NSRs are a common ingredient in agreements in the mining industry. In essence, that allows the property vendor to lock in an amount of revenue from a property, once the property is in production. Commonly, it is a % of the value of the commodity as it exits the smelter. It reflects the amount and current price of the commodity. It may be valuable or worthless, depends on whether the property is brought into production. The rights to the NSR are also liquid......they can be sold privately to other parties. It is not subject to profitablilty (i.e. creative accounting) of the producer.

IMO, neither NOT or Cliffs is presently offering an appropriate premium for a potential NSR to FWR shareholders. Acceptance of Cliffs' offer guarantees that their shareholders will never benefit from a NSR. Acceptance of NOT's offer, leaves the door open to a futher take-over of NOT which would most likely include a substantial premium vis-a-vis a NSR.

If you are firmly convinced that the ROF will in due course host a chromite mine, then please give the above some careful consideration in your decisions or declarations of support before December 11th.

Comments are always welcome.

I do not post on the FWR forum as I have no FWR shares.

Respectfully submitted

geoprof