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NORONT RESOURCES LTD. ANNUAL INFORMATION FORM For

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NORONT RESOURCES LTD. ANNUAL INFORMATION FORM For NORONT RESOURCES LTD. ANNUAL INFORMATION FORM For the Year Ended December 31, 2016 April 10, 2017 1 2016 Annual Information Form for Noront Resources Limited – April 10, 2017 TABLE OF CONTENTS FORWARD-LOOKING INFORMATION .......................................................................................................... 3 NOTE TO UNITED STATES INVESTORS ....................................................................................................... 4 OTHER IMPORTANT INFORMATION ........................................................................................................... 4 CORPORATE STRUCTURE ............................................................................................................................... 5 INCORPORATION AND REGISTERED OFFICE ............................................................................................................................ 5 INTERCORPORATE RELATIONSHIPS ........................................................................................................................................ 5 DEVELOPMENT OF THE BUSINESS ............................................................................................................... 5 STRATEGY .............................................................................................................................................................................. 5 THREE YEAR HISTORY ........................................................................................................................................................... 6 DESCRIPTION OF NORONT’S BUSINESS .................................................................................................... 11 GENERAL ............................................................................................................................................................................. 11 MATERIAL MINERAL PROJECTS ........................................................................................................................................... 12 OTHER ASSETS ..................................................................................................................................................................... 21 OTHER INFORMATION .......................................................................................................................................................... 24 CORPORATE SOCIAL RESPONSIBILITY .................................................................................................... 24 RISK FACTORS ................................................................................................................................................... 25 DESCRIPTION OF CAPITAL STRUCTURE .................................................................................................. 33 COMMON SHARES ................................................................................................................................................................ 33 WARRANTS .......................................................................................................................................................................... 33 CONVERTIBLE DEBENTURE .................................................................................................................................................. 34 DIVIDENDS .......................................................................................................................................................... 34 MARKET FOR SECURITIES ............................................................................................................................ 34 PRICE RANGE AND TRADING VOLUME ................................................................................................................................. 34 PRIOR SALES ........................................................................................................................................................................ 35 DIRECTORS AND OFFICERS .......................................................................................................................... 36 BOARD OF DIRECTORS ......................................................................................................................................................... 36 EXECUTIVE OFFICERS .......................................................................................................................................................... 38 CORPORATE CEASE TRADE ORDERS, BANKRUPTCIES, PENALTIES AND SANCTIONS ............................................................ 39 LEGAL PROCEEDINGS AND REGULATORY ACTIONS .......................................................................... 40 INTEREST OF MANAGEMENT AND OTHERS IN MATERIAL TRANSACTIONS .............................. 40 AUDITORS, REGISTRAR AND TRANSFER AGENT .................................................................................. 41 MATERIAL CONTRACTS ................................................................................................................................ 41 INTEREST OF EXPERTS .................................................................................................................................. 41 ADDITIONAL INFORMATION ........................................................................................................................ 42 SCHEDULE A: GLOSSARY OF TERMS ......................................................................................................................... 43 SCHEDULE B: MATERIAL MINERAL PROJECTS ....................................................................................................... 45 2 2016 Annual Information Form for Noront Resources Limited – April 10, 2017 FORWARD-LOOKING INFORMATION This Annual Information Form (“AIF”) includes “forward-looking statements” and “forward-looking information” (collectively, “forward-looking information”) within the meaning of applicable Canadian securities legislation. Forward-looking information is provided as of the date of this AIF 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”. All of the forward-looking information in this AIF is qualified by this cautionary note. Forward-looking information include statements regarding financial results and expectations for fiscal year 2015, 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 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, timing of projects and events that may affect our projects, 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 and information regarding government support for such plan, approval of the Company's coordinated EA/EIS application for the Eagle's Nest Project, the development of the Eagle's Nest Project and the ability of the Company to transition such project from the development stage to production, the estimated and anticipated economic impact of the Eagle's Nest Project, the anticipated environmental impact of the Eagle's Nest Project, assumptions and/or estimates related to future economic, market and other factors and conditions. All information, other than statements of historical facts, included in this AIF that addresses 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 to government and environmental regulation; actual results of current exploration activities; conclusions of economic evaluations and changes in project parameters as plans continue to be refined; problems inherent to the marketability of base and precious metals; industry conditions, including fluctuations in the price of base and precious metals, and fluctuations in interest rates; government entities interpreting existing tax legislation or enacting new tax legislation in a way which adversely affects the Company; stock market volatility;
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