Western Uranium & Vanadium Corp. SEC 10-Q Report

Western Uranium & Vanadium Corp., a company engaged in the exploration and development of uranium and vanadium resources, has released its Form 10-Q report for the third quarter of 2023. The report highlights the company's financial performance and key operational activities during the period.

Financial Highlights

• Revenues: $0.03 million, a decrease of 23% compared to the same period last year due to significantly lower oil and gas prices.
• Operating Loss: $1.98 million, an improvement from a loss of $2.71 million in the prior year, reflecting cost control measures.
• Net Loss: $1.97 million, an improvement from a loss of $2.63 million in the prior year, driven by reduced operating expenses.
• Net Loss Per Share - Basic and Diluted: $(0.03), improved from $(0.05) in the prior year, reflecting a decrease in net loss.

Business Highlights

• Ore Purchase Agreement: Western Uranium & Vanadium Corp. entered into an Ore Purchase Agreement with Energy Fuels Inc. for the delivery of up to 25,000 short tons of uranium-bearing ore to the White Mesa Mill in Utah. Deliveries began in June 2025, with the first lot expected to close in August 2025.
• Sunday Mine Complex Operations: The company focused on operational preparations for ore deliveries, including constructing an additional ore pad and preparing equipment. Mining operations at the Sunday Mine Complex were reduced due to lower uranium prices, with efforts shifting to ore delivery under the new agreement.
• Mustang Mineral Processing Plant Development: Western is prioritizing the development of the Mustang Mineral Processing Plant in Colorado, which is expected to recover uranium and vanadium. The plant will utilize advanced processing technology, including the company's patented Kinetic Separation process.
• San Rafael Uranium Project: Development continues at the San Rafael Uranium Project in Utah, with permits received for drilling and shaft sinking. The project aims to provide baseline data for future permitting applications.
• Infrastructure Expansion: The company expanded its fleet of mining equipment and vehicles by purchasing discounted used equipment and reconditioning it in-house, focusing on cost savings and mitigating supply chain issues.
• Kinetic Separation Licensing: Western is seeking a Colorado milling license to incorporate Kinetic Separation technology, which is expected to improve mining and processing efficiency.
• Future Outlook: The company plans to focus on cost control and strategic discipline, prioritizing long-term value initiatives such as the Mustang mill construction and development of nearby mines. Western anticipates uranium prices will reflect strong market fundamentals in the future.

SEC Filing: Western Uranium & Vanadium Corp. [ WUC ] - 10-Q - Aug. 14, 2025