Ms. Ashleigh Barry reports

WESTERN MAGNESIUM CLOSES NON-BROKERED PRIVATE PLACEMENT

Western Magnesium Corp. has closed its previously announced non-brokered private placement (see news release dated Nov. 8, 2021). The company closed on a total of 1,375,499 units at a price of 55 U.S. cents per unit for gross proceeds of $756,524 (U.S.).

Each unit consists of one common share in the capital of Western Magnesium and one common share purchase warrant. Each warrant is exercisable into one common share for a period of one year at a price of 75 U.S. cents per share.

The completion of the private placement and the payment of any commission and fees remain subject to the receipt of all necessary approvals, including the approval of the TSX Venture Exchange. The securities issued will be subject to a statutory hold period in Canada for a period of four months and one day from the closing date. The securities have not been registered with the U.S. Securities Exchange and Commission and are also subject to a statutory one-year hold period in compliance with Regulation S of the Securities Act of 1933 as amended. The Regulation S hold period supersedes the TSX-V hold period. Proceeds of the private placement will be used for working capital and to complete the company's commercialized pilot plant.

About Western Magnesium Corp.

Western Magnesium's goal is to be a low-cost producer of green, primary magnesium metal, a strategic commodity prized for its strength and light weight.

Unlike outdated and costly production processes, Western Magnesium looks to use a continuous silicothermic process to produce magnesium, which significantly reduces labour and energy costs relative to current methods and processes while being environmentally friendly.