Fully diluted shares: 135 M.

10% NPV: $4.15 per share

20% NPV: $8.30 per share

30% NPV: $12.44 per share

40% NPV: $16.59 per share

Again guys and gals, keep in mind that this valuation assigns ZERO value for all other properties and as such, I share d12's belief that there is ABSOLUTELY NO DOWNSIDE at our current share price. It also is dervived from a very conservative approach, assuming that Noront only deliniates 7 million tonnes.

And one has to take into account that even with more drills in action in a few month we will have a burn rate of $ 4m /month (currently $2-3 m).

But with warrants exercised (I believe even with sp in $ 5 range) we could still carry on for at least 18 month.

And that is worth something in the current market situation, which shouldn´t really be underestimated.

But sorry, I wouldn´t like to come across as overly optimistic.

Conclusion: even in a worst case scenario $ 5 should be the bottom assuming the market is not going crazy in a negative way.

And all perma-NOTS know that the "fair" value based on current knowledge is in the distant sky (which might be very blue).

FANTOMAS