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    WRX   CA95942C1041

WESTERN RESOURCES CORP.

(WRX)
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Western Resources Provides Update on Milestone Potash Phase 1 Project

07/27/2021 | 08:44pm EDT

Western Resources Corp. reported on the overall status of and progress on the Company’s Milestone Potash Phase 1 Project (the “Project”) operated by the Company’s wholly-owned subsidiary, Western Potash Corp. (“Western”), 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.


© S&P Capital IQ 2021
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Financials
Sales 2020 - - -
Net income 2020 -1,67 M -1,31 M -1,31 M
Net Debt 2020 45,0 M 35,5 M 35,5 M
P/E ratio 2020 -20,1x
Yield 2020 -
Capitalization 35,4 M 27,8 M 27,9 M
EV / Sales 2019 -
EV / Sales 2020 -
Nbr of Employees 23
Free-Float 33,2%
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Managers and Directors
Wen Ye Xue Chairman, President & Chief Executive Officer
Matthew Wood Vice President-Technology
Fritz Venter Chief Operating Officer & Director
Zhang Li Zhang Secretary & Chief Administrative Officer
Guy Ian Bentinck Independent Director
Sector and Competitors