NEWS RELEASE: Noront has received no response from Wyloo and advises shareholders to promptly tender to BHP offer for C$0.75 per share (October 28, 2021)

TORONTO, Oct. 28, 2021 (GLOBE NEWSWIRE) — Noront Resources Ltd. (TSXV: NOT) (“Noront” or the “Company“) today provided an update to shareholders and advises Noront shareholders to tender their shares to the C$0.75 all-cash offer from BHP Western Mining Resources International Pty Ltd (“BHP” or the “Offeror“).

Noront CEO Alan Coutts: “It’s critically important that Noront shareholders are aware of two facts:

-First, the all-cash C$0.75 per share BHP offer is the only offer on the table. The previous Wyloo proposal of C$0.70 per share fell away, once BHP topped it with its C$0.75 offer; and
-Second, we have heard nothing from Wyloo since receiving the improved BHP offer more than a week ago, and Wyloo has no obligation to respond. There is no indication that another offer from Wyloo for the Company will be forthcoming.

The BHP offer provides both certainty and a compelling premium. We encourage Noront shareholders to tender their shares to the BHP offer well in advance of the November 9 deadline.”

No Other Offer is Available to Noront Shareholders

The Company emphasizes that the only offer that is available to shareholders is from BHP.

On October 18, a proposed arrangement agreement between Wyloo Canada Holdings Pty Ltd ( “Wyloo”) and Noront was announced. Under this proposal Wyloo would have acquired up to 100% of the common shares of Noront for C$0.70 per share. However, with BHP exercising its right to match on October 20 with an improved offer price of C$0.75 per share, the Wyloo arrangement agreement was never entered into and the Wyloo proposal is not available to Noront shareholders.

Noront has not heard from Wyloo since October 20. Further, Wyloo has made no indication of making an offer and is under no obligation to respond to the improved BHP offer, and Noront has no current indication of Wyloo’s intentions.

BHP Offer Provides Certainty

The BHP offer provides 100% cash consideration for Noront shares, providing Noront shareholders with certainty of immediate value with a significant premium to the unaffected share price. Noront’s Board of Directors (the “Board”) determined that BHP’s improved offer is in the best interests of the Company and its shareholders and advises Noront shareholders tender their shares by Friday, November 5, well ahead of the BHP offer deadline of 11:59pm (Toronto time) on November 9, 2021, to ensure that shares are tendered in time.

To tender your shares, see shareholder information below.

For Noront shareholders

A notice of variation (the “Notice of Variation”) in respect of the amended offer has been mailed to Noront shareholders. In addition, a notice of change to the directors’ circular of Noront (the “Notice of Change”) confirming the Board’s determination that the Offer is in the best interests of Noront and its shareholders and recommending that shareholders deposit their Noront shares under the Offer has been mailed to Noront shareholders. The Notice of Variation and the Notice of Change are available under Noront’s profile on SEDAR at and on Noront’s website at

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