Western Uranium & Vanadium Corp. - Company Summary

Business Focus

Western Uranium & Vanadium Corp. is engaged in exploring, developing, mining, and producing uranium and vanadium resources in the United States, primarily in Utah and Colorado. The company is at the exploration stage, with ongoing initiatives to advance its mining operations and develop processing facilities.

Core Properties and Operations

• Main Property: The Sunday Mine Complex in San Miguel County, Colorado

  • Consists of five mines: Sunday, Carnation, Saint Jude, West Sunday, and Topaz
  • Contains historical geologic data, open underground faces, and infrastructure from past mining activities
  • Restarted mining operations in July 2021
  • Recently mined over 3,000 tons of uranium/vanadium ore (Dec 2021-Mar 2022)
  • Current focus on stockpiling mined material for future processing

• Other Properties:

  • San Rafael Uranium Project (Utah): Exploration-stage, with permits for future development
  • Sage Mine Project (Utah/Colorado): Exploration-stage; prior historic resources not current
  • Dunn Project (Utah): Exploration-stage with no current reserves or development
  • Van 4 Mine (Colorado): Historically mined, now on reclamation; no active exploration currently
  • Hansen/Taylor Ranch Properties (Colorado): Exploration-stage, previously estimated resources, no recent activity
  • Bullen Property (Colorado): Oil and gas rights, currently producing oil/gas and royalties

• Processing Facility Development:

  • Planning to permit and construct a uranium and vanadium mill in Colorado with an estimated cost of $75 million, targeted to start in 2029
  • Acquired the Mustang Mineral Mill Site in October 2024, previously licensed but never built; also planned for mill construction starting in 2029
  • Building a second mill at Maverick Minerals Site in Utah, under evaluation

Technology and Licensing

• Kinetic Separation: A proprietary physical method to separate uranium and vanadium from waste. The license was obtained for a 25-year term (expiring 2040). The company plans to build a 40-ton-per-hour Kinetic Separation machine at approximately $1 million.
• Licensing: Western is seeking a permit for a processing mill that could incorporate Kinetic Separation technology, which potentially lowers processing costs by 40%.

Financial and Operational Status

• Employees: 32 full-time employees (as of December 31, 2024)
• Revenue: Generated $183,803 in 2024 primarily from oil and gas royalties; no significant revenue from uranium/vanaadium sales as operations are in exploration and development stage
• Net Income: Net loss of $10,112,037 in 2024
• Working Capital: $5,240,584 as of December 31, 2024
• Cash and Equivalents: Approximately $5.48 million as of December 31, 2024

Capital Raising

• Conducted private placements in late 2023 and 2024, raising approximately $9.2 million combined
• Continues to seek additional financing to fund mill construction, mining expansion, and exploration activities

Strategy

• Advance existing projects and infrastructure for future production
• Build and license processing mills in Colorado and Utah
• Leverage Kinetic Separation technology to lower costs
• Reactivate and scale-up mining operations at the Sunday Mine Complex

Summary

Western Uranium & Vanadium Corp. is a resource exploration and development company focused on uranium and vanadium in the U.S., with active mining at the Sunday Mine Complex and plans to develop processing facilities. The company is in the exploration and early development stage, with a reliance on external financing and technology licensing to move towards commercial production.