCK

                           Price Range of Common Stock

         Beginning on January 26, 1998,  our common  shares began trading on the
Nasdaq  National  Market under the symbol "ALTIF"  (changed to "ALTI" on May 23,
2000) The following table sets forth,  for the periods  indicated,  the high and
low sales  prices for our common  shares,  as  reported  on the Nasdaq  National
Market.


Fiscal Year Ended December 31, 1998                     Low                 High
                                                        ----------------    ----------------
                                                                       
         1st  Quarter   (beginning  January  26,
         1998)                                             $8.125            $15.625
         2nd Quarter                                        7.000              9.625
         3rd Quarter                                        3.000             10.250
         4th Quarter                                        5.875              8.625

Fiscal Year Ended December 31, 1999                     Low                 High
                                                        ----------------    ----------------

         1st Quarter                                       $6.063             $9.875
         2nd Quarter                                        4.125              6.875
         3rd Quarter                                        3.875              5.000
         4th Quarter                                        3.453              5.063


                                       10




Fiscal Year Ended December 31, 2000                     Low                 High
                                                        ----------------    ----------------
                                                                        
         1st Quarter                                       $3.625             $9.469
         2nd Quarter                                       $2.750             $5.625
         3rd Quarter                                       $2.000             $4.469
         4th Quarter                                       $0.719             $3.500


Fiscal Year Ended December 31, 2001                     Low                 High
                                                        ----------------    ----------------

         1st Quarter                                       $1.313              $3.438
         2nd Quarter                                       $2.00               $2.910
         3rd Quarter                                       $1.240              $2.740


The last sale price of the common  shares,  as reported  on the Nasdaq  National
Market, on November 8, 2001 was $1.52 per share.

                  Outstanding Shares and Number of Shareholders

         As of November 1, 2001,  the number of common  shares  outstanding  was
20,814,809,  held by approximately 500 holders of record. In addition, as of the
same date, we had reserved 5,366,700 common shares for issuance upon exercise of
options that have been, or may be, granted under our employee stock option plans
and  1,883,672  common  shares  3,600,340  for  issuance  upon the  exercise  of
outstanding  warrants.  In addition,  we have issued the Exchangeable Term Note,
pursuant to which a presently  indeterminable number of additional common shares
may be issued.

         Of  our   outstanding   common  shares,   1,750,001  were   "restricted
securities,"  as defined in Rule 144 as of  September  30,  2001.  The resale of
550,000 of such restricted securities has been registered under the registration
statement  of  which  this   prospectus  is  part.  The  1,200,001   "restricted
securities" that have not been registered  under the  registration  statement of
which this  prospectus is a part were issued between August 4, 2000 and July 23,
2001.

                                    Dividends

         We  have  never  declared  or  paid  dividends  on our  common  shares.
Moreover,  we  currently  intend to retain  any future  earnings  for use in our
business and,  therefore,  do not anticipate  paying any dividends on our common
shares in the foreseeable future.

                          Transfer Agent and Registrar

         The  Transfer  Agent  and  Registrar  for our  common  shares is Equity
Transfer Services, Inc., Suite 420, 120 Adelaide Street West, Toronto,  Ontario,
M5H 4C3.

                                       11


                        Canadian Taxation Considerations

         Dividends  paid on common shares owned by  non-residents  of Canada are
subject to Canadian  withholding  tax. The rate of withholding  tax on dividends
under the Income Tax Act (Canada) (the "Act") is 25%. However,  Article X of the
reciprocal  tax treaty  between  Canada and the  United  States of America  (the
"Treaty")  generally  limits the rate of  withholding  tax on dividends  paid to
United States residents to 15%. The Treaty further  generally limits the rate of
withholding  tax to 5% if  the  beneficial  owner  of  the  dividends  is a U.S.
corporation which owns at least 10% of the voting shares of the company.

         If the beneficial  owner of the dividend  carries on business in Canada
through a permanent  establishment in Canada, or performs in Canada  independent
personal  services  from a fixed  base in  Canada,  and the shares of stock with
respect to which the  dividends  are paid are  effectively  connected  with such
permanent  establishment  or fixed base,  the dividends are taxable in Canada as
business  profits at rates  which may exceed the 5% or 15% rates  applicable  to
dividends that are not so connected with a Canadian  permanent  establishment or
fixed base. Under the provisions of the Treaty, Canada is permitted to apply its
domestic  law  rules  for  differentiating  dividends  from  interest  and other
disbursements.

         A capital gain  realized on the  disposition  of our common shares by a
person resident in the United States (a  "Non-resident")  will be subject to tax
under the Act if the  shares  held by the  Non-resident  are  "taxable  Canadian
property." In general,  our common shares will be taxable  Canadian  property if
the particular Non-resident used (or in the case of a Non-resident insurer, used
or held) the common  shares in carrying  on business in Canada or,  where at any
time during the five-year  period  immediately  preceding the realization of the
gain,  not less than 25% of the  issued and  outstanding  shares of any class or
series of shares of the Company were owned by the  particular  Non-resident,  by
persons with whom the particular  Non-resident did not deal at arms' length,  or
by any combination  thereof.  If the common shares  constitute  taxable Canadian
property,  relief  nevertheless  may be  available  under the Treaty.  Under the
Treaty,  gains from the alienation of common shares owned by a Non-resident  who
has never been resident in Canada generally will be exempt from Canadian capital
gains tax if the shares do not relate to a permanent establishment or fixed base
which the  Non-resident  has or had in  Canada,  and if not more than 50% of the
value of the shares was derived from real  property  (which  includes  rights to
explore for or to exploit mineral deposits) situated in Canada.

                                 USE OF PROCEEDS

         All proceeds  from any sale of offered  shares,  less  commissions  and
other  customary  fees  and  expenses,  will be  paid  directly  to the  selling
shareholders  selling the offered shares.  We will not receive any proceeds from
the sale of any of the offered shares.

                                    DILUTION

         Our  unaudited  net  tangible  book  value at  September  30,  2001 was
$3,716,444,  or approximately $.18 per each of the 20,578,909 common shares then

                                       12


outstanding and approximately  $.11 per share had all of the 12,060,842  offered
shares been issued and outstanding on that date. Accordingly,  new investors who
purchase shares may suffer an immediate  dilution of the difference  between the
purchase price per share and approximately $.11 per share.

         As of September 30, 2001, there were  outstanding  warrants and options
to purchase up to 7,267,040  common shares at a weighted  average exercise price
of $4.2642 per share.  The  existence  of such  warrants  and options may hinder
future equity offerings by us, and the exercise of such warrants and options may
have an adverse  effect on the  prevailing  market  price of the common  shares.
Furthermore,  the holders of warrants  and options may  exercise  them at a time
when we would  otherwise be able to obtain  additional  equity  capital on terms
more favorable to us.

                              SELLING SHAREHOLDERS

         All of the offered  shares are to be sold by persons  who are  existing
security  holders of Altair.  The selling  shareholders  acquired  their shares,
warrants  and  Exchangeable   Term  Note  in  private   placements  of  (i)  the
Exchangeable  Term Note and 350,000  warrants  that we completed on December 15,
2000 (ii) 50,000  shares and 50,000  warrants  that we  completed  on August 22,
2000,  (iii) 500,000 shares and 500,000  warrants that we completed on August 4,
2000,  (iv) 325,339  warrants  that we  completed on March 31, 2000,  (v) 83,333
warrants  that we  completed  on March 3, 2000,  (vi)  75,000  warrants  that we
completed on February 15, 2000,  and (vii)  100,000  shares that we completed on
December 29, 1997.

         Of the common shares offered hereby, 650,000 are currently owned by the
selling  shareholders  and 1,383,672  are issuable upon exercise of  outstanding
warrants.  The remaining  10,027,170  offered shares relate to the  Exchangeable
Term Note, which is exchangeable into our common shares.

         For  purposes of this  prospectus,  we have  assumed that the number of
shares  issuable  upon  exercise of each of the warrants is the number stated on
the face thereof.  The number of shares  issuable upon exercise of the warrants,
and  available  for  resale  hereunder,  is  subject  to  adjustment  and  could
materially  differ from the estimated  amount  depending on the  occurrence of a
stock split, stock dividend,  or similar transaction  resulting in an adjustment
in the number of shares subject to the warrants.

         For purposes of this  prospectus,  we have also assumed that 10,027,170
shares would be issued upon exercise of exchange  rights under the  Exchangeable
Term Note,  which is the 150% of the number of shares  that will be issued if we
do not prepay or redeem any amounts due under the  Exchangeable  Term Note,  the
holder of the Exchangeable  Term Note exercises all exchange rights  immediately
upon accrual and the exchange rate remains at $1.15623, as it was on the date we
filed the initial  registration  statement of which this  prospectus  is a part.
Nonetheless,  the number of shares  issuable  upon  exchange of accrued  monthly
payments under the Exchangeable  Term Note, and available for resale  hereunder,
is subject to adjustment and could  materially  differ from the estimated amount
depending  variations in the market price of our common  shares,  any partial or
complete  redemption of the Exchangeable  Term Note or the occurrence of a stock
split, stock dividend,  or similar transaction resulting in an adjustment in the
number of shares  issuable upon exchange of accrued  monthly  payments under the
Exchangeable Term Note.

                                       13


                  Beneficial Ownership of Selling Shareholders

         The table that begins on the top of the next page sets forth, as of the
date of this prospectus:

         o    the name of each selling shareholder,
         o    certain  beneficial  ownership  information  with  respect  to the
              selling shareholders,
         o    the  number of  shares  that may be sold from time to time by each
              selling shareholder pursuant to this prospectus, and
         o    the amount (and, if one percent or more, the percentage) of common
              shares  to be owned by each  selling  shareholder  if all  offered
              shares are sold.

Beneficial  ownership is determined  in accordance  with SEC rules and generally
includes  voting or investment  power with respect to securities.  Common shares
that are issuable upon the exercise of  outstanding  options,  warrants or other
purchase rights,  to the extent  exercisable  within 60 days of the date of this
prospectus,  are treated as  outstanding  for purposes of computing each selling
shareholder's percentage ownership of outstanding common shares.


                                                                                            Shares Beneficially Owned
                                         Beneficial Ownership                                 upon Completion of the
                                          Prior to Offering                                        Offering(1)
                                   ---------------------------------                       -----------------------------
                                                                          Number of
                                       Number of                         Shares Being       Number of
      Beneficial Owner                  Shares          Percent(2)         Offered           Shares           Percent
------------------------------     ----------------    -------------    --------------     ------------    ------------

                                                                                                 
Doral 18, LLC                         1,429,550(3)         4.9%(4)         10,377,170         300,000           1.3%
     David White**
     John Fern**

Louis Schnur                          2,956,189(5)         9.9%(6)            750,000       2,206,189           9.9%

MBRT Trust(7)                           412,500(8)         2.0%               350,000          62,500             *
     Shayne Davis**

Gibson Family Limited                   233,334(9)         1.1%               100,000         133,334             *
Partnership
Tom Gibson**

Anderson LLC                            250,261(10)        1.2%               250,261            0               --
     David Sims**

Toyota on Western, Inc.                  83,333(11)          *                 83,333            0               --
     Louis Schnur**

De Jong & Associates, Inc.               75,000(12)          *                 75,000            0               --
     Ron de Jong**

Ladenburg   Thalmann  &  Co.,            75,078(13)          *                 75,078            0               --
Inc.

All Selling  Shareholders  as         5,515,245(3)(14)    22.6%            12,060,842       1,676,633          7.5%
a Group
---------------------


                                       14


*        Represents less than one percent of the outstanding common shares.
**       Such  individual has authority to make voting and investment  decisions
         with  respect to the  securities  of Altair  held by the entity  listed
         above such individual's name. Where two or more individuals are listed,
         each has such authority acting without the other.

(1)      Assuming  the sale by each  selling  shareholder  of all of the  shares
         offered  hereunder  by  such  selling  shareholder.  There  can  be  no
         assurance that any of the shares offered hereby will be sold.
(2)      The percentages set forth above have been computed  assuming the number
         of common shares outstanding equals the sum of (a) 20,814,809, which is
         the number of common shares  actually  outstanding on November 1, 2001,
         and (b) common  shares  subject to  exercisable  warrants  and exchange
         rights with respect to which such percentage is calculated.
(3)      Includes  650,000  common  shares  issuable by us upon the  exercise of
         warrants held by Doral 18, LLC and 779,000  shares that would have been
         issued if all accrued  exchange  rights  would have been  exercised  on
         November 1, 2001. Does not include shares issuable upon exercise of the
         exchange  rights that may accrue in the future  under the  Exchangeable
         Term Note held by Doral. As further  discussed in "--Private  Placement
         of Shares, Warrants and Notes--Doral 18, LLC" below, if we elect not to
         redeem the monthly  payment amount we owe under the  Exchangeable  Term
         Note,  on each due  date,  the  holder  of the  Exchangeable  Term Note
         automatically will receive the right to exchange (immediately or at any
         later date  during the term) the  monthly  payment  amount  into common
         shares at the  applicable  exchange  price.  The exchange price for any
         date is the lesser of (a) a fixed exchange  price of $3.00,  subject to
         adjustment,  and (b) the  average of the  lowest  three  daily  trading
         prices of the common  shares  during the 15 trading  days ending on the
         day before an exchange right is exercised.  For an  illustration of how
         many common shares would be issuable under the  Exchangeable  Term Note
         if the  market  price of our  common  shares  were to remain at various
         price  levels  during  the  term of the  Exchangeable  Term  Note,  see
         "--Private  Placement  of Shares,  Warrants  and Notes - Doral 18, LLC"
         below.  As required by a registration  rights  agreement with Doral, we
         have  registered  10,027,170  common  shares on  behalf  of Doral  with
         respect to the Exchangeable Term Note,  representing 150% of the number
         of shares that would be issuable to Doral were all  exchange  rights to
         vest  and be  exercised  on the  date the  initial  draft  registration
         statement of which this prospectus is a part was filed.
(4)      Under the terms of theThe  Exchangeable  Term Note and Warrants held by
         Doral,  Doral is prohibited  from exercising any  accruedDoral  contain
         provisions which provide that Doral may not exercise exchange rights or
         warrants  if, after such  exercise,  it would  beneficially  ownif such
         exercise  would  result  in  Doral  owning  more  than  4.999%  of  the
         outstanding common shares. But for the effect of such provision,  Doral
         would beneficially own 6.4% of the outstanding common shares.
(5)      Includes  1,639,133  common shar es issuable by us upon the exercise of
         warrants held by Mr. Schnur and 83,333 common shares  issuable upon the
         exercise of warrants owned by Toyota On Western,  Inc., an affiliate of
         Mr. Schnur.
(6)      Under  the  terms of the  Warrants  held by Mr.  Schnur  and  Toyota On
         Western,  Inc.,  neither  may  exercise  any  Warrants  if,  after such
         exercise,  he/it  would  beneficially  own  more  than  9.999%  of  the
         outstanding  common shares.  But for the effect of such provision,  Mr.
         Schnur would beneficially own 13.2% of the outstanding common shares.

                                       15


(7)      The MBRT Trust is an irrevocable  trust established by William P. Long,
         President of the Company, and is administered by an independent trustee
         for the benefit of the children of Mr.  Long.  Mr. Long  disclaims  any
         beneficial interest in the common shares owned by the MBRT Trust.
(8)      Includes  125,000  common  shares  issuable by us upon the  exercise of
         warrants held by such entity.
(9)      Includes  50,000  common  shares  issuable  by us upon the  exercise of
         warrants held by such entity.
(10)     Includes  250,261  common  shares  issuable by us upon the  exercise of
         warrants held by such entity.
(11)     Includes  83,333  common  shares  issuable  by us upon the  exercise of
         warrants  held by such  entity.  Said  shares are also  listed as being
         beneficially owned by Mr. Schnur who is an affiliate of such entity.
(12)     Includes  75,000  common  shares  issuable  by us upon the  exercise of
         warrants held by such entity.
(13)     Includes  75,078  common  shares  issuable  by us upon the  exercise of
         warrants held by such entity.
(14)     Includes  2,950,805  common shares  issuable by us upon the exercise of
         warrants held by the selling shareholders.

         Doral 18, LLC is a Cayman Islands limited liability company and private
investment  fund that is owned by all of its investors and managed by JE Matthew
LLC. JE Matthew LLC, of which David White and John Fern are managers, has voting
and  investment  control over the shares listed above as  beneficially  owned by
Doral 18, LLC.

         MBRT  Trust is a  Cayman  Islands  private  trust  established  for the
benefit of the children of William P. Long,  President of Altair, and is managed
by its trustee,  United European Bank. On behalf of United European Bank, Shayne
Davis  has  voting  and  investment  control  over the  shares  listed  above as
beneficially owned by MBRT Trust.

         Gibson Family Limited Partnership is a family-owned limited partnership
that is  owned  by all of its  investors  and  managed  by Tom  Gibson,  general
partner.  Tom Gibson has voting and  investment  control over the shares  listed
above as beneficially owned by Gibson Family Limited Partnership.

         Anderson  LLC is a Cayman  Islands  limited  liability  company that is
managed  by  Navigator   Management  Ltd.  David  Sims,  Director  of  Navigator
Management Ltd., has voting and investment  control over the shares listed above
as beneficially owned by Anderson LLC.

         Toyota on  Western,  Inc.  is an  Illinois  corporation  owned by Louis
Schnur and Judy Schnur. Louis Schnur,  President of Toyota on Western, Inc., has
voting and investment control over the shares listed above as beneficially owned
by Toyota on Western, Inc.

         De Jong & Associates,  Inc. is a California  corporation  and operating
business  that is owned  and  controlled  by Ron de  Jong,  who has  voting  and
investment control over the shares listed above as beneficially owned by de Jong
& Associates, Inc.

         Ladenburg  Thalmann & Co.,  Inc. is a  corporation  engaged in the full
service  investment  banking and brokerage  business.  The board of directors of
Ladenburg Thalmann & Co., Inc. has voting and investment control over the shares
listed above as beneficially owned by Ladenburg Thalmann Co., Inc.

                                       16


         We believe that the selling  shareholders who are individuals have sole
voting and  investment  power with respect to all shares  shown as  beneficially
owned by them.  We believe  that  voting and  investment  power with  respect to
shares  shown as  beneficially  owned by selling  shareholders  who are entities
resides with the individuals identified in the preceding seven paragraphs. There
can be no assurance that any of the shares offered hereby will be sold.

                 Private Placement of Shares, Warrants and Notes

Doral 18, LLC
-------------

         On December 15, 2000, pursuant to a securities  purchase agreement,  we
sold Doral 18, LLC a warrant to purchase  350,000 common shares and a $7,000,000
10% Asset-Backed Exchangeable Term Note.

         The warrant has an exercise  price of $3.00,  and is exercisable at any
time on or before the earlier of (a) December 15, 2005, and (b) the date 60 days
after we provide notice to the holder that the market price of the common shares
has been equal to or greater than $12.00 for five consecutive days. The exercise
price is subject to reduction  pursuant to a formula set forth in the warrant at
any time we sell common shares or grant a security or right  exercisable  for or
convertible  into  common  shares  at a  purchase  price  which is less than the
current  exercise  price (with  exceptions  for existing stock options and other
specified  transactions).  The  warrant  also  includes  standard  anti-dilution
provisions  pursuant  to which the  exercise  price and number of common  shares
issuable thereunder are adjusted  proportionately in the event of a stock split,
stock dividend, recapitalization or similar transaction.

         The Exchangeable Term Note is in the principal amount of $7,000,000 and
bears interest at a rate of 10% per annum.  Under the Exchangeable Term Note, we
are required to make monthly payments on or before the 15th day of each calendar
month  in  the  principal  amount  of  $291,667  plus  accrued   interest.   The
Exchangeable Term Note is due and payable in full on December 15, 2003.

         We may redeem the monthly  payment  amounts at any time  throughout the
term of the Exchangeable Term Note. In addition,  we may prepay the Exchangeable
Term Note in $250,000 increments at any time at a price equal to 115% of the sum
of  outstanding  principal and accrued  interest.  If we elect not to redeem the
monthly payment amount,  on each due date, the holder of the  Exchangeable  Term
Note  automatically  will receive the right to exchange  (immediately  or at any
later date during the term) the monthly payment amount into common shares at the
applicable  exchange price. The exchange price for any date is the lesser of (a)
a fixed exchange price of $3.00,  subject to adjustment,  and (b) the average of
the lowest three daily trading prices of the common shares during the 15 trading
days ending on the day before an exchange right is exercised.

         The fixed exchange price is subject to reduction  pursuant to a formula
set forth in the  Exchangeable  Term Note at any time we sell  common  shares or
issue a security or grant a right  exercisable  for or  convertible  into common
shares at a purchase  price which is less than the current fixed  exchange price
(with  exceptions for existing stock options and other specified  transactions).
The  Exchangeable  Term Note also  includes  standard  anti-dilution  provisions
pursuant  to which the  exercise  price and  number  of common  shares  issuable
thereunder  are adjusted  proportionately  in the event of a stock split,  stock
dividend, recapitalization or similar transaction.

                                       17


         Upon the occurrence of a default or specified  major  corporate  event,
the holder of the  Exchangeable  Term Note has the right to exchange  the entire
principal  balance of the  Exchangeable  Term Note for common  shares.  Upon the
occurrence  of other  specified  events,  we are  required to redeem the monthly
payment amount in cash at 120% of face value.

         The  Exchangeable  Term Note is secured  by a pledge of the  equipment,
intellectual  property  and  common  stock  of  Altair  Technologies,   Inc.,  a
second-tier   wholly-owned   subsidiary  of  Altair  International  Inc.  Altair
Technologies,  Inc.  owns and  operates the titanium  processing  technology  we
acquired in 1999. The Exchangeable  Term Note is also secured by a pledge of the
common  stock of Mineral  Recovery  Systems,  Inc.,  which owns and operates our
leasehold interests in the Camden, Tennessee area.

         Pursuant to a registration  rights  agreement  dated as of December 15,
2000, we are obligated to file a registration  statement  registering the shares
issuable to Doral in connection with the Exchangeable Term Note and the warrant.

         In order to illustrate the relationship between the market price of our
common  shares and the number of common  shares  issuable  upon  exchange of the
monthly payment amounts on the Exchangeable  Term Note, the following table sets
forth how many  additional  common  shares would be issued upon  exchange of the
entire  exchangeable  amount of the Exchangeable Term Note if the average of the
lowest three daily  trading  prices during the 15 trading days ending on the day
before an exchange  rate is exercised  were (a) $3.00 or greater,  (b) $2.50 per
share, (c) $2.00 per share,  (d) $1.00 per share,  and (e) $.50 per share.  Such
prices are selected for illustration purposes only and do not reflect our actual
estimate of the average of the lowest three daily  trading  prices during any 15
trading day period.


                                               Assumed Average of Lowest Three Trading Prices Throughout the Term
                                               ------------------------------------------------------------------
                                              $3.00 or
                                              Greater          $2.50          $2.00           $1.00           $.50
                                                                                            
                    Shares Issuable(1)       2,576,388       3,091,666      3,864,583       7,729,166      15,458,332

          Percentage of Outstanding(2)
                         Common Shares         11.8%           13.8%          16.7%           28.7%          44.5%


         (1)  Assumes that shareholder approval is obtained for the issuance the
         transaction  in which we issued the  Exchangeable  Term  Note,  that no
         principal  or  interest  is  redeemed  with cash or  prepaid,  that all
         exchange  rights are exercised on the date of accrual,  that no default
         occurs and that no penalties or premiums are required to be paid.

         (2)  Represents  percentage  of  outstanding  common  shares  following
         exchange assuming the 19,244,318 common shares,  the number outstanding
         on June 29, 2001, are outstanding on the date of exercise.

                                       18


Louis Schnur
------------

         Louis Schnur acquired  375,000 common shares and 375,000  warrants in a
private placement  pursuant to the terms of a stock purchase  agreement dated as
of August 4, 2000. The 375,000  warrants  include  warrants to purchase  187,500
common shares at an exercise price of $5 at any time prior to the earlier of (i)
July 9, 2006,  and (ii) the date thirty days following the fifth day (whether or
not  consecutive) the closing price of the common shares equals or exceeds $7.00
and warrants to purchase 187,500 common shares at an exercise price of $4 at any
time prior to the  earlier of (i) July 9, 2006,  and (ii) the date  thirty  days
following  the fifth day (whether or not  consecutive)  the closing price of the
common shares equals or exceeds $6.00.  Notwithstanding the foregoing,  pursuant
to a Repricing  Amendment to Common Share Purchase  Warrants dated as of October
18, 2001,  the warrants have been amended to reduce the exercise price to $1 per
share for a period  that  commenced  on or about  November 9, 2001 and that will
continue  until  December  15, 2001,  after which the exercise  price will again
increase to $4.

         The warrants  include  standard  anti-dilution  provisions  pursuant to
which the exercise  price and number of shares  issuable  thereunder is adjusted
proportionately in the event of a stock split, stock dividend,  recapitalization
or similar  transaction.  The warrants also contain a provision  which  provides
that the holder may not  exercise the warrant if such  exercise  would result in
the holder,  together with any affiliate thereof,  beneficially owning in excess
of 9.999% of our then issued and outstanding common shares.

         The shares that may be offered pursuant to this prospectus  include the
375,000  common shares issued to Mr. Schnur and the common shares  issuable upon
the exercise of the warrants.  Pursuant to a registration rights agreement dated
as of August 4, 2000 and entered into in  conjunction  with the Schnur  purchase
agreement,  we are obligated to file a registration  statement  registering  the
common shares,  and shares  issuable upon the exercise of warrants,  acquired by
Mr. Schnur on August 4, 2000.

MBRT Trust
----------

         MBRT Trust,  an  irrevocable  trust for the benefit of the  children of
William P. Long,  President of the Company,  acquired  125,000 common shares and
125,000  warrants  in a  private  placement  pursuant  to the  terms  of a stock
purchase  agreement  dated as of August 4, 2000.  The 125,000  warrants  include
warrants to purchase 62,500 common shares at an exercise price of $5 at any time
prior to the earlier of (i) the fifth  anniversary of the date the  registration
statement of which this  prospectus is a part is first  effective,  and (ii) the
date thirty  days  following  the fifth day  (whether  or not  consecutive)  the
closing  price of the common  shares  equals or exceeds  $7.00 and  warrants  to
purchase  62,500 common  shares at an exercise  price of $4 at any time prior to
the earlier of (i) the fifth anniversary of the date the registration  statement
of which this prospectus is a part is first effective,  and (ii) the date thirty
days following the fifth day (whether or not  consecutive)  the closing price of
the common  shares  equals or  exceeds  $6.00.  The  warrants  include  standard
anti-dilution  provisions  pursuant  to which the  exercise  price and number of
shares issuable  thereunder is adjusted  proportionately in the event of a stock
split, stock dividend,  recapitalization or similar transaction. The shares that
may be offered pursuant to this prospectus  include the 125,000 shares issued to

                                       19


MBRT Trust and the 125,000 shares issuable upon the exercise of the warrants. In
addition,  the shares that may be offered  pursuant to this  prospectus  include
100,000  shares  acquired  by MBRT  Trust in a private  placement  completed  on
December  29, 1997 and  previously  registered  on  registration  statement  no.
333-45511.

         Pursuant to a registration  rights agreement dated as of August 4, 2000
and  entered  into in  conjunction  with the  MBRT  purchase  agreement,  we are
obligated to file a registration  statement  registering the common shares,  and
shares  issuable  upon the exercise of  warrants,  acquired by the MBRT Trust on
August 4, 2000.

Gibson Family Limited Partnership
---------------------------------

         Gibson Family  Limited  Partnership  acquired  50,000 shares and 50,000
warrants  in a  private  placement  pursuant  to the  terms of a stock  purchase
agreement dated as of August 22, 2000. The 50,000 warrants  include  warrants to
purchase  25,000 common  shares at an exercise  price of $5 at any time prior to
the earlier of (i) the fifth anniversary of the date the registration  statement
of which this prospectus is a part is first effective,  and (ii) the date thirty
days following the fifth day (whether or not  consecutive)  the closing price of
the common shares equals or exceeds $7.00 and warrants to purchase 25,000 common
shares at an  exercise  price of $4 at any time prior to the  earlier of (i) the
fifth  anniversary  of  the  date  the  registration  statement  of  which  this
prospectus is a part is first effective, and (ii) the date thirty days following
the fifth day  (whether  or not  consecutive)  the  closing  price of the common
shares equals or exceeds  $6.00.  The warrants  include  standard  anti-dilution
provisions  pursuant to which the exercise  price and number of shares  issuable
thereunder  is adjusted  proportionately  in the event of a stock  split,  stock
dividend,  recapitalization  or  similar  transaction.  The  shares  that may be
offered  pursuant to this prospectus  include the 50,000 common shares issued to
the Gibson Family Limited  Partnership  and the common shares  issuable upon the
exercise of the warrants.

         Pursuant to a registration rights agreement dated as of August 22, 2000
and entered into in conjunction  with the Gibson Family purchase  agreement,  we
are obligated to file a registration  statement  registering  the common shares,
and shares issuable upon the exercise of warrants, acquired by the Gibson Family
Limited Partnership on August 22, 2000.

De Jong and Associates
----------------------

         De Jong &  Associates,  Inc.  acquired  75,000  warrants  in a  private
placement  pursuant to the terms of a consulting  agreement dated as of February
15, 2000 in consideration of consulting  services provided to us by de Jong. The
warrants have an exercise  price of $4.00 per share and are  exercisable  at any
time on or before February 15, 2003. The warrants include standard anti-dilution
provisions  pursuant to which the exercise  price and number of shares  issuable
thereunder  is adjusted  proportionately  in the event of a stock  split,  stock
dividend,  recapitalization  or  similar  transaction.  The  shares  that may be
offered  pursuant  to this  prospectus  include  the  shares  issuable  upon the
exercise of such  warrants.  The common  shares  issuable  upon  exercise of the
warrants were previously registered on registration statement no. 333-36462.

                                       20


Toyota on Western, Inc.
-----------------------

         Toyota on Western, Inc. acquired 83,333 warrants in a private placement
pursuant to the terms of a stock purchase  agreement  dated as of March 3, 2000.
Pursuant  to the Toyota  purchase  agreement,  among  other  things,  we granted
warrants to purchase  83,333 shares at the exercise  price of $8.00 per share on
or  before  the  earlier  of (i)  March 3,  2004 and (ii) the date  thirty  days
following  the fifth day  (whether or not  consecutive)  the closing  price of a
common  share  on  the  Nasdaq   National   Market  equals  or  exceeds  $10.00.
Notwithstanding the foregoing, pursuant to a Repricing Amendment to Common Share
Purchase  Warrants  dated as of October 18, 2001, the warrants have been amended
to reduce the exercise  price to $1 per share for a period that  commenced on or
about  November 9, 2001 and that will continue  until  December 15, 2001,  after
which the exercise price will again increase to $8.

         The warrants  include  standard  anti-dilution  provisions  pursuant to
which the exercise  price and number of shares  issuable  thereunder is adjusted
proportionately in the event of a stock split, stock dividend,  recapitalization
or similar  transaction.  The warrants also contain a provision  which  provides
that the holder may not  exercise the warrant if such  exercise  would result in
the holder,  together with any affiliate thereof,  beneficially owning in excess
of 9.999% of our then issued and outstanding common shares.

         The shares that may be offered pursuant to this prospectus  include the
common  shares  issuable  upon the exercise of the  warrants.  The common shares
issuable  upon  exercise  of  the  warrants   were   previously   registered  on
registration statement no. 333-36462.

Ladenburg Thalmann & Co., Inc.
------------------------------

         On March 31, 2000, the Company granted  Ladenburg  Thalmann & Co., Inc.
75,078 Series N Warrants in return for serving as placement  agent in connection
with a private  placement of common  shares as of March 31,  2000.  The warrants
permit  Ladenburg to purchase up to 75,078 shares at an exercise  price of $6.75
(or  pursuant  to a cashless  exercise  provision)  at any time on or before the
earlier of (i) March 31, 2003 and (ii) the date thirty days  following the fifth
day  (whether or not  consecutive)  the closing  price of a common  share on the
Nasdaq National Market equals or exceeds $9.00. The cashless exercise  provision
permits the holder,  in lieu of paying the exercise price, to tender the warrant
certificate and receive a number of common shares equal in market value (defined
to be the previous 10 days average closing bid price) to the difference  between
the aggregate  market value of the common  shares  issuable upon exercise of the
warrant,  and the aggregate  cash exercise  price of the common shares  issuable
upon exercise of the warrant.

         The warrants  include  standard  anti-dilution  provisions  pursuant to
which the exercise  price and number of shares  issuable  thereunder is adjusted
proportionately in the event of a stock split, stock dividend,  recapitalization
or  similar  transaction.  The  shares  that  may be  offered  pursuant  to this
prospectus  include the common shares issuable upon the exercise of the warrant.
The common  shares  issuable  upon  exercise  of the  warrants  were  previously
registered by the Company on registration statement no. 333-36462.

                                       21


Anderson LLC
------------

         Anderson LLC acquired 250,261 warrants in a private placement  pursuant
to the terms of a common stock  purchase  agreement  dated as of March 31, 2000.
Pursuant to the Anderson  purchase  agreement,  we granted Anderson  warrants to
purchase  250,261  shares at an  exercise  of $6.75 per share (or  pursuant to a
cashless  exercise  provision)  at any time on or  before  March 31,  2003.  The
cashless  exercise  provision permits the holder, in lieu of paying the exercise
price,  to tender the warrant  certificate and receive a number of common shares
equal in market value  (defined to be the  previous 10 days average  closing bid
price) to the difference between the aggregate market value of the common shares
issuable upon exercise of the warrant,  and the aggregate cash exercise price of
the common shares issuable upon exercise of the warrant.

         The warrants  include  standard  anti-dilution  provisions  pursuant to
which the exercise  price and number of shares  issuable  thereunder is adjusted
proportionately in the event of a stock split, stock dividend,  recapitalization
or  similar  transaction.  The  shares  that  may be  offered  pursuant  to this
prospectus include the common shares issuable upon the exercise of the warrants.
The common  shares  issuable  upon  exercise  of the  warrants  were  previously
registered on registration statement no. 333-36462.

                              PLAN OF DISTRIBUTION

         The Shares. The shares offered by this prospectus may be sold from time
to time by the  selling  shareholders,  who  consist  of the  persons  named  as
"selling shareholders" above and those persons' pledgees, donees, transferees or
other  successors  in interest.  The selling  shareholders  may sell the offered
shares on the Nasdaq  National  Market,  or  otherwise,  at market  prices or at
negotiated  prices.  They  may  sell  shares  by  one  or a  combination  of the
following:

         o    a block trade in which a broker or dealer so engaged  will attempt
              to sell the offered shares as agent, but may position and resell a
              portion of the block as principal to facilitate the transaction;
         o    purchases  by a broker or dealer as  principal  and  resale by the
              broker or dealer for its account pursuant to this prospectus;
         o    ordinary brokerage transactions and transactions in which a broker
              solicits purchasers;
         o    an  exchange  distribution  in  accordance  with the rules of such
              exchange;
         o    privately negotiated transactions;
         o    if such a sale qualifies,  in accordance with Rule 144 promulgated
              under the Securities Act rather than pursuant to this  prospectus;
              or
         o    any other method permitted pursuant to applicable law.

         The selling  shareholders may also sell shares by means of short sales.
Short sales  involve the sale by a selling  shareholder,  usually  with a future
delivery  date,  of common  shares that the seller does not own.  Covered  short
sales are sales made in an amount not greater than the number of shares  subject
to the short seller's  warrant,  exchange right or other right to acquire common

                                       22


shares. A selling shareholder may close out any covered short position by either
exercising  its  warrants  or  exchange  rights  to  acquire  common  shares  or
purchasing  shares in the open market.  In  determining  the source of shares to
close  out the  covered  short  position,  a  selling  shareholder  will  likely
consider,  among other things, the price of common shares available for purchase
in the open  market as  compared  to the price at which it may  purchase  common
shares pursuant to its warrants or exchange rights.

         Naked  short  sales are any  sales in  excess  of the  number of shares
subject to the short seller's warrant,  exchange right or other right to acquire
common  shares.  A selling  shareholder  must  close out any naked  position  by
purchasing  shares.  A naked  short  position  is more likely to be created if a
selling  shareholder  is  concerned  that there may be downward  pressure on the
price of the common shares in the open market.

         The existence of a significant  number of short sales generally  causes
the price of the common shares to decline,  in part because it indicates  that a
number of market participants are taking a position that will profitable only if
the price of the common  shares  declines.  Purchases  to cover short sales may,
however,  increase  the  demand  for the  common  shares  and have the effect of
raising or maintaining the price of the common shares.

         In making sales, brokers or dealers engaged by the selling shareholders
may arrange for other brokers or dealers to participate. Brokers or dealers will
receive commissions or discounts from such selling shareholders in amounts to be
negotiated prior to the sale. Such selling  shareholders and any  broker-dealers
that participate in the distribution may be deemed to be  "underwriters"  within
the meaning of Section 2(11) of the  Securities Act of 1933, and any proceeds or
commissions  received  by them,  and any profits on the resale of shares sold by
broker-dealers, may be deemed to be underwriting discounts and commissions. If a
selling  shareholder  notifies us that a material  arrangement  has been entered
into with a broker-dealer for the sale of shares through a block trade,  special
offering,  exchange  distribution  or secondary  distribution or a purchase by a
broker or dealer, we will file a prospectus supplement,  if required pursuant to
the Securities Act of 1933, setting forth:

         o    the name of each of the participating  broker-dealers,
         o    the number of shares involved,
         o    the price at which the offered shares were sold,
         o    the  commissions  paid or discounts or concessions  allowed to the
              broker-dealers, where applicable;
         o    a statement to the effect that the  broker-dealers did not conduct
              any   investigation   to  verify  the   information   set  out  or
              incorporated by reference in this prospectus, and
         o    any other facts material to the transaction.

         General.  We are  paying  the  expenses  incurred  in  connection  with
preparing and filing this prospectus and the registration  statement to which it
relates,  other than selling  commissions.  In addition,  in the event a selling
shareholder  effects  a short  sale of common  shares,  this  prospectus  may be
delivered  in  connection  with such short  sale and the shares  offered by this
prospectus  may be used to cover such short sale. To the extent,  if any, that a
selling shareholder may be considered an "underwriter" within the meaning of the
Securities  Act,  the  sale  of the  shares  by it  shall  be  covered  by  this
prospectus.

                                       23


         We have not retained any  underwriter,  broker or dealer to  facilitate
the  offer  or  sale of the  offered  shares  offered  hereby.  We  will  pay no
underwriting  commissions or discounts in connection therewith,  and we will not
receive any proceeds from the sale of the offered shares.

         In order to comply  with the  securities  laws of  certain  states,  if
applicable,  the  offered  securities  will be sold in such  jurisdictions  only
through  registered  or licensed  brokers or dealers.  In  addition,  in certain
states the offered  shares may not be sold unless they have been  registered  or
qualified for sale in the applicable state or an exemption from the registration
or qualification requirement is available.

                        DESCRIPTION OF OFFERED SECURITIES

         For a description of the common shares offered hereunder,  please refer
to the description of the common shares provided in the  Registration  Statement
on Form 10-SB we filed with the SEC on November 25, 1996.

                                  LEGAL MATTERS

         The  validity of the shares being  offered  hereby is being passed upon
for us by Goodman and Carr LLP, Ontario, Canada.

                                     EXPERTS

         The financial statements and schedules included in our Annual Report on
Form 10-K for the year ended December 31, 2000, as amended,  and incorporated by
reference  in this  prospectus  have been  audited  by  Deloitte  & Touche  LLP,
independent  public  accountants,  as  indicated  in their  reports with respect
thereto, and are incorporated herein in reliance upon the authority of said firm
as experts in accounting and auditing in giving said reports.

                 INCORPORATION OF CERTAIN DOCUMENTS BY REFERENCE

         As permitted by SEC rules,  this prospectus does not contain all of the
information that prospective investors can find in the Registration Statement or
the exhibits to the Registration Statement. The SEC permits us to incorporate by
reference into this prospectus  information  filed  separately with the SEC. The
information  incorporated by reference is deemed to be part of this  prospectus,
except as  superseded  or modified  by  information  contained  directly in this
prospectus or in a subsequently filed document that also is (or is deemed to be)
incorporated herein by reference.

         This prospectus incorporates by reference the documents set forth below
that we (File No.  1-12497) have  previously  filed with the SEC pursuant to the
Securities  Exchange  Act of  1934,  as  amended  (the  "Exchange  Act").  These
documents  contain  important  information  about the Company and its  financial
condition.

                                       24


         (a)      Our Annual Report on Form 10-K for the year ended December 31,
                  2000,  filed  with the SEC on April 2,  2001,  as  amended  by
                  Amendment No. 1 on Form 10-K/A filed with the SEC on April 17,
                  2001,  Amendment No.2 on Form 10-K/A filed with the SEC on May
                  2, 2001,  Amendment No. 3 on Form 10-K/A filed with the SEC on
                  May 9, 2001, and Amendment No. 4 on Form 10-K/A filed with the
                  SEC on June 8, 2001

         (b)      Our Current Report on Form 8-K filed with the SEC on March 23,
                  2001,  as amended by an  Amendment  No. 1 on Form 8-K/A  filed
                  with the SEC on March 28, 2001.

         (c)      Our  Current  Report  on  Form  8-K/A  filed  with  the SEC on
                  December  26, 2000,  as amended by an Amendment  No. 1 on Form
                  8-K/A filed with the SEC on April 18, 2001.

         (d)      Our Quarterly  Report on Form 10-Q for the quarter ended March
                  31, 2001 filed with the SEC on May 14, 2001.

         (e)      Our  Quarterly  Report on Form 10-Q for the quarter ended June
                  30, 2001 filed with the SEC on August 14, 2001.

         (f)      Our  Quarterly  Report  on Form  10-Q  for the  quarter  ended
                  September 30, 2001 filed with the SEC on November 9, 2001.

         (g)      The  description  of  the  common  shares   contained  in  our
                  Registration  Statement  on Form  10-SB  filed with the SEC on
                  November 25,  1996,  including  any  amendment or report filed
                  under  the  Exchange  Act for the  purpose  of  updating  such
                  description.

         We hereby  incorporate  by  reference  all reports and other  documents
filed by us pursuant to Sections  13(a),  13(c), 14 or 15(d) of the Exchange Act
after the date of this prospectus and prior to the termination of this offering.

                       WHERE YOU CAN FIND MORE INFORMATION

         We file annual,  quarterly, and current reports, proxy statements,  and
other  information with the SEC. You may read and copy any reports,  statements,
or other  information  that the Company files at the SEC's Public Reference Room
at 450 Fifth  Street,  N.W.,  Washington,  D.C.  20549.  Please  call the SEC at
1-800-SEC-0330  for further  information on the Public  Reference  Room. The SEC
also maintains an Internet site (http://www.sec.gov) that makes available to the
public reports, proxy statements,  and other information regarding issuers, such
as the Company, that file electronically with the SEC.

         In addition,  we will provide,  without charge,  to each person to whom
this prospectus is delivered, upon written or oral request of any such person, a

                                       25


copy of any or all of the  foregoing  documents  (other  than  exhibits  to such
documents  which  are  not  specifically   incorporated  by  reference  in  such
documents).  Please direct  written  requests for such copies to the Company c/o
Mineral  Recovery  Systems at 230 South Rock Boulevard,  Suite 21, Reno,  Nevada
89502,  U.S.A.,  Attention:  Ed Dickinson,  Chief Financial  Officer.  Telephone
requests  may be  directed  to the  office of the  Director  of Finance at (800)
897-8245.

         Our common shares are quoted on the Nasdaq  National  Market.  Reports,
proxy statements and other  information  concerning the Company can be inspected
and  copied  at the  Public  Reference  Room  of  the  National  Association  of
Securities Dealers, 1735 K Street, N.W., Washington, D.C. 20006.

                                       26




======================================================       ====================================================


                                                          
We have not  authorized  any  dealer,  salesperson  or
other  person  to give any  information  or  represent
anything  not  contained  in  this  prospectus.   This
prospectus   does  not   offer  to  sell  or  buy  any                     12,060,842 Common Shares
securities in any  jurisdiction  where it is unlawful.
The  information  in this  prospectus is current as of
November 9, 2001.

         -----------------------
                                                                           ALTAIR INTERNATIONAL INC.

                                                                           12,060,842 COMMON SHARES






                                                                                ---------------

                                                                                  Prospectus

                                                                                ---------------







                                                                               November 9, 2001




======================================================       ====================================================