People just love to blame management for everything. In this case, there were no abuse of cheap options/warrants. Our share price was undervalued and a commodities wave is pushing all boats up. We happen to have a boat that was lower then most (ie more undervalued than most) so our boat made up more ground then most. I still believe commodities are the place to be and Noront is one of the best boats to own.

Glorieux