Noront Resources et al.

to:

Alan Coutts <alan.coutts@norontresources.com>, Paul Semple <paul.semple@norontresources.com>, Greg Rieveley <greg.rieveley@norontresources.com>, Kaitlyn Ferris <kaitlyn.ferris@norontresources.com>, Paul Parisotto <paul.parisotto@norontresources.com>, investor.relations@norontresources.com, info@norontresources.com, Mark Baker <mark.baker@norontresources.com>, Glenn Nolan <glenn.nolan@norontresources.com>, Colin Webster <colin.webster@norontresources.com>, Scott Jacob <scott.jacob@norontresources.com>, Tom Anselmi <tom.anselmi@norontresources.com>, Ted Bassett <ted.bassett@norontresources.com>, Darren Blasutti <darren.blasutti@norontresources.com>, Peter Mah <peter.mah@norontresources.com>, Richard Nemis <richard.nemis@norontresources.com>

cc:

rnemis@boldventuresinc.com, "Michael Gravelle, MPP (Constituency Office)" <mgravelle.mpp.co@liberal.ola.org>, "kwynne.mpp.co@liberal.ola.org" <kwynne.mpp.co@liberal.ola.org>, "pm@pm.gc.ca" <pm@pm.gc.ca>, "greg.rickford@parl.gc.ca" <greg.rickford@parl.gc.ca>, Ontario Chamber of Commerce - Info <info@occ.on.ca>, christine.kaszycki@ontario.ca, "ndmminister (MNDM)" <NDMMINISTER@ontario.ca>, etc.

I can appreciate that retail shareholders are not to be of huge concern at the moment, or at least until you need to do another round of funding. This is demonstrated by a lack of response to us and to the public. However, we do exist and hold a substantial amount of shares, even with the heavy RCF dilution of the interest on the "bridge loan." That type of loan is meant to tie you over a short-term because the project development date is expected to be nearly at hand. That doesn't seem to be the case and I've been misled by the "optimism" of the company in this way. Perhaps you've misled yourselves as well but that is another nail in your fiduciary duties.

It is painfully obvious, even without Noront updating it's shareholders in plain language, that this winter is yet another delayed season for development. Will you state publicly that the timeline has been changed yet again with reasons and causes even if they are government or FN based?

Side Note: Oh yes, and whatever happened to Leanne Hall? Where was the announcement of her departure? I'd say that if her appointment is material, then so is her departure.

We have a considerable amount invested and will be looking at what is within the law. Ontario seems to be treading on thin ice here too.

While governments and FNs can be to blame largely for negotiating/gambling privately and deceptively, as perceived by the public, with large time chips for their respective interests, Noront could have somehow managed to push ahead and it didn't. Governments have failed, MNDM has failed. So what if you give away a substantial % in an IBA! Deduct it against the provinces share of the cut because of the current political climate. Have the FNs pass your ToR and EA instead of the province. Deal directly with FNs as the lawful nation, that's basically what's happening anyway. Your main responsibility is to maximize returns for ALL shareholders, not to get trapped in the politicking. Mining has been done on Crown land without FN consent for ages. What if we turn that around and mine on FN land without Crown consent? That, in my humble opinion, would be in the best interest of Noront's shareholders. That's also what a free market would dictate.

With all your Eagles in 1 Nest now, it is hard to turn away from the RoF.

Pending some sort of clarification, and hope for this project, I cannot bear to stay put for another year, or 2, 3, 4 etc. My family and friends will also be advised to part ways. I should have heeded my fellow's counsel, Rick Rule, when he hinted that Noront was not a good security. There are better investment prospects out there that to stay is simply not justifiable anymore after so much optimism yet not much in results for the last few years.

While those of you in the company have some skin in the game, lest you be reminded that you're also comforted with large salaries and never-ending options on this cinderella penny stock, and have put forth some progress in your capacity, the show must go on but I don't need to be participating in the tragedy of seeing it reach $0.05 or rounded as such. Perhaps I will buy back at such a bottom.

Post Scriptum:

I may be wrong but if the status quo does not change, if there are no productive actions taken, if we cannot develop or drill -- let alone get a simple permit or have past permits and MOUs be honoured -- then the management, board and FNs board of this company have failed its shareholders. If your lauded work with FNs have not proved to be enough than I will let others invest in such precarious lowlands and political agendas, no doubt obfuscated, if not outright precipitated, by the ON and FED governments.

It is also clear that governments have grandly failed in creating a hospitable environment for natural resource and other investments. As pipelines, mines, TSX Venture and oil prices all get beat down currently-- we will all surely feel the pain soon enough in solidarity.

Thanks for bringing my paper value, soon to be real, down by so much. For all of you, if your goal was to destroy, and not create, wealth then you've effectuated quite remarkably!

I ask for transparency of this company and of governments in the Ring of Fire negotiations as they are a matter of public concern.

I ask for all fiduciary officers to adhere to their duties.