"If you own just FWR, then you feel you should get more. And if you own just NOT, then you should be quite happy if this goes through."

Right. So why should a FWR shareholder vote for this, as it stands?I can see why NOT shareholders "should be quite happy"

Of course a combined company with all those assets would be tremendous, but seriously, do some number crunching on the actual in-ground value of each company relative to their share price. Not price is far closer to actual value than FWR is, which of course is why it is attractive.

Not has Eagle1a valued (in ground)at around $700 million, and possibly 1b and 1c each with the same value, though deeper and so more expensive to mine. There is some chromite, some vanadium, but nobody is too excited about those. 2.1 billion for the Big Deposit, plus other stuff.

Fwr has several chromite deposits, one of which alone has probably 100m tons of better than $300 a ton open pit accessible ore. There are other chromite deposits, vanadium in New Brunswick, Gold at Clarence Stream, etc. so a Big Deposit at 30 billion(in ground), plus other stuff.

Notice a slight difference?