13:46:10 EST Wed 21 Feb 2024
Enter Symbol
or Name

Western Magnesium Corp
Symbol WMG
Shares Issued 442,477,132
Close 2022-06-29 C$ 0.23
Market Cap C$ 101,769,740
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ORIGINAL: Western Magnesium Announces Continued Success in the Production of Magnesium Metal

2022-06-29 13:42 ET - News Release

(via TheNewswire)

Inspections Solidify Further Operations

Metal output to increase

Third-party metal evaluation has begun

WASHINGTON, D.C. - TheNewswire - June 29, 2022 - Western Magnesium Corporation (TSXV:WMG.V ) ; ( Frankfurt-3WM ) ; ( OTC:MLYF) ("Western Magnesium" or the "Company") is pleased to report the production of magnesium metal at its commercial pilot plant, which was announced earlier this month , has been an overwhelming success. An inspection by the Company's technical team and third-party trades has indicated that all systems have proven that the Company can continue with further production as it enters a secondary stage of increasing metal output and subsequent validation of the metal produced.

The Company is presently in the calibration and optimization phase which will continue until satisfactory operating parameters are defined. This phase will be used to validate the industrial process for commercialization and is the final stage in the research and development of Western Magnesium's new process.

Executive Chairman, Ed Lee, states, "Our technical team has proven the value of being cautious in implementing this innovative technology to produce magnesium metal and I look forward to exploring the full range of capabilities the commercialized pilot plant has to offer."

Chief Technology Officer, Paul Sauve states, "With any new disruptive technology, it is paramount that we follow a thorough and cohesive commissioning and optimization plan to ensure the equipment is not overstressed in the initial runs and that any deficiencies are identified and corrected prior to the next phase." Sauve added that the technical team's diligent efforts continue to ensure that all operating systems are functioning as designed.

Western Magnesium will use this revolutionary new production process to once more produce magnesium metal in the United States. Magnesium metal is one of fifty minerals designated as "critical" by the Department of Interior and a necessary component in the production of aluminum and titanium used in a wide range of products in industries including automotive, aerospace, and the Department of Defense as well as eco-friendly tech companies.

Each output of metal at the Company's pilot plant is now being tested and will undergo third-party evaluation over the next several weeks. We look forward to sharing more exciting news about production capabilities and the third-party assessment.

About Western Magnesium

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 labor and energy costs relative to current methods and processes, while being environmentally friendly.

Media Relations & Corporate Communications : Ashleigh Barry | abarry@westmagcorp.com | (202) 258-4453

Investor Relations : John Ulmer | julmer@westmagcorp.com | (604) 423-2709

Safe Harbor Statement

This news release contains statements that involve expectations, plans, or intentions (such as those relating to future business or financial results), and other factors discussed from time to time in the Company's Securities and Exchange Commission filings. These statements are forward-looking and are subject to risks and uncertainties, so actual results may vary materially. You can identify these forward-looking statements by words such as "may," "should," "expect," "anticipate," "believe," "estimate," "intend," "plan" and other similar expressions. Our actual results could differ materially from those anticipated in these forward-looking statements as a result of certain factors not within the control of the Company. The Company cautions readers not to place undue reliance on any such forward-looking statements, which speak only as of the date made. The Company disclaims any obligation subsequently to revise any forward-looking statements to reflect events or circumstances after the date of such statements or to reflect the occurrence of anticipated or unanticipated events.

This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities described in this news release. Such securities have not been, and will not be, registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act"), or any state securities laws, and, accordingly, may not be offered or sold within the United States, or to or for the account or benefit of persons in the United States or "U.S. Persons", as such term is defined in Regulation S promulgated under the U.S. Securities Act, unless registered under the U.S. Securities Act and applicable state securities laws or under an exemption from such registration requirements.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accept responsibility for the adequacy or accuracy of this release.

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