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Genuity Capital Markets

Market Insight This report was prepared by an analyst employed by a Canadian affiliate, Genuity Capital Markets, and who is not registered as a research analyst under FINRA rules. See last two pages for disclosure and share classification information.

Noront Resources Ltd.

NOT-V: $1.50	November 19, 2009
TARGET: $3.10 RECOMMENDATION: BUY RISK RATING: SPECULATIVE	Michael Gray – 604.694.6961 michael.gray@genuitycm.com Samuel Jang (Associate) – 604.694.6964 samuel.jang@genuitycm.com
Spectacular Noront Ni-Cu-Pt-Pd assays reported	(all figures in C$, unless noted)
Price (11/18/2009)$1.50 Total return to target107% Shares O/S (m)163.6 Shares F/D (m)173.5 Market cap F/D ($m)$260.2 Market float value ($m)$220.9 10-day Ave Daily Vol (m)1.2 Debt ($m)0 Working Capital ($m)$40.5 FD cash ($m)$34.212-mo Burn-rate ($m)$25.2 Shareholders 10% Mgmt ~9% Sprott Asset Mgmt ~9% Rosseau Asset Mgmt less than 5% Pinetree Cap CEOWes Hanson DirectorPaul Parisotto DirectorJoseph Hamilton DirectorAlex Davidson DirectorPatrick Anderson DirectorDarren Blasutti DirectorKeith McKay	• This morning before market open, NOT reported assay results from drilling at Eagle's Nest Ni-Cu-Pt-Pd deposit on its 100%-owned McFauld’s Lake project, James Bay lowlands, Ontario, Canada. Drilling was designed to test between what was previously known as lenses 1B and 1C, and to also test the down dip potential below 1C. • Hole 70W1 intersected spectacular high-grade massive sulphide mineralization in returning 22.8 metres at 4.41% Ni, 2.38% Cu, 28.07 g/t Pt and 7.95 g/t Pd. This hole contained the following higher-grade intervals: 5.7 metres at 5.78% Ni, 4.42% Cu, 37.87 g/t Pt, 8.26 g/t Pd and 8.4 metres at 1.19% Ni, 1.46% Cu, 68.78 g/t Pt and 7.55 g/t Pd. The Pt contents are the highest grades ever documented in the Eagle’s Nest. Hole 70W1 was drilled just below what was previously described as Eagle 1B. • In the deepest drilling to date, hole 64 intersected high-grade massive sulphides that returned 13.2 metres at 4.98% Ni, 1.92% Cu, 0.07 g/t Pt and 6.71 g/t Pd. Two holes farther down dip of hole 70W1, closer to original lens 1C, did not intersect high-grade massive sulphide mineralization, but did intersect lower-grade net-textured sulphides. • Impact is positive - Continuity now convincingly documented. NOT has documented continuity of the mineralization as an irregular tube of sulphides with a dip length of 1,000 metres and is open to depth. Significantly, there appears to be continuity of the massive sulphides, at least on some level over the 1,000 metre dip. The latest drill results exceed expectations as follows: 1) ultra high-grades of Pt documented – this will impact NSR value for such intersections; 2) high potential for significant massive sulphide tonnage increase; and 3) continued high hit ratio as the deposit is tested to depth. • We value NOT mainly based on a DCF 8% direct-shipping model for the high-grade massive sulphides to derive our target price of $3.10. Given the 107% return, we recommend NOT as a BUY. Considering the limited amount of drilling to depth and the high indicated potential, we will review our massive sulphide tonnage projections, timelines and capital cost estimates in a follow-up note.

Genuity Capital Markets www.genuitycm.com 416.603.6000 2

Member of the Investment Industry Regulatory Organization of Canada and the Canadian Investor Protection Fund,

Participating Organization of the Toronto Stock Exchange and Toronto Venture Exchange

Genuity Capital Markets has acted as an underwriter in a distribution for Noront Resources Ltd. in the last 12 months. A portion of the travel expenses for a recent trip to an exploration site in Ontario were paid for by Noront Resources Ltd.

Analyst’s Certification

I, Michael Gray, hereby certify that the views expressed in this report accurately reflect my personal views about the subject securities or issuers. I also certify that I have not, am not, and will not receive, directly or indirectly, compensation in exchange for expressing the specific recommendations or views in this report.

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General Disclosure

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Stock Rating

For purposes of our research report, our rating system is defined as follows:

BUY – The stock is expected to outperform others in the same industry sector and provide the best risk reward ratio.

HOLD – Stocks returns expected to be in-line with the sector average over 12 months or do not offer a compelling risk/reward profile.

SELL – Stocks returns expected to be significantly below the sector average over 12 months, or with unacceptable risk relative to the potential reward.

Distribution of Ratings

Out of 165 stocks in the Genuity Capital Markets coverage universe, the ratings distribution is as follows: BUY (64.2%), HOLD (29.7%), SELL (3.6%), Under Review (0.0%), Restricted (1.8%), Tender (0.6%). Distribution of ratings is updated the first of every month.

Risk Rating

LOW/AVERAGE RISK – Stocks with less volatility than the market as a whole, with solid balance sheets and dependable earnings.

ABOVE AVERAGE RISK – Stocks with more volatility than the market. Financial leverage is considerable but not threatening, earnings are more erratic, or other quality concerns regarding accounting, management track record, and similar issues.

SPECULATIVE – Stocks of unproven companies or ones with very high financial leverage, suspicious accounting, or with other significant quality concerns. A speculative risk rating implies at least the possibility of financial distress leading to a restructuring.

Genuity Capital Markets www.genuitycm.com 416.603.6000 3

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Share Classification

NV – non-voting shares RS – restricted voting shares SV – subordinate voting shares UN – units

U.S. Disclosure

Genuity Capital Markets USA Corp. is a U.S. registered broker-dealer and subsidiary of Genuity Capital Markets. Genuity Capital Markets USA Corp. accepts responsibility for the contents of this research report, subject to the terms and limitations as set out above. U.S. residents seeking to effect a transaction in any security discussed herein should contact Genuity Capital Markets USA Corp. directly.