Western Magnesium - MLYF stock

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OTC Symbol: MLYF

Company Description

Western Magnesium Corp. [OTCQB: MLYF] is a US-based company that produces and distributes magnesium metal and alloys. The company focuses on plant operation and the production of Magnesium. The firm aims to become a premier low-cost green primary magnesium metal producer using its fully-developed proprietary magnesium production technology. The technology involves a continuous silicothermic process that requires low energy and labour to produce Magnesium while generating minimal toxic by-products and waste. The company also has mining claims to produce other mineral property interests. It holds claims in the Silverado Property and the Tami Mosi Property in Nevada, USA. Its footprint covers Canada and the United States, focusing more on the latter. It operates as a Phibro Animal Health Corporation. Subsidiary. Western Magnesium was founded in March 1966 under British Columbian laws. The company’s shares are listed for trading on the TSX Venture Exchange under the WMG.V symbol, on the Frankfurt Stock Exchange under the “3WM” symbol, and OTCQB under the MLYF ticker symbol. The company is headquartered in Nevada Clean Magnesium Inc. The company is headquartered in McLean, United States.

Business Operations

Western Magnesium is dedicated to advancing innovative, high-quality, and eco-friendly magnesium metal and alloys, mainly to the United States market, to help rebuild the country's industrial base. Despite the plentiful existence of magnesium deposits in America, the commodity's supply is finite due to the scarcity of faster, cleaner, and more efficient magnesium production technology. The company looks to capitalize on the vast market opportunity by becoming a premier low-cost producer and green primary magnesium metal distributor. It has developed a proprietary technology that employs a continuous silicothermic process to generate [99.8%] primary magnesium at low energy and labour costs. The technology also generates zero toxic by-products, reducing environmental, health, and safety risks. As of October 31, 2022, the company was in the closing stages of construction and commencing test magnesium production at its R&D pilot plant in metropolitan Vancouver. The firm began testing at the facility in the last quarter of 2021. Its continuous proprietary reactor commenced operations, producing magnesium metal at the company's target temperature and pressure in the second quarter of the 2022 calendar year. The remaining portions of the equipment were undergoing final scrutiny to pave the way for the demonstration phase.

Subsidiaries

Western Magnesium owns and operates two subsidiaries: Western Magnesium Corp., which owns the company’s claims in the Schell Creek Range southeast of Ely, and manages its Nevada properties, and Western Magnesium Canada Corp., which oversees the firm’s Canada operations. The company owns a 100% interest in 81 unpatented lode mining claims (the Tami Mosi Mining Claim) spanning approximately 1,673 acres, four unpatented lode mining claims in the Moor Mining District, Nevada totaling roughly 10 acres, and a 100% interest in three patented mining claims ((the Silverado Mining Claim) stretching approximately 296 acres in the Pinto mining district, Nevada. The company has identified alternative dolomite and ferrosilicon supply sources and will therefore avoid mineral extraction activities on the above assets in the near future. Dolomite and ferrosilicon are the primary raw materials used to produce Magnesium.

Corporate History and Business Development

Western Magnesium was incorporated on March 24, 1966, under the British Columbia Business Act. It underwent a series of name changes from Ft. Lauderdale Resources Inc. to Amcorp Industries Inc. in July 1990, Molycor Gold Corporation in May 1996, Nevada Clean Magnesium Inc. in April 2012, and finally, Western Magnesium Corporation in May 2019. The company ceased from the Business Corporations' jurisdictions on May 14, 2019, and domesticated under the state of Delaware’s General Corporation Law as Western Magnesium Corporation. In December 2018, the company’s technical team generated a magnesium ingot for dolomite extracted from its Tami Mosi Mining Claim, a breakthrough that sealed the proof-of-concept stage. Consequently, a pilot magnesium furnace was developed based on the bench scale furnace. The company intends to construct a full-scale magnesium production facility capable of producing 100,000 metric tons annually in Harrison County, Ohio.

Recent Crucial Company and Industry Developments

On February 8, 2023, Western Magnesium announced that its Commercial Pilot Plant was ready to advance into the final stage of continuous metal production. The company indicated that all the initially spotted mechanical upgrades during the optimization reactor runs had been installed. The plant was therefore equipped for efficient metal production. Sam Ataya, Executive President and CEO, added that the company's management had discussions with several end users about metal production from its facility. The firm engaged numerous magnesium metal end users with proposals to supply the parties with the globally scarce yet high-demand commodity.

The company plans to expand its West Coast operations and build an initial 25,000 metric tonne commercial plant and a Research & Development Centre in Nevada. The decision was announced on February 21, 2023, following the company's technical and corporate team's eight months of analysis and planning. The new plant will expand the company's ability to produce magnesium metal and develop new alloys. It will also enable the company to facilitate several initial purchase agreements established with customers across different industries, including aerospace, automotive, airline, eco-friendly technology companies, and Defense Contractors. Western Magnesium recorded a net loss of $1,295,865 ($0.00 per share), in Q3 2022, compared to $3,784,435 ($0.01 per common share) in Q3 2021.

Management

Sam Ataya, Executive President & CEO

• Has over 25 years of experience in strategic planning, corporate management, and operational management
• Possesses the ability to oversee multifaceted projects via leadership, which has seen him stand  operational turnarounds and management changes
• He also can mobilize resources and integrate them with strategic planning and analysis to realize desired results.

Lisa Maxwell, Chief Operating Officer

• Has more than 20 years of experience in corporate governance and regulatory compliance affairs
• Joined the company as Corporate Secretary in 2013
• She is the president of the firm’s global operations
• She is also the president, and CEO of Sequoia Corporate Services, Inc., an experienced management consulting enterprise that she founded in 2010

Other Management

Other management team members are Paul Sauvé, Chief Technology Officer; Rabih Ataya, Executive Vice President of Special Projects; Karim Alameddine, Corporate Secretary; and Stephen Thorlakson, Interim Chief Financial Officer.

Environmental Concerns

The company is built on the foundation of environmental protection since it lives, works, and plays in nature. It is committed to improving the local surroundings in communities and countries in which it operates by developing and championing sustainable and clean technology that improve the planet for the next generation.