Ok. Richard Nemis kept a 2% NSR on Big Daddy, Black Thor, and Black Label deposits. He sold 1% to KWG, who in turn sold this to Anglo Pacific (for $18million). More recently Franco Nevada got a 3%NSR on Black Thor & a 2% NSR on 'all other NOT properties except Eagle's Nest'. So the total NSR on Black Thor is now 5%, and on Big Daddy it is 2% + (I assume) another 2% of NOT's 70% = something like 2+1.4% or 3.4%.

This means when Black Thor is mined, first in line will be the NSR owners, to take the top 5%, while Big Daddy has a slightly smaller burden, at 3.4% from the net.

As far as I know there is no outstanding NSR on Black Horse. Also, as yet, no PEA. This would be an underground operation, I think, as would a mine on Black Thor.

I don't know the details of any PEA on Black Thor, but this will have been done by CLF, and passed on to NOT, and if it exists, breaks down the economics of their Road, and includes details of whatever deals they got for cheap hydro & other Govt handouts they were promised, so will be kept out of public view.

From the 2011 PEA of Big Daddy;

"The project as described in the PEA includes the development of a railway and power line to the site, an open pit mine and associated crushing plant and infrastructure. It is estimated that the pre-production construction would be completed over a 3-year time frame and the open pit would produce a total of 25.35 million tonnes of indicated resources and 13.54 million tonnes of inferred resources of lump chromite mineralization, over a 16-year mine life."

I think the First Nations in the area are hoping for a share in these deposits, and the simplest way is with a NSR.

By the fact of being an open pit initially, Big Daddy seems the best candidate to start chromite mining, although there is a fairly high NSR on NOT's share. Black Horse is second choice because of having no NSR burden as yet.