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;
Focused on the Ring of Fire
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
Focused on the Ring of Fire
‣ 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
Focused on the Ring of Fire
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.;
Focused on the Ring of Fire
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
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;
Focused on the Ring of Fire
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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2009 2010 2011
Ni E
Q R
esou
rce
lbs
Fiscal Year
Focused on discovery in the Ring of Fire
LibertyPoseidon
Ursa Major
Indepedence
McCready W
Blackstone
Mustang
Fraser MorganPodolsky
Mincor
Strongbow
Levack
NorontPanoramic
Cosmos
Victory
WA
Onaping
Sudbury Xstrata
Mirabella
Raglan
Kabanga
Duluth
Royal Nickel
NiE
Q G
rade
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
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
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;
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;
CHROMITE
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)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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Focused on discovery in the Ring of Fire
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;
Focused on discovery in the Ring of Fire
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
Focused on discovery in the Ring of Fire
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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
Focused on discovery in the Ring of Fire
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;
Focused on discovery in the Ring of Fire
Laterite75%
Sulphide25%
ESTIMATED NICKEL SUPPLY & DEMAND
Focused on discovery in the Ring of Fire
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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;
Focused on development in the Ring of Fire
BAOSTEEL
Focused on development in the Ring of Fire
‣ 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
Focused on development in the Ring of Fire
‣ 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
Focused on development in the Ring of Fire
‣ 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
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;
Focused on development in the Ring of Fire
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
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