Hate to wait that long since you can bet that Feb/March does not mean February and probably means April. The other thing to consider is just how difficult and expensive it is to drill up there. You can't just drop off a drill and bunch of guys in the middle of nowhere.

FNC doesn't have any infrastructure or base camp and for limited drilling can't afford to put it in place. The only camps I know of are Noront's and BMK's.

The way I see it is you co-operate with others or get shut out unless you have big bucks to buy your way in. That doesn't sound like FNC.

On the other hand FNC can continue to ride on Noront's coat tails for a while. Noront finds DE 2 and watch FNC's share price move up fast as people will suspect, rightly in my opinion, that FNC's anomality so close to DE 1 will contain deposits. Then watch FNC fall back because they do nothing to support the assumption.

My guess is FNC are still playing hardball to get a great deal and have Noront or BMC jv on the property. OR ride the price up and do a pp at $4 or so.