West High Yield sings MOU for Mg ingot processing tech

Oct 25, 2022

2022-10-25 11:15 ET – News Release

Mr. Frank Marasco reports

WEST HIGH YIELD (W.H.Y.) RESOURCES LTD. SIGNS MEMORANDUM OF UNDERSTANDING REGARDING MAGENISUM METAL INGOT PROCESSING TECHNOLOGY LICENSE

West High Yield (W.H.Y.) Resources Ltd. has signed a non-binding memorandum of understanding with Big Blue Technologies LLC (BBT), a U.S.-based technology company that has developed a green process to produce magnesium ingots from magnesium oxide (MgO) and magnesium ores, that contemplates, among other things, working toward entering into a definitive exclusive licence agreement with BBT.

The MOU contemplates that the License Agreement shall, among other things, grant the Company an exclusive license (the “License”) to BBT’s intellectual property to build and operate a demonstrative magnesium processing facility in Canada (the “Demo Processing Facility”). Upon West High Yield’s successful completion of the Demo Processing Facility during the initial portion of the term of the License Agreement, the MOU contemplates that BBT will extend the exclusive License to West High Yield during the remaining term of the License Agreement in order to build, operate and/or sublicense one or more commercial magnesium processing facilities (the “Commercial Processing Facilities”), either by itself or through joint ventures with third parties, in North America, Central America, and South America.

In consideration of BBT granting the License to West High Yield, the MOU states that the License Agreement will provide BBT with a two (2%) percent royalty on West High Yield’s gross revenues derived from each of the Commercial Processing Facilities constructed by West High Yield during a specified time period to be set forth in the License Agreement.

The Company will issue a news release updating this information and providing more detail on the parties and finalized terms once the License Agreement has been entered into.

Frank Marasco Jr., President, and CEO of West High Yield states: “The Company has been looking for a green and economic technology to produce magnesium metal, and we are excited about working with the BBT team on the further development of their aluminothermic reduction process using West High Yield’s high-purity magnesia product to produce magnesium ingots, as shown in Figure 1. Magnesium as a strategic and critical metal is in high demand by onshore North American manufacturers who are seeking a safe, secure and reliable supply chain. The Unites States currently imports over 50% of their magnesium requirements, and the Company’s partnership with BBT will support its plans to be a supplier of choice for the underserviced demand.”

Aaron Palumbo, CEO of BBT, states: “The West High Yield team has demonstrated exceptional persistence to develop its Record Ridge magnesium property in Canada. The magnesia produced from its proprietary process on serpentine ore is an ideal feedstock for our technology to produce magnesium metal. With West High Yield’s magnesia and our electrified aluminothermic process, we have the potential to demonstrate the first net-zero magnesium metal production process. Our team is eager to press forward and be a part of West High Yield’s effort to establish magnesium metal production operations in North America and beyond.”

About Big Blue Technologies LLC

BBT is a Colorado-based limited liability company focused on developing high-temperature chemical processing solutions to aid in the production of magnesium ingots from magnesia feeds and other magnesium-bearing ores using aluminothermic reduction.

About West High Yield

West High Yield is a publicly traded junior mining exploration and development company focused on the acquisition, exploration, and development of mineral resource properties in Canada with a primary objective to develop its Record Ridge magnesium, silica, and nickel deposit using green processing techniques to minimize waste and CO2 emissions.

The Company’s Record Ridge magnesium deposit located 10 kilometers southwest of Rossland, British Columbia has approximately 10.6 million tonnes of contained magnesium based on an independently produced preliminary economic assessment technical report prepared in accordance with National Instrument 43-101 – Standards of Disclosure for Mineral Projects.

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