I'm with you that there is too much 'smoke' for their not to be a reason for Windfall downplay.

However I find it next to impossible to believe Noront has sufficient underground testing of zones done to know what is actually there. Just doesn't seem possible given potential size of zones as indicated from above ground drilling and underground drill testing to further define the zones.

Work on the annual report started months ago so not unlikely any deal making regarding Windfall dates back well before underground testing of Noront's wholely owned zone could be done.