WHY RESOURCES Projects Significant Annual Revenue

Goldinvest Consulting GmbH announced that WHY Resources has entered a Letter of Intent (LOI) with Galaxy Magnesium, aiming for an annual revenue of up to USD 100 million in the first year. Trading under the symbols TSXV: WHY and FRA: W0H, WHY Resources stands out in the resource sector.

WHY Resources' Record Ridge project in British Columbia boasts a high yield of valuable minerals, including magnesium oxide, silica, iron oxide, and nickel. The company plans to extract up to 200,000 tons of raw ore per year, ensuring a resource lifespan of over 200 years.

The open pit operation will resemble a quarry. The ore will be mechanically crushed on-site, and no chemical processing is required. The local First Nations will participate as contractors. The project's advantageous location near the US border simplifies logistics to Vancouver and Seattle ports.

The formal LOI anticipates a payment of USD 500 per ton of delivered ore. This results in expected EBIT of USD 72 million initially, rising to USD 92 million thereafter, with a capex of just USD 25 million.