There will be no second offer.
There is likely to be the equivalency of a second offer when and if Noront releases updated information from their latest drillings. Also unlikely that there will be another bidder stepping in, that potential bidder is probably hoping this merger happens, Then?.

Deke & stormmin have it spot on. While squabbling for pennies the shareholders of all of these companies are likely loosing dollars due to needless delays and working agains each other instead of together. You need togetherness for the necessary infrastructure and serious investors to anty up.This Noront offer is a start towards togetherness, imho.

Cliffs is probably waiting in the wing for the merger to occur and then show it's cards.
Just consider the possibility of Cliffs attempting to aquire FWR instead of Noront, what
would be the cost to Cliffs if they wanted most of these companies in their pocket one at a
time. I see it as easier if some of them merge on their own and then Cliffs coming in and
in the end a final aquisition by a major.

The whole market is predatory, what is new about that? Fish swallows minnows and a shark swallows the fish. You heard it here before.

Cheer up for what is to come.