You are correct in saying that a 1% nsr would be substantial in the proposed mining of the chrome assets in the ROF that CLF controls, in whole or part. The idea of proceeding to production from this stage without taking these guys out first would not likely even be contemplated, considering that they already own a good portion of KWG anyway, and probably more after the last couple of days action. It also follows that if they were taking KWG out, they would do the same with SPQ. That is where the price differential separates from all the other logic.

Considering the percentage share ownership of KWG, it should be a walk in the park to do a takeover. Spq is going to be a different story, They have no known present ownership, nor any agreements in place, so a buyout will have to start from scratch. This would tend to suggest that there should maybe be a premium on SPQ shares compared to KWG, which there is not????

Best regards

k