Download - Northland Resources

Corporate Presentation
Please see Cautionary Statement on last slide April 2012

Poised for Production
Overburden removal is well underway
New quay, storage building etc are being built in Fagernes
Q4 2012: Mining of Tapuli starts
Q1 2013: First shipment from Port of Narvik
2

Northland’s Advantages
Strong future iron
ore market
Existing
infrastructure and
skilled workforce
in established
mining region
Cooperation with
transportation and
logistics
specialists
Experienced board
and management
Disciplined project
development
Premium price
for high quality
iron ore
100% Off-take
3

Listed in Toronto and Oslo
Share Price Development
Share Overview
Toronto,
NAU
Stock Symbol
Toronto Stock Exchange / Oslo Børs
NAU / NAUR / NAUR R
Current Share Price* CAD 1.09/ NOK 6.20
Indices
MSCI NORWAY INDEX
Shares issued 514,178,899
Options 8,570,000
Oslo,
NAUR
Warrants (Standard Bank) 1,697,995
Fully diluted 524,446,894
Market Cap*
52 week trading range
CAD 560.4m /
NOK 3,188m (USD 552m)
CAD 0.95 – 3.04
NOK 5.50 – 17.90
* Market Cap based on closing prices on
April12, 2012 on TSX and OSE
4

Shareholders and Analysts
Rank Holding % Institution
1 35,232,269 6.9 Deans Knight Capital Mgmt
2 30,568,578 5.9 Avanza Bank AB (Custodian bank)
3 25,918,960 5.0 Henderson Global Investors
4 23,820,682 4.6 Investec Asset Management
5 18,122,514 3.5 Handelsbanken, SWE+FIN (Custodian)
6 16,443,165 3.2 Nordnet Bank (Custodian bank)
7 12,940,378 2.5 DNB Funds
8 12,825,579 2.5 Pohjola Bank
9 11,987,620 2.3 SEB (Custodian bank)
10 11,900,000 2.3 Kommunal Landspensjon
11 11,186,774 2.2 Holberg Funds
12 8,638,657 1.7 Swedbank (Custodian)
13 8,138,400 1.6 Texas Teachers
14 7,673,000 1.5 Holta Invest AS
15 7,490,541 1.4 Storebrand Funds
∑ 242,887,117 47.2
Analyst coverage
Ambrian Capital
Nick Mellor
Arctic Securities
Kenneth Sivertsen
Carnegie
Henrik Sinding
DnB NOR Markets
Sampsa Karhunen
First Securities
Harald Hornes Øyen
Haywood Securities
Geordie Mark
Handelsbanken
Fredrik Agardh
Ocean Equities
Sam Spring
Nordea
Morten Normann
Paradigm Capital
Santo Ranieri
Pareto Securities
Thomas Aarrestad
SEB Enskilda
Peder Strand
Société Générale
Abishek Shukla
Terra Markets
Jevgenij Rukin
TD Securities
Craig Miller
Management & Board control 1.8 million of 514 million shares = 0.4%
Northland compiled data using internal sources,
Oslo Børs and VPS as of March 14, 2012
5

Northland has Two Projects
Kaunisvaara Project
• Mining from Tapuli fullypermitted,
first production
in Q4 2012
• First shipment expected
in Q1 2013
• Ramp-up to reach
4.4m dmtpa end of 2016
Northland controls two
near-term development
projects in an established
major iron ore province
Hannukainen Project
• Brownfield project
• Permitting underway
• DFS anticipated in
H2 2012
• First shipment TBA
• Expected production
volume: 2m mtpa
6
6

Company History
Having established itself as a successful exploration company, Northland is now developing the Kaunisvaara project.
By 2013, Northland is expected to be a producer of high quality magnetite concentrate.
1987 2003 2004 2005 2006 2007 2008 2009
2010 2011
Lists as a
biotech
company on
Vancouver Stock
Exchange
Acquires
properties in the
Pajala area,
including Tapuli
and Sahavaara
Conducts two financings in
the Oslo market and is
subsequently listed on the
Oslo Stock Exchange;
drilling commences at
Hannukainen
Graduates from
the TSX Venture
Exchange to
the Toronto
Stock Exchange
Kaunisvaara DFS
finalized and fullypermitted
for first
production
Off-take agreements for
100% of production
Becomes an exploration
company (“North
American Gold Inc.”) and
commences conducting
business in Sweden
Changes name to
Northland Resources Inc
and stakes multiple
targets in Finland,
including the
Hannukainen mine
Acquires 100% of the
Pajala area properties
and completes
US$100m financing
in the Oslo market
North American offices
close as Company
focuses on
development of
Kaunisvaara
Start of Kaunisvaara
project and the DFS
updated to include
logistics. Construction of
Fagernes Terminal
initiated. At the end of
2011 the project is on
time and budget
7

Significant Milestones 2011/2012
• Construction contracts in place – Start of the Kaunisvaara Project
• MLA banks and Caterpillar approvals received
• Agreements signed regarding Mining Equipment and Process Plant
• Letter Of Intent signed with Swedish Transport Administration
• Updated model and DFS logistics
• Signed civil work and construction contract with Peab
• Agreement with logistical partners (Savage, Peab and Grieg)
• Received final approval to operate an iron ore terminal in Narvik
• Tapuli ore body uncovered
• STA grant a further truck testing of 90 tonnes gross weight
• Bridge Financing (USD 50m) signed with Standard Bank
2012:
• Finalizing the financing of the project Q1 2012
• Signing of final agreements with Savage, Peab and Grieg Q2 2012
• Pellivuoma (additional deposit at Kaunisvaara) DFS complete Q2 2012
• Hannukainen DFS complete H2 2012
• Start up production in Kaunisvaara Q4 2012
• First concentrate shipment Q1 2013
8

Kaunisvaara Fully Financed
• Long-term financing of Kaunisvaara, USD 325 million in
equity and USD 350 million in bonds
• Short-term bridge loan of USD 50 million signed with
Standard Bank in December 2011.
Repaid in February 2012
• Standard Bank has credit approved a senior secured
cost overrun facility up to a maximum of USD 40 million
• Caterpillar Financial confirmed USD 50 million mobile
equipment lease facility
• LOI with Stemcor for a USD 50 million working capital
facility
9

Project Updates – Kaunisvaara
1
1. Structure for the roof of the ore stock pile
2. Final steps at the filtering section of the process plant
3. Preparations of the foundations for the primary grinding
mills in the process plant
3
2
April 2012
10

Project Updates – Pitkäjärvi
1
2
1. Located outside the town of Svappavaara, close to major
roads and rail head
2. Construction of Pitkäjärvi transshipment terminal
has begun
3. In year one, 2013, about 1.5 million tonnes of iron
concentrate will be transshipped here. At full production
the amount will be about 5 million tonnes per year.
That means four 500-metre trains every day. The storage
hall will be able to store a week’s production.
4. Prototype railcar
4
3
March/April 2012
11

Project Updates – Narvik
Aerial photo of the Fagernes Terminal area and ongoing work at site
March 2012
12

Kaunisvaara
Project Overview
13

Kaunisvaara
Process Plant
Efficient process design and plan for dual line processing facility, using
known and well tested technology.
14

Mobile Mining Equipment
The delivery of the first batch of Caterpillar
equipment (23 machines) is scheduled for
the middle of 2012 ensuring the successful
ramp up of mining operations.
PON Equipment will be responsible for the
maintenance of the vehicles.
15

Benefits from Existing Transportation
and Logistics Network…
Roadway
1
• Existing 150 km public road from Kaunisvaara to
Pitkäjärvi
• New trans-loading terminal with heated storage
facility at Pitkäjärvi will provide access to railway
3
2
Railway
Pitkäjärvi
1
1
2
• Existing 226 km Malmbanan railway built and
used today for iron ore transportation
• Northland has equal access to railway
• Two new passing sidings are to being built to
ensure capacity in place to transport 5 mtpa of
concentrate
Seaport (Narvik)
Trucking route
Rail route
3
• Currently partially used by LKAB
• Port Authority agreement for use of existing port
• Ice free port allowing Cape Size vessels
• New iron ore terminal with heated storage facility
to be constructed
Well-maintained, existing infrastructure, with good accessibility
16

…and Tailoring them to Northland’s Needs
Truck Rail Port
• Use Historic Iron Road
• Swedish Transport Administration
expected to grant dispensation for
90 tonnes trucks
• Trucking fully outsourced to Peab/Cliffton
• Rail line used by iron ore producers
since 1902
• Kiruna Wagon prototype railcar in
process.
• Rail operation to be managed by Savage
• Rail line highly reliable: downtime
estimated to 14 days/year due to
weather
• 10 years lease agreement with Port of
Narvik, with extension option
• Capacity for +10 mt per annum
• Construction permit for new port
terminal. De-icing facility for railcars
• Port ice free all year with Cape Size
vessels capacity
• Peab is constructing the terminal in
Fagernes. Port operations to managed
by Grieg.
17

Northland’s Logistical Partners
Savage Services Corporation
Supply Chain Solution –
From the Mine to the Ship
Privately held - founded in
1946
2,500 employees in over 150
locations
Experience in 60+ countries
Serving industries: electric
power generation, coal
production, oil refining,
agriculture, chemical, mining
and manufacturing
Real-time tracking of:
Ticket #
Train #
Car #
18

Northland’s Logistical Partners
Peab/Cliffton
Trucking Kaunisvaara-Pitkäjärvi
For illustration purposes only. Type of vehicle still to be decided.
• Net sales: > SEK 40 billion
• Number of employees: 15,000
• Listed on Large Cap,
OMX Nasdaq Stockholm
Peab (Cliffton) signs agreement with
Northland to transport iron ore
concentrate with truck from
Kaunisvaara to Pitkäjärvi
(Svappavaara).
50-60 trucks at 90 tonnes
>300 drivers needed
STA Dispensation required
for >60 ton trucks
Contract for the period 2013-2021
19

Northland’s Logistical Partners
Kiruna Wagon
New generation of railcars
Kiruna Wagon was founded in 2004 and
is owned by Nybergs Mekaniska
Verkstad and Rönnqvist & Wettainen.
We manufacture the new generation ore
wagons with a capacity of up to 100
metric tonne.
Kiruna Wagon will deliver 150 wagons
to be used for transporting the iron ore
on Malmbanan. Northland also has an
option to buy another 44-92 wagons
from Kiruna Wagon.
The wagons will be delivered between
January 1, 2013 and May 5, 2014
20

Northland’s Logistical Partners
Grieg Logistics
Port operations at the Fagernes Terminal
International and diversified businesses based in Norway
About 1,700 employees, gross revenue 2010: NOK 5 billion
Facility capacities:
Train unloading capacity: 2,200MT/hour
Storing capacity: 270,000MT
Ship loading capacity: 60,000MT/24 hours
Ship size: 50,000dwt – 180,000dwt
21

Northland’s terminal in Narvik
Fagernes Terminal
Export jetty with
ship loader
Storage facility
De-icing plant
LKAB Terminal
Rail car unloading
Northland Terminal
22

High Quality and Value Product
• Northland’s Kaunisvaara magnetite pellet feed has
high quality and high Fe-content
• Kaunisvaara pellet feed offers great Value-in-Use
• Magnetite generates heat during oxidation, which reduce
pellet plant energy consumption
• Very fine particle size makes it already ground for
pelletizing, saving costs and energy;
• Low silica and alumina content lead to lower flux
additions and lower energy consumption
• High MgO content replaces other fluxes
• Very low levels of trace elements, e.g, K, Na,
P and V bring advantages to the steel producers
• Low moisture, high Fe content and favourable port
location gives shipping advantage
• Shipowners charge rate per wet metric tonnes but iron
ore customers evaluate cost per Fe Unit delivered
Kaunisvaara Product
Specification
Fe 69%
Sulphur (S) 0.046%
Silica (SiO 2 ) 1.10%
Alumina (Al 2 O 3 ) 0.18%
Lime (CaO) 0.04%
Phosphor (P 2 O 5 ) 0.04%
Magnesium Oxide (MgO) 2.65%
Titanium Oxide (TiO 2 ) 0.08%
Particle size
40 micron
Moisture (H 2 0) ~6%
Customers are willing to pay a premium for high grade Fe and Value-in-Use.
23

Prices in USD / DMT for different products
Oct-09
Nov-09
Dec-09
Jan-10
Feb-10
Mar-10
Apr-10
May-10
Jun-10
Jul-10
Aug-10
Sep-10
Oct-10
Nov-10
Dec-10
Jan-11
Feb-11
Mar-11
Apr-11
May-11
Jun-11
Jul-11
Aug-11
Sep-11
Oct-11
Nov-11
Dec-11
Jan-12
Feb-12
Mar-12
Apr-12
Reference Prices
(TSI 58% Fe and 62% Fe)
300,0
250,0
50,0
45,0
40,0
200,0
150,0
100,0
50,0
0,0
35,0
30,0
25,0
20,0
15,0
10,0
5,0
0,0
Premium in USD / FE unit
69% Fe - current pricing (expected price when Fe- premium and premium for low alumina are added)
69% Fe - historic pricing (prices set in c/dmtu without any extra premium for higher Fe)
TSI 58% Fe
TSI 62% Fe
Premium per Fe unit
Prices in USD/DMT CFR China 2009 - 2012
24

Calculation of Northland Margin
DFS 2011 Pricing for Asian Delivery
119
Above price example based on
• Long term DFS price forecast 2015-2025 by Raw Materials Group (RMG) for Carajas pellet feed of
USD 110/tonne concentrate
• Converted to 62% Fe reference product CFR China using 192 c/dmtu
• Calculation of Northland CFR price using long term Fe-premium of USD 7 per Fe % unit,
as forecast by RMG
• Shipping costs long term as forecast by RMG in original DFS study
• New Opex of USD 56/tonne (USD 59 in the June 2011 DFS)
• Current price CFR China is USD 140/tonne concentrate
Source: Northland, TSI
25

Steel Intensity Drives Demand
Principal layout of
steel intensity in
economies of different
development
Point of
inflection
Peak Point
South Korea
Point of
saturation
USA
Trigger
point
Indonesia
Source: Metal Strategies; RMG
26

Steel Production 1980-2030e
Chinese and Indian steel production including forecast to 2030
(1,000’s tonnes)
1 600 000
China India India forecast
1 400 000
1 200 000
1 000 000
800 000
600 000
400 000
200 000
0
1980 1982 1984 1986 1988 1990 1992 1994 1996 1998 2000 2002 2004 2006 2008 2010 2012 2014 2016 2018 2020 2022 2024 2026 2028 2030
Source: World Steel Association 1980 – 2010; RMG Forecast
27

Global Iron Ore Supply
• Currently supply barely meets demand
• Continued very tight supply over the next few years
• ”Swing producers” in China operating at 120–140 USD/tonne
(62% Fe equivalent)
• Large expansion projects primarily in Australia, South America and Africa
of which the “Big three” (Vale, BHP Billiton and Rio Tinto) plus FMG account
for the lion’s share of completed projects
• Great difficulties to meet project timelines due to environmental permitting
issues (Brazil), bottlenecks in logistics solutions (globally) and political
instability (West Africa)
• Exports from India to diminish due to high costs and increasing domestic
demand
Sources: Industry Sources (e.g. SBB, RMG, AME)
28

Challenges to bring on new supply
Million tonnes
Project
pipeline to
come on
stream
and
completed
projects
Source: RMG
29

100% Off-take Contracted
Partner
Agreement details
• Agreement signed November 2010 for delivery of up to ~3 mtpa of iron ore
pellet feed for at least 10 years
• Pricing to take into account the high product quality
• The parties will co-ordinate and co-operate in marketing and sales activities
• Agreement signed October 2010 for delivery of ~1 mtpa of magnetite concentrate
over 7 years
• Pricing to take into account the high product quality
• Agreement signed in June 2010 for delivery of ~1 mtpa of magnetite concentrate
for 8 years from 2012
• Pricing to take into account the high product quality
30

Kaunisvaara DFS – 2012 update
• Logistic solutions wholly owned by
Northland
• NPV reduced, USD 800 million (934)
• Life of Mine CAPEX increased to USD
1,085 million (892), incl contingency
• CAPEX to reach 4.4 dmt per annum
tonnes of USD 875 million with
adjustments for cost optimisation and
current exchange rates (765)
• Total OPEX per tonne of concentrate
delivered FOB at the port of Narvik for
the LOM is estimated to average USD
55.6 per tonne concentrate (58.8)
• Estimated premium for the Northland
pellet feed of USD 7 per Fe % unit
January 2012 – New Plan
NPV (8%) USD 800m 1
IRR 20.1% 1
Capacity
Life of Mine (LOM)
Opex LOM
4.4 dry metric
tonnes p.a.
17 years
USD 55.6/t
concentrate
1
NPV and IRR are calculated after
taxes and interest
More information in the Company Update February 1, 2012 on
www.northland.eu
31

Project Benchmark
Peer Group Cash Costs adjusted for Fe% (USD/t conc.)
A very competitive Opex
Source: Equity Research
USD Source: 5/Fe unit Ocean below Equities, or above 62% Fe
p = in production, Company c =in construction 32
27

Mine Production Sequence
• Tapuli ramping up to
produce 4m dmtpa in 2015
• Sahavaara production
commencing late 2016,
while Tapuli production is
scaled down
• Sahavaara ramping up
normal capacity in 2017
• Production level of ~4.4m
dmtpa* from 2017
New production profile (million dmtpa)
Mining will be simple, conventional shovel and truck open pit operation
Source: Company Update, February 1, 2012
*Note: 4.4m dmtpa equals 4.66m wmtpa (assuming 6% moisture)
33
27

Kaunisvaara – Pellivuoma Deposit
• Pellivuoma deposit ~15 km from Kaunisvaara industrial area
• Was included in the PEA presented in September 2009
• Will extend life of, or add production volume to, the Kaunisvaara area
• Definitive Feasibility Study started, expected in second quarter 2012
Green = Measured;
Blue = Indicated;
Red = Inferred;
Pink = Potential
Whittle pit shell
(based on a metal price
of 110 US¢/dmtu)
Source: SRK 2010
34

Kaunisvaara Mineral Reserve
Statement*
Deposit
Reserve
Classification
Ore (tonnesdry
metric)
Fe Grade
(%)
Tapuli
Sahavaara
Proven 51.7Mt 27.14
Probable 42.8Mt 25.32
Proven 30.2Mt 42.96
Probable 40.2Mt 40.17
Tapuli Whittle Pit Shell from Kaunisvaara DFS (June 1, 2011)
Total Proven 81.9Mt 32.98
Total Probable 83.0Mt 32.51
Total 164.9Mt 32.74
Note: The Mineral Reserve Statement generated by SRK Consulting (UK) Limited (“SRK”), based on the
Mineral Reserve Statement made public in the June 1, 2011 Technical Report. SRK’s resource and reserve
statements are presented in accordance with the definitions and guidelines of the CIM Standards for
reporting Mineral Resources and Reserves (the CIM Code)
Sahavaara Whittle Pit Shell from Kaunisvaara DFS (June 1, 2011)
Ample drilling has led to a very good understanding of the high quality orebodies.
35

Hannukainen –
Located Close to Kaunisvaara
36

Hannukainen Iron-Copper-Gold
• Hannukainen is a
Brownfield project
• Copper/Gold concentrate
by-product is a major
revenue contributor
• DFS completion in H2 2012
• Planned production rate
of 2m mtpa of ~69% Fe
concentrate
All data from the PEA performed by Hatch in 2010
Please refer to Northland Press Release dated May 12, 2010 for PEA results
37

Additional Value Through Exploration
Hannukainen
• Drilling program launched in Q3 (11), consisting of 17 long drill holes
(totaling 7,240 meters) targeted to deep extensions of the Hannukainen
deposit, in order to provide better constraints for the extent and grade of
potential underground resources.
• To date, all 17 drill holes have been completed.
• Drilling has provided plenty of new information on the structure of the
Hannukainen ore body at deep levels.
Rautuoja Fe-Cu-Au Deposit
• Exploration launched a step-out resource lineation drilling program at
Rautuoja – one of Northland’s major near-Hannukainen mine exploration
targets.
• The program consisted of 5 drill holes totaling 1,570 meters.
• Two of the holes targeted SW extensions of the main Fe-Cu-Au
mineralization, while 3 are back holes for the main profiles targeted to
increase the resources at depth.
38

Experienced Management Team
Anders Hvide, Executive Chairman. Former Managing Director Metals & Mining Corporate Finance,
Pareto Securities AS. 22+ years experience.
Karl-Axel Waplan, President & CEO. Former President & CEO of Lundin Mining. He also had direct
supervision responsibilities for the development of Boliden’s Storliden mine. 33+ years experience
Peder Zetterberg, Acting CFO. 30+ years of
international experience from CEO and CFO
positions. Prior to joining Northland, Mr.
Zetterberg, served as the CEO for the
Swedish listed company Brio Group.
Peter Pernlöf , COO and VP – Procurement and
Energy. Previously consultant in energy,
procurement and logistics. Former CEO of
BasEL AB. Experience also includes VP –
Procurement at Boliden AB. 40 years
international experience.
Bert-Ove Johansson, VP – Swedish
Operations. Former Regional Director of
Operations for Northland’s Swedish
subsidiary. 30+ years international senior
management experience.
Jukka Jokela, VP – Finnish Operations, has
over 25 years of international experience in
mineral exploration, geological research, and
project and company management in different
mining and exploration companies.
39

Experienced Management Team (contd.)
Petri Peltonen, VP – Exploration. Dr. Peltonen
has more than 20 years international
experience in mineral exploration and
research on several commodities, such as
iron, nickel, gold and diamonds.
Manfred Lindvall, VP – Environment,
Health & Safety. Former VP, EHS of Boliden
and Lundin Mining. 34+ years experience.
Hans Nilsson, VP – Marketing. Former GM of
the LKAB iron ore port in Luleå, in the early 90's
Regional Sales Manager for LKAB in Singapore
and later Regional Sales Manager at Minelco
AB. 30+ years experience
Jonas Lundström, VP – Human Resources
and Corporate Communications. Former
President of the Norrbotten Chamber of
Commerce and Deputy Mayor of the City of
Luleå. 12+ years experience
Anders Antonsson, VP – Investor
Relations. 15+ years experience in Investor
Relations, including positions as Director of
IR and Corporate Communication at Intrum
Justitia and consultant in Investor Relations
Willy Sundling, Project Manager – Logistics.
Extensive experience as Project manager for
large public projects in Swedish municipalities
(Kalix and Luleå)
Patrick Foster, Director of Finance. 30+
years experience, including working with
mining companies both as a Director and as
an advisor on corporate strategy, fund raising
and investor relations.
Berndt Hedin, Project Manager. Mr. Hedin
worked within BDX group for ten years with
various positions in management. He is
Engineer in Building and Construction. He also
has mining experience in the construction of
Lamco mine in Liberia.
.
40

Board of Directors
• Anders Hvide (Chairman) See Company Management
• Stuart Pettifor (Director) Mr. Pettifor is a past Director and COO of Corus Steel,
and has operated steel mills in the UK, Netherlands, Sweden and USA.
• Tuomo Mäkelä (Director) Mr. Mäkelä is the President of Outokumpu Mining Oy.
He has over 30 years of experience directing exploration and development
operations on steel alloy metals and base and precious metal properties worldwide.
• Birger Solberg (Director) Mr. Solberg is the Managing Director and CEO of Sibelco
Nordic. He has broad international experience in the extraction, sales and marketing
of industrial minerals, particularly some of the key minerals used in the iron and steel
industry.
• Matti Kinnunen (Director) Mr. Kinnunen is presently involved in international mining
projects. He has a strong background in Investment Banking at the Carnegie Group,
including member of the board, COO and Deputy CEO at the Head Office in
Stockholm. He has also served as a Board Member of Nasdaq OMX Nordic Ltd.
41

Next updates:
Upcoming report dates:
May 10, 2012:
Financial Statement and MD&A for Q1 2012
May 16, 2012:
Annual General Meeting, Luxembourg
August 9, 2012:
Financial Statement and MD&A for Q2 2012
November 14, 2012:
Financial Statement and MD&A for Q3 2012
Northland Resources S.A.
Scorpio Building
7A, rue Robert Stümper
L-2557 Luxembourg
www.northland.eu
Project Office:
Northland Resources AB
Datavägen 14
SE-977 54 Luleå
Sweden
Tel. +46 (0)920 779 00
42

Kaunisvaara –
Mine Development Scope
Item Tapuli Sahavaara
Ore Reserves 101Mt @ 26.10%Fe 75Mt @ 41.2% Fe
Waste 295.6 Mt 400.1 Mt
Overburden 14.6Mm 3 8.5Mm 3
Ore mined 6 Mtpa 6 Mtpa
Waste mined +/- 22 Mtpa +/- 34 Mtpa
Strip ratio 2.92:1 5.33:1
Development start Q1 2011 2015
First concentrate Q4 2012 2016
First shipment Q1 2013 2016
Production through 2030 2027
Source: Kaunisvaara DFS and Company Update February 2012
43

Cautionary Statement
This PowerPoint presentation contains certain forward-looking statements within the meaning of the Private Securities
Litigation Reform Act of 1995, and applicable Canadian Securities laws. We have tried, whenever possible, to identify
these forward-looking statements using words such as “anticipates”, “believes”, “expects”, ”plans”, ”intends”, “potential”
and similar expressions. These statements reflect our current belief and are based on currently available information.
Accordingly, such forward-looking statements involve known and unknown risks, uncertainties and other factors which
could cause the Company’s actual results, performance or achievements to differ materially from those expressed or
implied by such statements.
Readers are cautioned that forward-looking information involves known and unknown risks, uncertainties and other
factors which may cause the actual results, performance or achievements of the Company and/or its subsidiaries to be
materially different from any future results, performance or achievements expressed or implied by the forward-looking
information. Such factors include, among others, those factors discussed in the section entitled “Risk Factors” in the
Company’s listing prospectus dated February 24, 2012, its annual information form dated February 22, 2011, and the
management’s discussion and analysis of results of operations and financial condition for the full-year ended
December 31, 2011.
Except as required by law, we undertake no obligation to update or advise in the event of any change, addition, or
alteration to the information contained in this PowerPoint presentation, including such forward-looking statements. This
PowerPoint presentation does not constitute an offer of the securities described herein.
Resources Quoted in this Presentation
Dr. Petri Peltonen, Managing Director of Northland Exploration Finland and Vice President of Exploration for Northland
Resources S.A. is the Qualified Person in accordance with National Instrument 43-101 responsible for overseeing the
execution of Northland’s exploration programs and for verifying that the information presented in this presentation is an
accurate summary. Dr Peltonen is a member (CP) #306710 of the AusIMM, and member #961 of the European
Federation of Geologist (EurGeol), being the Qualified Person for geology, resources and QA/QC. Dr. Peltonen has
verified that the results presented in this presentation have been accurately summarized from the results reported to
Northland.
44