from another perspective....just throwing this out there...

Perhaps "the market" suspects that all of those nearly 18 million warrrants will expire unexercised , and that the total outstanding shares of the company will remain at ~ 140 million rather than 158 million. Thus, assuming the company will be spared the dilution of 10 to 12% via warrant exercise, the SP has reacted by increasing ~10% from $0.04 to $0.045. The underlying assumption with that scenario would be that although the news with regards to the Magpie discussions might be very positive, in today's market it would not carry enough weight to increase the SP by more than 150%.

On the other hand it also makes sense that FNC is extremely oversold due to a combination of tax-loss selling on minimal volumes and an incorrect perception that FNC is principally an iron-ore resource stock , and that the SP will regress to the mean over the next few months..

Cheers,

Luker

p.s.: It would be very interesting to know just who "the market " is with respect to current shareholders . Sometimes I wonder if there is greater than 50 of us in total who actually own this stock!