Hey, Ed. I believe that there is a logical disconnect here. You said,

"If Freewest is considered as worth $4 to Cliffs now then they surely would have paid at least 2$ a share. That means FWR shareholders got robbed."

But CLF *didn't* pay $2/sh. They and the FWR BoD negotiated the deal, meeting at mutually agreed-upon terms that met their respective fiduciary duties to their respective shareholders. Otherwise lawsuits would ensue. I am aware of no lawsuits being filed, so obviously nobody feels harmed to the extent that they are seeking to prove breach of fiduciary duty on either side, nor any attempt to be "made whole". It was billed as a "friendly takeover", and it's over: no need to speculate on what might have been, no "could have, would have, should have".

So we have a datum for what one mid-level major offered for a 100-year supply of chromite.

I voted with my wallet for Noront, with its nickel, PGE's, -iums and gold. Not because of the 5x that FWR got taken out at, but for what I have come to see after a lot of study is a much more compelling proven set of resources (and I hope what we know about now is just the tip of the iceberg).

GLTA Noront longs!