950k from Inca.

total: 17,597,653

Well folks, as suspected, retail holds a lot of noront. I don't think anyone would think it much of a stretch to say that we hold at least another 5 to 10 million shares that haven't been accounted for. At least.

So a VERY rough estimate for retail holdings in noront is likely 10 to 20% of the overall float, making retail one of the largest shareholders (probably largest), collectively. Of course this is only significant if retail was structured in the same way other instos are.

What is also interesting from these numbers are the retail investors that are no longer present. Will they be back? Probably. Many flipped in to ZEN. I honestly believe in the long run that will be a big mistake. That is nothing against ZEN, but from the current levels I see a much larger return in noront than zenyatta. There aren't too many that don't see the upside in noront, it isn't a matter of "if", rather "when". I am of the belief it will come soon enough. In the form of infrastructure announcements, financing or a buyout. I also believe that many will pile back in noront, but at a much higher price. We will see. Timing will be key. Some will miss the boat.

Thanks to everyone who participated, at least we have a rough idea where we stand. If need be, in a perfect world, it is POSSIBLE that retail could unite and potentially help shape the direction of Noront. That is, of course, if it is even needed. I personally like every single thing this management team is doing............minus one important piece of the puzzle.....share price. I think more focus needs to be put on it. I do think in time the SP will skyrocket and never look back, but I also believe Coutts needs to take the bull by the horns and shake things up. He should even catch his own team off guard. So Mr. Coutts, if you're out there, time to man up, make Noront yours, and show us da money.

good luck all,

djje