1. Let's assume that the ruling has confirmed the validity of original NOT's bid (and accepted by CLF) for all CLF assets in the ROF, including the 111M KWG shares, as a package. But, it is difficult for a layman to disect the mumbo jumbo (someone said the shares issue is in the last paragraph of the ruling) in the usual convoluted and cryptic piece of writing. Perhaps, a legal mind can untangle this mess and lay bare on the table the item that says "the 111M shares that CLF owned is part of this package of the RoF assets for sale". So we are now back to the begining when NOT announced the purchase of CLF assets for $20M,... and Frank issued an NR with respect to NOT wanting to talk, and then the challenge by a group associated with former CLF Boor and supported by the nearby FNs.

2. Not widthstanding any potential appeal of the ruling (Boor, please just go away), the question is "Does the total package above, as confirmed by the court including the 111Ms, include any potential liabilities that belonged to CLF before the final sale (e.g. the court case wrt the NS easement, the appeal of the appeal, which may be influenced by the recent ruling in a similar case, Trelawney easement application, and Sanatana came out with an award). CLF has until early May (May 2?) to submit its response to KWG filing.

If it is a YES, then the liabilities would then be transferred to NOT, and NOT would be responsible for filing a response?

3. Let's not forget that NOT has its own court appeal going (NOT is not happy with the helo staking done by KWG, which was accepted by the claim office).

In summary, there are too many loose pieces on the table. Perhaps, this could be wiped clean by the little talk between NOT and KWG. Bet that there are some biggies lurking in the shadow trying to simplify the picture (too complicated right now). It would not be a surprise to see Baosteel making some move to have a stronger footing in the long-term supply of chromite (one of their strategic nat resources). Baosteel has poured in quite a bit of money investing in ~10% of NOT and is not expected to be just sitting there (an insider with one seat at the BoD) for some fun and game. Baosteel is more influential than RCF (with some 20%) in my opinion.

Note: KWG 30%BD is another loose end. Another one is KWG 80%BH. Nobody would want a competitor in the chromite business setting camp next door. A consolidator would naturally consolidate.

goldhunter