WASHINGTON, D.C. – TheNewswire - March 17, 2023 – Western Magnesium Corporation (WMC) (TSXV:WMG.V); (Frankfurt:3WM); (OTC:MLYF) (“Western Magnesium” or the “Company”) clarifies the Cease Trade Order (“CTO”) dated March 6, 2023.  

The Company submitted its financial statements to the audit firm in mid-February.  Since that time, Western Magnesium has been waiting for the review to be completed by the auditor.  This delay is caused by the transition to the current audit firm.

The CTO will remain in place until such time as the audited annual financials are filed by the Company.

The British Columbia Securities Commission (the "BCSC") issued a general "failure to file" cease trade order pursuant to National Policy 11-207 – Failure to File Cease Trade Orders and Revocations in Multiple Jurisdictions (the "CTO") dated March 6, 2023 with respect to the securities of the Company as a result of the Company’s inability to file its audited financial statements for the year ended October 31, 2022, the related management's discussion and analysis and CEO and CFO certificates (collectively, the "Annual Filings") by the prescribed deadline of February 28, 2023.

On behalf of the board of directors,

“Ed Lee”

Ed Lee

Executive Chairman

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 Unlike outdated and costly production processes, Western Magnesium looks to use a continuous silicothermic process to produce magnesium, which significantly reduces labor and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.

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

Forward-Looking Statements

Statements in this news release that are not historical facts are forward-looking statements that are subject to risks and uncertainties. Actual results may differ materially from those currently anticipated due to several factors, including the Company's dolomite reserves may not be mined because of technical, regulatory, financing, or other obstacles, the market price for magnesium may make our resources uneconomic and we may not be able to hire and retain skilled employees. The Company undertakes no obligation to update forward-looking information except as required by law. The reader is cautioned not to place undue reliance on forward-looking statements. These forward-looking statements are made as of the date of this news release.

Neither 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.

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.

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