I believe he has already sold an option on it to Freewest. My understanding is Freewest has the option to purchase the remaining 1% NSR at any time for 1 million.

If that's the case, Cliffs can argue that the "value" of KWG's 1% NSR is only 1 million also. Spread that over more than 3/4 of a billion shares, fully diluted, and it doesn't bode well for the valuation of KWG.

Unless of course, they can throw out some potential revenue numbers to imply a higher valuation.