Valuation now comes into play. The idea is that the Cliffs chromite acquistion will set-off a great part of the dilution, as per share there is so much more value. The Nickel and PGM first will establish the platform, or basis, to enable the best deal possible for the chromite, since there is no pressure nor hurry for RCF to sell the worldclass chromite for anything less than a top price, if buyers are eagerly willing enough. Buyers will need to take a good look at themselves and their competitors as there exist a derogation risk for the ones loosing out as well. The crucial action for NOT in the past 8 years, after EN2, is simply twofold: loosing the bid for Freewest (Luckily so, would have been sort of the death penalty as it was for Cliffs) and consecutively buying the entire Cliffs holdings for a mere aprox. 24M. Don't ask how, because it is unbelievable looking backwards, and if infra follows Canadian strategy, clear that Coutts and RCF have pulled it off. Remember Coutts' poker-face at the time. The story is that Cliffs did not want to sell to any of the Majors or mid-tier producers at the time, for competitive edge reasoning going forward in Chapter 11, if you can you do not sell worldclass deposits for a small fee to a direct market-competitor. If it is well-paid for, other story. The sequence of events which have taken place tell me that NOT is in far better shape on paper than the media or the investment community can comprehend. The Majors cannot permit themselves to look away, we have seen it at Voisey's Bay (now Vale SA), we have seen it with many of the gold juniors (Probe, Carlisle to Alamos, Gold Canyon sold of, Eastmain Resources as last man standing -everything in place, infra, high grade, open pit-). Point is that all of these companies have been bought out, Noront is in that bracket. RCF knows how to negotiate the best deal. Valuation-wise, me thinks between you and me, that we underestimate the true value as well as the situation. BNN interview already better than Coutts' last one, how can one be credible in media if you just bought a worldclass deposit for 24 pop. You just cannot, as time goes by, reality kicks in and the ultimate valuation surfaces. It is indeed an incredible story. Who is going to write the book ? What's the title gonna be ? No-one saw the value until the end ? The biggest Score ?