I was curious about how the “New Noront” Wyloo refers to will be setup/operate, so I did a little digging around Wyloo’s other investments.

Wyloo seems to be purely an investment house, they don’t appear to be involved in the day to day operations of any of the companies they list on their Investments page. Also, of the 6 miners listed, only 1, other than Noront, claims Wyloo as a significant shareholder in their most recent investor presentation - Poseidon, of which Wyloo owns 11.7%.

Making a comparison to Noront isn’t straight forward as 4 of those companies are primarily nickel miners, with little or no mention of other metals. 

Poseidon’s presentation (Nov 2021) claims to have 401kt Ni and 7.6kt Cu across 8 mines/projects (all 2004-2012 assessments). If I’m reading the presentation correctly, approximately 1/2 of that (178kt) has already been mined. Poseidon has a market cap of $340M (AUD, I think), $312M CAD.

Mincor’s presentation (Nov 2021) only talks about nickel, of which it claims to have 199kt + 71kt across 15 mines/projects. Their infographic indicates it is processed by BHP and destined for Tesla. Mincor has a market cap of $630M (AUD, I think) or $580m CAD, but does not identify who its major shareholders are.

Panoramic’s presentation (May 2020) claims to have 320kt Ni and 147kt Cu across one operating mine (nearing EOL?) and an adjacent project. At the time (May 2020) Poseidon had a market cap pt $107M AUD ($98M CAD)

Impact (Oct 2021) is at the exploration stage and has three projects they claim are “high grade” but did not include any ore body or metals quantity estimates.  

Vimy is a Uranium mine, so it did look at the details as I didn’t think it could be compared to NOT. 

For reference, Eagle’s Nest has 187kt (proven) + 317kt (inferred) Nickel and 97kt + 328kt Cu, plus Pt, Pd, and Au.

So Wyloo’s current bid puts the value for NOT a bit higher than Mincor ($620M vs $580M) although Eagle’s Nest clearly has much greater value in the ground (almost 2x the Ni alone), and in a single deposit vs 15 small deposits, but no infrastructure (yet) - and don't forget all the other deposits and the chromite. And NOT is now a little less than 2X Poseidon’s market cap, although Poseidon has much lower future potential (it’s 1/2 gone) and no chromite. 

Seems to me there's still plenty of upside potential.

Bring it home Mike. Imagine the looks on their faces when people open their presents and find a shiney new Mining District with the letters BHP on it!

GLTA,

Hobbit