Bang on Luker.

I know for many Noront longs that last few years since things started to fall apart with the grand McGuinty Cliffs plan have been hard.

Our stock price has suffered and it has been stressful, however the real situation was not negative.

The noise allowed Noront to get Cliff's property for a song.

In the background, Noront continued to progress silently on there own (yes of course permitting has been slow), and now they are well positioned. In fact they are in a very powerful bargaining position with the government and FN.

I don't expect Noront's stock to trade at it's true value immediately, but there is definately things brewing from a stock price perspective. The volumes over the past 5 trading sessions are at levels not seen in years. Noront's true value can be debated, but we can all agree that the current levels are not close to the most recent updated situation.

Noront IMO is now at a place where serious institutional managers can now take a position. Partly due to Franco-Nevada's entrance, partly due to the consolidation, partly due to the government becoming more focused and providing direction.

An unfortunate fact at the moment however is the price of Nickel. The NPV of Eagle's Nest loses approximately 100 million dollars for every $1 nickel is below $9.50. $9.50 is the assumption price of Nickel at production. In my opinion the fundamentals of Nickel will soon be more apparent with China working through their stockpiles and shifting from a net exporter to net importer. Nickel Pig Iron used to be a cheap source of Nickel for China, but the game changed with the Indonesian Ore Ban. I would predict that by the end of the year deficits will begin to show. The price of nickel may start to show in 30-60 days according to some analysts.

Analyst are generally all on the same page with the medium term forcast as few new Nickel mines are coming online, yet Stainless Steel demand grows at 6%+ per year globally.

As for the chromite, I think we will no longer hear a downplay type of talk from Coutts. It was always closer than he made it sound.

Now for the part that excites me most. Drilling! Coutts has alluded (most recently on BNN) that he feels that market via flow-through shares will be tested for the purpose of raising money for drilling. I personally like the idea. Since the last drilling campaign, a lot of surveying and studying has been done by Noront. I think they are confident about where they want to put the drills. Possibly rocket fuel for the SP!

The CEO of Franco-Nevada just joked recently that he would be firing his geologist of new metals were not found on Noront's property. Franco-Nevada's Geo-team probably looks at more Geo surveys than any other corporate team in the world. They are in fact the largest mining royaly company in the work. They bet on companies before the ore comes out of the ground. What better vote of confidence can an investor look for.

Best Regards,

JDR