West High Yield Resources Receives BC Ministry of Transportation and Transit Access Permit for Record Ridge Magnesium Project and Announces Second Tranche Closing of Private Placement
Rhea-AI Summary
West High Yield Resources (OTCQB: WHYRF) received a BC Ministry of Transportation access permit for its Record Ridge Industrial Mineral Mine Project near Rossland, BC, authorizing construction and use of road infrastructure.
The company also closed a second tranche of its private placement, issuing 2,934,666 units at $0.30 for gross proceeds of $880,399.80 to fund RRIMM Project development and working capital.
Positive
- Provincial transportation access permit obtained for Record Ridge RRIMM Project
- Regulatory milestone follows BC Mines Act permit issued in October 2025
- Second tranche raises $880,399.80 through 2,934,666 units at $0.30
- Warrants at $0.45 could provide additional capital within 12 months
- Proceeds allocated to RRIMM Project expenses and general working capital
Negative
- Issuance of 2,934,666 new shares creates equity dilution for existing holders
- Additional dilution possible if attached warrants are fully exercised
News Market Reaction – WHYRF
In the Jun 24 session, WHYRF declined 0.80%, reflecting a mild negative market reaction.
Data tracked by StockTitan Argus on the day of publication.
AI-generated analysis. How Rhea-AI works. Not financial advice.
Calgary, Alberta--(Newsfile Corp. - June 24, 2026) - West High Yield (W.H.Y.) Resources Ltd. (TSXV: WHY) ("West High Yield" or the "Company") is pleased to announce that it has received an access permit (the "Permit") from the British Columbia Ministry of Transportation and Transit authorizing the construction, use, and maintenance of the access and related transportation infrastructure associated with the Company's Record Ridge Industrial Mineral Mine Project ("RRIMM Project" or the "Project") near Rossland, British Columbia. The Company also confirms, further to its news release of May 21, 2026, that it has closed the second tranche (the "Closing") of its previously announced private placement offering (the "Offering") of units (the "Units").
The Permit
The Permit has been issued pursuant to the British Columbia Transportation Act and authorizes the occupation and use of a Ministry Right of Way required to access the Project site, including the approved highway access intersection and associated road improvements.
Receipt of the Permit represents another important regulatory milestone in the advancement of the RRIMM Project and follows the issuance of the Company's British Columbia Mines Act permit in October 2025. The Permit provides the Company with the necessary provincial transportation access permissions to support future site development, construction, and operation of the Project.
"This permit is another significant step forward for the Record Ridge Project," said Frank Marasco, President and CEO of West High Yield. "Receipt of this authorization represents an important milestone in the advancement of the Project and reflects continued progress toward construction and future production."
The RRIMM Project hosts one of the largest known high-grade magnesium and silica deposits under development in North America. Located approximately 10 kilometers southwest of Rossland, British Columbia, the Project is being developed to supply magnesium-bearing industrial mineral ore products while supporting the Company's longer-term vision of downstream processing and value-added critical mineral production.
The Company continues to advance Project planning, detailed engineering, commercialization initiatives, pilot plant testing, and the remaining regulatory authorizations required to fully permit the Project for construction and operation, while progressing toward the next phase of Project development.
The Company believes the advancement of the RRIMM Project has the potential to provide substantial long-term economic benefits to the West Kootenay region through employment opportunities, local procurement, infrastructure investment, and increased municipal and regional tax revenues while maintaining a commitment to responsible environmental stewardship and ongoing engagement with Indigenous communities and stakeholders.
The Company acknowledges the continued support of the Osoyoos Indian Band (the "OIB") and remains committed to advancing the Project in partnership with OIB and Skemxist Solutions, a company formed through a partnership between the OIB and The Sutherland Group of Companies. The Company will continue working collaboratively with government agencies, local stakeholders, and the community as it advances the Project in a manner focused on responsible development and environmental stewardship.
The Closing
The Closing consisted of the issuance of 2,934,666 Units for gross proceeds of
The proceeds from the Closing will be used by the Company to cover expenses and development of the RRIMM Project and for general working capital purposes and expenses.
About West High Yield
West High Yield is a publicly traded junior mining exploration and development company, established in 2003, and focused on acquiring, exploring, and developing mineral resource properties in Canada. Its primary objective is to develop its Record Ridge critical mineral (magnesium, silica, and nickel) deposit using green processing techniques to minimize waste and CO2 emissions.
The Company's Record Ridge critical mineral deposit is located approximately 10 kilometers southwest of Rossland, British Columbia. Based on the independently prepared Preliminary Economic Assessment titled "Revised NI 43-101 Technical Report Preliminary Economic Assessment Record Ridge Project, British Columbia, Canada" prepared by SRK Consulting (Canada) Inc. and dated April 18, 2013, the Record Ridge critical mineral deposit contains a Measured and Indicated mineral resource of 43.0 million tonnes at an average magnesium grade of
Qualified Person
Rick Walker, B.Sc., M.Sc., P.Geo., the Company Geologist is a Qualified Person as defined in NI 43-101 and has reviewed and approved the technical information in this press release.
Contact Information
WEST HIGH YIELD (W.H.Y.) RESOURCES LTD.
Frank Marasco Jr., President and Chief Executive Officer
Telephone: (403) 660-3488
Email: frank@whyresources.com
Barry Baim, Corporate Secretary
Telephone: (403) 829-2246
Email: barry@whyresources.com
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 benefit of U.S. persons except in certain transactions exempt from the registration requirements of the U.S. Securities Act.
NEITHER THE TSXV NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSXV) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/302729