I beg to differ, $100/ton is not conservative. It is a sell out.<p>
Metal prices are not likely to back off much from current prices and in the near future will only go up. Contrary to some propaganda from the States, Chinese and Indian economies have not nor are going to crash but will sustain and probably grow over the next few years.<p>
It is the US economy that is in trouble and not much daylight to be seen in the next couple of years.<p>
My point: $200 per ton IS fairly conservative.<p>

Resource from news release of 2009Dec09:<p>
Category Resource @$200/ton<p>
----------------------------------------------------------------<p>
Measured & Indicated 8.9 million tonnes 36% Cr2O3 $1,780 million<p>
Inferred 6.0 million tonnes 35% Cr2O3 $1200 million<p>
==================================================<p>
Total value $2,980 million<p>

We have 185 million shares out. That means $16.11 per share just from this chromite.<p>
You use a discount to 10%. I use that only if a feasibility study is completed and the stage is set for financing of construction. Noront is not quite there yet. I say 5% to at best 7%.
That still leaves us with the current share price.<p>
Same destination but slightly different ( I hope more realistic) methodology of getting there. Cheers.