Western Uranium & Vanadium Provides Company Updates
November 2, 2022
Western Uranium & Vanadium Provides 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 updates:
Nuclear Fuel and Uranium Markets
Western currently is observing positive catalysts across multiple levels of the nuclear fuel and uranium
markets. At a micro -level the projected supply / demand imbalance is expanding. Demand is increasing with
new reactors being built, next generation reactors being advanced, operating reactor life extensions, restarts
of idle reactors, and nuclear phase -out plans be ing reversed. There are multiple data points pointing to a
depletion of the secondary supply overhang, which was prevalent for the last decade. At a macro -level, the
electrification transition and climate change initiatives have increased global support for nuclear . Further,
Russia’s invasion of Ukraine and the ensuing global energy crisis has focus ed attention on security of supply
and supply chain risks.
As of today, Rosatom, Russia’s national nuclear company has avoided sanctions due to dependencies that
have been built -up over decades . However, a desire to stay away from bad actors and the threat of Russia
weaponizing energy exports ha s elicited responses. Worldwide, utilities have accelerated their contracting of
non-Russian conversion and enrichment services . N ew uranium supply agreements are being signed with
Western producers. In the U.S., legislative and agency solutions are moving forward . This year multiple new
nuclear funding programs have already been put in place and the language from the Department of Energy
has only gotten stronger . The Secretary of Energy recently declared: “The United States wants to be able to
source its own fuel from ourselves and th at’s why we are developing a uranium strategy…” Further , multiple
legislative sanction proposals have been put forth, including banning Russian uranium imports . As the U.S. has
the largest fleet of nuclear reactors, t hese actions have the potential to cause a realignment of uranium
markets.
As a result, Western continues to advance our operational strategy in anticipation of increasing uranium price
levels which will reward the ability to quickly scale-up ore production.
Mining Operations – Sunday Mine Complex
Western has completed the build -out of its in-house mining capability . A dditional employees for the first
mining team have been hired over the last two months, facilities have been upgraded, and equipment and
vehicles have been acquired and readied for deployment. The initial project will focus on additional
development of the GMG Ore body . This will involve ore production and stockpiling of high -grade ore and
underground drilling /exploration to define additional production zones. The next project will be similar in
scope but on the St. Jude Mine target areas defined during the 2019/2020 work project. Mining operations are
targeted to restart in January 2023.
Mining Operations – Van 4 Mine
Reclamation at the Van 4 Mine has continued using company employees and equipment. The headframe and
ore bins have been dissembled and placed into storage. This phase followed building removal; hence cement
pads are the only structures remaining onsite. The headframe will be reassembled at the Sunday Mine
Complex to add a new production shaft to increase output capacity.
Annual 2022 Incentive Stock Option Grant
Western announces that it has granted an aggregate of 1,665,000 stock options (“Options”) to purchase
common shares to a number of officers, directors, and employees of Western under the Company’s Incentive
Stock Option Plan. The Options were granted on October 31, 2022 after market close, and with the exercise
price being set at CAD$1.60 based upon the closing prices on both the day of the grant and the prior trading
day, and the pricing of units o ffered in the most recent private placement conducted by Western. Each option
is exercisable to acquire one common share for a five -year term starting with the vesting date. The Options
vest equally in two instalments beginning on the date of grant and thereafter on April 30, 2023.
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 (collectively, “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 explora tion 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 mo re 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 Com pany’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 o bligation 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 Robert Klein
President and CEO Chief Financial Officer
970-864-2125 908-872-7686