On April 7, 2022, Noront Resources Ltd. completed its sale to Wyloo Metals for approximately $825 million (US$600 million), following a 5-month-long bidding war between Wyloo Metals and BHP. Wyloo Metals acquired all of Noront's outstanding common shares that it did not already own by way of a statutory plan of arrangement under the Business Corporation Act (Ontario).

At stake was Noront’s early-stage Eagle’s Nest nickel and copper deposit in the ‘Ring of Fire’ in northern Ontario. 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. The Ring of Fire is richly endowed with nickel, copper, cobalt, platinum group elements (PGEs), chromite, titanium and vanadium. The bidding war between Wyloo Metals and BHP demonstrated the urgency to secure an adequate supply of battery metals ahead of an imminent surge in demand for electric vehicles.

Noront is a Toronto based mining company that was formerly listed on the TSX Venture Exchange. Wyloo Metals is the metals and mining subsidiary of Tattarang, one of Australia’s largest private investment groups. It manages a diverse portfolio of exploration and development projects and cornerstone interests in a number of public companies.

Bennett Jones LLP acted as counsel for Noront, with a team that included Linda E. Misetich Dann, Sander Grieve, Andrew Disipio (Corporate, M&A, Securities, Capital Markets + Mining), Jeff Kerbel, Olivier Caron, Yohanna Laurensia (Corporate, M&A + Securities), Zee Derwa, Adam Kalbfleisch (Competition), Phil Ward (Tax), Rob Staley, Ian Thompson (Litigation + Shareholder Activism) and Simon Grant (Banking + Finance).

McCarthy Tétrault LLP acted as counsel for Wyloo Metals, with a team that led by Shea T. Small which included Gary Litwack, Claire Lehan, Iris Li, Mitchell Lui, Dan Bornstein, Ian Mak, Zachary Masoud (Business), Wendy Berman, Akiva Stern (Litigation), Kim Brown (Tax), Jason Gudofsky and Erin Keogh (Foreign Investment).

Blake, Cassels & Graydon LLP acted as counsel for BHP, with a team that included John Wilkin, Richard Turner, Jeff Lloyd and Liam Churchill.