Western Magnesium Corp told investors it has hired an accredited, independent valuation firm to provide an assessment of the company, its intellectual property (IP), systems, controls and market potential.
It comes as the strategic metal group has nearly completed a commercial pilot plant.
"This valuation comes at an inflection point in the commercial and technological trajectory of the business," said CEO Sam Ataya.
"When significant global changes force us to rethink how to best do the things we do, or when significant global changes are needed to make us safer and more secure, it is almost always the case that technology and innovation lead the way to a better and more stable world around us."
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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Unlike outdated and costly production processes, Western Magnesium looks to use a continuous silicothermic process to produce magnesium, which significantly reduces labor and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.
The firm noted that magnesium is abundant in the United States, which, it says, gives the company a true advantage as 85% of all magnesium production occurs in China.
"Their weak environmental practices, virtually non-existent regulatory oversight, and outdated mining practices result in the emitting of extremely high levels of toxic pollutants," it said.
Contact the writer at giles@proactiveinvestors.com