CALGARY, ALBERTA – December 30, 2021 – West High Yield (W.H.Y.) Resources Ltd. (“West High Yield” or the “Company“) (TSXV:WHY) is pleased to announce it has closed its previously announced brokered private placement offering for aggregate gross proceeds of up to CAD$2,499,951.72 (the “Offering“).

The Offering consisted of the issuance of 2,976,133 units (the “Units“) of the Company at a price of CAD$0.84 per Unit. Each Unit was comprised of: (i) one (1) common share of the Company (each, a “Common Share“) issued on a “flow-through basis” under the Income Tax Act (Canada) (the “Act“) for Canadian Exploration Expense (CEE) as defined in the Act; and (ii) one-half (1/2) of a Common Share purchase warrant (each, a “Warrant“). One (1) full Warrant, together with CAD$1.25, entitles each holder thereof to acquire one (1) additional Common Share of the Company for a period of eighteen (18) months from the closing date. The Warrants will not be listed on the TSX Venture Exchange (the “TSXV“).

For its role as broker under the Offering, GloRes Securities Inc. (the “Agent“) received: (i) a cash commission of $149,997.00, equal to 6.0% of the proceeds of the Offering raised from investors introduced to the Company by the Agent); and (ii) 178,567 broker warrants (the “Broker Warrants“), equal to 6.0% of the number of Units sold under the Offering to investors introduced to the Company by the Agent. The Broker Warrants were issued to and are exercisable by the Agent on the same terms and conditions as the Warrants.

The closing of the Offering is subject to certain closing conditions including but not limited to final acceptance and approval from the TSXV. All securities issued pursuant to the Offering are subject to the statutory hold period that expires four months and one day from their issuance.

Use of Proceeds from the Offering

As previously announced in its press release dates December 16, 2021, the proceeds from the Offering will be used by the Company to support its gold drilling program for 2022 on its Midnight property which has already been permitted, allocated as per regulatory guidelines. The Company plans to drill holes to a depth of at least 600 meters per hole at its Midnight property.

The Company, using analysis from its 2009 26-hole gold drill program (the “2009 Drill Program“), noted that except for two holes (MN09-19 and MN09-26) from the 2009 Drill Program, all holes intersected a series of quartz veins and gold bearing serpentinites with significant gold values. Most notably from the 2009 Drill Program were: (i) hole MN09-15, which returned weighted average of 40.1 g/tonne over a true width of 2.3 m including 198 g/tonne Au for a true width of 0.8 m near surface (13.9 m in drill depth); and (ii) hole MN09-24, which returned a weighted average of 25.16 g/tonne over a true width of 3.6 m including 73.23 g/tonne Au for a true width of 1.2 m. For more detailed information, please refer to the Company’s September 24, 2020, news release or its website.

Based on the results from the 2009 Drill Program, the Company plans to further define the gold mineralization on its Midnight property in order to allow the Company to proceed with a mineral resource estimate pursuant to National Instrument 43-101 Standards of Disclosure for Mineral Projects.

About West High Yield

West High Yield is a publicly traded junior mining exploration and development company focused on the acquisition, exploration, and development of mineral resource properties in Canada with a primary objective to develop its Record Ridge magnesium deposit using green processing techniques to minimize waste and CO₂ emissions.

Contact Information:

West High Yield (W.H.Y.) Resources Ltd.

Frank Marasco Jr., President and Chief Executive Officer Telephone: (403) 660-3488 Facsimile: (403) 206-7159 Email: [email protected]

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 OF THIS RELEASE.

 

CALGARY, ALBERTA – December 16, 2021 – West High Yield (W.H.Y.) Resources Ltd. (“West High Yield” or the “Company“) (TSXV:WHY) is pleased to announce a brokered private placement offering for aggregate gross proceeds of up to CAD$2,500,000 (the “Offering“). GloRes Securities Inc. (the “Agent“) will act as Agent for the Offering.

The Offering shall consist of the issuance of up to 2,976,190 units (the “Units“) of the Company at a price of CAD$0.84 per Unit. Each Unit shall be comprised of: (i) one (1) common share of the Company (each, a “Common Share“) issued on a “flow-through basis” under the Income Tax Act (Canada) (the “Act“) for Canadian Exploration Expense (CEE) as defined in the Act; and (ii) one-half (1/2) of a Common Share purchase warrant (each, a “Warrant“). One (1) full Warrant, together with CAD$1.25, will entitle the holder thereof to acquire one (1) additional Common Share of the Company for a period of eighteen (18) months from the date of issuance. The Warrants will not be listed on the TSX Venture Exchange (the “TSXV“).

For its role as broker under the Offering, Agent will receive: (i) a cash commission equal to 6.0% of the proceeds of the Offering raised from investors introduced to the Company by the Agent; and (ii) broker warrants (the “Broker Warrants“) equal to 6.0% of the number of Units sold under the Offering to investors introduced to the Company by the Agent. The Broker Warrants will be issued to and exercisable by the Agent on the same terms and conditions as the Warrants.

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. All securities issued pursuant to the Offering are subject to the statutory hold period that expires four months and one day from their issuance.

Use of Proceeds from the Offering

The proceeds from the Offering will be used by the Company to support its gold drilling program for 2022 on its Midnight property which has already been permitted, allocated as per regulatory guidelines. The Company plans to drill holes to a depth of at least 600 meters per hole at its Midnight property.

The Company, using analysis from its 2009 26-hole gold drill program (the “2009 Drill Program“), noted that except for two holes (MN09-19 and MN09-26) from the 2009 Drill Program, all holes intersected a series of quartz veins and gold bearing serpentinites with significant gold values. Most notably from the 2009 Drill Program were: (i) hole MN09-15, which returned weighted average of 40.1 g/tonne over a true width of 2.3 m including 198 g/tonne Au for a true width of 0.8 m near surface (13.9 m in drill depth); and (ii) hole MN09-24, which returned a weighted average of 25.16 g/tonne over a true width of 3.6 m including 73.23 g/tonne Au for a true width of 1.2 m. For more detailed information, please refer to the Company’s September 24, 2020, news release or its website.

Based on the results from the 2009 Drill Program, the Company plans to further define the gold mineralization on its Midnight property in order to allow the Company to proceed with a mineral resource estimate pursuant to National Instrument 43-101 Standards of Disclosure for Mineral Projects.

About West High Yield

West High Yield is a publicly traded junior mining exploration and development company focused on the acquisition, exploration, and development of mineral resource properties in Canada with a primary objective to develop its Record Ridge magnesium deposit using green processing techniques to minimize waste and CO2 emissions.

Contact Information:

West High Yield (W.H.Y.) Resources Ltd.

Frank Marasco Jr., President and Chief Executive Officer Telephone: (403) 660-3488 Facsimile: (403) 206-7159 Email: [email protected]

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 OF THIS RELEASE.

 

CALGARY, ALBERTA – December 15, 2021 – West High Yield (W.H.Y.) Resources Ltd. (“West High Yield” or the “Company“) (TSXV:WHY) is pleased to announce it has entered into a definitive agreement (the “Investment Agreement”) for a drawdown equity financing facility (the “Facility“) of up to CAD$12,000,000 with Alumina Partners (Ontario) Ltd. (“Alumina“), an affiliate of New York-based private equity firm Alumina Partners LLC.

The Company intends to use the funds under the Facility to move forward with its pre-feasibility study stage-3 including the detailed design and economic evaluation of its demonstration plant, and to make preparations for mining of the magnesium ore in 2022 at its Record Ridge magnesium deposit in Rossland, British Columbia, Canada.

“We are pleased to have Alumina as a strategic investor who understands the magnesium segment and its importance to the multitude of manufacturing verticals objectives targeting reduced CO2 emissions while supporting the quest to decarbonize the globe. The relationship with Alumina provides a strong financial backing that will enable West High Yield to move to the next stage of executing our business plan and strategies,” said Frank Marasco Jr., President, and CEO of the Company.

“We are thrilled to be investing in West High Yield at this critical, strategic inflection point for magnesium”, said Adi Nahmani, Alumina’s Managing Member. “As much as the transition to aluminum revolutionized the structural engineering world of aircraft and defense contracting in the 20^th century, the applications for widespread deployment of magnesium in 21^st century engineering promises even greater performance gains. From aviation to automobiles, from aerospace to defense projects, to subtle metamaterials engineering, extruded foams and construction cladding… Magnesium offers extraordinary performance improvements in key areas that matter more today than ever before. On top of that, the prospective resource that West High Yield is working to quantify and more precisely delineate is located in the heart of the West, far from any conflict zones or confrontations with other competing powers on the world stage. The promise of a substantial proven reserve of this key material in a safe, friendly and infrastructurally sound jurisdiction is extremely attractive to us. We look forward very much to watching management execute against plan in the months and years to come.”

The Investment Agreement provides the Company with a financing facility over a period of 24 months (the “Term“) during which the Company can draw down equity private placement tranches over the Term, with each tranche being in amount of up to CAD$500,000. Each tranche will be composed of units (the “Units“) with each Unit consisting of one (1) common share of the Company (each, a “Share” and collectively the “Shares“) and one (1) Share purchase warrant (each, a “Warrant” and collectively the “Warrants“) at discounts between 15% and 25% of the market price of the Shares (subject to the requirements of the TSX

Venture Exchange (the “TSXV“) om Discounted Market Price) on the day the Company reserves the Unit price with the TSXV. The exercise price of the Warrants will be at a 25% premium over the market price of the Shares as determined in the Form 4A filed for that tranche. Each drawdown under the Investment Agreement is subject to approval of the TSXV. No finder’s fees will be paid in connection with a financing under the Investment Agreement.

On same date of signing the Investment Agreement, the Company completed an initial tranche closing (the “Initial Tranche“) under the Facility whereunder the Company issued 724,637 Units to Alumina at a price of CAD$0.69 per Unit for gross proceeds of CAD$500,000. The subscription price of the Units is based on the maximum allowable discounted closing price of the Shares on the TSXV as reflected in the Form 4A filed with the TSXV by the Company on December 1, 2021. Each Warrant in this Initial Tranche is exercisable into one additional Share at a price of CAD$1.06 for 36 months from the date of closing. The closing of the Initial Tranche is subject to the approval of the TSXV. All securities issued pursuant to the Initial Tranche are subject to the statutory hold period that expires four months and one day from their issuance.

About West High Yield

West High Yield is a publicly traded junior mining exploration and development company focused on the acquisition, exploration, and development of mineral resource properties in Canada with a primary objective to develop its Record Ridge magnesium deposit using green processing techniques to minimize waste and CO2 emissions.

Contact Information:

West High Yield (W.H.Y.) Resources Ltd.

Frank Marasco, President and Chief Executive Officer Telephone: (403) 660-3488 Facsimile: (403) 206-7159 Email: [email protected]

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 OF THIS RELEASE.

 

CALGARY, ALBERTA – December 7 2021 – West High Yield (W.H.Y.) Resources Ltd. (“West High Yield” or the “Company“) (TSXV:WHY) is pleased to announce that it has signed a letter of intent (the “LOI“) with APG Galaxy Trade and Technology, LLC, a U.S.-based company focused on the acquisition and production of magnesium and other precious metals (“Galaxy“), for the purchase and sale of magnesium serpentine ore (the “Ore“) produced by West High Yield at its Record Ridge magnesium deposit (the “Deposit”) located near Rossland, British Columbia, Canada (the “Transaction“).

The LOI is non-binding as the parties work towards the signing of a binding definitive agreement (the “Definitive Agreement“) in respect of the Transaction. The LOI contemplates Galaxy purchasing a minimum of 200,000 metric tonnes (“Mts“) of the Ore per annum during the term of the Definitive Agreement. The purchase price will be USD$500 per Mt of the Ore during the first three (3) year period of the Definitive Agreement, and shall be subject to adjustment for the remaining term of the Definitive Agreement based on factors including but not limited to production costs and the Consumer Price Index of Canada.

The Transaction is subject to, among other items, standard conditions precedent in favour of each of Galaxy and the Company, individually, including the receipt by the Company of all necessary government and regulatory approvals and permits to extract the Ore from the Deposit. The Company has agreed to an exclusivity period with Galaxy for the sale of the minimum quantity of the Ore until all of its conditions have been waived or satisfied in full, during which it will negotiate exclusively with Galaxy with a view to settling the Definitive Agreement.

The Company will issue a news release updating this information and providing more detail on the parties and finalized terms once the Definitive Agreement has been entered into

Frank Marasco Jr., President and CEO of West High Yield states: “The Company has been looking for interested and capable partners to purchase the initial mined inventory of our critical mineral rich ore and generate positive cash flow for the Company. We appreciate Galaxy’s magnesium experience and customer demand, and we are pleased to have reached this milestone in advancing our negotiations with Galaxy towards a comprehensive definitive agreement. I consider this LOI as a critical step in building a strategic collaboration with Galaxy for the objective of securing a future market for a range of magnesium products that could be produced from the Record Ridge project.”

Michael North, Board Chairman and CEO of Galaxy, states: “The magnesium serpentine ore controlled by West High Yield in British Columbia is one of the largest and richest verified deposits of its type in the world. Today, Galaxy is pleased to take the first step in a challenging process, intended to deliver this important natural resource from Canada to world markets and meet the requiements of the automotive, aerospace, energy, construction, nutritional, consumer products and pharmaceutical fields. Many industries need lighter, greener, more efficient materials right away, in order to meet climate change and carbon reduction goals. With this Letter of Intent, Galaxy initiates a demanding series of research, engineering and business development strategies that, if successful, may facilitate an efficient supply chain of cost-effective pure magnesium and alloy products for years to come. We look forward to further collaboration between Galaxy and West High Yield.”

About APG Galaxy Trade and Technology, LLC

Galaxy is a direct source of magnesium, from mine to manufacturer, evolutionizing entire industries with light, strong, versatile, durable and energy-efficient magnesium. An international company based in the United States, Galaxy is streamlining global supply chains, offering both standard and custom alloys for unparalleled performance. Galaxy is helping to move the global economy from heavy metals to light metals of the future: clean, green, less carbon-intensive, bending the curve on climate change.

About West High Yield

West High Yield is a publicly traded junior mining exploration and development company focused on the acquisition, exploration, and development of mineral resource properties in Canada with a primary objective to develop its Record Ridge magnesium deposit using green processing techniques to minimize waste and CO₂ emissions.

Contact Information:

West High Yield (W.H.Y.) Resources Ltd.

Frank Marasco Jr., President and Chief Executive Officer Telephone: (403) 660-3488 Facsimile: (403) 206-7159 Email: [email protected]

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 OF THIS RELEASE.

 

CALGARY, ALBERTA – May 18, 2021 West High Yield (W.H.Y.) Resources Ltd. (“West High Yield” or the “Company“) (TSXV:WHY) is pleased to provide an update on the status of its permit application at its Record Ridge magnesium deposit located at Rossland, British Columbia (“Record Ridge” or the “Project“) and on the progress and development of its proprietary metallurgical process to “Stage-2 PFS” by successfully conducting additional laboratory test work (the “Testing Project“) at the facility (the “KPM Facility“) owned and operated by Kingston Process Metallurgy Inc. (“KPM“). The Testing Project has been supported in part by advisory services and research and development funding from the National Research Council of Canada Industrial Research Assistance Program (the “NRC IRAP“).

Record Ridge Mining Permit

The Company initially retained Greenwood Environmental Inc. and SRK Consulting (Canada) Inc. (together, the “Consultants“) in 2019 to be co-lead consultants in pursuit of the industrial mineral mine permit (the “Permit“) at Record Ridge. The Consultants assisted the Company in the submission of its Permit to the (then) British Columbia Ministry of Mines (the “Ministry“) in February 2019. For Permits such as the one submitted by the Company, the Ministry has established a multi-step permit review process where major issues are identified upfront, followed by a detailed review. In 2019, the Consultants successfully completed a baseline and environmental study (the “Study“) in response to a request from the Ministry. The results of the Study showed no major baseline or environmental issues at Record Ridge, thus satisfying the Ministry’s initial permit review threshold. Subsequent review steps by the Ministry will focus on the details of the Project’s environmental monitoring and management.

Further work on securing the Permit was put on hold by the Company in 2020 due to financial challenges attributed mainly to the COVID-19 pandemic. After having recently secured the necessary financing to cover the remainder of the Permit costs, West High Yield recently re-engaged the Consultants to resume their work on the Permit application process. The Company is currently in the third and final review stage mandated by the Ministry, such stage expected to require six to nine months to be completed and to obtain Ministry approval.

Metallurgical Process Development

Previous work in respect of the Testing Project was done in 2019 by KPM resulting in the completed “Stage- 1 PFS”, and demonstrated that the ore from Record Ridge can be successfully leached using proprietary hydrochloric acid (“HCl“) leaching and that the resultant magnesium chloride (MgCl₂) solution can be purified using standard hydrometallurgical techniques to >99 wt% MgCl₂. It was concluded that this solution would be suitable to produce saleable high purity (>99%) magnesium oxide (“MgO“) and magnesium hydroxide (“Mg(OH)₂“)products.

The Company re-engaged KPM in January 2021 to conduct “Stage-2 PFS” with the objective of continuing process development on the pathway to commercialization by performing a set of laboratory scale

experimental test work to validate the designed flowsheet for production of high purity MgO and Mg(OH)₂ products and saleable by-products including nickel chloride (“NiCl₂“), nickel oxide (“NiO“), iron oxide (“Fe2O₃“) and silica (“SiO₂“). The “Stage-2 PFS” phase of the Testing Project was supported in part by advisory services and research and development funding from the NRC IRAP.

On April 28, 2021, KPM reported successful test work results that validated the chemistry and process conditions proposed to produce high purity MgO main product, and nickel oxide, iron oxide and silica by- products. A technical grade >98wt% pure MgO as well as high grade, >99% MgO were achieved by the proposed ‘static’ roasting-washing-calcination process. Final results are expected shortly for the spray roasting process that was successfully tested.

High purity SiO₂ was produced as by-product using chemical treatment of the initial leach residue. Fe solid residue was obtained in the Fe/Ni recovery section using pyrohydrolysis process from the solid filter cake obtained from magnesium chloride purification stream. This was further calcined to produce pure Fe₂O₃ by- product. Intermediate iron hydroxide FeO(OH) was obtained, which could also prove to be a valuable by- product. Finally, nickel chloride and oxide were also obtained in the subsequent tests. A preliminary commercial scale flowsheet and mass and energy balance were prepared based on the test results.

KPM recommended that the project proceed to the next stage that would include further test-work to study and optimize the various nickel, silica and iron by-products, followed by a techno-economic evaluation and preliminary engineering design and costing work as part of the prefeasibility study required ahead of a pilot demonstration of the process.

All of the aforementioned process work to date directionally demonstrates that the proprietary process has the potential to extract the highest purity products, with the highest yields, for the lowest comparable cost, with minimal environmental impact.

Statement from the Company

“We are very optimistic and excited with the progress that the Company is making in advancing the Record Ridge deposit through the pursuit of the mining permitting process, which has reached its final stage, and through further advancing our proprietary process development, having recently successfully finished Stage- 2 PFS. We are also extremely pleased to have support from NRC IRAP for this project. As the Company advances to these critical stages of the Project, it is becoming increasingly aware of the value of the many years of continuous geological, environmental and processing works that have been completed at Record Ridge. West High Yield is very thankful for the dedication of its team and its partners to advance this important work in a current uncertain environment. The Company’s recent financings put it in a strong position to continue to move Record Ridge forward toward finishing critical de-risking milestones”, said Frank Marasco Jr., West High Yield’s Chief Executive Officer and President.

About West High Yield

West High Yield is a publicly traded junior mining exploration and development company focused on the acquisition, exploration, and development of mineral resource properties in Canada with a primary objective to develop its Record Ridge magnesium deposit using green processing techniques to minimize waste and CO₂ emissions.

Contact Information:

West High Yield (W.H.Y.) Resources Ltd.

Frank Marasco, President and Chief Executive Officer Telephone: (403) 660-3488 Facsimile: (403) 206-7159 Email: [email protected]

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 OF THIS RELEASE.

 

CALGARY, ALBERTA – April 29, 2021 – West High Yield (W.H.Y.) Resources Ltd. (“West High Yield” or the “Company“) (TSXV:WHY) announces that it has arranged for a loan to be provided by Big Mountain Development Corp. Ltd. (the “Lender“), a related party of the Company, in the principal amount of CAD$750,000 (the “Loan“). The Loan will have a term of 12 months and will bear interest at the rate of 10% per annum. The Loan will be secured by the previously executed first charge general security agreement on all of the present and after-acquired property of the Company granted in favour of the Lender.

The Company further announces the closing (the “Closing“) of its previously announced private placement (the “Private Placement“) for 1,325,000 units (the “Units“) at a price of CAD$0.20 per Unit for gross proceeds of CAD$265,000.00. Each Unit is comprised of one common share (the “Common Shares“) and one Common Share purchase warrant (the “Warrants“). The Warrants expire 12 months from the date of issue and two (2) Warrants together with CAD$0.30 will entitle the holder to acquire one (1) additional Common Share of the Company. No finder’s fee was paid to any person in relation to the Private Placement. The Units issued pursuant to the Private Placement are subject to resale restrictions, including a hold period of four months and one day pursuant to applicable Canadian securities laws.

The proceeds of the Loan and the Private Placement will be used primarily to fund the completion of the Company’s application to the British Columbia Department of Mines for the mining permit for the Record Ridge magnesium/nickel mine located in Rossland, British Columbia and for general working capital.

About West High Yield

West High Yield is a publicly traded junior mining exploration company focused on the acquisition, exploration and development of mineral resource properties in Canada with a primary objective to locate and develop economic gold, nickel and magnesium properties.

Contact Information:

West High Yield (W.H.Y.) Resources Ltd.

Frank Marasco, President and Chief Executive Officer Telephone: (403) 660-3488 Facsimile: (403) 206-7159 Email: [email protected]

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 OF THIS RELEASE.