12:10:34 EST Fri 27 Jan 2023
Enter Symbol
or Name

Western Magnesium Corp
Symbol WMG
Shares Issued 429,816,241
Close 2022-04-12 C$ 0.40
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Western Magnesium hires independent valuation firm

2022-04-13 13:20 ET - News Release

Mr. Sam Ataya reports


Western Magnesium Corp. has engaged an accredited, independent valuation firm to provide an assessment of the company, including its intellectual property, systems and controls, and market potential.

The valuation will challenge critical assumptions of Western Magnesium's business model and technology and comes as the company nears completion of a sophisticated commercial pilot plant. The in-depth analysis is expected to involve several weeks of scrutiny by skilled assessors, the results of which will be communicated to Western Magnesium's stakeholders and commercial partners.

For over a century, magnesium metal has been coveted by the industrial manufacturing industry due to its enormous range of uses and importance. In today's age, where many of the concepts that apply to the word innovation are often based on improvements pertaining to lighter, faster, safer and stronger, magnesium has never had a more vital role to play in technological improvements. The good news is that magnesium is relatively abundant in the United States, and, as Western Magnesium continues its research into faster, cleaner magnesium production technologies, this will give the company a true advantage as 85 per cent of all magnesium production occurs in China. Its weak environmental practices, virtually non-existent regulatory oversight and outdated mining practices result in the emitting of extremely high levels of toxic pollutants.

Executive president and chief executive officer Sam Ataya stated: "This valuation comes at an inflection point in the commercial and technological trajectory of the business. When significant global changes force us to rethink how to best do the things we do or when significant global changes are needed to make us safer and more secure, it is almost always the case that technology and innovation lead the way to a better and more stable world around us."

Chief financial officer Ramsey Hamady stated: "An independent report by expert assessors is a critical component in the framework by which our stakeholders measure the value that our technology brings to the American economy and national defence space. We welcome the opportunity to present this valuation and to further engage our stakeholders in meaningful discussion."

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, costly and highly polluting production processes, Western Magnesium intends 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.

We seek Safe Harbor.

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