While I agree there is enough money that R. Nemis doesn't absolutely have to go to the well it may not be quite as rosy as you point out.

Noront stated that it would cost $8 million for the ramp at Windfall and quite likely more. That ramp is going in right now. Bulk sampling and drilling to better understand deposits will start within two months. To me that indicates the $8 million, or more, will be spent pm Windfall by March.

Could it be that the 1 1/2 million burn through is just the Double Eagle property? That sounds more likely.

Everything else said I can agree with as well before bankroll is depleated we'll see very much higher market value for Noront.