HIGH-GRADE NI-CU-PT-PD-ZN-CR-AU-V-TI DISCOVERIES IN THE "RING OF FIRE"

NI 43-101 Update (September 2012): 11.1 Mt @ 1.68% Ni, 0.87% Cu, 0.89 gpt Pt and 3.09 gpt Pd and 0.18 gpt Au (Proven & Probable Reserves) / 8.9 Mt @ 1.10% Ni, 1.14% Cu, 1.16 gpt Pt and 3.49 gpt Pd and 0.30 gpt Au (Inferred Resource)

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Message: Performance shares for Mr Coutts
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Hi BigD70.............On Dec 20,2013 2,000,000 Performance Share Units were issued

with expected life of four years. On each aniversary Mr Coutts can earn 500,000 shares

provided that Noront shares achieve certain treshold by that date.

According to his employment contract he could well end up with zero to 2,000,000 shares.

First vesting may occur this December if Noront reaches certain value per share.

Thus far I have not seen what those tresholds are though there were postings regarding

the same.

Conclusion: If Mr Couts manages to to earn in full amount of 2 Million shares in 4 years

we will do OK too.

GLTY and all,

Fossil

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