Contrary to what is said on the NOT forum at the present time they haven't identified enough ore to justify a mine in their location. Unbelievably rich core samples but so far the tonnage hasn't been proven up. 

With two drills turning they'll be getting a better handle on size and average grade sooner than anyone else in the McFaulds Lake Area. Won't be worth what some fans are guessing but no question its a very valuable find. Not impossible for them to increase deposit size as it does appear open, but lower grades likely and that ore is deeper and therefor more expensive to extract. 

Noront can option all or most of the claims they've staked or sit for awhile and let someone else hit something so their JV deals would be sweeter. They're burning money up there so will want to hit more and produce some sweet results so financing can be done at higher values. Unless they prove it out well enough for a big offer to come in from major mining company. 

They may not have the 'goods' yet but they are a lot closer than anybody else so stock price doesn't look too rich yet to buy in.