Overview

Milestone continues to remain the key asset of Western Resources Corp. The Phase I Project is, to management’s knowledge, the only substantially constructed and dry-commissioned near-term restart potash project in Saskatchewan, Canada. The Project is designed to produce approximately 146,000 tonnes per annum of fertilizer-grade granular MOP using innovative selective horizontal solution mining techniques and crystallization ponds. Construction of Phase I started in June 2019 and was substantially completed with dry commissioning by November 2023. Once restarted, Phase I is expected to become Canada’s newest, most innovative, environmentally friendly and capital-efficient potash mine, with the potential to bring significant changes to potash mining in Canada and globally. The Project is currently positioned as a near-term restart opportunity, subject to financing, completion of the remaining underground brine/feed capacity, related surface infrastructure and wet commissioning.

Beyond Phase I, the strategic value of Milestone is supported by Western Potash’s large, high-grade Saskatchewan potash resource base and its readiness to expand into a potential large-scale conventional solution mining operation of up to approximately 2.8 million tonnes per annum. Western Potash has completed feasibility-level work and obtained environmental approval for the 2.8Mtpa development pathway, while retaining the option to apply its innovative selective horizontal solution mining technologies where technically and commercially appropriate. This combination of near-term restart potential, substantial Phase I completion, large-scale expansion readiness, resource depth and mining-technology optionality positions Milestone as a strategic next-generation potash development platform in Canada.