Jackals...

I don't know whether I can answer your questions.  Honestly.  The JV thing is complicated.  However, here are some of my thoughts.

Let's say that ABC company signs a JV with NOT for 50% on 10 claims.  NOT's share price is $5 and ABC is $2.  What if the JV finds 10 million tons of nickel with a value $200 million?  50-50 right?  (This is a ficticious example, remember.)  The market might pump up NOT's SP 10% and ABC's 20%, or it might pump up NOT's 25% and ABC's 5%.  Or both may go up equally.  There is no mathematical JV ratio here.  Market perception and market momentum for individual JV partners are complete unknowns. 

Moreover, percentage of land ownership really doesn't mean much (at least I don't think so.)  I think when the new claims map is out tomorrow or the next day, it will be quite different.  Noront has many more claims; in fact, it will probably have more than SPQ.  Clearly this does not mean the 10 VMS sites on SPQ land is any less important.

I don't think that you can compute any future value of your SPQ shares based on JV relationships.  What is important is that the risk is shared and so are the rewards.

IMPORTANT:  I should mention that I sent an email to Richard Nemis of Noront this evening asking directly about the relationship that SPQ has with NOT.  My exact question was:

Jackals...

I don't know whether I can answer your questions.  Honestly.  The JV thing is complicated.  However, a couple of things.

Let's say that ABC company signs a JV with NOT for 50% on 10 claims.  NOT's share price is $5 and ABC is $2.  What if the JV finds 10 million tons of nickel with a value $200 million?  (This is a ficticious example, remember.)  The market might pump up NOT's SP 10% and ABC's 20%, or it might pump up NOT's 25% and ABC's 5%.  There is no mathematical ratio here.  Market perception and market momentum of individual JV partners are complete unknowns. 

Moreover, percentage of land ownership really doesn't mean much (at least I don't think so.)  I think when the new claims map is out tomorrow or the next day, it will be quite different.  Noront has many more claims; in fact, it may have more than SPQ.  Clearly this does not mean the 10 VMS sites on SPQ land are any less important or valuable.

And I don't think that you can compute any future value of your SPQ shares based on JV relationships.  What is important is that the risk is shared and so are the rewards.  All I can say is that you will benefit strongly with this JV strategy.

IMPORTANT:  I should mention that I sent an email to Richard Nemis of Noront this evening asking directly about the relationship that SPQ has with NOT.  My actual question was:  How is Spider Resources viewed within the context of Noront's larger strategy, and the future exploration of the Ring of Fire? 

Finally, I should also mention that there was another geologist at the meeting today who is the President of Beartooth Platinum Corporation.  I told him early in the day about Noront and the Ring of Fire.  After the Noront presentation, he went directly up to Nemis and Novak and introduced himself.  He then came over to me to thank me for bringing NOT to his attention.  (His presentation was early in the day; NOT's was at the end.  He stayed the whole day.)  I think he was very interested to find out about PGM finds at the Ring of Fire.

Snug