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RECORD RIDGE MAGNESIUM PROJECT

Record Ridge Presentation
At a Glance
Advanced Project
  • World Class advanced-stage project with robust economics based on Pre-Feasibility Study for Record Ridge
    Magnesia Production Plant
    , showing economics after tax NPV 5% of $871.8 million and an IRR of 72.03%
  • Conventional open pit mining operation with over 172-year mine life (at 200,000 tonnes per year)
  • High purity (over 99%) MgO and Mg(OH)2 products with Ni, Fe and SiO2 byproducts5
Magnesium Market
  • Global annual market for all magnesium products exceeding 29M tonnes
  • High purity magnesium oxide is growing globally with CAGR projections of 6% in the next 10 years. High demand for multiple verticals including metals, food and pharma, agriculture, tech, infrastructure, etc.
Premium MGO Product
  • Proprietary process producing premium (>99%) MgO and Mg(OH)2products with nickel and silica byproducts
  • Green process with no waste and little to no emissions
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Great Infrastructure
  • Located near Rossland, B.C. – one of the best mining jurisdictions in the world
  • Full infrastructure in place including established roads and highways, electrical power, water and natural gas.
  • Local labor and support services in proximity
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Details and Description

Record Ridge is an intermediate-advanced stage magnesium exploration project located in southern B.C., Canada. It is located 7.5 kilometres west to southwest of the town of Rossland, B.C., Canada; five kilometres north of the U.S.-Canada border; and approximately 400 kilometres east of Vancouver, B.C.

Mineralization is related to the elevated magnesium content in serpentized mafic rocks.

WHY retains 100% of the mineral rights to the property, has agreements with the B.C. government for exploration access, and is in the process of evaluating options for procurement of surface rights for continued development.

  • 29 contiguous mineral claims totaling 8,972 hectares
Record Ridge Mineral Resource Statement - April 18, 2013
Record Ridge Claims Map
Geology and Mineralization
Resource Relative to Ore Body

The Record Ridge area is located with the Quesnel Terrain of the Intermontane Belt. It is comprised of a highly deformed Jurassic (180 Ma) age volcanic island arc-back arc basin complex intruded by Tertiary volcanic and plutonic rocks. The exploration area is underlain primarily by the Record Ridge Ultramafic Body of Paleozoic age. This unit is bound on the north by the volcanics of the Tertiary Marron Formation, on the east and southeast by the volcanic rocks of the Jurassic Elise Formation and on the west and southwest by the Tertiary age Coryell intrusive suite. Regional metamorphism has reached greenschist facies in the Project area.

Mineralization containing economically significant concentrations of magnesium is known to occur in the ultramafic rocks which have undergone serpentinization. This rock type makes up the predominant lithology described at the Project, and occurs widespread. Lower concentrations of magnesium within the serpentinite are present in dioritic intrusive rocks and lenses of andesite/diagabbro.

Exploration Status

During the 2007, 2008 and 2011 field seasons, WHY conducted surface mapping, surface sampling and diamond drilling on the Project. The surface mapping was conducted at a 1:2,500 scale focused on the ultramafic rocks. Samples were collected from outcrop and analyzed by Inductively Coupled Plasma-Atomic Emission Spectrometry (ICP-AES) for 24 elements. A total of 30 samples were collected and analyzed. The results of this work delineated a high magnesium anomaly located in the east flank of the Record Ridge, presumed to lie above the serpentinite unit. The Project resource estimation is based on information from 77 diamond core drillholes totaling 10,310 m, with 5,836 assays. These were carefully logged, sampled and tested with 24-or 32-element ICP-AES analysis.

Economic Analysis of the MgO Plant
  • Project duration 20 years (based on economic analysis);
  • 100% owned;
  • PFS demonstrated production of high-purity >99% magnesia (MgO);
  • PFS based on MgO price of $1,500/t USD;
  • After-tax NPV $872 million USD at 5% discount;
  • Total installed capital cost of $27.86 million;
  • IRR 72%
  • Payback Period of 1.43 years
Record Ridge Drill Hole Map

Record Ridge Commercial Proprietary Hydrometallurgical Process

The baseline Commercial plant strategy analyzed in Pre-Feasibility Study for Record Ridge Magnesia Production Plant is to produce a 98% spray roasted MgO powder product. With additional processing steps it would be possible to take this product and produce a caustic calcined magnesia (CCM) with a purity >99% with the potential for a higher selling price. As illustrated in Figure 18, it would require the addition of “MgO Washing” followed by “Calcination” in a multi-hearth furnace.

Figure 18

Record Ridge Commercial Hydrometallurgical Process Economics

By the Numbers

$993.50 Million

Pre-Tax NPV

80.16%

Pre-Tax IRR

$871.77 Million

After-Tax NPV

72.03%

After-Tax IRR

$1.69 Billion

Averaged EBITDA Over Plant Life

11.99%

Average EBITDA Margin Over Plant Life

$2.59 Billion

Gross Revenue Over Plant Life

20 Years (based on economic analysis)

Plant DURATION

1.43 Years

Payback Period from Production Start

* Figures from November 2022 PFS NI 43 101 Technical Report

Record Ridge Gallery

Record Ridge Fact Sheet (linked PDF)