I appreciate the thought that has gone into your summary and it does point out the rich nature of this 'area play'.

About the only thing I might niggle at would be your comment of Noront proving up 50 million tons. It might be possible but so far indications are that they've found a much smaller but rich 'zone or pod' and having difficulty even proving up 7 million tons.

Likely someone is going to eventually hit a large zone even if not as rich overall as Noront's find. It could be any one of the players which is why spreading investment over all the juniors, or at least some of them, seems to make sense.