Ring of Fire Updates Weekly News Roundup

September 21-27, 2021 : Weekly News Roundup

Not much in news this week, except that Wyloo Metals (one of the two Australian companies battling to buy Noront Resources) has increased its equity ownership stake in Noront. Time will tell whether this advantages them in their current bidding war.

Dayna Scott and David Peerla also published an article on Monday, exploring the research recently conducted on Noront Resources Ltd.’s corporate disclosures by students from Osgoode Hall Law School’s Environmental Justice and Sustainability Clinic. This research found some important gaps in what Noront has shared with the Ontario Securities Commission (OSC); notably, Noront has disclosed almost nothing about the fierce Indigenous opposition to its proposed projects in the so-called Ring of Fire. Based on these findings, this Osgoode legal clinic submitted a letter to the OSC last month requesting an investigation into Noront’s disclosures. There is no news yet about the state of that request.

September 24, 2021 (Northern Ontario Business):

Wyloo metals boosts equity stake in Ring of Fire junior miner

Australian mining investor now 37 per cent shareholder in Noront Resources

“Australia’s Wyloo Metals made good on its intention to increase its equity ownership stake in Noront Resources. The Perth-headquartered company is locked in a bidding war with BHP, one of the world’s largest mining companies, to acquire the Toronto mineral exploration company and its untapped nickel, copper, platinum group metals and chromite property in the Ring of Fire area of Northern Ontario. Wyloo announced Sept. 22 that it will convert a US$15 million convertible loan into common shares of Noront, thus increasing its ownership in Noront from 24.2 per cent to 37.3 per cent. The maturity date of the convertible note was Sept. 30.” Read more here…

September 27th, 2021 (Corporate Knights):

Are mining companies hiding Indigenous opposition from their investors?

It’s time for companies and securities regulators to make sure the whole truth of Indigenous rights claims are brought to light through corporate risk disclosures

“There was once a time when the worst thing that could happen to investors in Canadian junior mining companies was that their windfall could turn out to be so-called moose pasture (i.e., worthless from a minerals perspective). Junior mining companies search for new deposits of minerals and are known to be high-risk, high-return investments. Today, however, a significant risk for investors is the fact that their claims are often located on the homelands of Indigenous Peoples with inherent governing authority.

An increased public awareness of broken treaties, unmarked graves, racism and ongoing cultural genocide is contributing to a powerful social movement for #LandBack across the country. This means that claims of Indigenous rights and jurisdiction – rather than being dismissed as mere distractions – are rightfully considered material facts that can delay a mine, stop a pipeline and force a government to buy out mining exploration projects.” Read more here…

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