Western Potash Files Updated NI 43-101 Report


VANCOUVER, British Columbia, December 31, 2021 (GLOBE NEWSWIRE) – Western Resources Corp. (TSX: WRX) (“Western” or the “Company”) is pleased to announce that its wholly owned subsidiary, Western Potash Corp has filed an updated NI 43-101 compliant technical report (the “Report ”) For its Milestone Phase 1 Project (the“ Phase 1 Project ”) on SEDAR on December 29, 2021, together with the filing of the Company’s audited consolidated financial statements, MD&A and Annual Information Form. These documents are now available at www.sedar.com.

Western published the preliminary findings of the report in a press release dated November 19, 2021. In the report, the after-tax project net present value (NPV) is C $ 197.7 million, compared to C $ 225.8 million. Canadian dollars reported in the November 19 report. , press release 2021. The after-tax internal rate of return for the Phase 1 project remains unchanged at 20.4%. The variation of the NPV is due to the revision of the costs of transporting the products, to the adjustments of the taxation of the projects and to the optimizations of the production. The revised financial model supporting the report is part of a continuous improvement process in Phase 1 of the project in order to deliver the best possible results and reduce project risks. The report also confirms an extension of the mine life from 12 to 40 years.

This press release has been 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 technical report. -101, upon which this 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. It will be the world’s first potash mine that leaves no salt residue on the surface, halving water consumption and dramatically improving energy efficiency.

About March Consulting Associates Inc.

March Consulting Associates Inc. (Mars) is a Saskatchewan 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 services to a variety of resourcesindustrial and commercial companies based. March uses the latest digital, analytical and intelligent 3D modeling capabilities in the disciplines of mining, processes, mechanics, electrical, instrumentation and controls, civil engineering, structure and finite element analysis (FEA).

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


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