Here's a theory for you. I mentioned this before but it's prime time to mention it again. To me it is obvious what is happening here.

The PP was announced on April 19th. At that time our SP was at a high of 1.59.

Since that time we have traded approximately 5.5MM shares at an average price of...let's call it 1.48 = $8.14MM trading hands.

The PP is for a total of $15MM plus over allotment. Given that the effective price of a Flow Through Share is significantly discounted to those in the highest tax bracket - it is a 'no-brainer' if you hold regular Noront shares to sell those and buy the flow through shares right down until less than 1.30 (just a guess, I think it's lower).

So you have a rush of people who are likely wanting to sell their regular NOT shares for the flow through. So the rush of money OUT is the only money you will see on the TSXV board. However, it is quite possible that there is even more money coming IN which we do not see reflected in the SP.

Make your own opinion but my advice is just to relax, wait until the end of next week when the PP is closed, and hope for some good news from drilling in the week or so following that. Nothing material has changed here but there is something very significant that is happening in the background.

If any of this makes sense to you then you will also see this as potential buying opportunity as those who have planned to sell their shares to buy the PP only have a few days left to do so.

B