This document outlines the agenda and presentations for an annual shareholder meeting. It includes forward looking statements and cautions investors that mineral resource terminology differs between Canadian and U.S. standards. The meeting will include remarks from the Chairman and President/CEO highlighting the company's achievements in 2011 and discussing its key projects in Ontario's Ring of Fire region as representing "the right project, the right plan, the right team, and the right time" for the company.

1. WELCOME
Annual and Special Meeting of Shareholders
October 11, 2011

2. FORWARD LOOKING STATEMENTS
The
following
presenta1on
may
include
certain
“forward-­‐looking
statements”
within
the
meaning
of
the
United
States
Private
Li1ga1on
Reform
Act
of
1995
and
applicable
Canadian
Securi1es
Laws.
All
statements,
other
than
statements
of
historical
fact,
included
in
the
presenta1on,
including,
without
limita1on,
statements
regarding
poten1al
mineraliza1on
and
reserves,
explora1on
results,
and
future
plans
and
objec1ves
of
Noront,
are
forward-­‐looking
statements.
Words
such
as
“expect”,
“an1cipate”,
“es1mate”,
“may”,
“will”,
“should”,
“intend”,
“believe”
and
other
similar
expressions
are
forward-­‐
looking
statements.
Forward-­‐looking
statements
are
not
guarantees
of
future
results
and
condi1ons
but
rather
reflect
our
current
views
with
respect
to
future
events
and
are
subject
to
risks,
uncertain1es,
assump1ons
and
other
factors.
Actual
results
and
future
events
could
differ
materially
from
those
an1cipated
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
informa1on
currently
available
to
us
and
we
do
not
assume
any
obliga1on
to
update
them,
except
as
required
by
law.
An
addi1onal
Cau1onary
Note
to
Investors
–
In
the
event
that
we
use
certain
terms
in
this
presenta1on,
such
as
“resource”,
“measured
resource”,
“indicated
resource”
and
“inferred
resource”.
U.S
investors
are
cau1oned
that,
while
such
terms
are
recognized
and
required
by
Canadian
Securi1es
Laws,
the
United
States
Securi1es
and
Exchange
Commission
does
not
recognize
them.
Under
U.S.
standards,
mineraliza1on
may
not
be
classified
as
a
“reserve”
unless
the
determina1on
has
been
made
that
the
mineraliza1on
could
be
economically
and
legally
produced
or
extracted
at
the
1me
the
reserve
determina1on
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
addi1on,
“inferred
resources”
have
a
greater
amount
of
uncertainty
as
to
their
existence
and
as
to
whether
they
can
be
mined
legally
or
economically.
Accordingly,
informa1on
concerning
descrip1ons
of
mineraliza1on
in
this
presenta1on
may
not
be
comparable
to
informa1on
made
public
by
companies
that
are
subject
to
the
SEC’s
Industry
Guide
7.
All
of
the
scien1fic
and
technical
informa1on
contained
herein
has
been
reviewed
and/or
prepared
by
Wes
Hanson,
P.Geo.,
a
“qualified
person"
within
the
meaning
of
Na1onal
Instrument
43-­‐101
-­‐
Standards
of
Disclosure
for
Mineral
Projects.
For
details
of
the
company’s
procedures
and
policies
for
data
verifica1on,
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.

3. JOSEPH HAMILTON
CHAIRMAN
Annual and Special Meeting of Shareholders
October 11, 2011

4. AGENDA
‣ Introduction
‣ Appointment of Secretary and Scrutineer
‣ Notice of Meeting and Quorum
‣ Financial Statements
‣ Fixing of Number of Directors
‣ Election of Directors
‣ Appointment and Remuneration of Auditors
‣ Approval of Stock Option Plan
‣ Approval to Increase the Number of Directors
‣ Termination of Meeting
‣ President and CEO’s Remarks

5. WES HANSON
PRESIDENT AND CEO
Annual and Special Meeting of Shareholders
October 11, 2011

6. ACHIEVEMENTS 2011
March Announced 2nd consecutive material resource increase at Eagle’s Nest and
Submitted Eagle’s Nest Project Description to Canadian Environmental
Assessment Agency (“CEAA”).
June Closed Strategic Investment with Baosteel Resources and
Announced large tonnage , low grade nickel sulphide mineralization at AT12.
July Announced metallurgical testing confirming recoveries for Eagle’s Nest.
Aug. Announced first mineral reserve in Ring of Fire camp for Eagle’s Nest deposit.
Sept. CEAA accepts Project Description for Eagle’s Nest and
Announced drill results expanding the limits of Blackbird chromite deposit.
Oct. Filed NI 43-101 Pre-Feasibility Study on SEDAR.

7. “THE RIGHT PROJECT,
THE RIGHT PLAN,
THE RIGHT TEAM,
THE RIGHT TIME!”
Annual and Special Meeting of Shareholders
October 11, 2011

8. “THE RIGHT PROJECT”
Annual and Special Meeting of Shareholders
October 11, 2011

9. The
Right
Project
OPPORTUNITY
“The Ring of FIre is the most significant mineral discovery in Ontario this century!”
‣ Footprint four times larger than the Sudbury Basin;
‣ Less than ten percent of the Ring of Fire has been explored;
‣ Noront has identified two development ready projects:
Eagle’s Nest Ni-Cu sulphide with platinum and palladium
Blackbird - high quality chromite
‣ Eagle’s Nest is one of the largest, undeveloped, high-grade NiS resources in the world;
‣ Canada is now one of the top five chromite resource countries in the world;
‣ Ontario is an established leader in the mining industry and
‣ All three of Ontario’s major political parties recognize the potential economic benefits
development of this region offers all Ontarians.

10. The
Right
Project
EAGLE’S NEST SUMMARY
Global Nickel Sulphide Resources ‣ 650 M lbs Ni
1500 6 ‣ 450 M lbs Cu +1.0B lbs NiEq
Ni Equivalent Resource (M lbs)
1350 5.4 ‣ 700,000 ounces Pt @ 2.25% NiEq
Ni Equivalent Grade (%)
1200 4.8 ‣ 2.2 M ounces Pd
1050 4.2
900 3.6
‣ Third largest high-grade NiS resource;
750 3
‣ Resource larger than Australian producers;
600 2.4
450 1.8
‣ Grade 5 to 6x other development projects;
300 1.2
‣ Pt + Pd+Cu credits pay for Ni production;
150 0.6
‣ Ni production cost = -$0.71/lb
0 0
W
M
R
I
NI
U
T
E
N
S
A
R
O
CN
NO
LB
PO
WS
FX
MC
SR
PA
IG
MU
SB
Explorers Developers Producers

11. The
Right
Project
PRE-FEASIBILITY SUMMARY
Pre-Feasibility Reserves and Resources Pre-Feasibility Study Metal Prices
Metal PFS
Price Current
Price Long
term
consensus
Nickel $8.62/lb $8.44/lb $8.20/lb
Copper $3.08/lb $3.30/lb $2.50/lb
PlaGnum $1,432/oz 1,495/oz $1,660/oz
Palladium $446/oz $588/oz $670/oz
Gold $1,130/oz $1,634/oz $1,155/oz
Pre-Feasibility Study Highlights Opportunities
NPV6%
(aRer
tax) $560M Start
Date 2016 ‣ Inferred resource doubles mine life;
IRR +20% Mine
Life 11
years ‣ deposit open at depth;
IniGal
Capital $734
M Payback 3
years ‣ untested targets within 2,000 metre radius.
Sustaining
Capital $143
M Op
Costs -­‐$0.71
per
lb
Ni
Annual
cash
flow $175
M

12. The
Right
Project
BLACKBIRD CHROMITE
43-101 Resource (2009) ‣ Recent drilling confirms
mineralization open in all
directions;
‣ Resource growth directly related
to drill coverage;
‣ Quality equals South Africa, Finland, Zimbabwe and Kazahkstan;
‣ Potential to rival South Africa in terms of total resource;
‣ Recent drilling indicates resource growth directly proportional to drilling;
‣ Updated resource estimate Q1, 2012;
‣ Initial Preliminary Assessment - Q2, 2012.

13. “THE RIGHT PLAN”
Annual and Special Meeting of Shareholders
October 11, 2011

14. The
Right
Plan
STRATEGY
‣ Increased identified resource(s) to a level sufficient to warrant development;
‣ Establish a responsible development plan with minimized environmental footprint;
‣ Communicate development plan to stakeholders;
‣ Fund project construction (joint venture, off-take agreement, debt, equity);
‣ Identify opportunities to reduce development timeline:
Stakeholder consultation (First Nations, Environmental NGO’s. Government) and
Industry initiatives.
‣ Prepare First Nations as labour force of future;
Training programs
Social programs
‣ Establish a modern, state of the art mine and mill complex;
‣ Utilize cash flow to fund:
Chromite / ferrochrome development and
future regional exploration.

15. The
Right
Plan
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 positive chromite results at Blackbird;
Sept. 2011 Project Description accepted by CEAA;
Short Term Catalysts:
Exploration drill results Q3 2011 to Q2 2012;
Feasibility Study Q1, 2012;
Project financing Q2, 2012
Infrastructure announcement 2012;

16. The
Right
Plan
FIRST NATIONS STRATEGY
‣ Community consultation critical;
‣ Consistent message;
‣ Land Use Planning support;
‣ Business opportunities / jobs;
‣ Funding for training programs;
‣ Training for future jobs;
‣ Build trust;
‣ Focus on youth, education (Bursaries, Mining Matters, School Trips);
‣ Communication (Mikawaa, Community Open Houses, Storyboards);

17. “THE RIGHT TEAM”
Annual and Special Meeting of Shareholders
October 11, 2011

18. The
Right
Team
THE RIGHT TEAM
Management:
Wes
Hanson President
and
CEO 30
yrs
experience,
Western
Goldfields,
Kinross,
SNC-­‐Lavalin
Paul
Semple Chief
OperaGng
Officer 30
yrs
experience,
Western
Goldfields,
SNC-­‐Lavalin,
Kilborn
Greg
Rieveley Chief
Financial
Officer 15
yrs
experience,
Harry
Winston,
Dundee
Precious
Metals
Glen
Nolan Vice-­‐President
Aboriginal
30
years
experience,
Independent
contractor,
PDAC
Affairs
Board of Directors:
Ted
Basse` P.Eng,
Project
Manager
BHP
Billiton,
Vale,
SNC-­‐Lavalin
Darren
Blasud President
and
CEO
RX
ExploraGon
Joe
Hamilton Advisor
Primary
Capital,
Former
CEO,
African
Copper
Wes
Hanson President
and
CEO
Lin
Li Vice-­‐President
Baosteel
Resources
Keith
McKay CFO
Dalradian
Resources
Paul
Pariso`o Director,
RX
ExploraGon,
Former
CEO
Arizona
Star

19. “THE RIGHT TIME”
Annual and Special Meeting of Shareholders
October 11, 2011

20. The
Right
Time
DEMAND FUNDAMENTALS
URBANISATION OF CHINA & INDIA STAINLESS PRODUCTION / FERROCHROME DEMAND
#!!!" 64% Actual Forecast
+!!" G.R: 4.4% G.R: 5.8%
!"#$%&'()*+$,(%&-./++/(%0&
*!!" G.R: 6.4% G.R: 6.8%
)!!"
(!!" 41%
38%
'!!"
&!!" ,-./0"
27% 29%
%!!" 25% 12/-0"
$!!"
#!!"
!"
#++!" $!!'" $!$'"
12$"&
Source: United Nations Population Database 2007 Revision
Source - Heinz H. Pariser 2011

21. The
Right
Time
SUPPLY FUNDAMENTALS
Future Ni Supply Nickel Supply and Demand
!'&#$$!!
} Supply - demand gap
Laterite !'&$$$!! assuming no
75% improvement in laterite
!"##$%&'(&)*+++,&
!%&#$$!! production
Sulphide
25% !%&$$$!!
!#$$!!
Source: Roskill 2010 !"!!
'$%$! '$%%! '$%'! '$%(! '$%)! '$%#! '$%*! '$%+!
-$./&
Source: World Bureau of Metal Statistics (modified)

22. The
Right
Time
RELATIVE PERFORMANCE
Apr.1 - Sept. 30, 2011 July 1 - Sept. 30, 2011
#$##%& (#$##%&
.>6&
./0&
10&
234&
567&
67&
678942&
7?/&
063&
./=&
6/@&
0A0&
=;A&
08;&
<=>&
5:;&
@>2B&
;6:&
!-#$##%& )#$##%&
!,#$##%& *#$##%&
!+#$##%& #$##%&
./0&
10&
./2&
345&
67&
678953&
7:/&
6/;&
.=6&
+67&
064&
0>0&
2->&
08-&
<2=&
+,-&
-6,&
;=3?&
!*#$##%& !*#$##%&
!)#$##%& !)#$##%&
!(#$##%& !(#$##%&
!'#$##%& !'#$##%&
!"#$##%& !"#$##%&
Developers Producers
Royal Nickel (RNX) Liberty Mines (LBE) Poseidon Nickel (POS.ASX)
Polymet (POM) Victory Nickel (NI) Talvivaara Mining (TALV.LSE)
Duluth Metals (DM) First Nickel (FNI) Western Areas (WSA.ASX)
Mustang Minerals (MUM) Mincor Resources (MCR.ASX) Independence Group (IGO.ASX)
Starfield Resources (SRU) Mirabela Nikel (MBR) Panoramic Resources (PAN.ASX)
Fox Resources (FXR.ASX)

23. The
Right
Time
COMPELLING VALUE PROPOSITION
‣ undervalued based on comparison..... ‣ ....and recent transactions.
Nickel M&A August 2011
$275 M for 60% of Murrin Murrin
0.7x $0.25 per pound NiEQ
Eagle’s Nest = $260 M
0.4x
Chromite M&A Jan. 2010 - $211 M for FWR
July 2010 - $125 M for SPW
0.2x
Blackbird = $125 M
At less than $100M Market Cap, Investors
!"#"$%& !'&()*)+",)#-& !'&.#"/01)#-&
Source: Available Street Research
get Eagle’s Nest and existing cash for free.
Ni Developers - Average of Duluth Metals, Continental Nickel,
Polymet and Royal Nickel
Ni Producers - Average of Mirabela, Panoramic, Mincor,
Independence Group, Western Areas and Talvivaara

24. INVESTMENT SUMMARY
‣ Strong core asset (Eagle’s Nest);
‣ Second core asset that is development ready (Blackbird);
‣ Board and Management have requisite experience and knowledge to develop;
‣ Strong strategic partner with vested interest in product(s);
‣ Significantly undervalued;
‣ Options to finance development other than equity offerings;
‣ All levels of government support infrastructure development;
‣ Nickel and chromite future demand forecast is strong;
‣ Future nickel supply uncertain (laterite performance issues);
‣ Ring of Fire is the first new sulphide nickel discovery in decades;

25. THANK YOU
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