December 27, 2023

Vancouver BC – Western Resources Corp. (the “Company”) (TSX: WRX) is pleased to announce that Western Potash Corp. (“Western Potash”), the Company’s 100% owned subsidiary, received the second tranche of funds in the amount of CAD$5 million from Vantage Chance Limited (“Vantage”). The transaction, set out in the Company’s news release of August 15, 2023, has now closed.

On August 15th, 2023, Western Potash signed an exchangeable debenture subscription agreement with Vantage, pursuant to which Vantage agreed to subscribe for a CAD$10 million exchangeable debenture (the “Exchangeable Debenture”) to be issued by Western Potash upon receipt of the full amount. Western Potash received the first tranche payment of CAD$5 million in September 2023.  This CAD$5 million payment is the second and final payment required to be made by Vantage to Western Potash under the terms of the Exchangeable Debenture.

The Company will file the Exchangeable Debenture under the Company's profile on SEDAR at www.sedarplus.ca.

ON BEHALF OF THE BOARD OF DIRECTORS

Bill Xue
Chairman and CEO

For more information on the contents of this release please contact Jack Xue, Corporate Secretary, at 306-924-9378.

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Christmas Tree
December 6, 2023

On December 1, 2023, Western Potash Corp. hosted its highly anticipated 2nd annual Christmas party at the elegant Hotel Saskatchewan. The event was a spectacular celebration that brought colleagues, friends and families together for an unforgettable night filled with laughter, delectable dishes, live entertainment and festive cheer.

The festivities commenced with a lavish meal reminiscent of a traditional Christmas dinner. Attendees were treated to a spread featuring nine different dishes, each expertly crafted to capture the essence of the holiday season. The culinary delights served as the perfect foundation for the joyous celebration that unfolded throughout the evening.

Guests were treated to a live performance from the Brian Sklar Band.  The musical talents of these performers created an atmosphere of merriment, setting the stage for an evening of joy and celebration. Blue Chip Casino also provided live entertainment by setting up a mock casino to engage the guests throughout the remainder of the evening after the speeches were complete.

Guiding us through the night with charisma and grace was Caraleigh Currie, who was our fabulous emcee for the evening. Her infectious energy kept the crowd engaged, ensuring that the evening flowed seamlessly from one moment to the next.

Laughter echoed in the room as Jamie Janotta took center stage with a speech that had everyone in great spirits. Following Jamie’s comedic interlude, Jerry Zhang, Francis Mukanya, Brandon Fedor and Ben Layton shared some inspiring words which added depth to the celebration.

In the days leading up to December 1, managers and supervisors were asked to vote for an employee who fits certain categories to receive an award. The Unsing Hero award was presented to Edwin DeLuna for consistently working behind the scenes without seeking recognition. The Rookie of the Year award went to Leelen Bender for making a significant impact on Western during his first year of employment. The Adaptability and Resilience award was presented to Jeremy Johnson for demonstrating exceptional adaptability in navigating through changes and uncertainties while being resilient to any changes and setbacks. The Inspirational Mentor award was presented to Caraleigh Currie for making a significant impact as a mentor to her colleagues.

Western’s Christmas party was nothing short of magical. From the mouthwatering feast and captivating entertainment to the laughter-inducing speeches, awards and raffle draw, the event was a genuine celebration of the holiday spirit. Jennifer Stromgren, Sarah Bast, Peter Matthews, and numerous other dedicated team members played a pivotal role in curating this enchanting experience. Their tireless efforts went above and beyond, as they devoted their after-work hours to meticulously purchase items, expertly wrap raffle baskets, and seamlessly coordinate with the Band and the Hotel. It is through their passion and commitment that the evening unfolded flawlessly, leaving us with hearts full of festive joy.

As everyone left with their hearts full of festive joy, the memories of this evening became a cherished part of Western Potash’s holiday traditions. Here’s to many more years of celebrations and creating lasting memories.

 

  

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Christmas Tree
October 24, 2023

October 24, 2023, Kronau, SK – Western Potash Corp. (“Western” or the “Company”) is pleased to announce that it successfully hosted a Community Open House at the Kronau Curling Club, Kronau, SK on October 19, 2023.  The gathering was intended to keep local residents informed of the progress, future plans, and any potential impacts on the community as well as employment opportunities of the Milestone Potash Phase 1 Project “Project"), which is the first major industrial facility in the RM of Lajord.       

The Project construction was resumed in May last year immediately after Western closed its Project financings with Vantage Chance Limited and Appian Capital Advisory. Since then, there has been significant progress achieved in the construction of the process plant and the mine development. Community members were thrilled to see the various aspects of the Project development through a full slide presentation as shown in the below photo.

 

Residents expressed their interest and appreciation of the job opportunities that the Project has brought to the neighbourhood.  Western staff also engaged in constructive discussions with community members, answer questions and collected feedback, all of which will be crucial in the enhancement of closer community relations in the years to come.  

The Community Open House received an overwhelming response and attracted more than 60 local community members, including the Reeve and Councillors from the Rural Municipality of Lajord. Western’s management team were all present in the event.

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October 20, 2023

Western Potash Corp. is thrilled to announce a significant milestone in our commitment to safety and excellence. On July 15, 2023, we proudly celebrated an impressive 1,500 days without a single lost time incident, a testament to our unwavering dedication to safety and teamwork.

This remarkable achievement has been made possible through the collective efforts of every member of our exceptional team. We recognize that it is their hard work, diligence, and commitment that have paved the way for this milestone. At Western Potash, safety is not just a priority; it is a core value that runs through the heart of our operations. To commemorate this momentous occasion, the company presented each and every employee with a specially designed hoodie. These hoodies are not merely clothing; they symbolize our shared commitment to safety.

On September 26, 2023, the entire on-site staff proudly gathered for a group photo that will serve as a lasting reminder of our dedication to safety and our collective strength. This photograph symbolizes our shared vision as we continue to build a safer and more secure future for our valued team.

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October 3, 2023

Western Potash is thrilled to extend a warm invitation to our valued local community for the Western Potash Phase I Potash Project Community Open House. Join us as we share the most recent updates and insights on the project's remarkable progress, offering a glimpse into our journey ahead.

Date: October 19, 2023

Time: 4:00 PM - 7:00 PM

Location: Kronau Curling Club, 5 Main Street, Kronau, SK

What to Expect:

  • Company Presentation: Get an in-depth look at the Western Potash Phase I Potash Project and its significance for our community.
  • Q&A Session: Have your questions answered by our project experts.
  • Food & Drinks: Enjoy complimentary refreshments throughout the event.
  • Gifts: Take home memorable tokens from the event.
  • Exciting Draw: Participate in our draw for a chance to win one of the prepaid Visa cards, with values of $100 and $200 ! 

This is a unique opportunity to learn more about the project, engage with our team, and connect with fellow community members. We value your presence and hope to see you there!

For more information or inquiries, please feel free to contact us.

Mark your calendars, and we look forward to sharing this special evening with you.

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September 28, 2023

Vancouver BC – Western Resources Corp. (the “Company” or “WRX”) (TSX: WRX) is pleased to announce that Western Potash Corp. (“Western Potash”), the Company’s 100% owned subsidiary, received today funds in the amount of CAD$5 million from Vantage Chance Limited (“Vantage”), in accordance with the terms of the transaction detailed in the Company’s news release dated August 15, 2023.

On August 15th, 2023, Western Potash signed an exchangeable debenture subscription agreement with Vantage, pursuant to which Vantage agreed to subscribe for a CAD$10 million exchangeable debenture (the “Exchangeable Debenture”) issued by Western Potash. The CAD$5 million payment is part of the total payment, in the amount of CAD$10 million, required to be made by Vantage to Western Potash under the terms of the Exchangeable Debenture.

The transaction is expected to close upon receipt by Western Potash in October 2023 of the remaining balance of CAD$5 million, after which Western Potash will issue and file the Exchangeable Debenture certificate and other material documents relating to the transaction under the Company’s profile on SEDAR at www.sedarplus.ca.

ON BEHALF OF THE BOARD OF DIRECTORS

Bill Xue
Chairman and CEO

 

Cautions Regarding Forward-Looking Statements

Certain statements contained in this news release constitute forward-looking information within the meaning of applicable Canadian securities laws. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by words such as "anticipate", "continue", "estimate", "expect", "expected", "intend", "may", "will", "project", "plan", "should", "believe" and similar expressions (including negative variations), or that events or conditions "will", "would", "may", "could" or "should" occur. Forward-looking statements are based on the opinions and estimates of management as of the date such statements are made and they are subject to known and unknown risks, uncertainties and other factors that may cause the actual results of the Company to be materially different from those expressed or implied by such forward-looking statements or forward-looking information. Although management of the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking information. The Company does not undertake to update any forward-looking information that is set out herein, except in accordance with applicable securities laws.

For more information on the contents of this release please contact 306-924-9378.

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August 15, 2023

Tuesday, August 15, 2023 Vancouver BC – Western Resources Corp. (the “Company” or “WRX”) (TSX: WRX) is pleased to announce today that Western Potash Corp. (“Western Potash”), the Company’s 100% owned subsidiary, has signed an exchangeable debenture subscription agreement with Vantage Chance Limited (“Vantage”), pursuant to which Vantage will subscribe for a CAD$10 million exchangeable debenture (the “Exchangeable Debenture”) issued by Western Potash (the "Transaction").

Pursuant to the Exchangeable Debenture, within one year from the date of final operational completion date of Milestone Phase 1 Project, Vantage may choose to exercise an option to assign all or a portion of the outstanding principal amount, together with any accrued and unpaid interest (the “Exchangeable Amount”), to the Company, in exchange for such number of the Company’s common shares (the “Exchange Shares”) equal to the Exchangeable Amount divided by the Exchange Price then in effect, subject to a maximum number of 40,868,047 Exchange Shares (representing 10% of the total issued and outstanding WRX common shares on a non-diluted basis on the issue date) being issuable to Vantage. The Exchange Price is a price per common share of the Company equal to the 5-day volume weighted average trading price of the common shares of the Company immediately preceding the date that the exchange occurs. To the extent that the 40,868,047 Exchange Shares are insufficient to satisfy the entire Exchangeable Amount based on the then Exchange Price, any remaining Exchangeable Amount will be paid by Western Potash in cash.

The Transaction is expected to close by the end of September 2023. The purpose of the Transaction is to allow Western Potash to further enhance the production readiness of its Milestone Phase 1 Project. Vantage is a Hong Kong based private investment company that currently owns 53.76% of the issued and outstanding common shares of the Company.

The Transaction will not materially affect control of the Company. Other key terms of the Exchangeable Debenture include:

1.    Maturity date is set for the later of (a) the date of repayment in full of the principal amount together with all accrued and unpaid Interest; and (b) the date on which the Exchangeable Amount has been exchanged by Vantage pursuant to the Exchangeable Debenture, provided that in no event shall the maturity date occur prior to the date that Appian Capital Advisory LLP is repaid under the April 2022 term loan facility agreement (as amended) between Appian and Western Potash (the “Appian Repayment Date”).

2.    Interest rate is set at 12.5% per annum. Interest payable is calculated quarterly on an accrual basis, but no actual payment is made until the Appian Repayment Date, provided that Western Potash may make one or more cash payments to Vantage as Western Potash’s financial condition permits.

The Exchangeable Debenture certificate and other material documents relating to the Transaction described in this news release will be filed and available under the Company’s profile on SEDAR at www.sedarplus.ca.

At present, the Project is transitioning from the construction phase to the commissioning phase, after which it is expected to proceed to the start-up phase. Construction handover is expected to be completed this month, and the plant is expected to be ready for production by the end of September.

ON BEHALF OF THE BOARD OF DIRECTORS

Bill Xue

Chairman and CEO

Cautions Regarding Forward-Looking Statements Certain statements contained in this news release constitute forward-looking information within the meaning of applicable Canadian securities laws. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by words such as "anticipate", "continue", "estimate", "expect", "expected", "intend", "may", "will", "project", "plan", "should", "believe" and similar expressions (including negative variations), or that events or conditions "will", "would", "may", "could" or "should" occur. Forward-looking statements are based on the opinions and estimates of management as of the date such statements are made and they are subject to known and unknown risks, uncertainties and other factors that may cause the actual results of the Company to be materially different from those expressed or implied by such forward-looking statements or forward-looking information. Although management of the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking information. The Company does not undertake to update any forward-looking information that is set out herein, except in accordance with applicable securities laws. For more information on the contents of this release please contact Jack Xue, Corporate Secretary, at 306-924-9378.

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May 17, 2023

Western Potash Corp. (“Western”) is pleased to announce that the processing plant of the Milestone Potash Phase 1 Project (the “Project”) is transitioning from the construction phase to the commissioning phase. In addition, the Operations team has officially begun preparation for start-up and operations. The Project is located about 35 km southeast of Regina, Saskatchewan.

 

To ensure successful commissioning of the process plant, Western has further enhanced its operation and technical team by appointing Mr. Jamie Janotta Operations Director. Mr. Janotta brings over 40 years of potash processing and operational experience to the Project. Mr. Janotta started his professional career at the world’s largest solution potash mine - Mosaic Potash Belle Plaine Mine - having served there for 30 years as, progressively, Wet Process Supervisor, Maintenance Manager, Minefield Manager, Refinery Manager and Commissioning Manager. Over the past decade, Mr. Janotta has been actively involved in consulting for many other potash projects in the areas of processing and commissioning.  He has demonstrated a strong track record, in his various roles, of increasing refinery capacity, reducing operational costs and improving product quality and safety performance, among others.

Western CEO and President, Mr. Bill Xue, said “We are very fortunate to have Mr. Janotta join our team. The Milestone Project will greatly benefit from Mr. Janotta’s extensive experience which he accumulated over decades of service in potash processing and commissioning. As the Project advances toward operational readiness, I strongly encourage those who have a keen interest in innovation and potash solution mining to consider joining our team and help advance the Milestone Phase 1 to next steps. I look forward to witnessing the Project move toward into production.”

 

Bill Xue
Chair of the Board
Western Resources Corp.

 

Cautions Regarding Forward-Looking Statements

Certain statements contained in this news release constitute forward-looking information within the meaning of applicable Canadian securities laws. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by words such as "anticipate", "continue", "estimate", "expect", "expected", "intend", "may", "will", "project", "plan", "should", "believe" and similar expressions (including negative variations), or that events or conditions "will", "would", "may", "could" or "should" occur. Forward-looking statements are based on the opinions and estimates of management as of the date such statements are made and they are subject to known and unknown risks, uncertainties and other factors that may cause the actual results of the Company to be materially different from those expressed or implied by such forward-looking statements or forward-looking information. Although management of the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking information. The Company does not undertake to update any forward-looking information that is set out herein, except in accordance with applicable securities laws.

For more information on the contents of this release please contact Jack Xue, Corporate Secretary, at 306-924-9378.

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March 10, 2023

Vancouver BC – Western Resources Corp. (TSX: WRX) (“Western” or “the Company”) is pleased to announce that its shareholders approved all items put before them at the Company’s Annual General Shareholder Meeting (“AGM”) held today, March 10, 2023. The approved items are:

  1. Fixed the number of directors of the Company at 7;
  2. The election of Bill Xue, George Gao, Mark Fracchia, Justin Xing, Guy Bentinck, Andrew Hancharyk and Scott Nagel to the Board. A total of 328,893,991 common shares, representing 80.51% of the outstanding common shares of the Company as at the record date, were present in person or by proxy at the meeting. The approximate number of those votes “For” each director, the approximate "Percentage" of the total votes cast and the "Withheld/Abstain" votes for each director are shown as below:

    3. The re-appointment of MNP LLP as auditors of the Company at a remuneration to be fixed by the directors, with 290,705,797 shares voted “For”, representing 99.95% of the outstanding common shares of the Company and 138,392 shares voted “Withheld”.

The new Board then re-elected Mr. Bill Xue as Chairman of the Company, with Mr. Justin Xing as Chair of the Executive Committee, Mr. Mark Fracchia as Chair of the Nominating and Assessment Committee, Mr. Guy Bentinck as Chair of the Audit Committee, Mr. Scott Nagel as Chair of the Compensation Committee and Mr. Andrew Hancharyk as Chair of the Corporate Disclosure Policy Committee. Mr. Shuai Wei and Mr. Owen Zhang are re-appointed as Board Observers.

The Company welcomes Mr. Scott Nagel to Western’s board. Mr. Nagel brings over 30 years of grain and fertilizer experience to the Company. He was President of the ADM Benson Quinn from 2008 until January this year when he retired. The Board is confident that Mr. Nagel will play an important role in helping the Company with its continued efforts in business marketing, project financing and company strategy.

Western’s Chairman Bill Xue said, “I am very pleased that we now have a very strong board in the Company’s history. The addition of Mr. Nagel to our board improves the board structure by adding additional depth, with the board members having experience in one or more of strategic, financial, technical, legal or corporate management. As the Milestone Project construction’s expected completion is in May, and with the progression of its mining development to a more advanced level, I expect Western to be able to deliver a successful and innovative potash project in the near future”.

About Western Resources Corp.

Western Resources Corp. (TSX: WRX) (“the Company”) and the Company’s wholly owned subsidiary Western Potash Corp. are constructing Canada’s newest and most innovative, environmentally friendly and capital-efficient potash mine. This will be the first potash mine in the world that will leave no salt tailings at the surface, thereby reducing the water consumption by half as well as significantly improving energy efficiency.

ON BEHALF OF THE BOARD OF DIRECTORS

Bill Xue
Chairman

Cautions Regarding Forward-Looking Statements

Certain statements contained in this news release constitute forward-looking information within the meaning of applicable Canadian securities laws. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by words such as "anticipate", "continue", "estimate", "expect", "expected", "intend", "may", "will", "project", "plan", "should", "believe" and similar expressions (including negative variations), or that events or conditions "will", "would", "may", "could" or "should" occur. Forward-looking statements are based on the opinions and estimates of management as of the date such statements are made and they are subject to known and unknown risks, uncertainties and other factors that may cause the actual results of the Company to be materially different from those expressed or implied by such forward-looking statements or forward-looking information. Although management of the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking information. The Company does not undertake to update any forward-looking information that is set out herein, except in accordance with applicable securities laws.

For more information on the contents of this release please contact Jack Xue, Corporate Secretary, at 306-924-9378.

 
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February 23, 2023

Vancouver BC – Western Resources Corp. (the “Company”) (TSX: WRX) is pleased to announce that its wholly owned Western Potash Corp. (“Western”) has received approval of the Ministry of Environment (“Ministerial Approval”) to extend the mine life of the Milestone Potash Phase 1 Project (“Project”) to 40 years.

The Project is designed as a selective solution mine which, in contrast with traditional potash mining and solution mining, is expected not to produce salt tailings on surface, thereby substantially reducing the environmental impact. The construction of the Project was kicked off in June 2019 with an anticipated production 146,000 metric tonnes per year and mine life as 12 years. As the Project progressed, Western applied for an extension of the mine life to 40 years, as resource reviews supported this change.

The Ministerial Approval was given after the Ministry of Environment reviewed the change proposals from Western and concluded that they will not result in any significant, additional environmental impacts and was satisfied that the requirements of the Environmental Assessment Act have been met. The Ministerial Change Approval takes effect on February 17, 2023.

Western CEO and President, Mr. Bill Xue said, “The Ministerial Approval supports the Project’s long-term goal of being a sustainable supplier of potash. I have no doubt that the approval will bring to our shareholders and investors more confidence in the potentials of this innovative Project. I am excited that the construction of the Phase 1 Project will be completed in May this year, followed by commissioning. I have confidence that our team will be able to achieve first production by the end of this year.”

 

Cautions Regarding Forward-Looking Statements

Certain statements contained in this news release constitute forward-looking information within the meaning of applicable Canadian securities laws. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by words such as "anticipate", "continue", "estimate", "expect", "expected", "intend", "may", "will", "project", "plan", "should", "believe" and similar expressions (including negative variations), or that events or conditions "will", "would", "may", "could" or "should" occur. Forward-looking statements are based on the opinions and estimates of management as of the date such statements are made and they are subject to known and unknown risks, uncertainties and other factors that may cause the actual results of the Company to be materially different from those expressed or implied by such forward-looking statements or forward-looking information. Although management of the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking information. The Company does not undertake to update any forward-looking information that is set out herein, except in accordance with applicable securities laws.

For more information on the contents of this release please contact Jack Xue, Corporate Secretary, at 306-924-9378.

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January 23, 2023

Western Potash Corp. is pleased to announce today that its wholly-owned subsidiary, Western Potash Corp. (“Western”), closed the second tranche, in the amount of US$31 million (C$41.6 million equivalent)  of its Cdn$85 million loan transaction with Appian Capital Advisory LLP (“Appian”), the terms of which were previously announced in the press release dated April 28, 2022.

The second tranche of funds from the loan transaction will be used by Western to finish the construction of the Milestone Phase 1 Project (the “Project”) and continue the development of the Project’s optimized mining plan. The construction of the processing plant for the Project is expected to be completed in early May, 2023, with plant production expected to be initiated in December 2023.   

Mr. Bill Xue, Western Potash Corp. CEO, commented, “We are pleased to have closed this final tranche of the loan with Appian. This will increase the financial stability sought by our contractors and suppliers which we expect will be beneficial for completing the Project in a timely and efficient manner.”

Bill Xue
Managing Director

Cautions Regarding Forward-Looking Statements

Certain statements contained in this news release constitute forward-looking information within the meaning of applicable Canadian securities laws. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by words such as "anticipate", "continue", "estimate", "expect", "expected", "intend", "may", "will", "project", "plan", "should", "believe" and similar expressions (including negative variations), or that events or conditions "will", "would", "may", "could" or "should" occur. Forward-looking statements are based on the opinions and estimates of management as of the date such statements are made and they are subject to known and unknown risks, uncertainties and other factors that may cause the actual results of the Company to be materially different from those expressed or implied by such forward-looking statements or forward-looking information. Although management of the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking information. The Company does not undertake to update any forward-looking information that is set out herein, except in accordance with applicable securities laws.

For more information on the contents of this release please contact Jack Xue, Corporate Secretary, at 306-924-9378.

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September 28, 2022

Western Potash Corp. is pleased to announce today that its parent company Western Resources Corp.(the “Company”) (TSX: WRX) has closed the previously announced conversion of common shares held by Vantage Chance Limited ("Vantage") in Western Potash Holdings Corp., a subsidiary of the Company, which were exchanged for common shares of the Company ("WRX Shares"), following receipt of conditional approval from the TSX and the written consent by its majority shareholder, Tairui Mining Inc. ("Tairui"), which owns 105,854,938 WRX Shares, representing approximately 56.08% of the total issued and outstanding WRX Shares pre-conversion.

Vantage has now obtained ownership and control over 219,726,258 WRX Shares, representing 53.79% of the total issued and outstanding WRX Shares calculated on a post-transaction, non-diluted basis. Tairui's shareholding in the Company has been diluted to approximately 25.91% post-conversion.

The board of directors of the Company also passed a written resolution appointing Mr. Justin Xing, director of Vantage, to the board of the Company, filling a vacancy of the board.

Western Resources Corp. Chairman and CEO, Mr. Bill Xue said, “Today’s closing of the Conversion represents another important milestone for the Company. We welcome Vantage becoming the Company’s new majority shareholder. On behalf of the board, I welcome Mr. Justin Xing to join the Company board. I am confident that the Company will advance into greater success from this new point”.

 

Cautions Regarding Forward-Looking Statements

Certain statements contained in this news release constitute forward-looking information within the meaning of applicable Canadian securities laws. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by words such as "anticipate", "continue", "estimate", "expect", "expected", "intend", "may", "will", "project", "plan", "should", "believe" and similar expressions (including negative variations), or that events or conditions "will", "would", "may", "could" or "should" occur. Forward-looking statements are based on the opinions and estimates of management as of the date such statements are made and they are subject to known and unknown risks, uncertainties and other factors that may cause the actual results of the Company to be materially different from those expressed or implied by such forward-looking statements or forward-looking information. Although management of the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking information. The Company does not undertake to update any forward-looking information that is set out herein, except in accordance with applicable securities laws.

For more information on the contents of this release please contact Simon Guo, Corporate Secretary, at 306-924-9378.

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September 20, 2022

Vancouver BC – Western Resources Corp. (the “Company”) (TSX: WRX) is pleased to announce that it has accepted the Conversion Notice (as defined in the Subscription Agreement dated February 16, 2022, which was amended and restated on May 20, 2022 and further amended and restated on July 29, 2022) issued by Vantage Chance Limited ("Vantage"). Pursuant to the Subscription Agreement, Vantage completed its $80 million investment (the “Investment”) in Western Potash Holdings Corp. ("WPHC"), a subsidiary of the Company, whereby it acquired an aggregate of 157,325,071 common shares in WPHC ( “WPHC Shares”), representing approximately 54% of the outstanding shares of WPHC. WPHC currently 100% owns Western Potash Corp. (“Western”) and its Milestone Potash Project (the “Project”) located in the southeast of Regina, Saskatchewan.

Upon completion of the Investment on September 8, 2022, the Subscription Agreement granted each of Vantage and the Company the right to exercise an option (the “Conversion Option”), subject to acceptance by the Company (where the Option is exercised by Vantage) or by Vantage (where the Option is exercised by the Company), as applicable, and the fulfillment of certain other conditions (including approval by the Toronto Stock Exchange and approval by the shareholders of WRX), to exchange all of the WPHC Shares held by Vantage into WRX Shares. The Option is exercisable by WRX or Vantage within 180 days of the closing of the Investment.

Vantage is at arm's length with the Company. Vantage owned no WRX Shares prior to the conversion and upon exercise of the Conversion Option and the satisfaction of conditions for completing the Option exercise, Vantage will obtain ownership and control over 219,726,258 WRX Shares, representing 116.4% of the total issued and outstanding WRX Shares on a pre-transaction, non-diluted basis. The issue price is approximately $0.3641 per WRX Share, a 55.93% premium to the market price as of September 8, 2022, which was $0.2335.

The exercise of Conversion Option will make Vantage a new control person and materially affect control of the Company. WRX Shares owned by Vantage will represent 53.79% of the issued and outstanding WRX Shares calculated on a post-transaction, non-diluted basis.  Tairui Mining Inc. ("Tairui"), which owns105,854,938 WRX Shares, representing approximately 56.08% of the issued and outstanding WRX Shares pre-conversion, will be diluted to approximately 25.91% post-conversion.

The conversion and issuance of WRX Shares to Vantage requires TSX approval pursuant to Section 602(a) of the TSX Company Manual.

Pursuant to Section 611(c) of the TSX Company Manual, security holder approval will be required in those instances where the number of securities issued or issuable in payment of the purchase price for an acquisition (including securities, in this case, the WPHC Shares) exceeds 25% of the number of securities of the listed issuer which are outstanding, on a non-diluted basis. In addition, pursuant to Section 604(a)(i),TSX will generally require security holder approval as a condition of acceptance of a notice under Section 602 if the transaction materially affects control of the listed issuer.

The Company is relying on an exemption from holding a meeting of shareholders as its majority shareholder Tairui will provide a written consent, pursuant to Section 604(d) of the TSX Company Manual. Tairui is familiar with the terms of the Subscription Agreement and the Conversion Option and is in favour of it.

Western Resources Corp. Chairman and CEO, Mr. Bill Xue said, “First of all, I would like to express my sincere thanks to Vantage for its confidence in the Project and the future of the Company. I think the most important value of the exercise of the Conversion Option is to allow Western Resources Corp. to regain its 100% ownership of Western and the Project from its current 46% shareholding, which, I believe, is what all shareholders are expecting. With the entirety of Vantage’s $80 million equity funding pouring into Western along with the conversion, the Project will have a more solid financial assurance. As this Project has attracted some of the best solution mining experts in the world working on one of the most environmental-friendly potash mines in the world, I have strong confidence that our team will be able to deliver a successful project on time and on budget. The success of the Project serves the best interest of all shareholders of the Company.”

Bill Xue
Managing Director

Cautions Regarding Forward-Looking Statements

Certain statements contained in this news release constitute forward-looking information within the meaning of applicable Canadian securities laws. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by words such as "anticipate", "continue", "estimate", "expect", "expected", "intend", "may", "will", "project", "plan", "should", "believe" and similar expressions (including negative variations), or that events or conditions "will", "would", "may", "could" or "should" occur. Forward-looking statements are based on the opinions and estimates of management as of the date such statements are made and they are subject to known and unknown risks, uncertainties and other factors that may cause the actual results of the Company to be materially different from those expressed or implied by such forward-looking statements or forward-looking information. Although management of the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking information. The Company does not undertake to update any forward-looking information that is set out herein, except in accordance with applicable securities laws.

For more information on the contents of this release please contact Simon Guo, Corporate Secretary, at 306-924-9378.

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September 9, 2022

Western Potash Corp. is pleased to announce that  Western Potash Holding Corp. (“WPHC”) has received the third and the last tranche of the equity funding proceeds from Vantage Chance Limited (“Vantage”) today in the amount of $30 million in exchange for the issuance to Vantage of 58,996,901 common shares of WPHC, which represents the closing of the previously announced Investment Transaction (as set out in a press release dated February 16, 2022).

With closing of the Investment Transaction, Vantage has invested a total of $80,000,000 to WPHC and became the registered and beneficial owner of an aggregate of 157,325,071 Common Shares, representing 54% of the total issued and outstanding common shares of WPHC, with the remaining 46% owned by the Company. WPHC owns 100% of Western Potash Corp. and its Milestone Potash Project (“Project”).

Bill Xue, Western’s Chairman and CEO stated, “The closing of the equity investment by Vantage has secured additional financial assurance for a successful completion of the Milestone Phase 1 Project construction. I’m pleased that our Project team is making great progress in areas including process plant construction, pumphouse modifications, solution mining readiness, and building of a stronger and more solid team. In the meantime, I want to take this opportunity to express our sincere thanks to Vantage for its confidence in the fundamentals of the Project and in committing to maintain and support the existing management structure of the Company”.

About Western Resources Corp.

Western Resources Corp. and its subsidiary company Western Potash Corp. are constructing one of Canada’s newest and most innovative, environmentally friendly and capital-efficient potash mines. It is expected to be the first potash mine internationally to leave no salt tailings at the surface, thereby reducing the water consumption by approximately half as well as significantly improving energy efficiency. Successful completion of the Project will form the basis for further expansion.

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August 16, 2022

August 16, 2022, Regina, SK – Western Potash Corp. (“Western” or the “Company”) is pleased to announce that its Milestone Potash Phase 1 Project (the “Project”) team successfully hosted a Community Open House in Kronau, Saskatchewan on August 4, 2022.  This event aimed to update the local community about various aspects of the Project, including the construction plan especially, the optimized mining development plan and Western’s strategic vision for the future.

 
   
 

Western has always placed community relations as one of its top priorities in the development of the Milestone Project. With the successful closing of the Project financings in May, which included a new equity investment by Vantage Chance Limited and another debt investment by the UK-based Appian Capital Advisory Ltd., the Company quickly started to engage the local community to provide an update on the status and progress of the Project. Western also sought to collect feedback from community about the Project’s development through the Open House.  Western also took this opportunity to inform local residents about employment opportunities at Milestone.

The event attracted more than fifty people from the local community, including four city councillors of the Rural Municipality of Lajord, where the Project is located.  Attending on behalf of Western potash were the Company’s CEO & President Bill Xue, Chairman of the Executive Committee Mark Fracchia,  Director of Operations Brandon Bartosh and other key senior staff.

   

 
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July 30, 2022

Western Potash Corp. is pleased to announce that its parent company Western Potash Holding Corp. (“WPHC”) has received the second tranche of its equity funding proceeds from Vantage Chance Limited (“Vantage”) in the amount of $17 million on July 29, 2022, as part of the previously announced Investment Transaction (as set out in a press release dated February 16, 2022) , in exchange for the issuance to Vantage of 33,431,578 common shares of WPHC. Upon issuance, Vantage will hold approximately 42.32% of the issued and outstanding common shares of WPHC, which in turn owns 100% of Western Potash Corp. (which itself owns Milestone Potash Project (the “Project”).

The first tranche of Vantage’s equity investment in WPHC in the amount of $33 million closed on May 25, 2022 and resulted in the issuance to Vantage of 64,896,592 common shares of WPHC. With consideration of the Project construction and development funding usage schedule, however, Vantage and WPHC agreed to a Second Amended and Restated Subscription Agreement dated July 28, 2022, allowing Vantage to purchase the previously agreed additional 92,428,479 common shares in two tranches – the Second Tranche and the Third Tranche. The Second Trance, in the amount of $17 million, closed on July 29, 2022 this Friday.  The remaining investment of $30 million is expected to close on or before September 30, 2022. Pursuant to the Subscription Agreement, Vantage has committed to make a strategic equity investment of C$80,000,000 in WPHC.

Bill Xue
Managing Director

About Western Resources Corp.

Western Resources Corp. and its subsidiary Western Potash Corp. are constructing one of Canada’s newest and most innovative, environmentally friendly and capital-efficient potash mines. It is expected to be the first potash mine internationally to leave no salt tailings at the surface, thereby minimizing the water consumption and improving energy efficiency. Successful completion of the Project will form the basis for further expansion.

Cautions Regarding Forward-Looking Statements

Certain statements contained in this news release constitute forward-looking information within the meaning of applicable Canadian securities laws. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by words such as "anticipate", "continue", "estimate", "expect", "expected", "intend", "may", "will", "project", "plan", "should", "believe" and similar expressions (including negative variations), or that events or conditions "will", "would", "may", "could" or "should" occur. Forward-looking statements are based on the opinions and estimates of management as of the date such statements are made and they are subject to known and unknown risks, uncertainties and other factors that may cause the actual results of the Company to be materially different from those expressed or implied by such forward-looking statements or forward-looking information. Although management of the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking information. The Company does not undertake to update any forward-looking information that is set out herein, except in accordance with applicable securities laws.

For more information on the contents of this release please contact Simon Guo, Corporate Secretary, at 306-924-9378.

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July 12, 2022
Western Potash will hold Community Open House on August 4, 2022 at Kronau Curling Club, between 4:00 pm to 8:00 pm. Details please see attached. 
 
                       
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July 5, 2022

Western Potash Corp.(“Western”) is pleased to announce that it has an enhanced corporate and project management team. Following the official kick-off of the Milestone Phase 1 Project (the “Project”) in mid-May, Western established its Executive Committee (“EC”) and Technical Committee (“TC”) to advance the Project more effectively.

The EC is Western’s primary decision-making body responsible for corporate strategy and development plan, company policies and regulations, project key technical direction, and project budget. The EC is chaired by Mr. Mark Fracchia and includes Mr. Brandon Bartosh as a member. Mr. Fracchia has a track record of accomplishments in leadership, strategy, vision and innovative potash mining technology. He is also a current member of the board of directors of the Company. Previously, he was President, PCS Potash at PotashCorp (now Nutrien) and was a General Manager at various potash sites. Mr. Bartosh is a world-class selective solution mining expert with over 15 years of hands-on potash operation and mining experience. He is currently the Operations Director and Plant Manager of Western Potash.

The TC is an advisory committee providing advice to the EC on the solution mining development plan and other key technical issues. The TC includes the world’s foremost solution mining and process engineering technical experts including Elmar Goldsmith, Robert Plosz and Irwin Ewen.  Mr. Goldsmith, widely known as a pioneer of potash solution mining, led the technical initiative for three potash mines in Saskatchewan. He also directed a water inflow remediation project. Mr. Plosz is known for his 40 years of practical experience in solution mining. He was general manager of the largest solution mine in the world. Mr. Ewen is an industry leading process engineer with special knowledge in potash selective solution mining. The addition of these top technical experts to the Western team is expected to significantly improve Western’s solution mining plan.

Mr. Bill Xue, the Managing Director said, “I am very pleased to see the further enhancement of Western’s corporate management and project technical teams. Western is fortunate to have some of the world’s leading potash professionals to help advance the project through their respective capacities. We expect that the new team is the best fit for the current stage of the Project’s development. As the Project moves forward, Western expects to further refine and enhance these teams. I look forward to witnessing the success of the Project.”

 

Bill Xue
Managing Director

About Western Resources Corp.

Western Resources Corp. and its subsidiary Western Potash Corp. are constructing one of Canada’s newest and most innovative, environmentally friendly and capital-efficient potash mines. It is expected to be the first potash mine internationally to leave no salt tailings at the surface, thereby minimizing the water consumption and improving energy efficiency. Successful completion of the Project will form the basis for further expansion.

 

Cautions Regarding Forward-Looking Statements

Certain statements contained in this news release constitute forward-looking information within the meaning of applicable Canadian securities laws. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by words such as "anticipate", "continue", "estimate", "expect", "expected", "intend", "may", "will", "project", "plan", "should", "believe" and similar expressions (including negative variations), or that events or conditions "will", "would", "may", "could" or "should" occur. Forward-looking statements are based on the opinions and estimates of management as of the date such statements are made and they are subject to known and unknown risks, uncertainties and other factors that may cause the actual results of the Company to be materially different from those expressed or implied by such forward-looking statements or forward-looking information. Although management of the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking information. The Company does not undertake to update any forward-looking information that is set out herein, except in accordance with applicable securities laws.

For more information on the contents of this release please contact Simon Guo, Corporate Secretary, at 306-924-9378.

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June 22, 2022

Western Potash Corp. (“Western” or the “Company”) is pleased to announce it hosted a delegation of thirteen officials from three different Ministries of the Saskatchewan government for a mine tour today at the Milestone Project (the “Project”) site. After closing financing deals with Appian Capital and Vantage Chance in May, the Project kicked off with key contractors in mid-June, with mobilizations now occurring at the site.

Officials from the Ministry of Trade and Export Development, Ministry of Energy and Resources, as well as the Ministry of Environment attended the event. Mark Fracchia, Western’s Chairman of the Executive Committee, presided over the project briefing session. President and CEO Bill Xue and Operations Director Brandon Bartosh presented on the company’s history, the innovative mining technology, the current status of the Project and the construction plan, and future development options. The presentation was followed by a mine tour. The intent of this meeting and tour was to provide officials with a much better understanding of the Project and of the future direction of Western Potash.

                        Western Potash Operations Director Brandon Bartosh is presenting on the Milestone Project technology.

Western Potash’s Chair of Executive Committee Mark Fracchia told the officials at the meeting, “Our team feels very proud of having the opportunity to work on this unique and innovative potash Project. Although the scale of this first phase of development is relatively small, once the mining technology is proven to be successful, it will provide the opportunity to scale up and impact how potash could be mined in the future. We look forward to working closely with all stakeholders to make this project an example of an efficient, sustainable and environmentally friendly mine”.

                           Western Potash Operations Manager Francis Mukanya is conducting a mine tour for the SK government delegation.

 

(This News is for updates only and not distributed through Global Newswire as Press Release) 

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June 17, 2022

Western Potash Corp. is pleased to announce that it has completed a Collaborative Project Planning Session with its key contractors and staff to officially kick off the restart of the Milestone Project (“Project”) in order to complete the process facilities and solution mining development. Key Project representatives participated in a workshop style planning session in Regina to review and gain alignment on key aspects of the project timeline and readiness for start-up, leading into the full ramp up of operations which is expected to happen in mid 2023.

The kick off planning session was attended by Western executives and staff and more than 30 people from several different key organizations, each with an instrumental role in the Project, including Bird Construction and March Consulting. Also participating were representatives of Vantage Chance Limited and Appian Capital Advisory LLP, each of which recently closed a financing deal with Western. Areas of key focus included cavern development, execution of the construction program and operational readiness, including commissioning, start up and permit readiness.

Mr. Bill Xue, the Company’s Chairman and CEO said, “I am pleased to see the Project construction restarted after being suspended for two years. I am very happy that all key Project participants attended and actively interacted during the kick off discussion. This session has helped all relevant parties together reach a better and clearer understanding of Project goals and priorities. It also allowed the internal team and key contractors to identify gaps, resulting in the development of an integrated action plan that will significantly mitigate any potential risks potentially affecting Project schedules and cost. I am confident that our team and contractors are capable of making this Project a success.”

ON BEHALF OF THE BOARD OF DIRECTORS

Bill Xue
Chairman and CEO

About Western Resources Corp.

Western Resources Corp. and its subsidiary Western Potash Corp. are constructing one of Canada’s newest and most innovative, environmentally friendly and capital-efficient potash mines. It is expected to be the first potash mine internationally to leave no salt tailings at the surface, thereby minimizing the water consumption and improving energy efficiency. Successful completion of the Project will form the basis for further expansion.

 

Cautions Regarding Forward-Looking Statements

Certain statements contained in this news release constitute forward-looking information within the meaning of applicable Canadian securities laws. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by words such as "anticipate", "continue", "estimate", "expect", "expected", "intend", "may", "will", "project", "plan", "should", "believe" and similar expressions (including negative variations), or that events or conditions "will", "would", "may", "could" or "should" occur. Forward-looking statements are based on the opinions and estimates of management as of the date such statements are made and they are subject to known and unknown risks, uncertainties and other factors that may cause the actual results of the Company to be materially different from those expressed or implied by such forward-looking statements or forward-looking information. Although management of the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking information. The Company does not undertake to update any forward-looking information that is set out herein, except in accordance with applicable securities laws.

For more information on the contents of this release please contact Simon Guo, Corporate Secretary, at 306-924-9378.

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May 25, 2022

Western Potash Corp. (“Western” or the “Company”) (TSX: WRX) is pleased to announce that Western Potash Holding Corp. (“WPHC”) has received the first tranche of its equity funding proceeds from Vantage Chance Limited (“Vantage”) in the amount of $33 million, as part of the previously announced Investment Transaction, in exchange for the issuance to Vantage of 64,896,592 common shares of WPHC.  Aggregate proceeds from the Investment Transaction, together with the first tranche of funding received last week from Appian Capital Advisory, will be used to continue and complete the remaining construction and development of the Milestone Phase I Project (the “Project”), and for general and administrative expenses of the Project.

Pursuant to an Amended and Restated Subscription Agreement dated May 20, 2022, Vantage will purchase from WPHC and WPHC will issue to Vantage an additional 92,428,479 common shares for an aggregate purchase price of C$47,000,000 (the “Subsequent Subscription”) on or before July 31, 2022. Upon closing of the Subsequent Subscription, Vantage will be the registered and beneficial owner of an aggregate amount of 157,325,071 common shares of WPHC, representing 54% of total issued and outstanding common shares in WPHC for total proceeds of $80,000,000.00, while Western will hold the remaining 46% of the issued and outstanding WPHC common shares. Western Potash Corp. becomes a wholly owned subsidiary of WPHC.

Upon receipt of the first tranche of equity funding from Vantage, WPHC held its first shareholders' and board meetings. At the meeting, WPHC shareholders appointed WPHC board members, which then approved the establishment of each of the WPC Executive Committee and Technical Committee, appointed management, and deliberated and approved capital and operational expenditures for the Project.

Bill Xue, Western’s Chairman and CEO stated, “We are pleased that the first tranche of the Vantage equity transaction has been completed as planned. This will greatly increase the probability of successful Project completion. Western Potash Corp. will start mobilizing and building a strong and solid team in the coming weeks. I expect that our team will be able to deliver the Project on schedule”.

About Western Resources Corp.

Western Resources Corp. and the Company’s wholly owned subsidiary Western Potash Corp. are constructing one of Canada’s newest and most innovative, environmentally friendly and capital-efficient potash mines. It is expected to be the first potash mine internationally to leave no salt tailings at the surface, thereby reducing the water consumption by approximately half as well as significantly improving energy efficiency. Successful completion of the Project will form the basis for further expansion.

ON BEHALF OF THE BOARD OF DIRECTORS

Bill Xue
President and CEO

 

Cautions Regarding Forward-Looking Statements

Certain statements contained in this news release constitute forward-looking information within the meaning of applicable Canadian securities laws. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by words such as "anticipate", "continue", "estimate", "expect", "expected", "intend", "may", "will", "project", "plan", "should", "believe" and similar expressions (including negative variations), or that events or conditions "will", "would", "may", "could" or "should" occur. Forward-looking statements are based on the opinions and estimates of management as of the date such statements are made and they are subject to known and unknown risks, uncertainties and other factors that may cause the actual results of the Company to be materially different from those expressed or implied by such forward-looking statements or forward-looking information. Although management of the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking information. The Company does not undertake to update any forward-looking information that is set out herein, except in accordance with applicable securities laws.

For more information on the contents of this release please contact Simon Guo, Corporate Secretary, at 306-924-9378.

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May 20, 2022

Western Potash Corp. is pleased to announce that its parent company Western Resources Corp.(“Western” or the “Company”) (TSX: WRX) has entered into an Amended and Restated Subscription Agreement (the “Amendment”) originally signed on February 16, 2022 with Vantage Chance Limited (“Vantage”), in which Vantage has committed to make a strategic equity investment of C$80,000,000 (the “Investment Transaction”) in Western Potash Holdings Corp. (“WPHC”), a wholly owned subsidiary of the Company.

The Amendment includes, among others, the following two material changes:

1. Subject to satisfaction or waiver of all closing conditions, the Investment Transaction will close in two tranches:

  • on or before May 31, 2022, Vantage will purchase from WPHC and WPHC agrees to issue to Vantage 64,897,800 common shares at a purchase price of C$33,000,000; and
  • on or before July 31, 2022 (the “Subsequent Closing Date”), Vantage will purchase from WPHC and WPHC agrees to issue to Vantage 92,427,271 common shares at a purchase price of C$47,000,000 (the “Subsequent Subscription”).

On Subsequent Closing Date, Vantage will be the registered and beneficial owner of an aggregate of 157,325,071 common shares of WPHC, representing 54% of total issued and outstanding common shares in WPHC for total proceeds of $80,000,000.00.

2. Within 180 days after the Closing of the Subsequent Subscription, either of the Company or Vantage may elect to convert all of the157,325,071 shares held by Vantage into 219,726,258 common shares of the Company, which will represent approximately 54% of the current total issued and outstanding common shares of the Company (the “Conversion Option”). There are no anti-dilution provisions which provide an adjustment for events for which not all securities holders are compensated for.

The exercise of Conversion Option will create a new control person of the Company. The conversion will be subject to the TSX approval and Western shareholders’ approval.

The Amendment will be available on SEDAR under the issuer profile of the Company at www.sedar.com.

Bill Xue, Western’s Chairman and CEO stated, “We are pleased to see that the Vantage equity transaction is nearing completion. Following the recent closing of the first tranche of funding from Appian Capital (as set out in our recent news release dated May 16, 2022), the Investment Transaction greatly increases financial assurance of successful Milestone Project completion. I’m also impressed with Vantage’s vision in agreeing to the Conversion Option, which ensures Western’s full control over Western Potash Corp. and the Milestone Project, which is in the best interest of all shareholders of the Company. We look forward to working closely with our new partner in the future.”

About Western Resources Corp.

Western Resources Corp. and the Company’s wholly owned subsidiary Western Potash Corp. are constructing one of Canada’s newest and most innovative, environmentally friendly and capital-efficient potash mines. It is expected to be the first potash mine internationally to leave no salt tailings at the surface, thereby reducing the water consumption by approximately half as well as significantly improving energy efficiency. Successful completion of the Project will form the basis for further expansion.

ON BEHALF OF THE BOARD OF DIRECTORS

Bill Xue
President and CEO

 

Cautions Regarding Forward-Looking Statements

Certain statements contained in this news release constitute forward-looking information within the meaning of applicable Canadian securities laws. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by words such as "anticipate", "continue", "estimate", "expect", "expected", "intend", "may", "will", "project", "plan", "should", "believe" and similar expressions (including negative variations), or that events or conditions "will", "would", "may", "could" or "should" occur. Forward-looking statements are based on the opinions and estimates of management as of the date such statements are made and they are subject to known and unknown risks, uncertainties and other factors that may cause the actual results of the Company to be materially different from those expressed or implied by such forward-looking statements or forward-looking information. Although management of the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking information. The Company does not undertake to update any forward-looking information that is set out herein, except in accordance with applicable securities laws.

For more information on the contents of this release please contact Simon Guo, Corporate Secretary, at 306-924-9378.

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May 17, 2022

Western Potash Corp.("Western") is pleased to announce that it has entered into a cost- reimbursable construction services agreement (the “Agreement”) with Stuart Olson Prairie Construction Inc., a wholly owned subsidiary of Bird Construction Inc. (TSX: BDT) (“Bird”), as general contractor to continue the bulk of the remaining construction work for the Milestone Phase I Project (the “Project”) of Western Resources Corp.(the "Company"). Project construction was put on hold in May 2020 when the process plant was approximately 50% complete.

The Agreement resolves all prior outstanding issues between Western and Bird and establishes a new time & material (“T&M”) based contract governing completion of the remaining Project work. The scope of work will be focussed on process plant section completion, including certain steel and pipework, completion of major equipment installation, electrical and control system completion, building and site work. Bird will begin mobilization in early June, with an anticipated maximum workforce of around 100 people expected at the site. Construction is expected to be completed by Q2, 2023, and followed by a three-month general commissioning, with production to start up in Q3 of 2023.

Pursuant to the Agreement and in exchange for the cancellation of amounts owing to Bird, Western has  made a cash payment of $14 million to Bird and will cause the Company to issue 10,000,000 warrants ("Warrants") to Bird as part of the settlement for debt previously owed to Bird, which will allow Bird, after exercise, to acquire up to 10,000,000 common shares of the Company, which as of the date of this release represents 5.34% of the Company's issued and outstanding common shares, and will represent up to 5.07% of the Company’s issued and outstanding common shares on a post-transaction basis. Subject to the TSX review and approval, the main terms of the Warrants are as follows:

  • The Warrants can be exercised by cash payment or without cash consideration (cashless exercise pursuant to the formula set out in the TSX Company Manual).
  • The exercise price of the warrants is $0.2721, representing a 25% discount to the 5-day VWAP on May 12, 2022, the execution date of the Agreement.
  • The term of the Warrants are 4 years from the date of the issuance of the Warrant certificate.
  • If the Company’s share price reaches at least C$0.50/share above exercise price for 5 consecutive trading days (to be adjusted for customary anti-dilution provisions), Bird will be required to exercise (via cash payment or cashless exercise) within 5 business days.
  • The form of Warrant certificate contains customary anti-dilution provisions.

Because the exercise price of the Warrants is less than the market price of the common shares at the date of the Agreement, issuance of the Warrants requires shareholders' approval pursuant to Section 607(i) of the TSX Company Manual.

The Company is relying on an exemption from the requirement to hold a meeting of its shareholders to approve the issuance of the Warrants as its majority shareholder Tairui Mining Inc. ("Tairui"), which holds 56.55% of the total issued and outstanding common shares of the Company as of the date hereof and has knowledge of and is familiar with the terms of the Agreement, will provide a written consent, pursuant to Section 604(d) of the TSX Company Manual.

Western is also pleased to announce that Mr. Alex Watson and Mr. Randy Lange have both joined Western and will lead its construction management team as, respectively, Project Sponsor and site Construction Manager. Western is confident that each individual’s intensive project management experience tremendously increases the likelihood that remaining construction work will be completed within budget and on schedule.

Mr. Bill Xue, Chairman and CEO of the Company, commented, “we are very grateful to BIRD for the kind understanding and strong support it has provided to Western over the past two years when the Project was in suspension. Our management and financial partners are excited that Bird will soon restart Project construction to build one of the most innovative and efficient new potash mines in Saskatchewan, which will greatly benefit local Saskatchewan communities, and the Province of Saskatchewan in general”.

About Western Resources Corp.

Western Resources Corp. and the Company’s wholly owned subsidiary Western Potash Corp. are constructing one of Canada’s newest and most innovative, environmentally friendly and capital-efficient potash mines. It is expected to be the first potash mine internationally to leave no salt tailings at the surface, thereby reducing the water consumption by approximately half as well as significantly improving energy efficiency. Successful completion of the Project will form the basis for further expansion.

ON BEHALF OF THE BOARD OF DIRECTORS

Bill Xue
Chairman and CEO

Cautions Regarding Forward-Looking Statements

Certain statements contained in this news release constitute forward-looking information within the meaning of applicable Canadian securities laws. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by words such as "anticipate", "continue", "estimate", "expect", "expected", "intend", "may", "will", "project", "plan", "should", "believe" and similar expressions (including negative variations), or that events or conditions "will", "would", "may", "could" or "should" occur. Forward-looking statements are based on the opinions and estimates of management as of the date such statements are made and they are subject to known and unknown risks, uncertainties and other factors that may cause the actual results of the Company to be materially different from those expressed or implied by such forward-looking statements or forward-looking information. Although management of the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking information. The Company does not undertake to update any forward-looking information that is set out herein, except in accordance with applicable securities laws.

For more information on the contents of this release please contact Simon Guo, Corporate Secretary, at 306-924-9378.

 

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May 16, 2022

Western Potash Corp. (the "Western") is pleased to announce today that it has closed the first tranche, in the amount of C$45 million, of its Loan Transaction with Appian Capital Advisory LLP ("Appian"), the terms of which were previously announced in the press release of April 28, 2022.

The first tranche of funds from the Loan Transaction will be used by Western to restart immediately construction of the Milestone Phase 1 Project (“Project”) and continue with its optimized mining development plan. The funding will also be applied in the settlement of all outstanding legal claims against Western and the removal of all liens related to those claims.

In addition, pursuant to Section 604 (d) of the TSX Company Manual, the Company has received the written consent from its majority shareholder Tairui Mining Inc. ("Tairui"), which holds 56.55% of the total issued and outstanding common shares of the Company as of the date hereof. Tairui consents to and approves of the issuance by the Company of 20,774,030 Warrants to WPC Investments B.V. (the "Warrantholder"), an affiliate of Appian pursuant to a Warrant Certificate.

Following the closing of the first tranche of the Loan Transaction funding, the Company issued 20,774,030 common share purchase warrants ("Warrants") which will allow the Warrantholder, after exercise, to acquire up to 20,774,030 common shares of the Company ("Warrant Shares") at a price of $0.2834 for 6 years.  The Warrants and the Warrant Shares are subject to a statutory four-month hold period. The Toronto Stock Exchange has conditionally approved the listing of the Warrant Shares.

Mr. Bill Xue, Western Potash Corp. CEO, commented, “We are very excited to have this timely and critical funding from Appian. Appian’s endorsement of the Project gives us renewed confidence in our innovative mining technology. Our entire team can’t wait for the restart of the Milestone Project construction. Western looks forward to working closely with all related partners to kick off the construction.”

About Appian Capital Advisory LLP

Appian is a London-based leading investment advisor to long-term value-focused private equity funds that invest solely in mining and mining-related companies, with global experience across South America, North America, Australia and Africa and a successful track record of supporting companies to achieve their development targets. Appian has a global operating portfolio and a team of 54 experienced professionals with presences in London, Toronto, Vancouver, Lima, Belo Horizonte, Montreal and Sydney overseeing nearly 5,000 employees in the projects and the companies it invested.

About Western Resources Corp.

Western Resources Corp. (TSX: WRX) (“the Company”) and the Company’s wholly owned subsidiary Western Potash Corp. are constructing one of Canada’s newest and most innovative, environmentally friendly and capital-efficient potash mines. It is expected to be the first potash mine internationally to leave no salt tailings at the surface, thereby reducing the water consumption by approximately half as well as significantly improving energy efficiency. Successful completion of the Project will form the basis for further expansion.

ON BEHALF OF THE BOARD OF DIRECTORS

Bill Xue
Chairman and CEO

For more information on the contents of this release please contact Simon Guo, Corporate Secretary, at 306-924-9378.

Cautions Regarding Forward-Looking Statements

Certain statements contained in this news release constitute forward-looking information within the meaning of applicable Canadian securities laws. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by words such as "anticipate", "continue", "estimate", "expect", "expected", "intend", "may", "will", "project", "plan", "should", "believe" and similar expressions (including negative variations), or that events or conditions "will", "would", "may", "could" or "should" occur. Forward-looking statements are based on the opinions and estimates of management as of the date such statements are made and they are subject to known and unknown risks, uncertainties and other factors that may cause the actual results of the Company to be materially different from those expressed or implied by such forward-looking statements or forward-looking information. Although management of the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking information. The Company does not undertake to update any forward-looking information that is set out herein, except in accordance with applicable securities laws.

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April 29, 2022

Western Potash Corp ("Western"). is pleased to announce today, it has entered into a C$85,000,000 term loan facility financing transaction (the "Loan Transaction") with Appian Capital Advisory LLP (“Appian”). The Loan Transaction has been negotiated at arm's length and will not materially affect control of the Company. Proceeds of the Loan Transaction will enable Western to continue and complete the remaining construction and development of the Milestone Phase I Project (the “Project”), pay out existing creditors and for general and administrative expenses of the Project.

The Loan Transaction includes:

  1. a six-year term loan facility of up to USD equivalent of C$85,000,000, at an interest rate of 12.5% per annum.
  2. the grant of a 1.5% royalty based on the gross revenue of the Project to Appian; and

the issuance to Appian by the Company of 20,774,030 warrants ("Warrants") as part of the consideration for the Facility, which will allow Appian, after exercise, to acquire up to 20,774,030 common shares of Company, which currently represents 11.1% of the Company's issued and outstanding common shares, and will represent up to 9.9% of the Company’s issued and outstanding common shares on a post-transaction basis. The main terms of the Warrants are as follows:

The Warrants can be exercised by cash or without cash consideration (cashless exercise pursuant to the formula set out in the TSX Company Manual).

The exercise price of the warrants is $0.2834, representing a 25% discount to the 5-day VWAP on April 28, 2022, the execution date of the Facility Agreement.

The term of the Warrants are 6 years from the closing of the Loan Transaction.

If the Company share price reaches at least C$0.50/share above exercise price for 5 consecutive trading days (to be adjusted for customary anti-dilution provisions), Appian will be required to exercise (via cash or cashless exercise) within 5 business days, subject to Appian being legally permitted to exercise.

The form of Warrants certificate contains customary anti-dilution provisions.

The exercise price of the Warrants is less than the market price of the common shares at the date of the Facility Agreement and as such requires shareholders' approval pursuant to Section 607(i) of the TSX Company Manual.

The Company is relying on an exemption from holding a meeting of shareholders as its majority shareholder Tairui Mining Inc. ("Tairui"), which holds 56.55% of the total issued and outstanding common shares of the Company as of the date hereof, will provide a written consent, pursuant to Section 604(d) of the TSX Company Manual. Tairui is familiar with the terms of the Transaction and is in favour of it.

The Facility Agreement and other material documents of the Loan Transaction will be filed and available under the Company’s profile on SEDAR at www.sedar.com.

The Company is also pleased to announce that further to its previously announced equity investment of C$80,000,000 (the “Equity Transaction”) by Vantage Chance Limited (“Vantage”) in Western Potash Holdings Corp. (“WPHC”), a wholly owned subsidiary of the Company, Vantage has confirmed its receipt from Industry Canada that no national security notice has been sent and no notice will be forthcoming under Investment Canada Act. The Company expects the Equity Transaction will close in May 2022.

Western Resources Corp. Chairman and CEO, Mr. Bill Xue said, “I am proud of the breakthrough that the Western team has made in signing the Loan Transaction with Appian. This funding, together with the C$80 million equity investment, will provide a huge capital injection for Western and a solid foundation for the completion of the Project. I am grateful to the dedicated team members for their hard work and look forward to witnessing the revolutionary changes the Project will bring to potash mining in the Province of Saskatchewan.”

Michael W. Scherb, Appian Founder and CEO, commented: “I am delighted to be supporting Western Resources in the development of the Project. This transaction demonstrates the continued success of Appian’s dedicated credit and royalties offering, highlighting our ability to invest through the capital structure and provide non-dilutive financing for mining companies. The value that our market-leading technical team brings is also a key differentiator, with our expertise helping project owners to maximize potential and returns.”

About Appian Capital Advisory LLP

Appian is a London-based leading investment advisor to long-term value-focused private equity funds that invest solely in mining and mining-related companies, with global experience across South America, North America, Australia and Africa and a successful track record of supporting companies to achieve their development targets. Appian has a global operating portfolio and a team of 54 experienced professionals with presences in London, Toronto, Vancouver, Lima, Belo Horizonte, Montreal and Sydney overseeing nearly 5,000 employees in the projects and the companies it invested. 

About Western Resources Corp.

Western Resources Corp. and the Company’s wholly owned subsidiary Western Potash Corp. are constructing one of Canada’s newest and most innovative, environmentally friendly and capital-efficient potash mines. It  is expected to be the first potash mine internationally to leave no salt tailings at the surface, thereby reducing the water consumption by approximately half as well as significantly improving energy efficiency. Successful completion of the Project will form the basis for further expansion.

ON BEHALF OF THE BOARD OF DIRECTORS

Bill Xue
Chairman and CEO

Cautions Regarding Forward-Looking Statements

Certain statements contained in this news release constitute forward-looking information within the meaning of applicable Canadian securities laws. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by words such as "anticipate", "continue", "estimate", "expect", "expected", "intend", "may", "will", "project", "plan", "should", "believe" and similar expressions (including negative variations), or that events or conditions "will", "would", "may", "could" or "should" occur. Forward-looking statements are based on the opinions and estimates of management as of the date such statements are made and they are subject to known and unknown risks, uncertainties and other factors that may cause the actual results of the Company to be materially different from those expressed or implied by such forward-looking statements or forward-looking information. Although management of the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking information. The Company does not undertake to update any forward-looking information that is set out herein, except in accordance with applicable securities laws.

For more information on the contents of this release please contact Simon Guo, Corporate Secretary, at 306-924-9378

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March 29, 2022

Vancouver BC – Western Resources Corp. (TSX: WRX) (“Western” or “the Company”) is pleased to announce that its shareholders approved all items put before them at the Company’s Annual General and Special Shareholder Meeting (“AGM”) held on March 28, 2022. The approved items are:

1.    Fixed the number of directors of the Company at 6;

2.    The election of Bill (Wenye) Xue, George (Xiang) Gao, Weimin Wang, Guy Bentinck, Andrew Hancharyk and Yujia Ren to the Board. A total of 107,693,679 common shares, representing 57.54% of the issued and outstanding common shares of the Company, were present in person or by proxy at the meeting. The approximate number of those votes “For” each director, the approximate "Percentage" of the total votes cast and the "Withheld/Abstain" votes for each director are shown as below:

3.    The appointment of MNP LLP as auditors of the Company at a remuneration to be fixed by the directors; and

4.    The approval of the Subscription Agreement with Vantage Chance Ltd. (“Vantage”), with a total of 107,465,763 common shares voting “FOR” the deal, representing 99.79% of the issued and outstanding common shares of the Company voted at the meeting by ballot and by proxy. Under the Subscription Agreement, Vantage commits to invest C$80,000,000 in a newly formed Western Potash Holdings Corp. (“WPHC”) and receive in exchange an aggregate of 54% of the issued and outstanding common shares of WPHC, with the remaining 46% of the WPHC common shares to be held by Western.

The elected Board members thereafter appointed Mr. Mark Fracchia into the Board. The new Board then elected Mr. Bill Xue as Chairman of the Company and Chair of the Executive Committee, Mr. Mark Fracchia as Chair of the Nominating and Governance Committee, Mr. Guy Bentinck as Chair of the Audit Committee and Mr. Andrew Hancharyk as Chair of the Corporate Disclosure Policy Committee. Mr. Arthur Ma from China BlueChemical Ltd. and Mr. Hailin Yu from Guoxin International Investment Corp. Ltd. are re-appointed as Board Observers.

The Company welcomes Mr. Fracchia to Western’s board. Mr. Fracchia brings over 30 years of management, executive, director and solution mining experience to the Company. He was President of PCS Potash at PortashCorp (now Nutrien) from 2014 to his retirement in January 2018. After the closing of the investment transaction with Vantage, Mr. Fracchia will serve as Chair of Western Potash Corp.’s Executive Committee. The Board is confident that Mr. Fracchia will play a very important role in helping the Company to ensure that its Milestone Project will remain on path.

Western’s Chairman Bill Xue said, “we are very pleased to have Mr. Fracchia to join our Board. The new Board structure now becomes more reasonable covering strategic, financial, technical, legal and corporate management. I am excited to see the approval of the financing deal at the Shareholders Meeting, I want to take this opportunity to thank our dedicated team members, contractors and vendors for their kind understanding and strong support over the past two years when Western Potash was experiencing a challenging time. We look forward to the completion of the project financing in the days ahead. I am confident that Western will be able to deliver a successful and innovative potash project to the Province of Saskatchewan”.

About Western Resources Corp.

Western Resources Corp. (TSX: WRX) (“the Company”) and the Company’s wholly owned subsidiary Western Potash Corp. are constructing Canada’s newest and most innovative, environmentally friendly and capital-efficient potash mine. This will be the first potash mine in the world that will leave no salt tailings at the surface, thereby reducing the water consumption by half as well as significantly improving energy efficiency. The Phase I Project is under construction and will form the basis for further expansion.

ON BEHALF OF THE BOARD OF DIRECTORS

Bill Xue
Chairman

Cautions Regarding Forward-Looking Statements

Certain statements contained in this news release constitute forward-looking information within the meaning of applicable Canadian securities laws. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by words such as "anticipate", "continue", "estimate", "expect", "expected", "intend", "may", "will", "project", "plan", "should", "believe" and similar expressions (including negative variations), or that events or conditions "will", "would", "may", "could" or "should" occur. Forward-looking statements are based on the opinions and estimates of management as of the date such statements are made and they are subject to known and unknown risks, uncertainties and other factors that may cause the actual results of the Company to be materially different from those expressed or implied by such forward-looking statements or forward-looking information. Although management of the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking information. The Company does not undertake to update any forward-looking information that is set out herein, except in accordance with applicable securities laws.

For more information on the contents of this release please contact Simon Guo, Corporate Secretary, at 306-924-9378.

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February 16, 2022

Western Potash Corp. is pleased to announce that its parent company Western Resource Corp. (“Western”)  has signed a subscription agreement (the “Subscription Agreement”) today with Vantage Chance Limited (“Vantage”), in which Vantage has committed to make a strategic equity investment of C$80,000,000 (the “Investment Transaction”) in Western Potash Holdings Corp. (“WPHC”), a newly formed company which, upon completion of a reorganization (described below), will own 100% of Western Potash Corp. (“WPC”) and its Milestone Potash Project. Vantage is a private investment company registered in the British Virgin Islands.

WPHC was incorporated under British Columbia’s Business Corporations Act on January 13, 2022 by Western for the purpose of structuring the transaction. Upon approval by Western’s shareholders, and prior to the completion of the transactions contemplated in the Subscription Agreement, Western will transfer its 100% equity interest in WPC (134,017,653 common shares) to WPHC in exchange for an equivalent number of WPHC common shares, which will represent 100% of the issued and outstanding shares of WPHC (the “Reorganization”).

Under the Subscription Agreement, Vantage will invest C$80,000,000 in WPHC and receive in exchange an aggregate of 157,325,071 WPHC common shares. As a result, Vantage will hold 54% of the issued and outstanding common shares of WPHC.  Western will hold the remaining 46% of the issued and outstanding WPHC common shares.

Completion of the investment transactions is subject to customary closing conditions, including approval by Western’s shareholders at Western’s upcoming Annual and Special Shareholders Meeting scheduled for March 28, 2022 and obtaining certain regulatory approvals.  Closing is expected to occur on or around May 31, 2022. The Investment proceeds raised from the Investment Transaction will be used in the completion of the Milestone Potash Project construction. Full details of the Investment Transaction and the Reorganization will be included in a management information circular of Western that is expected to be mailed to Western shareholders on or around February 22, 2022 (the "Circular"). The Subscription Agreement and the Circular will be made available on SEDAR under the issuer profile of Western at www.sedar.com.

Bill Xue, Western’s President and Chief Executive Officer stated, “The last two years have been very challenging for Western, as we attempted to complete Phase I of our Milestone Potash Project, with limited access to capital due to a variety of factors, including COVID-19. We expect that the investment by Vantage will allow us to complete the project and allow it to recognize its full potential, including use of the innovative technology we have developed alongside. When successfully completed, we expect the project will significantly change potash mining in Canada as the project is planned to be the first potash mine in the world to leave no salt tailings at surface level, reduce water consumption by up to 50% and significantly improve energy efficiency. We look forward to working closely with our new partner as we continue to develop and expand Milestone”.

ON BEHALF OF THE BOARD OF DIRECTORS

Bill Xue
President and CEO

Cautions Regarding Forward-Looking Statements

Certain statements contained in this news release constitute forward-looking information within the meaning of applicable Canadian securities laws. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by words such as "anticipate", "continue", "estimate", "expect", "expected", "intend", "may", "will", "project", "plan", "should", "believe" and similar expressions (including negative variations), or that events or conditions "will", "would", "may", "could" or "should" occur. Forward-looking statements are based on the opinions and estimates of management as of the date such statements are made and they are subject to known and unknown risks, uncertainties and other factors that may cause the actual results of the Company to be materially different from those expressed or implied by such forward-looking statements or forward-looking information. Although management of the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking information. The Company does not undertake to update any forward-looking information that is set out herein, except in accordance with applicable securities laws.

For more information on the contents of this release please contact Jerry Zhang, Corporate Secretary, at 306-924-9378.

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December 31, 2021

Western Potash Corp. (“Western” or the “Company”) is pleased to announce that the company has filed an updated NI 43-101 Technical Report (the “Report”) for its Milestone Phase 1 Project (the “Phase 1 Project”) on SEDAR on December 29, 2021, in conjunction with the filing of the Parent Company’s Audited Consolidated Financial Statements, Management Discussion & Analysis, and Annual Information Form. These documents are now available at www.sedar.com.

Western released preliminary findings of the Report in a news release dated November 19, 2021. In the Report, the after-tax project net present value (“NPV”) is $CAD197.7M compared with $CAD225.8M reported in the November 19, 2021 news release. The Phase 1 Project’s post-tax internal rate of return remains unchanged at 20.4%. The change in NPV is due to revised product transportation costs, adjustments to project taxation, and production optimizations. The revised financial model supporting the Report is part of a continual improvement process for the Phase 1 Project to provide the best possible outcomes and reduce project risk. The Report also confirms an expansion of the mine life from 12 to 40 years.

This news release was reviewed by Kyle Krushelniski, P.Eng., of March Consulting Associates Inc., who is a Qualified Person under NI 43-101 and is the lead author of the updated NI 43-101 Technical Report, on which this news release is based.

About Western Resources Corp.

Western Resources Corp. (TSX: WRX) (“Western” or “the Company”) and the company’s wholly-owned subsidiary Western Potash Corp. are constructing Canada’s newest and most innovative, environmentally friendly and capital-efficient potash mine. This will be the first potash mine in the world that will leave no salt tailings at the surface, thereby reducing the water consumption by half as well as significantly improved energy efficiency.

About March Consulting Associates Inc.

March Consulting Associates Inc. (March) is a Saskatchewan based employee and First Nations’ owned organization, operating in Saskatchewan for over 22 years with offices in Saskatoon, and Regina. March provides engineering, procurement, project, and construction management to a variety of resource‐based industrial and commercial enterprises. March utilizes the latest digital, analytical, and intelligent 3D modelling capabilities in the mining, process, mechanical, electrical, instrumentation and controls, civil, structural, and Finite Element Analysis (FEA) disciplines.

For more information about this release please contact Jerry Zhang, Corporate Secretary, at 306-924-9378.

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November 19, 2021

Western Potash Corp.(WPC) is pleased to announce that WPC has has received key findings from its upcoming NI 43-101 report (“Report”) for its Milestone Phase I Project (“The Phase I Project”) in southern Saskatchewan. The Report is based on the expansion of the mine life from 12 years to 40 years and the update of the mining plan.

The technical Report is being prepared by March Consulting Associates Inc. (“March”). March is an engineering and project management provider with extensive experience in delivering mining projects across Saskatchewan.

The Phase I Project is the first stage of Canada’s newest and most innovative, environmentally friendly and capital-efficient potash mines. Currently, the total Phase I Project is approximately 78% complete (including engineering, procurement, infrastructure and construction) and awaiting final financing to finish. The initial startup and commissioning of the solution mining is complete and was operated for approximately 18 months, accumulating potash in the crystallization pond.

Data and other information obtained from these operations in conjunction with several leading solution mining experts has enabled Western to optimise the Phase I Project solution mining plan to enhance the reliability to meet the target production of 146,000 tonnes per annum (tpa) of granular potash. The mining plan will extract both the Belle Plaine and Patience Lake members from a series of horizontal caverns which have been planned within the unitized area.

The reserves within the expanded unitization area are:

  • A proven reserve of 11.7 million tonnes (Mt) at an average grade of 32.4% KCl;
  • A probable reserve of 19.5 Mt at a grade of 33.5% KCl.

Cavern losses (10%) and processing recoveries of 95% have been applied to the reserves. The proven and probable reserves within the unitized area are sufficient for a mine life of over 200 years at the target production rate. The project economics are based on an operation period of 40 years at target production. Excess reserves would be available to extend mine life or increase production in the future.

The resource estimate (effective the date of this release) within Saskatchewan Subsurface Mineral Lease KLSA 008 is as follows:

  • A Measured Resource of 418.5 million tonnes (Mt) at a grade of 20.8% K2O
  • An Indicated Resource of 2,304.2 Mt, grading 21.0% K2O
  • An Inferred Resource of 2,575.2 Mt, grading 21.4% K2O

The Resource numbers were adjusted with deductions for unseen anomalies (5% Measured, 9% Indicated and 25% Inferred). A cut-off grade of 15% K2O was applied. No thickness or carnallite grade cut-offs were applied. Extraction ratio’s and/or cavern losses were not applied to the resource tonnages. Reserves are included in the Resource numbers.

The actual CAPEX allocated to the Phase I Project to date is $116.24M and a further $33.21M is needed to complete the Project and bring the plant into production, resulting in a total Phase I Project CAPEX of $149.45M (including a 12.5% contingency on the remaining CAPEX). This estimate adopts the AACE (Association for the Advancement of Cost Engineering) International Class 3 standard.

The total annual OPEX for the Phase I Project, based on operational data from the pilot phase, is estimated at $CAD13.25M per year (excluding G&A, logistics and royalties) or $CAD90.60/t MOP for 146,000 tpa. Sustaining CAPEX consists mainly of expanding the mine field (drilling, piping and infrastructure) and planned equipment maintenance. Sustaining CAPEX includes approximately $36M every six years to expand the wellfield for ongoing production.

Assuming a nominal discount rate of 8%, the economic analysis yields an after-tax project Net Present Value (NPV) of $CAD225.8M, with an Internal Rate of Return (IRR) of 20.4%, based on the assumption of 100% equity investment and potash price of $US524/t ($CAD665/t) FOB mine gate. This price is obtained from the Argus report from November 2021 for granular MOP to the USA Corn Belt and forecasted freight costs from the mine. Costs are given in Canadian dollars ($CAD) and prices are given in United States dollars ($US), with an assumed exchange rate of $US 1 = $CAD 1.27. Inflation has not been applied to the potash price or future costs with the noted potash price assumed to apply from 2025 to the end of project life.

March has undertaken a review of the project and determined mine life could be increased from 12 to 40 years with the implementation of an asset maintenance and replacement strategy. The full costs of this plan have been included in the OPEX and sustaining CAPEX results above.

The management continues to have confidence in the success of the Phase I Project, and has a plan to engage March to complete studies for the purpose of increasing the total capacity of the site to around 300,000 tonnes per annum. This would aim to duplicate the existing surface facilities on the adjacent quarter section to maximize the use of existing infrastructure and utilities already on site.

This news release was reviewed by Kyle Krushelniski, P.Eng. of March Consulting Associates Inc., who is a Qualified Person under NI 43-101 and is the lead author of the updated NI 43 101 Technical Report on which this news release is based.

About Western Resources Corp.

Western Resources Corp. (TSX: WRX) (“Western” or “the Company”) and the company’s wholly-owned subsidiary Western Potash Corp. are constructing Canada’s newest and most innovative, environmentally friendly and capital-efficient potash mine. This will be the first potash mine in the world that will leave no salt tailings at the surface, thereby reducing the water consumption by half as well as significantly improved energy efficiency.

About March Consulting Associates Inc.

March Consulting Associates Inc. (March) is a Saskatchewan based employee and First Nations’ owned organization, operating in Saskatchewan for over 22 years with offices in Saskatoon, and Regina. March provides engineering, procurement, project, and construction management to a variety of resource‐based industrial and commercial enterprises. March utilizes the latest digital, analytical, and intelligent 3D modelling capabilities in the mining, process, mechanical, electrical, instrumentation and controls, civil, structural, and Finite Element Analysis (FEA) disciplines.

 

Cautions Regarding Forward-Looking Statements

 

Except for statements of historical fact relating to the Company, certain information contained herein constitutes “forward-looking information” under Canadian securities legislation. Forward-looking information includes, but is not limited to, statements with respect to the filing and results of the Technical Report. Forward-looking statements are based on the opinions and estimates of management as of the date such statements are made and they are subject to known and unknown risks, uncertainties and other factors that may cause the actual results of the Company to be materially different from those expressed or implied by such forward-looking statements or forward-looking information. Although management of the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking information. The Company does not undertake to update any forward-looking information that is set out herein, except in accordance with applicable securities laws.

For more information on the contents of this release please contact Jerry Zhang, Corporate Secretary, at 604-689-9378.

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July 27, 2021

Western Potash Corp. is pleased to report on the overall status of and progress on the Company’s Milestone Potash Phase 1 Project (the “Project”) , and the Company’s gradual phase out of its real estate investments from its business model in order to improve its financial position and refocus its efforts on the successful completion of the Project.

Since suspending construction of the Project in May of last year, Western has continued advancing and optimizing its mining operations. These are key to securing the remaining project financing required to complete the balance of plant construction. From April 28, 2020, when hot mining started, until its suspension on May 28 this year, Western’s operation team has accumulated extensive experience and collected valuable mining data relevant to the application of its innovative solution mining technology. After extensive analysis of the data, and with the help of a number of leading solution mining experts, Western is developing an optimized solution mining plan.

The new plan is to focus on the increase of solution mining efficiency and life span of the mining caverns. To have those positive changes reflected in the overall economic assessment of the Project, Western has engaged a third-party engineering firm to review the operation plans and update its National Instrument 43-101 technical report. The updated report will also include an anticipated increase in the Project’s mine life from 12 to 40 years. Key findings of the report are expected to be released by mid-October 2021.

In terms of financing, the Company would like to express its utmost thanks to all the contractors and suppliers for their kind understanding and support and we are pleased to note that majority of key creditors have agreed to extend Western’s payment deadlines, which enables Western to focus on obtaining the investments necessary to secure Project financing. Although the Company and Western have been faced with certain challenges and uncertainties, our goal remains to complete Project financing by end of this year, which is expected to allow Western to pay off outstanding creditors, and to restart mining operations and Project construction.

In order to support the Company’s liquidity, the Company commenced the process of selling its real estate investments earlier this year, with all property sales expected to close by the end of the 3rd quarter of this year. Thereafter, the Company will focus its business efforts solely on the development of the Project.

About Western Potash Corp

Western Resources Corp. (TSX: WRX) and its wholly owned subsidiary Western Potash Corp. are constructing what is expected will be Canada’s newest and most innovative, environmentally friendly, and capital-efficient potash mine. This will be the first potash mine in the world that is expected to leave no surface salt tailings, reducing the water consumption by half as well as significantly improving energy efficiency. The Phase I Project is expected to move into production in 2022 (subject, among other things, to successful completion of additional project financing), and will form the basis for further expansions.

For more information on the Project, please refer to: www.westernpotash.com, or call Tel: 306-924-9378.

Cautions Regarding Forward-Looking Statements

Except for statements of historical fact relating to the Company, certain information contained herein constitutes “forward-looking information” under Canadian securities legislation. Forward-looking information includes, but is not limited to, statements with respect to the filing and results of the Technical Report. Forward-looking statements are based on the opinions and estimates of management as of the date such statements are made and they are subject to known and unknown risks, uncertainties and other factors that may cause the actual results of the Company to be materially different from those expressed or implied by such forward-looking statements or forward-looking information. Although management of the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking information. The Company does not undertake to update any forward-looking information that is set out herein, except in accordance with applicable securities laws.

 

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March 15, 2021

Vancouver BC – Western Resources Corp. (TSX: WRX) (“Western” or “the Company”) is pleased to announce that its shareholders approved all items put before them at the Company’s Annual General Meeting (“AGM”) held in its Vancouver office and virtually on March 12, 2021. At the meeting, Western’s shareholders:

  1. Set the number of directors of the Company at six (6);
  2. Elected Wenye (Bill) Xue, Weimin Wang, Guy Bentinck, Xiang (George) Gao, Andrew Hancharyk and Yujia Ren to the Board of Directors. The approximate number of those votes “For” each director, the approximate "Percentage" of the total votes cast and the "Withheld/Abstain" votes for each director are shown below: 
           
      3. Re-appointed KPMG LLP as auditor of the Company at a remuneration to be fixed by the directors; and
      4. Re-approved the Company’s rolling Incentive Stock Option Plan.
 
A total of 126,744,644 common shares, representing 67.82% of the votes attached to all outstanding shares of the Company as at the record date, were present in person or by proxy at the meeting.

The elected Board members thereafter approved key Board and Management appointments, including re-appointment of Mr. Bill Xue as Chairman of the Board and Chair of the Executive Committee; Mr. George Gao as Chair of the Corporate Disclosure Policy Committee, Senior Vice President, Corporate Finance and Chief Financial Officer; Mr. Guy Bentinck’s re-appointment as Chair of the Audit Committee and Mr. Weimin Wang as Chair of the Compensation Committee. Mr. Arthur Ma from China BlueChemical Ltd and Mr. Hailin Yu from Guoxin International Investment Corp. Ltd. are re-appointed as Board Observers. The Board wishes to express its thanks to Mr. Fritz Venter and Mr. Alnesh Mohan, both of whom have contributed to the development of the Project and the Company.

Western’s Chairman Bill Xue said, “We want to thank all the contractors and suppliers for their continued support and understanding during this unique and challenging period to bring the Milestone Project to fruition. Our special thanks goes to Archer Daniels Midland Company (“ADM”) for the 18 month extension to the binding offtake agreement Commencement Date of product delivery starting no later than November 30, 2022. Our primary focus continues to be raising the financing required to complete the remaining 15% of the Project. We are pleased with the continued progress during the past ten months, where the Project team overcame many challenges to successfully achieve its staged goals in mining performance. The mining parameters, cavern volumes and dissolution efficiency are trending toward the operational targets which is key to securing financing. As the ongoing pandemic and overall market environment continues to affect financing, shareholders are reminded that there can be no certainty the Company will predict a confirmed timeline for financing, although the Company has mobilized all resources to that end.”

For more information on Western Resources Corp. or the Milestone Potash Project, please refer to its SEDAR profile at www.sedar.com or contact Tel: 604-689-9378, email: info@westernresources.com, website: www.westernresources.com and www.westernpotash.com.

About Western Resources Corp.

Western Resources Corp. (TSX: WRX) and the company’s wholly-owned subsidiary Western Potash Corp. are constructing Canada’s newest and most innovative, environmentally friendly and capital-efficient potash mine. This will be the first potash mine in the world that will leave no salt tailings at the surface, thereby reducing the water consumption by half as well as significantly improved energy efficiency. The Phase I Project is about 85% complete and its construction is currently on hold due to financing. Once completed, it will form the basis for further expansion.

Cautions Regarding Forward-Looking Statements

Except for statements of historical fact relating to the Company, certain information contained herein constitutes “forward-looking information” under Canadian securities legislation. Forward-looking information includes, but is not limited to, statements with respect to the filing and results of the Technical Report. Forward-looking statements are based on the opinions and estimates of management as of the date such statements are made and they are subject to known and unknown risks, uncertainties and other factors that may cause the actual results of the Company to be materially different from those expressed or implied by such forward-looking statements or forward-looking information. Although management of the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking information. The Company does not undertake to update any forward-looking information that is set out herein, except in accordance with applicable securities laws.

 

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May 14, 2020

Western Potash Corp. (“Western” or “the Company”) announces that it is delaying completion of construction for the balance of the Milestone Phase 1 Project (“Phase 1 Project”) process plant from July to the end of this year.

The Phase 1 Project is already 83% complete in the overall status. It has completed engineering, procurement, construction of infrastructure, crystallization pond, electrical distribution systems, brine heating and pumping systems to support operation of commercial solution mining. A significant portion of the balance of plant including the Process Plant, Compaction and Loadout has also been constructed, with only limited equipment still to be delivered and installed. The unfinished portion does not affect the on-going solution mining operations.

Unfortunately, the COVID-19 pandemic has caused economic issues on a global scale and as a result  delayed our ability to complete the final tranche of funding as previously planned; this has slowed down our ability to complete construction for the balance of the plant. The Company continues working with potential investors to complete the final tranche of funding, as well as pursuing alternative sources of financing for the completion of the remaining construction. Nevertheless, the Company will continue the operation of full-scale hot mining to consistently build up inventory of potash in the crystallization pond, getting ready for harvesting by the end of the year.

Western Potash Corp. CEO and President, Fritz Venter, said, “I would like to stress that WPC is fully committed to completing this exciting and innovative project. We have already demonstrated that solution mining using horizontal drilling works and completed an impressive amount of the construction of the processing plant. We will continue to work closely with all stakeholders during this time. Once funding is confirmed we will re-start construction. We have full confidence in the ultimate success of the Phase 1 Project”.

About Western Resources Corp.

Western Resources Corp. (TSX: WRX) (FSE: WR0) (“Western” or “the Company”) and the company’s wholly-owned subsidiary Western Potash Corp. are constructing Canada’s newest and most innovative, environmentally friendly and capital-efficient potash mine. This will be the first potash mine in the world that will leave no salt tailings at the surface, thereby reducing the water consumption by half as well as significantly improved energy efficiency. The Phase I Project is expected to be completed and moves into production by the end of 2020, which will form the basis for further expansion. For more information on the Project, please refer to: www.westernpotash.com, Tel: 306-924-9378.

Cautions Regarding Forward-Looking Statements

Except for statements of historical fact relating to the Company, certain information contained herein constitutes “forward-looking information” under Canadian securities legislation. Forward-looking information includes, but is not limited to, statements with respect to the filing and results of the Technical Report. Forward-looking statements are based on the opinions and estimates of management as of the date such statements are made and they are subject to known and unknown risks, uncertainties and other factors that may cause the actual results of the Company to be materially different from those expressed or implied by such forward-looking statements or forward-looking information. Although management of the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking information. The Company does not undertake to update any forward-looking information that is set out herein, except in accordance with applicable securities laws.

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April 30, 2020

Regina SK – Western Potash Corp. (“Western” or “the Company”) is pleased to announce that the Company safely and successfully started its Hot Mining operations Tuesday, April 28, 2020 at its Milestone Phase I Plant, southeast of Regina, Saskatchewan.

Hot Mining recirculates heated saturated brine from the crystallization pond into the caverns, and preferentially extracts the dissolved potash (KCl) in the cavern which returns to the crystallization pond, while leaving the salt (NaCl) in place underground. Hot mining demonstrates the enhanced horizontal solution mining process while building an inventory of potash in the crystallization pond. By design, each cavern will be producing about 4,000 tonnes of KCl per month into the crystal pond. The horizontal selective solution mining is environmentally friendly and capital efficient, while also greatly shortening the time to production compared to traditional mining. This will be the first greenfield potash mine in Canada that will leave no salt tailings on the surface, thereby significantly reducing water and energy consumption.

The process plant is expected to be completed and ready to harvest the inventory of potash in the pond by the end of 2020. Once finished the plant will de-brine, dry and compact the potash and truck to the local Port Lajord fertilizer distribution center where Archer Daniels Midland (ADM) has signed a binding off-take agreement with Western to sell the 100% of the offtake.

Appropriate operating permits were obtained as part of the on-going permitting process, and the Company continues to work in close conjunction with the RM of Lajord, Provincial government, the local community and businesses.

Mr. Fritz Venter, President and CEO of Western Potash Corp., commented: “The start of Hot Mining is a significant milestone for the Project construction, it demonstrates the viability of the new technology, and will bring about significant economic values to investors and shareholders. This technology will disrupt the Solution Mining Potash industry.

I would like to thank everyone involved in the successful construction and startup of Hot Mining, including the Western team, a number of sub-contractors, vendors and local businesses and government who continued to give their best despite having to deal with the evolving pandemic and the challenges it presented.”

For more information on the Company, please refer to: www.westernresources.com, Tel: 604-689-9378.

https://youtu.be/T29FAcArR7E

Cautions Regarding Forward-Looking Statements

Except for statements of historical fact relating to the Company, certain information contained herein constitutes “forward-looking information” under Canadian securities legislation. Forward-looking information includes, but is not limited to, statements with respect to the filing and results of the Technical Report. Forward-looking statements are based on the opinions and estimates of management as of the date such statements are made and they are subject to known and unknown risks, uncertainties and other factors that may cause the actual results of the Company to be materially different from those expressed or implied by such forward-looking statements or forward-looking information. Although management of the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking information. The Company does not undertake to update any forward-looking information that is set out herein, except in accordance with applicable securities laws.

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March 16, 2020

Western Potash Corp. is pleased to announce that the shareholders of its parent company Western Resources Corp.("Western" or "the Company") approved all items put before them at the Company’s Annual General Meeting held on March 13, 2020. The approved items include:

1.    Fixed the number of directors of the Company at 6;

2.    The election of Wenye (Bill) Xue, Frederick (Fritz) Venter, Qinglong Xia, Yinping Wang, Guy Bentinck and Yujia Ren to the Board. Of the approximately 130.60 million common shares, representing 69.89% of the issued and outstanding common shares of the Company, voted at the meeting by ballot and by proxy, the approximate number of those votes “For” each director, and the approximate percentage of the total votes cast, are as follows: Bill Xue (111.49 million / 99.80%), Fritz Venter (111.49 million / 99.79%), Qinglong Xia (111.56 million / 99.86%), Yinping Wang (111.56 million / 99.86%), Guy Bentinck (111.57 million / 99.87%) and Yujia Ren (111.56 / 99.86%);

3.    The reappointment of KPMG LLP as auditors of the Company at a remuneration to be fixed by the directors.

The new Board elected Mr. Bill Xue as Chairman of the Board, Mr. Fritz Venter as Chair of the Corporate Disclosure Policy Committee, Mr. Guy Bentinck as Chair of the Audit Committee, and Mr. Yinping Wang will continue to serve as Chair of the Compensation Committee.

The Company wants to express its thanks to Hon. James Moore, Mr. Xiaogang Chang and Ms. Jennifer Fang, who for personal reasons, decided not to continue to serve on the new board. All the three departing board members have provided sound and thoughtful guidance to the development of the Company in their own respective capacities during their tenure, which is instrumental to the achievements made and the Company wishes them well in the future.

For more information on the contents of this release please contact Jerry Zhang, Corporate Secretary, at 604-689-9378.

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January 7, 2020

Regina, SK – Western Potash Corp. is pleased to announce that it has received an updated NI 43-101 compliant Mineral Resource Estimate for its Milestone Phase I Project (“Phase I Project”) in southern Saskatchewan.

The National Instrument (NI) 43-101 Standards of Disclosure for Mineral Projects Technical Report was prepared by Agapito Associates, Inc. (“AAI”) and SNC-Lavalin (“SNCL”) with an effective date September 24, 2019. The report presents the results of the engineering design studies prepared by SNCL and AAI for a pilot-plant scale, selective solution mining operation located in Sections 19, 20, 29 and 30, Township 14, Range 17 West of the Second Meridian within Saskatchewan Subsurface Mineral Lease KLSA 008. The Phase I Project has been advanced through the Feasibility Stage to Engineering Design and then to cavern construction which was completed by October 23 and followed by injection of water at ambient temperature from the crystal pond into the underground caverns for circulation and mineral dissolution (“Cold Mining”).

The technical report summarizes information obtained from exploration drilling conducted between January 2009 and March 2011, and details the results from the latest production drilling in July 2019. During the 2009–2011 exploration program, 11 cored exploration wells were completed on the KP408 and KP409 Subsurface Mineral Permits that were converted to Subsurface Mineral Lease KLSA 008 in 2010. Also in 2009, 474.5 line km of two-dimensional (2D) and 98 square kilometers (km2) of three-dimensional (3D) seismic surveys were run, processed, and interpreted for WPC by Boyd PetroSearch (now part of the RPS Group) of Calgary, Alberta. In 2019, the production well drilling program cored 1 of the 6 wells drilled for the Phase I Project to provide additional geologic information in that part of the Lease. Measured, Indicated, and Inferred Mineral Resources have been classified based on the volume of potash in cylinders centered on the cored and assayed drillholes on the Lease. Based on the economics for the Phase-I Project, Proven and Probable Mineral Reserves have been declared for the production portion of the Phase I Project, which consists of horizontal caverns sited in either the Belle Plaine or Esterhazy Members of the Prairie Evaporite.

The Phase-I Project is based on Mineral Resources in the Belle Plaine and Esterhazy Members in the Unitized Area. Because in future, mining could also occur in the Patience Lake Member, tonnages in that member have also been included in the mineral resources for the Unitized Area, which consists of:

  • A Measured Resource of 154.5 million tonnes (Mt), grading 29% KCl
  • An Indicated Resource of 222.5 Mt, grading 29% KCl
  • An Inferred Resource of 93.6 Mt, grading 29% KCl

The Measured and Indicated Resources outside the Unitized Area were estimated to be mineral resources as follows (using a cutoff grade of 15.0% K2O or 23.7% KCl):

  • Measured Mineral Resource: 580-Mt in-place sylvinite, grading 30.0% KCl, or 19.0% K2O
  • Indicated Mineral Resource: 1,630-Mt in-place sylvinite, grading 30.0% KCl, or 19.0% K2O

Inferred Resources on the KLSA 008 Lease are estimated to be (using a cutoff grade of 15.0% K2O or 23.8% KCl) 10,040-Mt in-place sylvinite, grading 29.0% KCl, or 18.3% K2O.

The total CAPEX for the Phase I Project using a crystallization pond was estimated (in Canadian dollars) to be $CAD128.7 million (M) with an accuracy of ±10%, which corresponds to AACE International (Association for the Advancement of Cost Engineering) Class 3. The total annual OPEX for the Phase-I Project was estimated at $CAD11.7M per year (excluding logistics and royalties) or $CAD80/t MOP for 146,000 tpy. Sustaining CAPEX consists mainly of drilling of new caverns and reclamation of mined-out caverns at $CAD17.5M in 2025, $CAD10.1M in 2030, and $CAD7.5M in 2032.  Assuming a nominal discount rate of 8%, the economic analysis yielded an after-tax project Net Present Value (NPV) of $CAD55.2M, with an Internal Rate of Return (IRR) of 17.2%, based on the assumption of full-equity investment and potash price of $US241/t ($CAD321/t). Costs are given in Canadian dollars ($CAD) and prices are given in United States dollars ($US), with an assumed exchange rate of $US 1 = $CAD 1.33.

This news release was reviewed by Douglas Hambley, MBA, PhD, P.Eng. of Agapito Associates Inc., who is a Qualified Person under NI 43-101 and is the lead author of the updated NI 43‑101 Technical Report on which this news release is based.

The in-house Qualified Person for the purposes of this press release is G. Vogelsang P.Eng., P.Geo., FEC, FGC, who has reviewed and approved the contents of this news release.

About Western Potash Corp.

Western Potash Corp.is constructing Canada’s newest and most innovative, environmentally friendly and capital-efficient potash mine. This will be the first potash mine in the world that will leave no salt tailings at the surface, thereby reducing the water consumption by half as well as significantly improved energy efficiency. The Phase I Project will be in production by Quarter 3 2020, and will form the basis for further expansion.

Cautions Regarding Forward-Looking Statements

Except for statements of historical fact relating to the Company, certain information contained herein constitutes “forward-looking information” under Canadian securities legislation. Forward-looking information includes, but is not limited to, statements with respect to the filing and results of the Technical Report. Forward-looking statements are based on the opinions and estimates of management as of the date such statements are made and they are subject to known and unknown risks, uncertainties and other factors that may cause the actual results of the Company to be materially different from those expressed or implied by such forward-looking statements or forward-looking information. Although management of the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking information. The Company does not undertake to update any forward-looking information that is set out herein, except in accordance with applicable securities laws.

For more information on the contents of this release please contact Jerry Zhang, Corporate Secretary, at 604-689-9378.

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October 25, 2019

Western Potash Corp (“Western” or “the Company”) is very pleased to announce that it has safely and successfully completed the Phase I production drilling program, and has start solution mining into all three horizontal caverns. These are the first intentionally drilled and connected horizontal potash caverns in Saskatchewan, and signify a new and improved method of extracting potash in the province.

The drilling included three directionally drilled production wells, which were then connected to injection wells. Advanced horizontal drilling techniques were used to target the high-grade potash bed, and measurements confirmed the consistency along the entire length of the horizontal wells.  After casing and tubing was placed, water from the crystallization pond was successfully circulated into the injection well and back out the production well in all three caverns.

Pumping will be ongoing to enlarge the caverns and saturate the brine with salt in preparation for the start of hot mining in early 2020. Hot mining will recirculate brine into the caverns and preferentially extract the KCl (leaving the NaCl in place underground), building an inventory of potash in the crystallization pond over the winter.

By the third Quarter of 2020 the process plant will be constructed and ready to harvest the inventory of potash in the pond. The plant will then de-brine, dry and compact the potash and truck to the local Port Lajord fertilizer distribution center for sale via Archer Daniel Midlands (ADM), who has signed a binding off-take for the entire Phase I production. Appropriate operating permits were obtained as part of the on-going permitting process, and the project continues to work in close conjunction with the RM of Lajord, Provincial Government, the local community and businesses.

Mr. Fritz Venter, President and CEO of Western Potash Corp., commented:

“The entire drilling program was completed safely on schedule and budget, and we are very excited about the possibilities this new method of solution mining potash provides in the province. We would  like to thank our own team and the over 30 Saskatchewan and Alberta companies that have been involved in the project, including Artisan Consulting Services Ltd. who provided overall drilling supervision and Akita Drilling who provided the drill rig and crew to operate the rig.”

About Western Resources Corp.
Western Resources Corp. (TSX: WRX) (FSE: WR0) (“Western” or “the Company”) and the company’s wholly-owned subsidiary Western Potash Corp. are constructing Canada’s newest and most innovative, environmentally friendly and capital-efficient potash mine. This will be the first potash mine in the world that will leave no salt tailings at the surface, thereby reducing the water consumption by half as well as significantly improved energy efficiency. The Phase I Project will be in production by Quarter 3 of 2020, paving way for further expansion.

ON BEHALF OF THE BOARD OF DIRECTORS

“James Moore”

Hon. James Moore
Chairman

Cautions Regarding Forward-Looking Statements

Except for statements of historical fact relating to the Company, certain information contained herein constitutes “forward-looking information” under Canadian securities legislation. Forward-looking information includes, but is not limited to, statements with respect to the filing and results of the Technical Report. Forward-looking statements are based on the opinions and estimates of management as of the date such statements are made and they are subject to known and unknown risks, uncertainties and other factors that may cause the actual results of the Company to be materially different from those expressed or implied by such forward-looking statements or forward-looking information. Although management of the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking information. The Company does not undertake to update any forward-looking information that is set out herein, except in accordance with applicable securities laws.

For more information on the contents of this release please contact Jerry Zhang, Corporate Secretary, at 604-689-9378.

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September 25, 2019

Vancouver BC – Western Resources Corp. (TSX: WRX) (FSE: WR0) (“Western” or “the Company”) is very pleased to announce that Western Potash Corp, the company’s  wholly-owned subsidiary, has entered into a binding offtake agreement with Archer Daniels Midland Company (NSYE: ADM) (“ADM”) for 100% of the potash production (146,000 tonnes per annum) from the Milestone Phase I plant.

ADM is a world leader in agricultural sourcing, processing and transportation, and has built a vertically integrated global franchise with the sourcing, production and transportation capabilities to meet the needs of customers on six continents. ADM will be utilizing both their transportation and sales expertise to create a direct sale channel to market in North America. The purchase of potash through a local off-take agreement substantially reduces the Company’s cost to transport potash from the Phase I project to market, as well as expanding ADM’s diverse agricultural portfolio.

Key terms of the offtake agreement include:

  • Binding commitment to take 100% of the produced potash from the Phase I project;
  • Free-on-board (FOB) mine site and transported from the site by truck to the nearby Port Lajord Terminal, only 13 kilometers from the project site;
  • A structure to incentivize the best final sale price for both parties

In addition, the Company is pleased to provide the following updates of the Milestone Phase 1 Project:

Drilling Program:
The team has successfully completed drilling of three vertical production wells which intersected high grade potash in all wells, according to the downhole logs. The project has also drilled and connected first injection wells, having achieved on target intersection of the potash bed. This is the first intentionally connected potash well drilled in Saskatchewan, and is a major achievement in the development of the horizontal selective solution mining technique.

Construction:
Construction continues to advance in line with the project schedule. Extensive progress has been achieved including construction of building foundations, arrival of equipment and materials, and planning for building construction before the end of the year. The project goal remains to complete Phase I construction in mid 2020 with potash production to commence later next year.

Operations:
Operation of the Western Potash water well commenced on August 30th and began filling the crystallization pond. This water well utilizes brackish ground water from approximately 850m below the surface, which is not suitable for either potable or agricultural use. The pond will be gradually filled over the next three months. The cold mining to saturate the crystallization pond with salt will commence by October 2019, followed by hot mining of potash in early 2020.

Mr. Fritz Venter, President and CEO of Western Potash Corp., commented:

“We are very pleased with the progress achieved on the Milestone Project to-date.  The offtake agreement for the purchase of our Phase I Project potash with a reputable partner such as ADM gives us great confidence in the final sale of our potash. The recent successful construction, drilling and start of operations to fill the crystal pond proves the project is on track to start production by late 2020. We look forward to the continued safe, on-budget and schedule completion of the project.”

ON BEHALF OF THE BOARD OF DIRECTORS

“James Moore”

Hon. James Moore

Chairman

 

Cautions Regarding Forward-Looking Statements

Except for statements of historical fact relating to the Company, certain information contained herein constitutes “forward-looking information” under Canadian securities legislation. Forward-looking information includes, but is not limited to, statements with respect to the filing and results of the Technical Report. Forward-looking statements are based on the opinions and estimates of management as of the date such statements are made and they are subject to known and unknown risks, uncertainties and other factors that may cause the actual results of the Company to be materially different from those expressed or implied by such forward-looking statements or forward-looking information. Although management of the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking information. The Company does not undertake to update any forward-looking information that is set out herein, except in accordance with applicable securities laws.

For more information on the contents of this release please contact Jerry Zhang, Corporate Secretary, at 604-689-9378.

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August 1, 2019

Western Potash Corp. (“Western” or “the Company”) is pleased to announce that Western has appointed Mr. Fritz Venter as new CEO and President effective August 1, 2019. Mr. Venter has also been appointed as COO and board director of Western Resources Corp, which is the parent company of Western Potash Corp. He will lead the Project team to successfully develop the Milestone Potash Phase I Project. Prior to joining Western Potash, Mr. Fritz Venter was Senior Vice President and General Manager for a major EPC company in Canada responsible for its Global Mining & Metallurgy.

Mr. Venter brings with him more than 34 years of experience with a number of the biggest international engineering and construction companies in the world, spanning industries including mining and metals, heavy oil, petrochemicals, refineries, power, fertilizer, and chemical industries. Fritz has managed offices and projects of various sizes around the world. He has worked in most areas of engineering, project execution and department and corporate management and connects an in-depth understanding of the actual operations, with the technical engineering and practical construction. He has a Mechanical Engineering background, and holds a Master of Science Degree in Industrial Engineering (operations management) and Master of Project Management.

In those positions Mr. Venter has both managed “status quo” businesses as well as transformed existing ones. His vision is to transform the Western Potash Phase I Project into a multi-million tonne potash business, Mr. Venter commented: “Western Potash is a unique opportunity to not only build an innovative and environmentally friendly project, but a new business that will revolutionize the global Potash market.  More than this I welcome the challenge of brining other projects into the Western Resources portfolio that compliments the vision of connecting Eastern capital with Global projects and markets”.

Mr. Bill Xue, President and CEO of Western Resources commented: “We are fortunate and delighted to have Mr. Venter join the team. He is a world-class project leader with unique and strategic vision, extensive project experience, and innovative insights as well as responsible fiscal control ideas that totally aligns with the Company. This appointment sends a clear signal that Western Potash has assembled a competitive project team that consists of experienced professionals and managers in all major project areas. We are confident that Mr. Venter will lead the team to deliver a successful potash project, paving a solid foundation for the preparation of the Milestone Phase II Project”.

 

Bill Xue
Chairman
Western Potash Corp.

 

Cautions Regarding Forward-Looking Statements

Except for statements of historical fact relating to the Company, certain information contained herein constitutes “forward-looking information” under Canadian securities legislation. Forward-looking information includes, but is not limited to, statements with respect to the filing and results of the Technical Report. Forward-looking statements are based on the opinions and estimates of management as of the date such statements are made and they are subject to known and unknown risks, uncertainties and other factors that may cause the actual results of the Company to be materially different from those expressed or implied by such forward-looking statements or forward-looking information. Although management of the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking information. The Company does not undertake to update any forward-looking information that is set out herein, except in accordance with applicable securities laws.

For more information on the contents of this release please contact Jerry Zhang, Corporate Secretary, at 604-689-9378.

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July 16, 2019

Vancouver BC – Western Potash Corp.  (“Western” or “the Company”) is pleased to announce that it has commenced its drilling program with Artisan Consulting and AKITA Drilling on July 14, 2019 at the Company’s Milestone Phase I Potash Project (“Phase I Project” or “Project”) located 35 km southeast of Regina, Saskatchewan. 

The Milestone Phase 1 Project will be the newest and most innovative, environmentally friendly and capital efficient new potash mine in Canada. By utilizing advanced horizontal drilling techniques, the Project will be able to initially target the high-grade potash bed, then by using selective dissolution, preferentially leach the potash to the surface. This will be the first potash mine in the world that will leave no salt tailings on the surface, thereby significantly reducing water consumption.

The drilling program will last approximately 4 months and will consist of 6 wells that connect to 3 caverns.  Each cavern consists of an injection well under the potash bed, and connected withdrawal well which returns the brine back to the surface.  After successful drilling and with appropriate regulatory approvals, the caverns will firstly start ‘cold mining’ to enlarge the caverns and saturate the brine with salt in preparation for production, followed by ‘hot mining’ that will recirculate brine into the caverns and preferentially extract the KCl resulting in the buildup of an inventory of potash in the crystal pond. By mid-2020 the process plant will be constructed and ready to harvest the inventory of potash in the pond. The plant will then de-brine, dry and compact the potash and truck to a nearby distribution center.

Artisan Consulting Services Ltd. has been involved in numerous oil and gas as well as potash projects in Western Canada, NWT and China. It is known for providing specialized supervision services for the drilling of vertical, directional and horizontal wells within Western Canada.

Akita Drilling (TSX: AKT.A) is one of the largest and most respected drilling service companies in Canada.  AKITA has over 40 drilling rigs in their North American inventory which includes use for drilling operations in Canada and the United States. Their extensive experience as well as a strong industry network proved to be a perfect partner for the Phase I Project and Western Potash Corp.

Mr. Bill Xue, President and CEO of Western Resources commented: “Western Potash Corp. is very pleased to have reached this milestone on the Project. Our strong project team enabled us to reach this milestone in line with our schedule. We are very confident that this project will lead to the world’s first selective solution potash mine that leaves no surface tailings in Saskatchewan.

 

Bill Xue
President & CEO
Western Resources Corp.

 

Qualified Persons

The content of this news release has been read and approved by Gregory F. Vogelsang, P.Eng., P. Geo., FGC, FEC Project Manager of the Company.  Mr. Vogelsang is a Qualified Person as defined by NI 43-101.

Cautions Regarding Forward-Looking Statements

Except for statements of historical fact relating to the Company, certain information contained herein constitutes “forward-looking information” under Canadian securities legislation. Forward-looking information includes, but is not limited to, statements with respect to the filing and results of the Technical Report. Forward-looking statements are based on the opinions and estimates of management as of the date such statements are made and they are subject to known and unknown risks, uncertainties and other factors that may cause the actual results of the Company to be materially different from those expressed or implied by such forward-looking statements or forward-looking information. Although management of the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking information. The Company does not undertake to update any forward-looking information that is set out herein, except in accordance with applicable securities laws.

For more information on the contents of this release please contact Jerry Zhang, Corporate Secretary, at 604-689-9378.

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June 6, 2019

Regina SK – Western Potash Corp. (“Western” or “the Company”) is pleased to announce that it has entered into a lump-sum agreement with Stuart Olson Prairie Construction to be the General Contractor for the construction of the Company’s Milestone Phase I Potash Project (“Phase I Project” or “Project”) located 35 km southeast of Regina, Saskatchewan.

Stuart Olson (TSX: SOX, SOX.DB.A) is one of the largest and most respected construction services companies in Canada. Their unique approach to doing business, as well as extensive construction and industrial services proved a perfect partner for the project. Founded over 100 years ago in Western Canada, Stuart Olson has offices across Canada and will be drawing a large proportion of their trades from the local area.

The Western Phase I Potash Project will be the newest and most innovative, environmentally friendly and capital efficient new potash mine in Canada. By utilizing advanced drilling techniques, the project will be able to initially target the high-grade potash bed, then by using selective dissolution, preferentially leach the potash to the surface. This means that any salt is left underground and there is no tailings pile at the surface, thereby reducing the water consumption by half. The potash is then crystalized naturally in a pond due to the temperature change, resulting in much lower energy consumption and a capital cost proportionally less than other solution mines. The project has already completed the early work to prepare the site including an access road, site clearing and piling foundations, water well, water pipeline and power infrastructure. The civil work of the crystallization pond has also been completed. The site is now ready for the start of full construction with Stuart Olson.

Stuart Olson’s general contractor scope will include the construction of all above ground facilities, including concrete, steel and pipework, installation of equipment, electrical and control system work, building work and site finishing. Stuart Olson will mobilize to the project site in June 2019, with an anticipated maximum workforce of around 100 people on site. With their heritage in Western Canada and diverse experience, they have the skills, experience and resources to complete the project safely on budget and schedule.

Mr. Bill Xue, Chairman of Western Potash, commented, “the management and Board of Directors are very excited to partner with Stuart Olson to build this innovative and efficient new mine in Saskatchewan. The project will benefit from the strength and experience of Stuart Olson, and we look forward to the next milestone, the start of production in mid 2020”

 

Bill Xue
President & CEO
Western Resources Corp.

Qualified Persons

The content of this news release has been read and approved by Gregory F. Vogelsang, P.Eng., P. Geo., FGC, FEC Project Manager of the Company.  Mr. Vogelsang is a Qualified Person as defined by NI 43-101.

Readers are cautioned that the projected mining method, potential production profile and plan and mine plan referred to in the Pilot Study and this release are conceptual in nature. There is no certainty that a potential mine will be realized or that a production decision will be made.

Cautions Regarding Forward-Looking Statements

Except for statements of historical fact relating to the Company, certain information contained herein constitutes “forward-looking information” under Canadian securities legislation. Forward-looking information includes, but is not limited to, statements with respect to the filing and results of the Technical Report. Forward-looking statements are based on the opinions and estimates of management as of the date such statements are made and they are subject to known and unknown risks, uncertainties and other factors that may cause the actual results of the Company to be materially different from those expressed or implied by such forward-looking statements or forward-looking information. Although management of the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking information. The Company does not undertake to update any forward-looking information that is set out herein, except in accordance with applicable securities laws.

For more information on the contents of this release please contact Jerry Zhang, Corporate Secretary, at 604-689-9378.

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May 20, 2019
Western Potash is excited to announce we have moved to the 5th Floor of the RBC building (one floor down), in order to expand the offices for all our new staff.
Our new mailing address is:
Western Potash Corp.
Suite 508 – 2010 11th Avenue
Regina, SK S4P 0J3
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April 19, 2019

VANCOUVER, British Columbia, April 10, 2019 – Western Resources Corp. (TSX: WRX) ("Western" or the "Company") announces that it has closed the rights offering ("Rights Offering") announced on March 6, 2019.  A total of 93,437,110 common shares of the Company ("Shares") will be issued to holders of Rights ("Rightholders") at a subscription price of C$0.12 per Share which represents gross proceeds of C$11,212,453.20. The total issued and outstanding capital of the Company following the completion of the Rights Offering will be 186,874,220 common shares.

Pursuant to the terms of the Rights Offering, the Company issued 73,214,268 Shares to Rightholders under the Basic Subscription Privilege, including 47,652,927 Shares to Tairui Mining Inc. (“Tairui”) and 9,437,148 Shares to CBC (Canada) Holding Corp. (“CBC”), both of which are insiders of the Company by virtue of beneficial ownership of more than 10% of the total issued and outstanding common shares of the Company. In addition, 20,222,842 Shares were issued to Rightholders under the Additional Subscription Privilege. Tairui subscribed for additional 15,110,084 Shares under the Additional Subscription Privilege but did not need to fulfill its standby commitment as all Rights were fully subscribed for under the Additional Subscription Privilege.

Following the completion of the Rights Offering, Tairui holds a total of 110,415,938 common shares which is equivalent to 59.09% of the total issued and outstanding common shares of the Company, while CBC holds 18,874,296 common shares but remains 10.1% shareholding in the total issued and outstanding capital of the Company.

As indicated in the Company’s Rights Offering Circular, the Company intends to use the net proceeds of the Rights Offering to advance the Milestone Potash Project and for general corporate purposes.

Forward-Looking Statements

This news release contains "forward-looking statements" within the meaning of applicable securities laws. Although Western believes that the expectations reflected in its forward-looking statements are reasonable, such statements have been based on factors and assumptions concerning future events that may prove to be inaccurate. These factors and assumptions are based upon currently available information to Western. Such statements are subject to known and unknown risks, uncertainties and other factors that could influence actual results or events and cause actual results or events to differ materially from those stated, anticipated or implied in the forward-looking statements. A number of important factors including those set forth in other public filings could cause actual outcomes and results to differ materially from those expressed in these forward-looking statements. Factors that could cause the actual results to differ materially from those in forward-looking statements include the receipt of the TSX approval in respect of the Rights Offering and the timing thereof. Readers are cautioned to not place undue reliance on forward-looking statements. The statements in this press release are made as of the date of this release and, except as required by applicable law, Western does not undertake any obligation to publicly update or to revise any of the included forward-looking statements, whether as a result of new information, future events or otherwise. Western undertakes no obligation to comment on analyses, expectations or statements made by third parties in respect of Western, or its financial or operating results or its securities.

For more information on the contents of this press release please contact Jerry Zhang, Corporate Secretary at 604-689-9378.

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April 10, 2019
Western Potash presented an update on the project to the 11th Annual Saskatchewan Mining Supply Chain Forum in Saskatoon on the 4th of April 2019.  Please see here.
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March 6, 2019

On March 6th, 2019, Western Potash Corp.’s parent company, Western Resources Corp. (TSX: WRX) ("Western" or the "Company") announces that it will conduct an offering (the " ") of rights ("Rights") to raise gross proceeds of approximately C$11 million.

Pursuant to the rights offering circular (the "Rights Offering Circular") and the notice of rights offering (the "Notice of Rights Offering"), each eligible registered shareholder of the Company resident in Canada holding common shares ("Share") as at the close of business on March 14, 2019 (the "Record Date") will receive one (1) Right for every one (1) Share held. Each Right will entitle the holder to subscribe for one Share at a subscription price of C$0.12 per Share (the "Basic Subscription Privilege"). Shareholders who fully exercise their Rights under the Basic Subscription Privilege will also be entitled to subscribe for additional Shares, on a pro rata basis, if available as a result of unexercised Rights prior to the Expiry Time (the "Additional Subscription Privilege"), subject to certain limitations as set out in the Company's Rights Offering Circular.

The Rights will be listed and posted for trading on the Toronto Stock Exchange under the symbol "WRX.RT" on a "when issued" basis commencing on March 13, 2019 and will expire at 5:00 p.m. (Toronto time) (the "Expiry Time") on April 9, 2019, after which time unexercised Rights will be void and of no value.

The Company currently has 93,437,110 Shares issued and outstanding. If all Rights issued under the Rights Offering are validly exercised, additional 93,437,110 Shares would be issued. The Company intends to use the net proceeds of the Rights Offering to advance the Milestone Potash Project and for general corporate purposes.

A Notice of Rights Offering and a rights certificate will be mailed to each registered shareholder of the Company resident in Canada as at the Record Date. Registered shareholders who wish to exercise their rights must forward the completed rights certificate, together with the applicable funds, to the rights agent, Computershare Investor Services Inc., on or before the Expiry Time. Shareholders who own their Shares through an intermediary, such as a bank, trust company, securities dealer or broker, will receive materials and instructions from their intermediary.

The Rights Offering will be conducted in all provinces of Canada. However, certain holders of Shares in jurisdictions outside of Canada may be able to participate in the Rights Offering where they can establish that the transaction is exempt under applicable legislation. If you are a holder of Shares and reside outside of Canada please review the Notice of Rights Offering and Rights Offering Circular to determine your eligibility and the process and timing requirements to receive and, or, exercise your Rights. The Company requests any ineligible holder interested in exercising their Rights to contact the Company at their earliest convenience. A copy of the Notice of Rights Offering and the Rights Offering Circular are available on SEDAR under the Company's profile at www.sedar.com.

Standby Commitment Agreement

In connection with the Rights Offering, the Company has entered into a standby commitment agreement (the "Standby Commitment Agreement") with Tairui Mining Inc. (the "Standby Purchaser"). The Standby Purchaser has agreed, subject to certain terms and conditions, to exercise its Basic Subscription Privilege and Additional Subscription Privilege, and, in addition thereto, acquire any additional Rights available as a result of any unexercised Rights under the Rights Offering (the "Standby Commitment"), such that the Company will, subject to the terms of the Standby Commitment Agreement, be guaranteed to issue 93,437,110 Common Shares in connection with the Rights Offering for aggregate gross proceeds of C$11,212,453.

CBC (Canada) Holding Corp. ("CBC"), an insider of the Company by virtue of beneficial control of 10.1% of the issued and outstanding Shares of the Company, has undertaken to exercise all Rights issued to it and participate in the Basic Subscription Privilege.

This news release shall not constitute an offer to sell or the solicitation of an offer to buy the securities of the Company. There shall be no offer or sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification of such securities under the laws of any such jurisdiction.

Forward-Looking Statements

This news release contains "forward-looking statements" within the meaning of applicable securities laws, including statements regarding the completion of the Rights Offering and the provision of the Standby Commitment. Although Western believes that the expectations reflected in its forward-looking statements are reasonable, such statements have been based on factors and assumptions concerning future events that may prove to be inaccurate. These factors and assumptions are based upon currently available information to Western. Such statements are subject to known and unknown risks, uncertainties and other factors that could influence actual results or events and cause actual results or events to differ materially from those stated, anticipated or implied in the forward-looking statements. A number of important factors including those set forth in other public filings could cause actual outcomes and results to differ materially from those expressed in these forward-looking statements. Factors that could cause the actual results to differ materially from those in forward-looking statements include the receipt of the TSX approval in respect of the Rights Offering and the timing thereof. Readers are cautioned to not place undue reliance on forward-looking statements. The statements in this press release are made as of the date of this release and, except as required by applicable law, Western does not undertake any obligation to publicly update or to revise any of the included forward-looking statements, whether as a result of new information, future events or otherwise. Western undertakes no obligation to comment on analyses, expectations or statements made by third parties in respect of Western, or its financial or operating results or its securities.

For more information on the contents of this press release please contact Jerry Zhang, Corporate Secretary, at 604-689-9378.

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December 21, 2018

On December 21, 2018, Western Potash Corp.’s parent company - Western Resources Corp. announce that it has filed its audited 2018 fiscal year Consolidated Financial Statement, the Management Discussion & Analysis report, and the Annual Information Form (AIF) on Sedar on December 20, 2018. Highlights of the corporate developments over the past fiscal year are closely related to the development of the Company’s Milestone Potash Solution Mining Project located 35 km southeast of Regina, Saskatchewan. These include:

Engineering

As reported in its news release dated June 17, 2018, the Company has engaged SNC-Lavalin Inc. (“SNCL”) to complete the detailed engineering for the Milestone Phase I Selective Solution Mining Project (Phase I Project).  Detailed engineering deliverables are on track to be completed in early 2019, ready for final tendering and construction.

Early Works

In October 2018, the Company commenced construction of ‘Early Works’ facilities at the Phase I project site.  Early Works includes the construction of approximately 8 kilometers of a heavy haul road for access to the site by heavy equipment and trucks hauling potash from the site, as well as site civil works including construction of the wellpad, internal access roads, truck staging area, site runoff pond and construction laydown area. The Early Works activities were completed on December 03, 2018.  The successful completion of the Early Works in 2018 allows plant site construction to commence in early 2019, thus expediting the construction schedule.

Off-Take Agreement

In October 2018, the Company entered into a definitive, binding off-take agreement with a senior North American agriculture industry leader for the purchase of all potash produced from the Milestone Phase I Project.  The Phase I project is expected to produce 146,000 tonnes per year of potash.  The off-take agreement is effective for ten years starting from the commencement date when production has reached a daily rate sufficient to achieve an annual commitment. The execution of the off-take agreement confirmed the production specification to be sold in the North American market and secured the sales of Phase I project production.

SNC-Lavalin Procurement and Construction Management Contract

In November 2018, the Company entered into a Limited Notice To Proceed Agreement (“LNTP”) with SNCL for commencement of certain procurement services and construction execution preparation activities for the construction of the Phase I Plant. Western is in the process of negotiating a form of Procurement and Construction Management Agreement for the Phase I Plant; in order to meet the Company’s schedule requirements, certain procurement and construction preparation services will be promptly commenced prior to completion of such negotiations. The LNTP enables SNCL to proceed with the commencement of procurement services, orders for 6 initial packages for construction of the Pilot Plant, and construction execution preparation activities while negotiating the final Procurement and Construction Management Agreement.

Project Team Expansion

As the Company readies itself for the construction of the Phase I Project, additional personnel have been added to the project team.  In addition, the Company will continue to recruit additional people to fill its long-term project team for the construction and operation of the Phase I Project.

Mr. Bill Xue, President and CEO of Western Resources, commented: “We are very pleased with the progress that we achieved on the Milestone Project in 2018. As the global potash market conditions have been changing for the better, our team was able to deliver on some important initiatives that kept the project in a good position to move forward to the next milestone stage. The development of a water source well for the Phase I Project, completion of an offtake agreement for the purchase of our Phase I Project potash and the recent successful construction of early works positions the project for construction to commence in early 2019. Our main schedules and deliverables with SNC-Lavalin remain on track and we look forward to the exciting work that will take place in 2019 to move the Phase I Project into production”.
 

Bill Xue

Chairman
Western Potash Corp.

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August 24, 2018

On August 20, 2018, Western Potash was pleased to present to the 2018 International Potash Conference and Golmud Salt Lake Forum on the Milestone  Potash Project. Chinese potash industry leaders and experts were invited to attend the conference. This presentation signifies the official initiation of developing the Milestone Project.

Established in April 2007, Western Potash owns a world-class potash deposit strategically located in the well-known potash producing region of Saskatchewan, Canada. The Milestone Project is adjacent to two of the world’s leading solution mines, Mosaic’s Belle Plaine facility and the newly operated K S’s Legacy facility. Over the past decade, Western Potash has actively gone through the stages of resource discovery, mineral exploration, feasibility and engineering studies, environmental assessment approval, as well as alignment with utility and infrastructure providers. Based on a comprehensive analysis of the global potash market and the sustainable competitiveness of the project, the Company has decided to adopt a three-phase project development plan. Phase I is a 146,000 tonne per year facility utilizing the innovative method of “Horizontal cavern development selective solution mining cooling pond crystallization” followed by Phase II and III, each of which is a 1.4 million tonne per year expansion using the selective solution mining technology.

Although the selective solution mining method is new to Canada’s potash mining practices, it has been well proven at other projects outside Canada. Selective solution mining has the benefit of less energy and water consumption and no salt tailings generation. Given the innovative mining approach, the Milestone Phase I project is projected to be an industry leader in terms of lowest CAPEX and OPEX costs on a per tonne of potash production basis.

Western Potash CEO George Gao and Vice Chairman Arthur Ma briefed the industry leaders and experts on the status and overall development plan of the Milestone Phase I Project. The presentation included the Phase I project technique efficiency & reliability, strong financing support, market readiness, preparation work achieved to date, as well as the site early works currently underway. They also highlighted six significant advantages of the Milestone Project, including three large SOE being shareholders, strong financing support of a national policy bank, world-class resources, access to infrastructure, technical support from leading engineering firms, and amicable relations with governments and the local community.

Attendees at the 2018 International Potash Conference included Mr. Fu Xiangsheng, Vice President of CPCIF; Mr. Zheng Mianping, Chairman of the International Society for Salt Lake Research; Mr. Wang Xiaofeng and Mr. Chen Guofu, Director and Vice Director of China Inorganic Salts Industry Association; Mr. Cai Enming, Division Chief of CPCIF; Mr. Shan Shousuo, Researcher of Qinghai Institute of Salt Lakes, Chinese Academy of Sciences; Mr. Duan Dongping, Researcher of the Institute of Engineering, Chinese Academy of Sciences and Engineering; Ms. Ye Lijun, Deputy Chief Engineer of China National Petroleum and Chemical Planning Institute; Mr. Lu Zhibin, Deputy Chief Engineer of China Bluestar Chonfar Engineering & Tech Co., Ltd.,and Mr. Xia Qinglong, Chairman of China BlueChemical Ltd.

Those industry leaders and experts attending the conference expressed their keen interest in Western’s application of the innovative selective solution mining technology. Mr. Fu Xiangsheng highly valued the achievements that Western Potash has made over the past decade. He said it makes good sense and is practical that the Milestone Project will be developed in a staged plan. The innovative technique and the competitive CAPEX advantage will greatly enhance the success of the project. Mr. Zheng Mianping emphasized that potash is the major plant and crop nutrient, and he hopes to see the Milestone project developed as a model project. Mr. Wang Xiaofeng mentioned that if Western Potash could make Phase I a success, it will have a prosperous future. Those and other attending experts all hope that Western speed up its project execution, and ultimately contribute to the technical progress of the potash mining sector as well as the food safety of our growing world.

 
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July 23, 2018

Western Potash Corp. (“Western” or “the Company”) is pleased to announce that it has successfully developed a groundwater supply source for the Company’s proposed Milestone Phase I Potash Project (“Phase I Project”) located 35 km southeast of Regina, Saskatchewan. Water pump test results show that the groundwater source can fully support the water requirements for the Phase I Project over the life of the project. Western Potash is a wholly-owned subsidiary of Western Resources Corp. publicly listed in the Toronto Stock Exchange under the symbol WRX.

The Milestone Phase I Project requires approximately 40 cubic meters of water per hour (m3/hour) as determined by Western’s mining engineering consultant AGAPITO Associates Ltd. Western utilized existing geophysical data from the project exploration phase and established a well location 8km southeast of the plant site as the optimal place for the groundwater source. The selection of a groundwater source was based on a detailed examination of all possible water source options, with full consideration of minimizing the impact on the community and environment.

The target aquifers are the Viking Formation and Mannville Formation, located at depths of approximately 680 and 745 meters below surface, respectively. The target aquifers contain non-potable water, not suitable for agriculture and are isolated and far below local domestic or agriculture use aquifers and will therefore not interfere with local water supplies.

Drilling work began in early June, and water well was completed on July 18th with all site facilities decommissioned and removed. According to the Water Supply Well Report completed by the Regina-based WaterMark Consulting Ltd., the established water source is able to fully support the required water usage of the Phase I Project over the life of the project.

The next steps will be to submit to the Saskatchewan Water Security Agency Western’s water usage application, and to start the engineering and design for the water pumping and pipeline facilities from the well to the Phase I project site.

Mr. Bill Xue, Chairman of Western Potash, commented, “the Management and the Project team are very excited with the positive results from the water well program. The success of the groundwater source further clears the hurdle for the Phase I project to move forward to the next step. We will now focus on the next steps of the Phase I project including early site work in preparation for project construction to start in early 2019.”

 

Bill Xue
Chairman
Western Potash Corp.

Qualified Persons

The content of this news release has been read and approved by Gregory F. Vogelsang, P.Eng., P. Geo., FGC, FEC Project Manager of the Company.  Mr. Vogelsang is a Qualified Person as defined by NI 43-101.

Readers are cautioned that the projected mining method, potential production profile and plan and mine plan referred to in the Pilot Study and this release are conceptual in nature. There is no certainty that a potential mine will be realized or that a production decision will be made.

Cautions Regarding Forward-Looking Statements

Except for statements of historical fact relating to the Company, certain information contained herein constitutes “forward-looking information” under Canadian securities legislation. Forward-looking information includes, but is not limited to, statements with respect to the filing and results of the Technical Report. Forward-looking statements are based on the opinions and estimates of management as of the date such statements are made and they are subject to known and unknown risks, uncertainties and other factors that may cause the actual results of the Company to be materially different from those expressed or implied by such forward-looking statements or forward-looking information. Although management of the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking information. The Company does not undertake to update any forward-looking information that is set out herein, except in accordance with applicable securities laws.

 

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July 4, 2018

Invited by Western Resources Chairman, Hon. James Moore, China’s Salt Lake Industry President Mr. Xie Kangmin led a 6-member group for a successful site visit between June 11 and 13th to the Milestone Potash Project located 35 km southeast of Regina, Saskatchewan.

Salt Lake Industry is the largest potash producer in China with an annual capacity of over 5 million tons of KCl and other related chemical products. Over the past decade or so, Salt Lake has been actively exploring opportunities to expand its potash business overseas to increase its own influence on both the Chinese and global potash market.

During the group’s visit in Vancouver, former Federal Minister of Industry and Western Resources Chairman, Hon. James Moore briefed the delegation members about advantages of Canadian resources and general industry environment.  Hon, James Moore also discussed Port of Vancouver’s capacity to handle potash shipments, and particularly highlighted advantages of the Milestone Potash Project and the strong support of government and local communities in the development of the project.

In Regina, the Salt Lake group met with the Saskatchewan government where Deputy Assistant Minister of Trade and Export Development Mr. Kirk Westgard and Senior Analyst of the Ministry of Energy & Mining Mr. Kirk Brech introduced the province’s openness to business, mining policies and answered all kinds of questions regarding investment in Saskatchewan. In addition, the group visited the Saskatchewan Subsurface Laboratory where Dr. Chao Yang made a special presentation on Saskatchewan resource’s and showed a 3-D model of how the Saskatchewan potash mineral resources, and then viewed core samples from the Milestone Project.

During the visit in Western Potash Corp., the delegation was briefed on the company’s resource explorations over the past decade, the 2.8 million capacity full-scale Milestone Project’s Feasibility Study and Environmental Assessment, the engineering work and environmental approval of the 146,000 tons Phase I Project, as well as project’s easy access to all local infrastructures and utilities. The presentation also covered status and early works of the Phase I Project and initiation of the detailed engineering work, water resource drilling and road design work, etc. The delegation also visited the project site, the on-going water drilling activities as well as KF’s Port Lajord Grain and Fertilizer Terminal which is already in operation.

Also attending the visit were Mr. Liu Teng, Project Manager of China Development Bank- Beijing Branch, Mr. Lu Zhibin, Deputy Chief-Engineer of China Bluestar Chonfar Engineering & Tech Ltd., and Ms. Chen Shengnan, Assistant to the General Manager of Sino Fertilizer Corp. of Sino-Chemical Group.

 

 

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June 7, 2018

Western Resources Corp. (WRX: TSX) (FSE: WR0) announced today that Western Potash Corp.’s wholly-owned Milestone Phase I Project Company, the Milestone Potash Corp. (“Milestone” or “the Company”) has entered into an agreement with SNC-Lavalin Inc. (“SNC-Lavalin”) to complete the detailed engineering for the Milestone Phase I Selective Solution Mining Project (“the Project”) located in southeast Saskatchewan. Western Potash Corp. is the wholly-owned subsidiary of Western Resources Corp.

As reported in its 21/12/2016 news release, the Company has completed a Class 3 ( /- 10% CAPEX) engineering report on the Phase I Project. However, through assessment of the overall global potash market situation, the Company decided to revise its market destination by successfully entering into a non-binding Memorandum of Understanding (MOU) with a senior North American agriculture industry player to transport and offtake 100% of the Phase I Project potash production to the North American market. The engineering contract with SNC-Lavalin is to complete the detailed ‘construction-ready’ drawings (issue for construction drawings) for the process plant and associated infrastructure, and specifications, basic and detailed design to accommodate a compaction system for the granular product to meet with the requirement of the North American market. Detailed engineering deliverables will be completed in the early 2019 ready for final tendering and construction. SNC-Lavalin will also provide quality assurance inspections for equipment procurement and on-site technical support during construction.

Founded in 1911, SNC-Lavalin is a global fully integrated professional services and project management company. It provides comprehensive end-to-end project solutions, particularly in consulting, design, engineering, construction, sustaining capital and operations and maintenance in the areas of mining, metallurgy, infrastructure, clean power, nuclear and engineering design and project management.

Mr. Bill Xue, President and CEO of Western Resources Corp. commented, “Western Resources is extremely pleased to see that the Milestone Phase I Project has progressed to this point. We look forward to working with SNC-Lavalin to move the Project to the construction phase and we are excited about the positive results we have generated to date on the Selective Solution Mining Process. The Milestone Project will be an innovative and low-cost method to produce potash”.

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April 20, 2018

Western Potash is pleased to announce the approval of the three-phase development plan and the Phase I early works for the Milestone Potash Project, by the board of directors of Western Resources at a meeting on April 19, 2018.

Western Potash is a wholly owned subsidiary of Western Resources.

For more information on this announcement please visit Western Resources

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March 14, 2018

Western Potash Corp. (“Western”) has been working diligently over the last two years in order to create the best possible conditions to move the Milestone Phase I Project forward, including aspects of project engineering, marketing, financing, technical optimisation and most importantly, the support of local community and government at various levels. As parent company of Western, Western Resources will consider the status of the project at its upcoming board meeting in April, and if appropriate make a decision on the full commencement of construction.

In support of this, Western plans to initiate some early works activities at its Milestone Phase I Project mine site in 2018.  In particular, Western plans to move up to 50,000 tonnes of aggregate to the site commencing mid-March prior to road bans.  The early placement of aggregate at the site will minimize any road damage, in consultation with the RM of Lajord.

Western will make sure that aggregate hauling will have minimal impact on the local community. Aggregate will be transported from gravel pits located near Davin and will utilize the Lajord grid south and across Highway #33 and a further 3 miles south on the Lajord grid and west to the project site on NW20-14-17W3.  This route minimizes traffic past residences and local traffic.  Hauling will likely occur from 8 pm to 10 am when road surfaces are frozen.  The aggregate haulage will be conducted by a reputable local contractor with a strong emphasis on safety and high regard for the local community.

Western will continue to keep all stakeholders, including the local community, updated as information is available.

If you have any questions or concerns please call us at (306) 924-9378. 

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January 16, 2018

With the near year upon us Western Potash would like to take the opportunity to inform you on all the great progress we made in 2017.

By following this link you will be directed to our company’s quarter 4 newsletter.

As always, if you have any question or concerns please call or email us at info@westernpotash.com.

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December 15, 2017

On December 5, 2017, the management of Western Potash Corp. (the Company) met with elected representatives of the Government of Saskatchewan in the province’s Legislative Building to provide an update on the Milestone Project. Present at the meeting were the Honorable Brad Wall, Premier of Saskatchewan, the Honorable Nancy Heppner, Minister of Energy and Resources, the Honorable Steven Bonk, Minister of the Economy as well as other government officials. Attending from Western Potash Corp. was Bill Xue, George Gao, Arthur Ma, Matthew Wood,