Noront is in the process of getting a loan from its largest shareholder (RCF, a hedge fund with many mining professionals on its staff). Overall, this looks a lot like a convertible junk bond. The effective interest rate is really high once you sort out the financial engineering. This makes sense as Noront has negative cash flow and is not safe to lend to. The lender needs to be compensated for the risks on its loan.
Setting aside the trickiness of the loan for a second, I think that it is somewhat of a good sign that RCF decided to lend money to Noront. It shows faith in Noront. If it turns out that the nickel and chromite projects are not economic (and this could well happen), then RCF could lose a lot of money on its loan and be left with assets that aren’t worth that much.