The analyst report mainly focused on iron and basically it meets its purpose. All of the information in the report came from the web site and recent news releases, but I think it will help new investors for a quick learning curve about the company and I’d like to commend for Mr. Granger to do something at least. Probably it was the first analyst report published by a third-party. The current ownership alone justifies 3.5 times of the FNC market cap. It doesn’t count in the true values of FNC properties, royalties and situ values of the various deposits such as:

1) MacFauld’s Property

2) Lac Lamelee Deposit

3) Situ Value of Titanium & Vanadium Deposits at Magpie

4) Royalty Payments & NSR’s

- Uracan Resources Ltd
Advance royalty payment $50,000 per year

- Champion Minerals Inc.

- 200,000 shares plus $100,000 on or before May 21st 2010
300,000 shares plus $100,000 on or before May 21st 2011
450,000 shares plus $100,000 on or before May 21st 2012

- 1.5% NSR royalty, buyback on .5% for $1.5 M

- Argex Silver Capital Inc.
La Blache

- 9,000,000 shares (escrowed for 48 months beginning October 30th,2009)
2% NSR on the La Blache Deposit for the first 2 years of production rising to 4% NSR thereafter, buyback up to 50% NSR for $1.5 M advance royalty of $100,000 a year beginning at the end of year 3 (October 30th 2012).

Hanna and Consolidated Morrison

- 1% NSR rising to 2% NSR 2 years after production, advance royalty of $50,000 per year beginning at the end of year 3 (October 30th 2012) buyback of 50% of NSR for $750,000.

- St. George Minerals Inc

- Villebon

- 562,500 shares immediately,562,500 shares in six months, $25,000 by the end of the first year and $75,000 by the end of the second year.

- 1% NSR
Advance royalty payment $10,000 a year beginning the end of year 3, buyback of 0.5% of NSR for $500,000.

5) Beauce Potential Gold Deposit

OWNERSHIP SUMMARY

Cash Position: $ 8.1 M

Magpie Mines Inc

Interest: 47 %

Shares: 55 M

Price: $0.70 per Flow-Through Share, $0.50 per Common Share (First

Closing of Brokered Financing, 2011 May 20)

Value: $ 27.5 M

Champion Minerals Inc (V.CHM)

Interest: 17.5 %

Shares: 1,025,000

Price: $ 1.26

JV Value: $ 19.17 M

Value of Shares: $ 1.29 M

Argex Silver Capital Inc (V.RGX)

Interest: 10.15 %

Shares: 9 M

Price: $ 0.39

Value of Shares: $ 3.50 M

TOTAL 59.56 M

FNC MKT CAP $ 17.34 M

AUGUST 15, 2011