Western Sierra Resource Corp (OTCMKTS: WSRC) is up over 40% on about $1 million in dollar volume after the Company announced its recently acquired subsidiary Mitigation Solutions, LLC (MSL) and the Santa Maria Valley Water Conservation District (SMVWCD) in Santa Barbara County, CA. A Final Contract was ratified by all Parties on October 19, 2022. Under this final Contract, MSL will mitigate damage and restore the Twitchell Dam and Reservoir to its original holding capacities at cost of from $1.5 Billion to $2 Billion. The Contract allows for adjustment in the scope and term of the project – over an anticipated completion schedule of 7 to 10 years. Gross revenue to the Company is estimated to average $200 million annually. Two additional projects are currently in queue.
WSRC has a history of big moves running from $0.05 to $0.50 during the summer during the summer of 2021. Earlier this month the Company acquired 100% of the stock and assets of Mitigation Solutions, LLC (MSL) toward achieving one of its natural resource management and development objectives. In a stock and cash transaction, MSL has become a wholly owned subsidiary of WSRC, providing the Company with capacity to mitigate water contamination, dam stabilization, and remediate sedimentation-affected large-scale water supplies for municipalities and Special Districts across the Country. This scheduled revenue enhances the Company’s ability to fund its other natural resource projects without debt or dilution.
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Western Sierra Resource Corp (OTCMKTS: WSRC) founded in 1907, Western Sierra Resource Corporation has a 115-year history as gold and silver mining company with projects in Arizona, Nevada, California, and Mexico. WSRC currently owns six precious metal reserves in Arizona. In 2014 the Company broadened its vision to include natural (and renewable) resources with its acquisition of water rights and associated infrastructure assets in Colorado for purposes of irrigating and cultivating industrial hemp; processing hemp for manufacture of various building products; and for construction of affordable homes utilizing hemp-based materials-among other beneficial uses. WSRC’s intent is to become a broad-based resource company with high value, income generating assets that include water conservation projects, real estate, agriculture, precious metals, helium, and associated “green” technologies.
Earlier this year WSRC announced consistent with its May 11, 2022, press release, WSRC’s final review and acceptance of a $25 Million Funding Agreement was completed May 16, 2022; and subsequently executed by all Parties. This Funding Agreement with Beton Inc. represents $25 million in a combination of Debt and Equity Financing without dilution for the Company’s shareholders.
The Company announced its acquisition of 100% of the stock and assets of Mitigation Solutions, LLC (MSL) toward achieving one of its natural resource management and development objectives. In a stock and cash transaction, MSL has become a wholly owned subsidiary of WSRC, providing the Company with capacity to mitigate water contamination, dam stabilization, and remediate sedimentation-affected large-scale water supplies for municipalities and Special Districts across the Country.
MSL’s first Mitigation Agreement as a WSRC Company was accepted by the Santa Maria Valley Water Conservation District (SMVWCD) Board of Directors and executed Saturday, September 17, 2022. This Mitigation Agreement pertains to Federal Emergency Management Agency (“FEMA”) funding, as well as other Federal Agency funding, to which SMVWCD is beneficiary for immediate use at the Twitchell Dam and Reservoir Mitigation Project Site. The project is expected to require 7-10 years to complete and entails emergency removal of ash-contaminated sediments to stabilize Twitchell Dam; restoration of the Twitchell Reservoir to original operational capacities; and mitigation of influent-contaminated sediments, water contamination and deposit of soils from upstream drainages. The Twitchell Dam and Reservoir site is the first of several California locations where these contract services may be performed by MSL. Mitigation Agreement details to follow. MSL’s Principals are joining WSRC’s management team.
Massive revenue? ✅ (200 million)
Massive assets? ✅ (40+ million)
Massive contracts? ✅ (1.5 BILLION)
No dilution? ✅
I’ll still be here by .50. https://t.co/T4zIBF6tHO
— Zalmy (@greatstockpicks) October 25, 2022
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As stated under this final Contract, MSL will mitigate damage and restore the Twitchell Dam and Reservoir to its original holding capacities at cost of from $1.5 Billion to $2 Billion. The Contract allows for adjustment in the scope and term of the project – over an anticipated completion schedule of 7 to 10 years. Gross revenue to the Company is estimated to average $200 million annually. Two additional projects are currently in queue. Ratification of the Final Contract precipitates commencement of Phase I operations within seven (7) days, and continuous ramp-up over the next several months. The Company has secured $40 million in equipment financing and a $150 million Line of Credit for phased mobilization immediately available through institutional providers.
MSL will secure Federal reimbursement funding for SMVWCD from Infrastructure Investment and Jobs Act, The Inflation Reduction Act and the 2022 Omnibus Appropriations Bill through various Federal and State agencies, primarily the Federal Emergency Management Agency (FEMA), United States department of Agriculture (USDA), and the U.S. Department of Transportation (USDOT). Additional financial participation by other Federal and State Agencies is anticipated.
Federal Funding for SMVWCD (as beneficiary) applies first to stabilization of the Twitchell Dam and restoration of the ~224,300-acre-foot (~73.07 billion gallon) Twitchell Reservoir. MSL will remove and repurpose approximately 40 to 60 million cubic yards of ash-contaminated and non-contaminated sediments from the Reservoir basin. This sediment has collected in the Reservoir over the last four decades and has vastly reduced the Reservoir ability to recharge the local groundwater and aquafer that local agriculture and food production depends on. Returning the Reservoir to its original holding capacity also allows the Twitchell Dam and Reservoir to function effectively as an essential flood control structure and source of water to fight wildfires.
Secondly, the scope of the project encompasses mitigation of influent-contaminated sediments, water contamination, and preemptively addresses the deposit of eroding soils from upstream drainages to mitigate future adverse effects for the Reservoir and damage to the Dam that sustains it. Global Clean Water, Inc. (GCW) has contracted with both WSRC and MSL to address functions in each of the four (or more) phases of the Twitchell project.
With the acquisition of MSL by WSRC, MSL’s Principals have joined WSRC’s management team and bring with them a combined 200 years of disaster response/relief, mitigation, and restoration experience to the Company. This experience specifically includes, but is not limited to, natural disaster damage assessment, response, and recovery activities; flood-contaminated waterway restoration; mitigation of factors compromising lake, reservoir, and municipal water storage facility integrity; and failed water delivery system reconstruction. Global Clean Water, Inc., with its specialized protocols for mitigating contamination in potable water supplies, will be integral to these and other project requirements.
Photographic records, video, and written documentation will be made available throughout the term of the Twitchell project (and as specific on-site objectives are attained) for the benefit of the Santa Maria Valley Water Conservation District, its residents, and the Company’s shareholders.
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— Western Sierra Resource (@WSRCorp) October 25, 2022
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Currently trading at a $12 million market valuation WSRC OS is 312,136,648 and there is 111,263,126 shares in the float. The Company carries its water rights at $49 million on the balance sheet and $9.7 million in liabilities. WSRC is an exciting story developing in small caps, they just secured $25 million in funding, acquired Mitigation Solutions, LLLC and signed an agreement with the Santa Maria Valley Water Conservation District (SMVWCD) in Santa Barbara County, CA for the mitigation of Twitchell Dam and Reservoir. The Agreement has a value of $1.976 Billion payable over the 7-to-10-year term of the project-an estimated $200 million in average annual gross revenue. This scheduled revenue enhances the Company’s ability to fund its other natural resource projects without debt or dilution. We will be updating on WSRC on a daily basis so make sure you are subscribed to microcapdaily.com so you know what is going on with WSRC.
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Disclosure: we hold no position in WSRC either long or short and we have not been compensated for this article.