Let's go back and judge these co-CEO's buy their own comments when making a case to show RN the exit

We start with a general comment:

"The Rosseau circular outlines a number of matters that demonstrate the shortcomings of Noront's existing board of directors and president and CEO and highlights the lack of focus and inadequate direction, oversight and leadership under which Noront is currently suffering:"

It would appear the new leaders were focused on the ROF, ignoring all other aspects of the company. Not even one update with respect to any of NOT's other assets. As far as oversight and leadership....a couple days a week for each gives them a failing grade in my opinion.

Then some specifics:

"Noront recently wasted what it said would be approximately $15-million further developing its Windfall Lake gold property in Urban township, Quebec, as well as over $1-million on other non-core properties, taking scarce cash, human resources and focus away from the core McFaulds Lake discovery;"

On this point we could argue that they did reduce the burn rate of cash. However, the jury is still out on whether $$ spent on Windfall was "wasted".....let's see the results.

"Noront has severely diluted its McFaulds Lake claims position by entering into at least 11 different option agreements, which also drained and distracted Noront's administrative and operating resources; "

On this point there is clearly a difference in strategy. I can see their point. Regardless, it seems they have followed through to allow some of these option agreements to expire. Having said that, they did recently announce a JV with PRB, and their involement up to now has, in my opinion, caused excessive dilution to the the shares....new members....new options.

"Noront is squandering its leadership position in the McFaulds Lake area by optioning out its ground, rather than consolidating other players in the region to form a company with critical mass which is capable of bringing a project into development;"

For a while, it looked like FWR was catching up, but more recently, NOT has been making a strong case for it's dominant role in the area. Good grades here in my opinion.

"Noront has been unwilling or unable to deliver on several important initiatives to enhance shareholder value including finding a replacement for the president and CEO, obtaining a listing on the Toronto Stock Exchange and spinning off non-core assets to shareholders;"

Big failing grade here. It took a very long time to find a new CEO, we are still not listed on the TSX, and there has been no spin off of non-core asset. In fact, very little to nothing has been done to add any shareholder value. Our share price supports my view here.

"Noront's senior management is prone to exaggeration and promotion that contributed to prematurely inflating Noront's share price to unsustainable levels, leaving it to later crash after Noront failed to meet unrealistic expectations."

On this point, we can surely not accuse these guys of "exaggeration", but just a bit of promotion would sure be nice. We do afterall have something of value here...don't we?

Overall.....I give them a D+ ....in my books, a failing grade up to this point

All in my opinion