Definately establishes a value far higher than current market price BUT to be conservative a DE1 tonnage of 5 million tons might be more appropriate. After all Nemis said it's not 1 million tonnes and not 10 million, he didn't use a spread between 5 and 10 million. Until Noront releases resource estimate the market, I don't believe, will believe 7 million but probably will 5 million.

At 20% NPV 5 million tons equals $5.92 with no value for other ROF deposits. Add in one dollar for Windfall and we're a few pennies short of the $7 target that Genuity set.

This is not an attempt to devalue Noront BUT indicate this might be how the market currently values Noront AND if a resource of 7 million or more tonnes is set then expect immediate increase in share price.