No - the number of Noront shares does not decrease with a split-off of the Windfall project into a separate stock. Instead, they create a new company and they issue a certain number of shares to current Noront shareholders based on some percentage of Noront shares they hold at the time of the split-off. By the way, they will not likely simply split-off the Windfall project alone and leave Burnt Hill and all the other projects in Noront. Rather, they will split off the Double Eagle/Ring of Fire project from all the others, because that is where most of the current value is perceived to be. And they may do a triple or quadruple split. One company will retain all Ring of Fire properties, one company will retain Windfall (and maybe the rest of the projects), or there will be three companies, Double Eagle project, Windfall, Burnt Hill (and all the rest). Or they may make 4 companies, Double Eagle, Windfall, Burnt Hill, and all the rest rolled into one. However they split, it will not dilute or increase the number of shares held in the original Noront company, with whatever projects the original company retains. Rather, there will be issuance of new shares in the new companies based on some percentage relating to the number of shares present owners hold at the time of the split or splits.