Not to dump on Noront, but the permit process can be a painful one whether it is environmentalists, natives, locals or politicians, they all can strain an investor's patience.

In addition if Cliffs gets adamant and insists on having it's way, it could backfire on Noront and paint us with the same brush. Deserving or not.

Having been burned often enough I am optimistic due to resource and land hold but cautious due to above named possibilities.

We are still on a roller coaster ride.