Friends,

Sorry to see the defection of many board members/ holders of late, even our esteemed legal hawk, Mssr. Crazydik

Thank you Cupcake for your recent contact with Wes, it is much appreciated.

Quite a lively discussion regarding NOT's valuation, although I think it best we consider and postulate over what Wes stated as "irons in the fire" in regards to mine financing.

I would put forward that after Baosteel picks up the option to increase it's holdings we will see a gauranteed off-take agreement for a percentage of the nickel and quite likely an even larger percentage of the chromite. As Cliffs is proposing to ship roughly 50% of its chromite ore to China (per the CLF presentation), we shall see it there is any pushback from the Canadian government in respects to how much of that ore would be deemed of "strategic value"/selling off of Canada's resource wealth, protectionism. Things are certainly a bit politically cloudy in this respect when considering where the ore is ultimately going...China and India and emerging markets in Asia. Hopefully some clarity from the government. More grief for CLF's in this arena....less so for NOT.

Sell a big piece of Blackbird pie, Wes! Consider a gauranteed agreement for the Chromite and sprinkle in a little Eagle's Nest for the Nickel and Copper that Baosteel will be needing to send home in a hurry by the time 2016-17 gets here. Shoot for a 5 yr. gaurantee to make sure the Chinese Yuan's (money) is coming up the "East-West corridor" until the North-South route is a reality.

It is quite difficult to come up with any pertanent info regarding off-take agreements historically involving chromite ore to assign some valuation/percentages. It will take a bit more digging on my part, and will report back any findings.

Here is a link to an IFM & Jiuquan video, that has a 3rd party junior partner as well. It is from 2008. IFM boasts to have 6% of global supply:

So from the CLF presentation we can gather that they will be able to deliver a tonne for USD $200. That would be a low reference point for where value will be in 2017. Noront should be able to deliver in this same range if Blackbird contains roughly 20M tonnes. As an investor, I would prefer management give away more of the chromite and less of the very valuable Eagles Nest deposit.

A plausible agreement for 40% or more of Blackbird to Baosteel with added interest in Eagles Nest, with some going to RCF and other junior partners. This alone should be sufficient to get us 1/3 of the way to full out mine finanacing (of the $600M+ needed). 100-150 million going forward into 2014 would be nice to have in the coffer. Maybe gets some exploration drills turning again!!!!

Let's hope we have the backbone of management to not giveaway too much in the deal....although times are really hard in the market. Maybe Wes had some luck in New York this week.....we wait to see. He might be trying to table a few options that will benefit the shareholders and put a curb on further share dillution. The market conditions may be improving enough to see an appetite for "risk" at least there seems to be knowledgeable investors out there somewhere looking at NOT....???

Below are a few other good links I would share with you in defense of the value of Chromite now and by 2016-2017.