The beauty of this announcment is that we no longer need the road/rail as leverage against Cliffs to be able access what was (and is no longer) our biggest asset, 30% of the Big Daddy. The road/rail is now just another asset with big upside.

Previous to the NI-43-101 on the Black Horse being announced we needed some leverage to gain access to our 30% Big Daddy holding for KWG to be worth anything. If we then lost the easement hearing, Cliffs could have continued to snub us, and they could develop the Black Thor mine first. It could have been years before Big Daddy would have been mined.

Now we have a chromite mine which has the potential to be as big or bigger than Cliffs', Black Thor.

If we win the easement debate (which I am optimistic that we do), then the rail/road asset becomes a huge third asset for us.