Fossil,

Here are my lengthy 2 cents on this. You have to go back to Noront Sedar original document May 13, 2015 and print 18 pages...then start looking for the difference between the current amended report.

You'll see that Noront has added more info that is available today as compared to back in May.

They added a June 30 MD&A that wasn't available in May .....and some other interesting stuff like......

"the Corporation’s business acquisition report dated September 8, 2015 in respect of the Chromite Interests Acquisition; and

(j) the material change report of the Corporation dated September 9, 2015 with respect to the filing of the technical report titled "National Instrument 43-101 Technical Report Black Thor, Black Label and Big Daddy chromite deposits McFaulds Lake Area, Ontario, Canada, Porcupine Mining Division, NTS 43D16, Mineral Resource Estimation Technical Report" dated July 27, 2015 (the "Acquired Properties Report") relating to the Big Daddy, Black Thor and Black Label chromite deposits acquired through the Chromite Interests Acquisition and the restatement of the 2014 Annual MD&A to reflect (i) that, at the time of filing the original 2014 Annual MD&A, the resource estimate on the Black Thor chromite deposit acquired through the Chromite Interests Acquisitions was an historical estimate (within the meaning of such term in National Instruments 43-101 Standards of Disclosure for Mineral Projects ("NI 43-101")) and (ii) the filing of the Acquired Properties Report, as a result of which such estimate is now a current resource estimate "

All good stuff that has been added :)

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But what's this 50 million dollar stuff all about???

I'll tell you what I'm thinking...

Noront owes RCF 15 million dollars plus a bit extra dough in loans to RCF

The Loan with RCF is SECURED.

Noront owes Franco Nevada 27 million dollars. The loan is secured as per specifics below.

(The loan will be secured against the CCOI and CCFNI assets acquired in connection with the Transaction).

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Let's think outside the box a bit.

Imagine...for a minute the following ..

Some unfortunate, circumstances have taken place ..or have been "plotted."

... The deposits look ...standed....

RCF calls the loan. They want to be paid NOW. Noront has no money and can't find a way to raise it in the ....."current conditions"...

Then RCF takes the NORONT goods for a value of 15 million ..less the recent Cliffs buy...Franco gets to keep the Cliffs portion for the 27 million they paid. These 2 companies get billions of dollars worth of minerals...for less than 50 million.

.............

Imagine ...this now...you have take off agreements to be signed ...

Noront promises to give you goods in the ground for a certain period...and in return...they finance the mine....(a takeoff agreement for financing the mine)

The 600 million is spent building the mine.... before this take-off agreement partner sees 1 oz of product....RCF /Franco take advantage of an "unfortunate" situation calls the loan and seizes the company....and what happens to the takeoff deal...Do you get your goods? Or did you just provide someone a "free" mine?

If I was putting substantial money into the ROF ...and I saw the "terms" of SECURED with 2 parties for close to 50 million....

I would demand that Noront have a way to raise the money and it must be UNSECURED so that I could sleep at night. I would want to make sure no one could pull a fast one and take the company and I lose my investment.

Or it could a scenerio where I want to buy into the company..but I don't like seeing the secured loan stuff....and need some sort of assurances...before I lay down a wad of dough.

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Back in May I showed you folks that Rubicon did a similar thing..

On Sedar...they filed this

Multilateral Instrument 11-102 Passport..... All provinces with the exception of QUEBEC.

(no quebec because Quebec has their own Quebec pension plan)

Shortly after Rubicon announced this:

May 14, 2015 06:00 ET

Rubicon Secures US$50 Million Loan Facility with CPPIB Credit Investments Inc.