"If you put the pieces together, the lining up of the stars (drill good, NR, infill, resource study, econ study, and main listing) can equal short term rocket stock. But we are getting out of step in not having main listing and the drag will cost us. SP will underperform valuation until this is aligned."

It is interesting that this company doesn't see your way of thinking, that they state "why do the TSX listing if we don't need to" .... extra cost and effort ( if one could buy that statement). It is likewise interesting that this company, at present sees reverse pumping as the necessary current approach. One should be wary of pumping as a setup to being taken, so how should one view a company that does the opposite, pointing out swamps, the fact that we don't know if this is commercially viable yet, that the TSX isn't a priority yet, that they don't need it, when some think that it could do well for the sp and thus reduce dilution when looking to fill a PP. CLF and company state that a rail is only being investigated and that there are no guarantees, so they have tempered the enthusiasm somewhat though communities are already planning to capitalize on a move forward. I have lots of thoughts about reasons for BOD actions and stances but I don't really know where they believe they are going. Until that time any number of possibilities are possible. A sail boat can take many different approaches to it's destiny based on the changing winds. If you were on board and not told where you were going, you'd be hard pressed to figure it out from the numerous changes in tack. We know even less about what the winds have in mind.

I agree with your post, but confess that I have too little information to understand why they do what they do. The skeptical side sure drums up a lot of theories though. If we go back to what is often stated, we're seeing some darkness before the dawn, only this darkness is of the Arctic variety. We're not just talking a 24 hr period. Sounds like the final stage of demoralization for the retail investor and any other potentially bored, doubtful, impatient, frustrated, frightened, angry, confused, indignant or opportunistic parties who might see value somewhere else before they see it in NOT. I've moved some funds around but will still hold onto a nice handful of NOT shares. I'll be happy either way. Call it balance.....diversity.