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.”
Eagle’s Nest to lead the World in Sustainable Development and Operations
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:
- Developing Eagle’s Nest as a net zero emissions mine
We will embrace innovation by adopting the latest processes and technologies at Eagle’s Nest, to minimize our environmental impact in pursuit of our goal: producing the metals critical to a low-carbon future. - Committing C$25 million toward feasibility studies to investigate the potential for battery material production in Ontario
We will assess the potential to produce the raw materials to supply emerging battery markets, creating a robust critical material supply chain in Ontario, extracting as much value as possible from Canada’s critical minerals, for Canadians. - Targeting C$100 million in contract awards to Indigenous-led businesses
Through genuine partnership, Wyloo Metals will work hand-in-hand with Indigenous-led businesses to fully realize the economic benefits provided by the Ring of Fire development through direct contract awards, removing barriers for access to capital, and providing practical business support. Wyloo will incorporate traditional knowledge and Indigenous expertise into its operations by engaging with Indigenous communities throughout the exploration and development processes. - Creating and sustaining Indigenous and Northern Ontario employment opportunities
Wyloo will establish a Training and Employment Centre that provides guaranteed employment for trainees upon completion, empowering Indigenous and regional communities with access to good, long-term jobs.
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:
- A small footprint, underground operation with less than one square kilometre of surface disturbance;
- The return of tailings underground as paste backfill, replacing the need for tailings impoundment areas;
- Process water recycling that will minimize water use and process water discharge;
- Investigating the use of electric vehicles at site and underground, and hydrogen-fuelled haulage truck fleets;
- Investigating the development of wind power at site; and
- Investigating the use of ultramafic waste rock to capture and sequester carbon.
