Just a few notes on this 43-101 as compared to FWR/CLF.

It seems we have 23m tons of 40%+ direct shipping ore indicated, plus an additional 16m tons inferred. CLF has 16.7 m tons of inferred 40% ore. The rest of their orebody will require processing to some degree to bring it up to market standards, and it is still only an inferred mineralization.

Although CLF seems to have lots of lower grade ore, the simple fact is that Big Daddy has the best. If you were starting this operation from scratch as they are, would you be prepared to go with a second class operation, while the prize orebody remains next door and up for grabs by someone else? Would you be content to mine 32% ore and try to do it profitably, or would you bite the bullet to get at the 40%+ ore that could be mined so much more economically?

Even if one uses the argument that they have enough control over the property with their holding in KWG and their own 47%, they have no idea what the price of chrome will be in 20 years. Why mine the low grade now and save the good stuff for later. If they can spend 2B on infrastructure, and get it back in 3 years rather than 6-7, what will they do?

I believe NN is quite right when he says that SPQ is entering a new phase in it's life. This report could be something he can market quite well if he plays his cards right.

Best regards

K