ANBCA, I should have spelled it out more clearly. I do NOT think that the NSR is only worth a million. I also wish I owned it!

I just think that Cliffs seems to have a history of making offers for things at very low-ball numbers and also for writing press releases with a straight face to state that they are being magnanimously generous in their offers. I'm sure that they would be quick to offer, say, $1.2 million, and state that it is a very generous since it provides a 20% premium on an item that might in fact be worthless if a mine isn't built. I don't think that the $1 million tag is a realistic valuation, but I'm sure that Cliffs would like to pretend that it is when coming up with their next offer.

That's why I'm looking forward to some realistic numbers from a third party to give ahopefully independent analysis of what the NSR could realistically be worth under a normal conservative development scenario that did in fact assume an operating mine.

Regardless of anything else, Cliffs does have one huge advantage over us, and that is time. We should be able to get a higher offer price in the next month or two because of all these back and forth chess moves between the various players. However, to really maximize our value, IMO, we would need the KWG/SPQ merger to go forward (which I earnestly support), and we need another year or to to move the mine development process forward. I fear that we will not have that time. Even if we merge, that will still make things a bit easier for Cliffs on the paperwork side, because they'll just throw another higher offer out for the new combined company. True, it will cost them a lot more overall, and it will benefit my portfolio significantly, but I hold no hope that a merged KWG could hold out for another year.