The Toronto Stock Exchange-listed company has said it expects Eagles Nest to produce 150,000 to 250,000 tonnes of nickel-bearing concentrate a year over an 11-year mine life, with potential to extend that by nine years.
Wyloo said the Noront plans exclude the development of the adjacent chromite resources.
Noront has a number of other projects in the Ring of Fire region, where the Province of Ontario has signalled it is willing to contribute up to a billion Canadian dollars ($1.05 billion) to infrastructure development.
Wyloo boss Luca Giacovazzi said the Forrest entity was joining forces with a proven management team at Noront to develop the Eagles Nest deposit and continue exploration of the Ring of Fire region.
This investment reflects a long-term and collaborative strategy to support the discovery and development of the next generation of mines required to meet the growing demand of critical materials needed to power the decarbonisation of the global economy, he said.
The acquisition of the Resource Capital Fund interests in Noront also gives Wyloo pre-emptive rights and the right to appoint two board members.
Wyloos other investments include Canada-based resources sector financier Queens Road Capital, ASX-listed uranium play Vimy Resources and base metals explorer Impact Minerals.
Andrew Forrest-owned Wyloo Metals has grabbed a big stake in Canadian company Noront and its high-grade nickel discovery in an area known as the Ring of Fire.
