Western Magnesium Corp. (TSX-V:WMG, OTCQB:MLYF) told investors the US Federal Government recently approved it for registration into the System for Award Management (SAM), and the designation of a Commercial and Government Entity (CAGE) Code.
The company said the approval and designation from the Department of Defense will allow it to compete for federal contracts and grant awards relating to future initiatives that support the Department of Defense and other US Government entities.
"We are excited to have completed the rigorous and necessary processes to pursue opportunities related to the National Security interests of the United States,” president and CEO Sam Ataya said in a statement. “Western Magnesium's future production of low-cost, clean, and 'green' magnesium metal and alloys will provide the US and its Allies additional security against the global supply chain risks that we are witnessing today."
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The SAM system is the Federal Government’s portal for managing federal contracts and conducting acquisition and financial assistance across the enterprise.
Western Magnesium noted that its CAGE Code, 99LS9, is the five-character ID number the company will use to identify itself within the US 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.
The company said its approval for registration into the SAM and its assignment of a CAGE Code further positions it to be a leader in the reliable domestic supply of magnesium metal and alloys that are used in the production of military defense vehicles.
Western Magnesium's goal is to be a low-cost producer of green, primary magnesium metal, a strategic commodity prized for its strength and lightweight.
Unlike outdated and costly production processes, Western Magnesium looks to use a continuous silicothermic process to produce magnesium, which significantly reduces labor and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.
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