4) Probably not anything to do with a spin off because although a spin off might unlock value in Noront's other projects, it arguably doesn't provide "new" concrete information that could be considered a "gift."

Perhaps you missed the aspect that the gift would be in the new shares we would receive with this package. In addition, I would certainly hope that the purchase of said 10% buy out would not include the other plays, therefore, a split would be likely before the announcement of a buy.