WELCOME

Annual and Special Meeting of ShareholdersOctober 11, 2011

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.  

FORWARD LOOKING STATEMENTS

JOSEPH HAMILTON

CHAIRMAN

Annual and Special Meeting of ShareholdersOctober 11, 2011

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

WES HANSON

PRESIDENT AND CEO

Annual and Special Meeting of ShareholdersOctober 11, 2011

ACHIEVEMENTS 2011

March Announced 2nd consecutive material resource increase at Eagle’s Nest andSubmitted 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.

“THE RIGHT PROJECT,THE RIGHT PLAN,THE RIGHT TEAM,THE RIGHT TIME!”

Annual and Special Meeting of ShareholdersOctober 11, 2011

“THE RIGHT PROJECT”

Annual and Special Meeting of ShareholdersOctober 11, 2011

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 palladiumBlackbird - 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.

The  Right  Project

EAGLE’S NEST SUMMARY

The  Right  Project

0

150

300

450

600

750

900

1050

1200

1350

1500

SBW

MUM

FXR

CNI

NI

SRU

NOT

LBE

PAN

POS

WSA

MCR

IGO

0

0.6

1.2

1.8

2.4

3

3.6

4.2

4.8

5.4

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Global Nickel Sulphide Resources

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Ni E

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‣ 650 M lbs Ni‣ 450 M lbs Cu‣ 700,000 ounces Pt‣ 2.2 M ounces Pd

+1.0B lbs NiEq@ 2.25% NiEq

‣ Third largest high-grade NiS resource;‣ Resource larger than Australian producers;‣ Grade 5 to 6x other development projects;‣ Pt + Pd+Cu credits pay for Ni production;‣ Ni production cost = -$0.71/lb

The  Right  Project

PRE-FEASIBILITY SUMMARY

‣ Inferred resource doubles mine life;‣ deposit open at depth;‣ untested targets within 2,000 metre radius.

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 Metal Prices

OpportunitiesPre-Feasibility Study HighlightsNPV6%  (aRer  tax) $560M Start  Date 2016

IRR +20% Mine  Life 11  years

IniGal  Capital $734  M Payback 3  years

Sustaining  Capital $143  M Op  Costs -­‐$0.71  per    lb  Ni

Annual  cash  flow $175  M

Pre-Feasibility Reserves and Resources

The  Right  Project

‣ 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.

BLACKBIRD CHROMITE

43-101 Resource (2009) ‣ Recent drilling confirms mineralization open in all directions;

‣ Resource growth directly related to drill coverage;

“THE RIGHT PLAN”

Annual and Special Meeting of ShareholdersOctober 11, 2011

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) andIndustry initiatives.

‣ Prepare First Nations as labour force of future;Training programsSocial programs

‣ Establish a modern, state of the art mine and mill complex;‣ Utilize cash flow to fund:

Chromite / ferrochrome development and future regional exploration.

The  Right  Plan

EAGLE’S NEST TIMELINE

The  Right  Plan

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 $560MSept. 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, 2012Infrastructure announcement 2012;

The  Right  Plan

FIRST NATIONS STRATEGY

‣ Focus on youth, education (Bursaries, Mining Matters, School Trips);

‣ Communication (Mikawaa, Community Open Houses, Storyboards);

‣ Community consultation critical;

‣ Consistent message;

‣ Land Use Planning support;

‣ Business opportunities / jobs;

‣ Funding for training programs;

‣ Training for future jobs;

‣ Build trust;

“THE RIGHT TEAM”

Annual and Special Meeting of ShareholdersOctober 11, 2011

THE RIGHT TEAM

The  Right  Team

Management:

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  

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  Affairs

30  years  experience,  Independent  contractor,  PDAC

“THE RIGHT TIME”

Annual and Special Meeting of ShareholdersOctober 11, 2011

The  Right  Time

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DEMAND FUNDAMENTALS

Source: United Nations Population Database 2007 Revision

URBANISATION OF CHINA & INDIA

Source - Heinz H. Pariser 2011

Actual Forecast

G.R: 4.4%

G.R: 6.4%

G.R: 5.8%

G.R: 6.8%

STAINLESS PRODUCTION / FERROCHROME DEMAND

25%27% 29%

41% 38%

64%

The  Right  Time

SUPPLY FUNDAMENTALS

Source: Roskill 2010

Laterite75%

Sulphide25%

Future Ni Supply

Source: World Bureau of Metal Statistics (modified)

Nickel Supply and Demand

} Supply - demand gapassuming noimprovement in lateriteproduction

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The  Right  Time

RELATIVE PERFORMANCEApr.1 - Sept. 30, 2011

DevelopersPoseidon Nickel (POS.ASX)Talvivaara Mining (TALV.LSE)Western Areas (WSA.ASX)Independence Group (IGO.ASX)Panoramic Resources (PAN.ASX)

Mustang Minerals (MUM)Starfield Resources (SRU)Fox Resources (FXR.ASX)

Royal Nickel (RNX)Polymet (POM)Duluth Metals (DM)

Liberty Mines (LBE)Victory Nickel (NI)First Nickel (FNI)Mincor Resources (MCR.ASX)Mirabela Nikel (MBR)

Producers

July 1 - Sept. 30, 2011

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COMPELLING VALUE PROPOSITION

The  Right  Time

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Source: Available Street ResearchNi Developers - Average of Duluth Metals, Continental Nickel, Polymet and Royal NickelNi Producers - Average of Mirabela, Panoramic, Mincor, Independence Group, Western Areas and Talvivaara

‣ undervalued based on comparison..... ‣ ....and recent transactions.

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Nickel M&A

Chromite M&A

August 2011$275 M for 60% of Murrin Murrin $0.25 per pound NiEQ

Eagle’s Nest = $260 M

Jan. 2010 - $211 M for FWR

July 2010 - $125 M for SPW

Blackbird = $125 M

At less than $100M Market Cap, Investors get Eagle’s Nest and existing cash for free.

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;

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

M5H 1P9

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

www.norontresources.com

NOT: TSX-V

THANK YOU