As I have said in many occasions, FNC is really undervalued at 0.26/s. So, this would be a good time to accummulate...either to start from the bottom, or to average down.

Of course, it is not be a good thing to be forced to liquidate the shares at below 1.00/s if the bought-in price was way over 1.00/s. However, we have to be realistic, regardless of the bought-in price, if an offer comes in at about $1.00, which is a factor of 4 over the current sp, there would be a lot of people who would be willing to part with their shares.

Also, we cannot prevent an opportunistic bidder to come in with what we would consider as a low-ball offer (any offer, low-ball or not, is perfectly legit). Shareholders can certainly reserve the rights not to sell, but some would say an offer of 4 times the sp would NOT be considered as a low-ball and would readily tender their shares (even just a factor of 2 would be good enough for some people).

This is why management will have to work hard to try to unlock the value of the company. Management should be willing to promote the fact that the company has great potential. We need to have someone else to assist Dr. Smith to do this promotion job, since he's too busy doing his drilling (recognizing that Dr. Smith is an excellent geo). This someone would need to be proactive, and not shy to say good things about this company to the world from the roof top.

Us, small investors can only do so much to raise some awareness with our posts, but the real act will have to come from the company to get the sp up.

I am one of those people who would worry about early low-ball offers from other companies. In my opinion, FNC is dirt cheap and people like NOT (for the Ni and Cr next door to its Eagle Nest) and its protector Baosteel (Boasteel is the wrong spelling of the company's name) are salivating by just looking at FNC holdings (Baosteel would not mind to get the Fe and Ti along with Ni and Cr). We are talking a deep pocket here, and anything less than $100M to Baosteel is chump change. I just hope that we have enough strong hands around to resist low-ball offers. Just wondering who have the controlling blocks of shares...Anyone?

BTW, let's not forget CLF which is presumably watching FNC very closely for its holdings, PLUS the real estate in RoF (to gain transportation access to the (KWG) railhead in the south from its proposed site for BT/BD).

Just my 2 cents. Feel free to jump in with your speculation.

goldhunter