What do you think would happen to the share price if a major started accumulating 12.5 million shares.  The price would increase of course and if rumours of a major buying came out, they may not be able to buy their 10% with an average value of 10$.  Share price and amount of shares aside, they may be getting other perks that the open market does not give like a seat on the board, more information, etc...Look at previous posts, there is history with Voisy Bay where valuation of 300M had PP which yielded a valuation over 1B dollars.  It has been done before and can definetly be done again. 

Glorieux