Sum, long time Notter and long time friend,

As the FWR holder that you are, I can understand your frustration. When reflecting on it, Mac is essentially enacting a behind the scenes poison pill whereby he is slowly giving control over to Cliff's through these direct private placements. Share dilution and reducing the strength of the voting base by issuing shares, thus marginalizing the current and possibly NOT friendly share base.

While it could be argued that Cliff's is paying a premium to acquire these PP shares, when ones looks at the termination payouts, this is not the case. The risk associated with purchasing those shares at higher prices is subsidized through the termination payout promises.

The only revenge the FWR shareholder has is to tender their shares to Noront and accept the 3:5 to 1 bid. It will be interesting to see how many institutions go this route as they appear to have been left out of the current PP. Some may just cash out and buy Noront directly, which is what I foresaw happening earlier this week (thus my desire to accumulate as much NOT as possible). Most know that when it comes to an ROI long term, Cliffs might double in market cap (from 6B to 12B) but it is much easier for Noront, with considerable massive multi metal holdings in the area to grow from $450 million to blue sky.

But the FWR holders have an out for the time being. They can take their quads and buy a discounted Noront. At least for the time being. That is why I see Noront continuing to climb, even with a FWR deal with Cliffs.

JMHO,

M1.