Hi Tin Man

Here is a summary from memory with the help of the few notes I have taken from the meeting

The very first thing Mr Coutts did after welcoming all shareholders -pointing at some long-time followers present at the event-, was to give a warm respectful welcome to the Martens Falls Chief who was seating in the Room ("MF is our newest shareholder")

He then went on to congrat Noront for having been able to consolidate the RoF, insisting that 80% of all claims belong to Noronts, as a whole or trough JVs

He mentioned that the Ring is a "Sudbury scale Project" : Noront is on the edge of a once in a lifetime development that we have the chance to witness and to participate directly! Like Noranda and Falconbridge did several decades ago... 

The projected pipeline: first Eagle Nest, and not far behind Blackbird

Mr Coutts cheered the Martins Falls recent agreement, insisting on the fact that they ey will team up together how to best develop Eagle Nest

EN has a potential of 100-150 Tons extraction per year, and expected payback return of +\- 2 years, with capital costs around 700MM (NB : no open pit mining is expected)

Mr Coutts mentioned at some point that Noront has a solid backing partner with money available (RCF? I don't recall them being mentioned specifically)

Chromite is as important as Nickel and will follow next, if not concurrently with Nickel development

Huge point to take into account is the proximity of US market 

Ferrochrome Smelter talks are advancing seriously Thunder Bay, Timmins, Sault SM, Sudbury are all posdible sites...

USA import their Cr from South Africa, so it is a good idea to smelt right here in Canada  The last smelter in fonction was in the 1980s  

Mr Coutts aldo mentioned that BT and BD are both in the long-term range at this time and are not seen to be mined as soon...

Infrastructures are advancing seriously too, but bringing together so many communities, treaties, governments, roads, environment, etc... is not an easy task, but he assured that we are very close to a denouement (did not say "we are on the cusp" but I could hear it loud in his eyes!!!)

Noront is the ONLY company actually hiring a working force in the area, in fact, 2/3 if all wirkers are members if FN communities!

CU-Zinc opportunities are not to be forgotten, McFauld #1 and #3 : 85/15 NOT/KWG, Butler: 75/25 NOT/BMK... Exploration is programmed to be made trough September on these properties)

Finally, answering the question of a shareholder about ehen he expect the first nickel sale to be made out of the Mine he took a pause before saying: "Well... I can say... 5 years?"

Please don't take the present report as an exact rendition of the meeting, it is from a 60 y.o. memory and a few notes on a hotel pad!!! 

GLTA