Download - Northland Resources

Corporate Presentation
Please see Cautionary Statement on last slide January 2012

Poised for Production
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
Toronto
Share Overview
Stock Symbol
Toronto Stock Exchange / Oslo Børs
NAU / NAUR
Current Share Price* CAD 1.60/ NOK 9.35
Indices
MSCI NORWAY INDEX
Shares issued 226,628,899
Options 8,855,000
Oslo
Warrants (Standard Bank) 1,697,995
Fully diluted 237,181,894
Market Cap*
52 week trading range
CAD 363m /
NOK 2,119m
CAD 1.00 – 3.50
NOK 5.50 – 20.10
* Market Cap based on closing prices on
January 8, 2012 on TSX and OSE
4

Shareholders and Analysts
Rank Holding % Institution
1 18,857,721 8.3 Avanza Bank AB (Custodian bank)
2 17,200,000 7.6 Deans Knight Capital Mgmt
3 11,515,900 5.1 OMERS Capital Markets
4 10,555,000 4.7 Investec Asset Management
5 9,738,574 4.2 Holberg Funds
6 9,340,411 4.1 Sv Handelsbanken (Custodian bank)
7 9,720,520 4.3 Henderson Global Investors Ltd.
8 8,017,854 3.5 Nordnet Bank (Custodian bank)
9 7,989,033 3.5 RBC Asset Management
10 6,974,799 3.1 SEB (Custodian bank)
11 6,485,665 2.9 J.P. Morgan (Custodian bank)
12 5,387,035 2.4 Swedbank (Custodian bank)
13 5,174,899 2.3 Bank of New York (Custodian bank)
14 4,749,890 2.1 State Street Bank (Custodian bank)
15 4,522,000 2,0 Finnish Industry Investment
∑ 136,229,301 60.1
Analyst coverage
Ambrian Capital
Nick Mellor
Arctic Securities
Kenneth Sivertsen
Carnegie
Henrik Sinding
DnB NOR Markets
Sampsa Karhunen
Evli Bank
Gustav Sandström
First Securities
Harald Hornes Øyen
Haywood Securities
Geordie Mark
Handelsbanken
Fredrik Agardh
Ocean Equities
Sam Spring
Paradigm Capital
Santo Ranieri
Pareto Securities
Thomas Aarrestad
SEB Enskilda
Peder Strand
Société Générale
Abishek Shukla
Terra Markets
Jevgenij Rukin
Management & Board control 1.8 million of 226.6 million shares = 0.8%
Northland compiled data using internal sources,
TSX, Oslo Børs and VPS as of January 4, 2012
Canadian holders as September 2011
5

Northland has Two Projects
Kaunisvaara Project
• Mining fully-permitted
for first production in
Q4 ‘12
• First shipment
expected in Q1 ’13
• Ramp-up to reach
5.0 mtpa in 2015
Northland controls two
near-term development
projects in an established
major iron ore province
Hannukainen Project
• Brownfield project
• Permitting underway
• DFS anticipated in Q1 ’12
• First shipment TBA
• Expected production
volume: 2 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
• 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
• Finalizing syndication for the Project financing Q1 2012
• Pellivuoma (additional deposit at Kaunisvaara) DFS complete Q1 2012
• Hannukainen DFS complete Q1 2012
• Start up production in Kaunisvaara Q4 2012
• First concentrate shipment Q1 2013
8

Kaunisvaara Financing
• Currently working to conclude the details of the logistical
solution with our partners Peab, Savage and Grieg,
based on the joint-venture agreement as announced in
August. The legal structure of the partnership will be
optimized in tandem with the finalization of the financial
package.
• Ongoing discussion with Societé Générale, UniCredit,
and West LB appointed as lead arrangers for Senior
Loan of up to USD 400 million with a minimum of 8 year
term.
9

Kaunisvaara Financing
• Short-term bridge loan of USD 50 million signed with
Standard Bank. Northland intends to replace the bridge
loan with a permanent financing package, to include all
logistics, during the first quarter of 2012
• Caterpillar Financial confirmed USD 50 million mobile
equipment lease facility and participation in the Senior
Loan with USD 25 million
• LOI with Stemcor for a USD 50 million credit facility
The financing package for the Kaunisvaara project expected to be finalized
at the end of first quarter 2012
10

Project Updates
Process Plant ‒ Exterior
Process Plant under construction
Removal of Tapuli Overburden
Fagernes Construction Permit granted
January 2012
11

Kaunisvaara
Project Overview
12

Kaunisvaara
Process Plant
Efficient process design and plan for
dual line processing facility, using
known and well tested technology.
13

Benefits from Existing Transportation
and Logistics Network…
Roadway
3
2
1
• Existing 150 km public road from Kaunisvaara to
Pitkäjärvi
• New trans-loading heated terminal at Pitkäjärvi
will provide access to railway
Pitkäjärvi
1
1
2
Railway
• Existing 226 km Malmbanan railway built and
used today for iron ore transportation
• Northland has equal access to railway
• Capacity in place to transport 5 mtpa of
concentrate
Seaport (Narvik)
Trucking route
Rail route
3
• Currently used by LKAB
• Port Authority agreement for use of existing port
• Ice free port allowing Cape Size vessels
• New iron ore heated terminal to be constructed
Well-maintained, existing infrastructure, with good accessibility
14

…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 to be fully outsourced
• Rail line used by iron ore producers
since 1902
• Kiruna Wagon prototype railcar in
process. Similar to LKAB’s
• Rail services to be fully outsourced
• Rail line highly reliable: maximum
downtime 7 days/year due to weather
• 10 years lease agreement with Port of
Narvik, with extension option
• Construction permit for new port
terminal. De-icing facility for railcars
• Port ice free all year
• Cape Size vessels
• Port operations to be outsourced
15

Tippler and shiploader in Narvik
For illustration purposes only
16

Northland’s terminal in Narvik
Fagernes Terminal
Export jetty with
ship loader
Storage facility
De-icing plant
LKAB Terminal
Rail car unloading
Northland Terminal
17

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.
18

USD/ t concentrate
Calculation of Northland Margin
250
DFS Pricing for Asian Delivery
200
150
100
50
0
119
Reference Price
China
36 5
78
168
132 132 137
59
69% Fe Price China Freight Narvik - China VIU Premium Price FOB Narvik Cash cost and Margin
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
Source: Northland, TSI
19

Prices in USD / DMT for different products
Reference Prices
(TSI 58% Fe and 62% Fe)
300.0
250.0
Prices in USD/DMT CFR China 2009 - 2011
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
20

Growing Population
Drives Demand
Outlook for the world population
growth 1950–2030
9 000 000 000
8 000 000 000
7 000 000 000
6 000 000 000
5 000 000 000
4 000 000 000
3 000 000 000
2 000 000 000
1 000 000 000
0
1950 1955 1960 1965 1970 1975 1980 1985 1990 1995 2000 2005 2010 2015 2020 2025 2030
World
More developed regions, OECD
4 500 000
4 000 000
3 500 000
3 000 000
2 500 000
2 000 000
1 500 000
1 000 000
500 000
Urbanization in more and less
developed regions
—
More developed regions
Less developed regions
1970 1975 1980 1985 1990 1995 2000 2005 2010 2015 2020 2025 2030
Source: UNDP (United Nations Development Program)
21

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
22

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
23

Global Iron Ore Demand
4000.00
3500.00
3000.00
Actual and projected world iron ore demand 2010-2030e (Mt)
2500.00
2000.00
1500.00
1000.00
China
Rest of world
Total
500.00
0.00
Source: UNCTAD Iron Ore Trust Fund 2010; RMG forecasts
24

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
• 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)
25

Will Supply Meet Demand
• Yes, in about 2–3 years time, if;
• Announced projects are commissioned as planned;
• Demand develops as forecast, but…
• No, not if;
• The tendency of delays of project start-ups and project completions seen
during the last years continue, or
• The demand exceeds the forecast (e.g. goals for economic growth in
many Chinese provinces exceeds the official goals set by the Central
Government in Beijing)
Sources: Industry Sources (e.g. SBB, RMG, AME)
26

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
27

Kaunisvaara DFS
• Logistic solutions confirmed
• NPV doubled, USD 934 million (463)
• Life of Mine CAPEX was reduced to
USD 892 million (908)
• CAPEX to reach 5 million tonnes of
USD 765 million with adjustments for
cost optimisation and current exchange
rates (694)
• Total OPEX per tonne of concentrate
delivered FOB at the port of Narvik for
the LOM is estimated to average USD
58.80 per tonne concentrate (53.76)
• Estimated premium for the Northland
pellet feed of USD 7 per Fe % unit
May 2011 DFS Results
NPV (8%) USD 934m 1
IRR 24% 1
Capacity
Life of Mine (LOM)
Opex LOM
5Mtpa
19 years
USD 58.8/t
concentrate
1
NPV and IRR are calculated after
taxes and interest
28

Project Benchmark
Peer Group Cash Costs adjusted for Fe% (US$/t conc.)
Murchison (Rocklea)
Sundance (Mbalam Ph 2)
Brockman (Marillana)
African Minerals (Tonkolili Ph
Champion Minerals (Fermont)
Macarthur (Lake Giles DSO)
Sphere (Askaf)
Advanced Exp (Roche Bay)
Sundance (Mbalam)
Northland (Kaunisvaara)
Australasian (Balmoral South)
London Mining (Marampa Ph 2)
New Millenium (DSO)
Cons Thom (Bloom Lake)
Northern Iron (Svardranger)
Gindalbie (Karara)
London Mining (Marampa Ph 1)
Bellzone (Kalia Phase 1)
Baffinland (Mary River)
Grange (Southdow n)
Labrador (Schefferville DSO)
Venus Metals (Yalgoo)
Bellzone (Kalia Phase 2)
Northland (Hannukainen)
London Mining (Isua)
New Millenium (Kemag) -14,50
*
-5,22
-8,65
-12,00
-0,89
1,85
24,11
21,95
20,96
17,15
17,10
15,07
15,00
13,95
12,62
12,56
11,77
11,00
10,15
9,78
8,50
31,71
56,00
50,00
47,85
47,00
On an Fe adjusted basis, Kaunisvaara’s cash costs sit favorably compared to their peers
Source: Equity Research
* Based Source: on OPEX Ocean of Equities, 52 USD / tonne and 5 USD / tonne per Fe unit
Company
29
27

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 Q3 2013
First concentrate Q1 2013 Q3 2014
First shipment Q1 2013 Q3 2014
Production through 2030 2027
Source: Kaunisvaara DFS
30

Kaunisvaara –
Pellivuoma Deposit
• Pellivuoma deposit ~15 km from Kaunisvaara industrial area
• Was included in the PEA presented in September 2009
• Will extend life of the Kaunisvaara area
• Definitive Feasibility Study started
Green = Measured;
Blue = Indicated;
Red = Inferred;
Pink = Potential
Whittle pit shell
(based on a metal price
of 110 US¢/dmtu)
Source: SRK 2010
31

Hannukainen –
Located Close to Kaunisvaara
32

Hannukainen Iron-Copper-Gold
• Hannukainen is a
Brownfield project
• Copper/Gold concentrate
by-product is a major
revenue contributor
• DFS completion in Q1 2012
• Planned production rate
of 2 Mtpa of ~69% Fe
concentrate
All data from the PEA performed by Hatch in 2010
Please refer to Northland Press Release dated 12 May 2010 for PEA results
33

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, 13 of 17 drill holes (5,834 meters) 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.
34

Selected Financial Data
USDm
9 months ended
Sep 30, 2011
9 months ended
Oct 31, 2010
3 months ended
Sep 30, 2011
3 months ended
Oct 31, 2010
Net profit/(loss) (3.7) (13.6) (3.9) 1.2
- per share (0.02) (0.12) (0.02) 0.01
Mineral properties
expenditures, Sweden 2.2 18.0 0.7 4.9
Mines under construction
expenditures, Sweden 95.5 ‒ 57.5 ‒
Mineral properties
expenditures, Finland 14.9 6.2 5.8 1.4
Cash, end of period 119.9 17.5 119.9 17.5
Common shares 225,548,899 111,158,899 225,548,899 111,115,899
35

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
Eva Kaijser, CFO. Worked for Boliden AB, a member of Group management since 2007. Experienced as
Finance and Treasury Manager and Group Controller. 10+ years experience.
Shane Williams, VP Projects. Former
Project Manager for Lundin Mining’s
Ozerone and Galmoy mines.
12+ years experience.
Manfred Lindvall, VP Environment, Health &
Safety. Former VP, EHS of Boliden and Lundin
Mining. 34+ years experience.
(Currently also acting VP Swedish Operations)
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.
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.
36

Experienced Management Team
Peter Pernlöf , VP Procurement and Energy.
Previously consultant in energy, procurement
and logistics. Former Chief Executive Officer of
Basel AB. Experience also includes VP of
Procurement at Boliden AB. 40 years
international 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 in Minelco
AB. 30+ years experience
Bert-Ove Johansson, VP Swedish
Operations. Former Regional Director of
Operations for Northland’s Swedish
subsidiary, NRAB.
30+ years international senior management
experience.
Jonas Lundström, VP Human Resources
and Corporate Communications. Former
President of the Norrbotten Chamber of
Commerce, Deputy Mayor of the City of Luleå
and Political Advisor to the Minister of
Industry in Sweden. 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
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.
37

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.
38

Next updates:
Upcoming report dates:
February 16, 2012:
Fiscal Year ended December 31, 2011, Audited Financial
Statements and MD&A, including Q4 results
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
39

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 preliminary short form prospectus dated November 17, 2010, its annual information form dated February 22,
2011, and the management’s discussion and analysis of results of operations and financial condition for the year ended
September 30, 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.
40