http://sedar.com/GetFile.do?lang=FR&docClass=7&issuerNo=00003339&fileName=/csfsprod/data151/filings/02332003/00000003/g%3A\SEDAR\Noront\2015\A-MD%26A\2014_MD%26A_Restated.pdf

The Company’s primary objectives for fiscal 2015 are, therefore, to:

1. Obtain approval of the Company’s Federal Environmental Impact

Statement (“EIS”) / Provincial Environmental Assessment

(“EA”) on the Eagle’s Nest Project and associated transportation corridor;

2. Obtain a formal commitment from the provincial / federal government on the Company’s infrastructure plan;

3. Update the Eagle’s Nest Feasibility study incorporating the results of optimization studies and input from the constructors engaged on the project;

4. Initiate formal impact benefit agreement negotiations with the primary communities affected by development;

5. Conduct a Preliminary Economic Assessment on the chromite project and incorporate it into its development pipeline; and

6. Maintain a strong treasury position to support its near and long term needs.