"The Odey fund's position in Noront Resources is at 11.59% of its net asset value"

I need to find out what they mean by this exactly.  According to Odey 13F filing they have $5.2 Billion AUM.  If 11.59% is Noront shares then they have around $600M invested in Noront??  That doesn't add up at all.  Perhaps they are stating "net asset value" of Noront's Eagle's Nest?  Which is around 540M according to the last NPV in 2012.  So that might put them around $60 million invested?  Which still seems a stretch as that would give them around 100M shares??  Assuming they bought in around 55 cents.  That's around 20 percent of float.  So something doesn't add up here?  So this is some perceived or estimated net asset value by the hedge fund perhaps.  Weird.