Valuation

HIGH-GRADE NI-CU-PT-PD-ZN-CR-AU-V-TI DISCOVERIES IN THE "RING OF FIRE"

NI 43-101 Update (September 2012): 11.1 Mt @ 1.68% Ni, 0.87% Cu, 0.89 gpt Pt and 3.09 gpt Pd and 0.18 gpt Au (Proven & Probable Reserves) / 8.9 Mt @ 1.10% Ni, 1.14% Cu, 1.16 gpt Pt and 3.49 gpt Pd and 0.30 gpt Au (Inferred Resource)

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semismart

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Valuation

posted on Jul 09, 2008 06:01PM

Sorry screwed that last post up

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Current Market Valuation??? From what I can gather - this is the only way we can get there so these are the numbers... don't laugh at me when you look at this...

$272MM Market Cap

$50MM Cash on hand or is it more like $70M

$222MM (Less Cash)

$2.0 Billion - Insite Resource Value Eagle 1

x.10 = what you would get pre 43-101; but we have no railroad... ahhhh!

$200M (you almost have to be worried that Richard is going to lose the Map that shows where Eagle 1 is to buy this valuation)

Windfall Lake $22MM (that is a joke - it has the potential of being a Billion Dollar Mine in and of itself...) We might have even forgotten about Windfall lake??? Do we still own it???

Shares that are sold at this level are being stolen... The math is all that matters. This is the only way you can get to $2.35

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Real Absolute Worst Case Scenerio - for current valuation

$50MM Cash on Hand

$450MM All we can get out is the 450,000 tons of the highest grade ore - abandon the rest. Encounter major problems building the roads. Lose 1/2 the value of the resource in getting to market.

$100MM We fire-sale Windfall Lake because we want to unload it or we get drunk and lose it in a poker game and the person who takes it feels sorry for us so they give us $100MM out of raw charity.

$0MM Eagle 2 - unminable, no railroad

$0MM Chromite - unminable, no railroad

$600MM / 120M shares = $3.33 per share - rock bottom share price.... This is with the entire world against us and no value being placed on the massive upside potential of close to 10x to 20x current share price in the next year.

This value is after we would find out we have no upside potential at all.. This stock at $2.35 per share is under the worst case scenerio by 1/3 of its market value. Buy now and get your free 33% gain.

Free Money! We will not be at these share prices in two weeks - we will be back above $3.00. One thing is for certain - money always finds arbitrage opportunities and right now Noront is one.