Western Magnesium Announces Resignation of Director

Rhea-AI Summary

Western Magnesium Corporation (MLYF) announced the resignation of Peter O’Rourke Sr. from its Board of Directors and his position as President of US Operations, effective August 5, 2022. The company expressed gratitude for his contributions. Western Magnesium is actively seeking candidates to fill the Board position, aiming for diversity in compliance with Nasdaq regulations implemented in August 2021. The company focuses on producing green, primary magnesium metal using an innovative, cost-effective process that is environmentally friendly.

Positive

• Leadership refresh could provide new perspectives.
• Focus on compliance with diversity regulations may strengthen governance.

Negative

• Resignation of a key leader may raise concerns about continuity.
• Potential experience gap during the transition period.

WASHINGTON, Aug. 12, 2022 (GLOBE NEWSWIRE) -- Western Magnesium Corporation (WMC) (TSXV: WMG.V; Frankfurt-3WM; OTCQB: MLYF) (“Western Magnesium” or the “Company”) announces the resignation of Peter O’Rourke Sr. from the Company’s Board of Directors and as President, US Operations, effective August 5^th, 2022.

The Board would like to thank Mr. O’Rourke Sr. for his contributions and wishes him success in his future endeavors.

Western Magnesium is in the process of interviewing candidates for a seat on the Company’s Board of Directors. Keeping in line with the regulations and framework provided by Nasdaq, the board composition will change to reflect the diversity requirements implemented in August 2021.

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 Unlike outdated and costly production processes, Western Magnesium looks to use a continuous silicothermic process to produce magnesium, which significantly reduces labor and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

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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FAQ

What does the resignation of Peter O’Rourke Sr. mean for Western Magnesium (MLYF)?

The resignation may impact leadership continuity, but it opens opportunities for new perspectives in the Board.

How is Western Magnesium addressing the board diversity requirements after O’Rourke's resignation?

Western Magnesium is actively interviewing candidates to fill the Board seat, aiming to comply with Nasdaq's diversity regulations.

What are the implications of the leadership change for Western Magnesium's operations?

The change may create a temporary gap in leadership experience, potentially affecting operational stability.

When did Peter O’Rourke Sr.'s resignation from Western Magnesium take effect?

His resignation became effective on August 5, 2022.