Babjak, your insights into potential possibilities are fascinating, as always.

A question, you mentioned in your last post about how this $50m could, in theory, allow for the $27m plus interest to be paid to Franco upon maturity. However, my preference would be that the Franco loan be retired immediately (I haven't looked at terms on this to see if it's possible, and presumably, even if it was possibly, there would still be some interest penalty for early repayment). However, if Franco wasn't paid off until that loan matured, then Noront would be paying interest twice concurrently (assuming a situation similar to the unsecured term notes for Just Energy). Not a great situation. To me, that would be indicative of a company with their backs against the way. So that leads me to wonder if there is a way out of the Franco loan early without significant penalties, or if there might also be some other purpose for this amount.

You're most likely on the right track though, in my mind. This fall should be interesting.