I thought that I would do this post as a conversation piece to get your thoughts on it.

I'll start with a sequence of things

-Last Sept. 14, 2015 in Sedar we find out the RCF bridge loan was extended to Dec.31,2016

-Also, in the same Sept. 14, 2015 Sedar document ..Noront files a 50 million dollar prospectus.

It basically allowed Noront to raise 50 million by way of common stock, warrants for a period of 25 months.

-November 24,2015 Noront reports on Sedar that they closed a private placement of 4,824,218 flow through shares common shares at .50 for a total amount of $2,412,109. The amount is to be used for exploration efforts.

-THREE MONTHS LATER on Dec. 31, 2015 we get this NR from Noront.

NORONT RESOURCES PROVIDES UPDATE ON EXPLORATION AND DEBT EXTENSION

TORONTO, ONTARIO—December 31, 2015—Noront Resources Ltd. (“Noront” or the "Company") (TSX

Venture: NOT) is pleased to provide an update on exploration and financing activities.

The Company completed Phase 1 of its nickel-copper-platinum-palladium exploration program at the end of November. Some compelling IP anomalies within three kilometres of Eagle’s Nest were probed by UTEM 5 surveys, resulting in the delineation of a highly conductive target 250 metres to the northeast of the known orebody. The UTEM 5 system has been demonstrated to double the extent of vertical penetration of previous electromagnetic surveys, detecting massive sulphide conductors at depths of up to 450 meters and is also capable of detecting super-conducting massive sulphides at low frequency settings.

Phase 2 of the program will begin in early January with similar IP screening of the favourable footwall contact followed up by UTEM 5 coverage. This round of surveys will concentrate on prospective areas up to ten kilometres north and northeast of Eagle’s Nest focusing on footwall zones with existing nickelcopper- platinum-palladium showings. Drill testing of the UTEM 5 conductors will begin in late January 2016.

-January 4, 2016 ..we get the following from Noront...in an NR.

The RCF loan has been moved up 6 months and is now closing June 30 2016 AND Noront agreed to sell RCF 1% NSR from the eagles nest for 2.5 million bucks....but Noront can repurchase half of the royalty within 30 months for 3.125 million bucks.

The 2.5 million Noront got for doing this was to satisfy the 2 million dollar RCF bridge loan due Dec.31,2015

-Jan. 27, 2016 we get news that Noront cancelled the 50 million dollar prospectus.

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-Today we get a news release that states the following:

This round of UTEM 5 surveying will be complete in mid-March when, depending on the results and subject to financing, it will be followed with diamond drill testing.

Drilling originally scheduled for late January has been re-scheduled to coincide with the completion of this round of UTEM surveying.

"This is a systematic screening followed by the use of industry-leading technology in the identification of nickel sulphide anomalies," said Steve Flewelling, Noront's Senior Vice President of Mining and Projects.

"We believe the footwall contact that we are surveying has the potential to host a number of deposits similar in quality to Eagle's Nest."

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When I put all these NR's in this format and started to look at them I started thinking the following......

Noront had a 50 million dollar prospectus out there and did raise 2.4 million dollars of the 50 million available ...

Then this UTEM exploration started..... perhaps "someone" needed confirmation of something....

Then Jan 4 we get told the RCF loan is moved up...6 months early

And Jan. 27 we get told the prospectus is cancelled.

Why was it cancelled?....Why does Noront not need to raise MONEY??

I ask this because today we got the following in an NR:

"This round of UTEM 5 surveying will be complete in mid-March when, depending on the results and subject to financing, it will be followed with diamond drill testing"

Notice the words subject to financing...??

Why cancel the 50 million dollar prospectus at the end of Jan and then less than ONE month later come out with ...." we'll drill ...subject to financing."

Why not just keep the prospectus open and draw on it when needed????

UNLESS.....

You are getting a buy-in of some sort or you are packaging a portion of a ROF asset and selling it?

It's the timing of the prospectus and the cancellation of it that made me raise my eybrows. Noront needed money, hence the prospectus .....but then did exploration......and suddenly doesn't need this TYPE of money (they don't need to raise money through common shares)...but do need money to drill after March 15.

So the question in my mind becomes...if Noront is not going to finance by way of common shares....in what form will the money come to them?

Noront still does not have a chief operating officer and does have an empty board seat.

Right about now it would make sense to me for Noront to bring over some sort of a MONEY BAGS partner with chromite experience...(ie Mick Davis X2).

Noront is the primary player in the ROF and it would make sense to me to show the world that they could fund this project if the gov't supplied the 2 billion dollars in infrastructure.