It should be noted that SPQ had a higher dilution of shares, has no railway or infrastructure in place given the remote northern location it is at, and had lesser tonnage (but yes, higher grade) than their FWR neighbours.

FWR was also lucky in that a bidding war between CLF and NOT took place. There was no other interested major in SPQ at that time and Mr Novak had no desire to be in charge of a mine being built on SPQ land after spending 18 years of his life looking for metals in endless backwoods and forests.

If I was JDM and a giant like CLF was knocking on the door, I would take their best offer and run too. I think it was unrealistic for SPQ shareholders (myself included) to have expected a dollar buy-out for that many shares outstanding.

At the end of the day, institutional buying will be needed by GNH and any other exploreco, whether it is from JDM or anyone else.

-Dragon50