I don't really "get" the distinction you point out so emphatically, BB. If NOT is undervalued, and it would appear that the vast majority on this forum so believe, why wouldn't it tend to find its true level, whether as a long-term or as a speculative investment?

Are you implying there is a different rate of movement such as between water in a river and ice in a glacier? Maybe that's it! You are saying that since the exploratory stage has morphed into the development stage, price movement slows right down. And this does sound like the norm.

BUT, in Noront's case, we have a huge amount of exploration to be done along with the touted development (could be a ploy, eh?) AND we have (by most accounts) a great deal of catching up to do on the price. Depending on the factors (blockade, promotion, etc etc) this could be a rapid move up over a few days as has happened before and this could take place almost immediately, or maybe deferred a while awaiting for the spheres to align.

For me, the sooner we get the "catch up", the better, but surely it must come and long before an actual mine is a "go".

Best wishes to all short and long-term NOT investors,

O.F,