My assumption is that once the Noront purchase of the Cliff's package is finalized, and Noront becomes the owner of the large block of KWG shares previously held by Cliffs, then Noront automatically becomes an insider at KWG.

In the event of an attempt by Noront to consolidate ownership in the Ring, through a takeover of KWG, Noront would then be required to get a fair market value third-party assessment of KWG's net worth.

Being an insider might also complicate any legal disputes between the two companies.