I don't consider this to be a likely scenario, but if anyone wants a long shot to think about:

Maybe Cliffs is sniffing around Noront as a form of deception. Maybe they are just trying to divert ROF-aware investors' attention away from KWG, and they're going to turn around in a few weeks and BAM, target KWG. In the meantime, with the activity here, I wouldn't be surprised if a few tens of millions of KWG shares were sold to finance the purchase of NOT shares by investors who play the entire area. And if so, maybe that is playing right into Cliffs' hands.

Regardless of the actual situation, it's good to have some significant activity on the boards after a quiet summer, just for some light entertainment. Good luck to everyone playing golf tomorrow ...