Ring of Fire Metals, Wyloo Metals, Mincor Resources Combine to Become Major Nickel Player, "Wyloo"

TORONTO, Sept. 27, 2023 /CNW/ - Ring of Fire Metals, Wyloo Metals and Mincor Resources 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 organization 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 40 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 Sylvain and Steve 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 organization 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 organization 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 organization 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. 

About Wyloo

Wyloo is a privately-owned company that invests in and delivers the critical minerals and materials needed to decarbonise the world. Wyloo's integrated nickel business includes strategic investments in three of the highest-grade nickel sulphide belts in the world in Kambalda, Western Australia, the Ring of Fire region in northern Ontario and the Cape Smith belt in Quebec. We currently produce nickel at two mines in Kambalda and are planning Australia's first precursor cathode active material (PCAM) facility in Kwinana, Western Australia. Across our active mines and development projects we are working to deliver sustainable production of green nickel.

Disclaimer

Some of the statements in this press release may be forward looking statements or statements of future expectations based on currently available information. Such statements are naturally subject to risks and uncertainties. Factors such as the development of general economic conditions, future market conditions, unusual catastrophic loss events, changes in the capital markets and other circumstances may cause the actual events or results to be materially different from those anticipated by such statements. Wyloo does not make any representation or warranty, express or implied, as to the accuracy, completeness or updated status of such statements. Therefore, in no case whatsoever will Wyloo and its affiliate companies be liable to anyone for any decision made or action taken in connection with the information and/or statements in this press release or for any related damages.

SOURCE Wyloo

Leanne Franco, M: [phone], P: [phone], E: [email protected]