Following early July issuance of 812,059 + 101,852 Noront shares to RCF we stand at:

242,268,996 O/S shares. Of those RCF owns approx. 52 Million or 21.5 percent.

NOT having a crystal ball and assuming that Canadian Dollar and the price of Noront

will both stay roughly at this level ( NOT a prediction ) for the next four months we

can expect:

A) Two more interest payments on US $ 15 Million Convertible Loan prior to maturity

in late Dec/2015 of 1,000 each if RCF opts for shares instead of cash. That will bring

total to 244,268,996 O/S shares. RCF owning approx. 54 Million shares.

B) Upon conversion of the Conv. Loan in late Dec/2015 Noront will issue 33.33 Million

shares to RCF. It will cost Noront an extra 10 Million shares to make up for foreign

exchange losses, compliments of Can. Government and Bank of Canada IMO.

In total 43.33 Million shares which will bring total to 287,598,996 O/S shares and

RCF total to 97.33 Million shares.

C) 2 Million US $ Bridge Loan will also mature at year end. My rough guess is that

it will cost Noront another 6 Million shares for a total of 293,598,996 shares O/S.

Of those RCF will outright own some 103,330,000 shares or 35 percent.

D) And finally, if Noront stays here or above these levels there might be 8-10 million

Options exercised for a grand total of 301-303 Million shares O/S. That would in turn

bring RCF's percentage down to 34%.

Please note i will NOT debate/argue these no's with anyone, NOT even Cousin Edgy.

WHY? This is simply my honest effort and my best shot.

If someone can come up with more up to date numbers i welcome that with open arms.

Sincere best wishes to all Noront investors,

Fossil