19:51:59 EST Mon 30 Jan 2023
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Western Magnesium Corp
Symbol WMG
Shares Issued 430,049,096
Close 2022-05-03 C$ 0.355
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Western Magnesium applauds U.S. critical mineral policy

2022-05-03 13:58 ET - News Release

Mr. Sam Ataya reports

WESTERN MAGNESIUM APPLAUDS NATIONAL EFFORT TO SECURE CRITICAL MINERALS

Western Magnesium Corp. has applauded a national effort that establishes an administration-wide policy aimed at securing domestic sources of critical minerals. In a memo to the Secretary of Defense, President Joe Biden said developing a responsible industrial base that has access to critical minerals is essential to United States national security. "To promote the national defence, the United States must secure a reliable and sustainable supply of such strategic and critical materials," the memo stated. "The United States shall, to the extent consistent with the promotion of the national defence, secure the supply of such materials through environmentally responsible domestic mining and processing; recycling and reuse; and recovery from unconventional and secondary sources, such as mine waste."

Western Magnesium's commercial pilot plant will commence green magnesium production operations later this month, an evolutionary approach and one that has not been seen in the decades since America outsourced the process of producing critical minerals with hazardous results.

Global supply chains for strategic materials were already tightening before the conflict between Russia and Ukraine developed. In response to these pressures, the Secretary of the Interior released a list of 50 critical minerals in February, including magnesium, which is critical to the availability of key magnesium alloys and the production of aluminum used in both defence and civilian goods. That list was developed under the Energy Act of 2020, a major step toward recognizing the importance that strategic minerals play in our defense posture.

Now, with additional national support, the U.S. is poised to reclaim its role as a major world manufacturer and strengthen its national security at the same time.

Executive president and chief executive officer Sam Ataya stated, "America got a crash course in the fragility of the global supply chain in 2021, but 2022 is the year we can do something about it and we're grateful to see others recognize not just the problem, but the solution."

President of global operations and chief operating officer Lisa Maxwell added, "We are working to reintroduce magnesium production into America in unprecedented ways and build an economy that not only creates skilled jobs that support our independence and national security but also protects the environment for future generations."

The company will soon produce magnesium using this innovative technology in Canada and is scouting sites in the U.S. for similar facilities that answer the administration's call to build a robust, resilient, sustainable and environmentally responsible domestic industrial base to meet the requirements of the clean energy economy.

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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