What you are asking might seem basic but it is not. I'm not going into the math, it's my son who is a Pure Math graduate (You've got to be nuts to take that degree), but game theory and math do play a part. You can't take into consideration the fact Noront ran from 70 cents up to current price into your calculation of max benefit. It doesn't work that way when the current price is based in large part on underlying value that has been assertained.

You have to look at all the players and their current price and why they are at that price. Then pick the ones you feel are most likely to improve their exploration results. Hands down Noront has the best chance of doing so. Someone else may but odds are in Noront's favor AT THIS TIME.

Noront will sell out all or most holdings in McFauld lake area at some point to a major mining company as will every other player who can get them to make an offer. None of the companies involved can borrow the required amounts to put in a Nickel mine nor have they the expertise to run one.

Noront wants to run Windfall as a mine, gold mines are different from nickel mines, smaller scale and lots of available expertise to hire. Noront can, build a small mill or ship the ore to close by mill for processing and mine the gold for steady cash flow. Not going to require huge dollar investment and the grade in first section to be mined is so high it will pay for everything.