West High Yield Resources Ltd. Announces Mine Permit Update, Corporate Update, and Private Placement Offering

West High Yield (W.H.Y.) Resources Ltd. (TSXV: WHY) (the "Company" or "West High Yield") announces that, further to the Company's news release dated August 15, 2024, it met with Ministry of Energy, Mines and Low Carbon Innovation (the "EMLI") on August 26, 2024 (the "EMLI Meeting") to continue discussions regarding the permit process for carrying out the extraction and production of critical minerals (the "RRIMM Project") at its Record Ridge Industrial Mineral Mine (the "RRIMM") at a reduced throughput. The Company also confirms the commencement of a private placement offering (the "Offering").

Mine Permit Update

The EMLI Meeting focused on exploring the available options for the Company following the British Columbia Environmental Assessment Office (the "EAO") decision as detailed in the Company's news release dated August 15, 2024. During the EMLI Meeting, West High Yield reaffirmed its commitment to pursuing a reduced volume mining permit at this stage. The EMLI Meeting participants provided valuable insights into the options available to the Company, and outlined the next steps necessary for the Company to move forward with the RRIMM Project. The EMLI has scheduled a follow-up meeting on September 4, 2024 for the British Columbia Mine Development Review Committee to review the comments that have been closed off to date and to determine the next steps in the RRIMM permit process.

The Company is confidently advancing towards the finalization of its British Columbia Mines Act permit application to receive the requisite permit for the RRIMM Project (the "Permit"). As detailed to EMLI at the EMLI Meeting, the Company's commitment to transparency remains unwavering as it prepares the RRIMM Project in compliance with the environmental thresholds set by the EAO. With the Permit process at its advanced stage, the Company is confident it will secure the Permit soon. Once the Permit is received, the Company plans to initiate the RRIMM Project development and operation, while also evaluating options for expansion beyond current thresholds, amending the Permit as applicable, and reassessing EAO requirements accordingly.

While West High Yield has identified several concerns regarding the EAO's decisions and management of this process, as noted in the Company's news release dated August 15, 2024, its legal team is actively reviewing its options. Notwithstanding this, West High Yield's primary objective remains clear: securing this Permit and launching the RRIMM Project, and the Company's board, management and consultants are fully committed and resolute in achieving these critical milestones.

Corporate Updates

The Company has ongoing communication with its interested customers who are anxious to see the Permit be awarded. This includes but is not limited to, APG Galaxy Trade and Technology LLC, a Hawaii limited liability company, whom the Company signed a letter of intent with on December 6, 2021 (see the Company's news release dated December 7, 2021), which was subsequently amended on August 17, 2022, to process and extract from the RRIMM the critical minerals available using a commercially green process enhanced by the Company.

In addition, the Company's engagement with ACS Moschner & Co GmbH ("ACS") (see the Company's news release dated October 26, 2023) is also progressing in a positive manner. The Company is in discussion with potential value-added strategic partners and investors introduced by ACS and pursuant to the Company's engagement of ACS to consult on its behalf.

Offering

As also announced, the Company has initiated the Offering, which will be a non-brokered private placement offering for the sale of up to 3,750,000 units of the Company (the "Units") at a price of CAD$0.20 per Unit for aggregate gross proceeds of up to CAD$750,000.00.

Each Unit issued under the Offering will consist of one (1) common share of the Company (each, a "Common Share") and one (1) Common Share purchase warrant (each, a "Warrant"). Each Warrant, together with CAD$0.30, will entitle the holder thereof to acquire one (1) additional Common Share for a period of twelve (12) months from each full Warrant's date of issuance. The Warrants will not be listed on the TSX Venture Exchange ("Exchange").

The Company may pay a finder's fee in connection with the Offering to eligible finders in accordance with the policies of the TSXV and applicable Canadian securities laws consisting of: (i) a cash commission of up to 6% of the gross proceeds of the Offering and (ii) common share purchase warrants (the "Finder's Warrants") of up to 6% of the number of full Warrants issued under the Offering. The Finder's Warrant will have identical terms to the Warrants.

The Offering will be completed pursuant to certain exemptions from the prospectus requirements under applicable Canadian securities laws. All securities issued under the Offering are subject to a statutory hold period from their date of issue in accordance with applicable Canadian securities laws. None of the Units will be registered under the United States Securities Act of 1933, as amended, and none may be offered or sold in the United States absent registration or an applicable exemption from the registration requirements.

The proceeds from the Offering will be used to conclude its permitting process, covering essential operations, general working capital purposes and expenses, and for supporting the Company's planned drilling program for the water monitoring holes at its Record Ridge magnesium deposit, as required by the EMLI. The Offering is subject to certain closing conditions including, but not limited to, the receipt of all necessary approvals, including the acceptance and approval of the TSXV.

About West High Yield

West High Yield is a publicly traded junior mining exploration and development company focused on acquiring, exploring, and developing mineral resource properties in Canada. Its primary objective is to develop its Record Ridge critical mineral (magnesium, silica, and nickel) deposit using green processing techniques to minimize waste and CO₂ emissions.

The Company's Record Ridge critical mineral deposit located 10 kilometers southwest of Rossland, British Columbia has approximately 10.6 million tonnes of contained magnesium based on an independently produced National Instrument 43-101 - Standards of Disclosure for Mineral Projects ("NI 43-101") Preliminary Economic Assessment technical report (titled "Revised NI 43-101 Technical Report Preliminary Economic Assessment Record Ridge Project, British Columbia, Canada") prepared by SRK Consulting (Canada) Inc. on April 18, 2013 in accordance with NI 43-101 and which can be found on the Company's profile at https://www.sedarplus.ca.

Qualified Person

Rick Walker, B.Sc., M.Sc., P.Geo., the Company Geologist is a Qualified Person as defined in NI 43-101 and has reviewed and approved the technical information in this press release.

Contact Information:

West High Yield (W.H.Y.) RESOURCES LTD.

Frank Marasco Jr., President and Chief Executive Officer
Telephone: (403) 660-3488
Email: frank@whyresources.com

Barry Baim, Corporate Secretary
Telephone: (403) 829-2246
Email: barry@whyresources.com

Cautionary Note Regarding Forward-Looking Information

This press release contains forward-looking statements and forward-looking information within the meaning of Canadian securities legislation. The forward-looking statements and information are based on certain key expectations and assumptions made by the Company. Although the Company believes that the expectations and assumptions on which such forward-looking statements and information are based are reasonable, undue reliance should not be placed on the forward-looking statements and information because the Company can give no assurance that they will prove to be correct.

Forward-looking information is based on the opinions and estimates of management at the date the statements are made and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those anticipated in the forward-looking information. Some of the risks and other factors that could cause the results to differ materially from those expressed in the forward-looking information include, but are not limited to: general economic conditions in Canada and globally; industry conditions, including governmental regulation; failure to obtain industry partner and other third party consents and approvals, if and when required; the availability of capital on acceptable terms; the need to obtain required approvals from regulatory authorities; and other factors. Readers are cautioned that this list of risk factors should not be construed as exhaustive.

Readers are cautioned not to place undue reliance on this forward-looking information, which is given as of the date hereof, and to not use such forward-looking information for anything other than its intended purpose. The Company undertakes no obligation to update publicly or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by applicable law.

This press release does not constitute an offer to sell or a solicitation of an offer to buy any securities in the United States. The securities of the Company will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") and may not be offered or sold within the United States or to, or for the account or benefit of U.S. persons except in certain transactions exempt from the registration requirements of the U.S. Securities Act.

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.

Corporate Logo

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/221503

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West High Yield Resources Ltd. Announces Proceeds from Exercise of Options

West High Yield (W.H.Y.) Resources Ltd. (TSXV: WHY) (FSE: W0H) (the "Company" or "West High Yield") announces the receipt of proceeds from the exercise of certain stock options (the "Options") of the Company.

One holder of options (the "Optionholder") exercised an aggregate of 100,000 Options resulting in the issuance of 100,000 common shares of the Company (each, an "Option Share"). The Options were exercisable at a price of CAD$0.15 per Option Share. The Options exercised by the Optionholder were issued to the Optionholder, among others, as part of an option grant of the Company on November 27, 2019.

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West High Yield Resources Ltd. Announces Final Closings of Oversubscribed Private Placement and Shares-for-Debt Transactions

West High Yield (W.H.Y.) Resources Ltd. (TSXV: WHY) (the "Company" or "West High Yield") announces that, further to its news releases dated August 29, 2024, September 26, 2024, October 9, 2024 and October 11, 2024, it is closing the final tranche (the "Closing") of its previously announced private placement offering (the "Offering") of units (the "Units"). The Company also announces that, further to its news release dated October 9, 2024, it has completed its previously announced shares-for-debt transactions (the "Shares for Debt Transactions") to settle CAD$320,000 in outstanding debt (collectively, the "Debt") owed to with three (3) non-arm's length lenders (the "NAL Creditors") and one (1) arm's length lender of the Company (collectively, the "Creditors").

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West High Yield Resources Ltd. Announces Extension of Current Private Placement

West High Yield (W.H.Y.) Resources Ltd. (TSXV: WHY) ("West High Yield" or the "Company") announces that, further to its news releases dated August 29, 2024, September 26, 2024 and October 9, 2024, it has received an extension from the TSX Venture Exchange (the "TSXV") with respect to the final acceptance date of its previously announced private placement offering (the "Offering") of units (the "Units").

The outside date for the final closing and filing acceptance of all final documentation required by the TSXV in respect of the Offering has been extended from October 14, 2024 to November 13, 2024 (the "Extension Date").

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West High Yield Resources Ltd. Announces BC Government Mining Permit Work Plan Timelines

West High Yield (W.H.Y.) Resources Ltd. (TSXV: WHY) (the "Company" or "West High Yield") is pleased to announce that it has received its most updated written work plan timelines (link to the timelines) from the British Columbia Ministry of Energy, Mines and Low Carbon Innovation (the "EMLI") regarding the Company's mineral extraction project (the "Project") pertaining to the Record Ridge Industrial Minerals Mine (the "RRIMM") permit process. While the EMLI indicated that these dates could be subject to adjustments, the Company is optimistic that the process is on track for a potential permit issuance by early December, 2024.

The Company remains committed to addressing any further requests or comments promptly stemming from the review by the British Columbia Mine Development Review Committee (the "MDRC") of its latest RRIMM amended permit submission. West High Yield continues to work closely with the Project stakeholders and regulatory authorities to ensure that the process proceeds efficiently.

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Vibrant coral reef with colorful fish swimming in clear blue water.

Deep-Sea Crisis: Can the ISA Regain Control of the Deep Ocean?

The world’s oceans are increasingly becoming an important new frontier in the geopolitical and economic race for critical minerals, with countries fast-tracking plans for deep-sea mining.

Meanwhile, the global body tasked with regulating such activities is struggling to keep pace.

As sovereign states ramp up efforts to access seabed resources crucial for clean energy and defense technologies, the International Seabed Authority (ISA) finds itself sidelined — raising alarms among environmentalists and nations alike.

Stoking these tensions, US President Donald Trump signed an executive order earlier this month with the aim of expediting deep-sea mineral extraction in both national and international waters.

The directive, which calls for faster permitting and exploration, bypasses multilateral negotiations at the ISA and uses a 1980 domestic statute — the Deep Seabed Hard Mineral Resources Act — to justify the unilateral action.

The order “establishes the US as a global leader in seabed mineral exploration and development both within and beyond national jurisdiction," signaling Washington’s intent to secure independence from Chinese mineral supply chains.

But the move has drawn fierce criticism from multiple fronts.

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Australia flag puzzle piece fitting into a white puzzle.

Opportunity or Overreach: Is Australia Making the Right Moves for Critical Minerals?

Australia is currently betting big on critical minerals.

Government support is growing, with the country positioning itself as a key player in the global energy transition; however, some are convinced that the nation is rushing into a crowded race.

The Albanese government recently vowed to establish a critical minerals strategic reserve upon re-election, pledging an initial investment of A$1.2 billion. In an April 24 announcement, the government outlines that the reserve would build on the Australian government's extensive investment in critical minerals through two new mechanisms.

Does an Australian critical minerals reserve make sense?

National offtake agreements are one of the planned mechanisms. These would allow the government to acquire agreed-upon volumes of critical minerals from commercial projects via voluntary agreements, or to establish an option to purchase at a given price, holding security over these assets as part of the strategic reserve.

The second mechanism outlined is selective stockpiling, wherein the government promises to establish Australian stockpiles of certain key critical minerals produced under offtake agreements as required.

Following the government's announcement, Tania Constable, CEO of the Minerals Council of Australia, published a piece on the move, questioning whether a critical minerals strategic reserve is the best approach.

In her view, the initiative is “certainly not without domestic risk,” and “may impact the commercial viability of operations through continued downward pressure on commodity prices.”

She recommends that Australia focus on fundamentals that will give it back an edge over other mining nations.

“That means lower energy prices, a windback of draconian industrial relations laws, and faster environmental approval times," Constable's statement reads.

Australia's current critical minerals strategy

Australia’s current Critical Minerals Strategy is focused on the period from 2023 to 2030, and is centred on developing strategically important projects, attracting and unlocking investment and promoting the country as a world leader in environmental, social and governance (ESG) performance.

It also includes a commitment to reviewing the country's critical minerals and strategic materials list every three years, updating it in response to global strategic, technological, economic and policy changes.

As of writing, 31 critical minerals were recognised in Australia, plus six strategic materials.

AU$4 billion in total commitments are covered under the strategy, including AU$2 billion from the Critical Minerals Facility via Export Finance Australia, and an extra AU$2 billion in 2024.

In an article in the Australian, Lynas Rare Earths (ASX:LYC,OTC Pink:LYSCF) CEO Amanda Lacaze criticises the government's critical minerals policy, arguing that it is “flawed and uneconomical.”

She notes that even a significant portion of the fund wouldn't match Lynas' annual production costs. Lynas is recognised as the largest separated rare earths producer outside of China.

In a separate article written by the Australia-China Relations Institute, James Laurenceson, director at the University of Technology Sydney, says that the current strategy may be too optimistic.

In his view, the real problem is that Australia’s strategic partners aren’t delivering on their end of the supply chain further downstream. His recommendation is to focus on upstream activities like mining and processing, where Australia has a clear comparative advantage.

Critical minerals deals and funding heat up in Australia

Since the announcement of the Critical Minerals Strategy, Australia's critical minerals industry has seen various developments in mergers and acquisitions, as well as government project funding.

Notable M&A activity includes mining giant Rio Tinto's (ASX:RIO,NYSE:RIO,LSE:RIO) acquisition of Arcadium Lithium, first announced as an all-cash transaction for US$6.7 billion in October 2024.

Another is the AU$560 million deal between Pilbara Minerals (ASX:PLS,OTC Pink:PILBF) and Latin Resources, made legally effective last January. The transaction gives Pilbara ownership of Latin’s Salinas lithium project in Brazil.

On top of these acquisitions are government funding to accelerate critical minerals projects.

Under the Critical Minerals Facility, Iluka Resources (ASX:ILU,OTC Pink:ILKAF) received AU$400 million from the Australian government in December, granted for the Enneaba rare earths refinery.

According to Iluka, the refinery will establish Western Australia as a strategic hub for the downstream processing of rare earths. It is expected to produce neodymium, praseodymium, dysprosium, terbium and more starting in 2027.

Alongside these moves, Australia is strengthening its rare earths strategy.

On February 12, Australia passed the Critical Minerals Production Tax Incentive, which will provide a refundable tax credit on 10 percent of eligible costs associated with the production of critical minerals and rare earths.

“The incentives are valued at AU$7 billion over the decade,” said Federal Resources Minister Madeleine King.

“The passing of this legislation is a historic moment for the resources industry and a big deal for resource states like Western Australia and Queensland,” she added. “By processing more of these minerals here in Australia we will create jobs and diversify global supply chains.”

Will history repeat itself?

The Australian Strategic Policy Institute (ASPI) states in an article that the critical minerals reserve would be an important step in securing Australia’s economic future, but warns that the nation must learn from “past mistakes.”

It points to the Pinjarra gallium refinery in Western Australia in its May 2 statement, saying that it represented one of the boldest critical minerals initiatives outside China in the late 1980s.

“Designed to produce 50 tonnes of gallium per year, it promised to place Australia at the heart of the global gallium and rare earths value chain, just as the modern world’s appetite for advanced materials was accelerating.”

However, in only a few years, Pinjarra encountered delays due to environmental permits; meanwhile, gallium prices crashed due to oversupply and China’s competitive spirit strengthened.

“Australia’s lack of midstream and downstream refining capacity added crushing costs and complexity,” ASPI explains in its commentary. “In short, Pinjarra had the ambition — but not the resilience — to withstand the inevitable shocks from operating in niche, high-risk commodity markets.”

The question ASPI poses now is: Can Australia guarantee that the same mistake will not be repeated?

According to the institute, Australia has the resources and strategic location.

“It must now summon the strategic patience and coordinated leadership needed to build true critical minerals sovereignty," ASPI concludes.

Don’t forget to follow us @INN_Resource for real-time news updates!

Securities Disclosure: I, Gabrielle de la Cruz, hold no direct investment interest in any company mentioned in this article.

Map closeup of Ontario with a red pin marking Albany.

Ontario Tables Sweeping Bill to Restrict Foreign Access to Critical Minerals

Ontario has introduced legislation aimed at tightening control over the province’s mining and energy sectors by limiting foreign involvement, fast-tracking resource development and scaling back species-at-risk protections.

The Protect Ontario by Unleashing Our Economy Act, 2025, also known as Bill 5, was announced at the Toronto Stock Exchange on April 17 by Premier Doug Ford and Energy and Mines Minister Stephen Lecce.

According to the government, the new bill is designed to “safeguard Ontario’s critical minerals, secure the province’s energy infrastructure, and reduce regulatory bottlenecks that hamper development.”

“With President Trump taking direct aim at our economy, it cannot be business as usual,” Ford declared during the announcement, referring to recent US moves to prioritize domestic supply chains for critical resources.

The proposed law would grant the Ontario government sweeping new powers over the mining sector.

These would include the ability to suspend or revoke mining claims, deny transfers or leases and limit access to Ontario’s Mining Lands Administration System — particularly for entities linked to “hostile foreign regimes.”

It would also allow the government to restrict foreign participation in the province’s energy sector.

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Western Australia to Fund 77 Mining Projects Through Exploration Grants

Western Australia’s Exploration Incentive Scheme (EIS) has announced another round of successful applicants.

In an April 23 statement, Mines and Petroleum Minister David Michael said 77 projects will benefit from total funding of AU$11.2 million. The projects are divided into three EIS programs: Round 31 of the Co-funded Drilling Program (CDP), Series 8 of the Energy Analysis Program (EAP) and Venture 2 of the Co-funded Geophysics Program (CGP).

A total of AU$7.8 million will be awarded as drill funding to 49 projects, while AU$3.2 million will be spread across 25 geophysics ventures. The remaining AU$200,000 will be divided between three projects under the EAP.

"The EIS plays a pivotal role in overcoming the financial barriers that often prevent early-stage projects from reaching their full potential, and we are committed to ensuring these opportunities prosper,” Michael said.

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Two Canadian flags with blurred lights in the background.

Canadian Election Candidates Unveil Plans to Fast Track Mining and Energy Projects

With Canada’s energy and critical minerals sectors at a crossroads, Conservative Party leader Pierre Poilievre has unveiled a sweeping plan to overhaul the country’s resource project approvals process, fast tracking 10 major projects and pledging over US$1 billion in funding to open up Ontario’s mineral-rich Ring of Fire region.

At a Monday (April 7) press conference held in Terrace, BC, Poilievre introduced his “One-and-Done” policy — a streamlined permitting system aimed at eliminating regulatory bottlenecks and cutting multi-year wait times, which he blames for stalling development and weakening Canada’s global economic position.

Under the proposal, a new Rapid Resource Project Office would act as a centralized hub to manage all regulatory approvals across the federal and provincial levels. Each project would be subject to a single application and environmental review, with decisions promised within a year and a target of six months.

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West High Yield Resources Ltd. Announces Mine Permit Update, Corporate Update, and Private Placement Offering

West High Yield Investor Kit

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Investor Insight

Overview

Company Highlights

Key Project

Record Ridge Magnesium Mine

Project Highlights:

High Purity MgO Plant

Management Team

Frank Marasco Jr. - Founder, President, CEO and Director

Barry Baim - Director and Corporate Secretary

Patricia L. Nelson - Director

Maria Marasco - Director

Shelina Hirji - Chief Financial Officer

Fouad Kamaleddine - Advisor

James Gregory (Greg) Davison - Senior Geologist, Technical Advisor and Qualified Person

Rick Walker - P. Geologist and P. Engineer

Corey Peck - Junior Geologist

Norway reverses course on deep-sea mining

India eyes Clarion-Clipperton zone, Pacific Islands at crossroads

Patchwork governance, fragmented oversight

Does an Australian critical minerals reserve make sense?

Australia's current critical minerals strategy

Critical minerals deals and funding heat up in Australia

Will history repeat itself?

Rolling back environmental protections

LNG Canada, Ring of Fire projects top Conservative agenda

Nine other projects slated for acceleration

Carney outlines "One Project, One Review" agenda

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