To date, Smith has played his cards right by sitting out and having NOT play their hand out.  It is hard to imagine that when they saw the richest 100 m hole ever drilled that they would do a qwick PP by concluding it would be isolated to a 100 m ball of Ni.  Since NOT early on had eliminated that it was going NE, NW, and to a large extent SW, all signs were pointing to FNC SE.

By waiting, they are now seeing 2.75 rather than perhaps 1.50 PP and waiting a little more with NOT perhaps annoucing additional good news on a second hit will cause price to rise.  This means that existing shareholders will benefit more long term if there is something there as a result of less share dilution.  They could have done some type of insider private financing that would have come across as being a little shady and thankfully have not.  I say drill, raise bigger cash with about same number of shares you might have been thinking of putting out there a month ago, then drill a bunch, and follow-up with the auction between XTRATA, Vale (CVRD), and others that are interested in Ni.