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Yesterday after market close, Noront released assay results for nine holes that tested its Eagle 1B and 1C Ni-Cu-PGE mineralization on its 100%-owned McFauld’s Lake project, northern Ontario, Canada.

Approximately 19 holes have been drilled YTD, with NOT acknowledging that further results are required before a complete picture on Eagle 1B/1C can emerge regarding grade, continuity and size of the mineralization. We have summarized the assay results in Exhibit 1.

Noront also announced that COO John Harvey has resigned from his role; however, the company did not cite a reason. We acknowledge Mr. Harvey’s recognition of the Eagle One conductor that ultimately led to the discovery of the Eagle One massive sulphide resource.

Exhibit 1: Synopsis of Noront Ni-Cu-PGE Eagle 1B and 1C drill results (from September 15, 2009 assays)

Zone/target Purpose and # of drill holesResultsGCM Comments Eagle 1B

- BHEM results are pending.

Source: Noront disclosure, Genuity Capital Markets Research

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Impact – Overall, neutral

While we are optimistic that Noront is drilling a permissive conduit for Ni-Cu-PGE sulphides, these results are still early and do not provide a complete picture. Further results from additional drilling are required to sketch in the additional 1B and 1C lenses before we will know the resource sizes of the two new lenses.

Catalysts

Valuation and recommendation

Our sum-of-the-parts valuation includes a 0.8x operating NAVPS of $2.65 for Noront’s Eagle One massive sulphide resource. This is predicated on a direct shipping scenario with triple our estimates of the Eagle One massive sulphides (to 1.8mt). Adding $0.25 for chromite and land belt value, and $0.20 for NWC, we arrive at our target price of $3.10. Based on NOT’s implied 37% return, we recommend NOT as a BUY.

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Genuity Capital Markets has acted as an underwriter in a distribution for Noront Resources Ltd. in the last 12 months. A portion of the travel expenses for a recent trip to an exploration site in Ontario were paid for by Noront Resources Ltd.

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I, Michael Gray, hereby certify that the views expressed in this report accurately reflect my personal views about the subject securities or issuers. I also certify that I have not, am not, and will not receive, directly or indirectly, compensation in exchange for expressing the specific recommendations or views in this report.

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For purposes of our research report, our rating system is defined as follows:

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Distribution of Ratings

Out of 152 stocks in the Genuity Capital Markets coverage universe, the ratings distribution is as follows: BUY (63.0%), HOLD (30.0%), SELL (3.0%), Under Review (0.0%), Restricted (4.0%), Tender (1.0%). Distribution of ratings is updated the first of every month.

Risk Rating

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Background and results