BHP increases all-cash offer for Noront to C$0.75 per share

Noront recommends shareholders accept improved BHP offer

• BHP increases its all-cash offer to Noront shareholders to C$0.75 per share, representing a 36% premium to its previous offer, a 7% premium to the Wyloo offer and a 213% premium to Noront’s unaffected price.
  
• Noront supports BHP’s improved offer and recommends shareholders tender now to receive the cash consideration offered.
• The BHP offer will be open until 11:59 p.m. (Toronto time) on November 9, 2021. Shareholders have 22 days to decide to accept the full and immediate value offered by BHP.
• BHP’s offer does not require Wyloo’s support to be successful.
  • BHP’s all-cash offer provides certainty of value and liquidity.
    

Offer expires 11:59 p.m. (Toronto time) on November 9, 2021; for more information visit NorontTender.ca

TORONTO and MELBOURNE, Victoria, Oct. 19, 2021 (GLOBE NEWSWIRE) --  BHP Lonsdale Investments Pty Ltd (“BHP Lonsdale”), a wholly owned subsidiary of BHP, and Noront Resources Ltd. (TSXV: NOT) ("Noront") announced today that BHP has agreed to increase its all-cash offer for Noront shares to C$0.75 per share (the “Offer”).

The Noront Board, considering the superior C$0.75 per share cash purchase price in the amended Offer, has determined that the proposal from Wyloo Metals Pty Ltd. (“Wyloo”), at a price of C$0.70 per share, has ceased to be a "superior proposal", and recommends the Noront shareholders tender their shares to the BHP Offer.

Shareholders have until 11:59 p.m. (Toronto Time) on November 9, 2021 to accept the increased Offer and tender their shares.

Improved Premium & Highest All-Cash Offer Available to Shareholders

BHP’s increased Offer of C$0.75 per Noront share is superior to other offers available to Noront and its shareholders. BHP had the option to match Wyloo and elected to exceed Wyloo’s proposal by C$0.05. BHP’s increased offer delivers compelling value to Noront shareholders:

213%    premium over Noront’s unaffected price of C$0.24¹

36%      premium over BHP’s previous offer of C$0.55 per share

7%        premium over Wyloo’s latest offer of C$0.70 per share

BHP Chief Development Officer, Johan van Jaarsveld, said: “Our increased offer of C$0.75 per share provides a compelling premium for Noront shareholders and is available to shareholders now. Our offer provides shareholders with the value inherent in Noront’s portfolio of projects, including the Eagle’s Nest project, delivering shareholders who accept our offer certainty of value and immediate liquidity.”