Holding some FNC is, imho, almost manditory for Noront Investors. So far only one rich deposit has been identified by Noront and it's size is still under evaluation. The DE2 and DE3 have yet to be qualified by assays and might be of lower value mineralization.
IF Noront fails to find either another small rich ore body or larger quantity of lower value ore then they could fail to have economic finds. A good few fingers are pointing at FNC's nearby land as holding a good portion of the mineralization Noront has found and if so it will tip the scales to make everything economic.
Far from a sure thing for any of the players in the ROF and that's why the share prices are low enough for Noront, FNC and others to make for nice double, triple or just maybe a 10 bagger.