"But it seems to me, that they don't want to offer the same sort of blue-sky valuation for Noront assets."

I think it comes down to a couple of points. Some of those that have both FWR and NOT like the diversity between the two. At present they have differing strengths, two totally different management styles, and two different mineralizations of emphasis. Call it something of a hedge through diversification. I wouldn't say that NOT has been discounted for it's blue sky, but that some would wish to achieve both sets of blue sky from discrete companies with the expectation that, given FWRs fabulous potential, that it could produce as many share dollars potentially as NOT. Having written the above, this is a mindset that is not totally founded on facts but as much in expectation. We do not have enough facts to support our expectations, hence ..... speculation. What will 100mt of Cr finally fetch for FWR if that is what they prove up. We know it likely has stand alone potential. At the same time we don't know that the amalgamation of NOT/FWR won't produce a claim that majors would pay multi-billions for, once more is generally known. The trust level in NOT BOD is probably a major factor in any reticence. If I could trust NOT I wouldn't have the bells going off. If FWR could trust NOT, I don't think we would be having this conversation perhaps. More to the point, what does FWR know about their own worth that makes them run away from NOTs advances?