Western Magnesium Corporation (OTCMKTS:MLYF) fell 16% after announcing the commencement of testing ahead of the scheduled time on a new continuous test reactor. The methodical process ensures successful and safe reactor operation, including auxiliary equipment.
Vacuum and heating tests are ongoing, with full operation expected to commence after the completion of safety testing. Executive chairman Edward Lee said that the expectation of the process being ahead of scheduled time had been met, and they are happy with the results so far. However, he said that he had requested the company management to take additional time in retesting all assembled equipment pieces and corresponding automated features.
Recently the company announced a deal with Harrison County in Ohio following lengthy due diligence and search, which will be the location where the company will deploy its first full-scale magnesium extraction tech plant in the US. After thorough searching, the comp-a y settled on the 12-acre property in Harrison County, which is ideal for the plant because it is close to an energy plant that will offer power for magnesium production. MLYF is worth watching in the coming weeks.
Market Reaction:
On Tuesday, MLYF stock slumped 15.67% to $0.5060 with more than 884k shares, compared to its average volume of 643k shares. The stock has moved within a range of $0.4854 – 0.6074 after opening the trade at $0.58.
