FOCUSED ON         THE RING OF FIRE  Introduction • Our Project • Opportunity • Our PlanProject Economics • Corporate Resp...
INTRODUCTION
Focused on the Ring of Fire                          NORONT AT A GLANCEFocused on the “Ring of Fire” a new emerging multi-...
Focused on the Ring of Fire                   CORPORATE INFORMATION                                    MAJOR SHAREHOLDERS:...
Focused on the Ring of Fire                     THE NORONT ADVANTAGE‣   High value Ni-Cu sulphide deposit, significant Pt ...
Focused on the Ring of FireLOCATION AND DISCOVERIES          560 Km N-NE of Thunder Bay ON;          James Bay Lowlands;  ...
Focused on the Ring of Fire      THE RING OF FIRE?                ‣ Geophysical expression;                ‣ Limited outcr...
Focused on the Ring of FireHIGHLY PROSPECTIVE LAND POSITION                  112,000 Ha (1,120 sq km);                  Fa...
Focused on the Ring of Fire                                                RESOURCE GROWTH                                ...
Focused on discovery in the Ring of Fire                            NICKEL DEPOSIT COMPARABLES                            ...
NICKEL, COPPERPLATINUM AND PALLADIUM
Focused on discovery in the Ring of Fire                         NORONT TARGET AREAS                                      ...
Focused on discovery in the Ring of Fire                CURRENT RESOURCE ESTIMATE‣ NI 43-101 Estimate as of March 2011;
Focused on discovery in the Ring of Fire                      NICKEL COPPER TARGETS                        EAGLE’S NEST CO...
Focused on discovery in the Ring of Fire   AT-12      ‣ Results suggest proximity to Ni-         Cu feeder similar to Eagl...
CHROMITE
Focused on discovery in the Ring of Fire                      A NEW SOURCE OF CHROMITECanada has moved into the top five c...
Focused on discovery in the Ring of Fire                          BLACKBIRD RESOURCE         Classification               ...
Focused on discovery in the Ring of Fire      UNEXPLORED CHROMITE POTENTIAL                                               ...
OPPORTUNITY
Focused on discovery in the Ring of Fire                                            URBANISATION DRIVES DEMAND            ...
Focused on discovery in the Ring of Fire                                   STAINLESS STEEL PRODUCTION                     ...
Focused on discovery in the Ring of Fire                LATERITES CRITICAL TO SUPPLY                           ‣   Currren...
Focused on discovery in the Ring of Fire                                 ESTIMATED NICKEL SUPPLY & DEMAND                 ...
DEVELOPMENT PLAN
Focused on development in the Ring of Fire              CAMP DEVELOPMENT APPROACHInitial Project is the Eagle’s Nest Compl...
Focused on development in the Ring of Fire                                     2012 PLAN‣   Complete Feasibility on Eagle’...
Focused on development in the Ring of Fire                                  BAOSTEEL‣   A Fortune 500 Company (#276) with ...
Focused on development in the Ring of FireEAGLE’S NEST DEVELOPMENT    ‣ 1.0 million tonne per annum production rate;    ‣ ...
Focused on development in the Ring of FireUNDERGROUND MILL DEVELOPMENT       ‣ Necessitated by challenging soil conditions...
PROJECT ECONOMICS
Focused on development in the Ring of FireEAGLE’S NEST PEA RESULTS
Focused on development in the Ring of Fire                      PEA SUBSEQUENT EVENTS‣   Established 11.0 M tonne Measured...
CORPORATE RESPONSIBILITY
Focused on responsibility                       NORONT’S CSR ACTIVITIES‣ Model Consultation Program;‣ Signed Exploration A...
Focused on responsibilityTHE MIKAWAA PORTAL           ‣ Discovery in Oji-Cree;           ‣ Stakeholders share             ...
CONCLUSION
Focused on growth in the Ring of FireTHE NORONT ADVANTAGE          ‣ High value mineral discoveries;          ‣ Large land...
QUESTIONS
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May 2011 Presentation

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May 2011 Presentation

  1. 1. FOCUSED ON THE RING OF FIRE Introduction • Our Project • Opportunity • Our PlanProject Economics • Corporate Responsibility • Conclusion Corporate Presentation May 2011
  2. 2. INTRODUCTION
  3. 3. Focused on the Ring of Fire NORONT AT A GLANCEFocused on the “Ring of Fire” a new emerging multi-metals camp in the JamesBay Lowlands of OntarioThree FOCUS points:EXPLORATION to identify additional nickel, copper, platinum and palladium;TECHNICAL STUDIES to value the mineral deposits discovered to date andCORPORATE RESPONSIBILITY to work with all levels of government, includingFirst Nations, to establish meaningful opportunities for local First Nations andnorthern Ontario communities;
  4. 4. Focused on the Ring of Fire CORPORATE INFORMATION MAJOR SHAREHOLDERS:LISTING: TSX‐V ‣ Baosteel Resources;SYMBOL: NOT ‣ Rosseau Asset Management;52 WEEK HIGH: C$1.52 ‣ Goodman and Co Investments Ltd.;52 WEEK LOW: C$0.75 ‣ Oppenheimer Funds;MARKET CAP: C$155 M ‣ Sprott Asset Management;SHARES O/S: 184.6 M ANALYST COVERAGE:SHARES F/D: 196.7 M ‣ Wellington West Capital Markets; As at May 2, 2011 ‣ Dundee Securities;
  5. 5. Focused on the Ring of Fire THE NORONT ADVANTAGE‣ High value Ni-Cu sulphide deposit, significant Pt and Pd credits;‣ Large tonnage, high quality chromite deposit;‣ Large land position in rapidly developing mineral camp;‣ Significant exploration upside, multiple targets, minimal exploration;‣ Experienced Management, Board and Advisors;‣ Well financed, fully funded for fiscal 2012;‣ Excellent government and First Nations relationships;‣ Viable, environmentally responsible development plan;‣ Trading at a 70% discount to NAV
  6. 6. Focused on the Ring of FireLOCATION AND DISCOVERIES 560 Km N-NE of Thunder Bay ON; James Bay Lowlands; Fly in access.; Eagle’s Nest 20 M tonnes; Ni, Cu, Pt and Pd.; open at depth, multiple targets; Blackbird 15 M tonnes 30% Cr2O3 ;2:1 Cr:Fe open in all directions;
  7. 7. Focused on the Ring of Fire THE RING OF FIRE? ‣ Geophysical expression; ‣ Limited outcrop/geology; ‣ Genesis: Subterranean emplacement of a large granitic pluton;100 kms 80 kms Doming of the host greenstones; Extensive emplacement of mafic/ ultramafic magma; Emplacement of world class nickel, copper, PGEs; chromite and vanadium deposits;
  8. 8. Focused on the Ring of FireHIGHLY PROSPECTIVE LAND POSITION 112,000 Ha (1,120 sq km); Favourable location along the granite - ultramafic contact; limited exploration to date;
  9. 9. Focused on the Ring of Fire RESOURCE GROWTH Eagle’s Nest ‣ 650 M lbs Ni !#-$$$!! ‣ 460 M lbs CuNi EQ Resource lbs !,$$!! !+$$!! ‣ 680,000 ozs Pt !*$$!! ./00/1234! !)$$!! .0/5634! ‣ 2.2 M ozs Pd !($$!! 7899:;! !$$!! <2=>:0! !&$$!! !%$$!! !#$$!! !"!! 2009 2010 2011 Fiscal Year
  10. 10. Focused on discovery in the Ring of Fire NICKEL DEPOSIT COMPARABLES (March 2011 Resource) !-$%%!! !,$%%!! Indepedence !+$%%!!NiEQ Grade Raglan !*$%%!! Onaping Mincor ./0123405! Levack Kabanga !)$%%!! 67890/:405! McCready W WA Sudbury Xstrata ;0/05<! !($%%!! Liberty Fraser Morgan Noront Duluth Poseidon Podolsky Panoramic Mirabella !#$%%!! Blackstone Victory Royal Nickel Ursa Major !!!!! Mustang Cosmos Strongbow !"#$%%&! 200 M lbs 425 M lbs 910 M lbs 2.2B lbs 12.0 B lbs Ni EQ Resource lbs
  11. 11. NICKEL, COPPERPLATINUM AND PALLADIUM
  12. 12. Focused on discovery in the Ring of Fire NORONT TARGET AREAS Eagle’s Nest Complex Thunderbird Complex Eagle’s Nest (20 Mt @ 2.2% NiEQ); Eagle 2 (undefined); Blackbird (15Mt 30% Cr2O3) AT12 Complex AT12 Complex Ni-Cu sulphides Eagle’s Nest Complex Western ComplexWestern Complex Ni-Cu sulphides, Cu-Zn VMS and chromite Thunderbird Complex Fe-Ti-V Pt & Pd
  13. 13. Focused on discovery in the Ring of Fire CURRENT RESOURCE ESTIMATE‣ NI 43-101 Estimate as of March 2011;
  14. 14. Focused on discovery in the Ring of Fire NICKEL COPPER TARGETS EAGLE’S NEST COMPLEX: TARGET ‣ Multiple untested targets within 2,000 metres of EAGLE’S NEST Eagle’s Nest TARGETS ‣ Eagle 2 is most advanced; ‣ Eagle 2 to be drilled in 2012; ‣ New ground and downhole geophysical targets; ‣ Area accessible during summer field season; BLACKBIRDEAGLE 2
  15. 15. Focused on discovery in the Ring of Fire AT-12 ‣ Results suggest proximity to Ni- Cu feeder similar to Eagle’s Nest; ‣ Ni-Cu grades improve to the N; ‣ Drilled to 400 metre level; ‣ Potential for a large feeder system at depth; ‣ Winter drilling tested deep IP targets;
  16. 16. CHROMITE
  17. 17. Focused on discovery in the Ring of Fire A NEW SOURCE OF CHROMITECanada has moved into the top five chromite resourcecountries in just three years, exclusively due to the Ring of Fire Blackbird (15Mt @ 30% Cr2O3 at 2:1 Cr:Fe) "#$ Blackstone (undefined) &#$#$ "%#$ ()*+,$-./012$ Black Thor (70Mt @ 32% Cr2O3 at 2:1 Cr:Fe) 30452567$ Black Label (undefined) !"#$ 8292,:;+2<$ =0<>2<?$ Big Daddy (50Mt @ 38% Cr2O3 at 2:1 Cr:Fe) @2<2?2$ Black Creek (10Mt @ 38% Cr2O3 at 2:1 Cr:Fe)
  18. 18. Focused on discovery in the Ring of Fire BLACKBIRD RESOURCE Classification Tonnes Grade Cr:Fe Ratio (Cr2O3)Measured 5,178,000 34.42 1.87Indicated 3,678,000 35.24 1.91Measured & Indicated 8,856,000 34.76 1.89Inferred 6,124,000 25.87 1.43‣ NI 43-101 Estimate as of March 2010;‣ Significant opportunity for resource increase at depth and along strike;‣ Blackstone discovery demonstrates exploration potential to increase resource;
  19. 19. Focused on discovery in the Ring of Fire UNEXPLORED CHROMITE POTENTIAL Blackbird exploration targetedEagle’s Nest Blackbird Eagle 2 an open pit resource; 2 km Drilling limited to 250 metre depth; Blackstone Blackbird remains open at depth; Blackstone likely an extension Chromite of the Blackbird deposit; Poten@al Blackstone highest grade chromite in the Eagle’s Nest Convergence Complex; Zone
  20. 20. OPPORTUNITY
  21. 21. Focused on discovery in the Ring of Fire URBANISATION DRIVES DEMAND #!!!" In the next 15 years China will: +!!" ‣ see 38 cities reach 1M pop. !"#$%&()*+$,(%&-./++/(%0& *!!" )!!" USA will see 7 cities hit 1M (!!" pop.; !!" &!!" ,-./0" ‣ build 170 transit systems; %!!" 27% 41% 64% 12/-0" ‣ build 5 M new buildings; $!!" 25% 29% 38% % of Total Population ‣ build 50,000 skyscrapers; #!!" Urbanised !" ‣ build 40 B m2 floor space; #++!" $!!" $!$" 12$"&Source: United Nations Population Database 2007 Revision
  22. 22. Focused on discovery in the Ring of Fire STAINLESS STEEL PRODUCTION Stainless Steel production ./0#-&12-0#3$%%&12$$3&(")*+4"#& #!!!" consumes: !!!!" ‣ +60% of the worlds nickel; !"##$%&(")*+$)& &!!!" ‣ +80% of the worlds chromite; %!!!" ‣ Chinese stainless steel $!!!" production has grown at a #!!!" rate of 33% per annum in the !" last decade, driven by the ((!" ((" ((#" (()" (($" ((*" ((%" ((+" ((&" (((" #!!!" #!!" #!!#" #!!)" #!!$" #!!*" #!!%" #!!+" #!!&" #!!(" #!!" #!" increasing urbanisation of ,$-(& China’s population;Source: Metalytics Pty Ltd. 2010
  23. 23. Focused on discovery in the Ring of Fire LATERITES CRITICAL TO SUPPLY ‣ Currrently 45% of nickel production from laterites; Laterite ‣ 500 M lbs of new production by 2013; 75% ‣ 80% of future nickel supply from laterites; ‣ Laterite project capital overruns exceed 150%; Sulphide 25% ‣ First generation laterites produce at 60% capacity; (Ravensthorpe & Murrin Murrin) ‣ Goro is currently 24 months behind schedule;Source: Roskill 2010 ‣ Onca Puma is currently 18 months behind schedule; ‣ Ambatovy is currently 6 months behind schedule; ‣ Vale committed $10B to nickel sulphide infrastructure projects in Sudbury;
  24. 24. Focused on discovery in the Ring of Fire ESTIMATED NICKEL SUPPLY & DEMAND !(&$$$!! ‣ Nickel supply and demand in balance to 2017; !&#$$!! } Potential ‣ 500M lbs of new production !"##$%&(&)*+++,& supply gap !&$$$!! planned - 80% laterite; Existing !%&#$$!! Supply ‣ First generation laterite New projects are producing at Supply !%&$$$!! 60% original capacity; Estimated !#$$!! Demand ‣ Similar productivity from Adjusted Demand planned projects would !"!! $%$! $%%! $%! $%(! $%)! $%#! $%*! $%+! result in a significant supply -$./& shortfall relative to demandSource: World Bureau of Metal Statistics (modified)
  25. 25. DEVELOPMENT PLAN
  26. 26. Focused on development in the Ring of Fire CAMP DEVELOPMENT APPROACHInitial Project is the Eagle’s Nest Complex comprised of:‣ Aggregate mining (provide aggregate for construction);‣ Eagle’s Nest Ni, Cu, Pt and Pd deposit (initial development for revenue);‣ Blackbird chromite deposits;‣ Aggregate, Eagle’s Nest and Blackbird can be mined from common underground infrastructure and become symbiotic;‣ Baosteel investment focused on camp development opportunity, funding feasibility studies for Eagle’s Nest Complex (Eagle’s Nest, Eagle 2, Blackbird);‣ Other projects as identified through continuing exploration;
  27. 27. Focused on development in the Ring of Fire 2012 PLAN‣ Complete Feasibility on Eagle’s Nest by Q4, 2011;‣ Increase chromite resource (target 30 - 50 M tonnes);‣ Initiate metallurgical testing of chromites;‣ Add chromite development and mining into Eagle’s Nest development;‣ Chromite - ferrochrome pre-feasibility by Q1 2012;‣ Ni-Cu sulphide target exploration;‣ Complete environmental baseline studies;‣ Expanded consultation with First Nations;‣ Coordinate with government, industry and First Nations on infrastructure;
  28. 28. Focused on development in the Ring of Fire BAOSTEEL‣ A Fortune 500 Company (#276) with revenues approaching of $30B;‣ One of the largest, most modern steel manufacturers in the world;‣ Provides access to China’s steel market;‣ Provides access to Chinese capital;
  29. 29. Focused on development in the Ring of FireEAGLE’S NEST DEVELOPMENT ‣ 1.0 million tonne per annum production rate; ‣ Modern underground mine and processing facility; ‣ Underground tailings storage; ‣ Minimal surface disturbance; ‣ Access via all season road connecting to a winter road; ‣ Power delivered to site by transmission line; ‣ Nickel and copper concentrates pumped via pipeline to Webequie;
  30. 30. Focused on development in the Ring of FireUNDERGROUND MILL DEVELOPMENT ‣ Necessitated by challenging soil conditions; ‣ Takes advantage of highly competent granite host rock; ‣ Minimizes construction materials; ‣ Controlled climate and environment; ‣ Synergies with underground mine;
  31. 31. PROJECT ECONOMICS
  32. 32. Focused on development in the Ring of FireEAGLE’S NEST PEA RESULTS
  33. 33. Focused on development in the Ring of Fire PEA SUBSEQUENT EVENTS‣ Established 11.0 M tonne Measured and Indicated resource for Eagle’s Nest;‣ Added 9.0 M tonnes of Inferred resource at Eagle’s Nest‣ Reduced sustaining capital;‣ Reduced operating cost estimates;‣ Improved life of mine plan - crown pillar recovery;
  34. 34. CORPORATE RESPONSIBILITY
  35. 35. Focused on responsibility NORONT’S CSR ACTIVITIES‣ Model Consultation Program;‣ Signed Exploration Agreement with Webequie;‣ Historic Exploration Agreement with Marten Falls, revised Agreement to Chief and Council since Q2, 2010;‣ Agreements include Consultation Fees;‣ Post Secondary Bursary for qualified students from each community;‣ Support “Mining Matters”, DAREArts and Career Fairs;‣ Ring of Fire Christmas Fund (2009 and 2010);‣ Initiated Consultation with surrounding communities;‣ Skills Surveys and ATK Surveys in progress;
  36. 36. Focused on responsibilityTHE MIKAWAA PORTAL ‣ Discovery in Oji-Cree; ‣ Stakeholders share knowledge / experiences; ‣ Non threatening environment; ‣ Open discussion; ‣ Eliminates challenge of distance
  37. 37. CONCLUSION
  38. 38. Focused on growth in the Ring of FireTHE NORONT ADVANTAGE ‣ High value mineral discoveries; ‣ Large land position in emerging mineral camp; ‣ Viable, responsible development plan; ‣ Strong, proven leadership;; ‣ Well financed through 2012; ‣ “Best in class” First Nations strategy;
  39. 39. QUESTIONS

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