Report from Wes Hanson to Shareholders.

Quote:

" With two world-class mineral discoveries, an experienced management team, an environmentally and socially responsible development plan and a commitment to excellence, Noront defines opportunity"

....."Despite the challenging market conditions this past year, the future fundamentals for both nickel and chromite remain very strong.

Although analyst consensus is for continued downward pressure on both nickel and the junior mining sector as nickel supply exceeds nickel demand for the foreseeable future, most analysts agree that stainless steel production will continue to grow which will lead to increased demand for nickel and chromite.

By 2015, many analysts predict demand will outstrip available supply, leading to increased nickel prices in 2015 and into 2016. Commercial production at Eagle's nest, scheduled to commence in 2016 - 2017, would be ideally positioned to benefit from this period of improved metal prices."

..."I would like to thank you all for your support and dedication this past year. On behalf of the Board and the Noront team I look forward to another successful year as we continue our efforts in 2013."

Wesley C Hanson.

Unquote.