I believe the warrants will be exerciced tomorrow. Here is my thinking.

A) The warrants are currently "in the Money". They cannot sell those shares till June 10th I believe but they are in the money right now.

B) The owners of these warrants are sophisticated investors with a ton on mining experience to draw from. They will base their decision more on geology proven so far than current SP as they know SP is not representative of valuation of the company.

C) If they wanted to purchase these shares later, thru the public market, their chances of buying this many shares at an average price lower than $5 is low in my opinion.

D) Exercising these warrants will put money in NOT's pockets, as opposed to purchasing in the public market where NOT will not see a penny of this money. The money NOT receives will swell their coffers even more giving them more flexibility and safety in the future. This will help protect the warrant holders previous investment and possibly help them get a better ROI on both investments.

E) This may be the most important for us small retail investors. THEY HAVE INSIDER INFORMATION. This means that if they exercice the warrants, they still feel very strongly about NORONT and its potential. We need to remember that they are basing their decision on current geology drawing on their vast mining experience.

I have to admit that I would be dissappointed if the warrants did not get exerciced as this may be a bearish signal at this moment and I would expect our SP to slide further if this is the case.

However, from our perspective, this would be less dilution at this time without changing a thing of what is in the ground. As we prove things down the road, the next PP will be much higher than $5.

Tomorrow is a very important day and I look forward to it.

Glorieux