WASHINGTON, D.C. – TheNewswire – February 8, 2023 – Western Magnesium Corporation (WMC) (TSXV:WMG); (Frankfurt-3WM); (OTC:MLYF) (“Western Magnesium” or the “Company”) is pleased to announce the Commercial Pilot Plant is ready to move into the final stage of continuous metal production.  

All necessary required mechanical upgrades identified during the initial optimization reactor runs have been completed, proving successful metal processing capabilities. The Commercial Pilot Plant will be ready to enter a continuous phase setting the stage for continuous metal production.  

Executive Chairman, Ed Lee, states “After the successful initial run, we are confident moving into the continuous phase. This is an exciting time as we have been able to show success with initial optimization runs.”

Executive President and CEO, Sam Ataya, states “We have been in discussions with multiple end users about metal production from our commercial pilot plant. Due to demand being very high and magnesium metal availability being scarce globally, and particularly in the United States, discussions with the end users have been escalated and we are working with end users to supply magnesium metal from our Commercial Pilot Plant.”

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 Unlike outdated and costly production processes, Western Magnesium looks to use a continuous silicothermic process to produce magnesium, which significantly reduces labor and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