Nothing wrong with Devil's advocacy, as it tends to draw out deeper facts.

CLF does control the FWR holdings, which encompass 4 claims and 45% of another 3, within an area consisting of several thousand claims that at some point is going to be a huge mining camp. They may be able to exert some controls over KWG, but at the moment none over SPQ, let alone any of the other companies in the area.

There is absolutely no business sense to the concept that they would put the effort that is going to be required towards infrastructure, without being comfortable in knowing they have complete control of what will be mined in the area.

There is also the general feeling that once this amalgamation is completed, that there will have to be a Private placement to raise the necessary funds to maintain the ratios with KWG/CLF. There would be no logic to NN doing this PP with CLF, as it would then give them the same controls as with KWG, and probably negate any possibility of a white knight appearing, and all for only 20% of the pot.

However, if this probable private placement is with another party, it will serve to raise the stakes considerably, probably more so than a pending announcement on infrastructure or the 43-101.

Best regards

K