West High Yield (WHY) Resources Ltd. Announces Mining Permit Update, Corporate Update and Private Placement Offering

CALGARY, ALBERTA (August 29, 2024) – West High Yield (WHY) Resources Ltd. (the “Company” or “West High Yield”) (TSXV: WHY) announces that further to the Company’s news release dated August 15, 2024, it met with the Ministry of Energy, Mines and Low Carbon Innovation (the “EMLI”) on August 26, 2024 (the “EMLI Meeting”) to continue discussions regarding the permitting process to conduct mining and production of critical minerals (the “RRIMM Project”) at its Record Ridge Industrial Mineral Mine (the “RRIMM”) at a reduced throughput. The Company also confirms the commencement of a private placement offering (the “Offering”).

Update of mining permit

The EMLI meeting focused on exploring the options available to the Company following the British Columbia Environmental Assessment Office (EAO) decision, as described in the Company’s news release dated August 15, 2024. During the EMLI meeting, West High Yield reiterated its commitment to obtaining a reduced volume mining permit at this stage. EMLI meeting participants provided valuable insight into the options available to the Company and outlined the next steps necessary for the Company to move forward with the RRIMM project. EMLI has scheduled a follow-up meeting for the British Columbia Mine Development Review Committee on September 4, 2024 to review comments completed to date and determine next steps in the RRIMM permitting process.

The Company is confidently moving toward the completion of its permit application under the British Columbia Mines Act to obtain the required approval for the RRIMM Project (the “Permit”). As detailed at the EMLI meeting, the Company continues to be transparent in preparing the RRIMM Project in accordance with the environmental limits established by the EAO. With the permitting process well underway, the Company is confident that it will receive Permit soon. Once Permit is obtained, the Company plans to commence development and operations of the RRIMM Project while evaluating options for expansion beyond the usual thresholds, amending the Permit if necessary and reassessing the requirements of the EAO accordingly.

As noted in the Company’s press release dated August 15, 2024, West High Yield has raised several concerns about the EAO’s decisions and management of this process, and the Company’s legal team is currently actively evaluating its options. Regardless, West High Yield’s primary objective remains clear: obtaining this approval and launching the RRIMM project, and the Company’s Board, management and advisors are fully committed to achieving these critical milestones.

Company Updates

The Company is in ongoing communication with its interested customers who are eagerly awaiting the permitting, including APG Galaxy Trade and Technology LLC, a Hawaii limited liability company with whom the Company signed a Letter of Intent on December 6, 2021 (see Company news release dated December 7, 2021), which was subsequently amended on August 17, 2022, to process and recover the critical minerals present in the RRIMM using a commercial, Company-improved process.

In addition, the Company’s collaboration with ACS Moschner & Co GmbH (“ACS”) (see the Company’s press release dated October 26, 2023) is also progressing positively. The Company is in discussions with potential strategic partners and investors introduced by ACS and pursuant to the Company’s engagement of ACS to advise on its behalf.

The offer

Also announced, the Company has commenced the Offering, which is a non-brokered private placement for sale of up to 3,750,000 units of the Company (the “Units”) at a price of CAD$0.20 per Unit for aggregate gross proceeds of up to CAD$750,000.00.

Each Unit issued pursuant to the Offering will consist of one (1) common share of the Company (each, a “Common Share”) and one (1) warrant to purchase one Common Share (each, a “Warrant”). Each Warrant, together with CAD$0.30, will entitle the holder thereof to purchase one (1) additional Common Share for a period of twelve (12) months from the date of issuance of each whole Warrant. The Warrants will not be listed on the TSX Venture Exchange (“Exchange”).

The Company may pay to appropriate finders a finder’s fee in connection with the Offering, in accordance with the policies of the TSXV and applicable Canadian securities laws, consisting of (i) a cash commission of up to 6% of the gross proceeds of the Offering and (ii) warrants to purchase Common Shares (the “Finder’s Warrants”) of up to 6% of the number of whole Warrants issued in the Offering. The terms of the Finder’s Warrants will be identical to those of the Warrants.

The Offering is being conducted in accordance with certain exemptions from the prospectus requirements of applicable Canadian securities laws. All securities issued pursuant to the Offering will be subject to a statutory hold period from the date of issuance under applicable Canadian securities laws. None of the Units will be registered under the United States Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an exemption from the registration requirements.

Proceeds from the Offering will be used to complete the permitting process, cover essential operating costs, general working capital purposes and expenses and to support the Company’s planned drilling program for the water monitoring wells at the Record Ridge magnesium deposit in accordance with the requirements of the EMLI. The Offering is subject to certain closing conditions, including, without limitation, the receipt of all necessary approvals, including acceptance and approval by the TSXV.

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. The Company’s primary objective is to develop the Record Ridge deposit of critical minerals (magnesium, silica and nickel) using environmentally friendly processing techniques to minimize waste and carbon emissions.

The Company’s Record Ridge critical mineral deposit, located 10 kilometres south of Rossland, British Columbia, has approximately 10.6 million tonnes of contained magnesium based on an independently prepared National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”) technical report entitled “Revised NI 43-101 Technical Report Preliminary Economic Assessment Record Ridge Project, British Columbia, Canada” prepared by SRK Consulting (Canada) Inc. on April 18, 2013 in accordance with NI 43-101 and available on the Company’s profile at.

Qualified person

Rick Walker, B.Sc., M.Sc., P.Geo., the Company’s geologist, is a Qualified Person as defined by NI 43-101 and has reviewed and approved the technical information in this news release.

Contact information:

WEST HIGH YIELD (WHY) RESOURCES LTD.

Frank Marasco Jr., President and Chief Executive Officer

Phone: (403) 660-3488

Email: [email protected]

Barry Baim, Company Secretary

Phone: (403) 829-2246

Email: [email protected]

Cautionary note regarding forward-looking information

This news 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 of 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 is 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. The risks and other factors that could cause results to differ materially from those expressed in the forward-looking information include, among others: general economic conditions in Canada and globally; industry conditions, including government regulation; failure to obtain consents and approvals from industry partners and other third parties, where required; availability of capital on acceptable terms; the need to obtain necessary approvals from regulatory authorities; and other factors. Readers are cautioned that this list of risk factors should not be considered exhaustive.

Readers are cautioned not to place undue reliance on this forward-looking information, which is given as of the date of this document, and not to use such forward-looking information for any purpose other than that intended. The Company undertakes no obligation to publicly update 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 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 “US Securities Act”), and may not be offered or sold within the United States or to, or for the account or benefit of, US persons, except in certain transactions exempt from the registration requirements of the US Securities Act.