Company: Wyloo

Ring of Fire Metals, Wyloo Metals and Mincor Resources and will unify under the brand name Wyloo after becoming the largest pure-play nickel company outside of Russia.

Wyloo Metals’ acquisition of Mincor Resources, completed last month, makes Wyloo a producer of high-grade nickel sulphide from its newly acquired Cassini and Northern Operations mines in Kambalda, Western Australia.

The new name also applies to Wyloo’s Canadian subsidiary, formerly Ring of Fire Metals, which owns the high-grade Eagle’s Nest project and the only material chromite resource in North America, in the Ring of Fire region in northern Ontario, Canada.

Wyloo CEO Luca Giacovazzi said the combined company was unique because of its significant nickel production coupled with a strong pipeline of growth projects that will produce nickel for at least the next two decades.

“We are now producing around 15 thousand tonnes of nickel from our mines in Western Australia which, together with our Eagle’s Nest project in Ontario, will ensure we remain a significant nickel producer for at least 20 years,” he said.

“Our project with IGO to build Australia’s first integrated battery materials facility in Kwinana will also see us expand downstream to produce precursor cathode active material (PCAM) via a low-cost and low-carbon process for the electric vehicle battery industry. We plan to do the same in Ontario, supported by long-life production from Eagle’s Nest.

“We’ve also assembled an exciting exploration portfolio with dominant land positions in three of the most prolific nickel belts in the world: Kambalda; Ring of Fire; and Cape Smith, and we like the potential we see in reopening some of the mines currently in care and maintenance in Widgiemooltha.”

Mr Giacovazzi said now was the right time to bring all three companies together under one banner.

“After the rapid growth we’ve experienced during the past two years, we wanted to bring all of our companies together under one name to reflect our unique position in the market and the synergies we will achieve as one team,” he said.

“Our vision is to unearth critical minerals, innovate how we mine and process them, and sustain the planet for future generations.

“When people think of the cleanest, high-grade nickel sulphide, in the tier-one jurisdictions of Australia and Canada, they will think of Wyloo.”

Leadership appointments

The change of company name coincides with a number of leadership appointments.

Sylvain Goyette has joined Wyloo as Vice President, Projects in our Canada team. Sylvain will oversee the Eagle’s Nest Project and joins the organisation with over 25 years of global operational mining experience. Most recently, Sylvain held roles in commercial sales and procurement for Glencore’s nickel division in Southern Africa and the USA. Prior to this, he served as President of Glencore New Caledonia, where he was also a member of the Board and Technical Committees for the Koniambo Nickel Project.

Steve Price has joined Wyloo in the role of Asset President – Kambalda. Steve joins Wyloo with almost forty years of global experience in the mining industry, spanning operator to senior leadership roles including three years in Kalgoorlie. In his former role as General Manager Underground Operations at the Oyu Tolgoi mine in Mongolia, Steve led a workforce of just under 4,500 people to double productivity and accelerate project milestones while maintaining best in project safety performance.

“We are extremely fortunate to have Steve and Sylvain join our leadership teams. They bring with them a wealth of global nickel mining experience and proven track records in project delivery and operational excellence,” said Mr Giacovazzi.

“Our team comprises some of the best underground mining operators in the world, with deep expertise in nickel. Importantly, the team is passionate about our vision to produce clean nickel and deeply committed to leading our people to achieve their best.”

Nanette Trask has been appointed Chief Financial Officer (CFO) at Wyloo. Formerly General Manager Finance with Wyloo Metals, Nanette joined the organisation with more than ten years of experience in CFO and senior finance roles in mining and has led the integration between Wyloo Metals and Mincor Resources.

Joel Turco has been appointed Chief Development Officer (CDO) at Wyloo. Formerly General Manager Strategy and Business Development, Joel has been instrumental in Wyloo’s transformational merger and acquisition strategy since joining Wyloo Metals in early 2021, most notably leading the acquisitions of Noront Resources (subsequently Ring of Fire Metals) and Mincor Resources. Joel joined the organisation from Macquarie Capital’s natural resources investment banking team.

“Nanette and Joel have been instrumental in growing Wyloo from a team of 12 into a global organisation that directly employs around 150 people with operations and projects in Australia and Canada. In their roles, they will continue to work across jurisdictions, reflecting the global focus of the Wyloo brand,” said Mr Giacovazzi.

Wyloo now owns 90.87% of Mincor’s shares.

• On completion of its on-market takeover offer at close of trading today, Wyloo will own more than 90% of Mincor’s shares and will proceed to the compulsory acquisition of Mincor.
• This transformative acquisition will turn Wyloo into an integrated nickel producer, with high-grade nickel production from Kambalda feeding a future downstream processing plant in Kwinana.
• Kambalda is set to be reinvigorated as Wyloo invests in the exploration and assessment of the Kambalda and Widgiemooltha Domes.
• Combined with its Canadian assets, Wyloo’s nickel portfolio now boasts an impressive combination of production, processing, development and exploration projects – all in the tier one jurisdictions of Australia and Canada.

Transaction update
Wyloo Consolidated Investments Pty Ltd (Wyloo) provides the following update in relation to its on-market takeover offer (the Offer) for all of the shares in Mincor Resources NL (ASX:MCR) (Mincor) that it does not already own.

As of close of trading on the ASX on Tuesday 4 July 2023, Wyloo has an interest and voting power in approximately 90.87% of Mincor.

The Offer period will end at the close of trading on the ASX today, Wednesday 5 July 2023. At this time, Wyloo will have a relevant interest in more than 90% of Mincor shares and will have acquired more than 75% of the Mincor shares that it offered to acquire under its Offer. Accordingly, Wyloo will then proceed to the compulsory acquisition of the remaining Mincor shares under the compulsory acquisition provisions of the Corporations Act 2001 (Cth) (Corporations Act).

Compulsory acquisition will be on the same terms as those offered by Wyloo under the Offer, which means that remaining shareholders will receive $1.40 cash per Mincor share.

Delivering materials to decarbonise the world
Wyloo is a wholly-owned portfolio company of Tattarang. Tattarang Chairman Dr Andrew Forrest AO said the demand for critical minerals was going to grow exponentially as we raced to decarbonise the planet and that Wyloo, now a major supplier of critical minerals, would play a crucial role in meeting that demand.

“Wyloo has targeted nickel sulphides as they are the greenest and cheapest option for battery manufacturing: they have the best economics, can be processed into battery grade nickel with the lowest environmental footprint and are fully recyclable,” he said.

“We are going to give the market a choice between clean nickel and dirty nickel.”

Creating an integrated, global nickel business
Wyloo CEO Luca Giacovazzi said he is thrilled to have completed the acquisition of Mincor and was looking forward to combining the company’s assets with the rest of Wyloo’s nickel portfolio.

“The acquisition of Mincor turns Wyloo into a fully integrated nickel business that brings together high-grade nickel production from Kambalda with our planned downstream processing facility in Kwinana,” he said.

“The acquisition also complements our high-grade Eagle’s Nest nickel-copper-PGE project in Ontario and our exploration projects in Quebec.

“By adding Mincor to our portfolio, we’ve introduced a producing mine alongside our long-life development projects, with all our orebodies located in the tier one jurisdictions of Australia and Canada.”

Significant exploration upside
Mr Giacovazzi said there was significant exploration upside in Kambalda in Western Australia’s Goldfields region.

“Kambalda is one of the most prolific nickel sulphide regions in the world. It has produced more than 1.6 million tonnes of nickel over the past 50 years or so and hosts some of the highest-grade nickel sulphide orebodies on the planet,” he said.

“The mines in Kambalda have had five-year mine lives since the 1970s. Mining companies have historically focused on incrementally extending production, but none have taken a systematic approach to exploring the Kambalda and Widgiemooltha Domes.

“We think the district has huge potential and we’re looking forward to investing more into exploration.”

Complementary businesses
Mincor Managing Director and CEO Gabrielle Iwanow said Mincor’s merger with Wyloo brought together complementary assets and skill sets.

“Mincor has a great team of some of the world’s very best, highly respected technical experts who have a detailed understanding of WA’s nickel resources. Wyloo made it clear from the outset that they were not only attracted to Mincor’s projects, but also its people,” she said.

“There’s a clear cultural fit and a drive for growth that’s common across both companies. The team is really excited to see what we can achieve when we bring together Mincor’s producing assets with Wyloo’s plans for downstream processing and long-term growth projects.”

Wyloo Metals Pty Ltd (Wyloo) and IGO Limited (ASX: IGO) (IGO) have today announced that land has been secured at Kwinana for their proposed integrated battery material facility (IBM Facility or the Project).

Wyloo and IGO are working towards making a financial investment decision on the development of the Project which involves integrating a downstream nickel refinery with a plant producing high-value nickel dominant precursor cathode active material (PCAM) for the battery supply chain. The proposed Project would combine IGO’s disruptive nickel refining technology with PCAM production expertise via a low-cost and low-carbon process. The Project would represent the first commercial production of PCAM in Australia and would align with the State Government’s drive to grow Western Australia’s future battery industry.

The proposed IBM Facility would be constructed in the Kwinana-Rockingham Strategic Industrial Area on approximately 30 hectares of vacant industrial land leased from the State Government. The land secured for the proposed IBM Facility is located adjacent to the Kwinana Lithium Hydroxide Refinery which is owned by Tianqi Lithium Energy Australia (TLEA), a joint venture between IGO and Tianqi Lithium Corporation.

Key workstreams required before a Final Investment Decision can be made include engaging a partner with experience in PCAM production, delivery of a Feasibility Study in mid-2024, environmental permitting and approvals, broad stakeholder engagement and the achievement of key commercial outcomes. IGO and Wyloo are currently advancing discussions with a global battery chemical manufacturer who have indicated strong interest in partnering in the Project. This is an important step in integrating the parties’ technologies with IGO’s critical minerals to capture value across the supply chain.

IGO’s Acting CEO, Matt Dusci commented; “Australia is already playing a critical role in the global supply of critical minerals required as the world transitions to clean energy. We need to continue to expand our participation throughout the battery supply chain, beyond just the mining of critical raw minerals, in order to capture a greater share of the value. We believe the area where Australia can be most competitive is in mid-stream battery chemical processing.

“We are excited about securing this site at Kwinana – a critical step in our ambitions to be better integrated into the battery supply chain. We strongly believe that by bringing the right partners together, we will deliver a fully optimised nickel supply chain delivering low-cost, low-carbon, responsibly produced battery chemicals for the global battery and electric vehicle industry, to be delivered through an integrated battery material facility here in Western Australia.”

“The Kwinana-Rockingham Strategic Industrial Area is rapidly emerging as a globally significant battery material hub with existing lithium hydroxide production, established critical infrastructure and an attractive and skilled residential workforce. I would like to acknowledge the support of the Western Australian State Government as we work together with a combined ambition of continued growth of the local battery chemical industry.”

Wyloo CEO, Luca Giacovazzi said: “We’re extremely excited to build upon the immense potential that exists here in WA with the development of Australia’s first commercial PCAM facility in Kwinana. Areas like Kambalda and Leinster in Western Australia hold some of the world’s highest-grade nickel, with huge potential for more discoveries to be made. WA is already a leading supplier of critical minerals, and this is the spark it needs to become a global hub for battery metals. There’s a huge opportunity to grow the industry and Western Australian jobs by supporting the world’s transition to electric vehicles.”

Integrated Battery Materials Facility – Project Background

The electrification of transport is driving significant demand for battery critical metals including nickel, lithium, copper, cobalt, manganese and rare earths. While the demand for raw battery metals will increase over the next two decades, global energy storage needs also require significant volumes of refined battery chemicals and active materials.

The current battery supply chain for the extraction, refining and manufacturing of battery metals and chemicals is complex, with the majority downstream processing occurring in China, other Asian countries, Europe and North America.

While there has been recent construction of lithium hydroxide plants in WA, to date, there is limited downstream production occurring within Australia for battery chemicals and other products.

IGO Limited is focused on co-developing an IBM Facility in Kwinana, Western Australia. In partnership with Wyloo Metals, and a planned PCAM partner, the proposed IBM Facility will be capable of producing high value nickel-cobalt-manganese precursor cathode active material.

The Project will source feed stock concentrates and other intermediates from IGO’s own assets and third-party suppliers, providing a direct linkage between Western Australian upstream battery mineral assets and downstream customers in the battery supply chain, and support the development of sovereign battery chemical processing capabilities in Western Australia.

The proposed IBM Facility would harness the IGO Process™, a disruptive technology developed by IGO and demonstrated to be at the bottom quartile of operating costs while delivering significantly reduced carbon emissions when compared to equivalent processes for the production of nickel rich battery chemicals. The IGO Process™ is also able to treat a broader range of concentrate feeds as compared to traditional refining processes.

Combining the IGO Process™ with leading precursor manufacturing technology, the proposed IBM Facility will produce precursor cathode active material needed for the manufacture of nickel rich cathode material in lithium-ion batteries.

IGO believes that shifting the current supply chain dynamics and producing battery chemicals, and specifically precursor cathode active material, is the optimal battery chemical that will have significant financial and carbon footprint advantages than comparable production processes. It will also enable Australia to create greater critical battery metal security and support the building of improved national capability across the battery supply chain.

Wyloo Consolidated Investments Pty Ltd ACN 646 337 439 (Wyloo Consolidated), a subsidiary of Wyloo Metals Pty Ltd (Wyloo Metals), provides the following update in relation to the on-market takeover offer (the Offer) for all of the shares in Mincor Resources NL (ASX: MCR) (Mincor) that are not owned by Wyloo Consolidated, Wyloo Metals or Tattarang Pty Ltd as trustee for The Peepingee Trust, (collectively Wyloo) announced on 21 March 2023.

Wyloo notes Mincor’s Operations and Guidance Update announced to the Australian Securities Exchange on 30 March 2023, and confirms that it was unaware of the material information contained within that announcement.

As a result of these developments, Wyloo has determined that the current offer price of $1.40 per share is best and final and will not be increased, in the absence of a competing proposal.

Wyloo Consolidated encourages all Mincor shareholders to read the Bidder’s Statement and the First Supplementary Bidder’s Statement carefully and in their entirety before deciding whether to accept the Offer.

The Bidder’s Statement and the First Supplementary Bidder’s Statement together include information as to why Wyloo Consolidated believes Mincor shareholders should accept the Offer and other information in relation to the Offer.

For further information on the transaction, including how to accept the Offer, please refer to the Bidder’s Statement, First Supplementary Bidder’s Statement and announcement released on the Australian Securities Exchange today:

Bidder’s statement

Broker Letter

First supplementary bidder’s statement

Wyloo Consolidated Investments Pty Ltd (Wyloo Consolidated), a subsidiary of Wyloo Metals Pty Ltd (Wyloo Metals), has today announced an on-market takeover offer (the Offer) for all of the shares in Mincor Resources NL (ASX: MCR) (Mincor) that are not owned by Wyloo Consolidated, Wyloo Metals or Tattarang Pty Ltd as trustee for The Peepingee Trust, (collectively Wyloo).

Wyloo is Mincor’s largest shareholder, with an interest of 19.9% of Mincor’s fully paid shares. The proposed acquisition of Mincor is in line with Wyloo’s strategy to invest in and develop projects that will produce the raw materials needed for the rapid decarbonisation of the global economy.

The Offer price of $1.40 cash per share implies an equity value for Mincor of approximately A$760 million on a fully diluted basis and represents a 35% premium to the closing price of Mincor shares on 20 March 2023, the last trading day prior to this announcement, of $1.04 per share.

Wyloo believes that the Offer represents attractive value to Mincor shareholders, particularly given the current risks and uncertainties associated with remaining a Mincor shareholder in the face of prevailing economic and equity market risks. Wyloo considers these risks may be weighing on Mincor’s valuation, as demonstrated by the 49% decline in its share price over the last 12 months.

Under the Offer, shareholders who wish to dispose of their shares will receive certain and immediate value for their shares at a significant premium to the closing price of Mincor shares on 20 March 2023, with the cash consideration payable on a T+2 basis. The Offer period officially commences at 8:00 am (Perth time) on 5 April 2023 but Mincor shareholders can sell their Mincor shares on-market to Wyloo Consolidated from 8:00 am (Perth time) on the date of this announcement.

Wyloo Metals CEO, Luca Giacovazzi said; “Wyloo is providing an immediate opportunity for all Mincor shareholders who wish to dispose of their holdings to do so at a significant premium to Mincor’s last closing price. Wyloo’s Offer is unconditional; shareholders can sell into Wyloo’s on-market bid today and receive certain cash value for their Mincor shares.”

Wyloo Consolidated encourages all Mincor shareholders to read its bidder’s statement dated 21 March 2023 in relation to the Offer (Bidder’s Statement) carefully and in its entirety before deciding whether to accept the Offer. The Bidder’s Statement includes further information as to why Wyloo Consolidated believes Mincor shareholders should accept the Offer and other information in relation to the Offer.

Wyloo Consolidated has engaged BofA Securities to act as its financial adviser and Clayton Utz to act as its legal adviser with respect to the transaction.

For further information on the transaction, including how to accept the Offer, please refer to the Bidder’s Statement and announcement released on the Australian Securities Exchange today:

Bidder’s statement

Broker Letter

First supplementary bidder’s statement

Extension notice – Wyloo Metals

Broker announcement extension notice

Second supplementary bidder’s statement

Wyloo Metals (Wyloo) has acquired 100 per cent of Baie de Moisie, a 3,000-hectare exploration property located 40 kilometres northeast of Sept-Iles in the Grenville region of Quebec, Canada.

Wyloo CEO, Luca Giacovazzi said the company was attracted to the property because of the largely unexplored potential of the Grenville region.

“We were excited by the nickel-copper mineralisation we’ve seen exposed at the surface level, and because it’s one of the few areas with this potential that remains largely unexplored,” he said.

“Prior to the transaction a private prospecting group had identified more than two kilometres of mafic rock with nickel and copper-rich material over a 600-metre strike length.

“Since then, we have carried out additional geological mapping and believe the mafic intrusion could be more than six kilometres long.

“The property’s ideal location near the port of Sept-Îles is also attractive as it would provide cost-effective, year-round access to the project.”

Wyloo has recently completed an aerial electromagnetic survey (VTEM) of the area to identify priority targets for first drill testing in 2023.

The property complements its existing Canadian exploration portfolio in the Ring of Fire, Northern Ontario, and the West Raglan joint venture with Orford Mining Corporation in Nunavik, Quebec.

Wyloo Metals Pty Ltd (“Wyloo Metals”) has successfully completed its acquisition of Noront Resources Ltd. (“Noront”) (TSXV:NOT), committing to transform the Eagle’s Nest nickel deposit into the new global standard for responsible mining practices.

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.

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:

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.

Supporting Canada and Ontario’s Critical Minerals Strategies

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.

*See Noront Resources Ltd. press release dated March 28, 2022.

Wyloo Metals Pty Ltd (“Wyloo”) is pleased to announce it has approved a C$4.9 million exploration program Orford Mining Corp. (“Orford”) (TSXV:ORM) as part of its earn-in to Orford’s high grade Ni-Cu-PGE West Raglan Property in the Nunavik region of Northern Quebec.

The exploration program will focus on diamond drill testing of high-priority targets generated by Orford’s 2021 ground geophysical moving loop electromagnetic (MLTEM) surveys. Analysis of the results from the 67 line kilometre MLTEM survey has identified several high-conductance anomalies that are consistent with possible high grade nickel sulfide sources, similar to those found elsewhere on the large property.

2022 Exploration Program

The program will focus on diamond drilling between 2,500 to 3,000 metres, testing newly defined targets at Frontier, Beverly & Boomerang with borehole electromagnetics (BHEM). Field crews will focus on mapping and prospecting the vast and underexplored south trend.

The Frontier Zone contains five high grade Nickel-Copper-Platinum Group Metal (Ni-Cu-PGM) mineralized lens clusters over a 2,500 metre strike with grades in the range of 2-3% Nickel, 1% copper and 2+g/t PGM including the following drill intersection at the Seahawk Lens:

• 28.3 m @ 3.2% Ni, 1.32% Cu, 2.4 g/t Pd, and 0.7 g/t Pt

The Beverly and Boomerang areas of the West Raglan property have historically been subject to very limited drill testing, but have surface showing reporting up to 1.34% Ni, 0.35% Cu & 2.3gpt (Pd+Pt).

2021 Exploration Program Results

Results of the 2021 exploration program were used to generate drill targets at Frontier and other parts of West Raglan with large volumes of ultramafic volcanics and high-grade Ni, Cu and PGM at surface. The work program consisted of MLTEM geophysical surveying using sensitive SQUID sensors at Frontier, Red, Beverly and Boomerang along the North Trend. This included the highly prospective portions of the South Trend.

Modelling from the MLTEM-SQUID survey with the 435 high conductance responses identified 72 of the responses as potential nickel sulphide targets. 10 to 12 of the highest priority responses will be tested with diamond drilling during the 2022 exploration program.

Prospecting and mapping in 2021 consisted of traversing and observations at 400 mapping field stations focused on the south trend.

• 1902 frost boils were analyzed by portable XRF. New nickel and copper anomalies were identified on the south trend.
• 80 rock grab samples were collected across the south trend, with the discovery of six new nickel sulfides, reporting up to 0.8% nickel and 0.2% copper.

The 2022 geological mapping and prospecting program will fill the highest potential areas of the vast property covering 707 km2 of which is yet to be explored by any methodology.

Earn-In and Joint Venture Agreement with Orford

In January 2021, Orford and Wyloo signed an option and joint venture agreement over Orford’s 100% owned West Raglan property in Nunavik, Quebec. Under the agreement, Wyloo has an exclusive and irrevocable right and option to acquire up to 80% of the Project for total expenditures of C$25.0 million over a seven year period. The West Raglan property is a camp scale, advanced Ni-Cu-Co-PGE exploration property covering 66,350 hectares located in the west-central portion of the Cape Smith Belt that also hosts Glencore’s Raglan Mine and Canadian Royalties’ Nunavik Nickel Mine.