Western Uranium & Vanadium Provides Shareholder Updates
May 7, 2024
Western Uranium & Vanadium Provides Shareholder Updates
FOR IMMEDIATE RELEASE
Toronto, Ontario and Nucla, Colorado- Western Uranium & Vanadium Corp. (CSE: WUC) (OTCQX: WSTRF) (“Western” or
the ”Company”) is pleased to offer the following update on uranium markets and Company operations.
Prohibiting Russian Uranium Imports Act (H.R. 1042)
In response to Russia’s war in Ukraine, the United States legislature passed the Prohibiting Russian Uranium Imports Act
(H.R. 1042). We expect the President to sign this legislation into law shortly as the Biden administration has previously
considered using an executive order to limit Russian uranium imports. The ban will go into effect 90 days after its
enactment and will be phased in under Department of Energy conditional waivers before becoming a complete ban on
January 1, 2028. Importantly, the enactment of a Russian ban releases funding to support the American nuclear supply
chain.
Uranium/Vanadium Buying Program
Energy Fuels has announced that it expects to offer a n ore buying program. A uranium milling run is scheduled to begin
in late 2024 or 2025 at the White Mesa Mill, the only operational conventional uranium/vanadium mill in the United
States. Western and Energy Fuels have had initial discussions regarding the delivery of mined material from the Sunday
Mine Complex. If a mutually beneficial arrangement can be established , Western could pivot its current mining
operations to begin deliveries of uranium/vanadium mined material in as little as 30 days at annualized quantities up to
250,000 pounds of uranium and 1,000,000 pounds of vanadium.
Joint Venture with Rimrock Exploration and Development Inc.
Western has entered into a joint venture with Rimrock Exploration and Development Inc. (“Rimrock”), a private
company which owns two fully permitted, developed, and past producing uranium mines in Colorado. Western will fund
mining operations and initially Rimrock will be the operator. Upon the payment of the full initial contribution, each party
will own a 50% interest in the underlying mines and mining claims. Western has already funded more than half of the
initial contribution. These mines access shallow uranium deposits where mined material is available at depths of 60 and
120 feet. The joint venture will sell the mined material to Western under terms to be determined. The mines do not
have a technical report but are anticipated to provide marginal production to supplement Western’s Sunday Mine
Complex production.
Mining Operations and Processing Plant
Western continues to ramp up operations to achieve its annualized production target of 1 million pounds of uranium
and 6 million pounds of vanadium. Participation in the aforementioned buying program should not hinder the
development of an adequate uranium feedstock supply for the Maverick Minerals Processing Plant. Precision Systems
Engineering (PSE) is targeting to release the preliminary engineering design and cost estimate in June.
At the beginning of 2024 Western expanded the Sunday Mine Complex mining operations by deploying two alternating
mining crews and two alternating drilling team s who operate seven d ays a week . Following the expansion of
infrastructure deeper into the West Sunday Mine, the mining teams commenced driving a drift approximately 2,700 feet
to the Leonard & Clark deposit. So far, the teams have drifted approximately 317 feet and are now de ploying a jumbo
drill to increase progress.
The drilling teams continue to define additional mining areas utilizing underground horizontal drilling. Between January
25th and March 31st, the team has drilled a total of 8,170 linear feet with 43 long hole drill targets at three separate
areas of the GMG deposit.
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 pr operty 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 statements 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