Mark, I am curious how you came up with the devaluation to 1%.
My practice which I have aquired from forums such as this one is that Devaluations To 1% apply to early explorers who have made a discovery and the resource is implied. In other words not explored sufficiently to give confidence of the extent of the resource but merely a presence that some exists. The value placed is after the initial hype surrounding the discovery settles down.

2% applies to partially explored resources but not sufficiently so to produce National Instruments 43-101.
5% applies to resources that are backed up by NI 43-101.
10% when a feasibility study is completed after the NI report.
20% when basic and necessary infrastructure is present and financing for mine construction arranged.
40-50% to constructed mines with all necessary infrastructures and commencing production.
All these are physical approximations, politics and similar non tangibles affecting final devaluation.

So applying the above to Noronts chromite and Eagle's Nest, the devaluation of in ground resource should be only to 5%.
so that means 670 million $ for Eagle's Nest + 178 for chromite resulting in about 850 million $ over some 200 million shares and we end up with over 4$ per share. This neglects all other Noront assets which should be devalued to 1%.

Note that should both of the subject resources go to production together, in a normal economy environment, the share price should be above 32$ per share.

That is my opinion, otherwise a great post, Cheers. Ed.