SS76, your last comment brings up a whole theoretical discussion which the board hasn't ventured upon yet, but which I've been considering since August.

We know that Noront has a very large number of untested claims. There is a chance that there could be various types of ore resources that nobody is even remotely aware of yet.

In addition, there are some other areas within the claims that have had some initial study, where there are indications of ore bodies. Examples that come to mind include Blue Jay, Thunderbird, Triple J, and Eagle Two. And outside of the Ring, there is Kyle and MacFadyen.

Would it be in Noront's best interests, rather than focusing on building a mine itself (at Eagles Nest One) to instead "part it out" like a scrap car at a salvage yard. The value of individual components, sold or developed separately, could be worth much more than the company as a whole.

Perhaps Eagles Nest could be sold off. Ignore the knee-jerk reaction of, "that would be crazy, that's our main deposit!" Think about what could happen if EN was disbursed: funding could be used for extensive exploration and drilling at several of the other existing targets, and also for broader exploratory drilling on untested claims. And in the process of selling EN, a royalty scheme could be negotiated as part of the package, so Noront is assured of continued operating funds for the future.

I like to think in broad strokes. I have to assume that visionaries at Noront have probably considered the pros and cons of the same sort of scenario.

But does this sort of scenario make sense?

Incidentally, I started to consider this months ago because I believe that KWG should follow the same route (in fact, it may be KWG's only option). KWG doesn't have the funding to do pretty much anything at all, nor do they have the skillset to build or operate a mine or a railroad or a smelter. But they can act as a facilitator to bring together several different companies. Various third parties can be invited to take responsibility for various operations of a greater whole, and KWG could retain a thin slice of each part as a facilitator. In that case, KWG could eventually build up a series of royalty schemes or income flows from all the various parts of the larger operation. And I believe that this approach is something that Frank would be very skilled at building.