What changed in this filing

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Item 1. Business

2022-04-15 compared with 2021-04-15 · 443 added, 411 removed, 59 unchanged (94% of the section changed)

1 unchanged sentence

Western Uranium & Vanadium Corp.

(formerly known as

Western Uranium Corporation) was incorporated in December 2006 under the Ontario Business Corporations Act and was formerly a non-listed

(formerly known

as Western Uranium Corporation) was incorporated in December 2006 under the Ontario Business Corporations Act and was formerly a non-listed

reporting issuer subject to the rules and regulations of the Ontario Securities Commission.

On November 20, 2014, the Company completed

a listing process on the Canadian Securities Exchange (“CSE”).

As part of that process, the Company acquired 100% of

the issued and outstanding shares of Pinon Ridge Mining LLC (“PRM”), a Delaware limited liability company.

The transaction

constituted a reverse takeover of Western by PRM.

After obtaining appropriate shareholder approvals, the Company subsequently reconstituted

its Board of Directors and senior management team.

On August 18, 2014, the Company closed on the purchase of certain

mining properties in Colorado and Utah from Energy Fuels Holding Corp.

Assets purchased included both owned and leased lands in

Utah and Colorado and all represent properties that have been previously mined for uranium to varying degrees in the past.

acquisition included the purchase of the Sunday Mine Complex.

The Sunday Mine Complex is located in western San Miguel County,

The complex consists of the following five individual mines:

the Sunday mine, the Carnation mine, the Saint Jude mine,

the West Sunday mine and the Topaz mine.

The operation of each of these mines requires a separate permit and all such permits have

been obtained by Western and are currently valid.

In addition, each of the mines has good access to a paved highway, electric power

to existing mine workings, office/storage/shop and change buildings, and extensive underground haulage development with multiple

vent shafts complete with exhaust fans.

After the completion of the 2019/2020 project, the Sunday Mine Complex was advanced such

that it is operationally ready to re-start mining operations.

On September 16, 2015, Western completed its acquisition of

Black Range, an Australian company that was listed on the Australian Securities Exchange until the acquisition was completed.

a listing process on the Canadian Securities Exchange (“CSE”).

As part of that process, the Company acquired 100% of the issued

and outstanding shares of Pinon Ridge Mining LLC (“PRM”), a Delaware limited liability company.

The transaction constituted

a reverse takeover of Western by PRM.

After obtaining appropriate shareholder approvals, the Company subsequently reconstituted its board

of directors and senior management team.

On August 18, 2014, the Company closed on the purchase

of certain mining properties in Colorado and Utah from Energy Fuels Holding Corp.

Assets purchased included both owned and leased lands

in Utah and Colorado and all represent properties that have been previously mined for uranium to varying degrees in the past.

The acquisition

included the purchase of the Sunday Mine Complex.

The Sunday Mine Complex is located in western San Miguel County, Colorado.

consists of the following five individual mines:

the Sunday mine, the Carnation mine, the Saint Jude mine, the West Sunday mine and the

The operation of each of these mines requires a separate permit and all such permits have been obtained by Western and are

currently valid.

In addition, each of the mines has good access to a paved highway, electric power to existing mine workings, office/storage/shop

and change buildings, and extensive underground haulage development with multiple vent shafts complete with exhaust fans.

After the completion

of the 2019/2020 project, the Sunday Mine Complex was advanced such that it is operationally ready to re-start mining operations.

On September 16, 2015, Western completed its acquisition

of Black Range, an Australian company that was listed on the Australian Securities Exchange until the acquisition was completed.

acquisition terms were pursuant to a definitive Merger Implementation Agreement entered into between Western and Black Range.

to the agreement, Western acquired all of the issued shares of Black Range by way of Scheme of Arrangement (“the Scheme”)

under the Australian Corporation Act 2001 (Cth) (the “Black Range Transaction”), with Black Range shareholders being

issued common shares of Western on a 1 for 750 basis.

On August 25, 2015, the Scheme was approved by the shareholders of Black

Range and on September 4, 2015, Black Range received approval by the Federal Court of Australia.

In addition, Western issued to

certain employees, directors and consultants options to purchase Western common shares.

Such stock options were intended to replace

Black Range stock options outstanding prior to the Black Range Transaction on the same 1 for 750 basis.

In connection with the Black Range Transaction, Western acquired

the net assets of Black Range.

to the agreement, Western acquired all of the issued shares of Black Range by way of Scheme of Arrangement (“the Scheme”)

under the Australian Corporation Act 2001 (Cth) (the “Black Range Transaction”), with Black Range shareholders being issued

common shares of Western on a 1 for 750 basis.

On August 25, 2015, the Scheme was approved by the shareholders of Black Range and on

September 4, 2015, Black Range received approval by the Federal Court of Australia.

In addition, Western issued to certain employees,

directors and consultants options to purchase Western common shares.

Such stock options were intended to replace Black Range stock options

outstanding prior to the Black Range Transaction on the same 1 for 750 basis.

In connection with the Black Range Transaction, Western

acquired the net assets of Black Range.

These net assets consist principally of interests in a large uranium resource located in Colorado

(the “Hansen-Taylor Complex”) and a 100% interest in a 25 year license for Kinetic Separation (“Kinetic Separation”,

formerly known as “Ablation”) and related patents from Ablation Technologies, LLC.

(the “Hansen-Taylor Complex”) and a 100% interest in a 25 year license for Kinetic Separation (“Kinetic Separation”,

formerly known as “Ablation”) and related patents from Ablation Technologies, LLC.

The Hansen-Taylor Complex is principally

a sandstone-hosted deposit that was discovered in 1977.

Furthermore, related to Kinetic Separation in connection with

the acquisition of Black Range Minerals Ltd.

(“Black Range”), the Company assumed a call option agreement between Black

Range and Mr.

George Glasier.

Prior to the Black Range Transaction, George Glasier, the Company’s CEO, who is also a director

(“Seller”), transferred his interest in a former joint venture with Ablation Technologies, LLC to Black Range.

In connection

with the transfer, Black Range issued 25 million shares of Black Range common stock to Seller and committed to pay $500,000 AUD

($392,086USD as of December 31, 2020) to Seller within 60 days of the first commercial application of the Kinetic Separation.

assumed this contingent payment obligation in connection with the Black Range Transaction.

The Kinetic Separation process is dramatically different from

conventional mining techniques.

Furthermore, related to Kinetic Separation in connection with the acquisition

of Black Range Minerals Ltd.

(“Black Range”), the Company assumed a call option agreement between Black Range and Mr.

Prior to the Black Range Transaction, George Glasier, the Company’s CEO, who is also a director of the Company (“Seller”),

transferred his interest in a former joint venture with Ablation Technologies, LLC to Black Range.

In connection with the transfer, Black

Range issued 25 million shares of Black Range common stock to Seller and committed to pay $500,000 AUD ($362,794 USD as of December 31,

2021) to Seller within 60 days of the first commercial application of the Kinetic Separation.

Western assumed this contingent payment

obligation in connection with the Black Range Transaction.

The Kinetic Separation process is dramatically different

from conventional mining techniques.

Subject to regulatory approvals for the use of Kinetic Separation, the benefits of Kinetic Separation

are as follows:

● Mining, crushing, and separation of waste from minerals (uranium and vanadium), used most effectively, occurs underground (inside

Under this approach the costs of moving material to the surface are less as 85%-90% of the mined material remains underground

and is never brought outside the mine.

● Less radiometric exposure throughout the process due to reduced waste rock on the surface and after the milling process less

Overall surface waste material is reduced and the time duration of material handling is reduced.

● Lower costs for transportation of post-kinetically separated material because 85-90% of the mined material would not need to

be transported.

● Once the kinetically separated material reaches the mill, the acid consumption at the mill and power is much less due to the

lower quantity and more concentrated material moving through the milling process.

Kinetic Separation can be used on legacy uranium stockpiles

in the western United States.

● Mining, crushing, and separation

of waste from minerals (uranium and vanadium), used most effectively, occurs underground

(inside the mine).

Under this approach the costs of moving material to the surface are less

as 85%-90% of the mined material remains underground and is never brought outside the mine.

radiometric exposure throughout the process due to reduced waste rock on the surface and

after the milling process less tailings.

Overall surface waste material is reduced and the

time duration of material handling is reduced.

costs for transportation of post-kinetically separated material because 85-90% of the mined

material would not need to be transported.

the kinetically separated material reaches the mill, the acid consumption at the mill and

power is much less due to the lower quantity and more concentrated material moving through

the milling process.

Kinetic Separation can be used on legacy uranium stockpiles in the

western United States.

WUC would kinetically separate these stockpiles, removing 85-90% of the uranium.

This is an application

through which Kinetic Separation could positively contribute to the ‘greening of the environment’.

This is an application through

which Kinetic Separation could positively contribute to the “greening of the environment”.

According to a study there are

approximately 4,225 legacy uranium mines from the 1940-1970 period throughout the Western United States, most of which have waste

In the estimation of management, Kinetic Separation mining allows

the cost of production of uranium to be reduced by 44-53%.

Our common shares are listed on the Canadian Securities Exchange,

also known as the “CSE,”

under the symbol “WUC”, and are also quoted in the United States on the OTCQX

Best Market under the symbol “WSTRF.”

We are headquartered in Ontario, Canada with mining operations in the two U.S.

states of Utah and Colorado.

The mailing address of our headquarters is 330 Bay Street, Suite 1400, Toronto, Ontario, M5H2S8, Canada,

and the telephone number is (970) 864-2125.

approximately 4,225 legacy uranium mines from the 1940-1970 period throughout the Western United States, most of which have waste stockpiles.

In the estimation of management, Kinetic Separation

mining allows the cost of production of uranium to be reduced by 44-53%.

Our common shares are listed on the Canadian Securities

Exchange, also known as the “CSE,” under the symbol “WUC”, and are also quoted in the United States on the OTCQX

Best Market under the symbol “WSTRF.” We are headquartered in Ontario, Canada with mining operations in the two U.S.

of Utah and Colorado.

The mailing address of our headquarters is 330 Bay Street, Suite 1400, Toronto, Ontario, M5H2S8, Canada, and the

telephone number is (970) 864-2125.

Our corporate website is located at http://www.western-uranium.com/.

We are an “emerging growth company”

is defined in the Jumpstart Our Business Startups Act (the “JOBS Act”).

The JOBS Act defines an “emerging growth

company”

as one that had total annual gross revenues of less than $1,000,000,000 during the last fiscal year.

We are an “emerging growth company” as

that term is defined in the Jumpstart Our Business Startups Act (the “JOBS Act”).

The JOBS Act defines an “emerging

growth company” as one that had total annual gross revenues of less than $1,000,000,000 during the last fiscal year.

Section 102(b)

(1) of the JOBS Act exempts emerging growth companies from being required to comply with new or revised financial accounting standards

until private companies (that is, those that have not had a Securities Act registration statement declared effective or do not

have a class of securities registered under the Securities Exchange Act) are required to comply with the new or revised financial

accounting standard.

The JOBS Act also provides that a company can elect to opt out of the extended transition period provided

by Section 102(b)(1) of the JOBS Act and comply with the requirements that apply to non-emerging growth companies but any such

election to opt out is irrevocable.

Our wholly-owned subsidiaries are Western Uranium Corp., Pinon

Ridge Mining LLC, Black Range Minerals Limited, Black Range Copper Inc., Ranger Resources Inc., Black Range Minerals Inc., Black

Range Minerals Colorado LLC, Black Range Minerals Wyoming LLC, Haggerty Resources LLC, Ranger Alaska LLC, Black Range Minerals

until private companies (that is, those that have not had a Securities Act registration statement declared effective or do not have a

class of securities registered under the Securities Exchange Act) are required to comply with the new or revised financial accounting

The JOBS Act also provides that a company can elect to opt out of the extended transition period provided by Section 102(b)(1)

of the JOBS Act and comply with the requirements that apply to non-emerging growth companies but any such election to opt out is irrevocable.

Our wholly-owned subsidiaries are Western Uranium

Corp., Pinon Ridge Mining LLC, Black Range Minerals Limited, Black Range Copper Inc., Ranger Resources Inc., Black Range Minerals Inc.,

Black Range Minerals Colorado LLC, Black Range Minerals Wyoming LLC, Haggerty Resources LLC, Ranger Alaska LLC, Black Range Minerals

Utah LLC, Black Range Minerals Ablation Holdings Inc.

and Black Range Development Utah LLC.

Western is in the business of exploring, developing, mining

and production of its uranium and vanadium resource properties.

Western is an exploration stage company for purposes of Industry

Guide 7 of the U.S.

Securities and Exchange Commission (“SEC”).

Industry Guide 7 states that mining companies like

ours can be classified into three stages:

exploration, development, or production.

Exploration stage includes all companies engaged

in the search for mineral deposits, which are not in either the development or production stage.

In order to be classified as a

development or production stage company, the Company must have already established reserves.

The Company has not established reserves

for purposes of Industry Guide 7.

National Instrument 43-101 –

Standards of Disclosure for Mineral

Projects (“NI 43-101”) is a rule of the Canadian Securities Administrators that establishes standards for all public disclosure

a Canadian issuer makes of scientific and technical information concerning mineral projects.

All historical mineral resource estimates

contained in this annual report have been prepared in accordance with NI 43-101 and the Canadian Institute of Mining, Metallurgy and Petroleum

classification system.

These standards differ from the mineral property disclosure requirements of Industry Guide 7, which, until December

31, 2020, applied to most SEC reporting issuers.

However, on October 31, 2018, the SEC adopted changes to modernize the mineral property

disclosure requirements applicable to SEC registrants.

New subpart 1300 of Regulation S-K (the “SEC Modernization Rules”)

became effective on February 25, 2019 and, for fiscal years beginning on or after January 1, 2021, replaces Industry Guide 7’s disclosure

requirements.

Under the SEC Modernization Rules, consistent with global standards as embodied by the Committee for Reserves International

Reporting Standards (“CRIRSCO”), SEC registrants will be required to disclose specified information concerning mineral resources

that have been identified on their mineral properties.

Consistent with CRIRSCO standards, the SEC Modernization Rules have also added

definitions to recognize measured mineral resources, indicated mineral resources and inferred mineral resources.

Thus, although the SEC

Modernization Rules are not identical to Canada’s NI 43-101 standards, they are intended to be more consistent with those standards.

Our mineral properties are located in western Colorado and eastern

Utah and adjacent areas of the western United States.

Our primary focus is bringing the fully permitted Sunday Mine Complex into

production, permitting the San Rafael Project and the commercialization of Kinetic Separation.

The Sunday Mine Complex is located in western San Miguel County,

Western is in the business of exploring, developing,

mining and production of its uranium and vanadium resource properties.

Western is an exploration stage issuer for purposes

Under S-K 1300, a mining company like ours can be classified as either an exploration stage issuer, a development stage

issuer or a production stage issuer.

Exploration stage issuers are companies that are engaged in the search for mineral deposits, which

are not in either the development stage or the production stage.

In order to be classified as a development stage issuer or a production

stage issuer, the Company must have already established mineral reserves.

The Company has not established mineral reserves for purposes

Our mineral properties are located in western Colorado

and eastern Utah and adjacent areas of the western United States.

Our primary focus is bringing the fully permitted Sunday Mine Complex

into production, permitting the San Rafael Project and the commercialization of Kinetic Separation.

The Sunday Mine Complex is located in western San

Miguel County, Colorado.

The complex consists of the following five individual mines:

the Sunday mine, the Carnation mine, the Saint Jude mine,

the West Sunday mine and the Topaz mine.

The operation of each of these mines requires a separate permit and all such permits have

been obtained by Western and are currently valid.

the Sunday mine, the Carnation mine, the Saint

Jude mine, the West Sunday mine and the Topaz mine.

The operation of each of these mines requires a separate permit and all such permits

have been obtained by Western and are currently valid.

In addition, each of the mines has good access to a paved highway, electric power

to existing mine workings, office/storage/shop and change buildings, and extensive underground haulage development with multiple

vent shafts complete with exhaust fans.

We have acquired a license for Kinetic Separation, which provides

a low cost, purely physical, method of separating uranium and vanadium mineralization from waste.

No chemicals are added in the

process, yet very high mineral recoveries can be achieved with considerable mass reduction;

to existing mine workings, office/storage/shop and change buildings, and extensive underground haulage development with multiple vent

shafts complete with exhaust fans.

We have acquired a license for Kinetic Separation,

which provides a low cost, purely physical, method of separating uranium and vanadium mineralization from waste.

No chemicals are added

in the process, yet very high mineral recoveries can be achieved with considerable mass reduction;

facilitating the separation of a high-value,

high-grade ore product from a coarse-grained barren “clean sand”

Application of Kinetic Separation is expected to have a very

positive effect on the development of not only our Sunday Mine Complex, but also most of our and others’

deposits, because

it significantly reduces both capital and operating costs.

Extensive test work has shown that from amenable sandstone-hosted ore

types, typically more than 90% of the mineralization can be separated into 10-20% of the initial sample mass.

high-grade ore product from a coarse-grained barren “clean sand” product.

Application of Kinetic Separation is expected to

have a very positive effect on the development of not only our Sunday Mine Complex, but also most of our and others’ deposits,

because it significantly reduces both capital and operating costs.

Extensive test work has shown that from amenable sandstone-hosted

ore types, typically more than 90% of the mineralization can be separated into 10-20% of the initial sample mass.

Our vision is to become a leading uranium and vanadium developer and

Our strategy is to build value for stockholders by advancing our projects towards scaled-up production.

Our strategy is to build value for shareholders by advancing our projects towards scaled-up production.

The increase in vanadium

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and the extracted ore was stockpiled underground in the mines.

The project has continued in 2020 as multiple surface infrastructure projects

were completed to meet Colorado Division of Reclamation, Mining and Safety (CDRMS) requirements.

Completion of the CDRMS prerequisites

has enabled the newly mined and stockpiled underground ore to be brought to the surface.

Ore pad construction, the last of the surface

projects, was completed;

however, its final inspection approvals were delayed until May 2020 due to the COVID-19 outbreak.

holds an exclusive 25-year license to use Kinetic Separation, a proven technology that we anticipate will improve the efficiency of the

mining from Western’s sandstone-hosted ore.

The license agreement was entered into on March 17, 2015 and expires on March 16, 2040.

There are no remaining license fee obligations and there are no future royalties due under the agreement.

The Company has the right to

sub-license the technology to third parties.

The Company may not sell or assign the Kinetic Separation license;

however, it could be transferred

in the sale of Western or the subsidiary holding the license.

At any time we may have acquisition or partnering opportunities

in various stages of active review, including, for example, our engagement of consultants and advisors to analyze particular opportunities,

analysis of technical, financial and other confidential information, submission of indications of interest, participation in preliminary

discussions and negotiations and involvement as a bidder in competitive processes.

The project was continued in 2020 as multiple surface infrastructure projects

were completed to meet DRMS requirements.

Completion of the DRMS prerequisites has enabled the newly mined and stockpiled underground

ore to be brought to the surface.

Ore pad construction, the last of the surface projects, was completed;

however, its final inspection

approvals were delayed until May 2020 due to the COVID-19 outbreak.

The Company holds an exclusive 25-year license to use Kinetic Separation,

a proven technology that we anticipate will improve the efficiency of the mining from Western’s sandstone-hosted ore.

agreement was entered into on March 17, 2015 and expires on March 16, 2040.

There are no remaining license fee obligations and there are

no future royalties due under the agreement.

The Company has the right to sub-license the technology to third parties.

The Company may

not sell or assign the Kinetic Separation license;

however, it could be transferred in the sale of Western or the subsidiary holding the

At any time we may have acquisition or partnering

opportunities in various stages of active review, including, for example, our engagement of consultants and advisors to analyze particular

opportunities, analysis of technical, financial and other confidential information, submission of indications of interest, participation

in preliminary discussions and negotiations, and involvement as a bidder in competitive processes.

Capital Raising

On April 16, 2019, the Company completed a private placement

of 3,914,632 units at a price of CAD $0.98 (USD $0.73) per unit for net proceeds of CAD $3,836,340 (USD $2,856,356).

consisted of one common share and a warrant to purchase one-half of one common share.

Each warrant is exercisable at a price of

CAD $1.70 and expires three years from the date of issuance.

On June 17, 2019, the Company completed a private placement

of 192,278 units at a price of CAD $0.98 (USD $0.73) per unit for gross proceeds of CAD $188,432 (USD $140,555).

Each unit consisted

of one common share and a warrant to purchase one-half of one common share.

Each warrant is exercisable at a price of CAD $1.70

and expires three years from the date of issuance.

During the year ended December 31, 2019, the Company issued

an aggregate of 4,106,910 common shares in connection with these private placements.

On February 16, 2021, the Company closed

on a non-brokered private placement (the “Private Placement”) of 3,250,000 units (the “Units”) at a price

of CAD $0.80 per Unit.

The aggregate gross proceeds raised in this Private Placement amount to CAD $2,600,000.

Each Unit consists of one common share

of Western (a “Share”) plus one common share purchase warrant of Western (a “Warrant”).

Each warrant entitled

the holder to purchase one Share at a price of CAD $1.20 per Share for a period of three years following the closing date of the

Private Placement.

A total of 3,250,000 Shares and 3,250,000 Warrants were issued in the Private Placement.

On March 1, 2021, the Company closed on

a non-brokered private placement (the “Private Placement”) of 3,125,000 units (the “Units”) at a price

of CAD $0.80 per Unit.

On February 16, 2021, the Company closed on a non-brokered private

placement of 3,250,000 units at a price of CAD $0.80 per unit.

The aggregate gross proceeds raised in the private placement amount to

CAD $2,600,000.

Each unit consists of one common share of Western plus one common share

purchase warrant of Western.

Each warrant entitled the holder to purchase one common share at a price of CAD $1.20 per share for a period

of three years following the closing date of the private placement.

A total of 3,250,000 common shares and 3,250,000 warrants were issued

in the private placement.

On March 1, 2021, the Company closed on a non-brokered private placement

of 3,125,000 units at a price of CAD $0.80 per unit.

The aggregate gross proceeds raised in this private placement amount to CAD $2,500,000.

Each Unit consists of one common share

of Western (a “Share”) plus one common share purchase warrant of Western (a “Warrant”).

Each warrant entitled

the holder to purchase one Share at a price of CAD $1.20 per Share for a period of three years following the closing date of the

Private Placement.

A total of 3,125,000 Shares and 3,125,000 Warrants were issued in the Private Placement.

Each unit consists of one common share plus one common share purchase

Each warrant entitled the holder to purchase one common share at a price of CAD $1.20 per share for a period of three years following

the closing date of the private placement.

A total of 3,125,000 common shares and 3,125,000 warrants were issued in the private placement.

On December 17, 2021, the Company closed a non-brokered private placement

of 372,966 units at a price of CAD $1.60 per unit.

The aggregate gross proceeds raised in the private placement amounted to CAD $596,746.

Each unit consists of one common share plus one common share purchase

Each warrant entitled the holder to purchase one common share at a price of CAD $2.50 per share for a period of three years following

the closing date of the private placement.

A total of 372,966 common shares and 372,966 warrants were issued in the private placement.

On January 20, 2022, the Company closed a non-brokered private placement

of 2,495,575 units at a price of CAD $1.60 per unit.

The aggregate gross proceeds raised in the private placement amounted to CAD $3,992,920.

Each unit consists of one common share plus one common share purchase

Each warrant entitled the holder to purchase one common share at a price of CAD $2.50 per share for a period of three years following

the closing date of the private placement.

A total of 2,495,575 common shares and 2,495,575 warrants were issued in the private placement.

Uranium/Vanadium Production

1 unchanged sentence

with the goal of beginning production as expeditiously as possible once market conditions for uranium and/or vanadium were favorable.

The 2018 vanadium price rally brought about those conditions for a period, thus catalyzing the Sunday Mine Complex project.

reinitiated active mining operations at the Sunday Mine Complex project with its infrastructure and exploratory projects, which

culminated in the commencement of production with the mining and stockpiling of the extracted uranium/vanadium ore.

The well maintained

existing infrastructure from years of previous production allowed the Company to quickly advance the mine to a production ready

As the mining team refocused on surface infrastructure projects required by the CDRMS, the mines were shut;

mining operations

and transporting extracted ore to the surface were delayed pending the inspection of the newly constructed ore pads and the completion

of a COVID-19 delayed permit hearing.

The impact of COVID-19 delayed a re-start beyond 180 days, thus in October 2020 each of the

five Sunday mines were put back into Temporary Cessation.

With the decline in vanadium prices during calendar year 2019, the economics

of the Sunday Mine Complex have shifted from an emphasis on vanadium production back toward co-production of uranium/vanadium.

The recent rally in uranium prices has become an increasingly important driver for scaled up production.

Western believes that its mineral resources have a reasonable

prospect for economic extraction.

However, the Company has not yet completed a Preliminary Economic Assessment (“PEA”).

The 2018 vanadium price rally catalyzed the Sunday Mine Complex project.

Western reinitiated active mining operations at the Sunday Mine

Complex project with its infrastructure and exploratory projects, which culminated in the commencement of production with the mining and

stockpiling of the extracted uranium/vanadium ore.

The well maintained existing infrastructure from years of previous production allowed

the Company to quickly advance the mine to a production ready status.

The mining team refocused on surface infrastructure projects required

The impact of COVID-19 delayed a re-start beyond 180 days, thus in October 2020 the Sunday Mine Complex was put back into

Temporary Cessation.

During 2020, COVID-19 induced mine closures began a rally in uranium

In 2021, catalysts continued to provide positive signals for uranium miners and investors.

This catalyzed the ongoing Sunday Mine

Complex project which commenced in July 2021.

After completion of infrastructure work in this new area of the mine, exploration and development

of the GMG ore body was the first project phase.

Drifting, continuous high-grade ore was intersected, which led to the mining and underground

stockpiling of over 3,000 tons of uranium/vanadium ore during the December 2021 to March 2022 period.

At the end of March, the mining

contractor engaged by Western decided to retire from contract mining operations.

As a result of this decision, Western will take over

the mining operations and has acquired a full complement of mining equipment.

The equipment is being prepared for operations and upgrades

to mine ventilation, support buildings and infrastructure are underway.

Further mine development and ore production is expected to resume

in early summer after upgrades are completed.

Western’s mining team will be expanded to facilitate mine development and full ore

Western believes that its mineral resources have a reasonable prospect

for economic extraction.

However, the Company has not yet completed a preliminary economic assessment under NI 43-101 or a feasibility

study or preliminary feasibility study under S-K 1300 that would be needed to establish the existence of proven or probable reserves and

has instead allocated that capital to the aforementioned mining operations at the Sunday Mine Complex.

URANIUM MARKET OUTLOOK

2 unchanged sentences

Further, 2020 production cuts in response to COVID-19 at peak sidelined approximately 50% of annual global uranium production.

implementation of the U.S.

Uranium Reserve program and the Biden administration’s emphasis on climate change have the

potential to increase U.S.

domestic uranium demand and create economic pricing levels for U.S.

In the United States implementation of the U.S.

Uranium Reserve program and the Biden administration’s emphasis on climate change

have the potential to increase U.S.

domestic uranium production and create economic pricing levels for U.S.

domestic producers.

We believe these factors

will provide the price levels needed to support the additional production that will be required.

Currently, excess (secondary)

inventory supplies are being drawn down, and additional primary production is forecast to be needed to fulfill the nuclear fuel requirements

of the growing global nuclear reactor fleet.

Once prices rise, it may be difficult for most suppliers to respond

in a timely manner, as it requires many years of permitting and development to bring new mines into production.

These lead times will

put further upward pressure on prices.

Thus, Western has a competitive advantage, as our mining properties are permitted and ready to

scale-up production on short notice.

As uranium prices have been depressed for about a decade due to overproduction

and reactor shutdowns subsequent to the impact of the 2011 Fukushima earthquake, investors are positioning in response to early signs

of a market recovery;

the spot uranium price began 2020 at ~$24 and finished the year at ~$30, but had rebounded to a short-term ~$34

high in response to COVID-19 production cuts.

Japanese utilities have nuclear reactors in the process of restarting (according to the

World Nuclear Association (“WNA”)).

According to data from the WNA, Chinese utilities continue to aggressively build new reactors

and buy uranium, with the goal of becoming the world leader in nuclear electricity generation.

In total, according to the WNA, there are

about 50 new reactors under construction in 13 countries and in all there are about 160 reactors on order or being planned, and over 300

more are proposed.

these factors will provide the price levels needed to support the additional production and supply that will be required.

Currently, excess

(secondary) inventory supplies are being drawn down, and additional primary production is forecast to be needed to fulfill the nuclear

fuel requirements of the growing global nuclear reactor fleet.

Once prices rise, it may be difficult for most suppliers

to respond in a timely manner, as it requires many years of permitting and development to bring new mines into production.

times will put further upward pressure on prices.

Thus, Western has a competitive advantage, as our mining properties are permitted and

ready to scale-up production on short notice.

As uranium prices have been depressed for about a

decade due to overproduction and reactor shutdowns subsequent to the impact of the 2011 Fukushima earthquake, investors are positioning

in response to early signs of a market recovery;

the spot uranium price began 2020 at ~$24 and finished the year at ~$30, but had rebounded

to a short-term ~$34 high in response to COVID-19 production cuts.

Japanese utilities have nuclear reactors in the process of restarting

(according to the World Nuclear Association (“WNA”)).

According to data from the WNA, Chinese utilities continue to aggressively

build new reactors and buy uranium, with the goal of becoming the world leader in nuclear electricity generation.

In total, according

to the WNA, there are about 50 new reactors under construction in 13 countries and in all there are about 160 reactors on order or being

planned, and over 300 more are proposed.

It is projected that ~15 new nuclear reactors will be placed into service in 2021.

During the Trump Administration, the U.S.

government focused

on market distortions caused by foreign state-owned enterprises and the economic and geopolitical influence lost by allowing Russia

and China to take the lead in nuclear power.

In support of the world’s largest nuclear reactor fleet, the U.S.

implementing the recommendations of the Nuclear Fuel Working Group and has extended the Russian Suspension Agreement.

strategic uranium reserve was signed into law to stabilize the U.S.

nuclear fuel cycle by supporting front-end domestic uranium

Department of Energy is establishing program guidelines to initiate 2021 purchases of $75 million of domestic

government pursued the goals of energy independence, solidifying critical minerals supply chains and national

In September 2020, President Trump issued an Executive Order on Addressing the Threat to the Domestic Supply Chain from

Reliance on Critical Minerals from Foreign Adversaries.

Both uranium and vanadium are among the 35 critical minerals identified

as essential to the economic and national security of the United States.

This order mandated that multiple government agencies

undertake studies to develop solutions.

The Biden Administration’s “Plan to Build a Modern Sustainable

Infrastructure and an Equitable Clean Energy Future”

emphasizes climate change solutions.

Upon taking office, the Biden team immediately

rejoined the Paris Climate Accord and continued its pursuit of campaign promises of investments in clean energy, creating jobs producing

clean electric power, and achieving carbon-pollution free energy in electricity generation by 2035.

Since taking office, Biden has reversed

a number of Trump’s pro-fossil fuel energy policies, which is expected to continue as the new administration has given all agencies

government focused on market distortions

caused by foreign state-owned enterprises and the economic and geopolitical influence lost by allowing Russia and China to take the lead

in nuclear power.

In support of the world’s largest nuclear reactor fleet, the U.S.

has begun implementing the recommendations of

the Nuclear Fuel Working Group (“NFWG”).

The NFWG followed the uranium Section 232 investigation.

The national strategic uranium

reserve was signed into law to stabilize the U.S.

nuclear fuel cycle by supporting front-end domestic uranium mining.

of Energy (“DoE”) is establishing program guidelines to initiate purchases of US$75 million of domestic uranium.

During August

2021, DOE moved this initiative forward through the dissemination of a Request for Information.

On October 13, 2021, Western submitted

a response to the Request for Information:

Establishment of the Uranium Reserve Program to the DOE’s National Nuclear Security Administration.

In January 2022, a summary of comments and responses was released, including next steps which involve following Congressional direction

and implementing the program.

The Russia/Ukraine war, as discussed later, has highlighted the nuclear fuel supply chain risks and the

geopolitical risks of dependence on the direct and indirect sourcing of nuclear fuel from state owned enterprises in Russia and former

Soviet republics.

This has emphasized the need and triggered increasing calls for the implementation of the Uranium Reserve Program.

Upon taking office, the Biden-Harris Administration

team immediately rejoined the Paris Climate Accord and continued its pursuit of climate change solutions.

President Biden has reversed

a number of pro-fossil fuel energy policies, an approach which is expected to continue as the new administration has given all agencies

climate change initiatives and has already started a climate change working group.

The existing U.S.

nuclear reactor fleet currently produces

in excess of 50% of U.S.

clean energy, and new advanced nuclear technologies promise to generate additional clean energy;

thus, the expectation

is that the post-pandemic infrastructure spending will provide a major boost to clean energy and the nuclear industry will be a beneficiary.

A global supply/demand uranium imbalance is coming to the forefront

as the world continues to deplete the formerly excess inventories.

There are many market and governmental catalysts propelling

investor expectations whose capital is flowing into the sector.

Investors have taken note of constrained global uranium supplies,

improved uranium demand fundamentals, the pace of innovations in nuclear technology, and a global push for climate change solutions.

The Biden-Harris Administration continues to advance

a national clean energy standard that includes nuclear across multiple initiatives.

utilities are expected to be required to produce

an increasing proportion of electricity generation from clean energy power sources.

The administration has introduced the Infrastructure

Investment and Jobs Act which contains provisions that are supportive of nuclear power.

President Biden attended the United Nations Climate

Change Conference (COP26) in Glasgow, Scotland.

His administration simultaneously released a proposed plan targeting the reduction of

methane emissions.

Many of the proposed initiatives from the Climate Summit target reduced utilization of fossil fuels and, if implemented,

expand future opportunities for nuclear power generation, given its ability to provide baseload and carbon-free energy.

The Biden-Harris

Administration is continuing its efforts to move forward a number of stalled spending programs that contain support for the U.S.

In response to the elimination of price controls implemented at the beginning

of 2022, anti-government protests erupted in Kazakhstan in early January.

The President’s Cabinet resigned and was replaced, after

many arrests and deaths, curfews, and other emergency measures.

After a swift crackdown on the unrest, order has largely been restored,

and changes have been implemented at multiple government controlled enterprises, including Kazatomprom, the world’s largest uranium

miner who is responsible for ~40% of global annual uranium production.

At local uranium mines it has been reported that production has

not been affected, and the impacts to uranium and uranium equity prices which trended up in early January, reversed in the second half

In February, Russia invaded Ukraine commencing a war between the two countries.

Russia is a major global energy supplier and

both countries are top ten uranium producers and Russia is a global leader in nuclear fuel services.

Thus, these actions caused a surge

in energy prices initially in oil and gas.

On the day prior to the invasion, the spot price of uranium was $43.63/lbs and at the end of

March it had increased to $58.25/lbs.

Russia has been the target of unprecedented economic sanctions which have created bottlenecks of

Russian exports, including nuclear fuel.

In spite of a large global dependence, nuclear fuel purchasers are continuing to diversify away

from Russian nuclear fuel.

There remains a very real possibility of a sanction or counter-sanction terminating the flow of nuclear fuel

from Russia to North America.

Uranium inventories have declined significantly during

the last two years.

During 2020, this was caused by COVID-19 induced mine suspensions.

During 2021, financial buyers further depleted

uranium inventories.

Existing and new nuclear technologies are receiving unprecedented support on a global basis, as a baseload electricity

source with zero carbon emissions, thus expanding future nuclear fuel demand.

The Sprott Physical Uranium Trust (U.UN) (the “Trust”)

took over the former Uranium Participation Corp.

(U.TO) and launched an at-the-market program (ATM) on August 17, 2021 to raise capital

for the closed-ended trust.

Since the inception of the ATM program, the Trust has bought significant quantities of uranium contributing

to the increase in spot prices.

It is anticipated that a Sprott U.S.

vehicle will receive New York Stock Exchange (NYSE) approval and

be made available for investment during 2022.

It is also likely that a comparable physical uranium holding vehicle will be launched in

affiliation with Kazatomprom, the world’s largest uranium miner.

A uranium global supply/demand imbalance had been projected by analysts

to impact uranium prices in coming years.

In 2020 COVID-19 induced mine closures and in 2021 Sprott Physical Uranium Trust began purchasing

uranium, underscoring the imbalance.

Both of these catalysts have depleted excess inventories and accelerated the timing of the supply/demand

The nuclear industry is benefiting from many market and governmental catalysts raising investor expectations.

Investors have become

well aware of constrained global uranium supplies, improved uranium demand fundamentals, the increasing pace of nuclear technology innovations,

and the global push for climate change solutions.

However, in 2022 the Russian invasion of Ukraine has quickly driven the uranium market

strongly upward due to Russia’s dominant market position in the nuclear fuel cycle.

Sanctions, phase-outs, and embargoes are being

considered by many countries, while the Russian Federation has considered export bans.

Any of these actions would fundamentally alter

the dynamics of the nuclear fuel market as utilities shift buying away from Russia.

OVERVIEW OF THE URANIUM INDUSTRY

Spot prices rose from $21 per pound in January 2005 to a high

of $136 per pound in June 2007 in anticipation of sharply higher projected demand as a result of a resurgence in nuclear power

and the depletion of secondary supplies.

Secondary supplies are inventories of uranium not publicly available for sale, they are

primarily held by utility companies and governments.

The sharp price increase was driven in part by high levels of buying by utility

companies, which resulted in most utilities covering their requirements through 2009.

A decrease in near-term utility demand coupled

with rising levels of supplies from producers and traders have led to downward pressure on uranium prices since the third quarter

A rebound in uranium prices in conjunction with a recovery in commodities in 2010 was curtailed by the Fukushima disaster

The only significant commercial use for uranium is as a fuel for nuclear

power plants for the generation of electricity.

The global nuclear and uranium mining industries continue to benefit from the convergence

of multiple trends and increased public, political and government support due to coming new technologies, climate change initiatives,

and energy crisis shortages.

These are resulting in extensions to operating lives, a large number of nuclear reactors under construction,

new builds, investments in next generation nuclear technology, and in Japan, increased urgency to re-start the nuclear reactor fleet.

The uranium market has historically been highly cyclical.

bull market, spot prices rose from $21 per pound in January 2005 to a high of $136 per pound in June 2007 in anticipation of sharply higher

projected demand as a result of a resurgence in nuclear power and the depletion of secondary supplies.

Secondary supplies are inventories

of uranium not publicly available for sale, which are primarily held by utility companies and governments.

The sharp price increase was

driven in part by high levels of buying by utility companies, which resulted in most utilities covering their requirements through 2009.

A decrease in near-term utility demand coupled with rising levels of supplies from producers and traders led to downward pressure on uranium

prices beginning in the third quarter of 2007.

A rebound in uranium prices in conjunction with a recovery in commodities in 2010 was curtailed

by the Fukushima disaster in Japan.

Since the Fukushima disaster in 2011, uranium spot prices entered a

2 unchanged sentences

again began to fall steadily, reaching their lowest point of $18 per pound in November 2016.

In May 2020, spot prices hit a $34 per pound

price before declining to close the year at $30 per pound.

The only significant commercial use for uranium is as a fuel

for nuclear power plants for the generation of electricity.

According to the WNA, at the end of June 2020, there were 440 nuclear

reactors operable worldwide, with annual requirements of about 143.3 million pounds of uranium.

From the reports of leading investment banks, the macroeconomic conditions

driving uranium prices are as follows:

● Advanced nuclear power reactors,

small modular reactors, microreactors, a versatile test reactor, accidental tolerant fuels, and byproduct production of hydrogen were

all extended by the Nuclear Regulatory Commission and Department of Energy,

● Decrease in primary supply due to global producers shutting down mining

operations that weren’t profitable at current pricing levels, depleted mines closing, and large COVID-19 related production shutdowns,

● Lowest uranium production in over

a decade, creating a global supply deficit where production was only about two-thirds of consumption,

● WNA reports there are about 50

large-scale nuclear reactors under construction with 15 projected to be put into service in 2021,

● The announced infrastructure plan

by the Biden Administration will provide a major boost to clean energy and the nuclear industry will be a beneficiary.

Across the ten banks and analysts most active in the sector, a term

structure of rising uranium spot prices which are significantly above today’s prices are forecast almost across the board from 2020

These projected increases are primarily due to the projected supply / demand imbalance.

There has been a uranium supply reduction

from both low prices, closures, and COVID-19.

Nuclear energy is a growth industry, fueled primarily by new plants with the greatest number

located in China, Russia, and India over the next 5 years.

Further, small modular reactors and advanced reactors are expected to begin

coming online during the next decade.

This should lead to additional demand, causing a contracting shortage, in the coming years, as historical

contracts roll-off.

Recently, due to mine closures in response to COVID-19, the market price of uranium has increased sharply, in contrast

to other commodities.

Based upon these pricing factors specific to the uranium industry,

we believe that uranium prices will improve over the coming years for Western to initiate full-scale production in its best properties.

With the exception of the Hansen/Taylor Deposit, most of the

Company’s mining assets, including the Sunday Mine Complex, contain vanadium either as a stand-alone product or a co-product

Conventional and new vanadium applications include steelmaking,

aerospace, stationary energy storage, batteries, and chemicals.

Prior to COVID-19, annual uranium production

was at its lowest in over a decade, creating a global supply deficit where production was only about two-thirds of consumption.

2020, after COVID-19 related production shutdowns, spot prices hit a $34 per pound price before declining to close the year at $30 per

During 2021, market participation by the Sprott Physical Uranium Trust and other secondary market uranium buyers caused prices

to rise to $42.05 per pound at December 31, 2021.

Uranium prices held these levels until Russia’s invasion of Ukraine caused uranium

markets to surge.

Prior to the invasion on February 24, 2022, uranium spot prices were in the $43 per pound range and recently closed

at over $63 per pound;

an increase of ~$20 per pound and an 11-year high.

Based upon these pricing factors specific to the

uranium industry, we foresee a uranium pricing environment which in the coming years will allow Western to initiate full-scale production

in its best properties.

With the exception of the Hansen/Taylor Deposit,

most of the Company’s mining assets, including the Sunday Mine Complex, contain vanadium either as a stand-alone product or a co-product

Conventional and new vanadium applications include

steelmaking, aerospace, stationary energy storage, batteries, and chemicals.

When a very small amount of vanadium is added to steel, the hardening

effect greatly increases its strength.

And while steelmaking accounts for roughly 90% of all vanadium currently consumed, it’s

estimated that vanadium is only used in about 9% of all steels today.

In a research report, BMO Capital Markets identified a structural

change in the vanadium markets.

China, the largest vanadium producer in the world, has seen supply disrupted by environmental monitoring

and rules while domestic demand was increasing.

During 2017, BMO observed ferrovanadium exports falling by 30% year over year and

projected that China would become a net importer of ferrovanadium.

In 2018, this forecast was validated as China which had been

a net vanadium exporter became a net vanadium importer.

On the demand side, China announced a new high strength rebar standard

to increase earthquake resistance in February 2018 that became effective on November 1, 2018.

On the supply side in its efforts

to fight pollution, Chinese environmental inspections resulted in the closing of dirty processes in which vanadium was recovered

as a byproduct.

These policy changes were very positive for vanadium prices.

As a result of these structural changes, vanadium

demand exceeded vanadium supply putting the market into a deficit and pushing the prices to all-time highs during the fourth quarter

The substantial appreciation in vanadium price during 2018 catalyzed

the Company to pursue the Sunday Mine Complex Vanadium Project during 2019.

After steelmaking, the second largest market for vanadium is

that of catalysts and chemical applications.

Significant new sources of demand for vanadium are also expected to originate from

vanadium redox flow batteries (VRFB).

Section 232 National Security Investigation

of Imports of Vanadium investigation was undertaken by the U.S.

Department of Commerce during 2020.

After a 270 day study period

the investigation was concluded and a report submitted to President Biden on February 22, 2021.

The President has 90 days to decide

if he concurs with the findings and recommendations and determine whether to take an action to mitigate the impairment of national

The current vanadium market price is $7.10 per pound as of December 31,

2020 which is an increase from the December 31, 2019 price when the price was $6.10 per pound.

There is global competition for uranium properties, capital,

customers and the employment and retention of qualified personnel.

We compete with multiple exploration companies for both properties

as well as skilled personnel.

In the production and marketing of uranium, there are a number of producing entities globally, some

And while steelmaking accounts for roughly 90% of all vanadium currently consumed, it’s estimated

that vanadium is only used in about 9% of all steels today.

After steelmaking, the second largest market for vanadium is that of catalysts

and chemical applications.

A significant new source of demand for vanadium is from vanadium redox flow batteries (VRFB) as their adaptation

grows with the stationary storage market.

In 2018 there was structural change in the vanadium markets that caused

prices to spike.

China, the largest vanadium producer in the world, had supply disrupted by environmental monitoring and rules while domestic

demand was increasing.

China, which had been a net vanadium exporter, flipped and became a net vanadium importer.

On the demand side,

China announced a new high strength rebar standard to increase earthquake resistance in February 2018 that became effective on November

On the supply side, in its efforts to fight pollution, Chinese environmental inspections resulted in the closing of dirty processes

in which vanadium was recovered as a byproduct.

These policy changes caused a shortage and led to a surge in vanadium prices to all-time

highs during the fourth quarter of 2018.

Vanadium closed on December 31, 2018 at $23.15, but owing to a Chinese extension in the implementation

of the new rebar standard, prices plunged to close on December 31, 2019 at $5.25.

Notably, the substantial price appreciation in vanadium

delayed the adaptation of VRFB applications as these batteries were no longer considered to be cost competitive.

A Section 232 National Security Investigation of Imports of Vanadium

was undertaken by the U.S.

Department of Commerce (“DoC”) during 2020 and submitted to President Biden on February 22, 2021.

The President had 90 days to decide if he concurred with the findings and recommendations and determine whether to take an action to mitigate

the impairment of national security.

No action was taken.

The vanadium market price was $8.70 per

pound as of December 31, 2021, which was an increase from the December 31, 2020 price of $7.10 per pound.

In the first quarter of

2022, vanadium prices rallied with commodities closing at $12.10 on March 31, 2022.

There is global competition for uranium/vanadium properties, ore processing

mills, capital, customers and the employment and retention of qualified personnel.

We compete with multiple exploration companies for

all of these things.

In the production and marketing of uranium and vanadium, there are a number of producing entities globally, some

of which are government controlled and several of which are significantly larger and better capitalized than we are.

these organizations also have substantially greater financial, technical, manufacturing and distribution resources than we have.

Our future uranium production may also compete with uranium

from secondary supplies, including the sale of uranium inventory held by the U.S.

Department of Energy.

At the current time, DOE

uranium sales have been suspended.

In addition, there are numerous entities in the market that compete with us for properties and

operate in situ recovery (“ISR”) facilities.

If we are unable to successfully compete for properties, capital, customers

or employees or with alternative uranium sources, it could have a material adverse effect on our results of operations.

With respect to sales of uranium, the Company competes primarily

based on price.

Several of these

organizations also have substantially greater financial, technical, manufacturing and distribution resources than we have.

Our future uranium production may also compete with uranium from secondary

supplies, including the sale of uranium inventory held by the DoE.

At the current time, DoE uranium sales have been suspended.

there are numerous entities in the market that compete with us for properties and operate in-situ recovery (“ISR”) facilities.

In the event that there is not a buying program in place for uranium/vanadium

ore, the Company would need to arrange with a third party for conventional milling services.

Because the number of mills permitted for

processing of uranium and vanadium is very limited, it may be difficult for us to gain access to a mill on favorable terms, or at all.

This could result in increased costs and/or significant delays in, interruption of, or cessation of the Company’s business activities.

The practice of selling uranium/vanadium ore without first processing into yellowcake (U3O8) or Vanadium Pentoxide (V2O5) would likely

generate lower revenues.

If we are unable to successfully compete for properties, mills, capital,

customers or employees or with alternative uranium sources, it could delay or prevent us from achieving our business objectives and could

have a material adverse effect on our financial condition and results of operations.

With respect to sales of uranium, the Company competes primarily based

We will market uranium to utilities and commodity brokers.

We are in direct competition with supplies available

from various sources worldwide.

We are in direct competition with supplies available from various

sources worldwide.

We believe we compete with multiple operating uranium companies.

With respect to sales of vanadium, the Company will compete

primarily based upon availability and secondarily on price.

There will be direct competition with primary production, secondary

production, and co-production from various companies and processors worldwide as individual entities come online or increase production

to address the supply deficit.

With respect to sales of vanadium, the Company will compete primarily

based upon availability and secondarily on price.

There will be direct competition with primary production, secondary production, and

co-production from various companies and processors worldwide as individual entities come online or increase production to address the

supply deficit.

ENVIRONMENTAL CONSIDERATIONS AND PERMITTING

United States

Uranium extraction is regulated by the federal government, states

and, in some cases, by Indian tribes.

Compliance with such regulation has a material effect on the economics of our operations

and the timing of project development.

Our primary regulatory costs have been related to obtaining licenses and permits from federal

and state agencies before the commencement of production activities.

The environmental regulatory requirements for the ISR industry

are well established.

Uranium extraction is regulated by the federal government, states and,

in some cases, by Native American tribes.

Compliance with such regulation has a material effect on the economics of our operations and

the timing of project development.

Our primary regulatory costs have been related to obtaining licenses and permits from federal and state

agencies before the commencement of production activities.

The environmental regulatory requirements for the ISR industry are well established.

Many ISR projects have gone a full life cycle without any significant environmental impact.

process can make environmental permitting difficult and timing unpredictable.

Western does not plan to utilize an ISR mining process

on its properties.

Mining Permits are disclosed on a per mine

basis in the “Properties”

section, below.

Reclamation and Restoration Costs and

Bonding Requirements

However, the process can make environmental

permitting difficult and timing unpredictable.

Western does not plan to utilize an ISR mining process on its properties.

Mining Permits are disclosed on a per mine basis

in the “Properties” section, below.

Reclamation and Restoration Costs and Bonding

At the conclusion of conventional mining, a site is decommissioned

1 unchanged sentence

Reclamation involves removing evidence of surface disturbance.

The reclamation liabilities of the US mines are subject

The reclamation liabilities of the U.S.

mines are subject

to legal and regulatory requirements.

Estimates of the costs of reclamation are reviewed periodically by the applicable regulatory

The reclamation liability represents the Company’s best estimate of the present value of future reclamation

costs in connection with the mineral properties.

The Company determined the gross reclamation liabilities at December 31, 2020

of the mineral properties to be approximately $906,811.

The Company is required by State regulatory agencies to obtain

financial surety relating to certain of its future restoration and reclamation obligations.

The Company has provided performance

bonds issued for the benefit of the Company in the amount of $906,811 to satisfy such regulatory requirements.

Estimates of the costs of reclamation are reviewed periodically by the applicable regulatory authorities.

The reclamation liability represents the Company’s best estimate of the present value of future reclamation costs in connection

with the mineral properties.

The Company determined the gross reclamation liabilities at December 31, 2021 of the mineral properties to

be approximately $740,446.

The Company is required by State regulatory agencies to obtain financial

surety relating to certain of its future restoration and reclamation obligations.

The Company has provided performance bonds issued for

the benefit of the Company in the amount of $740,446 to satisfy such regulatory requirements.

As of December 31, 2021, we had six full-time employees and one part-time

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-K

Item 1. Business