Only rated Noront a 'Buy' instead of 'Strong Buy' which is kind of faint praise. Of course they also add the 'Speculative' tag on. Here is their disclainer: A "Speculative" characterization to the rating means the company looks compelling from a valuation standpoint, however the risks associated with the investment are above those of the general market or a comparable industry benchmark.

For first kick at the can and beginning to follow Noront we shouldn't expect more that what they gave. As more information comes in and their analyst becomes more comfortable with Noront and 'Ring of Fire' perhaps we'll move up to 'Strong Buy' and at some point the 'Speculative' might even get dropped.

In any case it's highly unlikely their analysis did anything for Noront's share price.