Noront Resources Ltd. V.NOT

RE: Repost from Rodg45 from other board

[don118]

Markets Morning Insight Genuity Capital Markets www.genuitycm.com 416.603.6000 March 19, 2008 Noront Resources Ltd. Michael Gray, MSc [phone] NOT-V: $5.73 (all figures in C$, unless noted) TARGET: $7.00 (UNCHANGED) RECOMMENDATION: BUY (FROM HOLD) RISK RATING: SPECULATIVE Double Eagle Ni-Cu-PGE project - What are we looking for in pending Eagle Two results and will there be an Eagle Three? Price (3/19/2008) $5.73 Total return to target 22.2% Shares O/S (mm) 125.4 Shares F/D (mm) 136.8 Market cap F/D ($mm) $783.6 Market value ($mm) 682.5 10-day Ave Daily Vol (mm) 0.8 Debt ($mm) $0.0 Cash ($mm) $50.0 FD cash ($mm) $76.3 12-mo Burn-rate ($mm) $24.0 Shareholders 5% Mgmt President & CEO Richard Nemis Executive VP John Harvey VP Exploration Neil Novak ~9% Sprott Asset Mgmt ~9.7% Pinetree Cap • Waiting for Eagle Two nickel-copper-platinum-palladium assays and visual results from follow-up drilling on Eagle Two and from other targets – We expect catalytic results soon and will be looking specifically for the following: • PGE and Ni-Cu grades similar to Eagle One for the massive sulphide mineralization – If we see +10 g/t Pt + Pd assay results for this type of mineralization, we will be encouraged that the chances are that other magmatic sulphide occurrences in the region will have similarly high PGE contents. • Significant PGE grades associated with “deformation zones” reported by NOT at Eagle Two (i.e., Hole 6) – We note that in Eagle One the “breccia sulphide” interval associated with a deformation zone returned the highest PGE assays at 40.79 g/t Pt and 14.57 g/t Pd. • Continuity of the massive sulphides intersected in Hole 8 – The seven metre intersection of massive sulphides in Hole 8 is potentially moderately dipping to the southwest and open for follow-up drilling down dip. • More chromitite to be intersected? – Chromitite might be intersected in Hole 8 down dip of Hole 6 and in other follow-up holes. We also expect more geological context regarding the chromitite unit geometry. • Will there be an Eagle Three? – We are aware that NOT has moved to test other electromagnetic targets including AT-3. If further targets are documented as being a sulphide source with nickel-bearing sulphides, it would be a significant development and support our view that these deposits tend to occur in clusters. • Valuation and recommendation – Although we have not changed our valuation, we have moved back to a BUY recommendation (from HOLD) given that NOT’s current share price is significantly below our $7.00 per share target.