Western Uranium & Vanadium Acquires Property to Advance Milling Strategy
October 1, 2024
Western Uranium & Vanadium Acquires Property to Advance Milling Strategy
FOR IMMEDIATE RELEASE
Toronto, Ontario and Nucla, Colorado- Western Uranium & Vanadium Corp. (CSE: WUC) (OTCQX: WSTRF) (and together
with its affiliates, “Western” or the “Company”) is pleased to announce that the Company has executed a binding Stock
Purchase Agreement (the ”Agreement”) to purchase 100% of the shares of Pinon Ridge Corporation (“PRC”) and thereby
acquire an approximately 900 acre property located in Montrose County, Colorado (the “PRC Site”). In connection with
the Agreement, the former PRC shareholders will be paid approximately USD830,000 for their PRC equity and
shareholder loan repayments.
The acquisition is the second property package Western has acquired in addition to the Maverick Mineral Processing
Plant site in Utah (the “Utah Site”) and is part of Western’s plans for developing and licensing one or more uranium and
vanadium processing facilities (the “Sites”) to process production from its resource properties in Colorado and
Utah. Western is utilizing a multiple site approach in order to optimize transportation and processing costs; notably, the
Utah Site is located a pproximately four miles from Western's San Rafael project, while the Colorado Site is about 25
miles from Western's flagship Sunday Mine Complex. Significant accretion is sought through mine to mill proximity and
the corresponding reduction to transportati on and related costs. Purchasing the PRC Site has additional benefits having
been previously licensed for a uranium mill in terms of offering a unique opportunity to leverage historical licenses, data
and resources.
The preliminary engineering design, developed by Precision Systems Engineering (PSE), may be utilized at both the
proposed Utah Site and the PRC Site. Additionally, the Sites are being designed to process mined material from third
party min ers. This next generation conventional mill design will include a kinetic separation circuit to separate the
mineralized rock from the w aste rock in a pre -milling process . The Company plans to evaluate alternate financing
approaches to best optimize value to Western’s sh areholders; scenarios will be considered that involve third parties
owning or co-owning the Sites.
George Glasier, the President, CEO and a director of Western, and his wife Kathleen own 50% of the shares of PRC, and
Andrew Wilder, a director of Western, indirectly owns 3% of the shares of PRC. Therefore, this transaction constitutes a
related party transaction within the meaning of Multilateral Instrument 61-101 – Protection of Minority Security Holders
in Special Transactions (“MI 61 -101”). The Company is relying on exemptions from the valuation and minority
shareholder approval requirements of MI 61-101 contained in section 5.7(1)(a) of MI 61-101, as the fair market value of
the transaction does not exceed 25% of the market capitalization of the Company. The Company’s Board of Directors
has established an independent committee of the Board, comprised of directors who are not considered to have an
interest in the transaction. The independent committee of the Board has overseen the negotiation and approved the
entering into the Agreement on behalf of the Corporation.
The Company did not file a material change report more than 21 days before the expected closing date of the
Agreement because the details of the transaction were not settled until shortly prior to entering into the Agreement and
the Company wishes to close the transaction on an expedited basis for sound business reasons. Western will file in due
course a material change report under its profile on SEDAR+.
About Western Uranium & Vanadium Corp.
Western Uranium & Vanadium Corp. is ramping-up high-grade uranium and vanadium production at its Sunday Mine
Complex. In addition to the flagship property located in the prolific Uravan Mineral Belt, the production pipeline also
includes conventional proj ects in Colorado and Utah. The Maverick Minerals Processing Plant and P inon Ridge
Corporation processing plants will be licensed to include the kinetic separation process.
FOR ADDITIONAL INFORMATION, PLEASE CONTACT:
George Glasier Robert Klein
President and CEO Chief Financial Officer
970-864-2125 908-872-7686