My logic is quite simple, actually.

CLF walked away with FWR for 220 mill. If you consider that the JV property contains a similar ore body to FWR's chrome, which still a just a conjecture, then the property has the same value. That works out to .12/ share. If, and I do say if, CLF is willing to pay the same for similar value, they will likely walk away with it also, considering the huge effort that was put into blocking them unsuccessfully with FWR.

I do have a large investment in SPQ, that had an average cost of .13. At year end I quadrupled that investment and brought my cost base down below .06. I would dearly love to see the .30-.50 as suggested, but where is it going to come from? It would require someone willing to pay three times what CLF did for a property that is less advanced than FWR was, why?

Best regards

K