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: STIFEL Report dated July 26,21
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Just a point of clarification.  The Stifel report incorporated comparables for all mineral deposits held by Noront including nickel, chromite and gold.  From the report starting on Appendix "C"  Some-of-the-Parts Analysis" SOTP pg C-12

Noront Asset Ownership Asset Category Price to NAV EV to Resource Exploration Comparables:

Eagle's Nest 100% Advanced Stage 

Blackbird & FeCr Processing Facility 100% Advanced Stage 

Chromite Projects Various Resource Stage 

McFaulds VMS 86.1% Resource Stage 

Early Stage Base Metals Properties 100% Pre-Resource Stage 

Early Stage Gold Properties 100%

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