WEST High Yield Resources Provides Strategic and Critical Minerals/ Magnesium Market Updates
WEST HIGH YIELD (W.H.Y.) RESOURCES LTD.
FOR IMMEDIATE RELEASE
July 25, 2023
Calgary, Alberta
WEST HIGH YIELD RESOURCES PROVIDES STRATEGIC AND
CRITICAL MINERALS/ MAGNESIUM MARKET UPDATES
CALGARY, ALBERTA – July 25, 2023 – West High Yield (W.H.Y.) Resources Ltd. (" West High
Yield" or the "Company") (TSXV: WHY) is pleased to provide a comprehensive update on major strategic
developments shaping the magnesium market. These insights are aimed at keeping the Company’s valued
stakeholders well-informed about the economic, geopolitical, and industrial trends influencing the sector's
growth and future potential and supporting an energy transition to zero-carbon emission.
Market Growth Projections
The global metal magnesium market, valued at USD $4.8 billion in 2022, is projected to witness substantial
growth, reaching USD$7.25 billion by 2030 (based on Skyquest’s Global Magnesium Market Size report)
and well-established market trends predating the COVID-19 pandemic. These figures primarily consider
direct metal applications, such as iron and steel making, die casting, aluminum alloys, and titanium
reduction. It is important to note that these estimates do not account for several secondary, higher -value
applications, including extruded foams, structural cladding and fireproofing, medical devices,
pharmaceutical applications and supplements, industrial coatings and metamaterials, and other emerging
use cases. However, an exciting opportunity is the potential use of magnesium in the energy storage sector,
specifically as an alternative to lithium batteries.
Advancements in Magnesium Batteries
Magnesium-based batteries have been a topic of research for many years due to their potential advantages
over traditional lithium-ion batteries. Magnesium ions have a double positive charge, which t heoretically
allows a magnesium battery to store almost twice as much energy as a lithium battery of the same size.
Moreover, magnesium is more abundant and less expensive than lithium, making it a potentially more
sustainable and cost-effective solution.
In recent months, there have been several breakthroughs in the development of magnesium-based batteries.
Researchers have overcome previous challenges related to the stability and efficiency of magnesium
electrolytes, which have historically hindered the commercialization of this technology. New magnesium-
based electrolytes have been developed that are stable, non-toxic, and efficient, paving the way for the next
generation of high-energy-density batteries.1,2
Furthermore, several companies are now in the advanced stages of developing magnesium -ion batteries,
including Pellion Technologies (US), Magnotec (Australia), MagPower Systems (Canada ) and Magpie
Technologies (US). These batteries are expected to hit the market within the next few years, offering a
promising alternative to lithium -ion batteries. They are projected to have a higher energy density, longer
lifespan, and better safety profile, with lower risk of overheating and combustion.
1 Beyond lithium: A promising cathode material for magnesium rechargeable batteries.
2 High-rate magnesium rechargeable batteries move one step closer to realization.
Notably, two papers have highlighted the environmental and safety benefits of transitioning to magnesium
batteries: (i) The Environmental Benefits of Switching to Magnesium Batteries ; and (ii) The Safety
Advantages of Magnesium Batteries Over Lithium -ion. The first paper emphasizes the positive
environmental impact of adopting magnesium batteries, while the second one outlines the safety advantages
they hold over lithium -ion batteries. This further strengthens the case for embracing magnesium batteries
as a sustainable and secure energy storage solution.
Canada's Geopolitical Resource Independence
The Trudeau administration recognizes the crucial role Canada must play in ensuring the geopolitical
resource independence of Western democracies, securing full access to critical minerals, including
magnesium. The country's critical minerals strategy, backed by a substantial federal budget allocation of
$3.8 billion for mineral exploration and mining, sets a clear path for bolstering Canada's capability to supply
both domestic and global markets with high-priority minerals, including lithium, cobalt, magnesium, and
rare earth elements.3
Collaboration with the Current US Administration
In addition to Canada's efforts, there is a strong natural partnership between the Biden and Trudeau
administrations to support North America 's journey towards achieving resource independence.
Collaborating on the production of lithium, cobalt, magnesium, and other critical minerals will empower
both nations to reduce economic dependence on China, which currently dominates the market. This move
is vital as countries worldwide pivot towards carbon emission reduction.4
West High Yield’s Unique Advantage
The Company stands uniquely positioned to potentially provide onshore safe and secure access to a
substantial magnesium resource. Located in a friendly jurisdiction with reliable infrastructure and strong
regulatory engagement, the Company's Record Ridge magnesium project (the " Project") has received
acceptance for permitting application review by the B.C. Ministry of Mines. West High Yield is committed
to working collaboratively with regulators to advance the Project while ensuring environmental friendliness
and ethical practices.
West High Yield’s management team sincerely appreciates the unwavering support and patience
demonstrated by shareholders throughout the challenging 18 months experienced in the Canadian capital
markets. The Company acknowledges the numerous trials and tribulations involved in progressing a major
resource project responsibly. With optimism, the Company anticipates a dynamic and eventful coming 12
months.
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.
3 The Canadian Critical Minerals Strategy.
4 Politico – United States and Canada Break China Tech Dominance – March 24, 2023.
The Company’s Record Ridge magnesium deposit is located 10 kilomet res southwest of Rossland, British
Columbia has approximately 10.6 million tonnes of contained magnesium based on an independently
produced preliminary economic assessment tech nical report prepared by SRK in accordance with the
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
Email: [email protected]
Barry Baim, Corporate Secretary
Telephone: (403) 829-2246
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 underta kes 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 solicit ation 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 benefit of U.S. persons except in certain transactions exempt from the
registration requirements of the U.S. Securities Act.
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