Noranda Income Fund Unit T.NIF.UN

RE:RE:RE:Comparing valuations

[Bwrbhk]

At the time of the last Information circular, May 11, 2020, Extract Capital owned  5,198,200 shares or about 13% of the issued shares.  There are no notices since that date that they have bought or sold any shares.  Because they owned over 10% of the class of shares, they would have had to report divestures and/or additions, so I assume that they still hold the shares.

Regarding the TC's that Noranda receives, I believe that they are based on spot TC's as reported by CRU and Wood Mackenzie.  However, they may be at a premium or a discount to spot TC's.  The spot TC's reflect market conditions.  The only other quoted price is benchmark whick only reflect market conditions at the time when Teck and Korea Zinc finalize their negotiations, which should be soon.