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Corporate Presentation<br />
Please see Cautionary Statement on last slide January 2012
Poised for Production<br />
Q4 2012: Mining of Tapuli starts<br />
Q1 2013: First shipment from Port of Narvik<br />
2
<strong>Northland</strong>’s Advantages<br />
Strong future iron<br />
ore market<br />
Existing<br />
infrastructure and<br />
skilled workforce<br />
in established<br />
mining region<br />
Cooperation with<br />
transportation and<br />
logistics<br />
specialists<br />
Experienced board<br />
and management<br />
Disciplined project<br />
development<br />
Premium price<br />
for high quality<br />
iron ore<br />
100% Off-take<br />
3
Listed in Toronto and Oslo<br />
Share Price Development<br />
Toronto<br />
Share Overview<br />
Stock Symbol<br />
Toronto Stock Exchange / Oslo Børs<br />
NAU / NAUR<br />
Current Share Price* CAD 1.60/ NOK 9.35<br />
Indices<br />
MSCI NORWAY INDEX<br />
Shares issued 226,628,899<br />
Options 8,855,000<br />
Oslo<br />
Warrants (Standard Bank) 1,697,995<br />
Fully diluted 237,181,894<br />
Market Cap*<br />
52 week trading range<br />
CAD 363m /<br />
NOK 2,119m<br />
CAD 1.00 – 3.50<br />
NOK 5.50 – 20.10<br />
* Market Cap based on closing prices on<br />
January 8, 2012 on TSX and OSE<br />
4
Shareholders and Analysts<br />
Rank Holding % Institution<br />
1 18,857,721 8.3 Avanza Bank AB (Custodian bank)<br />
2 17,200,000 7.6 Deans Knight Capital Mgmt<br />
3 11,515,900 5.1 OMERS Capital Markets<br />
4 10,555,000 4.7 Investec Asset Management<br />
5 9,738,574 4.2 Holberg Funds<br />
6 9,340,411 4.1 Sv Handelsbanken (Custodian bank)<br />
7 9,720,520 4.3 Henderson Global Investors Ltd.<br />
8 8,017,854 3.5 Nordnet Bank (Custodian bank)<br />
9 7,989,033 3.5 RBC Asset Management<br />
10 6,974,799 3.1 SEB (Custodian bank)<br />
11 6,485,665 2.9 J.P. Morgan (Custodian bank)<br />
12 5,387,035 2.4 Swedbank (Custodian bank)<br />
13 5,174,899 2.3 Bank of New York (Custodian bank)<br />
14 4,749,890 2.1 State Street Bank (Custodian bank)<br />
15 4,522,000 2,0 Finnish Industry Investment<br />
∑ 136,229,301 60.1<br />
Analyst coverage<br />
Ambrian Capital<br />
Nick Mellor<br />
Arctic Securities<br />
Kenneth Sivertsen<br />
Carnegie<br />
Henrik Sinding<br />
DnB NOR Markets<br />
Sampsa Karhunen<br />
Evli Bank<br />
Gustav Sandström<br />
First Securities<br />
Harald Hornes Øyen<br />
Haywood Securities<br />
Geordie Mark<br />
Handelsbanken<br />
Fredrik Agardh<br />
Ocean Equities<br />
Sam Spring<br />
Paradigm Capital<br />
Santo Ranieri<br />
Pareto Securities<br />
Thomas Aarrestad<br />
SEB Enskilda<br />
Peder Strand<br />
Société Générale<br />
Abishek Shukla<br />
Terra Markets<br />
Jevgenij Rukin<br />
Management & Board control 1.8 million of 226.6 million shares = 0.8%<br />
<strong>Northland</strong> compiled data using internal sources,<br />
TSX, Oslo Børs and VPS as of January 4, 2012<br />
Canadian holders as September 2011<br />
5
<strong>Northland</strong> has Two Projects<br />
Kaunisvaara Project<br />
• Mining fully-permitted<br />
for first production in<br />
Q4 ‘12<br />
• First shipment<br />
expected in Q1 ’13<br />
• Ramp-up to reach<br />
5.0 mtpa in 2015<br />
<strong>Northland</strong> controls two<br />
near-term development<br />
projects in an established<br />
major iron ore province<br />
Hannukainen Project<br />
• Brownfield project<br />
• Permitting underway<br />
• DFS anticipated in Q1 ’12<br />
• First shipment TBA<br />
• Expected production<br />
volume: 2 mtpa<br />
6<br />
6
Company History<br />
Having established itself as a successful exploration company, <strong>Northland</strong> is now developing the Kaunisvaara project.<br />
By 2013, <strong>Northland</strong> is expected to be a producer of high quality magnetite concentrate.<br />
1987 2003 2004 2005 2006 2007 2008 2009<br />
2010 2011<br />
Lists as a<br />
biotech<br />
company on<br />
Vancouver Stock<br />
Exchange<br />
Acquires<br />
properties in the<br />
Pajala area,<br />
including Tapuli<br />
and Sahavaara<br />
Conducts two financings in<br />
the Oslo market and is<br />
subsequently listed on the<br />
Oslo Stock Exchange;<br />
drilling commences at<br />
Hannukainen<br />
Graduates from<br />
the TSX Venture<br />
Exchange to<br />
the Toronto<br />
Stock Exchange<br />
Kaunisvaara DFS<br />
finalized and fullypermitted<br />
for first<br />
production<br />
Off-take agreements for<br />
100% of production<br />
Becomes an exploration<br />
company (“North<br />
American Gold Inc.”) and<br />
commences conducting<br />
business in Sweden<br />
Changes name to<br />
<strong>Northland</strong> <strong>Resources</strong> Inc<br />
and stakes multiple<br />
targets in Finland,<br />
including the<br />
Hannukainen mine<br />
Acquires 100% of the<br />
Pajala area properties<br />
and completes<br />
US$100m financing<br />
in the Oslo market<br />
North American offices<br />
close as Company<br />
focuses on<br />
development of<br />
Kaunisvaara<br />
Start of Kaunisvaara<br />
project and the DFS<br />
updated to include<br />
logistics. Construction of<br />
Fagernes Terminal<br />
initiated. At the end of<br />
2011 the project is on<br />
time and budget<br />
7
Significant Milestones 2011<br />
• Construction contracts in place – Start of the Kaunisvaara Project <br />
• MLA banks and Caterpillar approvals received <br />
• Agreements signed regarding Mining Equipment and Process Plant <br />
• Letter Of Intent signed with Swedish Transport Administration <br />
• Updated model and DFS logistics <br />
• Signed civil work and construction contract with Peab <br />
• Agreement with logistical partners (Savage, Peab and Grieg) <br />
• Received Final Approval to Operate an Iron Ore Terminal in Narvik <br />
• Tapuli ore body uncovered <br />
• STA grant a further truck testing of 90 tonnes gross weight <br />
• Bridge Financing (USD 50m) signed with Standard Bank <br />
• Finalizing syndication for the Project financing Q1 2012<br />
• Pellivuoma (additional deposit at Kaunisvaara) DFS complete Q1 2012<br />
• Hannukainen DFS complete Q1 2012<br />
• Start up production in Kaunisvaara Q4 2012<br />
• First concentrate shipment Q1 2013<br />
8
Kaunisvaara Financing<br />
• Currently working to conclude the details of the logistical<br />
solution with our partners Peab, Savage and Grieg,<br />
based on the joint-venture agreement as announced in<br />
August. The legal structure of the partnership will be<br />
optimized in tandem with the finalization of the financial<br />
package.<br />
• Ongoing discussion with Societé Générale, UniCredit,<br />
and West LB appointed as lead arrangers for Senior<br />
Loan of up to USD 400 million with a minimum of 8 year<br />
term.<br />
9
Kaunisvaara Financing<br />
• Short-term bridge loan of USD 50 million signed with<br />
Standard Bank. <strong>Northland</strong> intends to replace the bridge<br />
loan with a permanent financing package, to include all<br />
logistics, during the first quarter of 2012<br />
• Caterpillar Financial confirmed USD 50 million mobile<br />
equipment lease facility and participation in the Senior<br />
Loan with USD 25 million<br />
• LOI with Stemcor for a USD 50 million credit facility<br />
The financing package for the Kaunisvaara project expected to be finalized<br />
at the end of first quarter 2012<br />
10
Project Updates<br />
Process Plant ‒ Exterior<br />
Process Plant under construction<br />
Removal of Tapuli Overburden<br />
Fagernes Construction Permit granted<br />
January 2012<br />
11
Kaunisvaara<br />
Project Overview<br />
12
Kaunisvaara<br />
Process Plant<br />
Efficient process design and plan for<br />
dual line processing facility, using<br />
known and well tested technology.<br />
13
Benefits from Existing Transportation<br />
and Logistics Network…<br />
Roadway<br />
3<br />
2<br />
1<br />
• Existing 150 km public road from Kaunisvaara to<br />
Pitkäjärvi<br />
• New trans-loading heated terminal at Pitkäjärvi<br />
will provide access to railway<br />
Pitkäjärvi<br />
1<br />
1<br />
2<br />
Railway<br />
• Existing 226 km Malmbanan railway built and<br />
used today for iron ore transportation<br />
• <strong>Northland</strong> has equal access to railway<br />
• Capacity in place to transport 5 mtpa of<br />
concentrate<br />
Seaport (Narvik)<br />
Trucking route<br />
Rail route<br />
3<br />
• Currently used by LKAB<br />
• Port Authority agreement for use of existing port<br />
• Ice free port allowing Cape Size vessels<br />
• New iron ore heated terminal to be constructed<br />
Well-maintained, existing infrastructure, with good accessibility<br />
14
…and Tailoring them to <strong>Northland</strong>’s Needs<br />
Truck Rail Port<br />
• Use Historic Iron Road<br />
• Swedish Transport Administration<br />
expected to grant dispensation for<br />
90 tonnes trucks<br />
• Trucking to be fully outsourced<br />
• Rail line used by iron ore producers<br />
since 1902<br />
• Kiruna Wagon prototype railcar in<br />
process. Similar to LKAB’s<br />
• Rail services to be fully outsourced<br />
• Rail line highly reliable: maximum<br />
downtime 7 days/year due to weather<br />
• 10 years lease agreement with Port of<br />
Narvik, with extension option<br />
• Construction permit for new port<br />
terminal. De-icing facility for railcars<br />
• Port ice free all year<br />
• Cape Size vessels<br />
• Port operations to be outsourced<br />
15
Tippler and shiploader in Narvik<br />
For illustration purposes only<br />
16
<strong>Northland</strong>’s terminal in Narvik<br />
Fagernes Terminal<br />
Export jetty with<br />
ship loader<br />
Storage facility<br />
De-icing plant<br />
LKAB Terminal<br />
Rail car unloading<br />
<strong>Northland</strong> Terminal<br />
17
High Quality and Value Product<br />
• <strong>Northland</strong>’s Kaunisvaara magnetite pellet feed has<br />
high quality and high Fe-content<br />
• Kaunisvaara pellet feed offers great Value-in-Use<br />
• Magnetite generates heat during oxidation, which reduce<br />
pellet plant energy consumption<br />
• Very fine particle size makes it already ground for<br />
pelletizing, saving costs and energy;<br />
• Low silica and alumina content lead to lower flux<br />
additions and lower energy consumption<br />
• High MgO content replaces other fluxes<br />
• Very low levels of trace elements, e.g, K, Na,<br />
P and V bring advantages to the steel producers<br />
• Low moisture, high Fe content and favourable port<br />
location gives shipping advantage<br />
• Shipowners charge rate per wet metric tonnes but iron<br />
ore customers evaluate cost per Fe Unit delivered<br />
Kaunisvaara Product<br />
Specification<br />
Fe 69%<br />
Sulphur (S) 0.046%<br />
Silica (SiO 2 ) 1.10%<br />
Alumina (Al 2 O 3 ) 0.18%<br />
Lime (CaO) 0.04%<br />
Phosphor (P 2 O 5 ) 0.04%<br />
Magnesium Oxide (MgO) 2.65%<br />
Titanium Oxide (TiO 2 ) 0.08%<br />
Particle size<br />
40 micron<br />
Moisture (H 2 0) ~6%<br />
Customers are willing to pay a premium for high grade Fe and Value-in-Use.<br />
18
USD/ t concentrate<br />
Calculation of <strong>Northland</strong> Margin<br />
250<br />
DFS Pricing for Asian Delivery<br />
200<br />
150<br />
100<br />
50<br />
0<br />
119<br />
Reference Price<br />
China<br />
36 5<br />
78<br />
168<br />
132 132 137<br />
59<br />
69% Fe Price China Freight Narvik - China VIU Premium Price FOB Narvik Cash cost and Margin<br />
119<br />
Above price example based on<br />
• Long term DFS price forecast 2015-2025 by Raw Materials Group (RMG) for Carajas pellet feed of USD 110/tonne<br />
concentrate<br />
• Converted to 62% Fe reference product CFR China using 192 c/dmtu<br />
• Calculation of <strong>Northland</strong> CFR price using long term Fe-premium of USD 7 per FE % unit, as forecast by RMG<br />
• Shipping costs long term as forecast by RMG in original DFS study<br />
Source: <strong>Northland</strong>, TSI<br />
19
Prices in USD / DMT for different products<br />
Reference Prices<br />
(TSI 58% Fe and 62% Fe)<br />
300.0<br />
250.0<br />
Prices in USD/DMT CFR China 2009 - 2011<br />
50.0<br />
45.0<br />
40.0<br />
200.0<br />
150.0<br />
100.0<br />
50.0<br />
0.0<br />
35.0<br />
30.0<br />
25.0<br />
20.0<br />
15.0<br />
10.0<br />
5.0<br />
0.0<br />
Premium in USD / FE unit<br />
69% Fe - current pricing (expected price when Fe- premium and premium for low alumina are added)<br />
69% Fe - historic pricing (prices set in c/dmtu without any extra premium for higher Fe)<br />
TSI 58% Fe<br />
TSI 62% Fe<br />
Premium per Fe unit<br />
20
Growing Population<br />
Drives Demand<br />
Outlook for the world population<br />
growth 1950–2030<br />
9 000 000 000<br />
8 000 000 000<br />
7 000 000 000<br />
6 000 000 000<br />
5 000 000 000<br />
4 000 000 000<br />
3 000 000 000<br />
2 000 000 000<br />
1 000 000 000<br />
0<br />
1950 1955 1960 1965 1970 1975 1980 1985 1990 1995 2000 2005 2010 2015 2020 2025 2030<br />
World<br />
More developed regions, OECD<br />
4 500 000<br />
4 000 000<br />
3 500 000<br />
3 000 000<br />
2 500 000<br />
2 000 000<br />
1 500 000<br />
1 000 000<br />
500 000<br />
Urbanization in more and less<br />
developed regions<br />
—<br />
More developed regions<br />
Less developed regions<br />
1970 1975 1980 1985 1990 1995 2000 2005 2010 2015 2020 2025 2030<br />
Source: UNDP (United Nations Development Program)<br />
21
Steel Intensity Drives Demand<br />
Principal layout of<br />
steel intensity in<br />
economies of different<br />
development<br />
Point of<br />
inflection<br />
Peak Point<br />
South Korea<br />
Point of<br />
saturation<br />
USA<br />
Trigger<br />
point<br />
Indonesia<br />
Source: Metal Strategies; RMG<br />
22
Steel Production 1980-2030e<br />
Chinese and Indian steel production including forecast to 2030<br />
(1,000’s tonnes)<br />
1 600 000<br />
China India India forecast<br />
1 400 000<br />
1 200 000<br />
1 000 000<br />
800 000<br />
600 000<br />
400 000<br />
200 000<br />
0<br />
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<br />
Source: World Steel Association 1980 – 2010; RMG Forecast<br />
23
Global Iron Ore Demand<br />
4000.00<br />
3500.00<br />
3000.00<br />
Actual and projected world iron ore demand 2010-2030e (Mt)<br />
2500.00<br />
2000.00<br />
1500.00<br />
1000.00<br />
China<br />
Rest of world<br />
Total<br />
500.00<br />
0.00<br />
Source: UNCTAD Iron Ore Trust Fund 2010; RMG forecasts<br />
24
Global Iron Ore Supply<br />
• Currently supply barely meets demand<br />
• Continued very tight supply over the next few years<br />
• ”Swing producers” in China operating at 120–140 USD/tonne<br />
(62% Fe equivalent)<br />
• Large expansion projects primarily in Australia, South America and Africa<br />
of which the “Big three” (Vale, BHP Billiton and Rio Tinto) plus FMG account<br />
for the lion’s share<br />
• Great difficulties to meet project timelines due to environmental permitting<br />
issues (Brazil), bottlenecks in logistics solutions (globally) and political<br />
instability (West Africa)<br />
• Exports from India to diminish due to high costs and increasing domestic<br />
demand<br />
Sources: Industry Sources (e.g. SBB, RMG, AME)<br />
25
Will Supply Meet Demand<br />
• Yes, in about 2–3 years time, if;<br />
• Announced projects are commissioned as planned;<br />
• Demand develops as forecast, but…<br />
• No, not if;<br />
• The tendency of delays of project start-ups and project completions seen<br />
during the last years continue, or<br />
• The demand exceeds the forecast (e.g. goals for economic growth in<br />
many Chinese provinces exceeds the official goals set by the Central<br />
Government in Beijing)<br />
Sources: Industry Sources (e.g. SBB, RMG, AME)<br />
26
100% Off-take Contracted<br />
Partner<br />
Agreement details<br />
• Agreement signed November 2010 for delivery of up to ~3 mtpa of iron ore<br />
pellet feed for at least 10 years<br />
• Pricing to take into account the high product quality<br />
• The parties will co-ordinate and co-operate in marketing and sales activities<br />
• Agreement signed October 2010 for delivery of ~1 mtpa of magnetite concentrate<br />
over 7 years<br />
• Pricing to take into account the high product quality<br />
• Agreement signed in June 2010 for delivery of ~1 mtpa of magnetite concentrate<br />
for 8 years from 2012<br />
• Pricing to take into account the high product quality<br />
27
Kaunisvaara DFS<br />
• Logistic solutions confirmed<br />
• NPV doubled, USD 934 million (463)<br />
• Life of Mine CAPEX was reduced to<br />
USD 892 million (908)<br />
• CAPEX to reach 5 million tonnes of<br />
USD 765 million with adjustments for<br />
cost optimisation and current exchange<br />
rates (694)<br />
• Total OPEX per tonne of concentrate<br />
delivered FOB at the port of Narvik for<br />
the LOM is estimated to average USD<br />
58.80 per tonne concentrate (53.76)<br />
• Estimated premium for the <strong>Northland</strong><br />
pellet feed of USD 7 per Fe % unit<br />
May 2011 DFS Results<br />
NPV (8%) USD 934m 1<br />
IRR 24% 1<br />
Capacity<br />
Life of Mine (LOM)<br />
Opex LOM<br />
5Mtpa<br />
19 years<br />
USD 58.8/t<br />
concentrate<br />
1<br />
NPV and IRR are calculated after<br />
taxes and interest<br />
28
Project Benchmark<br />
Peer Group Cash Costs adjusted for Fe% (US$/t conc.)<br />
Murchison (Rocklea)<br />
Sundance (Mbalam Ph 2)<br />
Brockman (Marillana)<br />
African Minerals (Tonkolili Ph<br />
Champion Minerals (Fermont)<br />
Macarthur (Lake Giles DSO)<br />
Sphere (Askaf)<br />
Advanced Exp (Roche Bay)<br />
Sundance (Mbalam)<br />
<strong>Northland</strong> (Kaunisvaara)<br />
Australasian (Balmoral South)<br />
London Mining (Marampa Ph 2)<br />
New Millenium (DSO)<br />
Cons Thom (Bloom Lake)<br />
Northern Iron (Svardranger)<br />
Gindalbie (Karara)<br />
London Mining (Marampa Ph 1)<br />
Bellzone (Kalia Phase 1)<br />
Baffinland (Mary River)<br />
Grange (Southdow n)<br />
Labrador (Schefferville DSO)<br />
Venus Metals (Yalgoo)<br />
Bellzone (Kalia Phase 2)<br />
<strong>Northland</strong> (Hannukainen)<br />
London Mining (Isua)<br />
New Millenium (Kemag) -14,50<br />
*<br />
-5,22<br />
-8,65<br />
-12,00<br />
-0,89<br />
1,85<br />
24,11<br />
21,95<br />
20,96<br />
17,15<br />
17,10<br />
15,07<br />
15,00<br />
13,95<br />
12,62<br />
12,56<br />
11,77<br />
11,00<br />
10,15<br />
9,78<br />
8,50<br />
31,71<br />
56,00<br />
50,00<br />
47,85<br />
47,00<br />
On an Fe adjusted basis, Kaunisvaara’s cash costs sit favorably compared to their peers<br />
Source: Equity Research<br />
* Based Source: on OPEX Ocean of Equities, 52 USD / tonne and 5 USD / tonne per Fe unit<br />
Company<br />
29<br />
27
Kaunisvaara –<br />
Mine Development Scope<br />
Item Tapuli Sahavaara<br />
Ore Reserves 101Mt @ 26.10%Fe 75Mt @ 41.2% Fe<br />
Waste 295.6 Mt 400.1 Mt<br />
Overburden 14.6Mm 3 8.5Mm 3<br />
Ore mined 6 Mtpa 6 Mtpa<br />
Waste mined +/- 22 Mtpa +/- 34 Mtpa<br />
Strip ratio 2.92:1 5.33:1<br />
Development start Q1 2011 Q3 2013<br />
First concentrate Q1 2013 Q3 2014<br />
First shipment Q1 2013 Q3 2014<br />
Production through 2030 2027<br />
Source: Kaunisvaara DFS<br />
30
Kaunisvaara –<br />
Pellivuoma Deposit<br />
• Pellivuoma deposit ~15 km from Kaunisvaara industrial area<br />
• Was included in the PEA presented in September 2009<br />
• Will extend life of the Kaunisvaara area<br />
• Definitive Feasibility Study started<br />
Green = Measured;<br />
Blue = Indicated;<br />
Red = Inferred;<br />
Pink = Potential<br />
Whittle pit shell<br />
(based on a metal price<br />
of 110 US¢/dmtu)<br />
Source: SRK 2010<br />
31
Hannukainen –<br />
Located Close to Kaunisvaara<br />
32
Hannukainen Iron-Copper-Gold<br />
• Hannukainen is a<br />
Brownfield project<br />
• Copper/Gold concentrate<br />
by-product is a major<br />
revenue contributor<br />
• DFS completion in Q1 2012<br />
• Planned production rate<br />
of 2 Mtpa of ~69% Fe<br />
concentrate<br />
All data from the PEA performed by Hatch in 2010<br />
Please refer to <strong>Northland</strong> Press Release dated 12 May 2010 for PEA results<br />
33
Additional Value<br />
Through Exploration<br />
Hannukainen<br />
• Drilling program launched in Q3 (11), consisting of 17 long drill holes<br />
(totaling 7,240 meters) targeted to deep extensions of the Hannukainen<br />
deposit, in order to provide better constraints for the extent and grade of<br />
potential underground resources.<br />
• To date, 13 of 17 drill holes (5,834 meters) have been completed.<br />
• Drilling has provided plenty of new information on the structure of the<br />
Hannukainen ore body at deep levels.<br />
Rautuoja Fe-Cu-Au Deposit<br />
• Exploration launched a step-out resource lineation drilling program at<br />
Rautuoja – one of <strong>Northland</strong>’s major near-Hannukainen mine exploration<br />
targets.<br />
• The program consisted of 5 drill holes totaling 1,570 meters.<br />
• Two of the holes targeted SW extensions of the main Fe-Cu-Au<br />
mineralization, while 3 are back holes for the main profiles targeted to<br />
increase the resources at depth.<br />
34
Selected Financial Data<br />
USDm<br />
9 months ended<br />
Sep 30, 2011<br />
9 months ended<br />
Oct 31, 2010<br />
3 months ended<br />
Sep 30, 2011<br />
3 months ended<br />
Oct 31, 2010<br />
Net profit/(loss) (3.7) (13.6) (3.9) 1.2<br />
- per share (0.02) (0.12) (0.02) 0.01<br />
Mineral properties<br />
expenditures, Sweden 2.2 18.0 0.7 4.9<br />
Mines under construction<br />
expenditures, Sweden 95.5 ‒ 57.5 ‒<br />
Mineral properties<br />
expenditures, Finland 14.9 6.2 5.8 1.4<br />
Cash, end of period 119.9 17.5 119.9 17.5<br />
Common shares 225,548,899 111,158,899 225,548,899 111,115,899<br />
35
Experienced Management Team<br />
Anders Hvide, Executive Chairman. Former Managing Director Metals & Mining Corporate Finance,<br />
Pareto Securities AS. 22+ years experience.<br />
Karl-Axel Waplan, President & CEO. Former President & CEO of Lundin Mining. He also had direct<br />
supervision responsibilities for the development of Boliden’s Storliden mine. 33+ years experience<br />
Eva Kaijser, CFO. Worked for Boliden AB, a member of Group management since 2007. Experienced as<br />
Finance and Treasury Manager and Group Controller. 10+ years experience.<br />
Shane Williams, VP Projects. Former<br />
Project Manager for Lundin Mining’s<br />
Ozerone and Galmoy mines.<br />
12+ years experience.<br />
Manfred Lindvall, VP Environment, Health &<br />
Safety. Former VP, EHS of Boliden and Lundin<br />
Mining. 34+ years experience.<br />
(Currently also acting VP Swedish Operations)<br />
Jukka Jokela, VP Finnish Operations, has<br />
over 25 years of international experience in<br />
mineral exploration, geological research, and<br />
project and company management in different<br />
mining and exploration companies.<br />
Petri Peltonen, VP Exploration. Dr. Peltonen has<br />
more than 20 years international experience in<br />
mineral exploration and research on several<br />
commodities, such as iron, nickel, gold and<br />
diamonds.<br />
36
Experienced Management Team<br />
Peter Pernlöf , VP Procurement and Energy.<br />
Previously consultant in energy, procurement<br />
and logistics. Former Chief Executive Officer of<br />
Basel AB. Experience also includes VP of<br />
Procurement at Boliden AB. 40 years<br />
international experience.<br />
Hans Nilsson, VP Marketing. Former GM of<br />
the LKAB iron ore port in Luleå, in the early 90's<br />
Regional Sales Manager for LKAB in Singapore<br />
and later Regional Sales Manager in Minelco<br />
AB. 30+ years experience<br />
Bert-Ove Johansson, VP Swedish<br />
Operations. Former Regional Director of<br />
Operations for <strong>Northland</strong>’s Swedish<br />
subsidiary, NRAB.<br />
30+ years international senior management<br />
experience.<br />
Jonas Lundström, VP Human <strong>Resources</strong><br />
and Corporate Communications. Former<br />
President of the Norrbotten Chamber of<br />
Commerce, Deputy Mayor of the City of Luleå<br />
and Political Advisor to the Minister of<br />
Industry in Sweden. 12+ years experience<br />
Anders Antonsson, VP Investor Relations.<br />
15+ years experience in Investor Relations,<br />
including positions as Director of IR and<br />
Corporate Communication at Intrum Justitia<br />
and consultant in Investor Relations<br />
Patrick Foster, Director of Finance. 30+<br />
years experience, including working with<br />
mining companies both as a Director and as<br />
an advisor on corporate strategy, fund raising<br />
and investor relations.<br />
37
Board of Directors<br />
• Anders Hvide (Chairman) See Company Management<br />
• Stuart Pettifor (Director) Mr. Pettifor is a past Director and COO of Corus Steel,<br />
and has operated steel mills in the UK, Netherlands, Sweden and USA.<br />
• Tuomo Mäkelä (Director) Mr. Mäkelä is the President of Outokumpu Mining Oy.<br />
He has over 30 years of experience directing exploration and development<br />
operations on steel alloy metals and base and precious metal properties worldwide.<br />
• Birger Solberg (Director) Mr. Solberg is the Managing Director and CEO of Sibelco<br />
Nordic. He has broad international experience in the extraction, sales and marketing<br />
of industrial minerals, particularly some of the key minerals used in the iron and steel<br />
industry.<br />
• Matti Kinnunen (Director) Mr. Kinnunen is presently involved in international mining<br />
projects. He has a strong background in Investment Banking at the Carnegie Group,<br />
including member of the board, COO and Deputy CEO at the Head Office in<br />
Stockholm. He has also served as a Board Member of Nasdaq OMX Nordic Ltd.<br />
38
Next updates:<br />
Upcoming report dates:<br />
February 16, 2012:<br />
Fiscal Year ended December 31, 2011, Audited Financial<br />
Statements and MD&A, including Q4 results<br />
May 10, 2012:<br />
Financial Statement and MD&A for Q1 2012<br />
May 16, 2012:<br />
Annual General Meeting, Luxembourg<br />
August 9, 2012:<br />
Financial Statement and MD&A for Q2 2012<br />
November 14, 2012:<br />
Financial Statement and MD&A for Q3 2012<br />
<strong>Northland</strong> <strong>Resources</strong> S.A.<br />
Scorpio Building<br />
7A, rue Robert Stümper<br />
L-2557 Luxembourg<br />
www.northland.eu<br />
Project Office:<br />
<strong>Northland</strong> <strong>Resources</strong> AB<br />
Datavägen 14<br />
SE-977 54 Luleå<br />
Sweden<br />
Tel. +46 (0)920 779 00<br />
39
Cautionary Statement<br />
This PowerPoint presentation contains certain forward-looking statements within the meaning of the Private Securities<br />
Litigation Reform Act of 1995, and applicable Canadian Securities laws. We have tried, whenever possible, to identify<br />
these forward-looking statements using words such as “anticipates”, “believes”, “expects”, ”plans”, ”intends”, “potential”<br />
and similar expressions. These statements reflect our current belief and are based on currently available information.<br />
Accordingly, such forward-looking statements involve known and unknown risks, uncertainties and other factors which<br />
could cause the Company’s actual results, performance or achievements to differ materially from those expressed or<br />
implied by such statements.<br />
Readers are cautioned that forward-looking information involves known and unknown risks, uncertainties and other<br />
factors which may cause the actual results, performance or achievements of the Company and/or its subsidiaries to be<br />
materially different from any future results, performance or achievements expressed or implied by the forward-looking<br />
information. Such factors include, among others, those factors discussed in the section entitled “Risk Factors” in the<br />
Company’s preliminary short form prospectus dated November 17, 2010, its annual information form dated February 22,<br />
2011, and the management’s discussion and analysis of results of operations and financial condition for the year ended<br />
September 30, 2011.<br />
Except as required by law, we undertake no obligation to update or advise in the event of any change, addition, or<br />
alteration to the information contained in this PowerPoint presentation, including such forward-looking statements. This<br />
PowerPoint presentation does not constitute an offer of the securities described herein.<br />
<strong>Resources</strong> Quoted in this Presentation<br />
Dr. Petri Peltonen, Managing Director of <strong>Northland</strong> Exploration Finland and Vice President of Exploration for <strong>Northland</strong><br />
<strong>Resources</strong> S.A. is the Qualified Person in accordance with National Instrument 43-101 responsible for overseeing the<br />
execution of <strong>Northland</strong>’s exploration programs and for verifying that the information presented in this presentation is an<br />
accurate summary. Dr Peltonen is a member (CP) #306710 of the AusIMM, and member #961 of the European<br />
Federation of Geologist (EurGeol), being the Qualified Person for geology, resources and QA/QC. Dr. Peltonen has<br />
verified that the results presented in this presentation have been accurately summarized from the results reported to<br />
<strong>Northland</strong>.<br />
40