When the definitive agreement executed between Baosteel and Noront provided Bao

with a right to increase their ownership in Not to 19.9% for one year commencing

on May2,2012 i wondered if those shares would have to be acquired on the open

market or would they be treasury shares? Why?

First: If they are acquired on the market there would be no dilution.

Second: For Bao to purchase 20Mill+ shares, that would push price higher maybe

even quite a bit higher.I feel that RCF did just that with their buying around Nov 1/2011.

Here we are, with only two weeks left before the right expires on may2/2013 and Bao does

nothing.I am puzzled to say the least.They have a chance to acquire shares on the cheap.

Yet they just sit on their hands.

GLTA,

Fossil