Noront Resources

1 . 1 .5 5 "KWG Shares" means the Equity Interests of KWG to be held directly or

indirectly by the Borrower following completion of the Cliffs Acquisition

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I admit being utterly lost when comes to above statement on Sedar in material change documents.

I do know that borrower means Noront but will need a corporate lawyer to interpret the meaning

of it. the same reference applies to KWG susidiary.

Help needed here.

GLTA,

Fossil