Yes that is my take as well.

My comment was more related to why Noront's current share price is so depressed as the market seems not to be giving as much 'blue sky' valuation to Noront as, for example, FWR is getting.

FWR is of course a long way from work on a 43-101 on their chromite. In fact they appear to be operating on the assumption that they will be so successful in proving up such huge zones that a 'deal' will be made so someone else will end up doing the extremely large drill program required to get to 43-101 stage.