BUY, Speculative Risk*

12-month target price: C$2.90

Overview

• Noront announced today the signing of an exploration agreement between the Company and the Webequie First Nation (the "WFN").
• The exploration agreement deals with the Company's exploration activities from December 1, 2009 to the present day, which were conducted on the traditional lands of the WFN.
• The agreement includes a Memorandum of Understanding ("MOU"), setting out the protocols for conducting exploration activities on traditional lands of the WFN and reinforces Noront's intention to enter into a comprehensive Impact Benefit Agreement in the future.
• Noront will also look to sign a similar MOU with the Marten Falls First Nations ("MFFN"). The Company previously signed a similar MOY with the MFFN in April 2009.

We welcome news that management continues to engage positively with the First Nations communities in the James Bay Lowlands. Establishing a positive working relationship is crucial to Noront's success in the "Ring of Fire”.