Massive Black Horse Chromite Discovery

Black Horse deposit has an Inferred Resource Now 85.9 Million Tonnes @ 34.5%

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Message: Nothing under $5

What also needs to be considered is that FWR owns 47% of the BD resource together with SPQ and KWG, so Cliffs bought that when they bought FWR for $1.00 not to mention The BT resource, Quest and the other smaller properties.

Was 1.00 cheap for FWR.............definitely!..........professional mining analysts stated that the FWR deal added $5.00 to Cliffs value.

$5.00 x 135,000,000 cliffs shares = $675,000,000.00 to Cliffs value

divided by 220,000,000 FWR shares = $3.06 per FWR share ..........or about 1% of the in situ value of FWR.

Cliffs bought FWR for 1/3% of in situ......................great deal!

From this you can extrapolate the value of our 27% of BD and you need to add in the net present value of the NSR.

The RR is another matter but it doesn't exist. Only the right to own it???????.......what is that worth??........no clue!

imo.............Carry

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