HIGH-GRADE NI-CU-PT-PD-ZN-CR-AU-V-TI DISCOVERIES IN THE "RING OF FIRE"

NI 43-101 Update (September 2012): 11.1 Mt @ 1.68% Ni, 0.87% Cu, 0.89 gpt Pt and 3.09 gpt Pd and 0.18 gpt Au (Proven & Probable Reserves) / 8.9 Mt @ 1.10% Ni, 1.14% Cu, 1.16 gpt Pt and 3.49 gpt Pd and 0.30 gpt Au (Inferred Resource)

Free
Message: INK Report.....Noront's Insider Report

Because the way this report was copied and pasted the first part shows that Hanson's and Rieveley's common shares and options are on the same line.

.

Hanson's shows first followed by Rieveley's.

.

Providing Insider News and Knowledge to Investors in Canadian Markets

April 14, 2012

Holdings Summary

Data based on SEDI filings. Identified former insiders who ceased to be an insider during the past year are shown. Roster may include unidentified

former insiders. Charts include identified former insiders up to the date they ceased to be an insider and are not adjusted for splits and consolidations.

CEO's Holdings (000's) CFO's Holdings (000's)

Hanson, Wesley Clay Rieveley, Gregory Robert

Latest Filing Date: May 10, 2011 Latest Filing Date: May 10, 2011

Direct Ownership Direct Ownership

Common Shares 31,000 Common Shares 67,000

Options Common Shares 1,600,000 Options Common Shares 995,000

See important disclaimer at the bottom of the last page.

www.inkresearch.com

Page 3/7

www.inkresearch.com

Providing Insider News and Knowledge to Investors in Canadian Markets

April 14, 2012

Holdings Summary (cont'd)

Data based on SEDI filings. Identified former insiders who ceased to be an insider during the past year are shown. Roster may include unidentified

former insiders. Charts include identified former insiders up to the date they ceased to be an insider and are not adjusted for splits and consolidations.

Other Officers's Holdings (000's)

Atkinson, James Robert

Latest Filing Date: July 10, 2009

Direct Ownership

Options Common Shares 250,000

Davidson, Alexander John

Latest Filing Date: May 10, 2011

Direct Ownership

Options Common Shares 600,000

Diges, Carmen Lydia

Latest Filing Date: October 31, 2008

Direct Ownership

Common Shares 150,000

Options Common Shares 575,000

Feeney, Michael Kevin

Latest Filing Date: June 20, 2008

Direct Ownership

Common Shares 200,000

Options Common Shares 350,000

Jobin, Joanne

Latest Filing Date: December 17, 2009

Direct Ownership

Options Common Shares 280,000

Niemi, Jeremy Karl

Latest Filing Date: January 24, 2011

Direct Ownership

Options Common Shares 495,000

Nolan, Glenn

Latest Filing Date: May 10, 2011

Direct Ownership

Options Common Shares 430,000

Semple, Paul G.

Latest Filing Date: May 10, 2011

Direct Ownership

Common Shares 30,000

Options Common Shares 985,000

See important disclaimer at the bottom of the last page.

www.inkresearch.com

Page 4/7

Providing Insider News and Knowledge to Investors in Canadian Markets

April 14, 2012

Holdings Summary (cont'd)

Data based on SEDI filings. Identified former insiders who ceased to be an insider during the past year are shown. Roster may include unidentified

former insiders. Charts include identified former insiders up to the date they ceased to be an insider and are not adjusted for splits and consolidations.

Director's Holdings (000's)

Abolins, Uldis

Latest Filing Date: March 8, 2006

Direct Ownership

Common Shares 212,000

Bassett, Edward Harold

Latest Filing Date: November 7, 2011

Direct Ownership

Common Shares 20,000

Options Common Shares 300,000

Blasutti, Darren John

Latest Filing Date: October 26, 2009

Direct Ownership

Options Common Shares 400,000

Hamilton, Joseph Andrew

Latest Filing Date: June 1, 2011

Direct Ownership

Common Shares 51,500

Options Common Shares 800,000

McKay, Keith Douglas

Latest Filing Date: May 24, 2011

Direct Ownership

Common Shares 17,000

Options Common Shares 600,000

Parisotto, Paul Anthony

Latest Filing Date: May 10, 2011

Direct Ownership

Common Shares 115,000

Options Common Shares 900,000

Penguin Automated Systems Inc

Latest Filing Date: March 24, 2010

Direct Ownership

Common Shares 40,000

Options Common Shares 500,000

Waisberg, Lorie

Latest Filing Date: May 5, 2011

Direct Ownership

Common Shares 50,000

Options Common Shares 600,000

Indirect Ownership

Common Shares 25,000

See important disclaimer at the bottom of the last page.

www.inkresearch.com

Page 5/7

Providing Insider News and Knowledge to Investors in Canadian Markets

April 14, 2012

Holdings Summary (cont'd)

Data based on SEDI filings. Identified former insiders who ceased to be an insider during the past year are shown. Roster may include unidentified

former insiders. Charts include identified former insiders up to the date they ceased to be an insider and are not adjusted for splits and consolidations.

10% Holder's Holdings (000's)

Baosteel Resources International Co. Ltd.

Latest Filing Date: June 2, 2011

Direct Ownership

Common Shares 20,234,967

Warrants 10,117,483

Resource Capital Fund V L.P.

Latest Filing Date: March 30, 2012

Direct Ownership

Common Shares 22,194,987

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