West High Yield resources (WHY.V) is a company with the objective to bring into production one of the world’s largest, greenest deposits of high-grade magnesium. The Record Ridge magnesium deposit is located 10 kilometers southwest of Rossland, British Columbia has approximately 10.6 million tonnes of contained magnesium based on an independently produced preliminary economic assessment technical report.
The company is in the process of obtaining its mining permit, with an application already submitted. A key meeting occurred on June 27 2023, where the provincial mining development review committee (MDRC) in Rossland unveiled the technical review process for the WHY project. Representatives from the government, technical experts, and groups representing first nations and indigenous peoples participated in the meeting. The meeting was overseen by British Columbia’s Ministry of Energy, Mines, and Low Carbon Innovation, and it marked the initiation of the MDRC’s technical review of WHY’s permit application process.
Today, West High Yield announced the signing of a cooperation agreement with the Osoyoos Indian Band (OIB) regarding the Company’s Record Ridge magnesium project near Rossland, British Columbia.
The Project contains critical minerals that will be essential given the geopolitical stage, and will be essential to the development of Canada’s green economy and meeting climate goals. The project is in the OIB’s asserted traditional territory and the OIB has been actively engaged in the project and permitting process.
The Agreement was negotiated based on the Company’s commitment to advancing sustainability, sound environmental practices, good governance, and respecting Indigenous rights. OIB undertook its own independent review of the Company’s British Columbia Mines Act permit application.
“This Agreement recognizes Osoyoos Indian Band’s sovereignty over our lands and represents our continued efforts to ensure that our lands are protected and managed in accordance with our wishes, values, and principles. This Agreement assures us of our oversight of the project, thereby protecting our peoples’ environmental and economic interests,” said Chief Clarence Louie. “If managed correctly, this critical mineral resource could contribute to a strong and green economy. To date, West High Yield has shown OIB that it is committed to doing this. Our independent review of the Company’s mining application reinforces our commitment to working with the Company going forward. We encourage other companies to follow West High Yield’s example and take steps to ensure that Indigenous rights are respected and are recognized, while also engaging with stakeholders. We look forward to our ongoing work with Frank Marasco and the Company’s team to build a long-term, mutually beneficial, and environmentally progressive relationship.”
“The signing of this Cooperation Agreement is a testament to the mutual trust and respect that has been established between OIB and the Company, working in partnership to responsibly develop the Record Ridge Project,” said the Company’s President and CEO, Frank Marasco Jr. “I would like to acknowledge and thank Chief Clarence Louie, the OIB Council, and advisor Byng Giraud for their diligence and commitment. West High Yield is committed to leading the way in constructive Indigenous engagement and looks forward to additional discussions with other Indigenous groups as the project moves forward.”
This is an important process in de-risking the project and moving things forward. West High Yield continues working with the British Columbia Mine Development Review Committee in the final technical permit review process for the successful completion of the Record Ridge mining permit.
The stock closed below our $0.30 support zone after months of remaining above it. The retest saw buyers step in during June and July 2023, but momentum did not stick. Some may argue that the stock is STILL testing support given the long wick candle in April 2023 provides the lower base of support and the current price has not closed below this wick.
This comes in around the $0.275 level and interestingly enough, we have seen recent large green candles when price tested $0.275 which levels up nicely with the wick we see in April 2023. What we can agree on is the stock is basing or in a range. $0.30 is the upside resistance and $0.275 is downside support. Investors just wait for the break.
If price can close above $0.30, it would be a bullish sign given the downside break did not lead to momentum lower. The bulls will have wrestled control back from the bears. If we breakdown further, the next support level comes in at $0.225. The next resistance above comes in at $0.325 and then the $0.38 zone.
