The Standstill Agreement most likely provided protection for Noront from unfriendly

takeover by Baosteel, by limiting Baosteel to additional 10% for a period of one year.

BAO, on the other hand had been granted a 90 day exclusivity period to negotiate a

direct property interest and/or off-take agreement with respect to any of Noront's

properties with such exclusivity period to commence any time prior to production

at Noront's discretion.That part of the agreement might still be in force.

GLTA,

Fossil