I hope I don't step on anyones toes here but I think this is important.

Ascribing a value to the Blackbird (One and Two) chromite deposits – we use the following:

1) $37 million in our conservative case – this is the approximate EV of Freewest Resources (FWR-V: $0.20, Not Rated) who has intersected significant chromite mineralization;

2) $100 million in our base case – approximately triple the FWR EV; and

3)$635 million in our optimistic case – this is 2% of the potential gross metal value of a 30 million tonne deposit, grading 40% Cr2O3 at long term US$1.00/lb Cr2O3. We believe the chrome mine potential on the Double Eagle project is high, albeit difficult to value, given the early documentation of the Blackbird One and Two deposits regarding potential size and grade (we note a limited number of drill holes with chrome assays have been reported to date). We expect Noront has a good chance of being able to sketch-in +20 million to +40 million tonnes of chromite resources, at average grades of 40% Cr2O3.

NOTE paragraph 3

this is 2% of the potential gross metal value............

When was the last time 2% was used for value, normally its 10%, Voiseys bay it was 40% ( now that was an abnomaly)

so if their target price of 2.15 is based on 2% does that not mean they were really saying its 10.75 at 10%.

Someones not playing on a level field here, why would genuity deliberatly write the report this way?

I can't take credit for finding this piece of information, but I do think its relevant and I do think that this should make us all sleep a little better tonight.

Storm