May 2011 Presentation

Introduction • Our Project • Opportunity • Our Plan

Project Economics • Corporate Responsibility • Conclusion

FOCUSED ONTHE RING OF FIRE

Corporate PresentationMay 2011

INTRODUCTION

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 andCORPORATE RESPONSIBILITY to work with all levels of government, including First Nations, to establish meaningful opportunities for local First Nations and northern Ontario communities;


LISTING: TSX‐V

SYMBOL: NOT

52 WEEK HIGH: C$1.52

52 WEEK LOW: C$0.75

MARKET CAP: C$155 M

SHARES O/S: 184.6 M

SHARES F/D: 196.7 M

CORPORATE INFORMATION

As at May 2, 2011

MAJOR SHAREHOLDERS:

‣ Baosteel Resources;

‣ Rosseau Asset Management;

‣ Goodman and Co Investments Ltd.;

‣ Oppenheimer Funds;

‣ Sprott Asset Management;

ANALYST COVERAGE:

‣ Wellington West Capital Markets;

‣ Dundee Securities;

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


LOCATION AND DISCOVERIES

Eagle’s Nest20 M tonnes; Ni, Cu, Pt and Pd.;open at depth, multiple targets;Blackbird15 M tonnes 30% Cr2O3 ;2:1 Cr:Feopen in all directions;

560 Km N-NE of Thunder Bay ON;James Bay Lowlands;Fly in access.;


THE RING OF FIRE?

‣ Geophysical expression;‣ Limited outcrop/geology;‣ Genesis:

Subterranean emplacement of a large granitic pluton;Doming of the host greenstones; Extensive emplacement of mafic/ultramafic magma; Emplacement of world class nickel, copper, PGEs;chromite andvanadium deposits;

100 kms 80 kms


HIGHLY PROSPECTIVE LAND POSITION

112,000 Ha (1,120 sq km);Favourable location along the granite - ultramafic contact;limited exploration to date;


RESOURCE GROWTH

Eagle’s Nest

‣ 650 M lbs Ni

‣ 460 M lbs Cu

‣ 680,000 ozs Pt

‣ 2.2 M ozs Pd

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NICKEL DEPOSIT COMPARABLES(March 2011 Resource)

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200 M lbs 425 M lbs 910 M lbs 2.2B lbs 12.0 B lbsNi EQ Resource lbs

NICKEL, COPPER PLATINUM AND PALLADIUM

Western Complex

Eagle’s Nest Complex

AT12 Complex

Thunderbird Complex

Eagle’s Nest ComplexEagle’s Nest (20 Mt @ 2.2% NiEQ);Eagle 2 (undefined);Blackbird (15Mt 30% Cr2O3)

AT12 ComplexNi-Cu sulphides

Western ComplexNi-Cu sulphides, Cu-Zn VMS and chromite

Thunderbird ComplexFe-Ti-V Pt & Pd


NORONT TARGET AREAS


CURRENT RESOURCE ESTIMATE

‣ NI 43-101 Estimate as of March 2011;


NICKEL COPPER TARGETS

EAGLE’S NEST

EAGLE 2

BLACKBIRD

TARGETS

TARGETEAGLE’S NEST COMPLEX:

‣ Multiple untested targets within 2,000 metres of Eagle’s Nest

‣ Eagle 2 is most advanced;

‣ Eagle 2 to be drilled in 2012;

‣ New ground and downhole geophysical targets;

‣ Area accessible during summer field season;


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;

CHROMITE


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)Black Thor (70Mt @ 32% Cr2O3 at 2:1 Cr:Fe)Black Label (undefined)Big Daddy (50Mt @ 38% Cr2O3 at 2:1 Cr:Fe)Black Creek (10Mt @ 38% Cr2O3 at 2:1 Cr:Fe)

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BLACKBIRD RESOURCE

Classification Tonnes Grade (Cr2O3)

Cr:Fe Ratio

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;


UNEXPLORED CHROMITE POTENTIAL

ConvergenceZone

Blackbird

Blackstone

Eagle’s Nest Eagle 2

ChromitePoten@al

Blackbird exploration targeted an open pit resource;Drilling limited to 250 metre depth;Blackbird remains open at depth;Blackstone likely an extension of the Blackbird deposit;Blackstone highest grade chromite in the Eagle’s Nest Complex;

2 km

OPPORTUNITY

URBANISATION DRIVES DEMAND


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25% 29% 38%

27% 41% 64%% of TotalPopulationUrbanised

In the next 15 years China will:

‣ see 38 cities reach 1M pop. USA will see 7 cities hit 1M pop.;

‣ build 170 transit systems;

‣ build 5 M new buildings;

‣ build 50,000 skyscrapers;

‣ build 40 B m2 floor space;

Source: United Nations Population Database 2007 Revision

STAINLESS STEEL PRODUCTION


Stainless Steel production 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;

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Source: Metalytics Pty Ltd. 2010

LATERITES CRITICAL TO SUPPLY

Source: Roskill 2010

‣ Currrently 45% of nickel production from laterites;‣ 500 M lbs of new production by 2013;‣ 80% of future nickel supply from laterites;‣ Laterite project capital overruns exceed 150%;‣ First generation laterites produce at 60% capacity;

(Ravensthorpe & Murrin Murrin) ‣ Goro is currently 24 months behind schedule;‣ 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;


Laterite75%

Sulphide25%

ESTIMATED NICKEL SUPPLY & DEMAND


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Existing Supply

New Supply

EstimatedDemand

Adjusted Demand

Potentialsupply gap}

‣ Nickel supply and demand in balance to 2017;

‣ 500M lbs of new production planned - 80% laterite;

‣ First generation laterite projects are producing at 60% original capacity;

‣ Similar productivity from planned projects would result in a significant supply shortfall relative to demand

Source: World Bureau of Metal Statistics (modified)

DEVELOPMENT PLAN

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;

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;


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;

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;

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;

PROJECT ECONOMICS

EAGLE’S NEST PEA RESULTS


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;


CORPORATE RESPONSIBILITY

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;

Focused on responsibility

THE MIKAWAA PORTAL

‣ Discovery in Oji-Cree;

‣ Stakeholders share knowledge / experiences;

‣ Non threatening environment;

‣ Open discussion;

‣ Eliminates challenge of distance

CONCLUSION

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;

QUESTIONS

Business

May 2011 Presentation