Reassuring perhaps to have us little guys happy to wait for a worthwhile return, for a share price reaching something like a measurable percentage of the in-ground 'values', but the institutions & CLF(with 19.9%) have different outlooks.

The upside to that is CLF isn't looking to make a buck on a small rise in share price, but rather on using the actual deposit, and earning good money over a period of decades. From their perspective their likeliest option is to simply hold on, to maintain their grip on the major part of the McFaulds chromite deposits and so block others from competing, whether they exploit Big Daddy or Black Thor first.

This is why the NSR is so important, like CLF we profit whichever deposit is exploited. Obviously a much higher return would come from a start at B.D., but only CLF knows their intentions.