IMO we have concluded from a previous count here on the forum if my memory serves me correctly that just form replies to djje there is over a 10% ownership of shares here.

I would estimate that at least another 10%-20% of the outstanding shares are held by retail. At least. That's a big swing vote.

Personally I don't think a buyout is coming soon, but if it did, there are a significant amount of patient holders with a cost way higher than we are today. They will demand a higher buyout price.

Once things become "derisked" we could see a buyout but there would be multiple other large corps "kicking the tires" in the event that a buyout comes.

I don't think Noront will go for a song to a brand new corp like X2. Others would take a look and be sure not to let a new guy in to get a steal IMO.

Take BAO for instance. They know the value here better than anyone. They are on the inside and in the business. Why would they let someone else pay less than it's worth. Having a guy like BAO on the inside ensures we would get solid value. They would also not take a few extra $$$ or some sort of other deal to let it go. They may have made it seem like they got in for the Chromite, but they need nickel. The Nickel situation in China in the future will be crucial, with demand sky-rocketing and Indonesia jerking them around by restricting and taxing exports.

To summarize, at the moment, Noront is too risky for a big corp to buy without government anf FN signatures, but once that happens, we have BAO here to uphold what the company is really worth.

Of course maybe a buyout from them, but most likely more funding for exploration and development in exchange for an offtake agreement.

I am not sure about RCF though. Things seemed a little strange from my research in the transaction with Baffinland, but it's unclear to me whether something went afoul there.

In summary, RCF, BAO and almost all there current shareholder's have paid way, way more than what the company is trading for. RCF and BAO would need at least $1 to break-even. With all 3 of us needing to make money here a lowball offer would be pretty dumb by a big corp. Also keep in ming that our BOD the other party involved have put a long time in to this. 5 years for many of them is a large part of their careers and they want to most out of their options so I doubt they would endorse a low offer. They do not seem "tired" but excited.

No need to sweat here. If a buyout offer comes, it will be a spark that ignites the SP and most won't be disappointed.

JDR