Noront Resources

High-grade Ni-Cu-Pt-Pd-Au-Ag-Rh-Cr-V discoveries in the "Ring of Fire" NI 43-101 Update (March 2011): 11.0 Mt @ 1.78% Ni, 0.98% Cu, 0.99 gpt Pt and 3.41 gpt Pd and 0.20 gpt Au (M&I) / 9.0 Mt @ 1.10% Ni, 1.14% Cu, 1.16 gpt Pt and 3.49 gpt Pd and 0.30 gpt Au (Inf.)

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Directors' letter to shareholders

Noront Resources

almost 16 years ago

September 22, 2008

Dear Fellow Shareholders:

The past year has proven to be one of the most exciting in Noront’s history, even amidst these turbulent market times.

In the space of one short year, Noront has evolved from an exploration junior into acompany that has a published copper-nickel-PGM (platinum group metal) resource, rich enough to consider direct shipping options. In addition, your company has made another copper-nickel-PGM discovery, known as “Eagle Two” as well as two

significant chrome discoveries: “Blackbird One” and “Blackbird Two”.

Both the copper-nickel-PGM and the chrome discoveries have the potential to

become cornerstone assets for Noront, and we plan to continue to add to the copper-nickel-PGM resource and to increase the extent of the chrome discoveriesover the coming year.