The acquisition was completed following a shareholder vote to approve the plan of arrangement and a subsequent retention election, which resulted in less than 20 per cent of the common shares of Noront being subject to a retention election *. As a result, Wyloo Metals has acquired all of the common shares of Noront that it did not already own.
Wyloo Metals CEO Luca Giacovazzi said the company was ready to deliver a new world-class battery metals producer in the province of Ontario – one that will play a significant role in meeting the rising demand for critical minerals as the world looks to decarbonize.
“Wyloo Metals was founded to ensure a successful transition to a lower carbon future by supplying the necessary critical metals to the world. Today we take an important step in our long-term strategy to become a producer of metals needed for a cleaner future,” Mr Giacovazzi said.
“We know this future can be realized by working together with our Indigenous communities and stakeholders. The Ring of Fire represents a transformative, multigenerational opportunity and we are committed to working closely with all stakeholders to create mutually beneficial industry and employment opportunities across the region.”
As one of the largest undeveloped, high-grade nickel sulphide deposits in the world, Eagle’s Nest has the potential to transform Ontario into a leading producer of battery materials. To realize this potential, Wyloo Metals will pursue the highest standards of sustainable development, build supply chain capabilities within Ontario, invest directly into local businesses, and create training and employment pathways across northern Ontario.
Wyloo Metals intends to develop Eagle’s Nest in line with four key commitments:
In addition to targeting net zero emissions, Wyloo Metals will set a global benchmark for future mining operations through its proactive commitments to sustainable development and the highest possible standards of environmental compliance, including:
Wyloo Metals intends to apply these technologies alongside traditional knowledge from local communities to ensure Eagle’s Nest is a truly sustainable development.
Wyloo Metals supports the critical mineral strategies of the federal government and the province of Ontario and welcomes the emphasis on creating resilient domestic supply chains, investing in innovation, research and labour supply, and critically, building economic development opportunities with Indigenous partners. Developing the north is critical to meeting these goals, and Wyloo Metals looks forward to working with the federal and provincial government to realize these strategies.
The Ring of Fire is richly endowed with nickel, copper, cobalt, platinum group elements (PGEs), chromite, titanium and vanadium – all of which feature in Ontario’s critical minerals list. Recent geopolitical events have further highlighted the value of a secure domestic supply chain of such metals.
Wyloo Metals also looks forward to continuing to support Indigenous communities in leading the development of an infrastructure corridor that will not only facilitate mine production, but will provide communities with all season access to road transportation, power and internet infrastructure alongside other amenities such as health services, reducing the reliance on unpredictable winter roads, and reducing the frequent, carbon-intensive air freight to the north.
“Canada has a valuable opportunity to position itself as a green energy superpower for the next century and beyond. The demand for critical metals is being driven by a once-in-a-generation industrial revolution, as we transition from a carbon-based economy to electrification and low-carbon technologies,” Mr Giacovazzi said.
“By investing in Ontario’s battery production capabilities, we will not only provide a secure, domestic supply of products for the emerging battery market, but also provide a source of critical metals that meet the highest environmental and social standards.”
*See Noront Resources Ltd. press release dated March 28, 2022.