Chris Parry, Equity Guru founder, turns his attention to West High Yield Resources (TSXV: WHY), a company focused on the development of its flagship Record Ridge magnesium project located near Rossland, British Columbia. Parry’s analysis sheds light on the company’s recent progress, its potential impact on investors, and the intriguing journey ahead.

The Awakening of a Sleeping Giant:

Back in December, West High Yield Resources’ stock price skyrocketed, going from 22.3 cents to nearly 50 cents. According to Parry, this surge was due to the company finally breaking its long dormancy and starting to make some real progress on its projects. The excitement surrounding the company is palpable, as investors eagerly anticipate the mining permit for the Record Ridge Magnesium Deposit.

Record Ridge Mining Permit and RFP Process:

The company has been diligently working to secure the necessary permits for the Record Ridge Magnesium Deposit, located 10 kilometers southwest of Rossland, British Columbia. As of March 31, 2023, all requested material information, mine site engineering designs, and corresponding reports have been submitted to the British Columbia Ministry of Mines. The company is now awaiting the permit to be granted.

In preparation for the permit, West High Yield Resources has initiated a formal Request for Proposal (RFP) process to invite interested groundworks contracting companies to submit bids for mine site development and on-site road construction. The company expects the submission of bids by June 30th, 2023, and plans to expedite mine site development and begin mining operations once the permit is granted.

The Midnight Gold Drilling Program:

Last year’s Midnight Gold Drilling Program yielded positive results in multiple intervals and zones. However, unfavorable weather conditions forced the company to halt core cutting, logging, and assaying operations. As the ground hardens and weather conditions improve, the company plans to resume the drilling program and continue exploring the potential of the site.

What This Means for Investors:

Investors who have been watching the company’s share price might have noticed a quiet period over the last few months. However, as Parry points out, this is likely due to delays in the permitting process and weather-related setbacks. Despite these challenges, the company’s leadership remains confident, with CEO and President Frank Marasco Jr. stating that they are working persistently to complete the permitting process as soon as possible.

In Conclusion:

West High Yield Resources (TSXV: WHY) is a company with untapped potential, as it moves forward with the development of its flagship Record Ridge Magnesium Project. With the mining permit expected to be granted soon and the resumption of the Midnight Gold Drilling Program, the company is poised for significant growth. For investors looking for a promising opportunity in the mining sector, West High Yield Resources should be on their radar.

The company currently trades at $0.29 CAD per share for a market cap of $24.44 million.