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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By the Numbers

Noront Resources

almost 15 years ago

To do the deal as proposed: NOT issued 163,000,000 shares

NOTto issue 57,000,000 shares

NOT $1.59 = $259.170,000.00 4FWR for 1 NOT

Value of deal $64,792,500 less $20,000,000.00 cash and securities on hand =

$42,792,55000.00 for the Chrome

I would think that most of us would agree that as of to date, FWR has a larger proven Chrome resource than NOT to date then how much value does the BoD put on th chrome for NOT ?

The dillution to the NOT shareholders is close to 35 % , given the value the BoD is putting on Chrome is it worth to NOT shareholders. I would think Mr. McEwan would think not.

djo