Archive | Ontario’s Ring of Fire Mineral Discovery

With Wyloo on their heels, Noront CEO focuses on a ‘green’ metal future with Ring of Fire deposits – by Ian Ross (Northern Ontario Business – June 11, 2021)

Alan Coutts floats concept of downstream nickel processing plant for the electric vehicle battery market

Even the spectre of Wyloo Metals’ takeover bid hanging over his head didn’t deter Noront Resources CEO Alan Coutts from talking like the future mining kingpin of the Ring of Fire.

In his June 9 webcall to investors for Noront’s annual regional meeting, Coutts addressed the Australian elephant in the room by methodically walking shareholders through the process of digesting Wyloo’s unsolicited $133-million bid to acquire the Toronto junior miner before delving into his company’s ambitious plans for 2021 and beyond.

Wyloo came aboard last December as Noront’s biggest shareholder at 23 per cent before announcing its intention to make an all-out bid to pick up all the common shares of Noront it does not currently own. Continue Reading →

The Ring of Fire road is a ‘game-changing’ project to these realtors – by Staff (Northern Ontario Business – June 8, 2021)

Far North route, better rural connectivity makes Ontario Real Estate Association’s top infrastructure to-do list

The Ring of Fire and its would-be road made the Ontario Real Estate Association’s (OREA) Top 10 list of “game-changing” infrastructure projects in the province.

A Strategic Transportation Link to Ontario’s Ring of Fire ranked eighth behind a raft of transit and rail projects in the Greater Toronto Area, eastern and southwestern Ontario.

OREA called the Far North exploration camp, Canada’s “largest known source of untapped mineral wealth,” but it faces huge logistical challenge to reach the stranded nickel, chromite and base metal deposits due to the area’s remoteness. Continue Reading →

Sparking up the Ring of Fire – by D’Arcy Jenish (Canadian Mining Journal – June 8, 2021)

Progress on infrastructure in remote region offset by opposition from several First Nations, environmental groups

Once there were many. Now there are just two. The discovery in 2008 of vast deposits of nickel, copper, chromite, platinum and palladium in the Ring of Fire, in Ontario’s remote Far North, fuelled dreams of fabulous wealth and unleashed a predictable stampede to stake claims.

More than 35 junior mining companies laid claim to a piece of this crescent-shaped, mineral-rich formation, which, by some estimates, spans 5,000 sq. km. Even once mighty Cliffs Natural Resources of Cleveland jumped in with grand plans to invest $3.3 billion to a build a mine, a processing facility and a transportation corridor of 300-plus km to the CN rail line at Nakina.

But Cliffs was later forced to file for bankruptcy protection. Exploration money dried up. The dreams of future wealth evaporated as the prospects of production receded ever further into the future. And one by one, all those juniors exited, leaving just two Toronto-based companies still standing – Noront Resources and KWG Resources. Continue Reading →

Inside the battle to own a prized nickel deposit in Ontario’s remote Ring of Fire – by Gabriel Friedman (Financial Post – June 8, 2021)

Wyloo Metals, backed by an Australian iron ore magnate with deep pockets, is looking to buy Noront Resources for its prospective nickel as a carbon transition play

As the world stumbles towards a decarbonized future, moving sideways and planting false steps at times, Luca Giacovazzi says he knows one thing: The transition is good for Northern Ontario’s nickel.

In a story that is still unfolding, in late May, Luca Giacovazzi, head of Australia-based Wyloo Metals Pty Ltd, announced he was prepared to invest roughly $133 million to buy Noront Resources Inc. — the Toronto company that’s spent years trying to develop a new mining district near the James Bay Lowlands of northern Ontario, called the Ring of Fire.

Cut off from all-season roads connecting to the rest of the province, the Ring of Fire has always faced long odds of becoming a mining area. Continue Reading →

Wyloo Metals would put proposed Sault ferrochrome plant under the microscope, if successful in bid for Noront Resources – by Ian Ross (Northern Ontario Business – June 7, 2021)

Australian mining investor focused on mining, processing nickel for Ontario’s electrical vehicle manufacturers

The prospective Australian buyer for Noront Resources won’t make any immediate shifts in strategy in the Far North mineral exploration camp should it acquire the Toronto junior mining company. But it will reassess the location of a proposed ferrochrome processing plant slated for Sault Ste. Marie as part of its own independent study.

The head of Wyloo Metals, the Perth-based mining company, is making it clear that the apple of its eye is the high-grade Eagle’s Nest nickel deposit – the lead project in Noront’s mine development pipeline – not so much its chromite prospects.

“The focus is on nickel,” said Luca Giacovazzi in an interview with Northern Ontario Business. The chromite potential in the Far North mineral belt, Giacovassi said, is viewed by Wyloo as more of a “longer term opportunity.”

Privately held Wyloo, a subsidiary of Tattarang, one of Australia’s largest private investment firms, is making a stab at acquiring all of the outstanding common shares of Noront, well beyond the 23 per cent share stake it currently holds as Noront’s largest shareholder.

The company announced its intention in late May to make a $133-million all-cash bid for Toronto-based Noront, the lead mine developer in the remote James Bay region.

For the rest of this article:

Cash-strapped Noront Resources rebuffs Wyloo Metals’ loan offer in Ring of Fire takeover bid – by Staff (Northern Ontario Business – June 4, 2021)

Wyloo owner Andrew Forrest sends a “big hug” to Matawa First Nation chiefs

Noront Resources is rejecting the offer of a $5-million loan from Australia’s Wyloo Metals, which is seeking to take over the Ring of Fire mine developer.

In a June 4 news release, Noront admitted it “has an immediate need for funding” but intends to go the private placement financing route to raise $6.1 million to keep the company running and to work on its exploration properties in the remote James Bay region.

Perth-headquartered and privately owned Wyloo, a major mining investor and explorer in Australia with global ambitions, came aboard last October to become Noront’s largest shareholder at 23 per cent. BaoSteel of China is Noront’s next largest shareholder at 5.4 per cent. Continue Reading →

NEWS RELEASE: Noront Resources Announces Private Placement Financing and Further Responds to Wyloo Proposal (June 4, 2021)

TORONTO, June 04, 2021 (GLOBE NEWSWIRE) — Noront Resources Ltd. (TSXV: NOT) (“Noront” or the “Company”) today announced its intention to complete a private placement financing (the “Private Placement”) of 21,659,385 common shares of the Company (“Common Shares”) at a price of $0.283 per Common Share (the “Issue Price”) to raise gross proceeds of approximately $6.1 million. Closing of the Private Placement is anticipated to occur on or about June 11, 2021.

The Company has an immediate need for funding and intends to use the net proceeds of the Private Placement to address its near-term working capital commitments, with any remaining funds to be used to advance the development of its portfolio of properties and associated activities located in the Ring of Fire.

The Common Shares to be issued pursuant to the Private Placement will be distributed in offshore jurisdictions pursuant to Ontario Securities Commission Rule 72-503 – Distributions Outside Canada and, as such, will not be subject to a statutory hold period in accordance with applicable securities laws. TD Securities Inc. is acting as agent and financial advisor to Noront in connection with the Private Placement. Continue Reading →

Wyloo’s bid for Canadian nickel-copper miner Noront shows scramble for battery metals is accelerating – by Jeff Lewis (Globe and Mail/Reuters – June 3, 2021)

He compared northern Ontario to Western Australia’s Pilbara region, rich
in iron ore and home to miners like BHP Group, Rio Tinto and Forrest’s
Fortescue Metals Group.“I think if you went to the Pilbara 20 years ago
you would never think that you would have major mining companies and the
infrastructure that exists there today,” he said.

A fight over Canadian nickel-copper miner Noront Resources shows the scramble for battery metals is accelerating, with global miners racing to secure supply ahead of an expected surge in demand from electric vehicles.

Wyloo Metals, a unit of Australian mining magnate Andrew Forrest’s Tattarang investment group, plans an unsolicited bid for the remaining shares of the Canadian miner valuing Noront at $133-million, or $0.315 per share. Wyloo is Noront’s top shareholder, with a 23 per cent stake as of December.

Noront adopted a poison pill and said it has yet to receive a formal offer. The company declined further comment. Continue Reading →

Wyloo Metals wants to rain money for a clean mining, inclusive Ring of Fire – by Staff (Northern Ontario Business – May 31, 2021)

Australian miner floats battery metals supply chain concept, proposes $100 million in First Nation contract awards

If a mine gets built in the Ring of Fire under the Wyloo Metals flag, it will be a net zero emissions operation.

The Australian mining investment company, which is making a play to take over Noront Resources’ nickel, chrome and metal assets in the James Bay region, said it’s prepared to open its wallet to find ways to reduce the environmental impact of mining in the Far North, will train and hire Indigenous people, and will award millions in contracts to First Nation-owned companies.

The Perth-headquartered company is floating the concept of a Future Metals Hub that would be developed in collaboration with First Nation communities and other regional stakeholders. Their intent is to look at the possibility of establishing a supply chain in Ontario to make the materials needed for the electric vehicle battery industry. Continue Reading →

Noront suitor Wyloo Metals looks to spend $25 million to study viability of Ontario battery metals plant – by Niall McGee (Globe and Mail – May 31, 2021)

Australian private equity firm Wyloo Metals Pty Ltd. says it intends to spend $25 million to study the viability of building a battery metals processing plant in Ontario, if it succeeds in its attempt to buy Ring of Fire operator Noront Resources Ltd.

Last week, Wyloo Metals, a subsidiary of Perth-based investment holding company Tattarang, said it was prepared to buy Toronto based Noront for $133-million in cash, or roughly a 31 per cent premium to its market value.

Toronto-based Noront has not responded directly to Wyloo Metal’s proposal yet, but it has moved to put a “poison pill” in place, that would temporarily prevent Wyloo from taking the company over. Continue Reading →

NEWS RELEASE: Wyloo Metals commits to world-class Future Metals Hub in Ontario (May 31, 2021)

PERTH, Australia, May 31, 2021 (GLOBE NEWSWIRE) — As part of its long-term investment strategy in the Ring of Fire, Wyloo Metals Pty Ltd (“Wyloo Metals”) is committed to developing a sustainable and world-class Future Metals Hub in Ontario that will create new industry and employment opportunities across the region.

The proposed Future Metals Hub will be developed in consultation with regional stakeholders and First Nations communities to create battery material supply chain capabilities that maximize and retain the value generated from resource development within Ontario.

This announcement follows Wyloo Metals’ statement on Tuesday, May 25, 2021 regarding its intention to make an offer to acquire all of the outstanding common shares of Noront Resources Ltd. (TSXV:NOT) (“Noront”) that it does not currently own. Continue Reading →

NEWS RELEASE: Noront Resources Adopts Shareholder Rights Plan (May 27, 2021)

TORONTO, May 27, 2021 (GLOBE NEWSWIRE) — Noront Resources Ltd. (TSXV: NOT) (“Noront” or the “Company”) announces that it has adopted a shareholder rights plan (the “Rights Plan”) effective May 26, 2021.

The Rights Plan is designed to ensure that all Noront shareholders are treated fairly in connection with any take-over bid and to protect against “creeping bids” for the outstanding common shares of Noront (the “Common Shares”) through purchases exempt from applicable take-over bid rules.

Subject to the terms of the Rights Plan, in the event that rights become exercisable under the Rights Plan, holders of the rights (other than the acquiring person and its related parties) will be permitted to exercise their rights to purchase additional Common Shares at a 50% discount to the then prevailing market price of the Common Shares. Pursuant to the Rights Plan, one right attaches to each issued and outstanding Common Share. Continue Reading →

Australian private-equity firm targets acquisition of Ring of Fire explorer Noront – by Niall McGee (Globe and Mail – May 26, 2021)

Australian private-equity firm Wyloo Metals Pty Ltd. says it intends to acquire Canadian Ring of Fire exploration company Noront Resources Ltd. for $133-million.

The company made its unsolicited approach as Toronto-based Noront runs low on cash, and after years of toiling without success to get its chromite and nickel minerals projects off the ground in the Ring of Fire mining district.

While Noront has long promoted the swampy remote region of Northern Ontario as holding a treasure trove of strategic metals, it hasn’t put any mines into production. Continue Reading →

Australians look to go all-in on the Ring of Fire – by Staff (Northern Ontario Business – May 25, 2021)

Wyloo Metals makes take-over bid for Noront Resources

Noront Resources largest shareholder, Australia’s Wyloo Metals, intends to make a bid to acquire the Ring of Fire mine developer.

Perth, Australia-headquartered Wyloo Metals announced May 25 that it intends to make an offer to acquire all of the outstanding common shares in Noront that it does not currently own in a proposed $133-million deal.

Privately-held Wyloo made its initial buy-in last December, through a subsidiary company, Wyloo Canada Holdings, taking a 23 per cent stake of Noront’s common shares.

Wyloo is owned by Australian mining and green energy billionaire Andrew Forrest and his privately-held investment company Tattarang. Wyloo succeeded Resources Capital Fund as Noront’s biggest shareholder. Continue Reading →

NEWS RELEASE: Noront Responds to Unsolicited Proposal by Wyloo Metals

TORONTO, May 25, 2021 (GLOBE NEWSWIRE) — The Board of Directors of Noront Resources Ltd. (“Noront” or the “Corporation”) (TSX Venture: NOT) notes the announcement today by Wyloo Metals Pty Ltd., (“Wyloo”) a subsidiary of Tattarang Pty Ltd. (“Tattarang”), that it intends to commence an unsolicited proposal to acquire all of the common shares of Noront (the “Proposal”).

The Corporation will review the terms of the Proposal and will communicate with its shareholders as appropriate.

Noront recommends that shareholders defer taking any action in respect of the Proposal. Shareholders are reminded that the announcement does not constitute an offer, and no offer may ever actually be made. As an unsolicited proposal by an insider of the Corporation, shareholders will be entitled to receive a valuation of the Corporation in order to consider the Proposal. Continue Reading →