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THE RIGHT PROJECTS
                        THE RIGHT PLAN
                        THE RIGHT TEAM
                        THE RIGHT TIME




Monday, 25 June, 12
OVERVIEW




                                 2
Monday, 25 June, 12
OVERVIEW


                      Corporate Presentation

                              2012




                                               2
Monday, 25 June, 12
“	
  The	
  Ring	
  of	
  Fire	
  is	
  the	
  most	
  signi1icant	
  
                             mineral	
  discovery	
  in	
  Canada	
  in	
  a	
  
                                                  century.”




                                                                                               3
Monday, 25 June, 12
Overview

                              CORPORATE INFORMATION
 Lis$ng                      TSX-­‐V                PEER GROUP SHARE PRICE PERFORMANCE
                                                     TWELVE MONTHS ENDING MARCH 27, 2012
 Symbol:                     NOT
                                             30.00% 
 Approx	
  Share	
  Price:   0.51
                                             20.00% 
 52	
  Week	
  High/Low:     C$1.00/C$0.41
                                             10.00% 
 Market	
  Cap:              ~C$118	
  
 Shares	
  O/S:              M
                             230.3
                                              0.00% 




                                                                                                                                      PAN 
                                                        LBE 




                                                                             DM 
                                                                                   FNI 
                                                                                          NICKEL 


                                                                                                           NI 
                                                                                                                 POS 
                                                                                                                        POM 
                                                                                                                               IGO 




                                                                                                                                                                   MUM 
                                                                                                                                                                          SRU 
                                                                                                                                                                                 MBN 
                                                                                                                                                    CML 
                                                                                                    NOT 




                                                                                                                                             MCR 
                                                                      WSA 
                                                               FXR 




                                                                                                                                                           TALV 
                                             ‐10.00% 
 Share	
  F/D:               252.6
                             	
  M           ‐20.00% 
 MAJOR SHAREHOLDERS:
                                             ‐30.00% 
 ‣ Resource Capital Funds 18%
                                             ‐40.00% 
 ‣ Baosteel Resources 9.9%;
 ‣ Sprott Asset Management;                  ‐50.00% 

 ‣ Middlefield Capital;                      ‐60.00% 
 ‣ Goodman and Co Investments Ltd. and       ‐70.00% 
 ‣ Oppenheimer Funds.



                                                                                                                                                                                        4
Monday, 25 June, 12
Overview

                      INVESTMENT OVERVIEW




                                                  5
Monday, 25 June, 12
Overview

                                 INVESTMENT OVERVIEW
‣     Two near term development projects:
      •     Eagle’s Nest, high-grade nickel sulphide deposit with copper, platinum and palladium and gold
      •     Blackbird - high quality chromite deposit.
‣     Outstanding potential for additional discoveries;
‣     Largest land position (112,000 Ha) in the evolving, Ring of Fire, a Canadian mineral
      camp that is:
      •     Four (4) times larger than the Sudbury Basin and
      •     Less than ten percent (10%) has been explored to date.
‣     Management & Board with extensive mine development and operations experience;
‣     Compelling value proposition based on:
      •    Comparison to other nickel and base metal developers;
      •     Recent M&A activity in the nickel and chromite space and
      •     Management’s demonstrated ability to advance the projects to date.
‣     An economically, socially and environmentally sustainable plan;


                                                                                                        5
Monday, 25 June, 12
Overview

                                              INDUSTRY COST OF PRODUCTION




Source:	
  Raymond	
  James	
  Ltd.	
  and	
  Company	
  Reports




                                                                             6
Monday, 25 June, 12
Overview

                                                                       INDUSTRY CAPITAL COSTS




 Source:	
  Raymond	
  James	
  Ltd.	
  and	
  Company	
  Reports
 Note:	
  Noront's	
  produc9on	
  is	
  the	
  expected	
  average	
  nickel	
  produc9on	
  over	
  the	
  first	
  5	
  years	
  of	
  produc9on




                                                                                                                                                            7
Monday, 25 June, 12
THE RIGHT PROJECTS




                                           8
Monday, 25 June, 12
THE RIGHT PROJECTS


                        Corporate Presentation

                                2012




                                                 8
Monday, 25 June, 12
The	
  Right	
  Projects

                      LOCATION AND LAND POSITION




                                                               9
Monday, 25 June, 12
The	
  Right	
  Projects

                      LOCATION AND LAND POSITION




                                                               9
Monday, 25 June, 12
The	
  Right	
  Projects

                      LOCATION AND LAND POSITION




                                                               9
Monday, 25 June, 12
The	
  Right	
  Projects

                      LOCATION AND LAND POSITION




                                                               9
Monday, 25 June, 12
The	
  Right	
  Projects

                      LOCATION AND LAND POSITION




                                                               9
Monday, 25 June, 12
The	
  Right	
  Projects

                      REGIONAL GEOLOGY




                                                         10
Monday, 25 June, 12
The	
  Right	
  Projects

                      REGIONAL GEOLOGY




                                                         10
Monday, 25 June, 12
The	
  Right	
  Projects

                      REGIONAL GEOLOGY
                              Eagle’s Nest (200 m x 50 m x 1,600 m)
                              Proven and Probable Reserve
                              11.1 Mt @ 1.68% Ni, 0.87% Cu, 0.89 gpt Pt and 3.09 gpt Pd




            Eagle’s
            Nest




                                                                                   10
Monday, 25 June, 12
The	
  Right	
  Projects

                        REGIONAL GEOLOGY
                                Eagle’s Nest (200 m x 50 m x 1,600 m)
                                Proven and Probable Reserve
                                11.1 Mt @ 1.68% Ni, 0.87% Cu, 0.89 gpt Pt and 3.09 gpt Pd


                      AT12
                               AT12 (1,400 m x 200 m x 600 m)
                                  Hole       metres Ni (%) Cu (%) Pt (g/t) Pd (g/t)
                               NOT-08-2G11    122.90 0.56    0.29    0.22     0.79
                               NOT-08-2G12    112.90 0.35    0.10    0.14     0.46
                               NOT-08-2G14      74.00 0.41   0.13    0.17     0.53
                               NOT-09-2G28       1.60 4.16   1.72    1.51     0.70
                               NOT-09-2G36       2.10 3.00   0.74    1.06     2.58
                               NOT-09-2G37       4.18 4.71   3.08    0.77     4.29
                               NOT-10-2G41       1.25 4.85   1.04    0.56     3.75
            Eagle’s
            Nest




                                                                                      10
Monday, 25 June, 12
The	
  Right	
  Projects

                        REGIONAL GEOLOGY
                                Eagle’s Nest (200 m x 50 m x 1,600 m)
                                Proven and Probable Reserve
                                11.1 Mt @ 1.68% Ni, 0.87% Cu, 0.89 gpt Pt and 3.09 gpt Pd


                      AT12
                               AT12 (1,400 m x 200 m x 600 m)
                                  Hole       metres Ni (%) Cu (%) Pt (g/t) Pd (g/t)
                               NOT-08-2G11    122.90 0.56    0.29    0.22     0.79
                               NOT-08-2G12    112.90 0.35    0.10    0.14     0.46
                               NOT-08-2G14      74.00 0.41   0.13    0.17     0.53
                               NOT-09-2G28       1.60 4.16   1.72    1.51     0.70
                               NOT-09-2G36       2.10 3.00   0.74    1.06     2.58
                               NOT-09-2G37       4.18 4.71   3.08    0.77     4.29
                               NOT-10-2G41       1.25 4.85   1.04    0.56     3.75
            Eagle’s
            Nest               Eagle Two (200 m x 5 m x 400 m)
                               Low grade NiS mineralization - vein hosted
         Eagle
         Two




                                                                                      10
Monday, 25 June, 12
The	
  Right	
  Projects

                                REGIONAL GEOLOGY
                                        Eagle’s Nest (200 m x 50 m x 1,600 m)
                                        Proven and Probable Reserve
                                        11.1 Mt @ 1.68% Ni, 0.87% Cu, 0.89 gpt Pt and 3.09 gpt Pd


                              AT12
                                       AT12 (1,400 m x 200 m x 600 m)
                                          Hole       metres Ni (%) Cu (%) Pt (g/t) Pd (g/t)
                                       NOT-08-2G11    122.90 0.56    0.29    0.22     0.79
                                       NOT-08-2G12    112.90 0.35    0.10    0.14     0.46
                                       NOT-08-2G14      74.00 0.41   0.13    0.17     0.53
                                       NOT-09-2G28       1.60 4.16   1.72    1.51     0.70
                                       NOT-09-2G36       2.10 3.00   0.74    1.06     2.58
                                       NOT-09-2G37       4.18 4.71   3.08    0.77     4.29
                                       NOT-10-2G41       1.25 4.85   1.04    0.56     3.75
            Eagle’s
            Nest                       Eagle Two (200 m x 5 m x 400 m)
                                       Low grade NiS mineralization - vein hosted
         Eagle
         Two
                  Blackbird            Blackbird
                                       Measured and Indicated Resource
                                       20.5 Mt @35.8% Cr2O3 and 1.97:1.0 Cr:Fe




                                                                                              10
Monday, 25 June, 12
The	
  Right	
  Projects

                      EAGLE’S NEST




                                                          11
Monday, 25 June, 12
The	
  Right	
  Projects

                                      EAGLE’S NEST




                      NiEQ Grade
                       <0.5%
                       0.5% to 1.0%
                       1.0% to 3.0%
                       >3.0%




                                                                          11
Monday, 25 June, 12
The	
  Right	
  Projects

                                      EAGLE’S NEST
 -75 M Level

                                      N




                                          -75 M Level




                      NiEQ Grade
                       <0.5%
                       0.5% to 1.0%
                       1.0% to 3.0%
                       >3.0%




                                                                             11
Monday, 25 June, 12
The	
  Right	
  Projects

                                      EAGLE’S NEST
 -75 M Level

                                      N




                                          -75 M Level
 -600 M Level


                                      N



                                          -600 M Level

                      NiEQ Grade
                       <0.5%
                       0.5% to 1.0%
                       1.0% to 3.0%
                       >3.0%




                                                                              11
Monday, 25 June, 12
The	
  Right	
  Projects

                                      EAGLE’S NEST
 -75 M Level

                                      N




                                           -75 M Level
 -600 M Level


                                      N



                                          -600 M Level
 -1200 M Level

                      NiEQ Grade
                       <0.5%          N
                       0.5% to 1.0%
                       1.0% to 3.0%
                       >3.0%


                                          -1200 M Level




                                                                               11
Monday, 25 June, 12
The	
  Right	
  Projects

                                             EAGLE’S NEST
 -75 M Level
                                                                                       Mineral Reserve
                                             N
                                                                                              tonnes	
      Ni	
     Cu	
       Pt	
      Pd	
  
                                                                        Category
                                                                                             (x1,000)      (%)       (%)      (gpt)      (gpt)

                                                                 Proven	
  Reserve                5,264     2.02      1.04      1.01       3.45

                                                  -75 M Level    Probable	
  Reserve              5,867     1.38      0.72      0.78       2.76
 -600 M Level
                                                                 Proven	
  and	
  Probable      11,131      1.68      0.87      0.89       3.09
                                             N



                                                 -600 M Level
 -1200 M Level        Reserve Limit

                            NiEQ Grade
                              <0.5%          N
                              0.5% to 1.0%
                              1.0% to 3.0%
                              >3.0%


                                                 -1200 M Level




                                                                                                                                            11
Monday, 25 June, 12
The	
  Right	
  Projects

                                             EAGLE’S NEST
 -75 M Level
                                                                                       Mineral Reserve
                                             N
                                                                                              tonnes	
      Ni	
     Cu	
       Pt	
      Pd	
  
                                                                        Category
                                                                                             (x1,000)      (%)       (%)      (gpt)      (gpt)

                                                                 Proven	
  Reserve                5,264     2.02      1.04      1.01       3.45

                                                  -75 M Level    Probable	
  Reserve              5,867     1.38      0.72      0.78       2.76
 -600 M Level
                                                                 Proven	
  and	
  Probable      11,131      1.68      0.87      0.89       3.09
                                             N

                                                                                     Mineral Resource
                                                                                              tonnes	
      Ni	
     Cu	
       Pt	
      Pd	
  
                                                 -600 M Level           Category
 -1200 M Level        Reserve Limit                                                          (x1,000)      (%)       (%)      (gpt)      (gpt)

                            NiEQ Grade                           Inferred	
  Resource             8,966     1.10      1.14      1.16       3.49
                              <0.5%          N
                              0.5% to 1.0%
                              1.0% to 3.0%
                              >3.0%

 -1600 M Level        Resource Limit
                                                 -1200 M Level




                                                                                                                                            11
Monday, 25 June, 12
The	
  Right	
  Projects

                      2010 PRE-FEASIBILITY




                                                            12
Monday, 25 June, 12
The	
  Right	
  Projects

                      2010 PRE-FEASIBILITY
                                            Project Description
                            ‣   1.0 M tonne per annum throughput;
                            ‣   11 year mine life with a 3 year payback;
                            ‣   150,000 tonnes Ni-Cu concentrate per annum;
                            ‣   Resource conversion doubles the mine life;
                            ‣   Outstanding exploration potential




                                                                               12
Monday, 25 June, 12
The	
  Right	
  Projects

                                    2010 PRE-FEASIBILITY
                      Key Metrics                         Project Description
                                          ‣   1.0 M tonne per annum throughput;
                                          ‣   11 year mine life with a 3 year payback;
                                          ‣   150,000 tonnes Ni-Cu concentrate per annum;
                                          ‣   Resource conversion doubles the mine life;
                                          ‣   Outstanding exploration potential




                                                                                             12
Monday, 25 June, 12
The	
  Right	
  Projects

                                                                 2010 PRE-FEASIBILITY
                                 Key Metrics                                                                        Project Description
  Discount	
  Rate                     (6%)                  (8%)                 (10%)
                                                                                                    ‣   1.0 M tonne per annum throughput;
  NPV	
  (a`er	
  tax)	
  ($M)                 $561                 $431                   $326
                                                                                                    ‣   11 year mine life with a 3 year payback;
                                      Ini$al             Sustaining

  Capital	
  Cost	
  ($M)                      $734                 $143
                                                                                                    ‣   150,000 tonnes Ni-Cu concentrate per annum;

                                  per	
  t	
  milled    per	
  lb	
  NiEQ       per	
  lb	
  Ni     ‣   Resource conversion doubles the mine life;
  Opera$ng	
  Cost                          $75.31                  $1.80                -­‐$0.67   ‣   Outstanding exploration potential
  Capital	
  Cost                           $78.79                  $1.88                 $2.65

  Taxes                                     $39.58                  $0.94                 $1.33

  A`er	
  tax	
  Revenue                   $107.33                  $2.56                 $3.61

  Metal	
  Prices                       PFS            Long	
  Term	
  Analyst	
  Consensus	
  

  Nickel	
  ($/lb)                            $8.82                                       $9.55

  Copper	
  ($/lb)                            $3.08                                       $3.50

  Pla$num	
  ($/oz)                         $1,432                                      $1,770

  Palladium                                    $446                                        $775




                                                                                                                                                       12
Monday, 25 June, 12
The	
  Right	
  Projects

                                      BLACKBIRD CHROMITE

                                                                                    CHROMITE RESOURCES IN THE RING OF FIRE 
                                                                         80.0  
  Classifica$on    M	
  tonnes   Cr2O3	
     Cr:Fe
                                                                         70.0  
                                 (%)




                                                      MILLION TONNES 
 Measured                9.29     37.44        2.00                      60.0  
                                                                         50.0  
 Indicated             11.17      34.36        1.95                      40.0  
                                                                                                                                        Blackbird 
                                                                         30.0                                                           Big Daddy 
 M&I                   20.46      35.76        1.97
                                                                         20.0                                                           Black Thor 
 Inferred              23.48      33.14        1.97                      10.0                                                           Black Creek 
                                                                            ‐   
                                                                                   Measured  Indicated     M&I     Inferred    Total 
                                                                                                      CLASSIFICATION 




                                                                                                                                                13
Monday, 25 June, 12
The	
  Right	
  Projects

                                        BLACKBIRD CHROMITE

                                                                                      CHROMITE RESOURCES IN THE RING OF FIRE 
                                                                           80.0  
     Classifica$on   M	
  tonnes   Cr2O3	
     Cr:Fe
                                                                           70.0  
                                   (%)




                                                        MILLION TONNES 
    Measured               9.29     37.44        2.00                      60.0  
                                                                           50.0  
    Indicated            11.17      34.36        1.95                      40.0  
                                                                                                                                          Blackbird 
                                                                           30.0                                                           Big Daddy 
    M&I                  20.46      35.76        1.97
                                                                           20.0                                                           Black Thor 
    Inferred             23.48      33.14        1.97                      10.0                                                           Black Creek 
                                                                              ‐   
                                                                                     Measured  Indicated     M&I     Inferred    Total 
                                                                                                        CLASSIFICATION 


‣    Estimated by “Qualified Persons” from Micon International;
‣    Blackbird similar in size and quality to other Ring of Fire discoveries;
‣    Opportunity to supply North American ferrochrome market (250Kt per annum);
‣    Blackbird is a “pipeline” project.




                                                                                                                                                  13
Monday, 25 June, 12
The	
  Right	
  Projects

                                        BLACKBIRD CHROMITE

     March 2012 Resource Estimate                                                     CHROMITE RESOURCES IN THE RING OF FIRE 
                                                                           80.0  
     Classifica$on   M	
  tonnes   Cr2O3	
     Cr:Fe
                                                                           70.0  
                                   (%)




                                                        MILLION TONNES 
    Measured               9.29     37.44        2.00                      60.0  
                                                                           50.0  
    Indicated            11.17      34.36        1.95                      40.0  
                                                                                                                                          Blackbird 
                                                                           30.0                                                           Big Daddy 
    M&I                  20.46      35.76        1.97
                                                                           20.0                                                           Black Thor 
    Inferred             23.48      33.14        1.97                      10.0                                                           Black Creek 
                                                                              ‐   
                                                                                     Measured  Indicated     M&I     Inferred    Total 
                                                                                                        CLASSIFICATION 


‣    Estimated by “Qualified Persons” from Micon International;
‣    Blackbird similar in size and quality to other Ring of Fire discoveries;
‣    Opportunity to supply North American ferrochrome market (250Kt per annum);
‣    Blackbird is a “pipeline” project.




                                                                                                                                                  13
Monday, 25 June, 12
THE RIGHT PLAN




                                       14
Monday, 25 June, 12
THE RIGHT PLAN


                      Corporate Presentation

                              2012




                                               14
Monday, 25 June, 12
The	
  Right	
  Plan

                      REGIONAL INFRASTRUCTURE




                                                           15
Monday, 25 June, 12
The	
  Right	
  Plan

                      REGIONAL INFRASTRUCTURE




                                                           15
Monday, 25 June, 12
The	
  Right	
  Plan

                      REGIONAL INFRASTRUCTURE
                                  PHASE ONE - PICKLE LAKE TO WEBEQUIE
                                  ‣ 200 km all season road;
                                  ‣ follows existing winter road corridor;
                                  ‣ supported by local communities;
                                  ‣ eliminates major river crossings;
                                  ‣ estimated cost $180 M;




                                                                       15
Monday, 25 June, 12
The	
  Right	
  Plan

                      REGIONAL INFRASTRUCTURE
                                  PHASE ONE - PICKLE LAKE TO WEBEQUIE
                                  ‣ 200 km all season road;
                                  ‣ follows existing winter road corridor;
                                  ‣ supported by local communities;
                                  ‣ eliminates major river crossings;
                                  ‣ estimated cost $180 M;




                                                                       15
Monday, 25 June, 12
The	
  Right	
  Plan

                      REGIONAL INFRASTRUCTURE
                                  PHASE ONE - PICKLE LAKE TO WEBEQUIE
                                  ‣ 200 km all season road;
                                  ‣ follows existing winter road corridor;
                                  ‣ supported by local communities;
                                  ‣ eliminates major river crossings;
                                  ‣ estimated cost $180 M;

                                  PHASE TWO- WEBEQUIE TO SITE
                                  ‣ 95 km winter road;
                                  ‣ power line;
                                  ‣ buried concentrate pipeline
                                  ‣ estimated costs $260 M




                                                                       15
Monday, 25 June, 12
The	
  Right	
  Plan

                      REGIONAL INFRASTRUCTURE
                                  PHASE ONE - PICKLE LAKE TO WEBEQUIE
                                  ‣ 200 km all season road;
                                  ‣ follows existing winter road corridor;
                                  ‣ supported by local communities;
                                  ‣ eliminates major river crossings;
                                  ‣ estimated cost $180 M;

                                  PHASE TWO- WEBEQUIE TO SITE
                                  ‣ 95 km winter road;
                                  ‣ power line;
                                  ‣ buried concentrate pipeline
                                  ‣ estimated costs $260 M




                                                                       15
Monday, 25 June, 12
The	
  Right	
  Plan

                      SITE INFRASTRUCTURE
                                     ‣   Surface disturbance = 42 ha;
                                     ‣   majority infrastructure is
                                         underground;
                                     ‣   road follow eskers;
                                     ‣   waste from underground
                                         development recycled as
                                         construction aggregate for
                                         roads and airstrip;
                                     ‣   minimal Environmental Impact.




                                                                        16
Monday, 25 June, 12
The	
  Right	
  Plan

                UNDERGROUND MILL CONSTRUCTION

        Production
        Levels


                                    Crushing
                                    & Grinding
                                    Circuit
                                                 Flotation
                                                 Circuit

                                                             Access
   Aggregate Source
                                                             Ramp


                                  Maintenance
                                  Shops
                                    Production
                                    Decline



 ‣    Reduces construction risk due to challenging soil conditions.
 ‣    Utilizes highly competent granite host rocks.
 ‣    Minimizes site construction materials.
 ‣    Provides a controlled climate and environment




                                                         17                           16
Monday, 25 June, 12
The	
  Right	
  Plan

                      UNDERGROUND DESIGN




                                                        18
Monday, 25 June, 12
THE RIGHT TEAM




                                       19
Monday, 25 June, 12
THE RIGHT TEAM


                      Corporate Presentation

                              2012




                                               19
Monday, 25 June, 12
The	
  Right	
  Team

                      BOARD AND MANAGEMENT




                                                        20
Monday, 25 June, 12
The	
  Right	
  Team

                          BOARD AND MANAGEMENT
              Board of Directors
 Paul Parisotto (Chair)
 Ted Bassett
 Darren Blasutti
 Wes Hanson PGeo (President and CEO)
 Joe Hamilton
 Lin Li
 David Thomas
 ‣   Strong Board of Directors;
 ‣   Broad experience base;
 ‣   Extensive capital markets knowledge and
 ‣   Proven track record of increasing value.




                                                                 20
Monday, 25 June, 12
The	
  Right	
  Team

                          BOARD AND MANAGEMENT
              Board of Directors                                   Management
 Paul Parisotto (Chair)                         Wes Hanson PGeo (President and CEO)
 Ted Bassett                                    Paul Semple PEng (COO)
 Darren Blasutti                                Greg Rieveley CA (CFO)
 Wes Hanson PGeo (President and CEO)            Eric Mosley (Exploration Manager)
 Joe Hamilton                                   Glenn Nolan (VP Aboriginal Affairs)
 Lin Li                                         Leanne Hall (VP Human Resources)
 David Thomas                                   Mark Baker (Project Manager)

 ‣   Strong Board of Directors;                 ‣   Strong exploration background;

 ‣   Broad experience base;                     ‣   Extensive experience managing feasibility studies;

 ‣   Extensive capital markets knowledge and    ‣   Mine construction and operations background and

 ‣   Proven track record of increasing value.   ‣   Leaders in Corporate Responsibility.




                                                                                                    20
Monday, 25 June, 12
The	
  Right	
  Team

                                   FEASIBILITY STUDY TEAM

         Consultant                                                           Responsibility
   Micon	
  Interna$onal	
  Ltd.   Resource	
  and	
  Reserve	
  Es$ma$on,	
  Metallurgy	
  and	
  Lead	
  Consultant

   Cementa$on	
  Inc.              Mine	
  design,	
  opera$ng	
  and	
  capital	
  cost	
  es$mate

   Penguin	
  ASI                  Mine	
  scheduling,	
  stope	
  sequencing,	
  	
  life	
  of	
  mine	
  plan,	
  mining	
  automa$on

   Outotec	
  Oyj.                 Process	
  plant	
  design,	
  capital	
  and	
  opera$ng	
  cost	
  es$mates

   Knight	
  Piesold	
  Ltd.       Environmental

   Ausenco	
                       Concentrate	
  slurry	
  pipeline	
  design,	
  capital	
  and	
  opera$ng	
  cost	
  es$mate

   Nuna	
  Logis$cs	
  Ltd.        Road	
  design,	
  capital	
  and	
  opera$ng	
  cost	
  es$mate

   Engage	
  Learn                 Lead	
  crea$ve	
  advisor




                                                                                                                                           21
Monday, 25 June, 12
THE RIGHT TIME




                                       22
Monday, 25 June, 12
THE RIGHT TIME


                      Corporate Presentation

                              2012




                                               22
Monday, 25 June, 12
The	
  Right	
  Time

             SUPPLY AND DEMAND FUNDAMENTALS




                                                     23
Monday, 25 June, 12
The	
  Right	
  Time

                SUPPLY AND DEMAND FUNDAMENTALS
  STAINLESS PRODUCTION / FERROCHROME DEMAND

                  Actual          Forecast
                 G.R: 4.4%        G.R: 5.8%
                 G.R: 6.4%        G.R: 6.8%




 Source - Heinz H. Pariser 2011




                                                               23
Monday, 25 June, 12
The	
  Right	
  Time

                SUPPLY AND DEMAND FUNDAMENTALS
  STAINLESS PRODUCTION / FERROCHROME DEMAND                                         NICKEL SUPPLY AND DEMAND

                  Actual          Forecast                         2,500  
                 G.R: 4.4%        G.R: 5.8%
                 G.R: 6.4%        G.R: 6.8%                        2,000  




                                              Tonnes (x 1,000) 
                                                                   1,500  


                                                                   1,000  


                                                                     500  


                                                                        ‐  
                                                                         2010    2011    2012    2013    2014    2015    2016    2017 
                                                                                                    Year 

 Source - Heinz H. Pariser 2011
                                                         Source: World Bureau of Metal Statistics (modified)




                                                                                                                                         23
Monday, 25 June, 12
The	
  Right	
  Time

                SUPPLY AND DEMAND FUNDAMENTALS
  STAINLESS PRODUCTION / FERROCHROME DEMAND                                         NICKEL SUPPLY AND DEMAND

                  Actual          Forecast                         2,500                                                                 Potential
                                                                                                                                         Supply
                 G.R: 4.4%        G.R: 5.8%                                                                                              Shortfall
                 G.R: 6.4%        G.R: 6.8%                        2,000  




                                              Tonnes (x 1,000) 
                                                                   1,500  


                                                                   1,000  


                                                                     500  


                                                                        ‐  
                                                                         2010    2011    2012    2013    2014    2015    2016    2017 
                                                                                                    Year 

 Source - Heinz H. Pariser 2011
                                                         Source: World Bureau of Metal Statistics (modified)




                                                                                                                                               23
Monday, 25 June, 12
The	
  Right	
  Time

                      EAGLE’S NEST TIMELINE




                                                         24
Monday, 25 June, 12
The	
  Right	
  Time

                      EAGLE’S NEST TIMELINE




                                                         24
Monday, 25 June, 12
The	
  Right	
  Time

                      EAGLE’S NEST TIMELINE

                               Project Milestones:
                               ‣   June 2011 Baosteel acquires 9.9% interest;
                               ‣   June 2011 Bulk tonnage low grade at AT12;
                               ‣   Aug. 2011 Prefeasibility after tax NAV(6%) of
                                   $560M
                               ‣   Sept. 2011 drilling expands Blackbird chromite;
                               ‣   Sept. 2011 Project Description accepted by CEAA;




                                                                                   24
Monday, 25 June, 12
The	
  Right	
  Time

                      EAGLE’S NEST TIMELINE

                               Project Milestones:
                               ‣   June 2011 Baosteel acquires 9.9% interest;
                               ‣   June 2011 Bulk tonnage low grade at AT12;
                               ‣   Aug. 2011 Prefeasibility after tax NAV(6%) of
                                   $560M
                               ‣   Sept. 2011 drilling expands Blackbird chromite;
                               ‣   Sept. 2011 Project Description accepted by CEAA;

                               Short Term Catalysts:
                               ‣   Exploration drill results Q1, 2012;
                               ‣   Feasibility Study Q2, 2012;
                               ‣   Project financing Q2 - Q4, 2012
                               ‣   Infrastructure announcement 2012;




                                                                                   24
Monday, 25 June, 12
CORPORATE RESPONSIBILITY




                                           25
Monday, 25 June, 12
CORPORATE RESPONSIBILITY


                      Corporate Presentation

                              2012




                                               25
Monday, 25 June, 12
Appendix

                      CORPORATE RESPONSIBILITY




                                                  26
Monday, 25 June, 12
Appendix

                      CORPORATE RESPONSIBILITY
  Establish a Social License to operate
  ‣ Community skills surveys;
  ‣ Training programs - federal funding;
  ‣ Long term business opportunities;
  Youth Focus - Prepare for the Future
  ‣ Project timeline;
  ‣ Career Opportunities;
  ‣ School trips;
  ‣ Ring of Fire Christmas charity;
  ‣ DareARTs “Fill My Hollow Bones”;
  ‣ Mining Matters Youth Camps;
  ‣ Noront Bursary;



                                                  26
Monday, 25 June, 12
Appendix

                  A NEW STANDARD IN CONSULTATION




                                                 27
Monday, 25 June, 12
Appendix

                  A NEW STANDARD IN CONSULTATION
 Goal
 Establish a model consultation program:
 ‣ Community meetings, open houses.
 ‣ Oji-Cree version of Project Description
 ‣ Community Offices.
 ‣ Noront Radio Hour
 ‣ Mikawaa Portal.




                                                   27
Monday, 25 June, 12
Appendix

                  A NEW STANDARD IN CONSULTATION
 Goal
 Establish a model consultation program:
 ‣ Community meetings, open houses.
 ‣ Oji-Cree version of Project Description
 ‣ Community Offices.
 ‣ Noront Radio Hour
 ‣ Mikawaa Portal.

  Objective
  Work cooperatively with the local First Nation communities to develop a
  regional land use plan that benefits all stakeholders and recognizes the
  environmental sensitivity of the James Bay Lowlands.



                                                                             27
Monday, 25 June, 12
THE RIGHT PROJECTS
                        THE RIGHT PLAN
                        THE RIGHT TEAM
                        THE RIGHT TIME




                                           28
Monday, 25 June, 12
THE RIGHT PROJECTS
                        THE RIGHT PLAN
                        THE RIGHT TEAM
                        THE RIGHT TIME
                           105 Adelaide St. W., Suite 1100
                                Toronto, ON, Canada
                                     M5H 1P9

                           Investor Relations (416)-367-1444
                       investor.relations@norontresources.com
                              www.norontresources.com

                                    NOT: TSX-V


                                                                28
Monday, 25 June, 12

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2012 Presentation

  • 1. THE RIGHT PROJECTS THE RIGHT PLAN THE RIGHT TEAM THE RIGHT TIME Monday, 25 June, 12
  • 2. OVERVIEW 2 Monday, 25 June, 12
  • 3. OVERVIEW Corporate Presentation 2012 2 Monday, 25 June, 12
  • 4. “  The  Ring  of  Fire  is  the  most  signi1icant   mineral  discovery  in  Canada  in  a   century.” 3 Monday, 25 June, 12
  • 5. Overview CORPORATE INFORMATION Lis$ng TSX-­‐V PEER GROUP SHARE PRICE PERFORMANCE TWELVE MONTHS ENDING MARCH 27, 2012 Symbol: NOT 30.00%  Approx  Share  Price: 0.51 20.00%  52  Week  High/Low: C$1.00/C$0.41 10.00%  Market  Cap: ~C$118   Shares  O/S: M 230.3 0.00%  PAN  LBE  DM  FNI  NICKEL  NI  POS  POM  IGO  MUM  SRU  MBN  CML  NOT  MCR  WSA  FXR  TALV  ‐10.00%  Share  F/D: 252.6  M ‐20.00%  MAJOR SHAREHOLDERS: ‐30.00%  ‣ Resource Capital Funds 18% ‐40.00%  ‣ Baosteel Resources 9.9%; ‣ Sprott Asset Management; ‐50.00%  ‣ Middlefield Capital; ‐60.00%  ‣ Goodman and Co Investments Ltd. and ‐70.00%  ‣ Oppenheimer Funds. 4 Monday, 25 June, 12
  • 6. Overview INVESTMENT OVERVIEW 5 Monday, 25 June, 12
  • 7. Overview INVESTMENT OVERVIEW ‣ Two near term development projects: • Eagle’s Nest, high-grade nickel sulphide deposit with copper, platinum and palladium and gold • Blackbird - high quality chromite deposit. ‣ Outstanding potential for additional discoveries; ‣ Largest land position (112,000 Ha) in the evolving, Ring of Fire, a Canadian mineral camp that is: • Four (4) times larger than the Sudbury Basin and • Less than ten percent (10%) has been explored to date. ‣ Management & Board with extensive mine development and operations experience; ‣ Compelling value proposition based on: • Comparison to other nickel and base metal developers; • Recent M&A activity in the nickel and chromite space and • Management’s demonstrated ability to advance the projects to date. ‣ An economically, socially and environmentally sustainable plan; 5 Monday, 25 June, 12
  • 8. Overview INDUSTRY COST OF PRODUCTION Source:  Raymond  James  Ltd.  and  Company  Reports 6 Monday, 25 June, 12
  • 9. Overview INDUSTRY CAPITAL COSTS Source:  Raymond  James  Ltd.  and  Company  Reports Note:  Noront's  produc9on  is  the  expected  average  nickel  produc9on  over  the  first  5  years  of  produc9on 7 Monday, 25 June, 12
  • 10. THE RIGHT PROJECTS 8 Monday, 25 June, 12
  • 11. THE RIGHT PROJECTS Corporate Presentation 2012 8 Monday, 25 June, 12
  • 12. The  Right  Projects LOCATION AND LAND POSITION 9 Monday, 25 June, 12
  • 13. The  Right  Projects LOCATION AND LAND POSITION 9 Monday, 25 June, 12
  • 14. The  Right  Projects LOCATION AND LAND POSITION 9 Monday, 25 June, 12
  • 15. The  Right  Projects LOCATION AND LAND POSITION 9 Monday, 25 June, 12
  • 16. The  Right  Projects LOCATION AND LAND POSITION 9 Monday, 25 June, 12
  • 17. The  Right  Projects REGIONAL GEOLOGY 10 Monday, 25 June, 12
  • 18. The  Right  Projects REGIONAL GEOLOGY 10 Monday, 25 June, 12
  • 19. The  Right  Projects REGIONAL GEOLOGY Eagle’s Nest (200 m x 50 m x 1,600 m) Proven and Probable Reserve 11.1 Mt @ 1.68% Ni, 0.87% Cu, 0.89 gpt Pt and 3.09 gpt Pd Eagle’s Nest 10 Monday, 25 June, 12
  • 20. The  Right  Projects REGIONAL GEOLOGY Eagle’s Nest (200 m x 50 m x 1,600 m) Proven and Probable Reserve 11.1 Mt @ 1.68% Ni, 0.87% Cu, 0.89 gpt Pt and 3.09 gpt Pd AT12 AT12 (1,400 m x 200 m x 600 m) Hole metres Ni (%) Cu (%) Pt (g/t) Pd (g/t) NOT-08-2G11 122.90 0.56 0.29 0.22 0.79 NOT-08-2G12 112.90 0.35 0.10 0.14 0.46 NOT-08-2G14 74.00 0.41 0.13 0.17 0.53 NOT-09-2G28 1.60 4.16 1.72 1.51 0.70 NOT-09-2G36 2.10 3.00 0.74 1.06 2.58 NOT-09-2G37 4.18 4.71 3.08 0.77 4.29 NOT-10-2G41 1.25 4.85 1.04 0.56 3.75 Eagle’s Nest 10 Monday, 25 June, 12
  • 21. The  Right  Projects REGIONAL GEOLOGY Eagle’s Nest (200 m x 50 m x 1,600 m) Proven and Probable Reserve 11.1 Mt @ 1.68% Ni, 0.87% Cu, 0.89 gpt Pt and 3.09 gpt Pd AT12 AT12 (1,400 m x 200 m x 600 m) Hole metres Ni (%) Cu (%) Pt (g/t) Pd (g/t) NOT-08-2G11 122.90 0.56 0.29 0.22 0.79 NOT-08-2G12 112.90 0.35 0.10 0.14 0.46 NOT-08-2G14 74.00 0.41 0.13 0.17 0.53 NOT-09-2G28 1.60 4.16 1.72 1.51 0.70 NOT-09-2G36 2.10 3.00 0.74 1.06 2.58 NOT-09-2G37 4.18 4.71 3.08 0.77 4.29 NOT-10-2G41 1.25 4.85 1.04 0.56 3.75 Eagle’s Nest Eagle Two (200 m x 5 m x 400 m) Low grade NiS mineralization - vein hosted Eagle Two 10 Monday, 25 June, 12
  • 22. The  Right  Projects REGIONAL GEOLOGY Eagle’s Nest (200 m x 50 m x 1,600 m) Proven and Probable Reserve 11.1 Mt @ 1.68% Ni, 0.87% Cu, 0.89 gpt Pt and 3.09 gpt Pd AT12 AT12 (1,400 m x 200 m x 600 m) Hole metres Ni (%) Cu (%) Pt (g/t) Pd (g/t) NOT-08-2G11 122.90 0.56 0.29 0.22 0.79 NOT-08-2G12 112.90 0.35 0.10 0.14 0.46 NOT-08-2G14 74.00 0.41 0.13 0.17 0.53 NOT-09-2G28 1.60 4.16 1.72 1.51 0.70 NOT-09-2G36 2.10 3.00 0.74 1.06 2.58 NOT-09-2G37 4.18 4.71 3.08 0.77 4.29 NOT-10-2G41 1.25 4.85 1.04 0.56 3.75 Eagle’s Nest Eagle Two (200 m x 5 m x 400 m) Low grade NiS mineralization - vein hosted Eagle Two Blackbird Blackbird Measured and Indicated Resource 20.5 Mt @35.8% Cr2O3 and 1.97:1.0 Cr:Fe 10 Monday, 25 June, 12
  • 23. The  Right  Projects EAGLE’S NEST 11 Monday, 25 June, 12
  • 24. The  Right  Projects EAGLE’S NEST NiEQ Grade <0.5% 0.5% to 1.0% 1.0% to 3.0% >3.0% 11 Monday, 25 June, 12
  • 25. The  Right  Projects EAGLE’S NEST -75 M Level N -75 M Level NiEQ Grade <0.5% 0.5% to 1.0% 1.0% to 3.0% >3.0% 11 Monday, 25 June, 12
  • 26. The  Right  Projects EAGLE’S NEST -75 M Level N -75 M Level -600 M Level N -600 M Level NiEQ Grade <0.5% 0.5% to 1.0% 1.0% to 3.0% >3.0% 11 Monday, 25 June, 12
  • 27. The  Right  Projects EAGLE’S NEST -75 M Level N -75 M Level -600 M Level N -600 M Level -1200 M Level NiEQ Grade <0.5% N 0.5% to 1.0% 1.0% to 3.0% >3.0% -1200 M Level 11 Monday, 25 June, 12
  • 28. The  Right  Projects EAGLE’S NEST -75 M Level Mineral Reserve N tonnes   Ni   Cu   Pt   Pd   Category (x1,000) (%) (%) (gpt) (gpt) Proven  Reserve 5,264 2.02 1.04 1.01 3.45 -75 M Level Probable  Reserve 5,867 1.38 0.72 0.78 2.76 -600 M Level Proven  and  Probable 11,131 1.68 0.87 0.89 3.09 N -600 M Level -1200 M Level Reserve Limit NiEQ Grade <0.5% N 0.5% to 1.0% 1.0% to 3.0% >3.0% -1200 M Level 11 Monday, 25 June, 12
  • 29. The  Right  Projects EAGLE’S NEST -75 M Level Mineral Reserve N tonnes   Ni   Cu   Pt   Pd   Category (x1,000) (%) (%) (gpt) (gpt) Proven  Reserve 5,264 2.02 1.04 1.01 3.45 -75 M Level Probable  Reserve 5,867 1.38 0.72 0.78 2.76 -600 M Level Proven  and  Probable 11,131 1.68 0.87 0.89 3.09 N Mineral Resource tonnes   Ni   Cu   Pt   Pd   -600 M Level Category -1200 M Level Reserve Limit (x1,000) (%) (%) (gpt) (gpt) NiEQ Grade Inferred  Resource 8,966 1.10 1.14 1.16 3.49 <0.5% N 0.5% to 1.0% 1.0% to 3.0% >3.0% -1600 M Level Resource Limit -1200 M Level 11 Monday, 25 June, 12
  • 30. The  Right  Projects 2010 PRE-FEASIBILITY 12 Monday, 25 June, 12
  • 31. The  Right  Projects 2010 PRE-FEASIBILITY Project Description ‣ 1.0 M tonne per annum throughput; ‣ 11 year mine life with a 3 year payback; ‣ 150,000 tonnes Ni-Cu concentrate per annum; ‣ Resource conversion doubles the mine life; ‣ Outstanding exploration potential 12 Monday, 25 June, 12
  • 32. The  Right  Projects 2010 PRE-FEASIBILITY Key Metrics Project Description ‣ 1.0 M tonne per annum throughput; ‣ 11 year mine life with a 3 year payback; ‣ 150,000 tonnes Ni-Cu concentrate per annum; ‣ Resource conversion doubles the mine life; ‣ Outstanding exploration potential 12 Monday, 25 June, 12
  • 33. The  Right  Projects 2010 PRE-FEASIBILITY Key Metrics Project Description Discount  Rate (6%) (8%) (10%) ‣ 1.0 M tonne per annum throughput; NPV  (a`er  tax)  ($M) $561 $431 $326 ‣ 11 year mine life with a 3 year payback; Ini$al Sustaining Capital  Cost  ($M) $734 $143 ‣ 150,000 tonnes Ni-Cu concentrate per annum; per  t  milled per  lb  NiEQ per  lb  Ni ‣ Resource conversion doubles the mine life; Opera$ng  Cost $75.31 $1.80 -­‐$0.67 ‣ Outstanding exploration potential Capital  Cost $78.79 $1.88 $2.65 Taxes $39.58 $0.94 $1.33 A`er  tax  Revenue $107.33 $2.56 $3.61 Metal  Prices PFS Long  Term  Analyst  Consensus   Nickel  ($/lb) $8.82 $9.55 Copper  ($/lb) $3.08 $3.50 Pla$num  ($/oz) $1,432 $1,770 Palladium $446 $775 12 Monday, 25 June, 12
  • 34. The  Right  Projects BLACKBIRD CHROMITE CHROMITE RESOURCES IN THE RING OF FIRE   80.0   Classifica$on M  tonnes Cr2O3   Cr:Fe  70.0   (%) MILLION TONNES  Measured 9.29 37.44 2.00  60.0    50.0   Indicated 11.17 34.36 1.95  40.0   Blackbird   30.0   Big Daddy  M&I 20.46 35.76 1.97  20.0   Black Thor  Inferred 23.48 33.14 1.97  10.0   Black Creek   ‐    Measured  Indicated   M&I  Inferred  Total  CLASSIFICATION  13 Monday, 25 June, 12
  • 35. The  Right  Projects BLACKBIRD CHROMITE CHROMITE RESOURCES IN THE RING OF FIRE   80.0   Classifica$on M  tonnes Cr2O3   Cr:Fe  70.0   (%) MILLION TONNES  Measured 9.29 37.44 2.00  60.0    50.0   Indicated 11.17 34.36 1.95  40.0   Blackbird   30.0   Big Daddy  M&I 20.46 35.76 1.97  20.0   Black Thor  Inferred 23.48 33.14 1.97  10.0   Black Creek   ‐    Measured  Indicated   M&I  Inferred  Total  CLASSIFICATION  ‣ Estimated by “Qualified Persons” from Micon International; ‣ Blackbird similar in size and quality to other Ring of Fire discoveries; ‣ Opportunity to supply North American ferrochrome market (250Kt per annum); ‣ Blackbird is a “pipeline” project. 13 Monday, 25 June, 12
  • 36. The  Right  Projects BLACKBIRD CHROMITE March 2012 Resource Estimate CHROMITE RESOURCES IN THE RING OF FIRE   80.0   Classifica$on M  tonnes Cr2O3   Cr:Fe  70.0   (%) MILLION TONNES  Measured 9.29 37.44 2.00  60.0    50.0   Indicated 11.17 34.36 1.95  40.0   Blackbird   30.0   Big Daddy  M&I 20.46 35.76 1.97  20.0   Black Thor  Inferred 23.48 33.14 1.97  10.0   Black Creek   ‐    Measured  Indicated   M&I  Inferred  Total  CLASSIFICATION  ‣ Estimated by “Qualified Persons” from Micon International; ‣ Blackbird similar in size and quality to other Ring of Fire discoveries; ‣ Opportunity to supply North American ferrochrome market (250Kt per annum); ‣ Blackbird is a “pipeline” project. 13 Monday, 25 June, 12
  • 37. THE RIGHT PLAN 14 Monday, 25 June, 12
  • 38. THE RIGHT PLAN Corporate Presentation 2012 14 Monday, 25 June, 12
  • 39. The  Right  Plan REGIONAL INFRASTRUCTURE 15 Monday, 25 June, 12
  • 40. The  Right  Plan REGIONAL INFRASTRUCTURE 15 Monday, 25 June, 12
  • 41. The  Right  Plan REGIONAL INFRASTRUCTURE PHASE ONE - PICKLE LAKE TO WEBEQUIE ‣ 200 km all season road; ‣ follows existing winter road corridor; ‣ supported by local communities; ‣ eliminates major river crossings; ‣ estimated cost $180 M; 15 Monday, 25 June, 12
  • 42. The  Right  Plan REGIONAL INFRASTRUCTURE PHASE ONE - PICKLE LAKE TO WEBEQUIE ‣ 200 km all season road; ‣ follows existing winter road corridor; ‣ supported by local communities; ‣ eliminates major river crossings; ‣ estimated cost $180 M; 15 Monday, 25 June, 12
  • 43. The  Right  Plan REGIONAL INFRASTRUCTURE PHASE ONE - PICKLE LAKE TO WEBEQUIE ‣ 200 km all season road; ‣ follows existing winter road corridor; ‣ supported by local communities; ‣ eliminates major river crossings; ‣ estimated cost $180 M; PHASE TWO- WEBEQUIE TO SITE ‣ 95 km winter road; ‣ power line; ‣ buried concentrate pipeline ‣ estimated costs $260 M 15 Monday, 25 June, 12
  • 44. The  Right  Plan REGIONAL INFRASTRUCTURE PHASE ONE - PICKLE LAKE TO WEBEQUIE ‣ 200 km all season road; ‣ follows existing winter road corridor; ‣ supported by local communities; ‣ eliminates major river crossings; ‣ estimated cost $180 M; PHASE TWO- WEBEQUIE TO SITE ‣ 95 km winter road; ‣ power line; ‣ buried concentrate pipeline ‣ estimated costs $260 M 15 Monday, 25 June, 12
  • 45. The  Right  Plan SITE INFRASTRUCTURE ‣ Surface disturbance = 42 ha; ‣ majority infrastructure is underground; ‣ road follow eskers; ‣ waste from underground development recycled as construction aggregate for roads and airstrip; ‣ minimal Environmental Impact. 16 Monday, 25 June, 12
  • 46. The  Right  Plan UNDERGROUND MILL CONSTRUCTION Production Levels Crushing & Grinding Circuit Flotation Circuit Access Aggregate Source Ramp Maintenance Shops Production Decline ‣ Reduces construction risk due to challenging soil conditions. ‣ Utilizes highly competent granite host rocks. ‣ Minimizes site construction materials. ‣ Provides a controlled climate and environment 17 16 Monday, 25 June, 12
  • 47. The  Right  Plan UNDERGROUND DESIGN 18 Monday, 25 June, 12
  • 48. THE RIGHT TEAM 19 Monday, 25 June, 12
  • 49. THE RIGHT TEAM Corporate Presentation 2012 19 Monday, 25 June, 12
  • 50. The  Right  Team BOARD AND MANAGEMENT 20 Monday, 25 June, 12
  • 51. The  Right  Team BOARD AND MANAGEMENT Board of Directors Paul Parisotto (Chair) Ted Bassett Darren Blasutti Wes Hanson PGeo (President and CEO) Joe Hamilton Lin Li David Thomas ‣ Strong Board of Directors; ‣ Broad experience base; ‣ Extensive capital markets knowledge and ‣ Proven track record of increasing value. 20 Monday, 25 June, 12
  • 52. The  Right  Team BOARD AND MANAGEMENT Board of Directors Management Paul Parisotto (Chair) Wes Hanson PGeo (President and CEO) Ted Bassett Paul Semple PEng (COO) Darren Blasutti Greg Rieveley CA (CFO) Wes Hanson PGeo (President and CEO) Eric Mosley (Exploration Manager) Joe Hamilton Glenn Nolan (VP Aboriginal Affairs) Lin Li Leanne Hall (VP Human Resources) David Thomas Mark Baker (Project Manager) ‣ Strong Board of Directors; ‣ Strong exploration background; ‣ Broad experience base; ‣ Extensive experience managing feasibility studies; ‣ Extensive capital markets knowledge and ‣ Mine construction and operations background and ‣ Proven track record of increasing value. ‣ Leaders in Corporate Responsibility. 20 Monday, 25 June, 12
  • 53. The  Right  Team FEASIBILITY STUDY TEAM Consultant Responsibility Micon  Interna$onal  Ltd. Resource  and  Reserve  Es$ma$on,  Metallurgy  and  Lead  Consultant Cementa$on  Inc. Mine  design,  opera$ng  and  capital  cost  es$mate Penguin  ASI Mine  scheduling,  stope  sequencing,    life  of  mine  plan,  mining  automa$on Outotec  Oyj. Process  plant  design,  capital  and  opera$ng  cost  es$mates Knight  Piesold  Ltd. Environmental Ausenco   Concentrate  slurry  pipeline  design,  capital  and  opera$ng  cost  es$mate Nuna  Logis$cs  Ltd. Road  design,  capital  and  opera$ng  cost  es$mate Engage  Learn Lead  crea$ve  advisor 21 Monday, 25 June, 12
  • 54. THE RIGHT TIME 22 Monday, 25 June, 12
  • 55. THE RIGHT TIME Corporate Presentation 2012 22 Monday, 25 June, 12
  • 56. The  Right  Time SUPPLY AND DEMAND FUNDAMENTALS 23 Monday, 25 June, 12
  • 57. The  Right  Time SUPPLY AND DEMAND FUNDAMENTALS STAINLESS PRODUCTION / FERROCHROME DEMAND Actual Forecast G.R: 4.4% G.R: 5.8% G.R: 6.4% G.R: 6.8% Source - Heinz H. Pariser 2011 23 Monday, 25 June, 12
  • 58. The  Right  Time SUPPLY AND DEMAND FUNDAMENTALS STAINLESS PRODUCTION / FERROCHROME DEMAND NICKEL SUPPLY AND DEMAND Actual Forecast  2,500   G.R: 4.4% G.R: 5.8% G.R: 6.4% G.R: 6.8%  2,000   Tonnes (x 1,000)   1,500    1,000    500    ‐   2010  2011  2012  2013  2014  2015  2016  2017  Year  Source - Heinz H. Pariser 2011 Source: World Bureau of Metal Statistics (modified) 23 Monday, 25 June, 12
  • 59. The  Right  Time SUPPLY AND DEMAND FUNDAMENTALS STAINLESS PRODUCTION / FERROCHROME DEMAND NICKEL SUPPLY AND DEMAND Actual Forecast  2,500   Potential Supply G.R: 4.4% G.R: 5.8% Shortfall G.R: 6.4% G.R: 6.8%  2,000   Tonnes (x 1,000)   1,500    1,000    500    ‐   2010  2011  2012  2013  2014  2015  2016  2017  Year  Source - Heinz H. Pariser 2011 Source: World Bureau of Metal Statistics (modified) 23 Monday, 25 June, 12
  • 60. The  Right  Time EAGLE’S NEST TIMELINE 24 Monday, 25 June, 12
  • 61. The  Right  Time EAGLE’S NEST TIMELINE 24 Monday, 25 June, 12
  • 62. The  Right  Time EAGLE’S NEST TIMELINE Project Milestones: ‣ June 2011 Baosteel acquires 9.9% interest; ‣ June 2011 Bulk tonnage low grade at AT12; ‣ Aug. 2011 Prefeasibility after tax NAV(6%) of $560M ‣ Sept. 2011 drilling expands Blackbird chromite; ‣ Sept. 2011 Project Description accepted by CEAA; 24 Monday, 25 June, 12
  • 63. The  Right  Time EAGLE’S NEST TIMELINE Project Milestones: ‣ June 2011 Baosteel acquires 9.9% interest; ‣ June 2011 Bulk tonnage low grade at AT12; ‣ Aug. 2011 Prefeasibility after tax NAV(6%) of $560M ‣ Sept. 2011 drilling expands Blackbird chromite; ‣ Sept. 2011 Project Description accepted by CEAA; Short Term Catalysts: ‣ Exploration drill results Q1, 2012; ‣ Feasibility Study Q2, 2012; ‣ Project financing Q2 - Q4, 2012 ‣ Infrastructure announcement 2012; 24 Monday, 25 June, 12
  • 64. CORPORATE RESPONSIBILITY 25 Monday, 25 June, 12
  • 65. CORPORATE RESPONSIBILITY Corporate Presentation 2012 25 Monday, 25 June, 12
  • 66. Appendix CORPORATE RESPONSIBILITY 26 Monday, 25 June, 12
  • 67. Appendix CORPORATE RESPONSIBILITY Establish a Social License to operate ‣ Community skills surveys; ‣ Training programs - federal funding; ‣ Long term business opportunities; Youth Focus - Prepare for the Future ‣ Project timeline; ‣ Career Opportunities; ‣ School trips; ‣ Ring of Fire Christmas charity; ‣ DareARTs “Fill My Hollow Bones”; ‣ Mining Matters Youth Camps; ‣ Noront Bursary; 26 Monday, 25 June, 12
  • 68. Appendix A NEW STANDARD IN CONSULTATION 27 Monday, 25 June, 12
  • 69. Appendix A NEW STANDARD IN CONSULTATION Goal Establish a model consultation program: ‣ Community meetings, open houses. ‣ Oji-Cree version of Project Description ‣ Community Offices. ‣ Noront Radio Hour ‣ Mikawaa Portal. 27 Monday, 25 June, 12
  • 70. Appendix A NEW STANDARD IN CONSULTATION Goal Establish a model consultation program: ‣ Community meetings, open houses. ‣ Oji-Cree version of Project Description ‣ Community Offices. ‣ Noront Radio Hour ‣ Mikawaa Portal. Objective Work cooperatively with the local First Nation communities to develop a regional land use plan that benefits all stakeholders and recognizes the environmental sensitivity of the James Bay Lowlands. 27 Monday, 25 June, 12
  • 71. THE RIGHT PROJECTS THE RIGHT PLAN THE RIGHT TEAM THE RIGHT TIME 28 Monday, 25 June, 12
  • 72. THE RIGHT PROJECTS THE RIGHT PLAN THE RIGHT TEAM THE RIGHT TIME 105 Adelaide St. W., Suite 1100 Toronto, ON, Canada M5H 1P9 Investor Relations (416)-367-1444 investor.relations@norontresources.com www.norontresources.com NOT: TSX-V 28 Monday, 25 June, 12