You have presented a very useful tool to put a value on the DE ore body HOWEVER you show 118 million shares outstanding and if you add in all the outstanding warrantees (all in the money) you'll probably find considerably more shares to divide into the pot. Probably at this exact time $5 in value.

Yes there is also a speculative value to put on Noront shares because they have a chance to prove up more tonnage and/or another ore body. Let's add in the current value of BMK who have large claims in area + 75 cents.

OK add in some value for other Noront properties + 75 cents, sorry but that's all we'd be trading for without DE. Windfall has promise but no resource calculations for proven or inferred gold and it's a tough deposit to exploit. 

So you end up with a rough value calculation of $6.50 which isn't bad for a stock trading under $5 as it can be thought of as a bottom price safety net for high flyers.  

My opinion is however that it's going to be tough both breaking through $5 and expecially $6 market pricing without either hitting another ore body, proving up more tonnage OR somebody else hitting a good ore body. Any of those happen and goodbye current pricing.