I have read comments and on occasion seen that big caps generally wait for explorers to define a resource with a feasibility study and sometimes wait further until a mine is being constructed before biting. The only exception is when a newly discovered resource is a barn burner.

I do think that Noront is grabbing the bull by the horns (proactive) by combining the FWR chromite with ours. Whether we operate the future mine or sell the combined asset to someone else is academic at this stage.

Whether Cliffs grabs the whole thing for themselves to operate or whether they retain us to do so or even for them to combine the whole thing and offer to a big cap is also academic at this stage.

The important aspect with the chromite is that Noront has not waited for someone to present it with an offer for it's chromite, but takes the initiative itself. The merger assures NOT that it's chromite will be part of any chromite development and therefore of value to Noront in the short term.
Of course this may not be the only reason, but the major one ihmo.

Having some chromite does not wash with me because having some is just that. Getting value from it is the name of the game.