Continue to see Nickel assets transacting in the market. Should be positive for OZ's West Musgrave. Forrest’s Wyloo Metals plans takeover offer for Noront Resources, stock surges (MINING.COM, May 25, 2021) Mining billionaire Andrew Forrest’s Wyloo Metals announced on Tuesday that it intended to make an offer for Noront Resources. The offer would value the Canadian nickel project developer at C$133 million. Noront says its board of directors has formed a special committee, including three independent directors to review the proposal. Wyloo currently holds approximately 23% of the outstanding common shares of Noront. Noront has ownership or a controlling interest of all the major discoveries in the Ring of Fire, an emerging multi-metals area located in the James Bay Lowlands of Northern Ontario. The company’s first project is a 100%-owned, high-grade, nickel, copper and platinum group element (PGE) deposit called Eagle’s Nest. It is the largest high-grade nickel discovery in Canada since Voisey’s Bay.
OZL Price at posting:
$24.74 Sentiment: Hold Disclosure: Held
