WUC Announces Strategic Acquisition of Physical Uranium
June 2, 2021
Western Uranium & Vanadium Announces Strategic Acquisition of Physical Uranium
FOR IMMEDIATE RELEASE
Toronto, Ontario and Nucla, Colorado - Western Uranium & Vanadium Corp. (CSE: WUC) (OTCQX: WSTRF)
(“Western” or the ”Company”) is pleased to announce that the Company has executed a binding agreement to purchase
125,000 pounds of natural uranium concentrate at the current market price. The triuranium octoxide (U3O8) delivery will
take place before June 2022 on a delivery date specified by Western.
This uranium purchase is among several value-added opportunities t he company is pursuing. The transaction has the
potential to enhance the balance sheet beyond the purchase cost through uranium price appreciat ion. This strategic
uranium inventory could be held as a long- term investment, used for the 2022 delivery under Western’s existing supply
agreement, or facilitate the negotiation of future supply agreements.
The basis for this purchase is an acquisition cost substantially below average global uranium production costs. Western
first evaluated holding physical uranium in the summer of 2020 as markets began to acknowledge the growing uranium
supply-demand imbalance. A decade of o versupply has stifled the development of new uranium mines which has
created an undersupply of u ranium/nuclear fuel for the next decade. The past year has seen multiple uranium market
catalysts including nuclear energy becoming a growth industry due to trends including: the electrification of everything,
support for critical mineral supply chains, climate change initiatives, increasing need for baseload electricity generation
without CO2 emissions, investments into new nuclear technologies, political support for existing nuclear reactors and the
construction of new reactors.
This physical uranium purchase complements Western’s Sunday Mine Complex uranium production p lans. The
2019/2020 project brought these conventional mines into “ready-to-produce” status. These mines are valuable because
they are among few mines in the world that are permitted , developed, and capable of significant production volumes
after a quick restart with minimal capital expenditure required. Recent production remains stockpiled underground and
the Company is poised for a quick restart utilizing the existing infrastructure that was developed over multiple decades.
About Western Uranium & Vanadium Corp.
Western Uranium & Vanadium Corp. is a Colorado based uranium and vanadium conventional mining
company focused on low cost near -term production of uranium and vanadium in the western United States ,
and development and application of kinetic separation.
Cautionary Note Regarding Forward -Looking Information: Certain information contained in this news release
constitutes “forward-looking information” or a “forward-looking statements” within the meaning of applicable securities
laws (collectively, “forward-looking statements”). Statements of that nature include statements relating to, or that are
dependent upon: the Company’s expectations, estimates and projections regarding exploration and production plans
and results; the timing of planned activities; whether the Company can raise any additional funds required to implement
its plans; whether regulatory or analogous requirements can be satisfied to permit planned activities; and more
generally to the Company’s business, and the economic and political environment applicable to its op erations, assets
and plans. All such forward -looking statements are subject to important risk factors and uncertainties, many of which
are beyond the Company’s ability to control or predict. Please refer to the Company’s most recent Management’s
Discussion and Analysis, as well as its other filings at www.sec.gov and/or www.sedar.com, for a more detailed review of
those risk factors. Readers are cautioned not to place undue reliance on the Company’s forward-looking statements,
and that these statements are made as of the date hereof. While the Company may do so, it does not undertake any
obligation to update these forward -looking statements at any particular time, except as and to the exten t required
under applicable laws and regulations.
FOR ADDITIONAL INFORMATION, PLEASE CONTACT:
George Glasier
President and CEO
970-864-2125
Robert Klein
Chief Financial Officer
908-872-7686