Noront Resources Ltd. and Wyloo Metals Pty Ltd. announced that, following discussions with, and review by, the applicable regulators, they have agreed to amend certain provisions of the previously-announced arrangement agreement, effective December 22, 2021. More specifically, Noront, Wyloo Metals and Wyloo Canada Holdings Pty Ltd. have entered into an amending agreement effective February 3, 2022 (the "Amending Agreement") to amend the Arrangement as: Election Only Required For Any Shareholders Wishing to Retain Shares: Only shareholders of the Company ("Shareholders") who wish to retain all or a portion of their common shares of the Company and remain as Shareholders following the completion of the Arrangement, are required to make an election to retain their Common Shares (the "Retention Election"). Such Retention Elections are due no later than the 10th day following the Interim Announcement.

Deemed Election to Receive Cash Consideration: Any Shareholders who wish to receive the cash consideration of $1.10 per Common Share will not be required to make any election in respect of the Arrangement. For the avoidance of doubt, any Shareholders who do not make a Retention Election will be deemed under the Arrangement to have elected to receive the cash consideration of $1.10 per Common Share. Automatic Squeeze-Out if Less Than 20% of Shareholders Make a Retention Election: If the Arrangement becomes effective and less than 20% (as opposed to the initial threshold of 10%) of the outstanding Common Shares are subject to Retention Elections, then, under the Arrangement, Wyloo Metals will acquire all of the outstanding Common Shares that it does not already own, directly or indirectly, and any Shareholders who made a Retention Election will not be entitled to retain their Common Shares and will instead be entitled to receive the cash consideration of $1.10 per Common Shares.

Automatic 10-Day Extension Following Interim Deadline: In order to provide Shareholders with greater transparency on the status of the Retention Elections, Noront will announce (the "Interim Announcement") the number of Retention Elections received, on an interim basis, as of 5:00 p.m. (Toronto time) on the business day prior to the date of the special meeting of Shareholders scheduled for March 15, 2022. The Interim Announcement will form part of Noront's announcement of the voting results of the Meeting. Following such Interim Announcement, Shareholders will be provided with an additional 10-day period to make additional Retention Elections or withdraw any previously-delivered Retention Elections.