Western Resources Corp. ("Western" or the "Company") (TSX: WRX) is pleased to announce that its subsidiary company Western Potash Holding Corp. ("WPHC") has received the second tranche of its equity funding proceeds from Vantage Chance Limited ("Vantage") in the amount of $17 million on July 29, 2022, as part of the previously announced Investment Transaction (as set out in a press release dated February 16, 2022), in exchange for the issuance to Vantage of 33,431,578 common shares of WPHC. Upon issuance, Vantage will hold approximately 42.32% of the issued and outstanding common shares of WPHC, which in turn owns 100% of Western Potash Corp. (which itself owns Milestone Potash Project (the "Project").

The first tranche of Vantage's equity investment in WPHC in the amount of $33 million closed on May 25, 2022 and resulted in the issuance to Vantage of 64,896,592 common shares of WPHC. With consideration of the Project construction and development funding usage schedule, however, Vantage and WPHC agreed to a Second Amended and Restated Subscription Agreement dated July 28, 2022, allowing Vantage to purchase the previously agreed additional 92,428,479 common shares in two tranches – the Second Tranche and the Third Tranche. The Second Trance, in the amount of $17 million, closed on July 29, 2022 this Friday. The remaining investment of $30 million is expected to close on or before September 30, 2022. Pursuant to the Subscription Agreement, Vantage has committed to make a strategic equity investment of C$80,000,000 in WPHC.

About Western Resources Corp.

Western Resources Corp. and its subsidiary company Western Potash Corp. are constructing one of Canada's newest and most innovative, environmentally friendly and capital-efficient potash mines. It is expected to be the first potash mine internationally to leave no salt tailings at the surface, thereby reducing the water consumption by approximately half as well as significantly improving energy efficiency. Successful completion of the Project will form the basis for further expansion.


Bill Xue
President and CEO

Cautions Regarding Forward-Looking Statements

Certain statements contained in this news release constitute forward-looking information within the meaning of applicable Canadian securities laws. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by words such as "anticipate", "continue", "estimate", "expect", "expected", "intend", "may", "will", "project", "plan", "should", "believe" and similar expressions (including negative variations), or that events or conditions "will", "would", "may", "could" or "should" occur. 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.

For more information on the contents of this release please contact Simon Guo, Corporate Secretary, at 306-924-9378.

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Lions Bay Capital to Become Major Shareholder in Parkway Minerals and Davenport Resources

Lions Bay Capital Inc. (TSXV:LBI) (“Lions Bay” or the “Company”) is pleased to advise that Parkway Minerals NL (“Parkway Minerals”), an Australian Stock Exchange (ASX) listed fertiliser minerals company, has signed binding term sheets to acquire 97.79% of the outstanding shares in Consolidated Potash Corporation (CPC), (the “Transaction”), including 100% of the shares held by Lions Bay.

Lions Bay is currently the largest shareholder of CPC (owns 48% of the issued capital) and has also provided working capital by way of loan funds of approximately C$550,000 to CPC. Following the satisfaction of all the conditions precedent (including Parkway Minerals shareholder approval) outlined in the term sheet, at completion of the Transaction, Lions Bay will receive approximately:

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Potash and Phosphate Investing in Australia

Potash and phosphate are two key components of fertilizers used in global food production. As the need for food production gets greater every year with the growing worldwide population, the demand for potash and phosphate is expected to grow as well.

Phosphate is an essential mineral for humans, animals and plants alike. Potash contains a water-soluble form of phosphate and is used for fertiliser as sulphate of potash (SOP) and muriate of potash (MOP).

As global warming, international tensions and other factors increase the pressure on the food supply, potash and phosphate are going to become more sought after.

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Potash is a potassium-bearing nutrient essential for growing healthy, high-yield crops, and there are four kinds that market participants should have on their radar.

These minerals are found in large evaporite deposits from ancient lakes and sea beds, or in rock formations. The top potash-producing countries include Canada, Belarus and Russia.

For those looking to invest in the potash market, it is important to understand the four deposit forms and the different uses for each variation of the mineral.

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Western Resources Corp. (TSX: WRX) (the "Company") is pleased to announce that its Regina-based subsidiary Western Potash Corp. ("Western") has an enhanced corporate and project management team. Following the official kick-off of the Milestone Phase 1 Project (the "Project") in mid-May, Western established its Executive Committee ("EC") and Technical Committee ("TC") to advance the Project more effectively.

The EC is Western's primary decision-making body responsible for corporate strategy and development plan, company policies and regulations, project key technical direction, and project budget. The EC is chaired by Mr. Mark Fracchia and includes Mr. Brandon Bartosh as a member. Mr. Fracchia has a track record of accomplishments in leadership, strategy, vision and innovative potash mining technology. He is also a current member of the board of directors of the Company. Previously, he was President, PCS Potash at PotashCorp (now Nutrien) and was a General Manager at various potash sites. Mr. Bartosh is a world-class selective solution mining expert with over 15 years of hands-on potash operation and mining experience. He is currently the Operations Director and Plant Manager of Western Potash.

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Potash Fertilizers: What’s the Difference Between SOP and MOP?

Potash Fertilizers: What’s the Difference Between SOP and MOP?

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

That’s where potash fertilizers come into play — these nutrients 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 leading potash producer by far, with annual output topping 14 million metric tons (MT). Russia takes the second spot in terms of total potash production at 9 million MT, followed by Belarus in third place at 8 million MT.

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Western Potash Kicks off Milestone Project Re-start with Key Contractors

Western Resources Corp. (TSX: WRX) (the "Company") is pleased to announce that its Regina-based subsidiary Western Potash Corp. ("Western") completed a Collaborative Project Planning Session with its key contractors and staff to officially kick off the restart of the Milestone Project ("Project") in order to complete the process facilities and solution mining development. Key Project representatives participated in a workshop style planning session in Regina to review and gain alignment on key aspects of the project timeline and readiness for start-up, leading into the full ramp up of operations which is expected to happen in mid 2023.

The kick off planning session was attended by Western executives and staff and more than 30 people from several different key organizations, each with an instrumental role in the Project, including Bird Construction and March Consulting. Also participating were representatives of Vantage Chance Limited and Appian Capital Advisory LLP, each of which recently closed a financing deal with Western. Areas of key focus included cavern development, execution of the construction program and operational readiness, including commissioning, start up and permit readiness.

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The top potash countries by production rode out the COVID-19 storm that devastated many commodities markets in 2020, and robust demand pushed prices to a 13 year record high in the second half of 2021.

Those same supply and demand dynamics have continued well into 2022, sending potash prices even higher. In mid-May, the World Bank reported that global fertilizer prices were up 30 percent for the year so far, and said that those price-positive market conditions are expected to continue throughout the year and beyond.

In fact, bullish sentiment in the potash industry has major market participants such as BHP (NYSE:BHP,ASX:BHP,LSE:BLT) investing billions in new potash production.

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