Well, after an up day on the market but a down day saying goodbye to Richard, I though I would finally call Warren myself and see how bad this bad boy is.

After I introduced myself and my position regarding the proxy vote, we began talking how he sees Noront proceeding. I asked him about dilution. He stated that the board would make that decision after establishing budgets for the next 12 and 24 months. He expects a dilution of a maximum of 20M shares but since he is not on the BOD, he is just guessing at this point. These would be flowthru shares that usually sell at a premium to the market price. I asked him if he would be participating in the PP. He said that he probably will not but said he might. He talked at length about the new BOD and told me to look up any company with a MC of 130M and try to find one with the caliber of directors that we will now have. He said that as long as Richard was there, some of these new directors were not interested in joining. Institutional investors were not happy with Richard either. He said, now that we have an incredible, experienced BOD, with great geology we should see institutions taking positions in Noront again fairly quickly. I asked him if he planned on buying any shares in the open market in the next 2 weeks. He said no. That he was going to lay low for a while and let the new BOD do their thing and see how it goes. He was straight forward with me, not condescending and seemed to realize that retail investors were important. Was this all an act until they dilute us, I cannot answer but his candure was surprising.

In the end, I thanked him for his time, told him that retail is suspicious at this time and will be analysing the new BOD's every move and will rise up again if we feel we are being wronged. He assured me that he was not on the board and did not control the board. That these 6 individuals were all very good people who will do what is right for the company. I told him that this was my hope and if they are ethical, we will have no problem and that it will be exciting to see this company grow.

So I do not think the clouds are as dark as some may think. We have lost a champion for retail shareholders in Richard Nemis but he has left us a legacy of nickel and chromium and a BOD second to none for a small company like ours. Hopefully, they can make good on Richard's work.

Goodnight,

Glorieux