Western Star Resources Inc. (CSE: WSR) (OTC: WSRIF) has announced the launch of a normal course issuer bid (NCIB) after receiving approval from the Canadian Securities Exchange (CSE). The program allows the company to repurchase up to 3,842,295 common shares, representing 10% of its public float. The buyback will run from July 2, 2026, to July 2, 2027, or until the maximum number of shares is purchased.
The company stated that the decision reflects management's belief that the market price of its shares does not currently reflect their underlying value. “The Board of Directors and management of the Company believe that, from time to time, the market price of the Company's common shares may not adequately reflect their underlying value,” the press release noted. Accordingly, the repurchase is seen as a prudent use of financial resources and in the best interests of shareholders.
Purchases will be made through the facilities of the CSE and alternative Canadian trading systems at prevailing market prices, in compliance with securities laws and CSE policies. All shares bought under the NCIB will be cancelled. The company has appointed Haywood Securities Inc. as its purchasing dealer and trader to execute the bid. The timing and amount of purchases will be determined by management based on market conditions and other factors. The company is not obligated to acquire any specific number of shares and may suspend or discontinue the bid at any time.
Western Star Resources is a junior mineral exploration company focused on revitalizing North America's tungsten supply. The company is advancing its entry into the U.S. market through the acquisition of a past-producing tungsten mine in Nevada, one of America's most important historic tungsten districts. This strategic move positions Western Star to play a leading role in re-establishing a secure, domestic source of this critical mineral. Additionally, the company owns nine non-surveyed contiguous mineral claims totaling 4,740 hectares in the Revelstoke mining division of British Columbia, located approximately 50 kilometers southeast of Revelstoke and 10 kilometers north of the abandoned community of Camborne.
The NCIB underscores Western Star's confidence in its business strategy and its commitment to enhancing shareholder value. By repurchasing shares at what it considers undervalued prices, the company aims to provide a direct benefit to remaining shareholders while maintaining financial flexibility for its exploration and development activities.
