Ring of Fire’s new boss, Wyloo Metals, makes a surprise visit to Thunder Bay – by Ian Ross (Northern Ontario Business – March 30, 2022)


City and First Nation leaders impressed by the approach and vision of the Australian mining company

The sale of Ring of Fire explorer Noront Resources to Wyloo Metals of Australia is about a week away from being finalized.

While the Perth-based mining company has imposed a news blackout on all things related to its newly acquired James Bay mineral interests until the transaction closes on April 7, it didn’t stop Wyloo’s top executive from swooping into Thunder Bay last week for a brief visit.

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‘Judge me on my actions’: can Andrew Forrest become Australia’s clean, green hero? – by Tory Shepherd (The Guardian – March 26, 2022)


The billionaire mining magnate known as Twiggy may be emulating Bill Gates with the scale of his philanthropy, but not everyone is convinced

Andrew Forrest says he isn’t after power. He didn’t aim to become wealthy. The 27.2 billion dollar man just “wants to leave the world a better place”.

The American novelist John Barth wrote that “everyone is necessarily the hero of his own life story”. Forrest is certainly that. But his story – including, but not limited to, the staggering success of his iron ore business and the even more staggering ambition of his clean energy plans – is writ large enough for others to read. And they don’t all see him as a white knight.

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Noront shareholders approve sale to Wyloo Metals – by Staff (Northern Ontario Business – March 15, 2022)


$616.9-million Ring of Fire deal could be finalized on April 7

A major milestone has been reached on the path of potential mining development in the Ring of Fire. Noront Resources shareholders overwhelming approved the sale of the Toronto junior miner’s mineral assets in the Far North to Wyloo Metals of Australia.

Shareholders voted 98.92 per cent in favour of the $616.9-million deal during a special shareholders meeting on March 15. Noront shareholders have another 10 days to decide if they want to retain their shares or receive the $1.10 cash offer by Wyloo.

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Big vote for Noront coming – by Carl Clutchey (Toronto Star – February 17, 2022)


THUNDER BAY — An Australian company could soon be leading the charge to build the first nickel mine in the Ring of Fire mineral belt if Noront Resources shareholders approve the move next month.

Investors who hold shares in Toronto-based Noront can vote at a virtual special meeting set for March 15 on a deal to have the company taken over by a subsidiary of Wyloo Metals, a Noront news release said Wednesday.

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IGO and Wyloo join forces on nickel processing – by Esmarie Iannucci (Mining Weekly – February 17, 2022)


PERTH (miningweekly.com) – ASX-listed IGO will partner with Andrew Forrest’s Wyloo Metals to evaluate opportunities for downstream nickel processing in Australia, as Wyloo commits to support IGO’s bid for fellow-listed Western Areas.

The agreement will see IGO and Wyloo Metals conduct a study, funded 70:30 by IGO and Wyloo respectively, to evaluate the technical, commercial and economic feasibility of developing a downstream nickel processing facility based in Australia.

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Who gets to decide the future of the Ring of Fire? – by Nick Dunne (TVO.org – February 11, 2022)


It’s one of Ontario’s last undeveloped regions, but First Nations say they’ve been given “token roles” in shaping its future

SUDBURY — It’s been 15 years since metal deposits were found in the so-called Ring of Fire. Now, the planned mining development, which spans 5,000 square kilometres in northern Ontario, has entered a new phase — and a group of First Nations wants to make sure its concerns are front and centre.

The new phase includes a regional impact assessment, a federal process that considers the effect that mining could have on one of Ontario’s last undeveloped regions. Five neighbouring First Nations are demanding that the government “start afresh with a commitment to have the [RIA] mutually and equally co-developed and co-led and co-enforced by an Indigenous governing body … that we Indigenous Nations will develop.”

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Forrest fuels another nickel bidding war – by Peter Ker (Australian Financial Review – January 26, 2022)


Billionaire Andrew Forrest has raised his stake in takeover target Western Areas in a move that confirms suspicions he will try to complicate IGO Group’s friendly takeover of the nickel miner.

Dr Forrest’s private company Wyloo Metals spent $31.4 million buying Western Areas shares on Friday and Monday at an average price of just under $3.43 per share. That valuation is above the IGO offer price of $3.36 per share, which the Western Areas board supported shortly before Christmas.

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‘Confusing, convoluted mess’: Ring of Fire set for speedy development under new owner, but challenges loom – by Gabriel Friedman (Financial Post – January 14, 2022)


Wyloo plans to build nickel mine in next five years, stoking renewed debate about reconciliation with Indigenous peoples

In the last days of December, Australia’s Wyloo Metals Ltd. offered $617 million in cash to buy Noront Resources Ltd., ending a bidding war with fellow Australian mining giant BHP Group, and emerging as the presumptive new owner of the collection of mineral claims in Ontario’s James Bay Lowlands known as the Ring of Fire.

The deal, expected to close in the next few months, leads to at least one major question: What happens next in the Ring of Fire? Cut off from the rest of Ontario, the project would require more than $1 billion of taxpayer investment in roads and infrastructure.

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Australia’s Wyloo Metals hopes to have Ring of Fire nickel mine, access road by 2026 – by Niall McGee (Globe and Mail – December 23, 2021)


Wyloo Metals Pty Ltd., the winner of a fierce bidding war for Noront Resources Ltd., hopes to have a large nickel mine in operation in the Ring of Fire, and an access road built into the remote minerals district in northern Ontario, within five years.

Earlier this week, BHP Group Ltd. said it was not willing to improve upon Wyloo’s offer of $617-million ($1.10 a share) for Noront, ending a seven-month battle. Wyloo, a private equity firm based in Perth, Australia, that specializes in investing in large resource projects, is backed by billionaire Andrew Forrest, founder of iron ore giant Fortescue Metals Group.

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NEWS RELEASE: UPDATE — Noront and Wyloo Metals Enter Into Binding Agreement for Previously-Announced Acquisition of Noront for C$1.10 per Share (December 22, 2021)

  • BHP elects not to exercise its right to match; Support Agreement with BHP terminated
  • Improved Wyloo Metals offer of C$1.10 in cash per share represents a 358% premium to Noront’s unaffected closing price on May 21, 2021 and a 47% premium to BHP’s C$0.75 per share offer
  • Wyloo Metals’ offer also provides shareholders with the option of retaining some or all of their shares in Noront
  • Noront’s Board of Directors unanimously supports transaction with Wyloo Metals

TORONTO and PERTH, Australia, Dec. 22, 2021 (GLOBE NEWSWIRE) — Noront Resources Ltd. (“Noront” or the “Company”) (TSXV: NOT) and Wyloo Metals Pty Ltd (“Wyloo Metals”) are pleased to announce that they have entered into a binding arrangement agreement (the “Arrangement Agreement”), pursuant to which Wyloo Metals has agreed to acquire up to all of the outstanding common shares of the Company (each, a “Common Share”)

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Wyloo Metals is pleased to announce it will enter into a binding agreement with the Board of Noront Resources Ltd. (TSXV:NOT) (“Noront”) as part of its long-term strategy to responsibly develop the Ring of Fire in Northern Ontario.

The announcement is a significant milestone and paves the way for Wyloo Metals to revitalise Noront under the leadership of a new and proven Board of Directors, led by Dr Andrew Forrest AO.

Tattarang Chair Dr Andrew Forrest AO paid tribute to the Wyloo Metals team for recognising the significance of the Ring of Fire and the vital role its deposits will play in securing Canada’s critical metal supply chain.

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NEWS RELEASE: BHP announces it will not match Wyloo’s proposal to acquire Noront

TORONTO and MELBOURNE, Australia, Dec. 21, 2021 /CNW/ – BHP Lonsdale Investments Pty Ltd (“BHP Lonsdale”), a wholly owned subsidiary of BHP, today announced that it will not increase or extend its offer for Noront Resources Ltd. (“Noront”).

BHP Chief Development Officer, Johan van Jaarsveld, said: “BHP is committed to its strict capital discipline framework. While the Eagle’s Nest deposit is a promising resource, we do not see adequate long-term value for BHP shareholders to support an increase in BHP’s offer in order to match the C$1.10 per share proposal from Wyloo Metals Pty Ltd.”

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NEWS RELEASE: Noront Reaches Agreement With Wyloo Metals to Acquire Noront for C$1.10 Per Share (December 21, 2021)

  • Noront Board of Directors unanimously determines improved Wyloo Metals Offer of C$1.10 per share to be a Superior Proposal
  • Improved Wyloo Offer of C$1.10 in cash per share represents a 358% premium to Noront’s unaffected closing price on May 21, 2021 and a 47% premium to BHP’s C$0.75 per share offer
  • BHP has five business days to match Wyloo Metals’ offer

TORONTO, Dec. 21, 2021 (GLOBE NEWSWIRE) — Noront Resources Ltd. (“Noront” or the “Company”) (TSXV: NOT) today announced it has settled an arrangement agreement (the “Arrangement Agreement”) with Wyloo Metals Pty Ltd and Wyloo Canada Holdings Pty Ltd (together, “Wyloo Metals”) under which Wyloo Metals has agreed to acquire up to all of the issued and outstanding common shares of Noront (“Common Shares”) that it does not already own, directly or indirectly, for C$1.10 per Common Share by way of a statutory plan of arrangement under the Business Corporation Act (Ontario) (the “Wyloo Offer”).

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NEWS RELEASE: Noront Acknowledges Receipt of Proposal and Draft Transaction Documents From Wyloo Metals (December 14, 2021)

TORONTO, Dec. 14, 2021 (GLOBE NEWSWIRE) — Noront Resources Ltd. (“Noront” or the “Company”) (TSXV: NOT) announces that it has received a non-binding letter dated December 12, 2021, and related draft arrangement agreement and other ancillary transaction documents (collectively, the “Transaction Documents”), from Wyloo Metals Pty Ltd and Wyloo Canada Holdings Pty Ltd (together, “Wyloo Metals”) in respect of the Updated Wyloo Proposal (as defined below).

The Transaction Documents outline, among other things, the terms and conditions upon which Wyloo Metals would be prepared to acquire all of the common shares of Noront not already owned by Wyloo Metals for cash consideration of C1.10 per common share of the Company (the “Updated Wyloo Proposal”). The Updated Wyloo Proposal is subject to, among other things, negotiating and executing definitive Transaction Documents with Wyloo Metals.

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BHP extends Noront bid deadline again amid Wyloo talks – by Cecilia Jamasmie (Mining.com – December 3, 2021)


BHP (ASX, LON, NYSE: BHP) has once again extended the deadline for Noront Resources’ (TSX-V: NOT) investors to accept or refuse its bid from December 14 to January 14, 2022, as talks with rival Wyloo Metals regarding the imminent takeover of the Canadian miner progress.

The world’s largest miner and the Canadian company have also amended a support agreement inked in July and amended on October 19 relating to Noront’s backing of BHP’s offer in order to extend the outside date in that agreement from December 14 to January 21, 2022.

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