Western Magnesium Attains Approval for Future Efforts as a Government Contractor

The SAM system is the USG's portal for managing federal contracts and conducting acquisition and financial assistance across the enterprise. Western Magnesium's CAGE Code, 99LS9, is the five-character ID number the company will use to identify itself within the U.S. Federal Government database of registered contractors. The CAGE Code was assigned by the Department of Defense's Defense Logistics Agency after a review of WMC's technical, corporate, and financial information.

Executive President and CEO Sam Ataya said, "We are excited to have completed the rigorous and necessary processes to pursue opportunities related to the National Security interests of the United States. Western Magnesium's future production of low-cost, clean, and "green" magnesium metal and alloys will provide the U.S. and its Allies additional security against the global supply chain risks that we are witnessing today."

WMC's approval for registration into the SAM and its assignment of a CAGE Code further prepares the Company to be the Nation's leader in the reliable domestic supply of magnesium metal and alloys that are used in the production of military defense vehicles. The Company looks forward to working with the U.S. Federal Government in this capacity and will continue to update shareholders on future contract opportunities.

For more information on CAGE, visit https://cage.dla.mil.

For more information on the 2022 list of critical minerals, refer to this link:
https://www.usgs.gov/news/national-news-release/us-geological-survey-releases-2022-list-critical-minerals.

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 Unlike outdated and costly production processes, Western Magnesium looks to use a continuous silicothermic process to produce magnesium, which significantly reduces labor and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 pursuant to an exemption from such registration requirements.

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