Material change Documents

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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Fossil

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Material change Documents

posted on Apr 01, 2015 05:56PM

1 . 1 .5 5 "KWG Shares" means the Equity Interests of KWG to be held directly or

indirectly by the Borrower following completion of the Cliffs Acquisition

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I admit being utterly lost when comes to above statement on Sedar in material change documents.

I do know that borrower means Noront but will need a corporate lawyer to interpret the meaning

of it. the same reference applies to KWG susidiary.

Help needed here.

GLTA,

Fossil

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