SN - great analysis, especially about the FN. You write

In spite of the fact that the FN could benefit greatly from infrastructure improvements, I have always said that the main stumbling block for development of the north is the FN. Although the involvement of the FN in this small step is encouraging and an improvement over what we have seen, the conduct by the FN and their chiefs on other issues in the past makes me very suspicious that they will continue to be obstructionist. Their pattern of behavior suggests that an agreement only last until they decide they want something else.

I couldn't agree more. This is a small step for us as investors, and as such a disappointment, but with regard to the FN it's a prudent one. It seems to me that the relationship with the FN breaks when they are pushed too far too quickly. The governments have identified the FN as the most important partners to get, and keep on board, so they are doing all they can not to upset the FN, and if that means taking small steps slowly, then I suppose that's how it's has to be. We investors as a group, are not going anywhere, so it's not about making us happy short term. We'll be happy if we get there eventually.

With regard to the chiefs, I'm glad that the negotiation partner is the Matawa Tribal Council and not the individual tribes. I suspect Matawa as an organization will be/become a more professional and trustworthy negotiation partner in the long run. IMO the communities and the chiefs are slowly but surely in the process of getting "mining ready", but then again as a person, my glass is always half full, not half empty.

Best regards

DRA