Western Uranium & Vanadium Corp. Company Updates
April 11, 2022
Western Uranium & Vanadium Corp. Company Updates
FOR IMMEDIATE RELEASE
Toronto, Ontario and Nucla, Colorado - Western Uranium & Vanadium Corp. (CSE:WUC) (OTCQX: WSTRF)
(“Western” or ”Company”) is providing the following Company updates:
Sunday Mine Operations
Ore production during mine development has resulted in ore stockpiled in the mine with a uranium and
vanadium value, after processing, of over six million dollars ($6,000,000).
At the end of March, the mining contractor engaged by Western decided to retire from contract mining
operations. As a result of this decision, Western will take over the mining operations and has acquired a full
complement of mining e quipment. The equipment is being prepared for operations and u pgrades to mine
ventilation, support building s and infrastructure are underway. Further mine development and ore
production is expected to resume in early summer after upgrades are completed . Western’s mining team will
be expanded to facilitate mine development and full ore production.
Physical Uranium Inventory / Uranium Concentrates Supply Contract
The Company will deliver 125,000 lbs of uranium concentrate from its physical uranium inventory to cover the
2022 delivery under its supply contract. The delivery will be made this week and generate sales proceeds of
over seven million dollars ($7,000,000).
Oil and Gas Royalty Update
Western through its wholly -owned subsidiary, Black Range Minerals, received the first royalty payment for oil
and gas production in January. The ~$207,600 cumulative payment was for production and sales since August
from the 8 wells developed on a Weld County Colorado pooled unit. Subsequently, February (~$45,800) and
March (~$44,600) royalty payments were received . O ngoing monthly royalty payments , similar to these
amounts, are anticipated. These wells con tinue to rank among the top Colorado producing wells. Due to the
success of the first 8 wells, the operator has decided to develop a second set of 8 wells within Western’s
royalty area during 2022.
Market Update
The global nuclear and uranium mining industries continue to benefit from the convergence of multiple trends
and increased public, political and government support. However, the key catalyst has quickly become the
Russian invasion of Ukraine and the related economic sanctions . Western’s underlying resources are in
uranium, vanadium, and oil and gas, and prices in each commodity ha ve risen as a result of this conflict .
Notably, Russia and the former Soviet Union R epublics have cultivated strong market positions across these
commodities. With respect to the uranium market, the national security risks to the United States have been
identified and reported under both the Section 232 Investigation and subsequently by the Nuclear Fuel
Working Group. The term “energy security” has taken on increased urgency, as dependencies have infiltrated
many free -market economies . As geopolitical risks are addressed and security of supply is prioritized over
lower cost imports, Western remains well positioned to deliver uranium and vanadium as needed by the
market.
About Western Uranium & Vanadium Corp.
Western Uranium & Vanadium Corp. is a Colorad o-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 (coll ectively, “forward -looking statements”). Statements of that nature include statements
relating to, or that are dependent upon: the Company’s expectations, estimates , assumptions 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 operations, 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 extent 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