“WMK”) provides an operational update. Whitemud is pleased to provide the following corporate and operational updates. Whitemud and SAM Holdings have agreed to increase the amount of financing by SAM Holdings,
WHITEMUD RESOURCES INC.
NEWS RELEASE
August 30, 2024
Calgary, August 30, 2024 – Whitemud Resources Inc. (“Whitemud” or the “Company”) (TSXV –
“WMK”) provides an operational update.
Whitemud is pleased to provide the following corporate and operational updates.
Whitemud and SAM Holdings have agreed to increase the amount of financing by SAM Holdings,
which was first announced on November 21, 2023, from $7,000,000 to $10,000,000 to fund
additional capital expenditures as well as ongoing operating expenses and general and
administrative costs, with the approval of the TSXV . The interest rate for the interim funding is
5.0% per annum.
On August 23, 2024, an NI 43-101 Technical Report prepared by SLR Consulting (Canada) Ltd.
detailing a Preliminary Economic Assessment of the Wood Mountain Project, Saskatchewan, was
uploaded to SEDAR.
Whitemud wishes to advise that commissioning of its flash calciner and ancillary equipment has
been ongoing with startup operational challenges resulting from various mechanical interruptions
as well as a disruption from severe thunderstorm and lightning weather conditions experienced
the night of August 22, 2024, and into the early morning of August 23, 2024, causing the plant to
be shut down due to a mechanical failure. The plant has commenced this morning and has been
running smoothly since that time. The initial production rate during commissioning is being held
to approximately 50% of capacity until plant integrity is stabilized.
Whitemud also announces that Mr. Derrick Armstrong was elected to the board of directors at the
annual general meeting held on August 20, 2024. Mr. Armstrong practiced corporate law in
Calgary for 34 years, and at the time of his retirement was the regional head of the Capital
Markets and Corporate departments of Borden Ladner Gervais, a national law firm. He
primarily acted for both public corporations and financing agents in all facets of corporate
financing, including public offerings, restructurings, mergers and acquisitions, corporate
governance and regulatory filings. He sat on policy advisory boards of both the Alberta
Securities Commission and Alberta based stock exchanges and was often a speaker at corporate
and securities seminars. His extensive experience acting for public boards brings an expert focus
to Whitemud's corporate governance practices.
About Whitemud Resources Inc.
Whitemud is a Canadian-based corporation holding mineral rights to exploit a large kaolin deposit
in southern Saskatchewan, together with a processing facility located on the property. Whitemud’s
product, Whitemud (MK) is a cement-grade metakaolin that enhances the performance of cement
for oil and gas wells and construction applications. The Company uses a process that minimizes
environmental impact.
For further information, please contact:
Whitemud Resources Inc.
General Inquiries
Suite 900, 332 - 6th Avenue SW
Calgary, Alberta T2P 0B2
Attention: Stan Owerko: 403-200-5253
Reader Advisory
This news release contains forward-looking statements, within the meaning of applicable securities
legislation, concerning Whitemud’s business and affairs. In certain cases, forward-looking
statements can be identified by the use of words such as ‘‘attempts’’, ‘‘intends’’, “continues”,
“plans” or variations of such words and phrases or state that certain actions, events or results
‘‘may’’, ‘‘could’’, ‘‘would’’, ‘‘might’’ or ‘‘will be taken’’, ‘‘occur’’ or ‘‘be achieved’’. These
statements involve known and unknown risks, uncertainties and other factors that may cause actual
results or events to differ materially from those anticipated in such forward-looking statements.
Although Whitemud believes these statements to be reasonable, no assurance can be given that
these expectations will prove to be correct and such forward-looking statements included in this
news release should not be unduly relied upon. Such statements include statements with respect
to the plant startup date and the date the flash calciner will be at full operating capacity. Actual
results could differ materially from those anticipated in these forward-looking statements. Timing
could be impacted by unforeseen mechanical issues and other factors, many of which are beyond
the control of Whitemud. The forward-looking statements contained in this news release represent
Whitemud’s expectations as of the date hereof and are subject to change after such date. Whitemud
disclaims any intention or obligation to update or revise any forward-looking statements whether
as a result of new information, future events or otherwise, except as may be required by applicable
securities regulations.
Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies
of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this
release.
Not for distribution to United States Newswire Services or for dissemination in the United
States.