In the case of exploration companies market value consists primarily of the 'promise' they offer based on current and expected exploration results. Of course if they can completed a 43-101 to establish reserves a price can likely be assigned to those 'reserves' by the market.

Now in Noront's case we see a good pile of cash to support exploration but even with recent changes the burn rate in the ROF isn't low.

One 43-101 is in hand on E1 and another in progress for Blackbirds but given today's metal price the existing 43-101 just doesn't add any market value. That is not to say there isn't any value and certainly that there will not be value in the future but right now it's very debateable. One thing that will change this would be finding both additional reserves OR additional valuable minerals such as Chromite which potentially covers infrastructure overhead.

So we can definately state that the current financial and metals market have been the biggest factor holding our share price to these very low levels. Almost all of the current valuation is solely 'expectation' and the more exporation results can fan that 'expectation' the higher our share price will go. Of course full recovery of Nickel market pricing would go a long way to get us up a lot higher too.