Western Magnesium Closes Private Placement of Convertible Debenture

Executive President & CEO, Sam Ataya says, "This investment into our Company signals the market's confidence by recognizing what has been achieved to date and the stage of development we are at regarding plant operations and metal production."

The non-brokered private placement (the "Offering") of a 12% unsecured convertible debenture (the "Convertible Debenture") in the principal amount of US$1,500,000 is due December 10, 2022 (the "Maturity Date"). The Convertible Debenture is convertible into shares of Common Stock of the Company ("Conversion Shares") prior to the Maturity Date at a price of US$0.10. In addition, pursuant to the Convertible Debenture, for every Conversion Share issued, the following shall also be issued thereunder: (i) one-half of one Company Class A common stock purchase warrant, with each whole warrant being exercisable at a price of US$0.13 until June 10, 2026 and (ii) one-half of one Class B common stock purchase warrant, with each whole warrant being exercisable at a price of US$0.19 until June 10, 2026.

The securities issued will be subject to a statutory hold period in Canada for a period of four months and one day. The securities have not been registered with the United States Securities and Exchange Commission and are also subject to a statutory one-year hold period in compliance with Regulation S of the Securities Act of 1933, as amended. The Regulation S hold period supersedes the TSX Venture Exchange hold period. Net proceeds from the Offering will be used for working capital and corporate purposes. The Offering is subject to final approval from the TSX Venture Exchange.

THIS NEWS RELEASE, PROVIDED PURSUANT TO APPLICABLE CANADIAN REQUIREMENTS, IS NOT FOR DISTRIBUTION TO UNITED STATES NEWS SERVICES OR FOR DISSEMINATION IN THE UNITED STATES, AND DOES NOT CONSTITUTE AN OFFER OF THE SECURITIES DESCRIBED HEREIN. THE OFFERING IN QUESTION HAS NOT BEEN REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED, OR ANY STATE SECURITIES LAWS, AND THE SECURITIES SOLD IN SUCH OFFERING MAY NOT BE OFFERED OR SOLD IN THE UNITED STATES OR TO U.S. PERSONS ABSENT REGISTRATION OR APPLICABLE EXEMPTION FROM REGISTRATION REQRUIREMENTS.

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 Unlike outdated and costly production processes, Western Magnesium looks to use a continuous silicothermic process to produce magnesium, which significantly reduces labor and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

Company Contact: 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.

For additional information please visit our website at www.westernmagnesium.com
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NOT FOR DISTRIBUTION TO UNITED STATES NEWS SERVICES OR FOR DISSEMINATION
IN THE UNITED STATES

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