Noront Resources is focused on developing mining projects in the Ring of Fire region of Northern Ontario. It has discovered nickel, copper, platinum, and palladium deposits at Eagle's Nest and a large chromite deposit at Blackbird. Noront plans to complete feasibility studies for an underground mining complex at Eagle's Nest and Blackbird to exploit these deposits. It is also exploring additional targets throughout its land holdings to further expand resources in the region. With Chinese investment partner Baosteel, Noront aims to establish long-term, sustainable mining operations and infrastructure to provide economic opportunities for local communities.

1. FOCUSED ON
THE RING OF FIRE
Introduction • Our Project • Opportunity • Our Plan
Project Economics • Corporate Responsibility • Conclusion
Corporate Presentation
May 2011

2. INTRODUCTION

3. Focused on the Ring of Fire
NORONT AT A GLANCE
Focused on the “Ring of Fire” a new emerging multi-metals camp in the James
Bay Lowlands of Ontario
Three FOCUS points:
EXPLORATION to identify additional nickel, copper, platinum and palladium;
TECHNICAL STUDIES to value the mineral deposits discovered to date and
CORPORATE RESPONSIBILITY to work with all levels of government, including
First Nations, to establish meaningful opportunities for local First Nations and
northern Ontario communities;

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. 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. Focused on the Ring of Fire
LOCATION 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. 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. Focused on the Ring of Fire
HIGHLY PROSPECTIVE LAND POSITION
112,000 Ha (1,120 sq km);
Favourable location along the
granite - ultramafic contact;
limited exploration to date;

9. Focused on the Ring of Fire
RESOURCE GROWTH
Eagle’s Nest
‣ 650 M lbs Ni
!#-$$$!!
‣ 460 M lbs Cu
Ni EQ Resource lbs
!,$$!!
!+$$!! ‣ 680,000 ozs Pt
!*$$!! ./00/1234!
!)$$!! .0/5634! ‣ 2.2 M ozs Pd
!($$!! 7899:;!
!'$$!! <2=>:0!
!&$$!!
!%$$!!
!#$$!!
!"!! 2009 2010 2011
Fiscal Year

10. 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. NICKEL, COPPER
PLATINUM AND PALLADIUM

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 Complex
Western Complex Ni-Cu sulphides, Cu-Zn VMS and chromite
Thunderbird Complex
Fe-Ti-V
Pt & Pd

13. Focused on discovery in the Ring of Fire
CURRENT RESOURCE ESTIMATE
‣ NI 43-101 Estimate as of March 2011;

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;
BLACKBIRD
EAGLE 2

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. CHROMITE

17. Focused on discovery in the Ring of Fire
A NEW SOURCE OF CHROMITE
Canada has moved into the top five chromite resource
countries 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. Focused on discovery in the Ring of Fire
BLACKBIRD RESOURCE
Classification Tonnes Grade Cr:Fe Ratio
(Cr2O3)
Measured 5,178,000 34.42 1.87
Indicated 3,678,000 35.24 1.91
Measured & Indicated 8,856,000 34.76 1.89
Inferred 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. Focused on discovery in the Ring of Fire
UNEXPLORED CHROMITE POTENTIAL
Blackbird exploration targeted
Eagle’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. OPPORTUNITY

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. 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. 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. 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 demand
Source: World Bureau of Metal Statistics (modified)

25. DEVELOPMENT PLAN

26. Focused on development in the Ring of Fire
CAMP DEVELOPMENT APPROACH
Initial 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. 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. 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. Focused on development in the Ring of Fire
EAGLE’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. Focused on development in the Ring of Fire
UNDERGROUND 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. PROJECT ECONOMICS

32. Focused on development in the Ring of Fire
EAGLE’S NEST PEA RESULTS

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. CORPORATE RESPONSIBILITY

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. Focused on responsibility
THE MIKAWAA PORTAL
‣ Discovery in Oji-Cree;
‣ Stakeholders share
knowledge / experiences;
‣ Non threatening
environment;
‣ Open discussion;
‣ Eliminates challenge of
distance

37. CONCLUSION

38. Focused on growth in the Ring of Fire
THE 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. QUESTIONS