Irwin, president and president and chief investment officer of Toronto's Rosseau Asset Management, which is invested in Noront Resources, says that battles with First Nation groups have made the climate too uncertain.

"Ontario thinks of itself as a stable world-class mining jurisdiction, but the reality outside is that it can get pretty lawless for exploration companies, and the government has been turning a blind eye to it," says Irwin. "As a direct result of the uncertainty in investing in mining in Ontario we have been forced to go to other jurisdictions for investments."