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Annual Report for the Year Ended December 31, 2020

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Annual Report for the Year Ended December 31, 2020 ANNUAL REPORT FOR THE YEAR ENDED DECEMBER 31, 2020 LETTER FROM THE PRESIDENT Fellow shareholders, Despite dealing with the COVID-19 global pandemic for much of the year, Noront was able to advance many of its key files, support a transformational strategic investment and conduct an exciting season of exploration work while ensuring the health and safety of all our employees. The highlight of this past year was the addition of Wyloo Metals as our cornerstone investor. Wyloo, which is one of Australia’s largest investment funds, bought all the equity, debt and royalties that Resource Capital Funds formerly held in Noront. Wyloo’s goal is to make strategic, long-term investments in commodities that will empower a decarbonized future. Noront’s nickel, copper, zinc and chrome assets were a key driver of their substantial investment. We look forward to working with Wyloo to bring projects in the Ring of Fire to fruition and take our commodities to market. Alongside this financial progress, our work continued with the provincial government and local First Nations to advance development of a road network into the Ring of Fire. These community-led, all-season road projects achieved important milestones with the filing of provincial environmental assessment terms of reference and the issuance of federal impact statement guidelines. Upgrades also continued on an existing forestry road which will serve as the initial leg of the new road corridor. We believe that having First Nation communities with traditional land use as the proponents of regional infrastructure is a bold and forward-looking way to ensure their alignment and participation. On the exploration front, we cautiously opened up Esker camp in late summer with significant safety protocols in place to ensure workers travelling to and from the site were symptom-free and low risk. In addition, travel was limited to essential staff only, with minimal planned flights, and no flights landing in Webequie or Marten Falls First Nation in accordance with the guidance provided by local Chiefs and Councils. Our exploration teams conducted soil sampling over conceptual gold targets along the Webequie Shear zone and completed an airborne electromagnetic survey over the recently staked Victory nickel target. The soil sampling program identified known gold zones, which verified its efficacy as a viable exploration tool in the Ring of Fire. Several other areas of gold anomalism associated with major untested structures in the region were also identified, and preliminary data from airborne surveying at Victory uncovered several promising nickel targets associated with a large untested magnetic body interpreted to be ultramafic in source. In addition, we completed the first phase of a metallurgical test program conducted by Expert Process Solutions (XPS). This work demonstrated very good overall metallurgical performance of Eagle’s Nest ore, with strong indications of high-quality separate copper and nickel concentrates, low in magnesium oxide (MgO) at high metal recoveries. These are important results as they will enable us to pursue multiple marketing options for our concentrates. Not only can we sell high-quality products to traditional Canadian and international smelters, but Noront can also provide dedicated nickel concentrates to the emerging battery metals sector. As always, I would like to thank you, our shareholders, for your continued support and confidence. Along with new ownership we are advancing a tremendously exciting economic and social development opportunity, which can help foster economic reconciliation while providing our province and country with commodities that are critical to a creating a decarbonized future. Sincerely, Alan Coutts, P. Geo President & CEO Noront Resources 1 2 Table of Contents Management Discussion and Analysis…………………………………………………………. 4 Management’s Responsibility for Financial Reporting………………………………………... 29 Independent Auditors Report…………………………………………………………………... 30 Consolidated Statements of Financial Position………………………………………............. 34 Consolidated Statements of Loss and Other Comprehensive Loss……………………………. 35 Consolidated Statements of Changes in Equity…………………………................................... 36 Consolidated Statements of Cash Flows……………………………………………………... 37 Notes to Consolidated Financial Statements…………………………………………………… 38 3 2020 Management's Discussion and Analysis MANAGEMENT’S DISCUSSION AND ANALYSIS (Expressed in Canadian Dollars) The following is Management’s Discussion and Analysis (“MD&A”) of the consolidated financial condition and results of operations of Noront Resources Ltd. (“Noront” or the “Company”) for the year-ended December 31, 2020, which have been prepared in accordance with International Financial Reporting Standards (“IFRS”), including International Accounting Standard (“IAS”) 34, Interim Financial Reporting. This discussion should be read in conjunction with the consolidated financial statements and the notes thereto for the same period as noted above (collectively, the “Financial Statements”). Additional Company information, including the Company’s most recent Financial Statements, can be accessed through the System for Electronic Document Analysis and Retrieval (“SEDAR”) website at www.sedar.com and the Company’s website at www.norontresources.com. Information contained on the Company’s website is not incorporated herein and does not form part of this MD&A. All financial measures are expressed in Canadian dollars unless otherwise indicated. Ryan Weston M.Sc., MBA, P.Geo., Vice-President Exploration of Noront and a Qualified Person as defined by National Instrument 43- 101 - Standards of Disclosure for Mineral Projects (“NI 43-101”), has reviewed and is responsible for the technical information contained in this MD&A. For further information on the McFaulds Lake Project, please refer to Noront’s technical report titled “Feasibility Study, McFaulds Lake Property, Eagle’s Nest Project, James Bay Lowlands, Ontario, Canada” dated October 19, 2012 (effective date September 4, 2012) (the “Feasibility Study”), prepared in accordance with the requirements of NI 43-101 and available on SEDAR and the Company’s website. For further information on the Black Thor, Black Label and Big Daddy chromite deposits, please refer to Noront’s technical report titled “National Instrument 43-101 Technical Report – Black Thor, Black Label and Big Daddy chromite deposits, McFaulds Lake Area, Ontario, Canada, Porcupine Mining Division, NTS 43D16 Mineral Resource Estimation (the “Acquired Properties Report”), prepared in accordance with the requirements for NI 43-101 and available on SEDAR and the Company’s website. This information is current as of April 20, 2021. CAUTIONARY NOTE REGARDING FORWARD-LOOKING INFORMATION This MD&A includes certain “forward-looking information” within the meaning of applicable Canadian securities legislation. Forward- looking information is provided as of the information currency date referred to above or, in the case of documents incorporated by reference herein, as of the date of such documents. Generally, forward-looking information can be identified by the use of forward-looking terminology such as “plans”, “expects” or “does not expect”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates” or “does not anticipate”, or “believes”, or variations of such words and phrases or statements that certain actions, events or results “may”, “could”, “would”, “might” or “will be taken”, “occur” or “be achieved”. Examples of such forward-looking information include information regarding financial results and expectations for fiscal year 2021, such as, but not limited to, availability of financing, interpretation of drill results, the geology, grade and continuity of mineral deposits and conclusions of economic evaluations (including those contained in the Feasibility Study), metal prices, demand for metals, currency exchange rates, cash operating margins, expenditures on property, plant and equipment, increases and decreases in exploration activity, changes in project parameters, joint venture operations, mineral resources and anticipated grades and recovery rates, information regarding planned infrastructure for the Ring of Fire Region required for the development of the Eagle’s Nest Project (as hereinafter defined) and information regarding government support for such plan, approval of the Company’s EA and EIS (as hereinafter defined) application for the Eagle’s Nest Project and are, or may be, based on assumptions and/or estimates related to future economic, market and other factors and conditions. All statements, other than statements of historical facts, included in this MD&A that address activities, events or developments that the Company expects or anticipates will or may occur in the future, including such things as future business strategy, competitive strengths, goals, expansion and growth of the Company’s businesses, operations, plans and other such matters are forward-looking information. Forward-looking information is based on reasonable assumptions that have been made by the Company as at the date of such information and is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward- looking information, including but not limited to: the impact of general business and economic conditions; risks related
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