I'm not disagreeing with what kind of value a pp might be done at, if one is done at all. However burn rate is something I'm familiar with and believe me you can count on it never being lower than forcast.

My guess is that by the end of August Noront, if they don't raise other case from jv or pp etc., run down the cash in bank to balance of between $10 Million and $14 Million. Your guess is higher remaining cash but one thing I can assure you, THEY WON"T TELL US. Noront will file their required statement and we'll have to wait for them. Why would they want to tell their competition (or suitors) what there burn rate is?

This is really academic anyway since well before the kitty runs dry Noront will be in totally different situation reguarding proven and/or inferred resources. Share price much much higher.