Termination payment increased.

Item 4

FORM 51-102F3 MATERIAL CHANGE REPORT

Name and Address of the Company

Noront Resources Ltd. ("Noront" or the "Company") 212 King Street West, Suite 501

Toronto, Ontario, M5H 1K5

Date of Material Change

October 19, 2021.

News Release

A news release in respect of the material change referred to in this report was issued by the Company through Globe Newswire and filed on the System for Electronic Document Analysis and Retrieval (SEDAR) on October 19, 2021.

Summary of Material Change

On October 19, 2021, Noront, BHP Western Mining Resources International Pty Ltd (the "Offeror"), a wholly owned subsidiary of BHP Lonsdale Investments Pty Ltd. ("BHP Lonsdale" and together with the Offeror, "BHP") entered into an amendment to the support agreement dated July 26, 2021 (the "Amended Support Agreement") to, inter alia, increase the Offeror's all-cash offer price from C$0.55 to C$0.75 per common share of Noront ("Noront Shares"), and increase the termination payment from C$13 million to C$17.78 million (the "Amended Offer"). In addition, pursuant to the Amended Support Agreement, the Offeror has agreed to mail a notice of variation reflecting the Amended Offer (the "Notice of Variation") in accordance in all material respects with applicable securities laws to shareholders of Noront as soon as reasonably practicable, Shareholders of Noront have until 11:59 p.m. (Toronto Time) on November 9, 2021 to accept the Amended Offer and tender their Noront Shares.