WASHINGTON, D.C. – TheNewswire – April 13, 2022 – Western Magnesium Corporation (TSXV:WMG.V); (OTC:MLYF); (Frankfurt:3WM) (“Western Magnesium” or the “Company”) is pleased to announce that it 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% of all magnesium production occurs in China. Their weak environmental practices, virtually non-existent regulatory oversight, and outdated mining practices result in the emitting of extremely high levels of toxic pollutants.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 & CEO, 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 defense space. We welcome the opportunity to present this valuation and to further engage our stakeholders in meaningful discussion.”

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, costly, and highly polluting production processes, Western Magnesium intends 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 pursuant to 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) accepts responsibility for the adequacy or accuracy of this release.

View our profile on SEDAR