NOT Noront Resources Ltd

Noront Resources Ltd. (“Noront”) (TSX Venture: NOT) announces that payment of interest in the amount of $382,698 for the fourth quarter of 2020 pursuant to a loan agreement entered into between Noront and Resource Capital Funds V L.P. (“RCF”) dated February 26, 2013 (the "Loan Agreement") has been satisfied by delivery of 1,994,257 common shares of the Company (the “Interest Shares”) at an effective price of $0.1919 per Interest Share. The Interest Shares were delivered on January 14, 2021 subject to a four month hold period, expiring on May 15, 2021.

The calculation of the number of Interest Shares issued was based on the volume weighted average trading price of the common shares of the Company during the 20 trading days prior to December 31, 2020.

After giving effect to the issuance of the Interest Shares, there are 419,506,791 common shares of the Company issued and outstanding.

About Noront Resources Noront Resources Ltd. is focused on the development of its high-grade Eagle’s Nest nickel, copper, platinum and palladium deposit and the world class chromite deposits including Blackbird, Black Thor, and Big Daddy, all of which are located in the James Bay Lowlands of Ontario in an emerging metals camp known as the Ring of Fire. www.norontresources.com

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

For more information: Greg Rieveley greg.rieveley@norontresources.com (416) 367-1444