Wyloo Metals Submits Conversion Notice for US$15 Million Convertible Loan

PERTH, Australia, Sept. 22, 2021 (GLOBE NEWSWIRE) -- Wyloo Metals Pty Ltd ("Wyloo Metals") has today submitted a conversion notice to Noront Resources Ltd (TSXV:NOT) ("Noront"), notifying Noront to convert its US$15m convertible loan ("Convertible Loan") into common shares of Noront. Conversion of the loan will increase Wyloo Metals' ownership from 24.2% to approximately 37.3% of the outstanding common shares of Noront.

ABOUT WYLOO METALS

Wyloo Metals is the metals and mining subsidiary of Tattarang, one of Australia's largest private investment groups. Led by a multidisciplinary team of geologists, engineers and financial professionals, Wyloo Metals manages a diverse portfolio of exploration and development projects and cornerstone interests in a number of public and private companies. Wyloo Metals seeks to work closely with all stakeholders to accelerate projects through the development cycle while meeting the highest international environmental, social and governance standards. See more at: www.wyloometals.com.

Wyloo Canada Holdings Pty Ltd ("Wyloo Canada"), a wholly owned subsidiary of Wyloo Metals, currently holds an aggregate of 111,815,458 common shares of Noront, representing approximately 24.2% of the outstanding common shares of Noront. Wyloo Metals will convert its US$15 million Convertible Loan into common shares of Noront on the maturity date of September 30, 2021. At an exchange rate of 0.779 US Dollars per Canadian Dollar¹, Wyloo Canada would acquire an additional 96,269,996 common shares of Noront upon conversion of its Convertible Loan, following which it would hold 208,085,454 common shares of Noront, representing approximately 37.3% of the outstanding common shares of Noront on a partially diluted basis.

Wyloo Canada also holds warrants ("Noront Warrants") to acquire 1,774,664 common shares of Noront at an exercise price of Cdn$0.35 per share. If the Noront Warrants are also fully exercised, Wyloo Canada would hold 209,860,118 common shares of Noront, representing approximately 37.5% of the outstanding common shares of Noront on a partially diluted basis.

DISCLAIMER

Some of the statements in this press release may be forward looking statements or statements of future expectations based on currently available information. Such statements are naturally subject to risks and uncertainties. Factors such as the development of general economic conditions, future market conditions, unusual catastrophic loss events, changes in the capital markets and other circumstances may cause the actual events or results to be materially different from those anticipated by such statements. Wyloo Metals does not make any representation or warranty, express or implied, as to the accuracy, completeness or updated status of such statements. Therefore, in no case whatsoever will Wyloo Metals and its affiliate companies be liable to anyone for any decision made or action taken in connection with the information and/or statements in this press release or for any related damages.

This press release is issued pursuant to National Instrument 62-103 ? The Early Warning System and Related Take-Over Bid and Insider Reporting Issues, which requires a report to be filed under Noront's profile on SEDAR (www.sedar.com) containing additional information with respect to the foregoing matters. A copy of such report may be obtained by contacting Wyloo Metals at info®wyloometals.com. The address of Wyloo Metals is PO Box 3155, Broadway Nedlands, WA 6009 Western Australia.

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1}At September 21, 2021

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Andrew Bennett
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