STIFEL Report dated July 26,21

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)

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STIFEL Report dated July 26,21

posted on Oct 23, 2021 04:52PM

Noront Directors Circular

https://norontresources.com/wp-content/uploads/2021/08/2021-Noront-Directors-Circular-English.pdf

The latest offer from BHP is the lowest value of the base case as noted below.

Any comments?

From the STIFEL Report dated July 26,21. Page C12

Based on the representative precedent transaction analysis multiple range for Price to NAVPS and the Market Based NAV of Noront as determined by Stifel GMP, the analysis results in a value per Noront share of C$0.75 – C$0.95 for the Noront Base Case and C$0.90 - $1.14 for the Noront upside case.

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