Just some rough numbers to look at.

Noront has a market cap of approx. 55 million

KWG has a market cap of approx 27 million

How about the cash?

Noront has approx. 21 million (RCF loan and sale of windfall added in)

KWG has approx 6 million.

So, if we take the cash out and relook at the approx value with no cash we have...

34 million for Noront

21 million for KWG

If you take a look at this link slide 12 of 25 you'll see that the total chromite for blackbird(NORONT) and Big DADDY looks very close to the same. About 42 million tonnes.

http://www.norontresources.com/?pressreleases&pdf=Corporate-Presentation-Q2-2013-newtheme.pdf

KWG has roughly 1/3 of Big Daddy. So if they are valued at 21 million our chromite would be approx. 63 million.

I guess our chromite is the wrong colour and I suppose the RATS are hoping we forget about the Eagles Nest deposit....as if it never existed.