Noront Resources

1) Certain: a deal will be reached between ROF companies/gov't/natives

Uncertain: when a deal will be reached between ROF companies/gov't/natives and what that deal will consist of. Regardless, it will be beneficial to all concerned....including shareholders.

2) Certain: a mining company will mine the chrome in the area

Uncertain: who will mine the chrome. Currently, Cliffs has the largest known chrome deposit to date. However, NOT's 43-101 was just an initial estimate and there is more chrome on the NOT/PRB JV and the big daddy deposit to contend with. Bigger is not always better and grades and cost will be huge factors here as well. Each of the deposits on it's own could likely provide ample supply.

3) Certain: a mining company will mine the eagle's nest deposit

Uncertain: I have no doubt that the eagle's nest deposit is a stand alone project. What is unknown is who will contol this deposit when it goes into production and what the size of this deposit turns out to be. Does it run onto FNC or PRB property or just continue to run deeper. Are there other nearby nickel deposits such as AT-12 or an expansion of eagle 2?

4) Certain: other economical deposits will be found in the area

Uncertain: The area currently consists of several 43-101's. NOT's 43-101 on the eagle's nest (soon to be updated), NOT and Cliff's 43-101's chrome deposits, KWG/SPQ/UC 43-101 copper deposit. There are also several VMS discoveries, titanium/vanadium, JJJ gold, and diamonds in the area. Most of these discovered in just the last 3 years.....not to mention what has yet to be discovered. There will certainly be other economical deposits found in the years to come.

5) Certain: due to the above, infrastucture in the area is a given

Uncertain: Who will foot the bill for the infrastructure and where will it be built....where will the roads and/or rail lines run from and to? This will have a large impact on the costs associated with each of the respective deposits in the area. Environmental and native issues come into play here as well. Many jobs will be created in this phase and the government has a huge role to play here as well as indicated in the recent throne speach.

6) Certain: NOT stock price will be higher some day than where it is today

Uncertain: How high could our stock price go? We must think in terms of market cap, which will be impacted of course by stock options granted and future PP's. In the end, I strongly feel the final price tag for NOT will be in the billions. Another factor will be if this company will get taken out or decide to evolve into a mining company. I think the former will occur.

7) Certain: there will be further consolidation in the area

Uncertain: On one of NOT's latest presentations, consolidation was listed as the number 1 item. My feeling is that one company will contol much/all the chrome and another will control much/all the nickel/cu/PGE's. Who is the big question. Regardless, FWR was just the first of many to come.

8) Certain: we have not heard the last from Mac Watson and Richard Nemis

Uncertain: Several developments with respect to BOD appointments recently involve Mac Watson and Richard Nemis. Mac Watson going to FNC and Eagle Hill and Richard being appointed to Eagle Hill and Tribute. Also, John Harvey went to Eagle Hill as well. Very interesting developments there.

9) Certain: commodity prices will continue to trend higher

Uncertain: Many financial uncertainties developing around the world, in particular with relation to Greece and other Europeon countries. Add to that the IMF sale of 400 tons of gold being bought up by India of 200 tons and rumors of the recent purchase of the remianing 191 tons by China. Also stories coming out of China with respect to the government advising people to buy gold and buyouts of mining companies by the Chinese to provide certain supply. Also, we had the huge unhedging by Barrick gold of 5 Billion dollars. And, don't forget about the huge deficiits of the US, quantitative easing, bail outs, health care reform, and future pension obligations. Finally, we have interest rates at a point where they could go no lower. All of this spells future interest rate increases, continuing devaluation of the US$ and rising commmodity prices.

10) Certain: the general markets will continue to be volitile for the foreseeable future

Uncertainty = volitility. Will Greece be bailed out...by who....what terms....who's next to be bailed out. How much longer can the US continue to issue long term treasuries at current interest rates? When interest rates rise, which they will eventually, what will that do to commodity prices? Just how high could the price of gold go and what impact will that have on oil prices and other commodites such as copper and nickel. Will China become the new economic power house? What impact will that have on commodity rich nations such as Canada. In the end, what impact will that have on the stock prices of Canadian companies....major and junior.