Western Uranium & Vanadium Recaps 2024 Milestones and Highlights
January 13, 2025
Western Uranium & Vanadium Recaps 2024 Milestones and Highlights
FOR IMMEDIATE RELEASE.
Toronto, Ontario and Nucla, Colorado - Western Uranium & Vanadium Corp. (CSE: WUC) (OTCQX: WSTRF) (“ Western”
or the “Company”) is pleased to provide a summary of its 2024 accomplishments as it ramps up uranium and vanadium
production capacity and throughput.
Enhanced Mining Capability
Western has significantly enhanced its mining capabilities through various strategic initiatives. These include expanding
its workforce by recruiting senior technical and mining staff, upgrading its fleet with additional mining equipment and
vehicles, and addressing other staffing and supply chain challenges. Downtime has been reduced by expanding the
maintenance shop, hiring more mechanics, and improving supply chain management. Infrastructure upgrades, such as
extending utilities deeper into the mine and completing underground rehabilitation, have greatly increased accessible
future development areas. Efficiency improvements, including installing push plates on loaders, increasing water truck
capacity, and deploying a jumbo drill, have positioned Western for greater productivity.
Property Portfolio Acquisitions
The Company strengthened its property portfolio through strategic acquisitions and development. This includes the
addition of two permitted mines through the Rimrock Joint Venture. Western has furth er expanded its holdings by
staking additional mining claims and acquiring a previously permitted mineral processing site, enhancing its future
capacity to process mineral resources close to the Sunday Mine Complex (“SMC”).
Mining Update
In 2024, Western made significant progress in advancing SMC mining operations. Western advanced toward the Leonard
and Clark Deposit , drifting a total of 635 feet, passing through newly discovered zones of mineralization. This provided
valuable data, leading to geophysical mapping of the face walls . Three significant seams were encountered in the drift
walls, the first was drilled to affirm further mineralization at distance and above and below the drift level. In the GMG
Deposit (“GMG”), 112 feet of drifting w as completed, however most of the 2024 work on this deposit was drilling .
Overall, total drifting at the SMC reached 747 feet for 2024. To support the primary drifting projects, substantial
underground infrastructure devel opment was undertaken. The Company strategically drifted around newly defined
mineralized zones, preserving those for quick turnaround future development and extraction.
Drilling Update
Western achieved 20,336 feet of drilling in 2024, most at the GMG . Horizontal underground drilling was paused in
October to allow our new geologist/qualified person to analyze the accumulated data. To ensure accurate and reliable
drill data reporting, a rigorous and scientific approach is being take n including twinning holes, conducting assays, and
drilling core samples. Preliminary results have identified five high -value mineralization zones in the GMG drift for
inclusion in Western’s mine development plan. The geologist will focus his analysis on the data collected from these drill
stations first. Preliminary results indicate the overall trend and shape of the deposit, with new mineralization identified
above and below current depths. Additionally, surface/vertical drill data has been confirmed, further supporting our
understanding of the GMG's structure.
Processing Plants Update
Advancing mining operations is critical to ensuring reliable processing plant feedstock. At the Maverick Minerals
Processing Plant in Utah, baseline data collection is well underway. At the recently acquired Mustang Mineral Processing
Facility (formerly the Pinon Ridge Mill site) in Colorado , data collection will commence this month to confirm the
baseline data from the previous radioactive material application , leveraging existing monitoring wells. Site upgrades
include graded roads, a weather tower, and monitoring equipment scheduled for delivery and deployment. A mobile on-
site office has be en established. Preliminary engineering for a base -case mill was completed in 2024, sufficient for
permitting but requiring additional information to optimize for a reduced tonnage modular design. The final input is a n
optimization study incorporating the kinetic separation process . We expect this study will be completed in the first
quarter of 2025 , upon co nclusion of the study the final iteration of the preliminary engineering and processing plant
design can be finalized. These developments mark significant strides toward in-house production of yellowcake.
Ore Purchase Agreement
Discussions regarding Energy Fuels’ previously announced ore buying program have progressed. During the first quarter
of 2025, Western expects to begin delivery of mined material from the SMC for uranium milling at the White Mesa Mill,
the only operational conventional uranium/vanadium mill in the United States. An Ore Purchase Agreement is currently
being finalized with Energy Fuels . Mill feedstock delivered under the Ore Purchase Agreement during 2025 will come
exclusively from mined material available from stockpiled production.
Uranium Market Opportunity
The uranium spot market began 2024 on a strong note, rallying to a peak price of $106 in January , before declining by -
20% for the year and -31% from the peak; reported term uranium prices increased by +18% . While price trends in 2024
were volatile, the medium and long term fundamentals remain s olid, driven by significant growth on the demand side
and geopolitics on the supply side. Notably, the U.S. ban on Russian uranium, set to take full effect by 2028, has already
prompted swift retaliatory measures from Russia which have impacted 2025 deliveries. Western believes that th is
catalyst will further exacerbate existing supply/demand imbalances due to the displacement of nuclear fuel purchases.
Western’s Uranium Strategy
The operational accomplishments achieved in 2024 have positioned the Company to address critical uranium supply
needs to support the growing global energy appetite, climate change mandates, and grid stabilization through baseload
power generation. To meet these challenges, the Company is committed to advancing its operations and expanding
production capacity in 2025. While 2024 mar ked a transitional period, the Company is now poised to begin delivering
mined material while simultaneously scaling capacity. Our mining investments are guided by a target of a minimum 5:1
return, generating $5 million of value for every $1 million invested.
Given current market dynamics, we anticipate a substantial price increase for uranium in the coming years, creating a
strategic opportunity for miners with both available production capabilities and uncommitted output. This projection
underpins our st rategy: to capitalize on price surges by producing at maximum capacity and delivering into favorable
long-term contracts in a higher-priced market.
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 Mustang Mineral Processing Facility and Maverick Minerals
Processing Plant are being licensed and developed for mined material recovery and will incorporate kinetic separation to
optimize economics.
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 a re
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