Wyloo to form Yangibana Joint Venture with Hastings and becomes largest shareholder in Neo Performance Materials

Wyloo has entered into exclusive negotiations with Hastings Technology Metals Ltd (Hastings) (ASX:HAS) regarding the formation of an Unincorporated Joint Venture (UJV) for the Yangibana Rare Earths and Niobium Project and acquired a 19.99 per cent equity interest in TSX-listed Neo Performance Materials Inc. (Neo), becoming its largest shareholder.

Wyloo has acquired 8,350,311 shares (19.99 per cent) in Neo, a specialty materials manufacturer, from Hastings at a value of A$79.8 million in consideration for the cancellation of Exchangeable Notes[1] of the corresponding value.

Wyloo and Hastings have agreed an exclusive, non-binding term sheet to negotiate a UJV Agreement and other binding transaction documentation. Key commercial terms include:

  • Wyloo to hold a 60 per cent participating interest in the UJV and be the UJV Manager and Operator.
  • Hastings’ wholly owned subsidiary, Yangibana Jubilee Pty Ltd to hold a 40 per cent participating interest in the UJV. 
  • Wyloo will have an option to increase its participating interest in the UJV to 70 per cent.
  • The UJV includes both Stage 1 of the Yangibana Rare Earths and Niobium Project and Stage 2 Hydrometallurgical Plant. 
  • The balance of the Exchangeable Notes to be cancelled upon the formation of the UJV and Hastings’ settlement of the value of the remaining 623,816 shares (1.49 per cent) it holds in Neo via a cash payment to Wyloo.

Wyloo CEO Luca Giacovazzi said he was pleased to be moving forward with the new UJV following Wyloo’s initial investment in Hastings in 2022.

“This is an exciting time to be a major partner in a multi-decade critical minerals project such as Yangibana,” he said.

“Yangibana is one of the most advanced rare earths projects in Australia and will become a globally significant source of NdPr, a critical component in the manufacture of permanent magnets, as well as a producer of Niobium and other by-products critical to the energy transition.

“We are also pleased to acquire a 19.99 per cent equity stake in Neo, a leading, global rare earths processing and advanced permanent magnets producer.

“We look forward to working more closely with both Hastings and Neo across the mine to magnet supply chain as we expand our critical minerals portfolio.”

The target completion date for the execution of the UJV Agreement and other binding documentation, which is subject to customary regulatory approval, is the end of March 2025.

Early Warning Disclosure

On 20 February 2025, Wyloo Consolidated Investments Pty Ltd acquired through a private sale, 8,350,311 common shares (19.99 per cent) in Neo from Hastings for an aggregate purchase price of C$72,063,184 (equivalent to A$79,848,403) or C$8.63 per share. Exchangeable Notes owing by Hastings to Wyloo of the corresponding value have been cancelled. Neither Wyloo nor any of its affiliates own or control any other shares or securities of Neo.

Hastings continues to own 623,816 common shares of Neo which remain subject to a pre-existing share pledge in favour of Wyloo as security for its Exchangeable Notes. Wyloo has no right to control, acquire, or exercise any voting or other rights attaching to, any such common shares owned by Hastings and there is no commitment or understanding in respect thereof. Wyloo confirms it has no joint actors in respect of Neo or any of its securities.

Wyloo intends to hold the acquired Neo common shares for investment purposes. Wyloo may from time to time, depending on market and other conditions and subject to Neo’s shareholder rights plan, acquire additional common shares or dispose of common shares through market transactions, private agreement or otherwise.

This press release is being issued pursuant to National Instrument 62-103 – The Early Warning System and Related Take-Over Bid and Insider Reporting Issuers in connection with the acquisition of the Neo shares. An early warning report with additional information in respect of the foregoing matters will be filed and made available on the System for Electronic Document Analysis and Review (SEDAR+) at www.sedarplus.ca under Neo’s issuer profile. A copy of such report may also be obtained by contacting info@wyloo.com. No securities regulatory authority has either approved or disapproved of this news release.

The head office of Neo is located at 121 King Street West, Suite 1740, Toronto, Ontario, M5H 3T9. Wyloo’s head office is located at Level 8, Tower 3 Capital Square 1 Spring Street, Perth, WA, 6000.


[1] Refer Hastings ASX Announcement “Agreement to acquire strategic shareholding in Neo Performance Materials and cornerstone investment in Hastings by Wyloo Metals” dated 26 August 2022.

Wyloo and Metalshub Partner for Green Nickel Transparency

Wyloo and Metalshub have entered into a Memorandum of Understanding (MoU) to improve transparency of the carbon dioxide (CO2) footprint, Environmental, Social and Governance (ESG) credentials, pricing and provenance in international nickel markets.

Wyloo intends to use Metalshub for the sale of its low-carbon nickel and nickel concentrate products following a re-start of its Kambalda, Western Australia nickel operations. The collaboration also aims to develop a price index for low-carbon nickel concentrate and nickel sulphate, to be referenced in future sales contracts.

Wyloo CEO, Luca Giacovazzi, said the collaboration would set a new global standard for sustainably produced nickel products and enable greater transparency of low carbon nickel pricing.

“The Metalshub platform will enable nickel producers to provide provenance, carbon footprint and ESG information to customers, in an auditable form, leading to qualification under key market regulations such as the USA’s Inflation Reduction Act or the European Union’s Carbon Border Adjustment Mechanism and Battery Regulation,” he said.

“If we want car manufacturers to effectively manage their scope three emissions, and to empower consumers to choose electric vehicles that are truly good for the environment, the industry must adopt transparent emission reporting across the supply chain.”

Metalshub Co-Founder and Managing Director, Dr. Sebastian Kreft, said the transparency would give nickel producers an opportunity to market their products with a premium.

“Nickel has become an important focus of the energy transition as the world moves away from fossil fuels to renewable energy and the electrification of transport. Today, most nickel is used for producing stainless steel, but the fastest growing application is lithium-ion batteries used in electric vehicles,” he said.

“But nickel mining and processing presents significant ESG concerns relating to greenhouse gas emissions, air, soil and water pollution, the destruction of ecosystems, indigenous rights, energy use and working conditions.

“Our platform will enable mining companies and manufacturers buying metals to demonstrate that they are addressing these concerns and meeting the needs of the green energy transition in an ethical and sustainable way. It is also another milestone on our joint journey together with the LME to provide producers and consumers access to our software platform to discover “green” nickel premiums.

“We are excited to increase transparency around ESG credentials and CO2 footprint – the gained transparency will give producers an opportunity to market their products with a premium.”

Wyloo Supports Greatland Gold’s Acquisition of Havieron and Telfer

Wyloo is pleased to support Greatland Gold plc’s (Greatland’s) consolidation of the world-class Havieron gold-copper development project (Havieron) and the producing Telfer gold-copper mine (Telfer) in the Paterson region of Western Australia, with a funding package of up to US$100 million.

Wyloo’s investment will support Greatland’s acquisition of the remaining 70 per cent interest in Havieron (consolidating Greatland’s ownership of Havieron to 100 per cent), 100 per cent of Telfer, and other related interests in assets in the region.

“The consolidation of Havieron and Telfer will enable Greatland to create a world-class mining and processing hub in the emerging Paterson Range province,” said Luca Giacovazzi, CEO Wyloo.

“We look forward to continuing to support Greatland as it develops the Havieron project and establishes itself as a leading Australian gold producer.”

Wyloo’s support of this transformational acquisition builds upon its position as a cornerstone investor in Greatland since 2022.

Greatland will emerge from the transaction as a multi-project gold and copper company with material production from an established mine in Telfer complemented by a low-cost, long-life growth asset in Havieron.

Read more here: https://greatlandgold.com/

Ring of Fire Metals, Wyloo Metals, Mincor Resources combine to become major nickel player, “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.

Land secured at Kwinana for Australia’s first proposed integrated battery material facility

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 Metals expands exploration portfolio with Baie de Moisie

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 Provides $120 Million Equity Funding Package to Become Largest Shareholder in Greatland Gold

Wyloo Metals (Wyloo) is pleased to announce an equity funding package of up to A$120 million, becoming the largest shareholder in Greatland Gold plc (Greatland).

Wyloo will subscribe for 430,024,390 ordinary shares, priced at 8.2 pence per share, totalling A$60 million and approximately 8.6% of Greatland’s shares on issue.

Wyloo will also receive warrants to subscribe for an additional 352,620,000 ordinary shares at an exercise price of 10.0 pence per share which, if exercised in full, will realise gross proceeds of approximately A$60m (c.£35m).

The investment will contribute towards the funding of Greatland’s thirty per cent share of the Havieron copper-gold development project, enabling Greatland to be fully funded through to production and future free cash flow, as well as Greatland’s ongoing exploration in the Paterson region of Western Australia.

Wyloo CEO Luca Giacovazzi said the Havieron deposit was one of the most exciting recent mineral discoveries in Western Australia.

“Havieron is a tier one deposit that continues to grow in scale and quality as the understanding of the mineral system evolves,” he said.

“The Paterson range is emerging as Western Australia’s next prolific mining province, and Greatland has an expansive tenement package, which we believe has great potential for further discovery.

“We are excited to be a part of the development of what we expect will be a low cost, modern mining operation with very high environmental and social standards, and proud to be supporting another great Western Australian project.”

Wyloo Metals Invests $150 Million In Rare Earth Materials

Wyloo Metals (Wyloo) is pleased to announce a $150 million cornerstone investment in Australian rare earths developer Hastings Technology Metals Ltd (Hastings).

Wyloo’s investment is in the form of $150 million in secured, exchangeable notes (Notes), the proceeds of which will be used by Hastings to acquire a 22.1% equity interest in TSX-listed Neo Performance Materials Inc. (Neo) from an affiliate of Oaktree Capital Management, L.P. (Oaktree).

The Notes will have a term of three years and will be exchangeable, at any time after 60 days, into Hastings ordinary shares at an exchange price of $5.50 per share. The Notes will earn an annual coupon equivalent to the three-month bank bill swap rate plus 9.0%, payable in kind via the issue of additional notes.

Wyloo will also have the right to appoint a nominee director to the Board of Hastings and retain that nominee while Wyloo’s equity interest in Hastings is 12.5% or more (based on the interest that Wyloo would hold were the Notes exchanged into shares).

Wyloo Metals CEO, Luca Giacovazzi, said the investment fit well with the company’s long-term strategy to invest in the critical minerals that support renewable energy generation and electrification.

“Rare earths and the permanent magnets they produce are essential enablers of the energy transition. There is already a shortage of these products, and the upcoming increase in magnet demand will require continued investment,” he said.

“This transaction with Hastings spans the value chain, from mining to magnet manufacturing. As the owner of the only commercial rare earth metals facility in Europe, Neo is strategically placed to help Europe meet its goal to become climateneutral by 2050.

“We’re pleased to be investing in the stable and secure supply of minerals and permanent magnets that are inputs in essential products like electric vehicles and wind turbines.

“Wyloo is delighted to be partnering with Hastings as a cornerstone investor and we look forward to joining the Board and working alongside the company as it delivers upon its strategy.”

ABOUT HASTINGS TECHNOLOGY METALS LTD.
Hastings is an Australian rare earths company positioned to become the world’s next producer of neodymium and praseodymium concentrate used in the production of permanent magnets.

ABOUT NEO PERFORMANCE MATERIALS INC.
Neo is a leading global rare earth processing and advanced permanent magnets producer listed on the TSX.

Wyloo Metals Completes Acquisition of Noront Resources; Eagle’s Nest to set new Global Benchmark in Sustainable Mining

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.

“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:

  1. 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.
  2. 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.
  3. 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.
  4. 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.

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.

“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.

Wyloo Commits C$4.9 Million to Orford’s West Raglan Ni-Cu-PGE Property

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.