When do you suggest this might happen?  I believe, if I remember correctly, that the $15m USD loan from RCF is convertible to shares at any point before December 31st of this year, at 34 cents per share.  It was originally set at 45 cents.  That's CAD.

So at a current exchange rate of approximately 79 cents on the dollar, that $15m becomes about 55.8m more shares.

Their current holdings are (I think) around 18-19% of the total float.

If they receive quarterly share interest at the end of September and again at the end of December, that puts them dangerously close to 20%.

If they ever exceed 20%, they must legally launch a take-over bid, if I remember Canadian securities regulations correctly.

Let's assume that on or before December 31st, they converted their loan to shares, and then launched a mandatory take-over bid.  At that point, what would it cost them to buy shares on the open market?

If they decided that a more beneficial timeline would be to launch a takeover bid prior to the loan conversion, what benefits would accrue to them?  Would they be able to buy the company out more cheaply?

What if they don't want to launch a takeover offer, for some unknown reason?  How do they circumnavigate that challenge?  By extending the loan, I assume.

Would they want to actually take over Noront?  Or would they more likely have a purchaser waiting in the wings, so they would effect a takeover and then turn around and sell Noront to that third entity?

I'm not familiar with RCF's strategy or typical modus operendi for situations such as this.