An anonymous director reports

WESTERN RESOURCES PROVIDES UPDATE ON CCAA PROCEEDINGS AND TSX LISTING REVIEW

Western Resources Corp. has provided an update regarding the proceedings involving its subsidiaries, Western Potash Corp., Western Potash Holdings Corp. and 0907414 B.C. Ltd. (collectively, the debtors), under the Companies' Creditors Arrangement Act (Canada) (CCAA), and the status of the company's listing on the Toronto Stock Exchange.

CCAA proceedings

Amended order

At the Aug. 31, 2026, comeback hearing, the Supreme Court of British Columbia granted an amended and restated initial order in connection with Western Potash and certain of its affiliates' proceedings under the CCAA.

The order continues the protections available to the companies under the CCAA, including an extension of the stay of proceedings to Dec. 18, 2026, and provides a framework for the companies to continue their operations while pursuing restructuring and strategic alternatives under the supervision of FTI Consulting Canada Inc., as court-appointed monitor.

The court also approved an increase in interim financing of up to $6-million (U.S.), providing additional liquidity to support continuing operations and the restructuring process. The order further authorizes the companies, with the oversight of the monitor, to pursue refinancing, restructuring, investment and potential transaction opportunities with a view to preserving and maximizing value for stakeholders.

SISP

The court also granted an order approving a sale and investment solicitation process (SISP) in connection with Western Potash's continuing proceedings under the CCAA.

The SISP provides a structured, court-supervised process designed to identify and evaluate potential strategic transactions involving the debtors and the Milestone project. The process permits the consideration of a broad range of alternatives, including a sale, strategic investment, restructuring, recapitalization or refinancing transactions.

FTI Consulting Canada Inc., in its capacity as court-appointed monitor, will oversee the SISP in accordance with the procedures approved by the court. Interested parties will have an opportunity to participate through an initial non-binding proposal stage, followed by a binding bid process for qualified participants.

The company views the SISP as an important step in advancing its restructuring efforts and providing a competitive process through which potential investors and strategic parties can evaluate opportunities involving the debtors and the Milestone project. The company intends to continue working with the monitor and its stakeholders with the objective of preserving and maximizing value through the CCAA process.

Supplemental report

The monitor filed a supplemental report in connection with the Aug. 31 hearing addressing, among other matters, the proposed sale and investment solicitation process, the debtors' interim financing requirements, and the appropriate framework for conducting the debtors' restructuring process. Following the hearing, the court approved the amended and restated initial order and the SISP order, providing the debtors with a court-supervised framework to pursue potential sale, investment, refinancing and restructuring opportunities.

The CCAA proceedings are intended to provide an orderly, court-supervised process to stabilize the debtors' affairs and consider restructuring, financing, investment and sale alternatives. The company will continue to work with the monitor and stakeholders as the process proceeds.

Toronto Stock Exchange continued listing review

Separately, Western Resources continues to address the status of its listing on the TSX.

In connection with the commencement of the CCAA proceedings involving the company's subsidiaries, the TSX announced on Aug. 25, 2026, that the company's common shares were being reviewed for continued listing eligibility under its expedited review.

The company has been communicating with the TSX, and has requested that TSX review and reconsider the potential delisting of the company's common shares in light of the continuing CCAA proceedings. The company believes that the court-supervised process should be permitted to progress sufficiently to allow the TSX to assess its potential impact on the company and its stakeholders before a final determination is made regarding the company's listing. The TSX has advised that the continued listing committee of the TSX will be convening a meeting on Sept. 8, 2026, to consider a potential delisting of the company's securities from the TSX. There can be no assurance that the company's request will be successful or that its common shares will remain listed on the TSX. Trading in the company's common shares remains suspended.

Western Resources will provide further updates regarding material developments in the CCAA proceedings and the TSX continued listing review as appropriate.

About Western Resources Corp.

Western Resources is the parent company of Western Potash, which owns the Milestone potash project in Saskatchewan, Canada. The company's common shares are listed on the Toronto Stock Exchange under the symbol WRX, although trading is currently suspended under cease trade order issued by British Columbia Securities Commission on March 4, 2025.

We seek Safe Harbor.