What costs have went into what Noront owns today?

First Probe did some exploration back around 2006

KWG/SPG/UC did some diamond exploration around the same time and made some initial diamond and copper/zinc hits. 

Probe gave up the option, then Noront hit on the first drill hole.  After that, they spent maybe a couple hundred million....proving up Eagle's nest while trying to find additional targets.  Over the course of a few years, they found gold, vanadium/titanium, other nickel/copper and lots of Chrome.  Other companies also did some drilling with limited success.  FWR was successful in finding some nickel as well as large deposits of chrome, which lead to Cliff's paying about $270 for FWR.  Afterwards, Cliffs paid another $125 million to buy out SPQ. 

Eventually, over time, Noront managed to consolidate much of the land holdings by buying out Cliffs assets for $26 million, and made other deals to aquire BMK's interests in the area. 

In the meantime, Noront invested millions trying to build relationships with the FN's as well as providing incentives to train the local communities. 

All said and done, these are costs the aquirer won't have to bear.

If a company today wanted to stake claims, covering a vast area, making the discoveries, proving them up, consolidaing large area's with huge potential for further discoveries....what would that cost now.  Surely, more than some $350 million.