"Since Cliff has already spent the majority of their war chest, they won't be coming after Noront any time soon."

To make a statement like the above is to not look at the facts.

CLF simply cannot justify the infrastructure without NOT's nickel, period.

To give examples of this situation, look at INCO and Voisey's Bay. Or more recently look at TECK and their takeover of Fording coal. To consider either one of these at the time they were done seemed ludicrous, as it caused a huge dilution, and in the process almost bankrupted the buyer, yet 5 years later they were both applauded for their foresight.

Best regards

K