Focusing on the Positive:

We may have different chromite then FWR at C-5. What got FWR looking in the first place was the combination of gravitational readings and conductivity. What he found instead of nickel was chromite. But what’s got Smith fascinated about C-5 is that it is non-conductive, but with equal or stronger gravitational readings as FWR. This could indicate a greater percentage of chromite then FWR/CLF. Perhaps the GEOs might call Smith and expand. This combined with Cliffs possible land grab makes C-5 exciting in addition to current C-1 drilling.

FNC could hit serious massive sulphide then they have already. When we know nothing, people tend to think of hitting nickel as a 50/50 chance -yes or no. But really, it's not that. He's already hit massive sulphides on the last drill plan, and let's assume he's hit those again as he chases the tail to the beast. So I feel percentages favors repeat massive hits. Indeed, one could look negatively or positively at his going deeper. But, as most don't know any data, going deep could just be part of the drill plan, and does not infer negative success chasing the beast. It could indicate, they found nickel and want to see how deep it goes.

Any hint of ROF nickel and SP will quadruple. Magpie alone may get us $2 to $5 per share.

Focusing on the Negative:

Wax, as you pointed out the AGM is in October. Does Smith need to have made us cash by then to avoid being toast? Who would he be replaced by and would we really want him gone? Not Mac, they’re friends. The only option, would be Richard Nemis -back in the ROF next to Noront. Exciting.

Smith is great at acquiring cheap properties with value while avoiding dilution. That is great in a CEO. But he's so-far not successful in selling anything that gets money for investors. He's given two excuses for Magpie: Pat dragging his heels and the market crash. But he had a year to get the metallurgical work done and the market is favorable right now. Usually a CEO gets investors money and doesn't make or find excuses or he’s replaced. He certainly shouldn’t blame the market. ROF must yield fruit or October may be difficult for him. He can only do the best he can, but it’s not in his control. Magpie is under his control. Metellurgical studies should be done this summer. Markets are favorable for a Magpie sale. All the pieces are in place. It’s success to put money in our pockets lays in the CEO’s salesmanship ability only. I think Smith is feeling the pressure this summer for a good October.

I write this as encouragement to our CEO to focus on projects that personally benefits investors pockets as opposed to giving Smith ability to aquire more land. I like Smith and would like to see him around past October. I know FNC is his baby, but since he went public, you and I became his babies.

Some may say, Stockgreed, you are being to harsh on Peter. After all, land acquisition got us McFaulds lake in the first place. But as I thought about it, the more I realized that the function of the AGM is to make the CEO accountable to his shareholder’s investment. I don't want my CEO to force me to be a day trader. I'd prefer to hold on long with FNC. However, if Smith doesn't give us dividends, then he can only expect us to sell with an SP increase. What was the last dividend Smith gave to his shareholders?

Here is a good example of why Oct is an important motivator for a CEO. Peter has fun playing with land. But how will Champion benefit my pockets? Will it put anything in my pocket, a dividend, or will it simply allow him to aquire more land like Red Paint Lake? He's got dozens and dozens of properties. But we are trying to encourage him to focus on completing the immediate jewels of FNC acquisitions –Magpie and McFaulds. The AGM should encourage Peter to give us dividends and not just pay for his salary and fun. I wouldn't even mind if for every property he sold he put a .50 dividend to his investors. That would add up. But until he thinks this way, we must continually remind him that so far he has only been profitable to us by selling based on an SP rise from other CEOs efforts, not his. This pattern does not encourage long term investors.

Sell Magpie. That is something Smith can control. Right now -tomorrow. Leverage interested parties while we wait for metellurgical tests. Become a salesman before you are forced to pay Groome to do your job, and we must wait for him to do DD. He may be the gatekeeper to Korea, but until then get Korea's competitors involved.

October will come faster than you can imagine –like a proposal presentation. If Pat causes delay, he needs to leave the focus group to forward progress. If he can contribute towards a sale, then get to it. If he wants to IPO, the he can buy FNC out, and he can develop Magpie on his own time and money.

-stockgreed