Western Resources Provides Corporate and Project Update

Western Resources Corp. (TSX: WRX) (the "Company") is pleased to report on the overall status of and progress on the Company's Milestone Potash Phase 1 Project (the "Project") operated by the Company's wholly-owned subsidiary, Western Potash Corp. ("Western"), and the Company's gradual phase out of its real estate investments from its business model in order to improve its financial position and refocus its efforts on the successful completion of the Project.

Since suspending construction of the Project in May of last year, Western has continued advancing and optimizing its mining operations. These are key to securing the remaining project financing required to complete the balance of plant construction. From April 28, 2020, when hot mining started, until its suspension on May 28 this year, Western's operation team has accumulated extensive experience and collected valuable mining data relevant to the application of its innovative solution mining technology. After extensive analysis of the data, and with the help of a number of leading solution mining experts, Western is developing an optimized solution mining plan.

The new plan is to focus on the increase of solution mining efficiency and life span of the mining caverns. To have those positive changes reflected in the overall economic assessment of the Project, Western has engaged a third-party engineering firm to review the operation plans and update its National Instrument 43-101 technical report. The updated report will also include an anticipated increase in the Project's mine life from 12 to 40 years. Key findings of the report are expected to be released by mid-October 2021.

In terms of financing, the Company would like to express its utmost thanks to all the contractors and suppliers for their kind understanding and support and we are pleased to note that majority of key creditors have agreed to extend Western's payment deadlines, which enables Western to focus on obtaining the investments necessary to secure Project financing. Although the Company and Western have been faced with certain challenges and uncertainties, our goal remains to complete Project financing by end of this year, which is expected to allow Western to pay off outstanding creditors, and to restart mining operations and Project construction.

In order to support the Company's liquidity, the Company commenced the process of selling its real estate investments earlier this year, with all property sales expected to close by the end of the 3 rd quarter of this year. Thereafter, the Company will focus its business efforts solely on the development of the Project.

About Western Resources Corp.

Western Resources Corp. (TSX: WRX) and its wholly owned subsidiary Western Potash Corp. are constructing what is expected will be Canada's newest and most innovative, environmentally friendly, and capital-efficient potash mine. This will be the first potash mine in the world that is expected to leave no surface salt tailings, reducing the water consumption by half as well as significantly improving energy efficiency. The Phase I Project is expected to move into production in 2022 (subject, among other things, to successful completion of additional project financing), and will form the basis for further expansions.

For more information on the Project, please refer to: www.westernpotash.com , or call Tel: 306-924-9378.

Cautions Regarding Forward-Looking Statements

Except for statements of historical fact relating to the Company, certain information contained herein constitutes "forward-looking information" under Canadian securities legislation. Forward-looking information includes, but is not limited to, statements with respect to the filing and results of the Technical Report. Forward-looking statements are based on the opinions and estimates of management as of the date such statements are made and they are subject to known and unknown risks, uncertainties and other factors that may cause the actual results of the Company to be materially different from those expressed or implied by such forward-looking statements or forward-looking information. Although management of the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking information. The Company does not undertake to update any forward-looking information that is set out herein, except in accordance with applicable securities laws.


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Western Resources Reports AGM Results

Western Resources Corp. (TSX: WRX) ("Western" or "the Company") is pleased to announce that its shareholders approved all items put before them at the Company's Annual General Shareholder Meeting ("AGM") held today, March 15 th 2024. A total of 96,648,405 common shares, representing 23.64% of the issued and outstanding common shares of the Company as at the record date, were present in person or by proxy at the meeting. The approved items are:

  1. Fixed the number of directors of the Company at seven (7), and the election of Bill Xue, George Gao, Mark Fracchia, Justin Xing, Andrew Hancharyk, Scott Nagel and Raymond Lu to the Board. Voting details for the composition of the board and each board member are as below:
Resolution For Withheld/Abstain/Against Percentage
Number of Directors (7) 96,456,565 191,266 99.80%
Bill Xue 96,307,424 340,407 99.65%
George Gao 96,303,804 344,027 99.64%
Mark Fracchia 96,313,244 334,587 99.65%
Justin Xing 96,308,414 339,417 99.65%
Andrew Hancharyk 96,449,058 198,773 99.79%
Scott Nagel 96,450,108 197,723 99.80%
Raymond Lu 96,447,478 200,353 99.79%
  1. The appointment of MNP LLP as auditors of the Company at a remuneration to be fixed by the directors, with 96,464,071 shares voted "For", representing 99.81% of the outstanding common shares of the Company and 183,760 shares voted "Withheld".
  2. Approved the Company's rolling Incentive Stock Option Plan, with 96,244,234 shares voted "For", representing 99.58% of the outstanding common shares of the Company and 403,597 shares voted "Against".

In the follow-up Board meeting after the AGM, Board Directors elected Bill Xue as Chairman of the Company and appointed Justin Xing as Chair of the Executive Committee, Mark Fracchia as Chair of the Nominating and Assessment Committee, Raymond Lu as Chair of the Audit Committee, Scott Nagel as Chair of the Compensation Committee and Andrew Hancharyk as Chair of the Corporate Disclosure Policy Committee. Shuai Wei and Xiao Xing were appointed as Board Observers, and Jack Xue as Corporate Secretary.

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Agriculture Market Forecast: Top Trends That Will Affect Potash and Phosphate in 2024

Pricing for di-ammonium phosphate (DAP) and potash continued their slide through the first half of 2023, but as the second half wore on, pricing diverged, with DAP gaining strength and potash continuing to trend lower.

The pricing differential was largely due to record high pricing in 2022 that saw farmers reducing their use of DAP and potash products in favor of experimenting with nutrient efficiency and enhanced products.

At the time, Humphrey Knight, principal phosphates and potash analyst at CRU Group, told the Investing News Network, “The potash market certainly remains exposed to further disruption to production into 2023 and could see supply tighten quickly if demand recovers rapidly from its current lull. However, a more gradual recovery in demand appears more likely (in 2023), meaning supply should remain adequate.”

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Top 10 Potash Countries by Production (Updated 2024)

Robust demand for potash pushed prices to a 13 year high in 2021, and that trend continued in the first half of 2022 as price levels rose on supply chain concerns sparked by Russia’s invasion of Ukraine.

In mid-May 2022, the World Bank said global fertilizer prices were up 30 percent for the year so far, adding that those price-positive conditions were expected to continue through the year and beyond. In fact, bullish sentiment had major market participants such as BHP (NYSE:BHP,ASX:BHP,LSE:BHP) investing billions into new potash production.

All of this was welcome news for potash investors — many potash-mining operations have closed in recent years, and some are waiting on the sidelines for better days and improvements in potash prices.

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Sage Potash Secures Permit Approvals for Exploration Program at Sage Plain Potash Project

Sage Potash Secures Permit Approvals for Exploration Program at Sage Plain Potash Project

Sage Potash Corp. ("Sage Potash", "Sage" or the "Company") (TSXV: SAGE) (OTCQB: SGPTF) is pleased to announce the receipt of all required governmental approvals for two Class V exploration wells at its Sage Plain Potash Project ("Project" or "Property") located in Utah's Paradox Basin.

Sage Potash Logo (CNW Group/Sage Potash Corp.)

Sage Potash CEO & Executive Chairman, Peter Hogendoorn , stated, "Sage's successful drilling permit applications represent a pivotal milestone on the Company's path to achieving pilot-scale potash mining and processing activities. The approved exploration wells will not only allow us to increase our understanding of the Sage Plain mineral resource, comprised in the Upper and Lower Cycle 18 potash beds underlying the Property, but these same wells will, in future, be transitioned to injection production and disposal wells. This is a highly significant de-risking event for the Company, as the most consequential permit approvals for the Project have now been secured, pending bonding."

The State of Utah's Division of Oil, Gas, and Mining ("UDOGM"), and Division of Water Quality ("DWQ") have issued tentative approvals for both surface (drill pads and access roads) and underground (wells) activities. This is part of the Underground Injection Control ("UIC") Class V exploration injection permit application for a production and disposal well submitted by the Company in March 2023 . Formal drill permits will be issued once bonding is received and approved and the Company has received written acceptance from UDOGM, as well as other applicable agencies.

The execution of the now approved exploration program represents Phase 1 of the Sage Plain Project development effort. The two Class V wells will be designed and constructed under the standards and specifications of a UIC Class III "Production well" and UIC Class I "Disposal well". The wells will allow for determination of injection capacity and hydraulic behaviours of the potash and potential disposal formations, as well as providing management with geological data through examination of the drill core, as part of test cavern development for potash recovery from the Cycle 18 potash beds. Once the data from the exploration wells is gathered, the Company will apply to convert these wells into UIC Class I and Class III wells for the purpose of injection, production and disposal, allowing for potash brine fluids recovery.

Concurrently with the Class I and Class III permits conversion, the Company will submit the Large Mine Operation ("LMO") permit for up to 150,000 TPY. In partnership with global engineering firm RESPEC, Sage is advancing engineering and designs for a 50,000 TPY pilot-scale potash solution mining operation, as part of its ongoing engineering studies and production permit application. Data from this program, along with plant design and engineering details, will be included to complete the final LMO application for permit approval.

Following receipt of the news that the Company had secured governmental approval for the Class V wells, Sage Potash CEO & Executive Chairman, Peter Hogendoorn, expressed renewed confidence in the coming year, stating, "We recognize the prevailing capital market conditions for conventional project advancement are extremely difficult. As a result, the Company and, in particular, the team in our US subsidiary, Sage Potash ( USA ) Corp., have focused on permitting and engineering, whereby value can be realized at the 'Project level'. With the developments to date, together with the highly strategic land position of contiguous State and Private mineral leases from which up to 70 mining units, each consisting of 320 acres, can be developed, management believes the Project has now achieved significant milestones and, accordingly, eliminated substantial barriers to entry, which can be value realized in terms of time and capital for strategic interests."

Hogendoorn continued, "As previously announced, the Company recently retained ACP Capital Markets LLC ("ACP"), an internationally recognized Capital Markets Adviser and Investment Banking firm, based in Stamford, Connecticut , with a proven track record in selecting and financing under-valued projects in the AgriBusiness sector, such as the Sage Plain Potash Project. The Company is working diligently with ACP in identifying and engaging with strategic industry partners and institutional investors. We are confident our achievements over the past year, including recently securing the most consequential permit approvals for the Project, will facilitate our ongoing efforts at the Project level and with ACP and, accordingly, optimize our ability to realize and deliver significant value to Sage Potash shareholders."

About Sage Potash Corp.

Sage Potash is a Canadian company vested solely in the Sage Plain Property and intends through sustainable solution mining techniques to become a prominent domestic potash producer within the Paradox Basin situated in Utah . For further information, please refer to the Company's disclosure record on SEDAR ( www.sedar.com ) or contact the Company by email at info@sagepotash.com .

On Behalf of the Board of Directors,

Peter Hogendoorn
CEO & Executive Chairman

Website: www.sagepotash.com

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Cautionary Note Regarding Forward-Looking Statements

This news release contains "forward-looking information" and "forward-looking statements" within the meaning of applicable securities legislation. The forward-looking statements herein are made as of the date of this news release only, and the Company does not assume any obligation to update or revise them to reflect new information, estimates or opinions, future events or results or otherwise, except as required by applicable law. Often, but not always, forward-looking statements can be identified by the use of words such as "plans", "expects", "is expected", "budgets", "scheduled", "estimates", "forecasts", "predicts", "projects", "intends", "targets", "aims", "anticipates" or "believes" or variations (including negative variations) of such words and phrases or may be identified by statements to the effect that certain actions "may", "could", "should", "would", "might" or "will" be taken, occur or be achieved. Forward-looking information in this news release includes, but is not limited to, statements with respect to future events or future performance of Sage, including completing a step out pilot production well that will double as a resource definition drill hole, advancing preliminary engineering and feasibility towards a PEA, completing 3D seismic and step-out well and new resource calculations [MA1] , and management's expectations regarding Sage's growth. Forward-looking statements and information are subject to various known and unknown risks and uncertainties, many of which are beyond the ability of Sage to control or predict, that may cause Sage's actual results, performance or achievements to be materially different from those expressed or implied thereby, and are developed based on assumptions about such risks, uncertainties and other factors set out herein, including, but not limited to, the risk factors set out under the heading "Risk Factors" in the Company's final non-offering long form prospectus dated March 2, 2023 available for review on the Company's profile at www.sedar.com. Such forward-looking information represents management's best judgment based on information currently available. No forward-looking statement can be guaranteed and actual future results may vary materially. Accordingly, readers are advised not to place undue reliance on forward-looking statements or information.

SOURCE Sage Potash Corp.

Cision View original content to download multimedia: http://www.newswire.ca/en/releases/archive/January2024/08/c0576.html

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Potash Fertilizers: What’s the Difference Between SOP and MOP? (Updated 2024)

The world’s population continues to grow, and so too does demand for agricultural crops. Not surprisingly, it's becoming increasingly important for farmers to grow more crops more efficiently.

That’s where potash fertilizers come in — they not only increase food quality, but also boost crop yield. Farmers use various fertilizers to grow crops, but the two most common are sulfate of potash (SOP) and muriate of potash (MOP).

Canada is the world’s top potash country by far, with annual output topping 16 million metric tons (MT) in 2022. China took the second spot in terms of total potash production at 6 million MT, followed by Russia in third place at 5 million MT.

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Western Potash Corp. Announces Closing of CAD$10 Million Exchangeable Debenture

Western Resources Corp. (the "Company") (TSX: WRX) is pleased to announce that Western Potash Corp. ("Western Potash"), the Company's 100% owned subsidiary, received the second tranche of funds in the amount of CAD$5 million from Vantage Chance Limited ("Vantage"). The transaction, set out in the Company's news release of August 15, 2023, has now closed.

On August 15th, 2023, Western Potash signed an exchangeable debenture subscription agreement with Vantage, pursuant to which Vantage agreed to subscribe for a CAD$10 million exchangeable debenture (the "Exchangeable Debenture") to be issued by Western Potash upon receipt of the full amount. Western Potash received the first tranche payment of CAD$5 million in September 2023. This CAD$5 million payment is the second and final payment required to be made by Vantage to Western Potash under the terms of the Exchangeable Debenture.

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