Well I'm glad you brought this up Polylabel. The most recent Noranda Miramar deal paid out somewhat like this. 2 B capital payout for 4.5M tonnes of ore, or $445 per tonne. Being overly simplistic and applying that to Noront's 5 M tonnes, that would give 2.225B capital divided by 94M outstanding shares = $23.67 per share. I know this is apples to oranges but trying to show that 5M tonnes is nothing to sneeze at and I am sure we will be seeing more proven reserves (tonnage) in the near future to only add to this theory based loosely on recent merger / takeover in this industry.