OPPORTUNITY

Corporate Presentation

2012

FORWARD LOOKING STATEMENTSThis document may include certain "forward-looking statements" within the meaning of the United States Private Litigation Reform Act of 1995 and applicable Canadian Securities Laws. All statements, other than statements of historical fact, included in the presentation, including, without limitation, statements regarding potential mineralization and reserves, exploration results, and future plans and objectives of Noront, are forward-looking statements. Words such as "expect", "anticipate", "estimate", "may", "will", "should", "intend", "believe" and other similar expressions are forward-looking statements. Forward-looking statements are not guarantees of future results and conditions but rather reflect our current views with respect to future events and are subject to risks, uncertainties, assumptions and other factors, and actual results and future events could differ materially from those anticipated in such statements. There can be no assurance that such forward-looking statements will prove to be accurate. We base our forward-looking statements on information currently available to us and we do not assume any obligation to update them, expect as required by law. An additional Cautionary Note to Investors - In the events that we use certain terms in this presentation, such as "resource", "measured resource", "indicated resource" and "inferred resource". U.S. investors are cautioned that, while such terms are recognized and required by Canadian Securities Laws, the United States Securities and Exchange Commission does not recognize them. Under U.S. standards, mineralization may not be classified as a "reserve" unless the determination has been made that the mineralization could be economically and legally produced or extracted at the time the reserve determination has been made. U.S. investors should not assume that all or any part of measured or indicated resources will ever be converted into reserves. In addition, "inferred resources" have a greater amount of uncertainty as to their existence and as to whether they can be mined legally or economically. Accordingly, information concerning descriptions of mineralization in this presentation may not be comparable to information made public by companies that are subject to the SEC's Industry Guide 7. All of the scientific and technical information contained herein has been reviewed and or prepared by Wes Hanson. P.Geo., a “qualified person” within the meaning of the National Instrument 43-101 – Standards for disclosure for Mineral Projects. For details of the Company’s procedures and policies for data verifications, the reader is referred to the company’s press releases available on the company’s website at www.norontresources.com or on SEDAR at www.sedar.com.

INVESTMENT OVERVIEW

‣ Eagle’s Nest Feasibility Study (September 2012)• lowest quartile capital and operating costs;

• + CAD $500 M NPV(8%) after tax;

• 28% IRR;

‣ Management with mine construction experience;

‣ Major shareholders share long term strategic vision;

‣ One portal can potentially provide three products (nickel, chromite &

aggregate);

‣ Currently trading at a multiple of 0.2x FS NAV ($0.08 per lb. NiEQ

resource);

‣ Stainless steel production estimated CAGR is 5-7% per annum;

‣ Provincial commitment to road construction;

Overview

3

Listing TSX-VSymbol: NOTCurrent Price: C$0.3752 week high C$0.9452 week low C$0.33Market Cap: ~ C$85 MShares O/S: ~ 230.3 MShare F/D: ~ 255.2 M

MAJOR SHAREHOLDERS:

‣ Resource Capital Funds‣ Baosteel Resources;

‣ Middlefield Capital and

‣ Goodman and Co Investments Ltd.

PEER GROUP SHARE PRICE PERFORMANCE TWELVE MONTHS ENDING AUGUST 31, 2012

‐80.00% 

‐60.00% 

‐40.00% 

‐20.00% 

0.00% 

20.00% 

40.00% 

60.00% 

80.00% 

August 

September 

October 

November 

December 

January 

February 

March 

April 

May 

June 

July 

August 

NORONT 

NICKEL 

DEVELOPERS 

LME NICKEL 

TSXV INDEX 

Overview

CORPORATE INFORMATION

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The Right Projects

LOCATION AND LAND POSITION

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AT12 (1,400 m x 200 m x 600 m)

Eagle’s Nest (200 m x 50 m x 1,600 m)

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

Proven and Probable Reserve

11.1 Mt @ 1.68% Ni, 0.87% Cu, 0.89 gpt Pt and 3.09 gpt Pd

Eagle Two (200 m x 5 m x 400 m)Eagle’sNest

AT12

EagleTwo

Blackbird Blackbird Measured and Indicated Resource

20.5 Mt @35.8% Cr2O3 and 1.97:1.0 Cr:Fe

Low grade NiS mineralization - vein hosted

REGIONAL GEOLOGYThe Right Projects

6

Categorytonnes  (x1,000)

Ni  (%) Cu  (%)Pt  

(gpt)Pd  (gpt)

Proven Reserve 5,264 2.02 1.04 1.01 3.45

Probable Reserve 5,867 1.38 0.72 0.78 2.76

Proven  and  Probable 11,131 1.68 0.87 0.89 3.09

-600 M Level

-1200 M Level

-1600 M Level

-75 M Level

-75 M Level

-600 M Level

-1200 M Level

Reserve Limit

Resource Limit

Categorytonnes  (x1,000)

Ni  (%) Cu  (%)Pt  

(gpt)Pd  (gpt)

Inferred  Resource 8,966 1.10 1.14 1.16 3.49

Mineral Reserve

Mineral Resource

N

N

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

NiEQ Grade

EAGLE’S NESTThe Right Projects

Key Metrics ($ CAD)Discount  Rate (6%) (8%) (10%)

NPV  (a9er  tax)  ($M) $673 $543 $436

Ini@al Sustaining TOTAL

Capital  Cost  ($M) $609 $160 $769

per  t  milled per  lb  NiEQ per  lb  Ni

Opera@ng  Cost $97.01 $2.34 -$0.30

Capital  Cost $69.14 $1.67 $2.47

Taxes $38.02 $0.92 $1.36

A9er  tax  Revenue $113.89 $2.75 $4.07

Metal  Prices Feasibility Long  Term  Analyst  Consensus  Long  Term  Analyst  Consensus  

Nickel  ($/lb) $9.43 $9.55

Copper  ($/lb) $3.60 $3.50

Pla@num  ($/oz) $1600.69 $1,770.00

Palladium $599.24 $775.00

‣ After tax IRR = 28%;

‣ Annual profits exceed $126 M;

‣ 3 year payback (100% equity financed);

The Right Projects

2012 FEASIBILITY RESULTS

Taxes28%

Mining25%

Process25%

Other6%

G&A16%

Operating Cost Breakdown

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Source: Raymond James Ltd. and Company Reports

INDUSTRY COST OF PRODUCTIONThe Right Projects

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 70    75    80    85    90    95    100    105    110    115    120    125    130  

Product Price  117  189  260  331  402  473  543  613  684  754  824  894  965 

Opcosts  671  650  628  607  586  564  543  522  500  479  457  436  415 

Capex  722  692  662  632  603  573  543  513  483  454  424  394  364 

0 

200 

400 

600 

800 

1,000 

NPV  (CAD m

illion) 

Percentage of Base Case 

The Right Projects

SENSITIVITY GRAPH

10

(600) 

(500) 

(400) 

(300) 

(200) 

(100) 

100 

200 

300 

400 

500 

600 

Yr‐4  Yr‐3  Yr‐2  Yr‐1  Yr1  Yr2  Yr3  Yr4  Yr5  Yr6  Yr7  Yr8  Yr9  Yr10  Yr11  Yr12 

CAD m

illion 

Opera5ng Costs  Capital  Taxa5on  Net Cash Flow 

Net Revenue  Cum DCF  Cum C/F 

The Right Projects

LIFE OF MINE CASH FLOW

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‣ 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.

ClassificaIon M  tonnes Cr2O3  (%) Cr:Fe

Measured 9.29 37.44 2.00

Indicated 11.17 34.36 1.95

M&I 20.46 35.76 1.97

Inferred 23.48 33.14 1.97

March 2012 Resource Estimate

 ‐   

 10.0  

 20.0  

 30.0  

 40.0  

 50.0  

 60.0  

 70.0  

 80.0  

Measured 

Indicated  

M&I 

Inferred 

Total 

M tonnes 

Resource Classifica1on 

Chromite Resources in the Ring of FIre 

Blackbird (2012) 

Big Daddy (2012) 

Black Thor (2010) 

Black Creek (2010) 

The Right Projects

BLACKBIRD CHROMITE

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N-S ROUTE:‣ Route proposed by Cliffs;‣ Province has indicated

support;‣ 300 kms‣ estimated cost $600 M;‣ Province has guaranteed road

will be accessible to other industrial users;

‣ Province has indicated that road would be based on proportional usage;

‣ Estimated build 2-3 years;‣ E-W route remains an

alternative in Noront’s Project Description

The Right Plan

REGIONAL INFRASTRUCTURE

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‣ surface disturbance = 42 ha;

‣ majority infrastructure is

underground;

‣ roads follow eskers;

‣ waste from underground

development recycled as

construction aggregate for

roads and airstrip;

‣ minimal release of terrestrial

carbon;

‣ minimal release of terrestrial

mercury and

‣ minimal impact on migratory

birds and animals.

SITE INFRASTRUCTUREThe Right Plan

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The Right Plan

CURRENT SITE DEVELOPMENT

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‣ Reduces construction risk due to challenging soil conditions.

‣ Utilizes highly competent granite host rocks.

‣ Minimizes site construction materials.

‣ Provides a controlled climate and environment

Aggregate Source AccessRamp

Production Decline

Crushing & GrindingCircuit

FlotationCircuit

Production Levels

Maintenance Shops

15

The Right Plan

UNDERGROUND MILL CONSTRUCTION

The Right Plan

UNDERGROUND DESIGN

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Paul Parisotto (Chair)

Ted Bassett P.Eng

Darren Blasutti CA

Wes Hanson PGeo (President and CEO)

Joe Hamilton CFA P.Geo

Lin Li Ph.D

David Thomas P.Geo

‣ Strong Board of Directors;

‣ Broad experience base;

‣ Extensive capital markets knowledge and

‣ Proven track record of increasing value.

Board of Directors

Wes Hanson PGeo (President and CEO)

Paul Semple P.Eng (COO)

Greg Rieveley CA (CFO)

Eric Mosley (Exploration Manager)

Glenn Nolan (VP Aboriginal Affairs)

Leanne Hall (VP Human Resources)

Mark Baker P.Eng (VP Projects)

‣ Strong exploration background;

‣ Extensive experience managing feasibility studies;

‣ Mine construction and operations background and

‣ Leaders in Corporate Responsibility.

Management

The Right Team

BOARD AND MANAGEMENT

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Micon  InternaIonal  Ltd. Resource  and  Reserve  EsImaIon,  Metallurgy  and  Lead  Consultant

CementaIon  Inc. Mine  design,  operaIng  and  capital  cost  esImate

Penguin  ASI Mine  scheduling,  stope  sequencing,    life  of  mine  plan,  mining  automaIon

Outotec  Oyj. Process  plant  design,  capital  and  operaIng  cost  esImates

Knight  Piesold  Ltd. Environmental

Ausenco   Concentrate  slurry  pipeline  design,  capital  and  operaIng  cost  esImate

Nuna  LogisIcs  Ltd. Road  design,  capital  and  operaIng  cost  esImate

Engage  Learn Lead  creaIve  advisor

The Right Team

FEASIBILITY STUDY TEAM

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1st Oil Crisis2nd Oil Crisis

Gulf War

Asian Financial Crisis

War on Iraq

Global Financial Crisis

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M Tonnes 

Historic Produc0on ‐ Stainless Steel 

est. CAGR 5-7%

The Right Time

STAINLESS STEEL

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2012 2013 2014 2015 2016 2017 2018 2019

Engineering

Community  ConsultaIon

Environmental  Assessment

PermiYng

Pre-­‐construcIon

Finance

ConstrucIon

Commissioning

ProducIon

EAGLE’S NEST TIMELINE

21

22

Corporate Presentation

2012

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;

Appendix

CORPORATE RESPONSIBILITY

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GoalEstablish a model consultation program:‣ Community meetings, open houses.

‣ Oji-Cree version of Project Description‣ Community Offices.

‣ Noront Radio Hour

‣ Mikawaa Portal.

ObjectiveWork 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.

Appendix

A NEW STANDARD IN CONSULTATION

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105 Adelaide St. W., Suite 1100Toronto, ON, Canada

M5H 1P9

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

www.norontresources.com

NOT: TSX-V

THE RIGHT PROJECTSTHE RIGHT PLANTHE RIGHT TEAMTHE RIGHT TIME