Western Uranium & Vanadium Corp.

Western Uranium & Vanadium Corp. is a junior uranium producer headquartered in Toronto, Canada, operating primarily in USA. The company's portfolio consists of 6 projects, comprising 1 operating mine, 1 development, 3 advanced exploration, and 1 reclamation project. Key assets include Sunday Mine Complex and San Rafael. The company's business model is centered on the exploration, development, and production of mineral resources, with a distinct operational approach that integrates in-house mining capabilities and a proprietary processing technology. A key competitive advantage is the exclusive 25-year license for the Kinetic Separation process, a purely physical method for separating mineralization from waste rock. This technology is anticipated to concentrate over 90% of mineralization into 10-20% of the original mass, potentially reducing production costs by 44-53%. The operational strategy involves stockpiling mined material to serve as feedstock for a planned, company-owned processing facility that will incorporate this advanced separation technology. This vertical integration, from mining to processing, is designed to enhance operational efficiency and cost control. The enterprise maintains operational flexibility through its portfolio of fully permitted properties, which allows for the rapid scaling of production in response to favorable market conditions, providing a significant lead-time advantage over competitors requiring new permits.

The organization's vision is to become a regional developer, producer, and processor of mineral resources, with a strategy focused on building shareholder value by advancing its projects toward scaled-up production. Key strategic pillars include the commercialization of its licensed Kinetic Separation technology and the establishment of proprietary mineral processing capabilities. To achieve this, the company is actively pursuing the permitting and construction of its own processing facilities, with facility design and permitting activities already initiated. A core operational priority is the continued development of its primary resource property using an in-house mining team and a growing fleet of company-owned equipment. This approach supports the strategic stockpiling of mined material, ensuring a consistent feedstock to baseload the future processing plant. Management's approach also involves the continuous evaluation of potential acquisition or partnership opportunities to complement its organic growth and expand its operational footprint. Capital allocation is directed toward these key initiatives to support the transition into a fully operational and integrated producer.

Executive leadership is headed by the founder, President, and CEO, George Glasier, an industry veteran with over 30 years of experience, including founding Energy Fuels Inc. and leading the successful permitting of a uranium mill. The board of directors consists of 5 members, 3 of whom are independent. Governance is structured through a separately designated Audit Committee and a Governance, Nominating & Compensation Committee, both composed entirely of independent directors. The Audit Committee includes a designated financial expert, Andrew Wilder, who previously served as the company's Chief Financial Officer. The corporate governance framework is supported by a formal Code of Business Conduct and Ethics and a Disclosure, Confidentiality and Insider Trading Policy. The Chief Operating Officer, Michael Rutter, brings direct operational experience from previous roles at Energy Fuels Inc. and is responsible for scaling up all mining and milling activities. This leadership structure combines deep industry-specific operational and permitting expertise with independent financial and strategic oversight.

The corporate structure has been shaped by several key transactions, including the acquisition of Black Range Minerals Limited in 2015, which secured the exclusive license for the Kinetic Separation technology. In October 2024, the company acquired 100% of the shares of Pinon Ridge Corporation (PRC) and its subsidiary Mustang Mineral Processing Inc from a private investor group, a related-party transaction that secured a previously licensed mill site. An independent committee of the board oversaw and approved this transaction. In February 2024, the operational subsidiary Pinon Ridge Mining LLC entered into a joint venture with Rimrock Exploration and Development Inc. to explore, develop, and mine certain permitted claims, with an initial contribution of $200,000 for a 50% interest. Major institutional shareholders with over 5% ownership include ALPS Advisors, Inc. and MMCAP International Inc. SPC. The company's wholly-owned subsidiaries, including Pinon Ridge Mining LLC and Black Range Minerals Limited, manage its operational activities and key assets.