From running the numbers on the downside risk of buying Noront at the current share price I have calculated the following.

Current Market Cap $102MM $C = $89MM US

Based on the 43-101 Sensitivity Analysis completed in December of 2008 it looks like at Ni prices of $7.70lbs (not there yet but $7.45 is getting close) = $250MM US. This is based upon a 10% discount rate. So the Eagle One Project would give us our current market cap of $89MM if sold at a discount rate of 35%. If we were just to sell the known deposit to a minning company this may in fact be a fair price? I don't know in today's market? But certainly their is massive upside potential in light of hitting at depth.

So this stock which granted is tied to the price of Ni - currently has no downside risk at this price. If hitting at depth somehow doubles the size of the deposit. Then the value should be closer to $1 Billion US (putting us back to the $5-7 per share level) because the infrastructure will have already been paid for. If they all connect... the "ghost bridge" theory then we are talking tens of billions.

Not sure if I know of another investment that has lotto type upside with virtually no downside? What is going on with this stock?