Company: Wyloo

Wyloo Metals Pty Ltd (“Wyloo Metals”) is pleased to announce it has entered into an agreement with IGO Limited (“IGO”) (ASX:IGO) to jointly evaluate opportunities for downstream nickel processing in Australia.

The agreement will see IGO and Wyloo Metals conduct a study, funded 70:30 by IGO and Wyloo Metals respectively, to evaluate the technical, commercial and economic feasibility of developing a downstream nickel processing facility based in Australia. Following the conclusion of the study, and subject to the parties making a final investment decision, the parties would then form a 70:30 joint venture of IGO and Wyloo Metals respectively to construct and operate a downstream nickel processing facility.

Separately, Wyloo Consolidated Investments Pty Ltd, a wholly owned subsidiary of Wyloo Metals, has undertaken to IGO to vote its 31,509,769 shares (representing a 9.8% interest) in Western Areas Limited (“Western Areas”) (ASX:WSA) in support of the Western Areas board recommended scheme of arrangement between IGO and Western Areas (the “Scheme”), subject to there being no superior proposal for Western Areas that is unmatched by IGO and the independent expert concluding (and continuing to conclude) that the Scheme is in the best interests of Western Areas shareholders. Subject to the same conditions, Wyloo Metals has also committed to a standstill such that it will not acquire or dispose of any Western Areas shares other than pursuant to the implementation of the Scheme.

“Wyloo Metals is looking forward to working closely with our strategic partner IGO to develop an independent, downstream nickel processing facility that could potentially accept feed from any nickel mine in Western Australia.
By developing additional downstream processing capacity domestically, this partnership will make Western Australia an increasingly relevant jurisdiction in the global battery supply chain.

This partnership is aligned with Wyloo Metals’ global strategy of investing in the production of materials required to support the rapid decarbonisation of the global economy.”

Luca Giacovazzi, CEO of Wyloo Metals

Wyloo Metals Pty Ltd (“Wyloo Metals”) has today provided the board of Noront Resources Ltd. (TSXV: NOT) (“Noront”) with a letter outlining a further improved offer to acquire up to 100% of the shares in Noront that it does not already own for Cdn$1.10 per share (the “Revised Wyloo Offer”). This is 47% above the Cdn$0.75 per share offered under the take-over bid for Noront proposed by BHP Western Mining Resources International Pty Ltd (“BHP”).

The Revised Wyloo Offer is the only proposal to Noront shareholders that provides the following distinguishing features:

• True optionality for Noront shareholders: Shareholders will be provided with an attractive option of (i) accepting cash consideration of Cdn$1.10 per share for some or all of their shares, and (ii) continuing to participate in Noront’s unrealized potential by remaining as a shareholder.
• A superior offer price: The Revised Wyloo Offer represents a significantly superior price to that offered by BHP.
• Greater deal certainty: Wyloo Metals does not intend to support any alternate offers for Noront. Without the support of Wyloo Metals’ 37.2% direct interest in Noront, a competing plan of arrangement cannot be successful, and a competing take-over bid will be unlikely to meet any minimum tender condition.
• A world-class Board of Directors: Noront will be revitalized under the leadership of a new Board of Directors, led by Dr. Andrew Forrest AO.

The transaction will be effected via a statutory Plan of Arrangement under the Business Corporation Act (Ontario).

Importantly, the Revised Wyloo Offer continues to provide those shareholders who believe in the long-term potential of Noront with the opportunity to participate in Noront’s continued growth by remaining as shareholders.

Update on discussions with BHP

Following an extensive period of discussion, Wyloo Metals and BHP have been unable to agree terms upon which Wyloo Metals would support a BHP offer for Noront. As outlined above, the Revised Wyloo Offer will deliver a superior outcome for Noront shareholders in terms of optionality, price and deal certainty.

Next steps

Wyloo Metals is confident that, after considering the Revised Wyloo Offer, the Noront Board will agree that: 

• the terms of the Revised Wyloo Offer are clearly financially superior and also provide greater optionality to Noront’s shareholders than the take-over bid proposed by BHP;
• the Revised Wyloo Offer has a higher certainty of success than the take-over bid proposed by BHP; and
• the Revised Wyloo Offer would reasonably be expected to constitute a “Superior Proposal” under the terms of the support agreement between Noront and BHP.

Wyloo Metals notes that its ability to formalize the Revised Wyloo Offer is subject to the Noront Board’s timely and good faith negotiation of an Arrangement Agreement in line with its fiduciary duties. Given Wyloo Metals and Noront recently agreed the form of such an Arrangement Agreement, Wyloo Metals believes that the Revised Wyloo Offer can be formalized on an expedited basis.

Wyloo Metals is the only bidder that can deliver this unique combination of benefits to Noront shareholders.

• Wyloo Metals’ proposal will provide each Noront shareholder with the option of either accepting a superior price for their shares or participating in Noront’s growth potential by remaining as a shareholder
• Noront shareholders have a unique opportunity to participate in Canada’s next great mineral hub led by Dr. Andrew Forrest AO, the Founder and Chairman of Fortescue Metals Group (ASX:FMG), who intends to replicate his success at Fortescue with Noront’s Ring of Fire assets
• Consideration of Cdn$0.70 in cash per share represents a 192% premium to Noront’s unaffected closing price on May 21, 2021 and a 27% premium to BHP’s Cdn$0.55 per share take-over bid price

Wyloo Metals Pty Ltd (“Wyloo Metals”) has today submitted a proposal (the “Acquisition Proposal”) to the Board of Noront Resources Ltd. (TSXV:NOT) (“Noront” or the “Company”) as part of a comprehensive strategy to rebuild the Company and unlock the future of the Ring of Fire. Under its Acquisition Proposal, Wyloo Metals will provide each Noront shareholder with the option of either participating in Noront’s growth potential by remaining as a holder under a new and proven leadership team, or accepting a superior price for some or all of their shares.

Overview of the Acquisition Proposal

The Acquisition Proposal will provide those shareholders who, like Wyloo Metals, believe in the long-term potential of Noront with the opportunity to participate in the Company’s growth potential by remaining as holders of some or all of their shares. 

Alternatively, Wyloo Metals is prepared to acquire Noront shares at a price of Cdn$0.70 in cash per share. This price represents a significant premium of:

• 192% to Noront’s unaffected closing price of Cdn$0.24 on May 21, 2021, the last trading day prior to the date that Wyloo Metals first publicly announced its intention to make an offer for Noront; and
• 27% to the Cdn$0.55 price offered under the take-over bid for Noront by BHP Western Mining Resources International Pty Ltd. (“BHP”).

The acquisition will be made by a Canadian affiliate of Wyloo Metals and structured as a Plan of Arrangement under the Ontario Business Corporations Act.

Commenting on the structure of the transaction, Luca Giacovazzi, Head of Wyloo Metals, said:

“In April this year, we were deeply concerned when the Noront Board proposed to farm out Noront’s exploration projects to BHP for only Cdn$25 million. Rather than consenting to such a transaction, we decided to make an offer to acquire the Company. Our fears were justified when the Noront Board completed a deeply discounted 5% placement to BHP, giving away a strategic toehold in the Company to an obvious suitor.

Since our initial proposal, we have listened to the feedback from shareholders who, like us, believe in the future of the Ring of Fire. We believe Noront shareholders deserve the chance to decide whether to join us in rebuilding the Company, and not be pressured into selling all of their shares unless they want to.”

Benefits of the Acquisition Proposal

• Wyloo Metals’ Acquisition Proposal is clearly financially superior to BHP’s take-over bid.
• Wyloo Metals is providing existing Noront shareholders with the option of remaining as shareholders of Noront under new leadership and retaining some or all of their exposure to the immense potential value of the Ring of Fire mineral district, rather than forcing an exit upon them.
• Wyloo Metals’ Acquisition Proposal has a higher certainty of success than the take-over bid proposed by BHP given that Wyloo Metals owns approximately 37.5% of Noront’s shares (partially diluted) and does not intend to support or tender to BHP’s offer. Without Wyloo Metals’ support, BHP’s take-over bid transaction structure is unlikely to meet the minimum tender condition.
• Noront will be revitalized under the leadership of a world-class Board of Directors led by Dr. Andrew Forrest AO, who has an unparalleled track record in the development of remote mining projects and a proud and continuing legacy for partnering with Indigenous and local communities.  Dr. Forrest led Fortescue from a junior exploration mining company to one of the world’s largest mining companies, with a current market capitalization in excess of A$65 billion.
• Wyloo Metals reiterates its commitments to the development of a Future Metals Hub in Ontario (see below), announced on May 31, 2021, should its Acquisition Proposal be successful.

New Leadership at Noront

Wyloo Metals believes that Noront’s shareholders have seen value eroded under the custodianship of Noront’s existing Board of Directors. Consequently, upon successful completion of the Acquisition Proposal, Wyloo Metals intends to put in place a new, world-class Board of Directors to lead Noront to the benefit of those shareholders who choose to participate in its future, consisting of the following:

Dr. Andrew Forrest AO (Chair)
Dr. Forrest is Australia’s most active philanthropist and one of the most effective business leaders of his generation. As its Founder and Chairman, he has led Fortescue Metals Group from inception to its top 10 status on the Australian Securities Exchange with a current market capitalization of over A$65 billion, during which time Fortescue invested more than US$30 billion in the resources sector. In 2017, Dr. Forrest was appointed an Officer of the Order of Australia (AO) for distinguished service to the mining sector, to the development of employment and business opportunities, as a supporter of sustainable foreign investment, and to philanthropy.

Mr. Ian W. Delaney (Non-Executive Director)
Mr. Delaney brings decades of experience in mining, investment banking and corporate governance to the Noront Board. He has previously served as Chairman of the Board and Chief Executive Officer of Sherritt International Corporation. He has also served as President and Chief Executive Officer of Viridian Inc. (formerly Sherritt Inc.) and the Horsham Corporation, President and Chief Operating Officer of Merrill Lynch Canada Inc, and Vice President and Director for McLeod, Young, Weir (now Scotia McLeod). He has also served on the boards of MacMillan Bloedel, Cenovus Energy and Co-Steel International. Mr. Delaney is currently the Chairman of the not-for-profit organization Ornge and serves on the Board of Directors of The Westaim Corporation.

Mr. Warren Gilman (Non-Executive Director)
Mr. Gilman is a mining engineer with more than 30 years of experience as a deal maker in the metals and mining sector and currently serves as Chairman and CEO of Queen’s Road Capital Investment Ltd., a resource-focused investment company. He was a founder of the Canadian Imperial Bank of Commerce (CIBC) Global Mining Team in Toronto in 1988, leading the team’s efforts out of Australia and Hong Kong, during which he was responsible for some of the largest equity capital markets financings in Canadian mining history. From 2011, Mr. Gilman led CEF Holdings Ltd, a global mining investment company. Warren is currently Chairman of the International Advisory Board of Western University, and serves as a director for NexGen Energy Ltd, Gold Royalty Corp and Los Andes Copper Ltd.  

Existing Noront Director Mr. Luca Giacovazzi will retain his position on the Board of Directors as a nominee of Wyloo Metals and Wyloo Metals will also ensure any director nomination rights of Baosteel Resources Holding (Shanghai) Co are fully respected. We also intend to conduct a search process for additional directors and executive management.

Partnering with First Nation communities

Wyloo Metals is committed to creating value from resource developments and retaining that value in the region in which it is generated. In respectful consultation with First Nation partners, we will together generate value for the coming seven generations of First Nation communities. When developed responsibly, the employment and business opportunities for First Nation communities in the Ring of Fire will be truly transformative and self-sustaining.

At Fortescue Metals Group, Dr. Forrest has demonstrated his commitment to creating First Nation business opportunities. Fortescue’s Indigenous procurement program, Billion Opportunities, was established in 2011 with the stretch goal of awarding a billion dollars in contracts to Aboriginal businesses. Now after the 10th anniversary of the program’s establishment, more than A$3.5 billion has been awarded to Aboriginal businesses and joint ventures.

Similarly, Fortescue’s Vocational Training and Employment Centre (VTEC), established in 2006, provides training to Aboriginal candidates with the promise of guaranteed employment for candidates if they complete their course. More than 1,000 candidates have completed a course since the project’s inception and been employed at Fortescue.

Next steps

Wyloo Metals has requested from the Noront Board a modest period of time in which to conduct confirmatory due diligence, which Wyloo Metals intends to complete in parallel with the finalization of transaction documentation. In its statement on August 20, 2021, Noront correctly asserted that Wyloo Metals was provided an opportunity to access due diligence information subject to the execution of a confidentiality agreement but declined to do so. However, what Noront did not disclose is that the confidentiality agreement proposed by Noront contained a standstill clause that would have prevented Wyloo Metals from making its initial and subsequent offers directly to shareholders. The standstill clause also would have adversely and inappropriately restricted Wyloo Metals’ rights as an existing shareholder, including by prohibiting it from proposing alternative nominations to Noront’s board of directors, which is unacceptable to Wyloo Metals.

Wyloo Metals notes that its ability to formalize this Acquisition Proposal is subject to the Noront Board’s timely and good faith negotiation of an Arrangement Agreement in line with its fiduciary duties.  We look forward to working productively with the Noront Board towards a successful transaction for the benefit of Noront shareholders.

Advisors

Wyloo Metals has engaged Maxit Capital LP to act as its financial advisor and McCarthy Tétrault LLP to act as its legal advisor.  Shorecrest Group has also been engaged to act as Wyloo Metals’ strategic communications advisor and proxy solicitation and information agent.

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.

Through the Future Metals Hub, Wyloo Metals intends to invest directly into local businesses, create training and employment pathways, and support world-leading sustainable mining technology. It will be centered on the following key commitments:

1. Developing Eagle’s Nest as net zero emissions mine
   • Through sustainable processes and technology, Wyloo Metals intends to minimize its carbon footprint and environmental impact while lowering overall energy consumption and improving the efficiency of its operations.
   • Wyloo Metals embraces the consensus of the global scientific community on the importance of decarbonization and supports the Paris Agreement goal of limiting global temperature increase to below 2° Celsius.
   • Our commitment to achieving net zero carbon emissions will be achieved through the implementation of innovative and practical emissions reduction initiatives.
2. Committing C$25 million toward feasibility studies to investigate the potential for battery material production in Ontario
   • Wyloo Metals will investigate the potential to produce in Ontario the chemical products for the emerging battery market, creating a local battery materials supply chain, and the potential construction of a new ferrochrome plant.
   • Exporting a higher-value product will maximize the proportion of Canada’s precious mineral value that is retained within the country.
3. Targeting C$100 million in contract awards to First Nations businesses
   • Wyloo Metals intends to provide opportunities for First Nations businesses to further develop their capabilities and support their participation in the economic benefits provided by the Ring of Fire development.
   • In addition to direct contract awards, Wyloo Metals intends to assist First Nations businesses with access to capital and practical support to create further employment and development opportunities.
4. Creating and sustaining Northern Ontario and First Nations’ employment opportunities
   • Wyloo Metals proposes to establish a Training and Employment Centre that guarantees employment for trainees that successfully complete training.
   • The Training and Employment Centre has the potential to empower regional and First Nations communities by providing skill development and job opportunities, thereby retaining the employment benefits associated with mining projects in Northern Ontario.
     

Head of Wyloo Metals, Luca Giacovazzi, said the commitments reinforce Wyloo Metals’ belief in Canada’s long-term potential to be a globally relevant producer of reliable and responsibly sourced battery metals.

“These commitments, alongside our recent offer for Noront Resources, reflect Wyloo Metals’ strategy of long-term investment into Canada” Mr Giacovazzi said.

“Canada has a once-in-a-generation opportunity to establish itself as a major player in the new economy. Our proposed Future Metals Hub provides the cornerstone for a globally relevant battery material supply chain in Canada, while creating economic opportunities for local communities to thrive.”

Wyloo Metals will join forces with Orford to accelerate exploration of the West Raglan project and unlock its enormous potential.

Wyloo Metals Pty Ltd (Wyloo Metals) has announced a C$25 million option and joint venture agreement with Canadian-based Orford Mining Corporation (Orford) (TSX-V:ORM) over Orford’s 100 per cent owned West Raglan nickel project located in Nunavik, Quebec (the Project).

West Raglan covers an area of approximately 663 km² in one of the last remaining areas of the prolific Cape Smith Belt that has not undergone systematic, modern day exploration. The Project is located in the west-central portion of the belt which is also home to Glencore’s Raglan Mining Operations and Canadian Royalties’ Nunavik Mine. Historic exploration at West Raglan identified Ni-Cu-Co-PGE mineralisation hosted in ultramafic units over a strike length of approximately 35km. Six significant discoveries have been made on the property at shallow depths, with the best results being from the Frontier Zone which contains five high grade mineralised lens with grades in the range of 2-3 per cent nickel, 1 per cent copper and 2+gpt PGE.

In accordance with the terms of the agreement, Wyloo Metals has an exclusive and irrevocable right and option to acquire up to 80 per cent of the Project for total expenditures of C$25 million over a seven-year period. Wyloo Metals’ investment includes a C$1.7 million approved work program to be implemented over the summer of 2021 and includes new ground geophysics, geological mapping and geochemistry surveys.

This agreement is Wyloo Metals’ third Canadian investment, and follows several similar strategic investments aimed at supporting the discovery of critical battery-related commodities. In December 2020, Wyloo Metals announced a deal to become a cornerstone investor in Noront Resources which is developing the world-class Eagle’s Nest nickel project in the Ring of Fire.

Head of Wyloo Metals, Luca Giacovazzi, said the agreement provides a strategic opportunity for Wyloo Metals to join forces with Orford to accelerate exploration of the West Raglan project and unlock its enormous potential.

“Continuing the discovery of metals like nickel is critical to achieving a low carbon future, which is why we are committed to supporting exploration. To maximise our chances of discovery, we know that we need to be exploring in proven endowed mineral belts. This is why we are so excited about West Raglan. We’ll be using modern technologies to look deeper and more effectively than others before us, as we search for the next great Canadian nickel discovery,” Mr Giacovazzi said.

David Christie, President and CEO of Orford, said the company is excited to have found a proven partner for its West Raglan Project.

“The West Raglan Project is one of the few nickel sulphide projects in the world that is drill-ready in a proven nickel belt. Nickel and cobalt markets have seen a resurgence as the electric vehicle battery market continues to grow demand for these metals. We look forward to working with Wyloo Metals towards further discovery of nickel on the West Raglan Project,” said Mr Christie.

Wyloo Metals Pty Ltd. (Wyloo Metals) has entered into a definitive agreement to become a cornerstone investor in Noront Resources Ltd. (Noront) through the acquisition of all beneficial interests in Noront controlled by Resource Capital Fund V L.P. and its affiliates (RCF).

The deal is Wyloo Metals’ second Canadian investment, and follows several similar strategic investments aimed at supporting the discovery and development of critical commodities required to decarbonise the global economy.

Under the terms of the deal, Wyloo Metals will acquire the following instruments held by RCF:

• 94,553,126 Noront common shares and warrants to acquire 1,774,664 Noront common shares; 
• US$15,000,000 convertible loan maturing September 30, 2021; and
• A 1.0% net smelter return royalty over the Eagle’s Nest deposit.

Noront is a Canadian listed mining company with several assets, including the high-grade Eagle’s Nest nickel project in the Ring of Fire, an emerging multi-metals region located in the James Bay Lowlands of Northern Ontario.

Eagle’s Nest is the largest high-grade nickel discovery in Canada since Voisey’s Bay and is anticipated to have an initial mine life of 11 years, with the potential for an additional nine years. This excludes the development of the adjacent chromite resources, which presents a further development opportunity.

Once developed, the Ring of Fire has the potential to generate significant business and employment benefits for Ontario’s north-western region. Analysis by the Ontario Chamber of Commerce[1] shows that within the first 10 years of its development, the Ring of Fire has the potential to contribute:

• Up to C$9.4 billion in Gross Domestic Product (GDP);
• Up to 5,500 jobs annually; and
• Nearly C$2.0 billion in government revenue, divided between the federal, provincial and municipal governments and First Nations communities.

In line with the potential economic importance of the Ring of Fire, the Province of Ontario has indicated it will commit up to C$1.0 billion towards infrastructure development subject to federal government support, to ensure the necessary investment to access the region will proceed. In March 2020, the government of Ontario, Marten Falls First Nation and Webequie First Nation announced a new partnership to advance the planning and development of a proposed Northern Road Link that would provide reliable, all-season road access to potential mine sites and connect First Nation communities to Ontario’s provincial highway network.

Head of Wyloo Metals, Luca Giacovazzi, said the partnership with Noront presents a unique opportunity to join forces with a proven management team in the development of the Eagle’s Nest deposit and the continued exploration of the world-class Ring of Fire region.

“This investment reflects a long-term and collaborative strategy to support the discovery and development of the next generation of mines required to meet the growing demand of critical materials needed to power the decarbonisation of the global economy,” Mr Giacovazzi said.

“At the centre of our approach is a belief that by building strong businesses, we can create economic opportunities that enable communities to thrive. We look forward to forming a long-term working relationship with the Noront team and key stakeholders as we advance the assets over the coming years.”

Noront President and CEO Alan Coutts said: “We’re extremely pleased that Wyloo Metals has chosen to make a cornerstone investment in Noront. They are known for making long-term, strategic investments in companies that mine responsibly, and that is a philosophy that aligns very well with the approach we are taking as we develop the Ring of Fire in an environmentally responsible manner in collaboration with our First Nation partners.”

Under the terms of its agreements with RCF, Wyloo Metals will purchase the 94,553,126 Noront common shares for an aggregate purchase price of US$11.5 million (C$14.8 million, or C$0.16 per share) and will purchase the convertible loan for US$15.0 million (which is the principal amount of the loan). The Noront common shares to be acquired represent approximately 22.65 per cent of the 417,512,534 currently outstanding Noront common shares. Based on the current conversion price of the loan, Wyloo Metals would acquire 96,600,000 Noront common shares upon full conversion of the loan and would, if the warrants it is to acquire were also exercised, result in Wyloo Metals holding 192,927,790 Noront common shares, representing approximately 37.4 per cent of the Noront common shares on a partially diluted basis.

As part of the proposed transaction, Noront will grant to Wyloo Metals investor rights consistent with the rights currently held by RCF (including pre-emptive rights and rights to two board nominees).

This acquisition by Wyloo Metals is for investment purposes. Wyloo Metals does not have any current plans or intentions to buy or sell further Noront shares (other than potentially exercising its loan conversion or warrant exercise rights), to solicit proxies or to otherwise participate in any significant transaction involving Noront. Wyloo Metals will review its investment on a continuing basis. Depending on various factors, it may in the future purchase or sell securities or engage in other activities relating to Noront.

Closing of the transactions is subject to customary closing conditions, including approval of the TSX Venture Exchange.

Wyloo Metals will be filing an early warning report under Noront’s profile on SEDAR, and copies of the report may be obtained at sedar.com.

The acquisitions of these securities from RCF is to be made in reliance upon the “private agreement” exemption from the formal take-over bid requirements of applicable Canadian securities legislation. The per share price to be paid by Wyloo Metals is less than the market price of the Noront common shares as determined in the manner prescribed by applicable Canadian securities legislation

[1] Ontario Chamber of Commerce, Beneath the Surface: Uncovering the Economic Potential of Ontario’s Ring of Fire.

To discover more about Wyloo Metals, click here.

Wyloo Metals has invested an additional A$ 7.2 million into a capital raise by Mincor Resources (“Mincor”). The investment increases Wyloo Metal’s holdings in the Company to 6.17%.

Wyloo Metals investment forms part of a landmark A$ 35 million capital raising, the proceeds from which will be used to:  

• Commence early capital works at Cassini and Long-Durkin ahead of the expected completion of the Definitive Feasibility Study (“DFS”) in the March 2020 quarter as part of the Company’s Nickel Restart Strategy
• Underpin an $8.0m exploration and Resource extension drilling programs in CY2020; and
• Put the Company in a strong financial position as it seeks to commence pre-production activities, award key contracts and secure project finance.

Wyloo Metals is a company of Tattarang. It manages a diverse portfolio of wholly-owned exploration projects and cornerstone investments in both public and private companies.

Wyloo Metals has entered into a binding agreement with Broken Hill Alliance Pty Ltd, a 100 per cent owned subsidiary of Castillo Copper (“Castillo”), for the sale of two tenements located in the mining province of Broken Hill.

Under the agreement, Castillo has agreed to acquire EL8434 and EL8435 from Wyloo Metals for a cash consideration plus a 2 per cent Net Smelter Return (NSR).

Wyloo Metals is a company of Tattarang. It manages a diverse portfolio of wholly-owned exploration projects and cornerstone investments in both public and private companies.