From what I can gather the project will be broken up into two phases.

Phase 1

The high grades of ore come in at

233,000 tons x $1,631

217,000 tons x $1,705

$750MM = Total NSR for the Massive Sulfieds

($100MM) = Building a road? ($100MM wild guess, but I bet Noront knows the answer already!)

($75MM) = Extracting the high grade ore 10% of the value (very rough estimate) $75MM? It is very close to the surface - I could be high... doubt I am low?

($45MM) = Transportation of High Grade Ore, Semis can carry 40 tons per load, it would take 11,250 loads to remove this much rock. Lets say the cost of a semi making this trip is $5,000. = $45MM (of course once the smelter is built the remaining rock will not have to be transported by truck)

($75MM) = Smelting this high of a grade of ore? 10% of value of the ore?

$455MM = Profit

Phase 2

($300MM) = Smelter, from what I have seen you can build one for this price or less.

$155MM = Profit remaining

$680MM = Profit, The smelter would then be used to extract the value from the lower grades. and the nearly $850MM in value there. With a Smelter on site they could harness 80% of the value = $690MM

$835MM = Total value, $155MM+$680MM

5 year project 10% Discount Rate = $518MM = SP Value $4.38 per share.

A bit rough but I believe we are way undervalued at $2.70 per share. Simply multiplying the current Insight value x .20 gives you todays share price. I think those that value Noront in this manner are missing the boat.... This of course assumes no other value for any other assets of the company.