The loan from RCF keeps getting rolled over with interest payments in shares. As for Franco-Nevada; taken from the Noront corporate presentation http://norontresources.com/wp-content/uploads/2015/10/Q3-2015-Corporate-Presentation-Website.pdf "a 5 year, USD $25.0 M loan at a 7% interest rate (to be accrued and paid at the end of the loan term), secured by the acquired assets and non-recourse to parent company." So if Noront defaults on the loan I would assume that Franco-Nevada gets the Cliffs ground.