The answer to that lays in the institutional ownership. It costs a lot of money to start a known to fail hostile takeover and Noront tried it with what they thought was backing from their institutions? Some jumped ship and Noront got some money because of that.

If a company was going to do a takeover they would be talking to the owners of the majority shares who may not be willing at this time. Going in with 10% would be futile and bring notice to anyone else to make a bid.

I think any offers will come when the project has less risk and may be why our management wants to keep thew risk alive till a sudden derisking by all parts of the project are completed.