I have given a lot of thought to what I heard from many in the mining community/fraternity at the PDAC in casual conversation........I think that now is an appropriate time to share their thoughts/comments with members of this forum. Please do not shoot the messenger!!!

NOT's Proxy Battle - retail won the skirmish, but lost the war

NOT's Current BOD - debatable if they are in for the short or long term

- bears close scrutiny

- besides their own, whose interests do they really represent?

- too early to tell if Private P was appropriate

- will not "coddle" retail shareholders like previous BOD

- track records not particularly glowing

- actions will go by the book

ROF - interesting geology

- let the academics and govt geologists do their things

- too little tonnage, too much distance, too expensive

- emergence of a new major NA ferrochrome producer highly debatable

- chrome ore market an oligopoly, barriers to entry very high

- too much hype and early exaggeration

Govt Assistance - better have a very strong business case

- needs to be politically motivated/suitable

- more concerned with conservation than development

Miscellaneous - commodity prices will eventually rebound

- there will be an industry shakeout

Respectfully submitted

geoprof