What changed in this filing

/stocks — the workspaceLOADING

Item 2. Properties

2022-04-15 compared with 2021-04-15 · 841 added, 911 removed, 183 unchanged (91% of the section changed)

Company headquarters is maintained through a lease at 330 Bay

Street, Suite 1400, Toronto, Ontario, Canada M5H 2S8.

An operations facility is rented at 31617 Hwy 90 Road, Nucla,

Colorado, USA 81424 which houses the Kinetic Separation units and an office.

Company headquarters is maintained through a

lease at 330 Bay Street, Suite 1400, Toronto, Ontario, Canada M5H 2S8.

An operations facility is rented at 31617 Hwy

90 Road, Nucla, Colorado, USA 81424 which houses the Kinetic Separation units and an office.

The diagram below illustrates the location of

the Company’s properties:

Sunday Mine Complex

Hansen/Taylor Ranch

Bullen Property

We have no proven or probable reserves.

However, as a company

incorporated in Canada we have provided below resources qualifying under National Instrument 43-101, for our Sunday Mines Complex

and our San Rafael Uranium Project.

On September 16, 2015, in connection with the Black Range Transaction,

the Company acquired additional mineral properties.

The mining assets acquired through Black Range included assets in the states

of Colorado, Wyoming and Alaska.

Bullen Property (Weld County)

Western Uranium & Vanadium Corp is engaged

in the business of exploring, developing, mining and production from its uranium and vanadium resource properties.

On September 16, 2015, in connection with the

Black Range Transaction, the Company acquired additional mineral properties.

The mining assets acquired through Black Range included

assets in the states of Colorado, Wyoming, and Alaska.

None of these mining assets are operational at this time.

As these properties have not formally

established proven or probable reserves, there may be greater inherent uncertainty as to whether or not any mineralized material

can be economically extracted as originally planned and anticipated.

The Company’s mining properties acquired on August 18,

2014 that the Company retains as of December 31, 2019, include:

San Rafael Uranium Project located in Emery County, Utah;

Mine Complex located in western San Miguel County, Colorado;

The Van 4 Mine located in western Montrose County, Colorado;

Mine project located in San Juan County, Utah, and San Miguel County, Colorado USA, and the Dunn Project located in San Juan County,

The Company’s mining properties acquired on September 16, 2015 that

the Company retains as of December 31, 2019, include Hansen, North Hansen, Hansen Picnic Tree, and Taylor Ranch, located in Fremont and

Teller Counties, Colorado.

The Company also acquired the Keota project located in Weld County, Colorado, and Ferris Haggerty located in

Carbon County, Wyoming.

The near term plan for the Company’s resources is to mine

initially at the Sunday Complex.

As these properties

have not formally established proven or probable reserves, there may be greater inherent uncertainty as to whether or not any mineralized

material can be economically extracted as originally planned and anticipated.

The Company’s mining properties acquired

on August 18, 2014 that the Company retains as of December 31, 2021, include:

Rafael Uranium Project located in Emery County, Utah

Sunday Mine Complex located in western San Miguel County, Colorado

Van 4 Mine located in western Montrose County, Colorado

Sage Mine project located in San Juan County, Utah and San Miguel County, Colorado

Project located in San Juan County, Utah.

The Company’s mining properties acquired

on September 16, 2015 that the Company retains as of December 31, 2021, include:

North Hansen, High Park, and Hansen Picnic Tree, located in Fremont and Teller Counties,

Keota Uranium project acreage located in Weld County, Colorado

Haggerty located in Carbon County, Wyoming

The Company has a 100% interest in all of these

properties except for the Hansen/Taylor Ranch, of which the company owns 49%.

Although we have established the existence of

mineralized materials on our uranium properties, we have not established any measured, indicated or inferred mineral resources or any

proven or probable reserves through the completion of a feasibility study for any of our uranium properties and we have no current plans

to seek to do so, as it would not serve a business purpose at the present time.

The near term plan for the Company’s resources

is to initially mine at the Sunday Complex.

The Sunday Mine Complex is an advanced stage property with a significant drilling and production

Mining and drilling occurred contemporaneously from the 1950’s through the mid 1980’s.

From the 1980’s

to the present, mining and drilling occurred only sporadically, typically when uranium or vanadium prices were high.

The last provious

mining interval was from 2006 to 2009, and based on the available records, only in 2009 did surface any drilling take place since

Past operators have generated abundant geologic and mining data and there are open faces underground that show mineralized

Near term exploration is not needed because the underground

infrastructure has been already developed.

Mining and drilling occurred contemporaneously from the 1950’s through the mid 1980’s.

From the 1980’s to

the present, mining and drilling occurred only sporadically, typically when uranium or vanadium prices were high.

The last previous mining

interval was from 2006 to 2009.

Based on the available records, only in 2009 did any surface drilling take place since mid-1980.

operators have generated abundant geologic and mining data, and there are open faces underground that show mineralized zones.

exploration is not needed because the underground infrastructure has been already developed.

Mining Properties

Set forth below are details regarding our mining

properties operated by us, which have been prepared in accordance with the requirements of S-K 1300.

Sunday Mines Complex

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is located in western San Miguel County and is part of the Uravan Mineral Belt.

The property is situated 25 miles north of Dove

Creek, Colorado, on the north flank of Disappointment Valley and portions of Big Gypsum Valley.

The property is situated 25 miles north of Dove Creek,

Colorado, on the north flank of Disappointment Valley and portions of Big Gypsum Valley.

Energy Fuels Resources (USA) Inc.

(“EFR”) acquired the property in June 2012 from Denison Mines Corp.

The complex consists of five individual mines with

mine workings located along a two mile stretch of the southern side of Big Gypsum Valley, with underground workings extending generally

south, with associated vents and surface facilities.

acquired the property in June 2012 from Denison Mines Corp.

The complex consists of five individual mines with mine workings located

along a two mile stretch of the southern side of Big Gypsum Valley, with underground workings extending generally south, with associated

vents and surface facilities.

The mines are, from east to west:

Sunday, Carnation, Saint Jude, West Sunday,

The mines were last previously actively mined from 2007 to 2009.

The property consists of 221 unpatented

claims on public land managed by the U.S.

Bureau of Land Management (“BLM”) Tres Rios Field Office, covering

approximately 3,800 acres.

Sunday, Carnation, Saint Jude, West Sunday, and Topaz.

mines were previously actively mined from 2007 to 2009, by a prior owner.

In 2017, the mines were re-opening for a project involving

exploration, development, and mining.

The property consists

of 221 unpatented claims on public land managed by the U.S.

Bureau of Land Management (“BLM”) Tres Rios

Field Office, covering approximately 3,800 acres.

The area covers parts of sections 10, 13, 14, 15, 23, 24, and 26 T44N

R18W, and sections 18, 19, 20, and 30 T44N R17W.

Total annual BLM claim maintenance fee are approximately $34,255 due

Total annual BLM claim maintenance fees are approximately $34,255 due

September 1st each year.

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As a mine that has produced in the recent past, the Sunday Mine Complex has a robust infrastructure.

The roads are all-weather,

electric power is grid-tied, surface facility structures that meet Colorado State standards exist, and water is present.

2019, a mine re-opening project was implemented at the Sunday Mine Complex to identify high-grade vanadium ore, followed by bulk

sampling and development drilling.

The roads are all-weather, electric

power is grid-tied, surface facility structures that meet Colorado State standards exist, and water is present.

During 2019, a mine re-opening

project was implemented at the Sunday Mine Complex to identify high-grade vanadium ore, followed by bulk sampling and development drilling.

Active mining was conducted and the extracted ore was stock piled underground in the mine.

of the five associated mining permits are in Temporary Cessation status.

Each of the five associated mining permits

are in Temporary Cessation status.

GMG, Sunshine, and Patsun claims

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Accessibility

The property is best accessed from

Access from Colorado is via State Highway 141 east out of Naturita, CO for about 3.7 mi (6 km) until the 141/145 Highway

junction, then about 22.4 mi (36 km) south on Hwy 141, then about 6.2 mi (10 km) northwest on County Road 20R (Gypsum Valley Road).

The property is best

accessed from Colorado.

Access from Colorado is via State Highway 141 east out of Naturita, CO for about 3.7 mi (6 km) until the 141/145

Highway junction, then about 22.4 mi (36 km) south on Hwy 141, then about 6.2 mi (10 km) northwest on County Road 20R (Gypsum Valley

The State Highway 141 is a paved all-weather road and the County Road 20R is a gravel road passable in all but the worst weather.

The Sunday Mine Complex consists of

six different mines.

The Sunday Mine Complex

consists of six different mines.

These are the Topaz, West Sunday, Sunday, St.

Jude, Carnation, and the GMG.

The mines have had a number of

owners and operators.

The mines have had a number

of owners and operators.

Maps and documents made available to the author show that the following companies have been involved in the

all or parts of the property prior to WUC acquisition of the SMC in April 2014:

Matterhorn Mining (1950’s-1960’s, Climax

Uranium 1960’s, Union Carbide Corporation (UCC) 1970’s-1980’s, Atlas Minerals (1980’s), Energy Fuels Nuclear

(early 1990’s), International Uranium Corp.

(1990’s-2000’s), Denison Mines (USA) (2000’s), and Energy Fuels

(2010’s).

Matterhorn Mining (1950’s-1960’s, Climax

Uranium 1960’s, Union Carbide Corporation (UCC) 1970’s-1980’s, Atlas Minerals (1980’s), Energy Fuels Nuclear

(early 1990’s), International Uranium Corp.

(1990’s-2000’s), Denison Mines (USA) (2000’s), and Energy Fuels (2010’s).

The documents are incomplete as so this list may be as well.

Since UCC days, the ownership has been clear.

Union Carbide transferred its mineral interests to UMETCO, a wholly-owned subsidiary.

For the sake of consistency, the name Union

Carbide will be used even if technically the ownership was UMETCO at the time.

Records made available by the Company

and a search of public documents on-line indicates exploration drilling starting on the property in the early 1950’s.

Defense Minerals Exploration Administration (DMEA) reports, one on the Sunday area and the other on the Topaz area, indicated some

drilling and minor surface extraction had occurred by the mid 1950’s (DMEA, 1953 & 1956).

Additionally, historic

maps of the area show the Sunday mines in operation in the 1950’s (Denison Mines, 2008).

The records & anecdotal evidence

indicate that from the mid-1960’s until the early 1980’s, the SMC produced material from relatively steady ongoing

In 1983 Union Carbide transferred

its mineral interests to UMETCO, a wholly-owned subsidiary.

For the sake of consistency, the name Union Carbide will be used even if

technically the ownership was UMETCO at the time.

Records made available

by the Company and a search of public documents on-line indicates exploration drilling starting on the property in the early 1950’s.

Two Defense Minerals Exploration Administration (DMEA) reports, one on the Sunday area and the other on the Topaz area, indicated some

drilling and minor surface extraction had occurred by the mid 1950’s (DMEA, 1953 & 1956).

Additionally, historic maps of the

area show the Sunday mines in operation in the 1950’s (Denison Mines, 2008).

The records & anecdotal

evidence indicate that from the mid-1960’s until the early 1980’s, the SMC produced material from relatively steady ongoing

mining operations.

These ceased in 1984 when Union Carbide closed their Uravan mill.

Since then, the property has been idle, with

the exception of brief periods in the late 1980’s when UCC mined for a short time during a spike in vanadium prices, in the

mid-1990’s with International Uranium Corporation and another one in 2006-2009 when Denison Mines extracted ore from the

During all three periods, the ore was processed at the White Mesa Mill located just south of Blanding, UT.

Exploration and development drilling

on the property was contemporaneous with the mining.

The available database records show that at least 1,419 holes have been drilled

on the property.

Since then, the property has been idle, with the

exception of brief periods in the late 1980’s when UCC mined for a short time during a spike in vanadium prices, in the mid-1990’s

with International Uranium Corporation and another one in 2006-2009 when Denison Mines extracted ore from the mine.

During all three

periods, the ore was processed at the White Mesa Mill located just south of Blanding, UT.

Exploration and development

drilling on the property was contemporaneous with the mining.

The available database records show that at least 1,419 holes have been

drilled on the property.

This is an incomplete list, as an examination of the available maps and cross-sections show a number of holes

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A best estimate for total distance drilled is about 850,100 ft (259,175 m).

Anecdotal evidence and

some maps also give evidence that underground long holes (test holes drilled from the mine workings anywhere from 50 ft (15 m)

to 300 ft (91 m) long) were used extensively throughout the mined areas.

The 2-D digitized mine workings, done

by Denison Mines show extensive stopping and drifting within parts of the SMC.

Generational mine maps indicate that more mine workings

exist than are shown in the digital database.

A very conservative rough estimate of the linear mine workings based on the digital

database is in excess of 50,000 ft (15,244 m) with many stopes.

Anecdotal evidence and some

maps also give evidence that underground long holes (test holes drilled from the mine workings anywhere from 50 ft (15 m) to 300 ft (91

m) long) were used extensively throughout the mined areas.

The 2-D digitized mine

workings, done by Denison Mines show extensive stopping and drifting within parts of the SMC.

Generational mine maps indicate that more

mine workings exist than are shown in the digital database.

A very conservative rough estimate of the linear mine workings based on the

digital database is in excess of 50,000 ft (15,244 m) with many stopes.

Figure 6.2.1 shows the known drill hole and mine working locations.

Based on the records and on field inspection,

it is evident that the Property has a significant history of drill exploration and mine development.

Geol., LLC was

commissioned by Western Uranium & Vanadium to prepare an Independent Technical Report compliant with the Canadian National

Instrument 43-101 on the Sunday Mine Complex Uranium (SMC) Project, an advanced-stage uranium property.

The report was finalized

on July 7, 2015 and filed on sedar.com on July 16, 2015.

The report states that the Sunday Mine Complex has Measured

and Indicated Resources of 203,217 tons grading at 0.25% U3O8 containing 1,007,803 lbs U3O8 and Inferred Resources of 264,604 tons

grading at 0.36% containing 1,906,081 lbs U3O8.

This Technical Report resource is an historic estimate under NI 43-101.

mineral resource estimate was calculated by the area of influence method, which is a common way for resources in the Uravan Mineral

Belt to be estimated.

The Sunday Mine Complex Technical Report filed by Western Uranium &

Vanadium estimates mineral resources and not reserves.

That report does not use categories other than “mineral resources”

and “mineral reserves”, and the Sunday Mine Complex property was reported as having no reserve quality mineralization.

There is no more recent or available data on the Sunday Mine Complex project resource than that of the Western Uranium &

Vanadium Technical Report from 2015.

In order to disclose the historic resource as current, the Company needs to have completed

and filed an NI 43-101 technical report on sedar.com which includes discussion on the reasonable prospect for economic extraction

of the mineral resource.

A qualified person (as understood under NI 43-101) has not done sufficient work to classify the historical

estimate as current mineral resources or mineral reserves, and the Company is not treating the historical estimate as current mineral

resources or mineral reserves.

In order to upgrade or verify the historical estimate provided by the Western Uranium &

Vanadium Technical Report, the Company would have to engage a qualified person to, among other things, take account of any exploration

or other work on the Sunday Mine Complex since the date of the historical estimate and otherwise produce a report under NI 43-101.

Based on the records

and on field inspection, it is evident that the Property has a significant history of drill exploration and mine development.

Geol., LLC was commissioned by the Company to prepare a technical report compliant with NI 43-101 on the Sunday Mine Complex Uranium

(SMC) Project (the “Sunday Mine Report”).

The Sunday Mine Report was finalized on July 7, 2015 and filed on sedar.com on

July 16, 2015.

The Sunday Mine Report is an historic estimate

of measured and indicated resources (not reserves) under NI 43-101.

However, the Company is not treating the historical estimate as current

mineral resources, and S-K 1300 does not permit such historic estimates to be disclosed in Form 10-K annual reports.

There is no more recent data available on the

Sunday Mine Complex project resource than that of the Sunday Mine Report.

In order to disclose a resource estimate as current, the Company

would need to engage a qualified person (as defined under 43-101 and S-K 1300) to, among other things, take account of any exploration

or other work on the Sunday Mine Complex since the date of the historical estimate and produce a technical report compliant with NI 43-101

and a feasibility study compliant with S-K 1300.

The Company currently does not intend to commission such a technical report or feasibility

Project Geology

Geologically, the main hosts for uranium-vanadium mineralization

in the Sunday Mine Complex are fluvial sandstone beds assigned to the upper part of the Salt Wash Member of the Jurassic Morrison

Formation, with minor production coming from conglomeratic sandstones assigned to the lower portion of the Brushy Basin Member

Geologically, the main hosts for uranium-vanadium

mineralization in the Sunday Mine Complex are fluvial sandstone beds assigned to the upper part of the Salt Wash Member of the Jurassic

Morrison Formation, with minor production coming from conglomeratic sandstones assigned to the lower portion of the Brushy Basin Member

of the Morrison Formation.

Mineralization from both members is present at the property, with the mine production coming from the

Salt Wash Member.

Beds generally strike NW-SE and dip SW, with some exceptions within fault bounded blocks adjacent to Big Gypsum

Mineralization from both members is present at the property, with the mine production coming from the Salt

Beds generally strike NW-SE and dip SW, with some exceptions within fault bounded blocks adjacent to Big Gypsum Valley.

Restoration and Reclamation

Each of the mines are permitted separately

with the DRMS and are considered to be in temporary cessation status.

The mines and their permitted acres and financial warranties are,

from east to west, the Sunday (60 acres, $330,242), Carnation (9.8 acres, $40,245), Saint Jude (9.8 acres, $69,828 ), West Sunday (12.1

acres, $85,036), and Topaz (30 acres, $99,893).

Each of the mines

are permitted separately with the DRMS and are considered to be in temporary cessation status.

The mines and their permitted acres and

financial warranties are, from east to west, the Sunday (60 acres, $330,242), Carnation (9.8 acres, $40,245), Saint Jude (9.8

acres, $69,828), West Sunday (12.1 acres, $85,036), and Topaz (30 acres, $99,893).

Permitting Status

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being renewed with APCD.

A Stormwater permit is in place with the WQCD and a Stormwater Management Plan is in effect.

However, a mine water treatment plant will need to be permitted for treating mine water, as there is currently 55 million gallons of water

in the lower portion of the mine where most of the remaining resource is located.

This will require a discharge permit with the DWQC and

revisions to the Plan of Operations, EPP, and one of the DRMS mine permits.

Special Use Permits are also in place with San Miguel County,

which mainly address road maintenance and transportation issues with some limitations in effect on when and how many trucks may be used

for ore haulage to the mill.

On February 4, 2020, the Colorado DRMS sent a Notice of Hearing to Declare Termination of Mining Operations

to Western for the Sunday Mine Complex.

At issue is the application of an unchallenged Colorado Court of Appeals Opinion for a separate

mine, with very different facts that is retroactively modifying DRMS rules and regulations.

The Company maintains that it was timely in

meeting existing rules and regulations.

A permit hearing was scheduled for October 21, 2020 to determine temporary cessation status.

a unanimous vote, the MLRB approved temporary cessation status for each of the five Sunday Mine Complex permits (Sunday, West Sunday,

A Stormwater permit is in place with the WQCD and a Stormwater Management Plan is in

However, a mine water treatment plant will need to be permitted for treating mine water, as there is currently 55 million

gallons of water in the lower portion of the mine where most of the remaining resource is located.

This will require a discharge

permit with the WQCD and revisions to the Plan of Operations, EPP, and one of the DRMS mine permits.

Special Use Permits are also in

place with San Miguel County, which mainly address road maintenance and transportation issues with some limitations in effect on

when and how many trucks may be used for ore haulage to the mill.

On February 4, 2020, the Colorado DRMS sent a Notice of Hearing to

Declare Termination of Mining Operations to Western for the Sunday Mine Complex.

At issue is the application of an unchallenged

Colorado Court of Appeals Opinion for a separate mine, with very different facts that is retroactively modifying DRMS rules and

The Company maintains that it was timely in meeting existing rules and regulations.

A permit hearing was scheduled for

October 21, 2020 to determine temporary cessation status.

In a unanimous vote, the MLRB approved temporary cessation status for each

of the five Sunday Mine Complex permits (Sunday, West Sunday, St.

Jude, Carnation, and Topaz).

On October 9, 2020, the MLRB issued a board order which finalized the findings of the July 22, 2020 permit

On November 12, 2020, a coalition of environmental groups filed a lawsuit against the MLRB seeking a partial appeal of the July

22, 2020 decision by requesting termination of the Topaz Mine permit.

The Company anticipates joining with the MLRB in defense of their

July 22, 2020 decision.

Major permits currently in place at the Sunday Complex include:

Sunday 112d Mine Permit M-1977-285 (DRMS)

Jude 110d Mine Permit M-1978-039-HR (DRMS)

West Sunday 112d Mine Permit M-1981-021 (DRMS)

Carnation 110d Mine Permit M-1977-416 (DRMS)

Topaz 112d Mine Permit M-1980-055-HR (DRMS)

West Sunday Plan of Operations COC 52049 (BLM)

Jude and Carnation Plan of Operations COC-53227 (BLM)

Resolution #1997-18 Mine Permit (San Miguel County)

Resolution 2007-34 Topaz and Sunday Expansion (San Miguel County)

Resolution 2008-41 Increased Ore Haulage (San Miguel County)

Road & Bridge Special Construction Permit (SCP) 06-14 (San Miguel County)

The San Rafael Uranium Project land position is comprised of

a contiguous claim block covered by 136 BM unpatented federal lode mining claims and 10 Hollie unpatented federal lode mining claims.

The San Rafael Project is located in the historic Tidwell District

about 10 miles west of Green River, Utah.

On October 9, 2020, the MLRB issued a

board order which finalized the findings of the July 22, 2020 permit hearing.

On November 10, 2020, the MLRB issued a board order

which finalized the findings of the October 21, 2020 permit hearing.

On November 6, 2020, the MLRB signed an order placing the five

Sunday Mine Complex mine permits into Temporary Cessation.

On November 12, 2020, a coalition of environmental groups (the

“Plaintiffs”) filed a complaint against the MLRB seeking a partial appeal of the July 22, 2020 decision by requesting

termination of the Topaz Mine permit.

On December 15, 2020, the same coalition of environmental groups amended their complaint

against the MLRB seeking a partial appeal of the October 21, 2020 decision requesting termination of the Topaz Mine permit.

Company has joined with the MLRB in defense of their July 22, 2020 and October 21, 2020 decisions.

On May 5, 2021, the Plaintiff in

the Topaz Appeal filed an opening brief with the Denver District Court seeking to overturn the July 22, 2020 and October 21, 2020

MLRB permit hearing decisions on the Topaz Mine permit.

The MLRB and the Company were to respond with an answer brief within 35 days

on or before June 9, 2021, but instead sought a settlement.

The judicial review process was delayed as extensions were put in place

until August 20, 2021.

A settlement was not reached and the MLRB and the Company submitted answer briefs on August 20, 2021.

Plaintiff submitted a reply brief on September 10, 2021.

On March 1, 2022, the Denver District Court reversed the MLRB’s

orders regarding the Topaz Mine and remanded the case back to MLRB for further proceedings consistent with its order.

by the District Court has an appeal window of 49 days.

The Company is also working toward the completion of an updated Topaz mine

Plan of Operations which is a separate federal requirement of the BLM for the conduct of mining activities on federal land.

Major permits currently in place at the

Sunday Complex include:

Sunday 112d Mine Permit

M-1977-285 (DRMS)

Jude 110d Mine Permit

M-1978-039-HR (DRMS)

West Sunday 112d

Mine Permit M-1981-021 (DRMS)

Carnation 110d Mine Permit

M-1977-416 (DRMS)

Topaz 112d Mine Permit

M-1980-055-HR (DRMS)

West Sunday Plan

of Operations COC 52049 (BLM)

Jude and Carnation

Plan of Operations COC-53227 (BLM)

Resolution #1997-18

Mine Permit (San Miguel County)

Resolution 2007-34 Topaz

and Sunday Expansion (San Miguel County)

Resolution 2008-41 Increased

Ore Haulage (San Miguel County)

Road & Bridge Special

Construction Permit (SCP) 06-14 (San Miguel County)

The San Rafael Uranium Project land position

is comprised of a contiguous claim block covered by 136 BM unpatented federal lode mining claims and 10 Hollie unpatented federal lode

mining claims.

The San Rafael Project is located in the historic

Tidwell District about 10 miles west of Green River, Utah.

Most of the property is north of Interstate Highway 70 at the Hanksville exit.

Energy Fuels became operator of the San Rafael Project when

it acquired Magnum Minerals in June 2009.

Energy Fuels became operator of the San Rafael

Project when it acquired Magnum Minerals in June 2009.

It consisted of two core uranium deposits, the Deep Gold and the Down Yonder.

2011, EFR acquired the 10 Hollie claims from Titan Uranium.

In January 2011, EFR acquired the 10 Hollie claims from Titan Uranium.

These claims covered the eastern portion of the Deep Gold deposit,

1 unchanged sentence

WUC acquired the property from Energy Fuels and currently holds the 146 claims in the project area.

The San Rafael Uranium Project is currently being held as a

property that is exploratory in nature with no identified reserves.

Exploration and mining plans have not been prepared for the

Western Uranium & Vanadium Corp.

has not yet undertaken any development work at the property.

Power and water

sources have not yet been formally assessed.

Magnum’s acquisition of the claims and some of the data

Magnum purchased encumbers the claims.

This includes a 2% Net Smelter Return royalty to Uranium One, successor to Energy Metals

for claims acquired by Magnum as earn-in to a JV, and a 2% net sales price royalty to Kelly Dearth on the BM claims.

royalty on the Hollie claims.

The unpatented claims are located on approximately 2,900 acres

of land administered by the U.S.

Bureau of Land Management in sections 13, 14, 23, 24, 25, 26, and 35, T21S, R14E, SLPM, Emery

County, Utah.

The San Rafael Uranium Project is currently being

held as a property that is exploratory in nature with no identified reserves.

Exploration and mining plans have not been prepared for

The Company has not yet undertaken any development work at the property.

Power and water sources have not yet been formally

Magnum’s acquisition of the claims and

some of the data Magnum purchased encumbers the claims.

This includes a 2% Net Smelter Return royalty to Uranium One, successor to Energy

Metals for claims acquired by Magnum as earn-in to a JV, and a 2% net sales price royalty to Kelly Dearth on the BM claims.

no royalty on the Hollie claims.

The unpatented claims are located on approximately

2,900 acres of land administered by the U.S.

Bureau of Land Management in sections 13, 14, 23, 24, 25, 26, and 35, T21S, R14E, SLPM,

Emery County, Utah.

Holding cost $22,630 due to BLM for claim maintenance fees prior to September 1 each year.

Accessibility

The property is located on the eastern side of the San Rafael

Swell in east-central Utah, approximately 140 air miles southeast of Salt Lake City.

The little desert community of Green River,

Utah is located about ten miles to the east.

The property is located on the eastern side of

the San Rafael Swell in east-central Utah, approximately 140 air miles southeast of Salt Lake City.

The little desert community of Green

River, Utah is located about ten miles to the east.

In a general sense the San Rafael Uranium Project property position lies within a

wedge shaped area, roughly bound along its northeast edge by US Highway 6-50 and along its southeast edge by Interstate 70.

Concerning additional local access features, U.S.

crosses just north of the greater San Rafael Uranium Project area in a northwesterly direction and is roughly paralleled by the

regional railroad line.

Concerning additional local access features,

Highway 6-50 crosses just north of the greater San Rafael Uranium Project area in a northwesterly direction and is roughly paralleled

by the regional railroad line.

Access to the property is generally good year around, except for periods of heavy snowstorms during December

through February and increased monsoon rains and summer cloudburst storms during August through October.

Access for drilling and

other exploration activity is excellent, except during occasional heavy rainy periods which can create heavy flash flooding and

roads mudding-up and becoming impassable.

The Deep Gold deposit was originally discovered by Continental

Oil Company (Conoco) and Pioneer Uravan geologists in the late 1960s and 1970s to early 1980s, respectively.

Exploration drilling

was conducted just east of the core of the Tidwell Mineral Belt and north-northeast of the Acerson Mineral Belt.

Access for drilling and other

exploration activity is excellent, except during occasional heavy rainy periods which can create heavy flash flooding and roads mudding-up

and becoming impassable.

The Deep Gold deposit was originally discovered

by Continental Oil Company (Conoco) and Pioneer Uravan geologists in the late 1960s and 1970s to early 1980s, respectively.

drilling was conducted just east of the core of the Tidwell Mineral Belt and north-northeast of the Acerson Mineral Belt.

The area containing

the deposits was considered to contain highly prospective paleo trunk stream channel trends.

Some of the larger historic producing

mines in the area were Atlas Minerals’

Snow, Probe, and Lucky Mines.

The deposit in the San Rafael Project is an open concordant,

channel-controlled, sandstone-hosted, trend type, with mineralization hosted in the upper sandstone sequence of the Salt Wash Member

of the Upper Jurassic Morrison Formation.

In addition to Conoco, Pioneer Uravan, and Atlas Minerals, the

US Atomic Energy Commission (AEC) and other companies (Union Carbide, Energy Fuels Nuclear, and others) conducted exploration drilling

and mining in the area.

Some of the larger historic producing mines

in the area were Atlas Minerals’ Snow, Probe, and Lucky Mines.

The deposit in the San Rafael Project is an open concordant, channel-controlled,

sandstone-hosted, trend type, with mineralization hosted in the upper sandstone sequence of the Salt Wash Member of the Upper Jurassic

Morrison Formation.

In addition to Conoco, Pioneer Uravan, and Atlas

Minerals, the US Atomic Energy Commission (AEC) and other companies (Union Carbide, Energy Fuels Nuclear, and others) conducted exploration

drilling and mining in the area.

Some of these companies performed historic resource estimates on the Deep Gold deposits, but they are

not considered compliant with NI 43-101 standards.

These resource estimates are of historical importance, were generated by senior

mining companies with significant uranium exploration and production experience and are considered as relevant checks to this updated

Technical Report.

Depth to mineralization at the Deep Gold deposit in Section

23 averages 800 feet, with hole depths averaging approximately 1,000 feet.

Magnum purchased and otherwise acquired most of the

available historic exploration data produced by the previous operators.

A 100 hole, 100,000 foot drilling program is warranted

to discover and define additional uranium resources.

Total cost for this work would be $US 1.3 million to $US 1.5 million, based

on an all-inclusive cost of $US 15/foot.

The Tidwell Mineral Belt and the San Rafael Uranium District

have been the sites of considerable historic exploration drilling and production, with over 4 million pounds of uranium and 5.4

Depth to mineralization at the Deep Gold deposit

in Section 23 averages 800 feet, with hole depths averaging approximately 1,000 feet.

Magnum purchased and otherwise acquired most of

the available historic exploration data produced by the previous operators.

A 100 hole, 100,000 foot drilling program is warranted to

discover and define additional uranium resources.

Total cost for this work would be $US 1.3 million to $US 1.5 million, based on an all-inclusive

cost of $US 15/foot.

The Tidwell Mineral Belt and the San Rafael Uranium

District have been the sites of considerable historic exploration drilling and production, with over 4 million pounds of uranium and

5.4 million pounds of vanadium produced.

Production from the Snow, immediately up dip of the Deep Gold deposit, which produced for

nine years, starting in March 1973 and ending in January, 1982 consisted of 650,292 pounds of U3O8 contained in 173,330 tons of

material at an average grade of 0.188% U3O8 (Wilbanks, 1982).

Production from the Snow, immediately up dip of the Deep Gold deposit, which produced for nine

years, starting in March 1973 and ending in January, 1982 consisted of 650,292 pounds of U 3 O 8 contained in 173,330

tons of material at an average grade of 0.188% U 3 O 8 (Wilbanks, 1982).

Jay Gatten, P.

Geol., LLC was commissioned

by Western Uranium & Vanadium to prepare an Independent Technical Report compliant with the Canadian National Instrument

43-101 on the San Rafael Uranium Project (including the:

Deep Gold Uranium Deposit and the Down Yonder Uranium Deposit), an advanced-stage

uranium property.

The report was finalized on November 19, 2014 and filed on sedar.com on November 20, 2015.

The filed Technical Report states that the Deep Gold deposit

of the San Rafael Project comprises a historic indicated uranium resource of 475,000 tons grading at 0.25% U3O8 containing 2,415,300

lbs U3O8 and a historic inferred Mineral Resource of 92,350 tons grading at 0.32% U3O8 containing 587,800 lbs U3O8.

This Technical

Report resource is an historic estimate under NI 43-101.

The historic mineral resource estimate was calculated by using polygonal

and statistical methods.

Both methods have been successfully applied in the evaluation of resources at many prospects and

operating mines within the Salt Wash sandstone uranium deposits.

The San Rafael Uranium Project Technical Report filed by Western

Uranium & Vanadium estimates mineral resources and not reserves.

That report does not use categories other than “mineral

resources”

and “mineral reserves”, and the San Rafael Uranium Project property was reported as having no reserve

quality mineralization.

There is no more recent or available data on the San Rafael Uranium Project resource than that of the Western

Uranium & Vanadium Technical Report from 2014.

In order to disclose the historic resource as current, the Company needs

to have completed and filed an NI 43-101 technical report on sedar.com which includes discussion on the reasonable prospect for

economic extraction of the mineral resource.

A qualified person (as understood under NI 43-101) has not done sufficient work to

classify the historical estimate as current mineral resources or mineral reserves, and the Company is not treating the historical

estimate as current mineral resources or mineral reserves.

In order to upgrade or verify the historical estimate provided by the

Western Uranium & Vanadium Technical Report, the Company would have to engage a qualified person to, among other things,

take account of any exploration or other work on the San Rafael Uranium Project since the date of the historical estimate and otherwise

produce a report under NI 43-101.

LLC was commissioned by the Company to prepare an independent technical report compliant with NI 43-101 on the San Rafael Uranium Project

(including the:

Deep Gold Uranium Deposit and the Down Yonder Uranium Deposit) (the “San Rafael Report”).

The San Rafael

Report was finalized on November 19, 2014 and filed on sedar.com on November 20, 2015.

The San Rafael Report is an historic estimate

of indicated and inferred uranium resources (not measured resources or reserves) under NI 43-101.

However, the Company is not treating

the historical estimate as current mineral resources, and S-K 1300 does not permit such historic estimates to be disclosed in Form 10-K

annual reports.

There is no more recent data available on the

San Rafael Uranium Project property than that of the San Rafael Report.

In order to disclose a resource estimate as current, the Company

would need to engage a qualified person (as defined under 43-101 and S-K 1300) to produce a technical report compliant with NI 43-101

and a feasibility study compliant with S-K 1300.

The Company currently does not intend to commission such a technical report or feasibility

Project Geology

Geologically, the main hosts for uranium-vanadium

mineralization in the San Rafael Project are the fluvial sandstone beds assigned to the upper part of the Salt Wash Member of the

Jurassic Morrison Formation.

mineralization in the San Rafael Project are the fluvial sandstone beds assigned to the upper part of the Salt Wash Member of the Jurassic

Morrison Formation.

Restoration and Reclamation

All exploration permits have been terminated and all bonds released.

All exploration permits have been terminated

and all bonds released.

An EA was completed by BLM in 2008 for drilling up to 150 holes.

A large area has been surveyed for cultural and paleontological

resources which would expedite future exploration permits.

A large area has been surveyed for cultural

and paleontological resources which would expedite future exploration permits.

No mine permitting activities have yet occurred.

Permitting Status

All exploration permits have been terminated and all bonds released.

All exploration permits have been terminated

and all bonds released.

An EA was completed by BLM in 2008 for drilling up to 150 holes.

A large area has been surveyed for cultural and paleontological

resources which would expedite future exploration permits.

A large area has been surveyed for cultural

and paleontological resources which would expedite future exploration permits.

No mine permitting activities have yet occurred.

On July 1, 2014 PRM concluded a deal with EFR to acquire 44

contiguous unpatented mining claims on the Utah side of the Colorado-Utah state line at the head of Summit Canyon at the south

end of the Uravan Mineral Belt.

The 94 unpatented claims are located on approximately

1,942 acres land administered by the U.S.

Bureau of Land Management in sections 34 and 35, T32S, R26E, SLPM, San Juan County, Utah

and sections 25 and 26, T43N, R20W, NMPM, and sections 19, 29, 30, 31, and 32, T43N, R19W, NMPM San Miguel County, Colorado.

On July 1, 2014 PRM concluded a deal with EFR to acquire 44 contiguous

unpatented mining claims on the Utah side of the Colorado-Utah state line at the head of Summit Canyon at the south end of the Uravan

Mineral Belt.

The 94 unpatented claims are located

on approximately 1,942 acres land administered by the U.S.

Bureau of Land Management in sections 34 and 35, T32S, R26E, SLPM, San Juan

County, Utah and sections 25 and 26, T43N, R20W, NMPM, and sections 19, 29, 30, 31, and 32, T43N, R19W, NMPM San Miguel County, Colorado.

cost is $14,370 due to BLM for claim maintenance fees prior to September 1 each year.

The property has access to grid

power, however, no source of industrial water has yet been identified.

The Sage Mine Project is currently being held as a property

that is exploratory in nature with no identified reserves.

The property has access to grid power,

however, no source of industrial water has yet been identified.

The Sage Mine Project is currently being held as a property that is exploratory

in nature with no identified reserves.

Exploration and mining plans have not been prepared for the project.

Western Uranium & Vanadium Corp.

Western Uranium & Vanadium

has not yet undertaken any development work at the property.

Accessibility

The Sage Plain Project property can be accessed from the north,

south, and east on paved, all-weather county roads.

The nearest towns with stores, restaurants, lodging, and small industrial supply

retailers are Monticello, Utah, 26 road miles to the west, and Dove Creek, Colorado, 20 road miles to the southeast.

The Sage Plain Project property can be accessed

from the north, south, and east on paved, all-weather county roads.

The nearest towns with stores, restaurants, lodging, and small industrial

supply retailers are Monticello, Utah, 26 road miles to the west, and Dove Creek, Colorado, 20 road miles to the southeast.

Larger population

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road miles to the southeast).

Highway 491 connects Monticello, Utah to Dove Creek and

Cortez, Colorado.

Highway 491 connects Monticello, Utah to

Dove Creek and Cortez, Colorado.

There are two routes north from this highway to the project.

At one mile west of the Colorado/Utah state line

(16 miles east of Monticello or 10 miles west of Dove Creek), San Juan County Road 370 goes north for 10 miles to the Calliham

Mine portal site drive way.

At one mile west of the Colorado/Utah state

line (16 miles east of Monticello or 10 miles west of Dove Creek), San Juan County Road 370 goes north for 10 miles to the Calliham Mine

portal site drive way.

The mine portal is one-half mile east of Road 370, on a private road.

An alternate route is to turn

north on Colorado Highway 141(2 miles west of Dove Creek) for 9.5 miles to Egnar, Colorado, then turn west on San Miguel County.

Road H1 for 1.2 miles before intersecting San Juan County Road 370.

Road 370 would be taken north for 4 miles to the Calliham Mine

portal site driveway.

Road H1 from Egnar would also be used if one was traveling to the project on Highway 141 from farther north

in Colorado, such as Naturita, Colorado (a total of 62 miles away).

The property includes the historic producing Sage Mine and boarders

the famous Deremo Mine and the Calliham Mine (combined historic production of over 8 million lbs.

An alternate route is to turn north on Colorado

Highway 141(2 miles west of Dove Creek) for 9.5 miles to Egnar, Colorado, then turn west on San Miguel County.

Road H1 for 1.2 miles

before intersecting San Juan County Road 370.

Road 370 would be taken north for 4 miles to the Calliham Mine portal site driveway.

H1 from Egnar would also be used if one was traveling to the project on Highway 141 from farther north in Colorado, such as Naturita,

Colorado (a total of 62 miles away).

The property includes the historic producing

Sage Mine and boarders the famous Deremo Mine and the Calliham Mine (combined historic production of over 8 million lbs.

70 million lbs.

The uranium-vanadium deposits occur in the upper and middle sandstones of the Salt Wash Member

of the Morrison Formation.

WUC is in possession of historic mine and drill maps.

200 historic holes were drilled on the claims at the Sage Mine.

The uranium-vanadium deposits occur in the upper and middle sandstones of the

Salt Wash Member of the Morrison Formation.

WUC is in possession of historic mine and drill

About 200 historic holes were drilled on the claims at the Sage Mine.

A considerable, but unknown amount of drilling occurred historically

on the eastern (Colorado) part of the claims along the benches of Summit and Bishop Canyons.

Historic production from several small

mines occurred on the Colorado claims (Red Ant, Black Spider, etc.).

The Sage Mine was developed, operated, and permitted by Atlas

Minerals in the 1970s.

Historic production from several small mines

occurred on the Colorado claims (Red Ant, Black Spider, etc.).

The Sage Mine was developed, operated, and permitted

by Atlas Minerals in the 1970s.

It closed in 1982 and was ultimately sold and the permit transferred to Butt Mining Company under a Small

Jim Butt operated the mine for a short time in the early 1990s when vanadium prices were high;

however, the mine has

been idle since that time.

In the fall of 2011, Colorado Plateau Partners drilled seven

holes totaling 4,873 feet at the Sage Mine property to confirm historic map data and explore for a possible east-west channel connecting

the mine to a mineralized body to the west.

The drilling was successful in meeting the objectives of confirming the accuracy of

the historic data and verifying a historically defined mineralized body.

however, the mine has been idle

since that time.

In the fall of 2011, Colorado Plateau Partners

drilled seven holes totaling 4,873 feet at the Sage Mine property to confirm historic map data and explore for a possible east-west channel

connecting the mine to a mineralized body to the west.

The drilling was successful in meeting the objectives of confirming the accuracy

of the historic data and verifying a historically defined mineralized body.

One hole exploring a possible mineralized trend connecting

the mine to the western mineralized body intercepted 2.0 feet of 0.407% eU 3 O 8 .

Another hole intercepted mineralization greater

than 1.0 foot of 0.16% eU3O8.

Prior to the Company’s acquisition of the Sage Mine property,

Energy Fuels, Colorado Plateau Partners (a Joint Venture between Energy Fuels and Lynx-Royal) completed a NI 43-101 Technical Report

on the Sage Plain Project (Technical Report on Colorado Plateau Partners LLC (Energy Fuel Resources Corporation/Lynx-Royal

Another hole intercepted mineralization

greater than 1.0 foot of 0.16% eU 3 O 8 .

Prior to the Company’s acquisition of the

Sage Mine property, Energy Fuels, Colorado Plateau Partners (a Joint Venture between Energy Fuels and Lynx-Royal) completed a NI 43-101

technical report on the Sage Plain Project (Technical Report on Colorado Plateau Partners LLC (Energy Fuel Resources Corporation/Lynx-Royal

JV) Sage Plain Project, San Juan County, Utah and San Miguel County, Colorado by Douglas C.

Peters, Certified Professional Geologist,

Peters Geosciences Golden, Colorado December 16, 2011) (the “Sage Mine Energy Fuels Technical Report”).

The Sage Mine Energy Fuels Technical Report resource is an historic estimate

under NI 43-101.

The historic mineral resource estimate was calculated by a modified

polygonal method.

The Sage Mine area had drill spacing of 50-150 feet.

At locations where drifting or stopping has removed portions

of polygons, appropriate reductions to the resources assigned in those polygons were made.

Mining assumptions were used in determining

a cutoff grade for the resource estimates.

The minimum mining thickness for this type of deposit is considered to be 2 feet.

resource grades of 0.00% were used to dilute any intercept less than 1 foot of to meet the 2 feet minimum.

The Sage Mine Energy Fuels Technical Report filed by Colorado

Plateau Partners estimates mineral resources and not reserves.

That report does not use categories other than “mineral resources”

and “mineral reserves”, and the Sage Mine property was reported as having no reserve quality mineralization.

is no more recent or available data on the Sage Mine project resource than that of the Energy Fuels Technical Report from Colorado

Plateau Partners.

In order to disclose the historic resource as current, the Company needs to have completed and filed an NI 43-101

technical report to sedar.com.

A qualified person (as understood under NI 43-101) has not done sufficient work to classify the

historical estimate as current mineral resources or mineral reserves, and the Company is not treating the historical estimate as

current mineral resources or mineral reserves.

In order to upgrade or verify the historical estimate provided by the Sage Mine

Energy Fuels Technical Report, the Company would have to engage a qualified person to, among other things, take account of any

exploration or other work on the Sage Mine since the date of the historical estimate and otherwise produce a report under NI 43-101.

Energy Fuels submitted an Exploration NOI to the BLM in March

2013 for the site thereby establishing a nominal permit for the facility.

Permitting for mine expansion was started in 2012, but

was discontinued due to other priorities.

This work included installing 3 monitoring wells around a proposed portable water treatment

plant (exploration permit E/037/0188;

Peters Geosciences Golden, Colorado December 16, 2011) (the “Sage Mine Energy Fuels Report”).

The Sage Mine Energy Fuels Report resource is

an historic estimate of mineral resources (not reserves) under NI 43-101.

The Company is not treating the historical estimate as current

mineral resources, and S-K 1300 does not permit such historic estimates to be disclosed in Form 10-K annual reports.

Energy Fuels submitted an Exploration NOI to

the BLM in March 2013 for the site thereby establishing a nominal permit for the facility.

Permitting for mine expansion was started

in 2012, but was discontinued due to other priorities.

This work included installing 3 monitoring wells around a proposed portable water

treatment plant (exploration permit E/037/0188;

bond $16,020) and conducting baseline studies (archeology, biology, groundwater).

Eight baseline

groundwater sampling events have been completed, which will allow for submittal of a complete groundwater discharge permit application

The Sage Mine Energy Fuels Technical Report resource provides an historic estimate.

The Company has a high degree of confidence

in the referenced NI 43-101 Technical Report which references the Company’s Sage Project.

Other than offsetting some of the historic drill holes and use

of gamma logs where available, no verification of the historical data has been conducted.

No core is available at the present time

from the earlier exploration or production work.

It was Douglas C.

Peter’s (author of the referenced NI

43-101 Technical Report) opinion that the uranium and vanadium data from drilling in 2011 and from historical information on analyses

and down hole probing were adequate for the purposes of that technical report and for basic resource estimation using those data.

baseline groundwater sampling events have been completed, which will allow for submittal of a complete groundwater discharge permit application

Other than offsetting some of the historic drill

holes and use of gamma logs where available, no verification of the historical data has been conducted.

No core is available at the present

time from the earlier exploration or production work.

There is no more recent data available on the

Sage Mine project resource than that of the Sage Mine Energy Fuels Report.

In order to disclose a resource estimate as current, the Company

would need to engage a qualified person (as defined under 43-101 and S-K 1300) to produce a technical report compliant with NI 43-101

and a feasibility study compliant with S-K 1300.

The Company currently does not intend to commission such a technical report or feasibility

Project Geology

The Sage Plain and nearby Slick Rock and Dry Valley/East Canyon

districts uranium vanadium deposits are a similar type to those elsewhere in the Uravan Mineral Belt.

The location and shape of

mineralized deposits are largely controlled by the permeability of the host sandstone.

Most mineralization is in trends where Top

Rim sandstones are thick, usually 40 feet or greater.

The Sage Plain District appears to be a large channel of Top

Rim sandstone which trends northeast, as one of the major trunk channels that is fanning into distributaries in the southern portion

of the Uravan Mineral Belt.

The Calliham/Crain/Skidmore (Calliham Mine) and Sage Mine deposits, as well as nearby Deremo and Wilson/Silverbell

mines appear to be controlled by meandering within this main channel.

The Morrison sediments accumulated as oxidized detritus in the

fluvial environment.

During early burial and diagenesis, the through-flowing ground water within the large, saturated pile of Salt

Wash and Brushy Basin material remained oxidized, thereby transporting uranium in solution.

When the uranium-rich waters encountered

the zones of trapped reduced waters, the uranium precipitated.

Vanadium may have been leached from the detrital iron-titanium mineral

grains and subsequently deposited along with or prior to the uranium.

The thickness, the gray color, and pyrite and carbon contents

of sandstones, along with gray or green mudstone, were recognized by early workers as significant and still serve as exploration

The Sage Plain and nearby Slick Rock and Dry

Valley/East Canyon districts uranium vanadium deposits are a similar type to those elsewhere in the Uravan Mineral Belt.

and shape of mineralized deposits are largely controlled by the permeability of the host sandstone.

Most mineralization is in trends

where Top Rim sandstones are thick, usually 40 feet or greater.

The Sage Plain District appears to be a large

channel of Top Rim sandstone which trends northeast, as one of the major trunk channels that is fanning into distributaries in the southern

portion of the Uravan Mineral Belt.

The Calliham/Crain/Skidmore (Calliham Mine) and Sage Mine deposits, as well as nearby Deremo and

Wilson/Silverbell mines appear to be controlled by meandering within this main channel.

The Morrison sediments accumulated as oxidized

detritus in the fluvial environment.

During early burial and diagenesis, the through-flowing ground water within the large, saturated

pile of Salt Wash and Brushy Basin material remained oxidized, thereby transporting uranium in solution.

When the uranium-rich waters

encountered the zones of trapped reduced waters, the uranium precipitated.

Vanadium may have been leached from the detrital iron-titanium

mineral grains and subsequently deposited along with or prior to the uranium.

The thickness, the gray color, and pyrite and

carbon contents of sandstones, along with gray or green mudstone, were recognized by early workers as significant and still serve as

exploration guides.

Much of the Top Rim sandstone in the Sage Plain Project area exhibits these favorable features;

therefore, portions of

the property with only widely spaced drill holes hold potential.

therefore, portions

of the property with only widely spaced drill holes hold potential.

However, without the historic drill data, it cannot be determined

where sedimentary facies are located (e.g., channel sandstones thin and pinch-out, or sandstone grades and interfingers into pink

and red oxidized sandstone and overbank mudstones).

Furthermore, locations of interface zones of the oxidized and reduced environments

are hard to predict.

Until more historic data are obtained and/or more drilling occurs on the property away from the historic mines,

these outlying areas remain exploration targets.

where sedimentary facies are located (e.g., channel sandstones thin and pinch-out, or sandstone grades and interfingers into pink and

red oxidized sandstone and overbank mudstones).

Furthermore, locations of interface zones of the oxidized and reduced environments are

hard to predict.

Until more historic data are obtained and/or more drilling occurs on the property away from the historic mines, these

outlying areas remain exploration targets.

Restoration and Reclamation

A financial warrant is posted with the Colorado Mined Land Reclamation

Board for the amount of $40,124.

A financial warrant is posted with the Colorado

Mined Land Reclamation Board for the amount of $40,124.

Permitting Status

Although the mine is permitted (S/037/0058) and bonded ($40,124) for

reclamation, it is not permitted for mining.

Because of its location on BLM managed land, an Environmental Assessment will need to be

prepared for the site by a third-party contractor once a Plan of Operations is submitted for the mine operation.

An amendment to the Small

Mine Reclamation NOI will also be needed with Utah Division of Oil Gas and Mining to allow for mine expansion.

Existing permits

Although the mine is permitted (S/037/0058) and

bonded ($40,124) for reclamation it is not permitted for mining.

Because of its location on BLM managed land, an Environmental Impact

Assessment will need to be prepared for the site by a third-party contractor once a Plan of Operations is submitted for the mine operation.

An amendment to the Small Mine Reclamation NOI will also be needed with Utah Division of Oil Gas and Mining to allow for mine expansion.

Existing permits include:

Small Mine Reclamation

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Basis of Disclosure

The scientific and technical information provided in this Form

10-K on the Sage Mine, as well all data and exploration information reported in this Form 10-K on the Sage Mine, is based on the

information reported in the Sage Mine Energy Fuels Technical Report.

The 11 unpatented claims are located on approximately 220 acres

of land administered by the BLM in sections 14 and 15, T32S, R25E, SLPM, San Juan County, Utah.

The scientific and technical information provided

in this Form 10-K on the Sage Mine, as well all data and exploration information reported in this Form 10-K on the Sage Mine, is based

on the information reported in the Sage Mine Energy Fuels Report.

The 11 unpatented claims are located on approximately

220 acres of land administered by the BLM in sections 14 and 15, T32S, R25E, SLPM, San Juan County, Utah.

Holding costs of the 11 claims

will be $1,705 due to BLM before September 1 each year.

The Dunn Project is currently being held as a property that

is exploratory in nature with no identified reserves.

The Dunn Project is currently being held as a

property that is exploratory in nature with no identified reserves.

Exploration and mining plans have not been prepared for the project.

Uranium & Vanadium Corp.

Western Uranium & Vanadium Corp.

has not yet undertaken any development work at the property.

Power and water sources have not

yet been formally assessed.

Power and water sources have not yet

been formally assessed.

Accessibility

The property lies in Bear Trap Canyon, a tributary at the head

of East Canyon.

The property lies in Bear Trap Canyon, a tributary

at the head of East Canyon.

This is midway between the EFR Rim Mine and the Calliham/Sage mine area.

Access to the Dunn project is from

West Summit Road (San Juan County Road 313), 10.8 miles north of the junction with U.S.

Access to the Dunn project

is from West Summit Road (San Juan County Road 313), 10.8 miles north of the junction with U.S.

West Summit Road is a two-lane

paved road that is well maintained year round.

At 10.8 miles, a graveled Class D County Road (unnamed), spurs off of West Summit

Road, passes through the leased lands and terminates at the Dunn Portal at approximately 2.1 miles from the spur.

The nearest town

to the Dunn project is Monticello, Utah which is approximately 65 miles away.

The closest commercial airport facilities are located

in Cortez, Colorado, approximately 65 miles to the southeast, and Moab, Utah approximately 65 miles to the northwest;

both airports

have daily commercial flights to-and-from Denver International Airport.

The first discovery of uranium-vanadium mineralization within

close proximity to the Dunn project was by Homestake Mining Company in the late 1960s at what would eventually become the Wilson

At 10.8 miles, a graveled Class D County Road (unnamed), spurs off of West Summit Road,

passes through the leased lands and terminates at the Dunn Portal at approximately 2.1 miles from the spur.

The nearest town to the Dunn

project is Monticello, Utah which is approximately 65 miles away.

The closest commercial airport facilities are located in Cortez, Colorado,

approximately 65 miles to the southeast, and Moab, Utah approximately 65 miles to the northwest;

both airports have daily commercial

flights to-and-from Denver International Airport.

The first discovery of uranium-vanadium mineralization

within close proximity to the Dunn project was by Homestake Mining Company in the late 1960s at what would eventually become the Wilson

Mine 4 miles to the east.

Mineralization associated with the Dunn mine was discovered by Gulf Oil Corporation in the late 1960s,

which was subsequently acquired by Homestake, followed by Atlas Minerals in the 1970’s.

Between 1975 and 1983 Atlas completed

243 drill holes at the Dunn project with an average total depth of 724 feet.

By 1981, Atlas had delineated a resource that could

justify the construction of a 3,825 foot decline.

The decline successfully reached the perimeter of delineated mineralization,

but before any production-mining, Atlas ceased operations in 1983 when faced with financial setbacks that required them to divert

In July, 2013, Energy Fuels Resources acquired the Dunn Mine

property from American Strategic Minerals Corporation and Kyle Kimmerle.

Mineralization associated with the Dunn mine was discovered by Gulf Oil Corporation in the late 1960s, which

was subsequently acquired by Homestake, followed by Atlas Minerals in the 1970’s.

Between 1975 and 1983 Atlas completed 243 drill

holes at the Dunn project with an average total depth of 724 feet.

By 1981, Atlas had delineated a resource that could justify the construction

of a 3,825 foot decline.

The decline successfully reached the perimeter of delineated mineralization, but before any production-mining,

Atlas ceased operations in 1983 when faced with financial setbacks that required them to divert funds.

In July 2013, Energy Fuels Resources acquired

the Dunn Mine property from American Strategic Minerals Corporation and Kyle Kimmerle.

Project Geology

The Dunn project occurs on structurally

unaffected terrain between the gently folded Boulder Knoll anticline to the southwest and the more prominent salt-cored Lisbon

Valley anticline to the northeast.

The strata beneath the project are relatively flat, and no major faults or folds are expected

to disrupt bedding or unit contacts.

Uranium-vanadium mineralization at the

Dunn is hosted in the Salt Wash Member of the Jurassic Morrison formation which occurs at approximately 500 to 750 feet below the

The average depth to the mineralized sandstones within the Salt Wash Member is 650 feet from the surface.

The primary uranium mineral is uraninite

with minor amounts of coffinite.

The Dunn project occurs on structurally unaffected

terrain between the gently folded Boulder Knoll anticline to the southwest and the more prominent salt-cored Lisbon Valley anticline

to the northeast.

The strata beneath the project are relatively flat, and no major faults or folds are expected to disrupt bedding or

unit contacts.

Uranium-vanadium mineralization at the Dunn is

hosted in the Salt Wash Member of the Jurassic Morrison formation which occurs at approximately 500 to 750 feet below the surface.

average depth to the mineralized sandstones within the Salt Wash Member is 650 feet from the surface.

The primary uranium mineral is uraninite with

minor amounts of coffinite.

The primary vanadium mineral is Montroseite.

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Basis of Disclosure

The scientific and technical information provided in this Form

10-K on the Dunn Project American Strategic Mineral Corporation is based on information provided in a NI 43-101 Technical Report

prepared by American Strategic Minerals Corporation (the previous owner of the Dunn Project) entitled Technical Report on American

Strategic Minerals Corporation’s Dunn Project, San Juan County, Utah by Dr.

Gonzales, PhD, PG, Durango, Colorado

March 23, 2012.

The scientific and technical information provided

in this Form 10-K on the Dunn Project American Strategic Mineral Corporation is based on information provided in a NI 43-101 technical

report prepared by American Strategic Minerals Corporation (the previous owner of the Dunn Project) entitled Technical Report on American

Strategic Minerals Corporation’s Dunn Project, San Juan County, Utah by Dr.

Gonzales, PhD, PG, Durango, Colorado March

Gonzales is a qualified person for purposes of NI 43-101.

However, none of the data, other exploration information

or other results reported in that report are being incorporated into this Form 10-K.

The Van#4 is located in the Uravan Mineral Belt on Monogram

Mesa in Montrose County, Colorado.

However, none of the data, other exploration information or other

results reported in that report are being incorporated into this Form 10-K.

The Van#4 is located in the Uravan Mineral Belt

on Monogram Mesa in Montrose County, Colorado.

The property had been held by Denison and its predecessors for many years.

The property consists

of 80 unpatented mining claims covering the mine site and long-known deposit to the east, plus two large claim groups to the north,

east, and south with exploration potential.

The 80 unpatented claims are located on approximately 1,900 acres

land administered by the U.S.

Bureau of Land Management in sections 27, 28, 29, 33, and 34, T48N, R17W, NMPM, and some in section

3, T47N, R17W, Montrose County, Colorado.

The Holding costs of the 80 claims will be $12,400 due to BLM before September

consists of 80 unpatented mining claims covering the mine site and long-known deposit to the east, plus two large claim groups to the

north, east, and south with exploration potential.

The 80 unpatented claims are located

on approximately 1,900 acres land administered by the U.S.

Bureau of Land Management in sections 27, 28, 29, 33, and 34, T48N,

R17W, NMPM, and some in section 3, T47N, R17W, Montrose County, Colorado.

The Holding costs of the 80 claims will be $12,400 due

to BLM before September 1 each year.

There are no royalties encumbering these claims.

The property includes the Van #4 shaft and associated surface

facilities, which need renovation.

The property includes the Van #4 shaft and associated

surface facilities, which need renovation.

The mine is connected to the Ura decline on claims in Bull Canyon to the southwest,

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It has been on standby for many years.

Denison completed reclamation of two of the ventilation holes in

2008 and 2010.

Denison completed reclamation of two of the ventilation holes in 2008 and

The property has access to grid power;

however, no source of industrial water has been identified yet.

mine is currently being held as a property that is exploratory in nature.

Exploration and mining plans have not been prepared for

Western Uranium & Vanadium Corp.

The Van 4 mine is currently

being held as a property that is exploratory in nature.

Exploration and mining plans have not been prepared for the project.

Uranium & Vanadium Corp.

has not yet undertaken any development work at the property.

Power and water

sources have not yet been assessed.

A prior owner of the Van 4 Mine had been

granted a first Temporary Cessation from reclamation of the mine by the Colorado Mined Land Reclamation Board (“MLRB”)

which was set to expire June 23, 2017.

Prior to its expiration, PRM formally requested an extension through a second Temporary

PRM subsequently participated in a public process which culminated in a hearing on July 26, 2017.

Prior to the hearing,

three non-profit organizations who pursue environmental and conservation objectives filed a brief objecting to the extension.

MLRB board members voted to grant a second five-year Temporary Cessation for the Van 4 Mine.

Thereafter, the three objecting parties

filed a lawsuit on September 18, 2017.

The MLRB was named as the defendant and PRM was named as a party to the case due to the

Colorado law requirement that any lawsuit filed after a hearing must include all of the parties in the proceeding.

The plaintiff

organizations are seeking for the court to set aside the board order granting a second five-year Temporary Cessation period to

PRM for the Van 4 Mine.

The Colorado state Attorney General was defending this action in the Denver Colorado District Court.

May 8, 2018, the Denver Colorado District Court ruled in favor, whereby the additional five-year temporary cessation period was

The Plaintiffs appealed this ruling to the Colorado Court of Appeals and on July 25, 2019 the ruling was reversed, ruling

that the additional five-year temporary cessation period should not have been granted.

The MLRB and the Colorado Attorney General advised Western that it

will not make an additional appeal of the ruling.

Power and water sources have not yet been assessed.

A prior owner of the Van 4 Mine had been granted

a first Temporary Cessation from reclamation of the mine by the Colorado Mined Land Reclamation Board (“MLRB”) which was

set to expire June 23, 2017.

Prior to its expiration, PRM formally requested an extension through a second Temporary Cessation.

PRM subsequently

participated in a public process which culminated in a hearing on July 26, 2017.

Prior to the hearing, three non-profit organizations

who pursue environmental and conservation objectives filed a brief objecting to the extension.

The MLRB board members voted to grant

a second five-year Temporary Cessation for the Van 4 Mine.

Thereafter, the three objecting parties filed a lawsuit on September 18, 2017.

The MLRB was named as the defendant and PRM was named as a party to the case due to the Colorado law requirement that any lawsuit filed

after a hearing must include all of the parties in the proceeding.

The plaintiff organizations are seeking for the court to set aside

the board order granting a second five-year Temporary Cessation period to PRM for the Van 4 Mine.

The Colorado state Attorney General

was defending this action in the Denver Colorado District Court.

On May 8, 2018, the Denver Colorado District Court ruled in favor, whereby

the additional five-year temporary cessation period was granted.

The Plaintiffs appealed this ruling to the Colorado Court of Appeals

and on July 25, 2019 the ruling was reversed, ruling that the additional five-year temporary cessation period should not have been granted.

The MLRB and the Colorado Attorney General advised

Western that it will not make an additional appeal of the ruling.

Further, the time period for an appeal has passed.

The Judge has subsequently issued

an instruction for the MLRB to issue an order revoking the permit and putting the Van 4 Mine into reclamation.

On January 22, 2020, the

MLRB held a hearing and on March 2, 2020, the MLRB issued an order vacating the Van 4 Temporary Cessation, revoking the permit and ordered

commencement of final reclamation, which must be completed within five (5) years.

The Company commenced reclamation of the Van 4 Mine

but progress has been delayed both by COVID-19 restrictions and countywide fire and open flame restrictions.

The reclamation cost is fully

covered by the reclamation bonds posted upon acquisition of the property.

The Judge has subsequently

issued an instruction for the MLRB to issue an order revoking the permit and putting the Van 4 Mine into reclamation.

On January 22,

2020, the MLRB held a hearing and on March 2, 2020, the MLRB issued an order vacating the Van 4 Temporary Cessation, revoking the permit

and ordered commencement of final reclamation, which must be completed within five (5) years.

The Company commenced reclamation of the

Van 4 Mine but progress has been delayed both by COVID-19 restrictions and countywide fire and open flame restrictions.

The reclamation

cost is fully covered by the reclamation bonds posted with the state of Colorado.

Our mining operations team has made significant progress

on the reclamation as all surface structures have been disassembled and removed with the exception of the head frame.

Accessibility

The Van #4 mine is accessible via Montrose

County Roads year-round.

The Van#4 was initially permitted in the late 1970s and early

1980s by Union Carbide as part of a number of small mines named the Thunderbolt Group.

The Van #4 mine is accessible via Montrose County

Roads year-round.

The Van#4 was initially permitted in the late

1970s and early 1980s by Union Carbide as part of a number of small mines named the Thunderbolt Group.

Energy Fuels Nuclear, Inc.

(EFN) acquired

the mine in 1984 and then transferred the mine and permits to International Uranium Corporation (IUC) in 1997.

acquired the mine in 1984 and then transferred the mine and permits to International Uranium Corporation (IUC) in 1997.

IUC re-permitted

the mine with DRMS (then known as the Division of Minerals and Geology) in 1999 because the previous permit had included other

mines in the area that were not acquired by IUC.

Mine Permit M-1997-032 with DRMS is currently in good standing and bonded

the mine with DRMS (then known as the Division of Minerals and Geology) in 1999 because the previous permit had included other mines

in the area that were not acquired by IUC.

Mine Permit M-1997-032 with DRMS is currently in good standing and bonded for $75,057.

Amendment AM-1, which incorporated the approved EPP, was issued on May 30, 2012.

The permit has been transferred over

the years from IUC to Denison Mines (USA) Corp.

The permit has been transferred over the years from

IUC to Denison Mines (USA) Corp.

to Energy Fuels Resources (USA) Inc.

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Project Geology

The uranium-vanadium deposits occur in the upper and middle

sandstones of the Salt Wash Member of the Morrison Formation.

The uranium-vanadium deposits occur in the upper

and middle sandstones of the Salt Wash Member of the Morrison Formation.

Deposits in this part of the Uravan Mineral Belt have a moderate

The Company is in possession of much historic mine and drill data (former Union Carbide/Umetco property), as

well as up-to-date mine maps.

Denison drilled most recently (summer 2008) 21 wide-spaced exploration holes in sections 27

U 3 O 8 ratio.

The Company is in possession of much historic mine and drill data

(former Union Carbide/Umetco property), as well as up-to-date mine maps.

Denison drilled most recently (summer 2008) 21

wide-spaced exploration holes in sections 27 and 34.

All have been reclaimed and the permit terminated.

Restoration and Reclamation.

There is a reclamation bond held by the

Colorado DRMS for $75,057.

There is a reclamation bond held by the Colorado

DRMS for $75,057.

Permitting Status

Permit compliance is currently limited to an annual stormwater inspection;

stormwater improvement

work was completed in 2010 and 2012.

The air permit with APCD was recently allowed to lapse, as the company does not have any immediate

development or operation plans for the mine.

The mine does not have EPA approval for radon emissions;

however, this approval may

not be needed to restart mining, as the life-of-mine production will likely be less than 100,000 tons.

The DRMS mining permit was

put into Temporary Cessation in February, 2014.

Existing major permits at the mine include:

BLM Plan of Operations COC-62522 (same as DRMS Permit M-97-032)

DRMS 110d (Small Mine, DMO) Mine Permit M-97-032

Hansen/Taylor

Within the Project area, Black Range has mining agreements,

owns fee minerals, holds options to purchase fee mineral rights, holds federal unpatented mining claims and mineral leases with

the State of Colorado, and has in place surface access agreements, including:

Permit compliance is currently limited to an

annual stormwater inspection;

stormwater improvement work was completed in 2010 and 2012.

The air permit with APCD

was recently allowed to lapse, as the company does not have any immediate development or operation plans for the mine.

The mine does

not have EPA approval for radon emissions;

however, this approval may not be needed to restart mining, as the life-of-mine production

will likely be less than 100,000 tons.

The DRMS mining permit was put into Temporary Cessation in February, 2014.

Existing major permits

at the mine include:

BLM Plan of Operations

COC-62522 (same as DRMS Permit M-97-032)

DRMS 110d (Small Mine,

DMO) Mine Permit M-97-032

Hansen/Taylor Ranch

Within the Project area, Black Range has mining

agreements, owns fee minerals, holds options to purchase fee mineral rights, holds federal unpatented mining claims and mineral leases

with the State of Colorado, and has in place surface access agreements, including:

- 1 x private Mineral Lease

- 1 x State Mineral Lease (UR3324)

- 1 x option to purchase 100% of the Hansen and Picnic Tree

- 1 x option to purchase 100% of the Hansen and

Picnic Tree Deposits

- 108 Federal unpatented mining claims

The Hansen/Taylor Ranch Project is currently being held as a

property that is exploratory in nature with no identified reserves.

Neither exploration plans nor a mining plan exist for the project.

The Hansen/Taylor Ranch Project is currently

being held as a property that is exploratory in nature with no identified reserves.

Neither exploration plans nor a mining plan exist

for the project.

Black Range Minerals has not undertaken development work at the property since groundwater well installation in 2013.

water sources have not yet been formally assessed.

Notably a portion of the Hansen/Taylor deposit was in dispute

On September 16, 2015, in connection with the Company’s acquisition of Black Range, the Company assumed an option

and exploration agreement (the “Option and Exploration Agreement”) with STB Minerals, LLC, a Colorado limited liability

company (“STB”).

The Option and Exploration Agreement gives the Company the right to purchase 51% of the mineral rights

of specific areas of the Hansen and Picnic Tree deposits (for which the Company already holds 49% of the rights).

If the Company

were to exercise its option under the Option and Exploration Agreement, it would require the Company to (a) make a cash payment

of $2,500,000 immediately upon exercise;

Power and water sources have not yet been formally assessed.

Notably a portion of the Hansen/Taylor deposit

was in dispute during 2017.

On September 16, 2015, in connection with the Company’s acquisition of Black Range, the Company assumed

an option and exploration agreement (the “Option and Exploration Agreement”) with STB Minerals, LLC, a Colorado limited liability

company (“STB”).

The Option and Exploration Agreement gives the Company the right to purchase 51% of the mineral rights of

specific areas of the Hansen and Picnic Tree deposits (for which the Company already holds 49% of the rights).

If the Company were to

exercise its option under the Option and Exploration Agreement, it would require the Company to (a) make a cash payment of $2,500,000

immediately upon exercise;

(b) issue common shares to STB amounting to a value of $3,750,000 immediately upon exercise;

and (c) issue common shares to STB amounting to a value of $3,750,000 on the date that is 180 days following exercise.

and Exploration Agreement was scheduled to expire by its terms on July 28, 2017 if not exercised.

The Option and Exploration Agreement provided an extension for

an “event of force majeure”.

Under this clause, the Company would receive an extension of the period during which it

could exercise its option if it experiences an unreasonable delay outside its control that prevents it from exercising the option.

May 10, 2017, the Company provided to STB a notice that it was exercising the force majeure clause due to the delay by government

regulators in licensing the Company’s Kinetic Separation and permitting mining at the Hansen property.

STB has contested

the Company’s finding that an event of force majeure has occurred.

Ongoing negotiations continued until September 21, 2017

when the Company and STB agreed to settle the matter through the pre-established arbitration mechanism.

Prior to the commencement

of arbitration, a settlement was agreed to on February 28, 2018 through the execution of an Amendment of Option and Exploration

As consideration, the Company paid STB a $20,000 extension payment and granted STB the right to seek a bona fide written

offer over the remaining term, and agreed to the removal of the force majeure clause from the agreement.

The Company received an

extension until July 28, 2019 and a right of first refusal to match any bona fide written offer.

Hence the Company already owned

49% of the resource property and retained an option to purchase the 51% of the resource property that the Company did not already

own for the duration of the agreement.

Further the Company believes the execution of this agreement was without financial implications,

and as such, the Company has not made any adjustment to these consolidated financials related to this matter.

Prior to July 28, 2019, the Company decided not to exercise

the option to purchase the remaining 51% of the mineral rights of specific areas of the Hansen and Picnic Tree deposits, and thus

the option has expired unexercised.

and (c) issue

common shares to STB amounting to a value of $3,750,000 on the date that is 180 days following exercise.

The Option and Exploration Agreement

was scheduled to expire by its terms on July 28, 2017 if not exercised.

The Option and Exploration Agreement provided

an extension for an “event of force majeure”.

Under this clause, the Company would receive an extension of the period during

which it could exercise its option if it experiences an unreasonable delay outside its control that prevents it from exercising the option.

On May 10, 2017, the Company provided to STB a notice that it was exercising the force majeure clause due to the delay by government

regulators in licensing the Company’s Kinetic Separation and permitting mining at the Hansen property.

STB has contested the Company’s

finding that an event of force majeure has occurred.

Ongoing negotiations continued until September 21, 2017 when the Company and STB

agreed to settle the matter through the pre-established arbitration mechanism.

Prior to the commencement of arbitration, a settlement

was agreed to on February 28, 2018 through the execution of an Amendment of Option and Exploration Agreement.

As consideration, the Company

paid STB a $20,000 extension payment and granted STB the right to seek a bona fide written offer over the remaining term, and agreed

to the removal of the force majeure clause from the agreement.

The Company received an extension until July 28, 2019 and a right of first

refusal to match any bona fide written offer.

Hence the Company already owned 49% of the resource property and retained an option to

purchase the 51% of the resource property that the Company did not already own for the duration of the agreement.

Further the Company

believes the execution of this agreement was without financial implications, and as such, the Company has not made any adjustment to

these consolidated financials related to this matter.

Prior to July 28, 2019, the Company decided not

to exercise the option to purchase the remaining 51% of the mineral rights of specific areas of the Hansen and Picnic Tree deposits,

and thus the option has expired unexercised.

Accessibility

The Project is located in Fremont County, in South Central Colorado

approximately 30 miles northwest of the city of Canon City.

Canon City is the closest population center, and had a population of

16,400 in 2010.

The largest metropolitan area in close proximity to the Project is Colorado Springs which is located approximately

46 miles northeast of Canon City and has a population of approximately 416,000.

The Project is located in Fremont County, in

South Central Colorado approximately 30 miles northwest of the city of Canon City.

Canon City is the closest population center, and had

a population of 16,400 in 2010.

The largest metropolitan area in close proximity to the Project is Colorado Springs which is located

approximately 46 miles northeast of Canon City and has a population of approximately 416,000.

Figure 1 shows the locations of these population

centers with respect to the Project.

For ground travel, Canon City is best accessed from Denver/Colorado

Springs via I-25 south to State Highway 115 which intersects Highway 50 just east of Canon City.

For air travel, alternatives include

the Colorado Springs Municipal Airport (COS), which is a 16-gate facility served by 14 airlines and Denver’s International

Airport (DEN), which is 149 miles from Canon City.

There is a small airport, Fremont County Airport (CNE), located in Canon City,

which is open to private flights.

For ground travel, Canon City is best accessed

from Denver/Colorado Springs via I-25 south to State Highway 115 which intersects Highway 50 just east of Canon City.

For air travel,

alternatives include the Colorado Springs Municipal Airport (COS), which is a 16-gate facility served by 14 airlines and Denver’s

International Airport (DEN), which is 149 miles from Canon City.

There is a small airport, Fremont County Airport (CNE), located in Canon

City, which is open to private flights.

The property has access to grid power;

however, no source of industrial water has been identified

Uranium mineralization was discovered in the Tallahassee Creek

District in 1954 by two groups of prospectors.

Between 1954 and 1972, 16 small open pit and underground mines were operated in

the district.

Discoveries, and most producing mines and production were in the Tallahassee Creek Conglomerate, with one mine, the

Smaller Mine, producing from the Echo Park Formation.

Uranium mineralization was discovered in the

Tallahassee Creek District in 1954 by two groups of prospectors.

Between 1954 and 1972, 16 small open pit and underground mines were

operated in the district.

Discoveries, and most producing mines and production were in the Tallahassee Creek Conglomerate, with one mine,

the Smaller Mine, producing from the Echo Park Formation.

Exploration efforts were minimal until Rampart Exploration Company (Rampart),

under contract to Cyprus, explored the Taylor Ranch area beginning in 1974 and discovered the Hansen Uranium Deposit along with

other uranium deposits in the district.

Cyprus took the Hansen and Picnic Tree deposits through a positive final feasibility analysis

in 1980 for an open-pit mining and conventional uranium milling operation, and secured all necessary operating permits in 1981.

The collapse of the uranium market led to Cyprus abandoning the project which lay dormant until Black Range Minerals began activities

in late 2006.

Black Range Mineral’s Taylor Ranch Project, CO, consists

of a combination of private, BLM and State Section minerals, and private, BLM and State Section surface rights.

Ownership of the

private minerals and surface has mainly been by local ranchers.

under contract to Cyprus, explored the Taylor Ranch area beginning in 1974 and discovered the Hansen Uranium Deposit along with other

uranium deposits in the district.

Cyprus took the Hansen and Picnic Tree deposits through a positive final feasibility analysis in 1980

for an open-pit mining and conventional uranium milling operation, and secured all necessary operating permits in 1981.

of the uranium market led to Cyprus abandoning the project which lay dormant until Black Range Minerals began activities in late 2006.

Black Range Mineral’s Taylor Ranch Project,

CO, consists of a combination of private, BLM and State Section minerals, and private, BLM and State Section surface rights.

of the private minerals and surface has mainly been by local ranchers.

Western Nuclear held a portion of the property briefly in 1968.

Cyprus gained control of mineral and surface rights during the period 1975-1978.

In 1993, Cyprus sold their Tallahassee Creek holdings to Noah

(Buddy) and Diane Taylor who had managed ranching activities on the property.

The Taylors were not able to make the final payment

to Cyprus and sold the southern portion of their holdings which included the Hansen and Picnic Tree deposits to New Mexico and

Arizona Land (now NZ Minerals) in 1996 who, in 1998, sold the property to South T-Bar Ranch, a subsidiary of Colorado developer

Land Properties, while reserving a 49% interest in the minerals.

This part of Cyprus’

prior holdings was subdivided, mainly

into 35-acre parcels.

Beginning in December 2006, through various purchases, leases and option agreements, Black Range Minerals

has obtained mineral rights to most of the original Cyprus holdings.

Prior to the Hansen/Taylor Project being acquired by WUC, a mineral resource

for the Hansen/Taylor Ranch Project for Black Range Minerals Limited.

Black Range Reported a JORC compliant indicated uranium resources.

This historic resource estimate was originally reported to Black Range Minerals Limited by Tetra Tech in four resource memos (collectively,

the Tetra Tech Reports):

1) High Park Kriging Resources –

Taylor Ranch Uranium Project, April 25, 2008;

2) North Hansen, Boyer Kriging

Resources –

Taylor Ranch Uranium Project, April 29, 2009;

3) Technical Memorandum –

Boyer, Hansen and Picnic Tree Area Kriging

Resources –

Taylor Ranch Uranium Project, August 24, 2009;

and 4) Technical Memorandum –

Boyer, Hansen and Picnic Tree Area

Kriging Resources –

Taylor Ranch Uranium Project (Updated 2010), August 12, 2010.

These memos were originally prepared by Rex Bryan

of Tetra Tech, a qualified person under NI 43-101.

The results reported in the Tetra Tech Reports are historical estimates under NI 43-101.

There is high confidence in the geologic interpretation of the

historic Black Range Minerals resource provided in the Tetra Tech Reports.

The deposit is stratified and laterally consistent drill

hole logging and surface mapping supports this conclusion.

The data source for geologic interpretation is primarily drill hole

logs and surface mapping.

The model currently assumes minimal post mineralization faulting.

Deposit domains were confined by corresponding

geologic units.

Continuity of geology is on a regional sedimentary scale and is regular.

Grade continuity is subject to deposition

of carbonaceous material and oxidation reduction interfaces of palaeo-groundwater carrying mobilized uranium.

Commonly accepted

multi-pass kriging methods were used to estimate the mineral resources.

Uranium domains were modeled using wireframe solids, resources

were quantified outside the solids with drastically reduced search ranges.

Estimates were checked and compared to historic estimates.

Blocks were sized as a tradeoff between mineralized shapes and general mining selectivity.

The block heights are four to six times

the half foot sample collection but block lengths and widths are several times smaller than the drill spacing in order to adequately

fit the mineralized shapes.

It is assumed that due to the soft sedimentary nature of the mineral zone, good selectivity can be

The historic Black Range Minerals resource reported in the Tetra

Tech Reports uses JORC indicated and inferred resource categories and does not contain reserves.

That report does not use categories

other than “mineral resources”

and “mineral reserves”.

There are no more recent estimates or data available

to WUC or Black Range Minerals.

In order to verify this estimate, the Company would need to prepare a NI 43-101 Technical Report

to disclose the mineral resources as current.

This would involve, among other things verifying the results under NI 43-101 standards

and potentially conducted new or additional analyses under NI 43-101 standards, as well as taking into account any exploration

or other work conducted on this property since the latest of the Tetra Tech Reports.

A qualified person (as defined under NI 43-101)

has not completed sufficient work to classify this historical estimate as current under that rule, and the Company is not treating

this historical estimate as current.

In 1993, Cyprus sold their Tallahassee Creek

holdings to Noah (Buddy) and Diane Taylor who had managed ranching activities on the property.

The Taylors were not able to make the

final payment to Cyprus and sold the southern portion of their holdings which included the Hansen and Picnic Tree deposits to New Mexico

and Arizona Land (now NZ Minerals) in 1996 who, in 1998, sold the property to South T-Bar Ranch, a subsidiary of Colorado developer Land

Properties, while reserving a 49% interest in the minerals.

This part of Cyprus’ prior holdings was

subdivided, mainly into 35-acre parcels.

Beginning in December 2006, through various purchases, leases and option agreements, Black Range

Minerals has obtained mineral rights to most of the original Cyprus holdings.

Prior to the Hansen/Taylor Project being acquired

by WUC, a mineral resource for the Hansen/Taylor Ranch Project for Black Range Minerals Limited.

Black Range Reported a JORC compliant

indicated uranium resources.

This historic resource estimate was originally reported to Black Range Minerals Limited by Tetra Tech in

four resource memos (collectively, the “Tetra Tech Reports”):

1) High Park Kriging Resources – Taylor Ranch Uranium

Project, April 25, 2008;

2) North Hansen, Boyer Kriging Resources – Taylor Ranch Uranium Project, April 29, 2009;

Memorandum – Boyer, Hansen and Picnic Tree Area Kriging Resources – Taylor Ranch Uranium Project, August 24, 2009;

Technical Memorandum – Boyer, Hansen and Picnic Tree Area Kriging Resources – Taylor Ranch Uranium Project (Updated 2010),

August 12, 2010.

These memos were originally prepared by Rex Bryan of Tetra Tech, a qualified person under NI 43-101.

The results reported

in the Tetra Tech Reports are historical estimates under NI 43-101.

However, the Company is not treating the historical estimate as current

mineral resources, and S-K 1300 does not permit such historic estimates to be disclosed in Form 10-K annual reports.

The historic Black Range Minerals resource reported

in the Tetra Tech Reports uses JORC indicated and inferred resource categories and does not contain reserves.

There is no more recent

data available on the Hansen/Taylor Project resource than that of the Tetra Tech Reports.

In order to disclose a resource estimate as

current, the Company would need to engage a qualified person (as defined under 43-101 and S-K 1300) to produce a technical report compliant

with NI 43-101 and a feasibility study compliant with S-K 1300.

The Company currently does not intend to commission such a technical

report or feasibility study.

Project Geology

The deposits that make up the Project are tabular sandstone

deposits associated with redox interfaces.

The deposits that make up the Project are tabular

sandstone deposits associated with redox interfaces.

The mineralisation is hosted in Tertiary sandstones and/or clay bearing conglomerates

within an extinct braided stream, fluvial system or palaeo channel.

Mineralisation occurred post sediment deposition when oxygenated

uraniferous groundwater moving through the host rocks came into contact with redox interfaces, the resultant chemical change caused

the precipitation of uranium oxides.

The most common cause of redox interfaces is the presence of carbonaceous material that was

deposited simultaneously with the host sediments.

In parts of the Project the palaeochannel has been covered by Tertiary volcanic

rocks and throughout the Project basement consists of Pre-Cambrian plutonics and metamorphic rocks.

The volcanic and Pre-Cambrian

rocks are believed to be the source of the uranium.

within an extinct braided stream, fluvial system or palaeochannel.

Mineralisation occurred post sediment deposition when oxygenated uraniferous

groundwater moving through the host rocks came into contact with redox interfaces, the resultant chemical change caused the precipitation

of uranium oxides.

The most common cause of redox interfaces is the presence of carbonaceous material that was deposited simultaneously

with the host sediments.

In parts of the Project the palaeochannel has been covered by Tertiary volcanic rocks and throughout the Project

basement consists of Pre-Cambrian plutonics and metamorphic rocks.

The volcanic and Pre-Cambrian rocks are believed to be the source

of the uranium.

Restoration and Reclamation

BRM has a bond of $154,927 with the DRMS covering exploration

activities for the project.

During the fourth quarter of 2021, the Company

received notice from the State of Colorado that its surety release request on the Hansen Picnic Tree property had been approved, and

as such, this property is no longer subject to reclamation treatment.

As the property wasn’t a current development priority, Western

completed reclamation on the property.

The Company recorded a discontinuation of the Hansen Picnic Tree property’s present value

of $44,793 during the fourth quarter of 2021.

On December 29, 2021, the Company moved the $154,936 restricted cash deposit into its cash

after receiving payment from the state of Colorado.

Permitting Status

The project currently has an exploration permit through the

Colorado Division of Reclamation, Mining and Safety as well as a Conditional Use Permit with the Fremont County Planning and Zoning

The project currently has an exploration permit

through the Colorado Division of Reclamation, Mining and Safety as well as a Conditional Use Permit with the Fremont County Planning

and Zoning Department.

Basis of Disclosure

The scientific and technical information provided in this Form

10-K on the Hansen/Taylor Ranch Project, as well all data and exploration information reported in this Form 10-K on the Hansen/Taylor

Ranch Project, is based on the information reported in the Tetra Tech Reports.

The scientific and technical information provided

in this Form 10-K on the Hansen/Taylor Ranch Project, as well all data and exploration information reported in this Form 10-K on the

Hansen/Taylor Ranch Project, is based on the information reported in the Tetra Tech Reports.

Bullen Property (Weld County)

1 unchanged sentence

located in Weld County Colorado and is inclusive of 139 surface acres and 160 mineral acres.

The property location is Township

9 North, Range 60 West, 6 th P.M., Section 34:NW/4.

The property location is Township 9 North,

Range 60 West, 6 th P.M., Section 34:NW/4.

Accessibility

The Bullen Property is accessible via Weld

County roads year-round.

The Bullen Property is accessible via Weld County

roads year-round.

The Bullen Property is an oil and gas property

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Black Range purchased the property in 2008 for its Keota Uranium Project.

This project ran from 2008 to 2013, and at its peak there

were five strategic interests which comprised approximately 3,300 acres in the Keota Uranium District.

After the project ceased,

the Bullen Property was the only acreage retained in Weld County by virtue of its outright ownership.

In 2017, the Company signed a three year

oil and gas lease which in 2020 was extended for an additional three year term or the end of continuous operations.

The consideration

was in the form of upfront bonus payments and backend production royalty payments.

Additional right-of-way easement agreements

were signed which allowed for the development of a pipeline.

The lease agreement allows the Company to retain property rights to

vanadium, uranium, and other mineral resources.

In early 2020 Bison Oil & Gas

traded this lease to Mallard Exploration (“Mallard”), Mallard subsequently filed an application with the Colorado Oil &

Gas Conservation Commission (COGCC) to update the permitting to create a new pooled unit.

In late 2020 Mallard began development of the pooled unit.

31, 2021, the drilling portion of the project had been completed for the eight horizontal wells named Blue Teal Fed.

Seven wells were

drilled to a 2.5 miles lateral length and one well was drilled to a 3.0 mile lateral length.

These DJ-Basin wells target the Niobrara

During May 2021, Mallard will commence the well completion stage, fracking, and flow back.

Despite some weather delays over

the winter, the Operations Plan remains close to schedule and production is projected to commence during the third quarter.

This project ran from 2008 to 2013, and at its peak there were

five strategic interests which comprised approximately 3,300 acres in the Keota Uranium District.

After the project ceased, the Bullen

Property was the only acreage retained in Weld County by virtue of its outright ownership.

In 2017, the Company signed a three year oil

and gas lease which in 2020 was extended for an additional three year term or the end of continuous operations.

The consideration was

in the form of upfront bonus payments and backend production royalty payments.

Additional right-of-way easement agreements were signed

which allowed for the development of a pipeline.

The lease agreement allows the Company to retain property rights to vanadium, uranium,

and other mineral resources.

In early 2020 Bison Oil & Gas traded this

lease to Mallard Exploration (“Mallard”), Mallard subsequently filed an application with the Colorado Oil & Gas Conservation

Commission (COGCC) to update the permitting to create a new pooled unit.

In late 2020 Mallard began development of the

By March 31, 2021, the drilling portion of the project had been completed for the eight horizontal wells named Blue Teal

Seven wells were drilled to a 2.5 miles lateral length and one well was drilled to a 3.0 mile lateral length.

These DJ-Basin wells

target the Niobrara formation.

During 2021, the operator completed all well development stages and each of the eight (8) Blue Teal Fed

wells commenced oil and gas production by mid-August 2021.

The first royalty payment was made in January 2022 and monthly royalty payments

have been received subsequently.

These wells continue to rank among the top Colorado producing wells.

Due to the success of the first

8 wells, the operator has decided to develop a second set of 8 wells within Western’s royalty area during 2022.

Project Geology

The Bullen Property is located within the

Denver-Julesburg Basin (“D-J Basin”) which is inclusive of multiple oil and gas formations.

The Bullen Property is located within the Denver-Julesburg

Basin (“D-J Basin”) which is inclusive of multiple oil and gas formations.

Permitting Status

Mallard’s application with the Colorado

Oil & Gas Conservation Commission (COGCC) created a new order to establish a drilling and spacing unit and set the maximum

number of horizontal wells that may be drilled.

Mallard’s application with the Colorado

Oil & Gas Conservation Commission (COGCC) created a new order to establish a drilling and spacing unit and set the maximum number

of horizontal wells that may be drilled.

The field rules were approved on August 24, 2020 (COGCC Order No.

order pooled five adjoining parcels into a 3,200 acre pooled unit (“Unit”) and set the maximum number of wells at 24.

A total of 16 wells have been permitted in the Unit.

This order pooled

five adjoining parcels into a 3,200 acre pooled unit (“Unit”) and set the maximum number of wells at 24.

A total of 16 wells

have been permitted in the Unit.

Ferris Haggerty

A reclamation liability remains at this

Wyoming copper project.

No leases or land use remain.

The Ferris Haggarty project is a reclamation-only project.

Accessibility

The reclamation project is accessible 4 to 6 months out of the

year due to snow and closed access.

The reclamation project is accessible 4 to 6

months out of the year due to snow and closed access.

Take Wyoming Highway west from Encampment, Wyoming for approximately 11 miles.

the divide, to the northeast there is a pullout for Medicine Bow National Forest recreation.

Follow 4 wheel drive route 412 (Continental

Divide Trail) for approximately 5 miles to the Haggerty creek watershed.

Turn southwest onto a steep 4 wheel drive rout and travel

for approximately 1.5 miles until you are at the property.

The Ferris-Haggerty Mine Site was one of the richest

components of the Grand Encampment Mining District in Carbon County, Wyoming.

The site was first exploited by Ed

Haggerty, a prospector from Whitehaven, England, in 1897, when he established the Rudefeha Mine on a rich deposit of copper

Once across the divide, to the northeast there is a pullout for Medicine Bow National Forest recreation.

Follow 4 wheel drive route 412

(Continental Divide Trail) for approximately 5 miles to the Haggerty creek watershed.

Turn southwest onto a steep 4 wheel drive rout

and travel for approximately 1.5 miles until you are at the property.

The Ferris-Haggerty Mine Site was one

of the richest components of the Grand Encampment Mining District in Carbon County, Wyoming.

The site was first exploited

by Ed Haggerty, a prospector from Whitehaven, England, in 1897, when he established the Rudefeha Mine on a rich deposit of copper

Haggerty was backed by George Ferris and other investors, of whom all but Ferris dropped out.

The partners sold an interest

to Willis George Emerson, who raised investment funding for improvements to the mine.

These facilities included a 16-mile (26 km)

aerial tramway from Grand Encampment over the Continental Divide to the smelter in Encampment and a 4-mile (6.4 km)

pipeline to the mine.

The mine’s assets were eventually acquired by the North American Copper Company for $1 million.

mine had produced $1.4 million in copper ore, and was sold to the Penn-Wyoming Copper Company.

However, even with copper prices

peaking in 1907, the company had difficulty making a profit from the remove mine site.

The company was over-capitalized and under-insured,

and was suffered devastating fires at the mine site in March 1906 and May 1907 which halted production.

Business disputes and a

fall in copper prices prevented re-opening of the mine even after it was rebuilt.

The partners sold an interest to Willis

George Emerson, who raised investment funding for improvements to the mine.

These facilities included a 16-mile (26 km) aerial tramway

from Grand Encampment over the Continental Divide to the smelter in Encampment and a 4-mile (6.4 km) pipeline to

The mine’s assets were eventually acquired by the North American Copper Company for $1 million.

By 1904 the mine had

produced $1.4 million in copper ore, and was sold to the Penn-Wyoming Copper Company.

However, even with copper prices peaking in 1907,

the company had difficulty making a profit from the remove mine site.

The company was over-capitalized and under-insured, and was suffered

devastating fires at the mine site in March 1906 and May 1907 which halted production.

Business disputes and a fall in copper prices

prevented re-opening of the mine even after it was rebuilt.

Machinery was salvaged after a foreclosure in 1913.

A total of $2 million in copper ore was extracted from the mine during its life.

of $2 million in copper ore was extracted from the mine during its life.

Project Geology

The Deposit is a tabular injection of magmatic metal differentiation

product at the margins of an ultramafic intrusive of early Archean age (2.2 billion years ago).

This intrusive was injected into

pre-existing high siliceous sandstones and shales of massive thickness (+2,000 ft).

Mineralization at the Ferris-Haggarty mine

consists of disseminated pyrite and chalcopyrite grains that occur along bedding planes of the host quartzite.

The Deposit is a tabular injection of magmatic

metal differentiation product at the margins of an ultramafic intrusive of early Archean age (2.2 billion years ago).

This intrusive

was injected into pre-existing high siliceous sandstones and shales of massive thickness (+2,000 ft).

Mineralization at the Ferris-Haggarty

mine consists of disseminated pyrite and chalcopyrite grains that occur along bedding planes of the host quartzite.

However, the massive

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along the quartzite-schist contact by way of permeable fractures.

The impermeable hanging wall schist may have formed a natural

barrier to the ore solutions and produced an unusually rich ore body.

The impermeable hanging wall schist may have formed a natural barrier

to the ore solutions and produced an unusually rich ore body.

Restoration and Reclamation

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areas from drilling which took place in 2007.

These drill pads are located at 10,000 feet above sea level on the north face of

a mountain on the Continental Divide.

A $10,000 reclamation bond remains with the Wyoming DEQ.

completing reclamation, the Company will receive the bond money back.

These drill pads are located at 10,000 feet above sea level on the north face of a mountain

on the Continental Divide.

During the first quarter of 2021, the Company received notice that

its Ferris Haggerty property was no longer considered to be subject to reclamation treatment.

On April 29, 2021, the Company moved the

Ferris Haggerty $10,000 restricted cash deposit into its cash after receiving payment from the state of Wyoming.

INFRASTRUCTURE

The Company’s carrying value of property,

plant and equipment is as follows:

Kinetic Separation - $9,488,051 The Company holds

a license to use Kinetic Separation, a proven technology that we anticipate will improve the efficiency of the sandstone hosted

uranium mining process, although there are some uncertainties about whether the anticipated benefits will be realized.

1, “Business –

The Kinetic Separation Process.”

Kinetic Separation is a low cost, purely physical method of uranium

Company holds a license to use Kinetic Separation, a proven technology that we anticipate will improve the efficiency of the sandstone

hosted uranium mining process, although there are some uncertainties about whether the anticipated benefits will be realized.

1, “Business – The Kinetic Separation Process.” Kinetic Separation is a low cost, purely physical method of uranium

and vanadium ore extraction.

Kinetic Separation has been initially tested in order to understand the hydro and mechanical separation

The Company used a prototype Kinetic Separation test system to test several different samples of uranium ore from the

Sunday Mine Complex and the Hansen/Taylor Ranch properties.

In all cases, uranium ore that was entered into the Kinetic Separation

pilot test system appeared to concentrate most of the uranium into the post kinetically separated material consisting of a fraction

of the original mass, leaving most of the post kinetically separated materials which did not contain any uranium.

The results of

these tests have not yet been validated by a Competent Person.

During 2016, the Company submitted

documentation to the Colorado Department of Public Health and Environment (“CDPHE”) for a determination ruling regarding the

type of license which may be required for the application of Kinetic Separation at the Sunday Mine Complex within the state of Colorado.

During May and June of 2016, CDPHE held four public meetings in several cities in Colorado as part of the process.

On July 22, 2016 CDPHE

closed the comment period.

In connection with this matter, the CDPHE consulted with the United States Nuclear Regulatory Commission (“NRC”).

In response, the CDPHE received an advisory opinion dated October 16, 2016, which did not contain support for the NRC’s opinion

and with which the Company’s regulatory counsel does not agree.

NRC’s advisory opinion recommended that Kinetic Separation

should be regulated as a milling operation but did recognize that there may be exemptions to certain milling regulatory requirements because

of the benign nature of the non-uranium bearing sands produced after Kinetic Separation is completed on uranium-bearing ores.

1, 2016, the CDPHE issued a determination that the proposed Kinetic Separation operations at the Sunday Mine must be regulated by the

CDPHE through a milling license.

The 2018 increase in the blended uranium/vanadium price has brought the Company closer to production.

Beginning in 2017, the Company’s regulatory counsel has prepared significant documentation in preparation for a prospective submission.

On September 13, 2019, the Company’s regulatory counsel submitted a white paper to the NRC entitled Recommendations on the Proper

Legal and Policy Interpretation for Using Kinetic Separation Processes at Uranium Mine Sites.

On July 24, 2020, the NRC staff responded

with a letter in support of the original conclusion;

Western’s regulatory counsel is evaluating alternatives.

Mineral Properties $11,735,522 –

The Company holds mineral

properties as outlined below.

The Company used a prototype Kinetic Separation test system to test several different samples of uranium ore from the Sunday

Mine Complex and the Hansen/Taylor Ranch properties.

In all cases, uranium ore that was entered into the Kinetic Separation pilot test

system appeared to concentrate most of the uranium into the post kinetically separated material consisting of a fraction of the original

mass, leaving most of the post kinetically separated materials which did not contain any uranium.

The results of these tests have not

yet been validated by a qualified person.

During 2016, the Company submitted documentation to the Colorado Department

of Public Health and Environment (“CDPHE”) for a determination ruling regarding the type of license which may be required

for the application of Kinetic Separation at the Sunday Mine Complex within the state of Colorado.

During May and June of 2016, CDPHE

held four public meetings in several cities in Colorado as part of the process.

On July 22, 2016 CDPHE closed the comment period.

In connection

with this matter, the CDPHE consulted with the NRC.

In response, the CDPHE received an advisory opinion dated October 16, 2016, which

did not contain support for the NRC’s opinion and with which the Company’s regulatory counsel does not agree.

advisory opinion recommended that Kinetic Separation should be regulated as a milling operation but did recognize that there may be exemptions

to certain milling regulatory requirements because of the benign nature of the non-uranium bearing sands produced after Kinetic Separation

is completed on uranium-bearing ores.

On December 1, 2016, the CDPHE issued a determination that the proposed Kinetic Separation operations

at the Sunday Mine must be regulated by the CDPHE through a milling license.

Beginning in 2017 the Company’s regulatory counsel

has prepared significant documentation in preparation for a prospective submission.

On September 13, 2019, the Company’s regulatory

counsel submitted a whitepaper to the NRC entitled “Recommendations on the Proper Legal and Policy Interpretation for Using Kinetic

Separation Processes at Uranium Mine Sites.” On July 24, 2020, the NRC staff responded with a letter in support of the original

Western’s regulatory counsel has proposed alternatives.

However, management has decided not to proceed at this time,

given its present opportunity set.

The Company holds mineral properties as outlined below.

Pinon Ridge Properties

On August 18, 2014, the Company purchased mining assets from

Energy Fuels Holding Corp.

in an arm’s length transaction.

The mining assets include both owned and leased land in the states of

Utah and Colorado.

All of the mining assets represent properties which have previously been mined to different degrees for uranium.

On August 18, 2014, the Company purchased mining

assets from Energy Fuels Holding Corp.

in an arm’s length transaction.

The mining assets include both owned and leased land in

the states of Utah and Colorado.

All of the mining assets represent properties which have previously been mined to different degrees

As some of the properties have not formally established proven or probable reserves, there may be greater inherent uncertainty

as to whether or not any mineralized material can be economically extracted as originally planned and anticipated.

The Company’s mining properties acquired

on August 18, 2014 which the Company still retains as of December 31, 2020, include:

San Rafael Uranium Project located in Emery

County, Utah;

The Company’s mining properties acquired

on August 18, 2014 which the Company still retains as of December 31, 2020, include the San Rafael Uranium Project located in Emery County,

the Sunday Mine Complex located in western San Miguel County, Colorado;

The Van 4 Mine located in western Montrose

County, Colorado;

the Van 4 Mine located in western Montrose County, Colorado;

the Sage Mine project located in San Juan County, Utah;

and the Dunn project located in San Juan and San Miguel

counties, Colorado.

and the Dunn project located in San Juan and San Miguel counties, Colorado.

Black Range Properties

On September 16, 2015, in connection with the Black Range Transaction,

the Company acquired additional mineral properties.

The mining assets acquired through Black Range include leased land in the states

of Colorado, Wyoming and Alaska.

On September 16, 2015, in connection with the

Black Range Transaction, the Company acquired additional mineral properties.

The mining assets acquired through Black Range include leased

land in the states of Colorado, Wyoming and Alaska.

None of these mining assets were operational at the date of acquisition.

As these properties have

not formally established proven or probable reserves, there may be greater inherent uncertainty as to whether or not any mineralized

material can be economically extracted as originally planned and anticipated.

The Company’s mining properties acquired on September 16, 2015 which

the Company still retains as of December 31, 2020, include Hansen, North Hansen, Hansen Picnic Tree, Taylor Ranch, located in Fremont

County, Colorado.

properties have not formally established proven or probable reserves, there may be greater inherent uncertainty as to whether or not

any mineralized material can be economically extracted as originally planned and anticipated.

The Company’s mining properties acquired

on September 16, 2015 which the Company still retains as of December 31, 2020, include Hansen, North Hansen, High Park, Hansen Picnic

Tree, Taylor Ranch, located in Fremont County, Colorado.

The Company also acquired Keota located in Weld County, Wyoming.

In connection with the Black Range Transaction, Western assumed

a mortgage secured by land, building and improvements at 1450 North 7 Mile Road, Casper, Wyoming, with interest payable at 8.00%

and payable in monthly payments of $11,085 with the final balance of $1,044,015 due as a balloon payment on January 16, 2016.

Company did not pay the mortgage on its due date.

In connection with the Black Range Transaction,

Western assumed a mortgage secured by land, building and improvements at 1450 North 7 Mile Road, Casper, Wyoming, with interest payable

at 8.00% and payable in monthly payments of $11,085 with the final balance of $1,044,015 due as a balloon payment on January 16, 2016.

The Company did not pay the mortgage on its due date.

On May 26, 2016, the Company executed agreements with the mortgage holder whereby

in an equal exchange the mortgage was exchanged for the land, building and improvements on which it was secured, pursuant to which

no further financial consideration is required.

During the second quarter of 2016, the Company initiated actions

to cancel its coal mining leases in Alaska.

In connection therewith, the Company notified the state of Alaska of its intent to

forfeit the posted bond in satisfaction of the reclamation liabilities at the site.

In response to the Company’s notification,

the Company received notification that the state of Alaska was initiating forfeiture of the Company’s performance bond for

However, the notice indicated an additional surety bond of $150,000 in excess of the $210,500 cash bond, which had

been posted by the Company upon purchase of the property.

The Company and its advisors do not believe that it is obligated for

this additional amount of claimed reclamation obligation.

The Company is working with its legal counsel and the State of Alaska

to resolve this matter.

The Company has not recorded an additional $150,000 obligation as the Company does not expect, based on

the advice of legal counsel, to be obligated to an amount greater than that presently reflected in the reclamation liability.

the year ended December 31, 2016, the Company adjusted the fair value of its reclamation obligation and for the Alaska mine, accreted

$183,510 to bring its reclamation liability to face value.

The portion of the reclamation liability related to the Alaska mine,

and its related restricted cash are included in current liabilities, and current assets, respectively, at a value of $215,976 and

On January 20, 2017, the State of Alaska notified the Company that its reclamation bond had been forfeited to be used

to satisfy the reclamation obligation.

However, no amount had yet been determined in respect to the final cost of the reclamation

As the properties are not in production, they are not covered

by various types of insurance including property and casualty, liability and umbrella coverage.

We have not experienced any material

uninsured or under insured losses related to our properties in the past and believe our approach sufficient given the inactivity.

On September 16, 2015, in connection with the Company’s

acquisition of Black Range, the Company assumed an option and exploration agreement (the “Option and Exploration Agreement”)

with STB Minerals, LLC, a Colorado limited liability company (“STB”).

The Option and Exploration Agreement gives the

Company the right to purchase 51% of the mineral rights of specific areas of the Hansen and Picnic Tree deposits (for which the

Company already holds 49% of the rights).

If the Company were to exercise its option under the Option and Exploration Agreement,

it would require the Company to (a) make a cash payment of $2,500,000 immediately upon exercise;

(b) issue common shares to STB

amounting to a value of $3,750,000 immediately upon exercise;

and (c) issue common shares to STB amounting to a value of $3,750,000

on the date that is 180 days following exercise.

The Option and Exploration Agreement was scheduled to expire by its terms on July

28, 2017 if not exercised.

The Option and Exploration Agreement provided an extension for

an “event of force majeure”.

Under this clause, the Company would receive an extension of the period during which

it could exercise its option if it experiences an unreasonable delay outside its control that prevents it from exercising the option.

May 10, 2017, the Company provided to STB a notice that it was exercising the force majeure clause due to the delay by government

regulators in licensing the Company’s Kinetic Separation and permitting mining at the Hansen property.

STB has contested

the Company’s finding that an event of force majeure has occurred.

Ongoing negotiations continued until September 21, 2017

when the Company and STB agreed to settle the matter through the pre-established arbitration mechanism.

Prior to the commencement

of arbitration, a settlement was agreed to on February 28, 2018 through the execution of an Amendment of Option and Exploration

As consideration, the Company paid STB a $20,000 extension payment and granted STB the right to seek a bona fide written

offer over the remaining term, and agreed to the removal of the force majeure clause from the agreement.

The Company received an

extension until July 28, 2019 and a right of first refusal to match any bona fide written offer.

Hence the Company already owned

49% of the resource property and retained an option to purchase the 51% of the resource property that the Company did not already

own for the duration of the agreement.

Further the Company believes the execution of this agreement was without financial implications,

and as such, the Company has not made any adjustment to these consolidated financials related to this matter.

Prior to July 28, 2019, the Company decided not to exercise

the option to purchase the remaining 51% of the mineral rights of specific areas of the Hansen and Picnic Tree deposits, and thus

the option has expired unexercised.

Disposal of Mining Properties

In July and October 2016, the Company elected not to renew leases

relating to four projects that were obtained through either the August 2014 acquisition from Energy Fuels Holding Corp.

acquisition of Black Range Minerals.

The decision to not renew the four leases was based upon a number of factors, the most significant

of which were the location of the projects, the development stage of each product, and the amount of uranium and vanadium resources

within each project.

The forfeiture of these leases has no material adverse impact on the fair value of the Company’s mining

On January 1, 2018, the Company’s Taylor Ranch Lease reached

its expiration date and the Company elected not to negotiate a renewal.

in an equal exchange the mortgage was exchanged for the land, building and improvements on which it was secured, pursuant to which no

further financial consideration is required.

During the second quarter of 2016, the

Company initiated actions to cancel its coal mining leases in Alaska.

In connection therewith, the Company notified the state of

Alaska of its intent to forfeit the posted bond in satisfaction of the reclamation liabilities at the site.

In response to the

Company’s notification, the Company received notification that the state of Alaska was initiating forfeiture of the

Company’s performance bond for reclamation.

However, the notice indicated an additional surety bond of $150,000 in excess of

the $210,500 cash bond, which had been posted by the Company upon purchase of the property.

The Company and its advisors do not

believe that it is obligated for this additional amount of claimed reclamation obligation.

The Company is working with its legal

counsel and the State of Alaska to resolve this matter.

The Company has not recorded an additional $150,000 obligation as the

Company does not expect, based on the advice of legal counsel, to be obligated to an amount greater than that presently reflected in

the reclamation liability.

During the year ended December 31, 2016, the Company adjusted the fair value of its reclamation

obligation and for the Alaska mine, accreted $183,510 to bring its reclamation liability to face value.

The portion of the

reclamation liability related to the Alaska mine, and its related restricted cash are included in current liabilities, and current

assets, respectively, at a value of $215,976 and $215,976.

On January 20, 2017, the State of Alaska notified the Company that its

reclamation bond had been forfeited to be used to satisfy the reclamation obligation.

However, no amount had yet been determined in

respect to the final cost of the reclamation obligation.

As the properties are not in production, they

are not covered by various types of insurance including property and casualty, liability and umbrella coverage.

We have not experienced

any material uninsured or under insured losses related to our properties in the past and believe our approach sufficient given the inactivity.

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 2. Properties