Western Uranium & Vanadium Provides Market and Company Updates
December 21, 2023
Western Uranium & Vanadium Provides Market and Company Updates
FOR IMMEDIATE RELEASE.
Toronto, Ontario and Nucla, Colorado - Western Uranium & Vanadium Corp. (CSE: WUC) (OTCQX: WSTRF) (“ Western”
or the ”Company”) is providing the following updates:
Uranium Markets
A few months, have made 2023 an extraordinary year for uranium markets. From January through mid-August, uranium
spot prices (“Spot”) traded in a narrow range from $50 per pound to $57 per pound. Then in mid -August Spot began to
rally surpassing the $60 and $70 price level in September. Well beyond expectations, Spot surpassed $80 price levels in
November and $90 price levels in December . O ver 15 year highs were achieved , price levels not seen since 2007.
Uranium has been the best performing commodity in 2023.
Uranium Equity Markets
Uranium equities have been subject to the same positive nuclear and uranium fundamental newsflow, however the se
have recently lagged. The Sprott Uranium Miners ETF (“URNM”) can be used as a proxy for the broad uranium miners
universe. During 3Q2023, URNM increased 40% outperforming the Spot increase from $56 to $72 price levels or +28%.
However, during 4Q203 the URNM rally hit a ceiling advancing less than 5%, while Spot has continued to increase to $90
price levels or about +25%.
U.S. Legislative Catalyst
The U.S. civilian nuclear fleet remains the largest in the world . This month in a show of bipartisan support, the U.S.
House of Representatives has passed the Prohibiting Russian Uranium Imports Act. The Russian response was notable as
Bloomberg reported “the Kremlin may preemptively bar exports of its nuclear fuel to the US if lawmakers in Washington
pass legislation prohibiting imports starting in 2028”. Subsequently, Bloomberg reported that Rosatom refuted that
“potential pre-emptive ban”. Currently, the reliance on Russian uranium , conversion and enrichment services is being
viewed quite differently than it has for decades. The legislative process toward a Russian ban will continue when the
United States Senate returns in January 2024.
Positive Market Signals for Western’s Operations
Western believes that escalating spot uranium price levels reflect both the growth in nuclear power generation and
supply market factors. We have observed a significant contraction in available uranium inventory. The market is moving
into a stage of an increasing supply / demand deficit, including new supply impairments due to the military overthrow of
the government in Niger. Since Russia’s invasion of Ukraine, t he U.S. legislature has been considering the energy and
national security implications of the dependence upon uranium imports from Russia to fuel the domestic civilian nuclear
reactor fleet.
Based upon these strong uranium market signals, Western has recently raised additional capital to accelerate a ramp-up
in Western’s production capability. A dditional staff and a second mining team has been added for January 2024 to
double our mining capability at the Sunday Mine Complex. Additional consulting commitments have been made to
accelerate the l icensing and development of the Maverick Minerals Pr ocessing Plant . T o add follow -on capacity, the
Company is continuing its permitting of the San Rafael and Topaz Mine projects. Western is investing to take advantage
of the opportunities from this generational shake-up in the U.S. nuclear fuel cycle.
Annual 2023 Incentive Stock Option Grant
Western announces that it has granted an aggregate of 1,525,000 stock options (“Options”) to purchase common shares
to a number of officers, directors, and employees of Western under the Company’s Incentive Stock Op tion Plan. The
Options were granted on December 20, 2023 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 offered 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 three instalments: January 31, 2024, July 31,
2024, and January 31, 2025.
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 projects in Colorado and Utah. The Maverick Minerals Processing Plant is being licensed in Utah
and will include the kinetic separation process.
Cautionary Note Regarding Forward -Looking Information: Certain information contained in this news release
constitutes “forward-looking information” or “forward -looking statements” within the meaning of applicable securities
laws (collectively, “forward -looking statements”). Statements of that nature include statemen ts relating to, or that are
dependent upon: the Company’s expectations, estimates and projections regarding the Offering and 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.sedarplus.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