Boatboy is correct.. The FD cash is the cash when all outsanding warrants, options etc. are exercised. There is no guaranatee that this will happen, but if it does, that is the cash that will be realized. Remember, that there are millions of shares (options) that can be vested.

As for AT-5, I would say there is a bit of an inaccuracy in the Genuity report. NOT clearly called the results on AT-5 inconclusive, which measn that they do not know if the weak conductor anomaly is explainable by the minor sulphides encountred. It could be that the previous geopyics only registered a weak conductor anomaly (either the 2003 Airborne, or the recent AeroTEM) because they only suited to <150m depths. A weak signature could also be a strong anomaly at depths >150m, revealed only by VTEM, as is the case with the AT-1/C-1. An inconclusive result means that Noront doubt that the minor sulphides over short intervals explain the conductor anomaly.

I doubt there is anything tactical motives in how NOT presented AT-5. I believe that Rosedale did not see all of the NR, as QQ pointed out, some of it was not viewable (missing) on Agoracom, so he would not have seen that they actually did report the AT-5 results.

Regards,

B.