From a remote promise to a near-term production opportunity, Australian miner Wyloo is advancing Canada’s Ring of Fire as a critical minerals powerhouse for the clean-tech era.
Once a distant prospect, the Ring of Fire is now moving quickly towards production, as Wyloo combines Australian mining know-how with First Nations partnerships to develop one of Canada’s richest mineral regions.
Three years ago, there was little certainty the infrastructure needed to unlock the Ontario region’s mineral potential would move ahead. But momentum has shifted.
Wyloo, which now owns the high-grade Eagle’s Nest nickel-copper-platinum-group elements (PGE) deposit, said development is accelerating as First Nations people advance an all-season access road.
“It’s quite an exciting milestone to see it start as early as [2026],” Wyloo chief executive officer Luca Giacovazzi told Australian Mining. “The First Nations-led all-season road is key to unlocking access to the Eagle’s Nest project and surrounding mineral-rich areas.”
The Ring of Fire covers roughly 5000km2 in northern Ontario and contains nickel, copper, chromite and platinum-group elements, metals increasingly sought after for use in electric vehicles (EVs), energy storage, renewable energy systems, and defence technologies.
Eagle’s Nest is regarded as one of the highest-grade undeveloped nickel deposits in the world, with Wyloo forecasting production of nickel, copper and PGEs once permitting and construction are complete.
Wyloo’s approach in Canada draws heavily from its experience in Australia, particularly the Yangibana rare earths project in WA.
Yangibana is one of the rare earth developments closest to production in Australia, and Giacovazzi said the company is taking a similar partnership-first approach in Canada. He described Wyloo’s co-management model in the Ring of Fire with First Nations communities as a defining feature.
“The communities are very much part of running the mine,” Giacovazzi said.
“What they bring is expertise in operating remote regions – power plants, aerodromes, camps – which complements our mining expertise.
“A mine is like a little city, and these communities know how to run one in some of the most challenging conditions. We bring the mining expertise, they bring the operations expertise. It’s a strong partnership.”
While mining will benefit from the new road network, Giacovazzi said its value extends far beyond project access.
“It’s about access into their communities, not just mining,” he said. “It’s foundational for long-term development and partnership, and for building sustainable supply chains across both nations.”
Alongside Eagle’s Nest, Wyloo is working to establish downstream capability in Canada.
The company has signed an agreement to pursue a battery materials processing facility in the Ontario city of Sudbury, aiming to fill a major gap in Canada’s midstream EV battery supply chain.
“It had all the right ingredients to be successful and we’re finally starting to see that play out,” Giacovazzi said.
A major turning point for the Ring of Fire came when responsibility for the road projects shifted towards First Nations leadership in 2022–23.
Marten Falls and Webequie First Nations are now the proponents leading key access road proposals through Ontario’s permitting system.
“It’s a First Nation-led piece of infrastructure,” Giacovazzi said. “These communities have been working tirelessly through the Canadian permitting system, and now we’re finally at the point of construction. That change was a real circuit breaker for the project.”
Wyloo expects the next 12–24 months to be defined by continued road progress, environmental assessment milestones and deeper partnership agreements.
“Beyond that, you’ll start to see first nickel concentrate from Eagle’s Nest,” Giacovazzi said.
International collaboration is another priority. Wyloo sees emerging opportunities linking Australia, Canada and the US as allied nations working to de-risk critical mineral supply chains.
“Ring of Fire has the potential to be an important part of allied countries’ critical mineral supply,” Giacovazzi said. “Australian companies thriving in Canada, and Canadian companies in Australia, shows how strategic these projects are.
“These metals are fundamental, not just for EVs and renewable energy but for AI [artificial intelligence] and advanced defence technologies.”
In Australia, Wyloo’s Yangibana project continues to advance, with the company positioning it as part of the near-term solution to global rare earth shortages.
“The rare earths market is finely balanced, and current prices aren’t enough to incentivise new supply,” Giacovazzi said.
“We’re strategically positioned to be part of the near-term solution, and our project can produce in months, not years. That’s incredibly rare in this space.”
Giacovazzi said demand for minerals is accelerating across every modern technology sector.
“We’re at an exciting point in history. Technology is advancing faster than ever, from EVs to AI and humanoid robots, but underlying all of this is a need for metals and minerals,” he said.
“We simply haven’t done enough exploration to discover the next generation of mines.
“Minerals are the new oil, and the world is waking up to just how critical they are.”
Public interest in the Ring of Fire is also growing. High-profile advertising campaigns promoting the region have run during major sporting broadcasts in Canada, such as the Toronto Blue Jays’ games during the World Series baseball, catching the attention of viewers all over the country.
“People are starting to understand the scale and importance of this project for Ontario, Canada, and the wider allied world,” Giacovazzi said.
As construction advances and partnerships mature, Wyloo believes the Ring of Fire is steadily moving from potential to reality.
Read more: Top five rare earths projects to watch in 2026
This feature appears in the February issue of Australian Mining magazine.