IMO this smelter issue was putting the cart before the horse to begin with and was simply a PR move to keep NOT in the news and show NOT in drivers seat in ROF. What is and has been apparent for many months now is there is nothing to drive and Coutts has backed NOT in to a corner.  They have not come up with any funding plans for the build which, although realistically the build is a few years away at best, would make the viability of the smelter project even remotely probable. 

What NOT has done is fractured the mining footprint. They might be better positioned if they were to put the Chrome mining first which covers a larger deposit and $$, and could economically advantage more FNs, produce more revenues and therefore taxes, and provide more jobs and increase to social standing of all.  Consider partnering with an existing established miner for Eagles Nest and both projects could move simultaneously.  The agreements with Franco and RCF are easily handled when/if the projects are more viable.

Unless Coutts has been negotiating with potential funding entities the path forward is going to continue to be perceived by the market and investors as not feasible.