Normabec is incorporated under the Canada Business Corporations Act. The Company is involved in the acquisition, exploration and development of mining properties. The Company is active in Canada and is also active in Mexico through its wholly owned subsidiaries, Minera Real Bonanza, S.A. de C.V. (“Minera”) and Servicios Minero-Metalúrgicos e Industriales, S.A. de C.V. (“SMMI”).

OVERALL PERFORMANCE

Real de Catorce (Mexico) – silver project

Normabec through its wholly owned subsidiary Minera holds an option to acquire 100% undivided interest in 19 mining concessions and 3 pending mining concessions which covers approximately 6,326 hectares, located in the northern part of the San Luis Potosi State, approximately 25 kilometers west of the town of Matehuala, which lies approximately 170 kilometers North of San Luis Potosi, the State Capital.

Normabec can acquire its interest for a final cash consideration of US $450,000 to be paid in June 2009. Furthermore, upon commencement of commercial production on the Property, the Company will pay an additional sum of US $200,000. The Optionor will retain a 3% Net Smelter Royalty (“NSR”), of which 1.75% may be bought back in increments of 0.25% at a price of US $250,000 per increment for the first five years and at a price of US $300,000 per increment for the following five years.

Numerous silver-bearing veins in the Real de Catorce property have been discovered and exploited over the past 200 years. After the first significant silver mineralization in the region was reported in 1773, the Real de Catorce became one of the foremost silver mining districts in Mexico, producing more than 230 million ounces of silver. Normabec completed in 2007 a systematic drilling program over the tailings piles and received from Micon International, an engineering firm from Toronto, a NI 43101 Technical Report indicating the presence of 4,075,305 ounces of silver contained in the tailings piles. This report was published on the site www.sedar.com.

Normabec, through its subsidiary, had initiated an important drilling program with two drill machines since July 2007. One drill rig was positioned directly from the galleries underground and the second one was located directly at surface. A total of 41 holes were drilled from surface and 29 holes from underground. Encouraging results of important mineralized intervals had been announced since the beginning of October 2007. High grade silver values as well as base metal values were obtained from both surface and underground drilling program.

Following this important phase of drilling, Micon International of Toronto proceeded with a NI 43-101 resource estimate which was published on June 19, 2008. This estimate is based on diamond drilling conducted on Veta Madre up to April 30, 2008 as well as the historical inventory estimated by the former operator and re-estimated by Normabec after conducting a quality assurance/quality control sampling program. The Veta Madre indicates that the portion explored represents approximately 40% of the known extent of the vein.

It is estimated that the property now hosts nearly 33 million ounces Ag at an average grade of 248 g/t Ag including 22.6 M ounces in the measured category and 10.2 M ounces in the indicated category. This estimate does not include any polymetallic credits from the lead and zinc. Furthermore, 13.1 M ounces are contained in the inferred category.

In addition to the Veta Madre vein, more than 20 silver veins have been identified on the property. Past production and underground development was carried out on most of these veins. However, limited drilling and surface exploration have been conducted on the veins. Micon believe the potential to increase silver resources at Real de Catorce is substantial and as such, Micon has estimated the conceptual mineral potential for these 20 or more veins strikes and depth extensions to range between 82.6 M ounces Ag to 177 M ounces Ag.

Subsequent to the year end, the subsidiary Minera Real Bonanza S.A. de C.V amended its June 20, 2006 agreement to acquire 100% interest in the property for an amount of US$250,000 payable in December 2008 instead of US$450,000 payable in June 2009 in exchange for the immediate transfer of a 100% in the mining concessions comprising the property. In addition, Minera Real Bonanza S.A. de C.V has agreed to acquire the surface rights forming part of the property, including the buildings located thereon and covering the location of the previous mining operations, in consideration for a single payment of US$1,000,000 to be made in December 2010. It is anticipated that the final agreement relating to this acquisition will be executed at the latest on March 15, 2009. Finally, Minera Real Bonanza S.A. de C.V agreed to pay an additional amount of US $250,000 for all technical and geological information collected over the area, based on the following payments: US$50,000 payable on June 10, 2009 and US$200,000 on December 10, 2010. Such payments are not related to the acquisition of the mining concessions as well as the surface rights and buildings agreement.

Pitt Gold – gold project

The Company owns an 80% undivided interest in the property located approximately 35 km north of Rouyn-Noranda.

Since the signing of the option agreement, Normabec carried out more than 23,025 meters of drilling (37 holes). Encouraging gold values were intersected in the entire property (central part, eastern part and western part). The best mineralized intercept was obtained in DDH 2006-01 showing values grading 82.88 g/t Au over 4.58 meters. In February 2008, the hole DDH 2007-07 intersected 35.18 g/t Au over 5.0 meters.

More than 4,000 meters were drilled on the property since the beginning of the 2008 drilling campaign. Normabec has recently stopped the drilling to undertake a detailed compilation of the drilling performed at the beginning of 2008. Drilling should resume during the fall of 2008.

Subsequent to the year end, the two joint venture partners abandoned their interest in the Pitt Gold property. Following that decision, the Company's undivided interest went from 80% to 100%.

Noyell – gold project

The Company owns a 100% interest in 110 claims, which are located along the Douay-Cameron Corridor. These claims are adjacent to the Vezza deposit.

No exploration or drilling activity was carried out on this property during the fiscal year.

Wathish – nickel & copper project

The Company owns a 100% interest in 13 claims, which are located in Figuery townships, district of Abitibi.

The Company signed a joint venture agreement with a junior exploration company enabling them to acquire a 50% interest in consideration of a commitment by them to spend $150,000 in exploration expenditures before October 31, 2008.

Subsequent to the year end, the joint venture partner abandoned its option to acquire a 50% undivided interest in the property.

Matchi-Manitou – copper, zinc, gold and silver project

The Company owns a 100% interest in 29 claims located in Tavernier and Pershing townships, district of Abitibi.

The Company signed a joint venture agreement with Junior Exploration Company enabling them to acquire a 50% interest in consideration of a commitment by them to spend $150,000 in exploration expenditures before October 31, 2008.

Subsequent to the year end, the Company amended its joint venture agreement with the joint venture partner entitling it to acquire a 50% undivided interest in exchange for spending $200,000 instead of $150,000 in exploration expenses before October 31, 2009 and by issuing an additional 50,000 common shares before October 31, 2008.

Verneuil – gold project

Located 15 km to the east of Lebel-sur-Quevillon, Abitibi, Normabec owns a 50% interest in 33 claims, which cover an area of 1,160 hectares.

No exploration or drilling activity was carried out during the fiscal year.

Dompierre/Armagnac – gold and copper project

Normabec owns a 50% interest in 100 mining rights on this large property, which covers an area of approximately 28.7 km2 (2,871 hectares). The property is located approximately 80 km north of Chibougamau.

No exploration or drilling activity was carried out during the fiscal year.

Pincourt – polymetallic project

This property was abandoned in April 2008.

Cash and term deposits for general purposes as at August 31, 2008 were $1,483,875 compared to $3,192,239 as at August 31, 2007. It is management's intention to continue to secure further capital funding to support actual and future mining properties development in the form of equity.

Management is of the opinion that, even without its capacity to continue to raise equity financing in the future, the Company will be able to maintain the status of its current exploration obligations and to keep its properties in good standing for the next 12 months. Advancing exploration of some of the mineral properties would require substantially more financial resources. In the past, the Company has been able to rely on its ability to raise financing in public or privately negotiated equity offerings. There is no assurance that such financing will be available when required, or under terms that are favorable to the Company. The Company may also elect to advance the exploration and development of mineral properties through joint-venture participation. Management is currently considering opportunities for further financing at this time.

During the year ended August 31, 2008, funds used for operating activities were spent on improving operations and to maintain the promotion of the Company. The funds used for operating activities for the previous year were also spent on improving operations and to increase the awareness of Normabec.

During the year ended August 31, 2008, investing activities consisted mainly of the development of mining properties. Most of the efforts were carried out within the exploration program on Pitt Gold property, in Abitibi and on the Mexican property, Real de Catorce. During the previous year, most of the efforts were also carried out within the exploration program on two same properties.

During the year ended August 31, 2008, the Company received $507,173 ($256,057 in 2007) following the exercise of 2,025,526 warrants (1,047,029 warrants in 2007).

In June 2008, the Company concluded a private placement of 3,923,144 common shares at a price of $0.35 per share for the net proceeds of $1,298,420 after deducting share issue expenses of $74,680. The issue also included 1,961,572 warrants with no value attributed. Each warrant entitles the holder to subscribe to one share for $0.55 per share until December 2009.

In July 2008, the Company concluded a last private placement of 4,714,571 common shares at a price of $0.35 per share for the net proceeds of $1,551,181 after deducting share issue expenses of $98,920. The issue also included 2,357,285 warrants with no value attributed. Each warrant entitles the holder to subscribe to one share for $0.55 per share until January 2010

In October 2008, the two joint venture partners abandoned their interest in the Pitt Gold property. Following that decision, the Company's undivided interest went from 80% to 100%.

In October 2008, First Gold Exploration Inc. abandoned its option to acquire a 50% undivided interest in the Wathish property.

In October 2008, the Company amended its joint venture agreement with First Gold Exploration Inc. entitling it to acquire a 50% undivided interest in exchange for spending $200,000 instead of $150,000 in exploration expenses on the property before October 31, 2009 and by issuing an additional 50,000 common shares before October 31, 2008.

In December 2008, the subsidiary Minera Real Bonanza S.A. de C.V amended its June 20, 2006 agreement to acquire 100% interest in the property for an amount of US$250,000 payable in December 2008 instead of US$450,000 payable in June 2009 in exchange for the immediate transfer of a 100% in the mining concessions comprising the property. In addition, Minera Real Bonanza S.A. de C.V has agreed to acquire the surface rights forming part of the property, including the buildings located thereon and covering the location of the previous mining operations, in consideration for a single payment of US$1,000,000 to be made in December 2010. It is anticipated that the final agreement relating to this acquisition will be executed at the latest on March 15, 2009. Finally, Minera Real Bonanza S.A. de C.V agreed to pay an additional amount of US $250,000 for all technical and geological information collected over the area, based on the following payments: US$50,000 payable on June 10, 2009 and US$200,000 on December 10, 2010. Such payments are not related to the acquisition of the mining concessions as well as the surface rights and buildings agreement.

Balance sheet

Cash and term deposit held for exploration expenses $ 544,171 $ 233,665 Mining properties and deferred exploration expenses 8,162,087 3,796,847

DISCLOSURE OF OUTSTANDING SHARE DATA (as at December 8, 2008)