West High Yield Resources Ltd. (WHY.V), a Canadian-based junior miner and operator of the Record Ridge Industrial Mineral Mine Magnesium Project (“RRIMM”) Project, recently published its quarterly MD&A for the three months ending March 31, 2023.

The report noted significant milestones over the past year, starting with February 15, 2022, when WHY announced the submission of an Amended Application, comprising additional information addressing the Ministry’s feedback, vital for the RRIMM Project’s development and operation.

After the Ministry requested further geotechnical work in July 2022, West High Yield Resources effectively concluded the necessary field investigation in the subsequent months. By March 31, 2023, all the required information, mine site engineering designs, and associated reports had been duly submitted in response to the Ministry’s queries.

On the technological front, 2022 was also an active time, specifically with magnesium hydrometallurgical testing. West High Yield Resources collaborated with reputable companies like KPM, KON Chemical Solutions, Tenova, and Bumigeme Inc., to conduct comprehensive testing and feasibility studies on the potential extraction process of magnesium from Record Ridge serpentine. The test results validated the proposed chemistry and process conditions, promising the production of high-purity MgO and other valuable by-products.

WHY Resources’ technological advancements culminated in a preliminary commercial scale flowsheet and mass and energy balance, paving the way for a potential commercial plant treating 60,000 t/y ore. In November 2022, the junior explorer announced the completion of its Pre-Feasibility Study (PFS) for the development of its high-purity MgO industrial production plant. The PFS indicated robust project economics, projecting an annual average production of 86,500 tonnes of 98% purity MgO product at capacity.

Parallel to these technological strides, West High Yield Resources achieved substantial progress in the Midnight Gold Claim project, located in the historically productive Rossland Gold Camp. Granted a drilling permit in September 2020, the company initiated drilling operations by April 30, 2022. The results from these operations and analysis from the 2009 Drill Program indicate the claim’s high gold value.

Upon completing the 2022 drilling program on October 30, the WHY Resources successfully drilled 6,202 meters in 41 holes. Weather constraints necessitate additional core cutting in spring 2023. However, the preliminary assay results corroborate positive gold yields.

West High Yield’s growth was further bolstered by a strategic partnership with Big Blue Technologies LLC, with whom a non-binding MOU was signed on October 25, 2022. This partnership paves the way for the construction of an Mg processing facility in Canada, with potential for expansion in North America, Central America, and South America.

On the financial front, the WHY raised $2,500,000 CAD in a flow-through private placement offering in December 2021 and an additional $197,003 from a concurrent brokered private placement offering in January 2023.

Company CEO, Frank Marasco Jr spoke with Equity Guru founder, Chris Parry, explaining the opportunity behind magnesium and the Record Ridge Project.

In recent news, West High Yield Resources announced the closing of a sixth tranche under the drawdown equity financing facility with Alumina Partners.

Under the transaction, the company issued one million units to Alumina at a price of $0.36 per unit. Each unit consists of one common share in WHY and one share purchase warrant. Each warrant in the sixth tranche is exercisable into one additional share at a price of $0.5625 per warrant. All units issued in the sixth tranche are subject to a customary holding period.

Funds raised under this tranche will be used to move the company’s prefeasibility study Stage 3, including the detailed design and economic evaluation of its semi-commercial demonstration plant, and to make preparations for mining for the magnesium ore in 2023 at its Record Ridge magnesium deposit in Rossland, BC.

Advancing significantly in regulatory compliance and technological innovation and the encouraging economics presented by the PFS, combined with the promising partnership with Big Blue Technologies LLC, fortifies WHY Resources’ potential. The company eagerly anticipates the Ministry’s permit to expedite mine site development and commence mining.