My intention was to put a very conservative valuation on Noront were we are at this point in time and a value of something like $10.50 in 9 months time.

That $10.50 value is based on just business as usual, bulk sample and getting Windfall going. Get the inferred resource done for DE 1 and prove it out at 7 or 8 million tons. By the way the market looks a value and want's shares a bit cheaper than that so share price of $9.50 might be more likely.

What is not in the $10.50 is Dick Nemis enlarging DE 1 to 10 million tons or more. Hitting a DE 2 with anything like the grade of DE 1 or any jv partner hitting anything worthwhile.

Lets not forget Windfall, my figures don't take into account that 52 oz a ton grade for over 4 meters getting wider or much longer.

Any of the above occurances calls all bets off and me way underestimating Noront's value and likely share price in 9 months.

Now call me a fool but I do believe Noront will up the ante by coming across with larger deposit at DE 1, likely a DE 2 and likely a find on JV'd property.

Not sure about Windfall but within 9 mths we might have an idea of inferred resources there or they take out 1000 tons grading 40 oz a ton for $36 million dollars within 9 months AND that's not completey impossible either, only about a thousand cubic yards of ore. Better have security watching it 24/7 because that's a high graders delight.