Ring of Fire Metals and Webequie First Nation Sign Memorandum of Understanding on Ring of Fire Development

TORONTO, Dec. 6, 2022 /CNW/ - Ring of Fire Metals (RoFM) and Webequie First Nation (Webequie) have signed a Memorandum of Understanding (MOU) outlining a framework for collaboration on proposed development in the Ring of Fire.

The MOU details how the two parties will work together to progress ongoing exploration activity in the region as well as negotiations on a partnership agreement for the proposed Eagle's Nest mine.

Webequie Chief, Cornelius Wabasse, said "As leaders and critical decision makers, we have a social responsibility with our members and that is to find ways to sustain our community through long term relationship agreements that will bring and foster livelihood.

"We are exercising our sovereignty and the right to pursue economic sustenance in a manner that respects the land and brings opportunity for our young people.

"Our community encourages ongoing working relationships with Ontario and Federal Government, including First Nations, to work with us and support our community initiatives."

RoFM Acting CEO, Stephen Flewelling, said the landmark MOU was an important step forward in their long-standing relationship of more than 12 years.

"We have worked well with Webequie for many years, but this MOU signifies a formal transition to a new phase of collaboration on the future of the Ring of Fire," he said.

"Canada has a once-in-a-generation opportunity to develop the critical minerals the world needs to decarbonize, and it's vital that Indigenous communities play a central role in how these projects are developed on their traditional territories.

"This MOU demonstrates our commitment to work together with Webequie to develop projects based on shared values, sustainable opportunities for economic and community development and collaborative decision making.

"It reflects our approach to developing critical mineral projects that deliver mutual, long-term benefits for Webequie community members with a deep respect for their culture and land."

Ring of Fire Metals' Eagle's Nest project is one of the largest undeveloped, high-grade nickel-copper-platinum-palladium deposits in the world, located in the Ring of Fire region of Northern Ontario. Eagle's Nest will have an initial mine life of 11 years with the potential for a nine-year extension.

Note to editor: High-resolution images from the MOU signing event are attached or available upon request to Leanne Franco (contact details below).

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. Ring of Fire 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 Ring of Fire 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.

SOURCE Ring of Fire Metals