So 'equity' being in this case the simple matter of SELLING part of your claim to someone else.

Basically what everyone has always believed. Noront will at some point have to sell a percentage of E1 and likely E2 to a joint venture partner. It's a matter of who, when and how much?

All the recent 'report' does is establish an analysis of E1 deposit value IF after infrastructure is put into place to mine/ship it.

Some think it was done to show a Major that if they don't jump in now then Noront will 'go it alone'. I don't buy that because they (Majors) know very well how hard it is for any junior to raise the kind of money necessary.

The purpose, imho, is to show detailed numbers to establish a baseline value for E1 deposit that can be added to as E2 and other deposits are defined.