You have to go back many years....I believe around 2007/2008 when Noront was drilling up their property and people were buying up the area plays to see the peak price for Fancamp.

I believe at the time, FNC went up close to $3.00 range....mind you, with fewer shares outstanding.  Then, a couple years later, it did run up to about $1.00 again on speculation of drill results.  That particular drill apparently verred off onto Noront's property and the results were never release....to my knowledge.

Fancamp has since optioned off the property to Bold/KWG, which now have a 50% interest.  

Another point worth mentioning is that  KWG/BOLD could increase their interest to  80% by paying $16 million I believe...I think that's still the case. 

Then....there are their share holdings in other companies, such as CIA and others...and a decent cash position. 

Besides Noront....it's my top holding.