Business

West High Yield (WHY) Resources Ltd. signs forward contract LOI to sell magnesium ore from Recordridge deposits

West High Yield (WHY) Resources Ltd. (TSXV: WHY) (“West High Yield” or “Company”) is pleased to announce that it has signed an agreement (“LOI”) with APG Galaxy Trade and Technology. , LLC is a US company focused on the acquisition and production of magnesium and other precious metals (“Galaxy”), and purchases and sells magnesium serpentine ore (“Ore”) produced by West High Yield at Record Ridge. I am doing. Magnesium deposit (“deposit”) (“transaction”) near Rossland, British Columbia, Canada.


LOI is not binding as the parties will work towards signing a binding final agreement (“Final Agreement”) with respect to the Transaction. LOI expects Galaxy to purchase at least 200,000 metric tons (“Mts”) of ore annually during the term of the final contract. The purchase price is $ 500 per pile of ore for the first three years of the final contract and is subject to adjustment for the remaining period of the final contract based on factors including, but not limited to, production costs. .. And the Canadian Consumer Price Index.

Transactions are subject to standard terms, which are favorable to Galaxy and our company, among others. This includes all required government and regulatory approvals and our receipt of permission to extract ore from the deposit. We have agreed to an exclusive period with the Galaxy to sell the minimum amount of ore until all conditions have been abandoned or fully met. In the meantime, we will negotiate exclusively with the Galaxy to resolve the final agreement.

We will update this information and issue a news release that provides details about the parties and final terms after the final agreement has been signed.

Frank Marasco Jr., President and CEO of West High Yield, said: We are pleased to reach this milestone in advancing negotiations with the Galaxy for experience, customer demand, and a comprehensive and definitive agreement. We believe this LOI is an important step in building a strategic collaboration with the Galaxy aimed at securing future markets. A range of magnesium products that can be produced from the Record Ridge project. “

Michael North, Chairman and Chief Executive Officer of Galaxy, said: Bringing this critical natural resource from Canada to the global market, we embark on a challenging process aimed at meeting the requirements of the automotive, aerospace, energy, construction, nutrition, consumer products and pharmaceutical fields. Many industries need lighter, more environmentally friendly and more efficient materials. To meet its climate change and carbon reduction goals, Galaxy can use this letter of intent to promote an efficient supply chain of cost-effective pure magnesium, a demanding sequence. Start your research, engineering, and business development strategies. We look forward to further collaboration between Galaxy and West High Yield. “

About APG Galaxy Trade and Technology, LLC

From mines to manufacturers, Galaxy is a direct source of magnesium, evolving the entire industry with light, strong, versatile, durable and energy efficient magnesium. Galaxy, an international company based in the United States, offers both standard and custom alloys to streamline the global supply chain and deliver unmatched performance. The Galaxy is helping to shift the world economy from heavy metals to light metals in the future. It is clean, environmentally friendly, low in carbon intensity and bends the curve of climate change.

About West High Yield

West High Yield acquires, explores and explores Canadian mineral resource properties with the primary purpose of developing Record Ridge magnesium deposits using green treatment technology to minimize waste and CO2 emissions. And a listed junior mining exploration and development company focused on development.

contact address:

West High Yield (WHY) Resources Ltd.
Frank Marasco Jr., President and Chief Executive Officer
Phone: (403) 660-3488 Facsimile: (403) 206-7159
Email: frank@whyresources.com

Precautions regarding future prospects

This press release contains forward-looking statements and forward-looking information in the sense of Canadian securities law. Forward-looking statements and information are based on certain key expectations and assumptions made by us. We believe that the expectations and assumptions underlying such forward-looking statements and information are reasonable, but we cannot guarantee that they will be proven, so forward-looking statements and forward-looking statements and assumptions. You should not place excessive trust in the information. correct.

Forward-looking information is based on management’s opinions and estimates as of the date of the announcement and is subject to various risks and uncertainties that may cause actual events and outcomes to differ materially from future expectations. receive. -The information you are looking for. Risks and other factors that may cause results to differ materially from those shown in the forward-looking information include, but are not limited to: Industry conditions, including government regulations. If necessary, we are unable to obtain the consent and approval of our industry partners and other third parties. Availability of capital on acceptable terms; the need to obtain the required approval from regulatory agencies. And other factors. Readers should note that this list of risk factors should not be construed as exhaustive.

Readers are careful not to place excessive reliance on this forward-looking information provided as of the date of this document and to use such forward-looking information for any purpose other than its intended purpose. please. We undertake no obligation to publicly update or revise future outlook information as a result of new information, future events, etc., except as required by applicable law.

This press release does not constitute an offer to sell or buy securities in the United States. Our securities are not registered under the Securities Act of 1933 (“US Securities Act”) and may not be offered or sold in the United States or for US accounts or profits. Those who are exempt from the registration requirements of the US Securities Act, except for certain transactions.

Neither the TSX Venture Exchange nor its regulatory service providers (because the term is defined in the TSX Venture Exchange policy) are responsible for the validity of this release.

sauce



West High Yield (WHY) Resources Ltd. signs forward contract LOI to sell magnesium ore from Recordridge deposits

Source link West High Yield (WHY) Resources Ltd. signs forward contract LOI to sell magnesium ore from Recordridge deposits

Related Articles

Back to top button