Andrew Forrest is putting his financial might behind the company that controls Canada’s highest-grade nickel discovery since Vale-owned Voisey's Bay, as he grows his mining footprint beyond iron ore.

Wyloo Metals, owned by Forrest’s private investment arm Tattarang, is set to emerge with a near 38 per cent stake in Noront Resources under the terms of a $US26.5 million ($35.7 million) deal.