Western Uranium & Vanadium WSTRF

Western Uranium & Vanadium Corp. is engaged in the exploration, development, mining, and production of uranium and vanadium resource properties in the states of Utah and Colorado in the United States. The company holds mining properties that have been previously mined for uranium and is focused on advancing these assets toward production. Its core resource property is the Sunday Mine Complex in western San Miguel County, Colorado, which consists of five individual mines. Western is also developing its own mineral processing facilities to process uranium and vanadium and plans to incorporate its licensed Kinetic Separation technology into its operations to improve efficiency and reduce costs.

The company generates revenue primarily from the sale of uranium and vanadium ore. It has entered into ore purchase agreements with subsidiaries of Energy Fuels Inc. to deliver uranium-bearing ore to the White Mesa Mill in Blanding, Utah, where it receives payment based on the assayed grade of the material delivered. Revenue is recognized net of royalties upon fulfillment of delivery obligations under these agreements. The company also plans to generate future revenue from the processing and sale of uranium and vanadium concentrates once its own processing facilities become operational.

The company operates through the following segments.

• Exploration and Development of Mineral Properties. This segment involves the acquisition, exploration, permitting, and development of uranium and vanadium resource properties in Utah and Colorado. Activities include drilling, infrastructure development, mining equipment acquisition, and building in-house mining teams to advance projects such as the Sunday Mine Complex toward production readiness.

• Development of Mineral Processing Facilities. This segment focuses on the permitting, design, and construction of uranium and vanadium processing plants, including the Mustang Mineral Processing Plant in Colorado and the Maverick Minerals Processing Plant in Utah. The goal is to build licensed facilities capable of processing ore from company mines and third-party materials, incorporating Kinetic Separation technology to improve recovery and reduce operating costs.

• Commercialization of Kinetic Separation Technology. This segment encompasses the development and planned deployment of Kinetic Separation, a licensed physical process that separates uranium and vanadium mineralization from waste material without chemical additives. The technology enables mass reduction of ore, lowering transportation and processing costs, and is intended for use at company mines and potentially for licensing to third parties.

Western Uranium & Vanadium Corp. operates as an exploration stage issuer in the uranium and vanadium mining industry, competing with numerous exploration and production companies globally for properties, capital, and customers. The company believes it holds a competitive advantage due to its existing mining infrastructure at the Sunday Mine Complex, which allows for relatively rapid scale-up of production when market conditions improve, and its exclusive 25-year license to use Kinetic Separation technology, which it expects to reduce uranium production costs by approximately 40%. Its strategy to build its own processing facilities aims to further reduce operational costs and increase margins by eliminating reliance on third-party mills.

The company sells uranium and vanadium ore to utilities and commodity brokers, primarily under agreements with subsidiaries of Energy Fuels Inc. for delivery to the White Mesa Mill in Utah. It has also entered into an Ore Purchase Agreement with these subsidiaries for the delivery of uranium-bearing ore. While specific customer names beyond Energy Fuels subsidiaries are not detailed in the filing, the company’s customer base consists of entities involved in nuclear fuel processing and uranium conversion, including uranium mills and processors operating in the United States.