1) Timelines as per Coutts

Construction at Eagle’s Nest, which features a “small but high-grade deposit,” would take three years, he said, and it will be five years before “you see any concentrate leaving that area and heading toward Sudbury.” = Minimum of 8 yrs from today

Mining of chromite for the stainless steel industry will come later, but stands to be very lucrative and last for decades, said Coutts. “We’ve got four of the best chromite projects in the world there.”

The first phase of the ferrochrome plant will cost $1 billion and is expected to create 350 direct and as many as 150 indirect jobs.

Construction would start in 2020 and take about five to seven years to complete, assuming approvals, including deals with nearby First Nations, are in place in time. = Year 2027 - Minimum 10 yrs from today

2) Franco Nevada Loan Terms - March 2015

To finance the Transaction, concurrently with the execution of the Share Purchase Agreement, Noront has entered into a loan agreement (the “Loan Agreement”) with Franco-Nevada Corporation (“Franco-Nevada”) through which Franco-Nevada will loan US$22.5 million to Noront for a five-year period at a 7% interest rate with interest to be accrued and paid at the end of the loan term.(2020 - NOTE-as per above per Coutts- chromite mining not scheduled to start miminum 2027)  In return, Franco-Nevada will receive a 3% royalty over the Black Thor chromite deposit and a 2% royalty over all of Noront’s property in the region with the exception of Eagle’s Nest, which is excluded. The loan will be secured against the CCOI and CCFNI assets acquired in connection with the Transaction

Not sure how this all adds up?????