WEST High Yield (W.h.y.) Resources Ltd. Signs Memorandum of Understanding Regarding Magenisum Metal Ingot Processing Technology License
WEST HIGH YIELD (W.H.Y.) RESOURCES LTD.
For Immediate Release
October 25, 2022
Calgary, Alberta
WEST HIGH YIELD (W.H.Y.) RESOURCES LTD. SIGNS MEMORANDUM OF
UNDERSTANDING REGARDING MAGENISUM METAL INGOT PROCESSING
TECHNOLOGY LICENSE
CALGARY, ALBERTA – October 25, 2022 – West High Yield (W.H.Y.) Resources Ltd. ("West High
Yield" or the " Company") (TSXV:WHY) is pleased to announce that it has signed a non-binding
memorandum of understanding (the "MOU") with Big Blue Technologies LLC ("BBT"), a U.S. based
technology company that has developed a green process to produce magnesium ( "Mg") ingots from
magnesium oxide ("MgO") and Mg ores, that contemplates, among other things, working towards entering
into a definitive exclusive license agreement (the "License Agreement") with BBT.
The MOU contemplates that the License Agreement shall, among other things, grant the Company an
exclusive license (the "License") to B BT’s intellectual property to build and operate a demonstrative
magnesium processing facility in Canada (the "Demo Processing Facility "). U pon West High Yield’s
successful completion of the Demo Processing Facility during the initial portion of the term of the License
Agreement, the MOU contemplates that BBT will extend the exclusive License to West High Yield during
the remaining term of the License Agreement in order to build, operate and/or sublicense one or more
commercial magnesium processing facilities (the "Commercial Processing Facilities"), either by itself or
through joint ventures with third parties, in North America, Central America, and South America.
In consideration of BBT granting the License to West High Yield, the MOU states that the License
Agreement will provide BBT with a two (2%) percent royalty on West High Yield’s gross revenues derived
from each of the Commercial Processing Facilities constructed by West High Yield during a specified time
period to be set forth in the License Agreement.
The Company will issue a news release updating this information and providing more detail on the parties
and finalized terms once the License Agreement has been entered into.
Frank Marasco Jr., President, and CEO of West High Yield states: " The Company has been looking for a
green and economic technology to produce magnesium metal, and we are excited about working with the
BBT team on the further development of their aluminothermic reduction process using West High Yield’s
high-purity magnesia product to produce magnesium ingots, as shown in Figure 1 . Magnesium as a
strategic and critical metal is in high demand by onshore Nort h American manufacturers who are seeking
a safe, secure and reliable supply chain. The Unites States currently imports over 50% of their magnesium
requirements, and the Company’s partnership with BBT will support its plans to be a supplier of choice for
the underserviced demand."
Figure 1. High-purity magnesium ingot sample that was produced using bench testing of BBT’s process using West High Yield’s
MgO samples that were produced using the Company’s proprietary process from its Record Ridge Magnesium deposit located 10
kilometers southwest of Rossland, British Columbia
Aaron Palumbo, CEO of BBT, states: "The West High Yield team has demonstrated exceptional persistence
to develop its Record Ridge magnesium property in Canada. The magnesia produced from its proprietary
process on serpentine ore is an ideal feedstock for our technology to produce magnesium metal. With West
High Yield’s magnesia and our electrified aluminothermic process, we have the potential to demonstrate
the first net-zero magnesium metal production process. Our team is eager to press forward and be a part of
West High Yield ’s effort to establish magnesi um metal production operations in North America and
beyond."
About Big Blue Technologies LLC
BBT is a Colorado-based limited liability company focused on developing high-temperature chemical
processing solutions to aid in the production of magnesium ingots from magnesia feeds and other
magnesium-bearing ores using aluminothermic reduction.
About West High Yield
West High Yield is a publicly traded junior mining exploration and development company focused on the
acquisition, exploration, and development of mineral resource properties in Canada with a primary
objective to develop its Record Ridge magnesium, silica, and nickel deposit using green processing
techniques to minimize waste and CO2 emissions.
The Company’s Record Ridge m agnesium deposit 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 prepared in accordance with National
Instrument 43-101 – Standards of Disclosure for Mineral Projects.
Contact Information:
West High Yield (W.H.Y.) Resources Ltd.
Frank Marasco Jr., President, and Chief Executive Officer
Telephone: (403) 660-3488 Facsimile: (403) 206-7159
Email: [email protected]
Cautionary Note Regarding Forward-looking Information
This press release contains forward-looking statements and forward -looking information within the
meaning of Canadian securities legislation. The forward-looking statements and information are based on
certain key expectations and assumptions made by the Company. Although the Company believes that the
expectations and assumptions on which such forward -looking statements and information are based are
reasonable, undue reliance should not be placed on the forward-looking statements and information because
the Company can give no assurance that they will prove to be correct.
Forward-looking information is based on the opinions and estimates of management at the date the
statements are made, and are subject to a variety of risks and uncertainties and other factors that could cause
actual events or results to differ materially from those anticipated in the forward-looking information. Some
of the risks and other factors that could cause the results to differ materially from those expressed in the
forward-looking information include, but are not limited to: general economic conditions in Canada and
globally; industry conditions, including governmental regulation; failure to obtain industry partner and
other third party consents and approvals, if and when required; the availability of capital on acceptable
terms; the need to obtain required approvals from regulatory authorities; and other factors. Readers are
cautioned that this list of risk factors should not be construed as exhaustive.
Readers are cautioned not to place undue reliance on this forward -looking information, which is given as
of the date hereof, and to not use such forward-looking information for anything other than its intended
purpose. The Company undertakes no obligation to update publicly or revise any forward -looking
information, whether as a result of new information, future events or otherwise, except as required by
applicable law.
This press release does not constitute an offer to sell or a solicitation of an offer to buy any securities in
the United States. The securities of the Company will not be registered under the United States Securities
Act of 1933, as amended (the "U.S. Securities Act") and may not be offered or sold within the United States
or to, or for the account or benefi t of U.S. persons except in certain transactions exempt from the
registration requirements of the U.S. Securities Act.
NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER
(AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHAN GE)
ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OF THIS RELEASE.