Great news...We all know that the in-ground value of BD is probably 2-3 times more.
If any significant news comes around on the other common grounds or KWG properties, value goes up.
The significant land package is underestimated in my opinion, so is the NSR.
This is a base for negotiation. Ultimate value should approach 0.60$/sh.
Based on the evaluation, the share exchange ratio should be brought back to a fair 1:1. Otherwise, spin-out the NSR and RR. The merger is the best avenue for success. Let's drill!
Too bad no one at FWR had the intelligence to initiate such a study during the Noront/Cliffs bidding tug. We might
have succeeded in delaying the steal of the century... Imagine, FWR's 40% ownership of BD alone would be worth
the price CLF paid... such a shame investors had no b_lls to call CLF's cards at the time. We cannot however say we did not try...
Have a great day!
SB