If we assume that information provided to date is confirmed with the release of the NI 43-101, (7 million tonnes ore valued at $700.00 per tonne) then the gross metal value is $4.9 billion.

Based upon a net present value of 10% and using 125 million shares fully diluted, the share price should be $3.92 (4.9 billion/125 million X .1) Please note that this valuation is for DE alone and does not assign any value to any other property.

As per the Wasserman report, Windfall should be valued at roughly $90 million (last December with hole number 100, NOT share price hit $1.07 with approximately 90 million shares outstanding) This valuation for Windfall will likely prove to be conservative but let's use this number for the time being. 

Therefore, again assuming that the above is confirmed via the NI 43-101 and the above Windfall valuation, our current share price should be $4.64 ($3.92 + $0.72) This $4.64 values only Windfall and DE and again assigns zero value to all other properties.

The majority of us here and Mr. Nemis himself understand that the share price of Noront is undervalued. It is plain to see. Having said that, it would appear that the market is only prepared to assign a value of the current price. This is due to various factors. Certainly manipulation as suspected by many shareholders is playing a role. At the same time however is the fact that AT PRESENT, our assumed 7 million tonne reserve does not justify a mine.

I suspect that the majority of us who are actual owners of this company at this time are anticipating/expecting/hoping that the upcoming drill program will in fact hit additional mineralization. Certainly, the downside for today's stock price is if we or any other area players do not prove up any additional tonnage. IMHO, the likelihood of this happening is remote.

Let's be conservative (but at the same time hopeful) that Noront is able to roughly double existing tonnage to say 15 million tonnes and maintain consistent grades with the next drill program. If this comes to pass, our discovery would be world class and at this number, justify a mine. If and more likely when this happens, our share price will be reasonably valued within the range of $13.32 - $17.52. This valuation range reflects an increased Net Present Value of the Gross Metal Value from 10% to 15% and 20% respectively. It also maintains a Windfall valuation of $0.72 per share. What this valuation does not include is the speculative component for further increase of tonnage. Once we have a proven reserve of world class proportions and therefore a justified mine, we will without a doubt have an additional speculative value included in our share price. 

These valuations also do not include any provisions for takeover premium. (Michael White - IBK had suggested a 30% premium and as per the Wasserman report Vosiey's sold for 40% in-situ or NPV of GMV).

There truly is a great opportunity for upside potential. That is why I am here. I welcome and encourage comments for a meaningful discussion.

GLTA

Long and Strong!

Milsy1