What changed in this filing

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Item 1A. Risk Factors

2022-05-20 compared with 2021-11-22 · 575 added, 676 removed, 62 unchanged (95% of the section changed)

Our operations

and financial results are subject to various risks and uncertainties, including those described below, which could adversely affect our

business, financial condition, results of operations, cash flows, and the trading price of our common and capital stock.

Risks Related to Our Business

Our business activities are subject to significant

risks, including those described below.

Our business activities are subject to significant risks, including

those described below.

Every investor or potential investor in our securities should carefully consider these risks.

If any of the described risks occurs, our business, financial position, and results of operations could be materially adversely affected.

Such risks are not the only ones we face, and additional risks and uncertainties not presently known to us or that we currently deem immaterial

may also affect our business.

Our ability to become a successful operating

mining company is contingent on whether we can continue to access adequate operating capital and can ultimately mine our properties at

a profit sufficient to finance further mining activities and to continue to find, develop, acquire, and finance mineable reserves, all

despite potentially significant fluctuations in the market prices of uranium and vanadium.

The uranium/vanadium ore that we have mined remains

stockpiled underground at the Sunday Mine Complex.

As a result, we have no saleable product and currently have no sources of operating

If we cannot access additional sources of private or public capital, partner with another company that has cash resources, and/or

find or develop other means of generating revenue other than uranium or vanadium sales, we may not be able to remain in business.

We currently have no way to generate cash inflows

prior to commencement of either uranium or vanadium sales, unless we monetize certain of our assets, obtain additional financing, or receive

production royalties from the Weld County oil and gas property.

If any of the described

risks actually occurs, our business, financial position and results of operations could be materially adversely affected.

Such risks are

not the only ones we face and additional risks and uncertainties not presently known to us or that we currently deem immaterial may also

affect our business.

Our ability to become a successful operating mining company is

contingent on whether we can continue to access adequate operating capital and can ultimately mine our properties at a profit sufficient

to finance further mining activities and to acquire and finance additional reserves, all in spite of potentially significant fluctuations

in the market prices of uranium and vanadium.

The Company has incurred continuing losses from

its operations and negative operating cash flows from operations, and as of March 31, 2022, the Company had an accumulated deficit of

$14,335,099 and working capital of $6,849,079.

The Company’s ability to continue its planned

operations and to pay its obligations when they become due is contingent upon the Company obtaining additional financing.

plans include seeking to procure additional funds through debt and equity financings, to secure regulatory approval to fully utilize its

Kinetic Separation technology and to initiate the processing of ore to generate operating cash flows.

If we cannot access additional sources of private or public capital,

partner with another company that has cash resources and/or find other means of generating revenue other than uranium or vanadium sales,

we may not be able to fully realize our planned operations.

Until we can produce and sell sufficient amounts of uranium and/or

vanadium, we will have no way to generate adequate cash inflows except by monetizing certain of our assets, partnering with third parties

that are better financed or obtaining additional financing of our own.

We can provide no assurance that our properties will produce saleable

production or, if so, that we will be able to continue to find, develop, acquire, and finance mineable reserves.

production or that we will be able to continue to find, develop, acquire and finance additional mineral resources.

If we cannot monetize

certain existing assets, partner with another company that has cash resources, find or develop other means of generating revenue other

than uranium or vanadium production, and/or access additional sources of private or public capital, we may not be able to remain in business

and our shareholders may lose their entire investment.

Our ability to operate on a positive cash flow

basis will be dependent on mining sufficient quantities of uranium or vanadium at a profit sufficient to finance our operations and for

the acquisition and development of additional mining properties.

Any profit will necessarily be dependent upon, and affected by, the long-

and short-term market prices of uranium and vanadium, which are subject to significant fluctuation.

Uranium prices have been and will

continue to be affected by numerous factors beyond our control.

These factors include the demand for nuclear power, political and economic

conditions in uranium producing and consuming countries, uranium supply from secondary sources, the COVID-19 pandemic, and uranium production

levels and costs of production.

A significant, sustained drop in uranium/vanadium prices may make it impossible to operate our business

at a level that will permit us to cover our fixed costs or to remain in operation.

Vanadium prices may also be affected by numerous factors

outside of our control such as:

demand for steel, the potential for vanadium to be used in energy storage technologies, costs of production,

world production levels, and political and economic conditions in vanadium producing and consuming countries.

Evaluating our future performance may be

difficult since we have a limited financial and operating history, with significant negative cash flow, and an accumulated deficit to

Furthermore, there is no assurance that we will be successful in securing any form of additional financing in the future, therefore

substantial doubt exists as to whether our cash resources and working capital will be sufficient to enable us to continue our operations

certain existing assets, partner with another company that has cash resources, find other means of generating revenue other than uranium

or vanadium production and/or access additional sources of private or public capital, we may not be able to remain in business and our

shareholders may lose their entire investment.

Our ability to function as an operating mining company will be dependent

on our ability to mine our properties at a profit sufficient to finance further mining activities and for the acquisition and development

of additional properties.

The volatility of uranium prices makes long-range planning uncertain and raising capital difficult.

Our ability to operate on a positive cash flow basis will be dependent

on mining sufficient quantities of uranium or vanadium at a profit sufficient to finance our operations and for the acquisition and development

of additional mining properties.

Any profit will necessarily be dependent upon, and affected by, the long and short term market prices

of uranium and vanadium, which are subject to significant fluctuation.

Uranium prices have been and will continue to be affected by numerous

factors beyond our control.

These factors include the demand for nuclear power, political and economic conditions in uranium producing

and consuming countries, uranium supply from secondary sources and uranium production levels and costs of production.

A significant, sustained

drop in uranium prices may make it impossible to operate our business at a level that will permit us to cover our fixed costs or to remain

in operation.

Evaluating our future performance may be difficult since we have

a limited financial and operating history, with significant negative cash flow and an accumulated deficit to date.

Furthermore, there

is no assurance that we will be successful in securing additional sources of capital sufficient to support our planned operations.

such, substantial doubt exists as to whether our cash resources and working capital will be sufficient to fund our planned operations

over the next twelve months.

Our long-term success will depend ultimately on our ability to achieve and maintain profitability and to

develop positive cash flow from our mining activities.

We acquired our first mineral properties in November

To date, we have been acquiring additional mineral properties, developing and mining the Sunday Mine Complex, and raising capital.

We hold a portfolio of uranium/vanadium resource properties in various stages of exploration in the States of Colorado and Utah.

We have a history of significant negative cash

flow and net losses, with an accumulated deficit balance of $12.7 million and $11.1 million at September 30, 2021 and December 31, 2020,

respectively.

We have been reliant on equity financings from the sale of our common shares and on debt financing in order to fund our

We do not expect to achieve profitability or develop positive cash flow from operations in the near term.

As a result of our

limited financial and operating history, including our significant negative cash flow and net losses to date, it may be difficult to evaluate

our future performance.

At September 30, 2021 and December 31, 2020, we

had working capital of $4,004,375 and $162,375, respectively.

The continuation of the Company as a going concern is dependent upon our

ability to obtain adequate additional financing which we have successfully secured since inception.

However, there is no assurance that

we will be successful in securing additional financing in the future.

Our condensed consolidated financial statements for the nine months

ended September 30, 2021 and 2020, which are incorporated herein by reference, were prepared assuming that we would continue as a going

We have incurred continuing losses from operations, and we are dependent upon future sources of equity or debt financing in order

to fund our operations.

These conditions raise substantial doubt about our ability to continue as a going concern.

Our condensed consolidated

financial statements do not include any adjustments that might result from the outcome of this uncertainty.

Our reliance on equity and debt financing is expected

to continue for the foreseeable future.

The availability of such additional financing, whenever it will be required, will depend on many

factors beyond our control, including, but not limited to, the market price of uranium, the continuing public support of nuclear power

as a viable source of electricity generation, the volatility in the global financial markets affecting our stock price, the impact of

the COVID-19 pandemic, and the status of the worldwide economy, any one of which may cause significant challenges in our ability to access

additional financing, including access to the equity and credit markets.

We may also be required to seek other forms of financing, such

as asset divestitures or joint venture arrangements to continue advancing our uranium projects, which would depend entirely on finding

a suitable third party willing to enter into such an arrangement, typically involving an assignment of a percentage interest in the mineral

Our long-term success, including the recoverability

of the carrying values of our assets and our ability to acquire additional uranium projects and continue with exploration and pre-extraction

activities and mining activities on our existing uranium projects, will depend ultimately on our ability to achieve and maintain profitability

and positive cash flow from our operations by establishing ore bodies that contain commercially recoverable uranium and developing these

into profitable mining activities.

Our long-term success will depend ultimately on our ability to raise additional capital, to achieve and maintain

operational profitability and to develop positive cash flows from our mining activities.

As more fully described within this quarterly report, we acquired our

first mineral properties in November of 2014.

To date, we have been acquiring additional mineral properties and raising capital.

uranium projects in various stages of exploration in the states of Colorado and Utah.

As more fully described under “Liquidity and Capital Resources”

“Management’s Discussion and Analysis of Financial Condition and Result of Operations”, we have a history

of significant negative cash flows and net losses, with an accumulated deficit balance of $14.3 million and $13.2 million at March 31,

2022 and December 31, 2021, respectively.

We have been reliant on royalty revenues and equity financings from the sale of our common shares

in order to fund our operations.

We do not expect to achieve profitability or develop positive cash flows from operations in the near

As a result of our limited financial and operating history, including our significant negative cash flows and net losses to date,

it may be difficult to evaluate our future performance.

At March 31, 2022 and December 31, 2021, we had working capital of

$6,849,079 and $4,492,169, respectively.

The continuation of the Company as a going concern is dependent upon our ability to obtain adequate

additional financing.

However, there is no assurance that we will be successful in securing any form of additional financing in the future;

therefore, substantial doubt exists as to whether our cash resources and working capital will be sufficient to enable the Company to continue

its operations over the next twelve months.

The condensed consolidated financial statements for the three months ended March 31, 2022

were prepared assuming that the Company would continue as a going concern.

These condensed consolidated financial statements do not include

any adjustments that might result from the outcome of this uncertainty.

Our reliance on equity and debt financings is expected to continue

for the foreseeable future.

The availability of such funds whenever such additional financing is required, will be dependent on many factors

beyond our control, including, but not limited to, the market price of uranium, the continuing public support of nuclear power as a viable

source of electricity generation, the volatility in the global financial markets affecting our stock price and the status of the worldwide

economy, any one of which may cause significant challenges in our ability to access additional financing, including access to the equity

and credit markets.

We may also be required to seek other forms of financing, such as asset divestitures or joint venture arrangements

to continue advancing our uranium projects, which would depend entirely on finding a suitable third party willing to enter into such an

arrangement, typically involving an assignment of a percentage interest in the mineral project.

Our long-term success, including the recoverability of the carrying

values of our assets and our ability to acquire additional uranium projects and continue with exploration and pre-extraction activities

and mining activities on our existing uranium projects, will depend ultimately on our ability to achieve and maintain profitability and

positive cash flow from our operations by establishing ore bodies that contain commercially recoverable uranium and to develop these into

profitable mining activities.

The economic viability of our mining activities has many risks and uncertainties.

These include, but

are not limited to:

These include, but are

not limited to:

(i) a significant, prolonged decrease in the market price of uranium;

(ii) difficulty in marketing and/or selling

uranium concentrates and/or vanadium;

(iii) significantly higher than expected capital costs to develop mines and/or construct a processing

(iv) significantly higher than expected extraction costs;

(v) significantly higher than expected processing costs in lieu of constructing

a processing plant;

(v) significantly lower than expected uranium and vanadium extraction;

(vi) significant delays, reductions, or stoppages

of uranium/vanadium extraction activities;

(ii) difficulty in marketing and/or selling uranium

concentrates;

(iii) significantly higher than expected capital costs to construct the mine and/or processing plant;

(iv) significantly

higher than expected extraction costs;

(v) significantly lower than expected uranium extraction;

(vi) significant delays, reductions or

stoppages of uranium extraction activities;

and (vi) the introduction of significantly more stringent regulatory laws and regulations.

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Our operations are capital intensive, and

we will require significant additional financing to acquire additional uranium/vanadium resource properties and projects and to pursue

exploration, development, and mining operations on our existing uranium/vanadium projects.

Our operations are capital intensive and future

capital expenditures are expected to be substantial.

We will require significant additional financing to fund our operations, including

acquiring additional uranium/vanadium resource properties and projects and pursuing exploration, development, and mining operations.

the absence of such additional financing, we would not be able to fund our operations, which may result in delays, curtailment, or abandonment

of any one or all of our uranium and/or vanadium projects.

Uranium/vanadium exploration, development,

and mining operations are inherently subject to numerous significant risks and uncertainties, and actual results may differ significantly

we will require significant additional financing to continue production at the Sunday Mine Complex, continue exploration and begin pre-extraction

activities on our other existing uranium/vanadium projects, and acquire additional uranium/vanadium projects.

Our operations are capital intensive and future capital expenditures

are expected to be substantial.

We will require significant additional financing to fund our operations, including continuing production

at the Sunday Mine Complex, continuing exploration on our other existing projects and beginning pre-extraction activities on those projects,

which include assaying, drilling, geological and geochemical analysis and mine construction costs, and acquiring additional uranium/vanadium

In the absence of such additional financing, we would not be able to fund our operations, which may result in delays, curtailment

or abandonment of any one or all of our uranium projects.

Uranium/vanadium exploration and pre-extraction programs and

mining activities are inherently subject to numerous significant risks and uncertainties, and actual results may differ significantly

from expectations or anticipated amounts.

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in the establishment of ore bodies that contain commercially recoverable uranium/vanadium.

Uranium/vanadium exploration, development, and

mining operations are inherently subject to numerous significant risks and uncertainties, many beyond our control, including, but not

Uranium/vanadium exploration and pre-extraction programs and mining

activities are inherently subject to numerous significant risks and uncertainties, many beyond our control, including, but not limited

(i) unanticipated ground and water conditions and adverse claims to water rights;

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regulation restrictions;

(xi) unavailability of materials and equipment;

and (xii) the failure of equipment or processes to operate in

accordance with specifications or expectations.

These risks and uncertainties could result in delays, reductions, or stoppages in our

mining activities;

(xi) unavailability of materials, equipment and milling facilities;

and (xii) the failure of equipment or processes

to operate in accordance with specifications or expectations.

These risks and uncertainties could result in delays, reductions or stoppages

in our mining activities;

increased capital and/or extraction costs;

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and legal claims.

Success in uranium/vanadium exploration is dependent

on many factors, including, without limitation, the experience and capabilities of a company’s management, the availability of geological

expertise, and the availability of sufficient funds to conduct the exploration program.

Even if an exploration program is successful and

commercially recoverable uranium/vanadium is established, it may take a number of years from the initial phases of drilling and identification

of the mineralization until extraction is possible, during which time the economic feasibility of extraction may change such that the

uranium ceases to be economically recoverable.

Uranium/vanadium exploration is frequently non-productive

due, for example, to poor exploration results or the inability to establish ore bodies that contain commercially recoverable uranium,

in which case the uranium project may be abandoned and written-off.

Furthermore, we will not be able to benefit from our exploration efforts

and recover the expenditures that we incur on our exploration programs if we do not establish ore bodies that contain commercially recoverable

uranium/vanadium and develop these uranium/vanadium projects into profitable mining activities, and there is no assurance that we will

be successful in doing so for any of our uranium/vanadium projects.

Whether an ore body contains commercially recoverable

uranium/vanadium depends on many factors including, without limitation:

(i) the particular attributes, including material changes to those

attributes, of the ore body such as size, grade, recovery rates, and proximity to infrastructure;

(ii) the market price of uranium, which

may be volatile;

and (iii) government regulations and regulatory requirements including, without limitation, those relating to environmental

protection, permitting and land use, taxes, land tenure, and transportation.

We are an “exploration stage issuer”,

as defined by the SEC in subpart 1300 of Regulation S-K (“Subpart 1300”), even though the Sunday Mine Complex has been permitted

and developed and we intend to do additional development to expand near-term production capacity.

We have not established proven mineral

reserves or probable mineral reserves, as defined in Subpart 1300, through the completion of a “final” or “bankable”

feasibility study for any of our uranium properties.

Furthermore, we have no current plans to establish proven mineral reserves or probable

mineral reserves for any of our uranium properties as it doesn’t serve a business purpose at the present time.

Thus, although we

intend to conduct further development and production activities at the Sunday Mine Complex in the near term, we have not demonstrated

the viability of such plans in accordance with Subpart 1300.

Opposition to our mining and business activities

could disrupt our business

In recent years, governmental and non-governmental

agencies, individuals, communities and courts have become more vocal and active with respect to their opposition to certain mining and

business activities.

This opposition may take on forms such as road blockades, applications for injunctions seeking work stoppages, refusals

to grant access to lands or to sell lands on commercially viable terms, lawsuits for damages or to revoke or modify licenses and permits,

issuances of unfavorable laws and regulations, and other rulings that could be contrary to our interests.

These actions can occur in response

to current activities or with respect to mines that are decades old.

In addition, these actions can occur in response to our activities

or the activities of other unrelated entities.

Opposition to our activities may also result from general opposition to nuclear energy.

Opposition to our mining and business activities is beyond our control.

Any such opposition may disrupt our business and may result in

increased costs, which could have a material adverse effect on our business and financial condition.

Our ability to realize anticipated benefits

of the Kinetic Separation process is subject to uncertainties associated with that process.

In order to utilize Kinetic Separation to process

uranium/vanadium bearing ore, there are uncertainties that must be addressed.

Currently, to utilize Kinetic Separation the Company would

need to either apply for its own milling license for a processing facility or arrange to utilize a third party’s mill, either of

which would entail delays and associated costs.

The Company and its regulatory counsel are continuing to seek an alternative path forward

that would allow the Company to use Kinetic Separation either inside a uranium mine or on the surface outside of the underground workings

to further reduce transportation costs.

Success in uranium/vanadium exploration is dependent on many factors,

including, without limitation, the experience and capabilities of a company’s management, the availability of geological expertise

and the availability of sufficient funds to conduct the exploration program.

Even if an exploration program is successful and commercially

recoverable uranium/vanadium is established, it may take a number of years from the initial phases of drilling and identification of the

mineralization until extraction is possible, during which time the economic feasibility of extraction may change such that the uranium

ceases to be economically recoverable.

Uranium/vanadium exploration is frequently non-productive due, for example, to poor exploration

results or the inability to establish ore bodies that contain commercially recoverable uranium, in which case the uranium project may

be abandoned and written-off.

Furthermore, we will not be able to benefit from our exploration efforts and recover the expenditures that

we incur on our exploration programs if we do not establish ore bodies that contain commercially recoverable uranium/vanadium and develop

these uranium/vanadium projects into profitable mining activities, and there is no assurance that we will be successful in doing so for

any of our uranium/vanadium projects.

Whether an ore body contains commercially recoverable uranium/vanadium

depends on many factors including, without limitation:

(i) the particular attributes, including material changes to those attributes,

of the ore body such as size, grade, recovery rates and proximity to infrastructure;

(ii) the market price of uranium, which may be volatile;

and (iii) government regulations and regulatory requirements including, without limitation, those relating to environmental protection,

permitting and land use, taxes, land tenure and transportation.

We have established the existence of mineralized materials on our uranium

However, 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.

Furthermore, we have no current plans to establish proven or probable reserves for any

of our uranium properties as it doesn’t serve a business purpose at the present time.

Because the number of mills permitted for

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

and this could negatively affect our ability to do business.

In the event that there is not a buying program

in place for uranium/vanadium ore, the Company would need to arrange with a third party for conventional milling services.

number of mills permitted for processing of uranium and vanadium is very limited, it may be difficult for us to gain access to a mill

on favorable terms, or at all.

This could result in increased costs and/or significant delays in, interruption of, or cessation of the

Company’s business activities.

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

Pentoxide (V2O5) would likely generate lower revenues.

Our ability to realize anticipated benefits of the Kinetic Separation

process is subject to uncertainties associated with that process.

In order to utilize Kinetic Separation to process uranium/vanadium

bearing ore, there are uncertainties that must be addressed.

Currently, to utilize Kinetic Separation the Company would need to either

apply for its own milling license for a processing facility or arrange to utilize a third party’s mill, either of which would entail

delays and associated costs.

The Company and its regulatory counsel are continuing to seek an alternative path forward that would allow

the Company to use Kinetic Separation either inside a uranium mine or on the surface outside of the underground workings to further reduce

transportation costs.

There is no assurance that such an alternative approach will be approved.

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Kinetic Separation technology with what appear to be positive results, those results have not been validated by a qualified person.

Technological changes could undermine and

jeopardize our business.

Requirements for our products and services may

be affected by technological changes in nuclear reactors, enrichment, and used uranium fuel reprocessing.

These technological changes

could reduce the demand for uranium.

In addition, our competitors may adopt technological advancements that give them an advantage over

A shortage of equipment and supplies could

adversely affect our ability to operate our business.

We are dependent on various supplies and equipment

to carry out our mining exploration and, if warranted, development operations.

Any shortage of such supplies, equipment, and parts could

have a material adverse effect on our ability to carry out our operations and could therefore limit, or increase the cost of, production.

Joint ventures and other partnerships, including

offtake arrangements, may expose us to risks.

We may enter into joint ventures, partnership

arrangements, or offtake agreements with other parties in relation to the exploration, development, and production of the properties in

which we have an interest.

Any failure of such other companies to meet their obligations to us or to third parties or any disputes with

respect to the parties’ respective rights and obligations could have a material adverse effect on us, the development and production

at our properties, and on future joint ventures, if any, or their properties, and therefore could have a material adverse effect on our

results of operations, financial performance, cash flows and the price of our common shares.

We do not insure against all of the risks

we face in our operations.

In general, where coverage is available and not

prohibitively expensive relative to the perceived risk, we will maintain insurance against such risk, subject to exclusions and limitations.

We currently maintain insurance against certain risks including securities and general commercial liability claims and certain physical

assets used in our operations, subject to exclusions and limitations;

however, we do not maintain insurance to cover all of the potential

risks and hazards associated with our operations.

We may be subject to liability for environmental, pollution, or other hazards associated

with our exploration, pre-extraction, and extraction activities, which we may not be insured against, which may exceed the limits of our

insurance coverage or which we may elect not to insure against because of high premiums or other reasons.

Furthermore, we cannot provide

assurance that any insurance coverage we currently have will continue to be available at reasonable premiums or that such insurance will

adequately cover any resulting liability.

Our inability to obtain financial surety

would threaten our ability to continue in business.

Future financial surety requirements to comply

with federal and state environmental and remediation requirements and to secure necessary licenses and approvals may increase significantly

as future development and production occurs at certain of our sites in the United States.

The amount of the financial surety for each

producing property is subject to annual review and revision by regulators.

We expect that the issuer of the financial surety instruments

will require us to provide cash collateral for a significant amount of the face amount of the bond to secure the obligation.

we are not able to raise, secure, or generate sufficient funds necessary to satisfy these requirements, we will be unable to develop our

sites and bring them into production, which will have a material adverse impact on our business and may negatively affect our ability

to continue to operate.

Acquisitions that we may make from time

to time could have an adverse impact on us.

From time to time, we may examine opportunities

to acquire additional mining assets and businesses.

Any acquisition that we may choose to complete may be of a significant size, may change

the scale of our business and operations, and may expose us to new geographic, political, operating, financial, and geological risks.

Our success in our acquisition activities depends on our ability to identify suitable acquisition candidates, negotiate acceptable terms

for any such acquisition, and integrate the acquired operations successfully.

Any acquisitions would be accompanied by risks which could

have a material adverse effect on our business.

We do not insure against all of the risks we face in our operations.

In general, where coverage is available and not prohibitively expensive

relative to the perceived risk, we will maintain insurance against such risk, subject to exclusions and limitations.

We currently maintain

insurance against certain risks including securities and general commercial liability claims and certain physical assets used in our operations,

subject to exclusions and limitations;

however, we do not maintain insurance to cover all of the potential risks and hazards associated

with our operations.

We may be subject to liability for environmental, pollution or other hazards associated with our exploration, pre-extraction

and extraction activities, which we may not be insured against, which may exceed the limits of our insurance coverage or which we may

elect not to insure against because of high premiums or other reasons.

Furthermore, we cannot provide assurance that any insurance coverage

we currently have will continue to be available at reasonable premiums or that such insurance will adequately cover any resulting liability.

Our inability to obtain financial surety would threaten our ability

to continue in business.

Future financial surety requirements to comply with federal and state

environmental and remediation requirements and to secure necessary licenses and approvals may increase significantly as future development

and production occurs at certain of our sites in the United States.

The amount of the financial surety for each producing property is

subject to annual review and revision by regulators.

We expect that the issuer of the financial surety instruments will require us to

provide cash collateral for a significant amount of the face amount of the bond to secure the obligation.

In the event we are not able

to raise, secure or generate sufficient funds necessary to satisfy these requirements, we will be unable to develop our sites and bring

them into production, which inability will have a material adverse impact on our business and may negatively affect our ability to continue

Acquisitions that we may make from time to time could have an

adverse impact on us.

From time to time, we examine opportunities to acquire additional mining

assets and businesses.

Any acquisition that we may choose to complete may be of a significant size, may change the scale of our business

and operations, and may expose us to new geographic, political, operating, financial and geological risks.

Our success in our acquisition

activities depends on our ability to identify suitable acquisition candidates, negotiate acceptable terms for any such acquisition, and

integrate the acquired operations successfully with those of our Company.

Any acquisitions would be accompanied by risks which could have

a material adverse effect on our business.

For example, there may be a significant change in commodity prices after we have committed

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and the acquired business or assets may have unknown liabilities which may be significant.

If we choose to raise debt capital to finance any such acquisition, our leverage will be increased.

If we choose to use equity as consideration

for such acquisition, existing shareholders may suffer dilution.

Alternatively, we may choose to finance any such acquisition with our

existing resources.

There can be no assurance that we would be successful in overcoming these risks or any other problems encountered

in connection with such acquisitions.

The uranium industry is subject to numerous

stringent laws, regulations, and standards, including environmental protection laws and regulations.

If any changes occur that would make

these laws, regulations and standards more stringent, it may require capital outlays in excess of those anticipated or cause substantial

delays, which would have a material adverse effect on our operations.

Uranium exploration and development programs and

mining activities are subject to numerous stringent laws, regulations and standards at the federal, state, and local levels governing

permitting, pre-extraction, extraction, exports, taxes, labor standards, occupational health, waste disposal, protection and reclamation

of the environment, protection of endangered and protected species, mine safety, hazardous substances, and other matters.

Our compliance

with these requirements requires significant financial and personnel resources.

The laws, regulations, policies, or current administrative

practices of any government body, organization, or regulatory agency in the United States or any other applicable jurisdiction, may change

or be applied or interpreted in a manner which may also have a material adverse effect on our operations.

In the event that we choose to raise debt capital to finance any such acquisition, our leverage will be increased.

If we choose to use

equity as consideration for such acquisition, existing shareholders may suffer dilution.

Alternatively, we may choose to finance any such

acquisition with our existing resources.

There can be no assurance that we would be successful in overcoming these risks or any other

problems encountered in connection with such acquisitions.

The uranium industry is subject to numerous stringent laws, regulations

and standards, including environmental protection laws and regulations.

If any changes occur that would make these laws, regulations and

standards more stringent, it may require capital outlays in excess of those anticipated or cause substantial delays, which would have

a material adverse effect on our operations.

Uranium exploration and pre-extraction programs and mining activities

are subject to numerous stringent laws, regulations and standards at the federal, state, and local levels governing permitting, pre-extraction,

extraction, exports, taxes, labor standards, occupational health, waste disposal, protection and reclamation of the environment, protection

of endangered and protected species, mine safety, hazardous substances and other matters.

Our compliance with these requirements requires

significant financial and personnel resources.

The laws, regulations, policies or current administrative practices

of any government body, organization or regulatory agency in the United States or any other applicable jurisdiction, may change or be

applied or interpreted in a manner which may also have a material adverse effect on our operations.

The actions, policies or regulations,

or changes thereto, of any government body, regulatory agency, or special interest group may also have a material adverse effect on our

Uranium exploration and development programs and

mining activities are subject to stringent environmental protection laws and regulations at the federal, state, and local levels.

laws and regulations, which include permitting and reclamation requirements, regulate emissions, water storage, and discharges and disposal

of hazardous wastes.

Uranium mining activities are also subject to laws and regulations which seek to maintain health and safety standards

by regulating the design and use of mining methods.

Various permits from governmental and regulatory bodies are required for mining to

commence or continue, and no assurance can be provided that required permits will be received in a timely manner.

Our compliance costs including the posting of

surety bonds associated with environmental protection laws and regulations and health and safety standards have been significant to date

and are expected to increase in scale and scope as we expand our operations in the future.

Furthermore, environmental protection laws

and regulations may become more stringent in the future, and compliance with such changes may require capital outlays greater than those

anticipated or cause substantial delays, which would have a material adverse effect on our operations.

To the best of our knowledge, our operations comply,

in all material respects, with all applicable laws, regulations, and standards.

We may not be able or may elect not to insure against

the risk of liability for violations of such laws, regulations and standards, due to high insurance premiums or other reasons.

or changes thereto, of any government body or regulatory agency or special interest group, may also have a material adverse effect on

our operations.

Uranium exploration and pre-extraction programs and mining activities

are subject to stringent environmental protection laws and regulations at the federal, state, and local levels.

These laws and regulations,

which include permitting and reclamation requirements, regulate emissions, water storage and discharges and disposal of hazardous wastes.

Uranium mining activities are also subject to laws and regulations which seek to maintain health and safety standards by regulating the

design and use of mining methods.

Various permits from governmental and regulatory bodies are required for mining to commence or continue,

and no assurance can be provided that required permits will be received in a timely manner.

Our compliance costs including the posting of surety bonds associated

with environmental protection laws and regulations and health and safety standards have been significant to date, and are expected to

increase in scale and scope as we expand our operations in the future.

Furthermore, environmental protection laws and regulations may

become more stringent in the future, and compliance with such changes may require capital outlays in excess of those anticipated or cause

substantial delays, which would have a material adverse effect on our operations.

To the best of our knowledge, our operations are in compliance, in

all material respects, with all applicable laws, regulations and standards.

We may not be able or may elect not to insure against the

risk of liability for violations of such laws, regulations and standards, due to high insurance premiums or other reasons.

Where coverage

3 unchanged sentences

or that such insurance will be adequate to cover any resulting liability.

Regulations and pending legislation governing

issues involving climate change could result in increased operating costs, which could have a material adverse effect on our business.

A number of governments or governmental bodies

have introduced or are contemplating legislative and/or regulatory changes in response to concerns about the potential impact of climate

Although new legislation and increased regulation regarding climate change could potentially benefit the nuclear and uranium mining

industries by helping to spur an increase in worldwide demand for and use of nuclear fuel, it could also impose significant costs on us,

on our future venture partners, if any, and on our suppliers, including costs related to increased energy requirements, capital equipment,

environmental monitoring and reporting, and other costs necessary to comply with such regulations.

Any adopted future climate change regulations

could also negatively impact our ability to compete with companies situated in areas not subject to such limitations.

Given the emotional

and political significance and uncertainty surrounding the impact of climate change and how it should be dealt with, we cannot predict

how legislation and regulation will ultimately affect our financial condition, operating performance, and ability to compete.

even without such regulation, increased awareness and any adverse publicity in the global marketplace about potential impacts on climate

change by us or other companies in our industry could harm our reputation.

The potential physical impacts of climate change on our operations

are highly uncertain, could be particular to the geographic circumstances in areas in which we operate and may include changes in rainfall

and storm patterns and intensities, water shortages, changing sea levels, and changing temperatures.

These impacts may adversely impact

the cost, production, and financial performance of our operations.

We may not be able to obtain, maintain,

or amend rights, authorizations, licenses, permits, or consents required for our operations.

Our exploration, development, and mining activities

are dependent upon the grant of appropriate rights, authorizations, licenses, permits, and consents, as well as continuation and amendment

of these rights, authorizations, licenses, permits, and consents already granted, which may be granted for a defined period, may not be

granted, may be withdrawn, or made subject to limitations.

There can be no assurance that all necessary rights, authorizations, licenses,

permits, and consents will be granted to us, or that authorizations, licenses, permits, and consents already granted will not be withdrawn

We may not be able to obtain, maintain or amend rights, authorizations,

licenses, permits or consents required for our operations.

Our exploration and mining activities are dependent upon the grant

of appropriate rights, authorizations, licenses, permits and consents, as well as continuation and amendment of these rights, authorizations,

licenses, permits and consents already granted, which may be granted for a defined period of time, or may not be granted or may be withdrawn

or made subject to limitations.

Closure and remediation costs for environmental

liabilities may exceed the provisions we have made.

Natural resource companies are required to close

their operations and rehabilitate the lands in accordance with a variety of environmental laws and regulations.

Estimates of the total

ultimate closure and rehabilitation costs for uranium operations are significant and are based principally on current legal and regulatory

requirements and closure plans that may change materially.

Any underestimated or unanticipated rehabilitation costs could materially affect

our financial position, results of operations, and cash flows.

Environmental liabilities are accrued when they become known, are probable,

and can be reasonably estimated.

Whenever a previously unrecognized remediation liability becomes known, or a previously estimated reclamation

cost is increased, the amount of that liability and additional cost will be recorded at that time and could materially reduce our consolidated

net income in the related period.

The laws and regulations governing closure and

remediation in a particular jurisdiction are subject to review at any time and may be amended to impose additional requirements and conditions

which may cause our provisions for environmental liabilities to be underestimated and could materially affect our financial position or

results of operations.

Major nuclear incidents may have adverse

effects on the nuclear and uranium industries.

The nuclear incident that occurred in Japan in

March 2011 had significant and adverse effects on both the nuclear and uranium industries.

If another nuclear incident were to occur,

it may have further adverse effects for both industries.

Public opinion of nuclear power as a source of electricity generation may be

adversely affected, which may cause governments of certain countries to further increase regulation for the nuclear industry, reduce or

abandon current reliance on nuclear power, or reduce or abandon existing plans for nuclear power expansion.

Any one of these occurrences

has the potential to reduce current and/or future demand for nuclear power, resulting in lower demand for uranium and lower market prices

for uranium, adversely affecting the Company’s operations and prospects.

Furthermore, the growth of the nuclear and uranium industries

is dependent on continuing and growing public support of nuclear power as a viable source of electricity generation.

The marketability of uranium concentrates

will be affected by numerous factors beyond our control which may result in our inability to receive an adequate return on our invested

The marketability of uranium concentrates extracted

by us will be affected by numerous factors beyond our control.

These factors include macroeconomic factors, fluctuations in the market

price of uranium, governmental regulations, land tenure and use, regulations concerning the importing and exporting of uranium, and environmental

protection regulations.

The future effects of these factors cannot be accurately predicted, but any one or a combination of these factors

may result in our inability to receive an adequate return on our invested capital.

The only significant market for uranium

is nuclear power plants world-wide, and there are a limited number of customers.

We are dependent on a limited number of electric

utilities that buy uranium for nuclear power plants.

Because of the limited market for uranium, a reduction in purchases of newly produced

uranium by electric utilities for any reason (such as plant closings) would adversely affect the viability of our business.

Problems with the availability, condition

and maintenance of adequate infrastructure could adversely affect our business.

Mining, processing, development, and exploration

activities depend, to a substantial degree, on adequate infrastructure.

Reliable roads, bridges, power sources, and water supply are important

determinants affecting capital and operating costs.

We consider the existing infrastructure to be adequate to support our currently proposed

However, unusual or infrequent weather phenomena, sabotage, government, or other interference in the maintenance or provision

of such infrastructure could adversely affect our operations, financial condition, and results of operations.

We do not currently own or have access to

a mill and therefore will be dependent on third parties for the milling facilities needed for any future milling activities, which may

not be available on favorable terms or at all.

Since we do not have a mill of our own, we will

need to arrange with a third party for any milling that is needed in the future.

Because the number of mills permitted for processing

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

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

sell uranium ore without utilizing a mill to process uranium into yellowcake (U3O8).

However, this practice would likely generate lower

The price of alternative energy sources

affects the demand for and price of uranium.

The attractiveness of uranium as an alternative

fuel to generate electricity may be dependent on the relative prices of oil, gas, wind, solar, coal, and hydro-electricity and the possibility

of developing other low-cost sources of energy.

If the prices of alternative energy sources decrease or new low-cost alternative energy

sources are developed, the demand for uranium could decrease, which may result in a decrease in the price of uranium.

The title to our mineral property interests

may be challenged.

Although we have taken reasonable measures to

ensure proper title to our interests in mineral properties and other assets, there is no guarantee that the title to any of such interests

will not be challenged.

No assurance can be given that we will be able to secure the grant or the renewal of existing mineral rights and

tenures on terms satisfactory to us, or that governments in the jurisdictions in which we operate will not revoke or significantly alter

such rights or tenures or that such rights or tenures will not be challenged or impugned by third parties, including local governments,

aboriginal peoples, or other claimants.

Our mineral properties may be subject to prior unregistered agreements, transfers, or claims,

and title may be affected by, among other things, undetected defects.

A successful challenge to the precise area and location of our claims

could result in us being unable to operate on our properties as permitted or being unable to enforce our rights with respect to our properties.

Due to the nature of our business, we may

be subject to legal proceedings which may divert management’s time and attention from our business and result in substantial damage

Due to the nature of our business, we may be subject

to numerous regulatory investigations, securities claims, civil claims, lawsuits, and other proceedings in the ordinary course of our

The outcome of these lawsuits is uncertain and subject to inherent uncertainties, and the actual costs to be incurred will depend

upon many unknown factors.

There can be no assurance that all necessary rights, authorizations, licenses, permits and consents will

be granted to us, or that authorizations, licenses, permits and consents already granted will not be withdrawn or made subject to limitations.

Closure and remediation costs for environmental liabilities

may exceed the provisions we have made.

Natural resource companies are required to close their operations and

rehabilitate the lands in accordance with a variety of environmental laws and regulations.

Estimates of the total ultimate closure and

rehabilitation costs for uranium operations are significant and based principally on current legal and regulatory requirements and closure

plans that may change materially.

Any underestimated or unanticipated rehabilitation costs could materially affect our financial position,

results of operations and cash flows.

Environmental liabilities are accrued when they become known, are probable and can be reasonably

Whenever a previously unrecognized remediation liability becomes known, or a previously estimated reclamation cost is increased,

the amount of that liability and additional cost will be recorded at that time and could materially reduce our consolidated net income

in the related period.

The laws and regulations governing closure and remediation in a particular

jurisdiction are subject to review at any time and may be amended to impose additional requirements and conditions which may cause our

provisions for environmental liabilities to be underestimated and could materially affect our financial position or results of operations.

Major nuclear incidents may have adverse effects on the nuclear

and uranium industries.

The nuclear incident that occurred in Japan in March 2011 had significant

and adverse effects on both the nuclear and uranium industries.

If another nuclear incident were to occur, it may have further adverse

effects for both industries.

Public opinion of nuclear power as a source of electricity generation may be adversely affected, which may

cause governments of certain countries to further increase regulation for the nuclear industry, reduce or abandon current reliance on

nuclear power or reduce or abandon existing plans for nuclear power expansion.

Any one of these occurrences has the potential to reduce

current and/or future demand for nuclear power, resulting in lower demand for uranium and lower market prices for uranium, adversely affecting

the Company’s operations and prospects.

Furthermore, the growth of the nuclear and uranium industries is dependent on continuing

and growing public support of nuclear power as a viable source of electricity generation.

The marketability of uranium concentrates will be affected by

numerous factors beyond our control which may result in our inability to receive an adequate return on our invested capital.

The marketability of uranium concentrates extracted by us will be affected

by numerous factors beyond our control.

These factors include macroeconomic factors, fluctuations in the market price of uranium, governmental

regulations, land tenure and use, regulations concerning the importing and exporting of uranium and environmental protection regulations.

The future effects of these factors cannot be accurately predicted, but any one or a combination of these factors may result in our inability

to receive an adequate return on our invested capital.

The only significant market for uranium is nuclear power plants

world-wide, and there are a limited number of customers.

We are dependent on a limited number of electric utilities that buy

uranium for nuclear power plants.

Because of the limited market for uranium, a reduction in purchases of newly produced uranium by electric

utilities for any reason (such as plant closings) would adversely affect the viability of our business.

The price of alternative energy sources affects the demand for

and price of uranium.

The attractiveness of uranium as an alternative fuel to generate electricity

may be dependent on the relative prices of oil, gas, wind, solar, coal and hydro-electricity and the possibility of developing other low-cost

sources of energy.

If the prices of alternative energy sources decrease or new low-cost alternative energy sources are developed, the

demand for uranium could decrease, which may result in a decrease in the price of uranium.

The title to our mineral property interests may be challenged.

Although we have taken reasonable measures to ensure proper title to

our interests in mineral properties and other assets, there is no guarantee that the title to any of such interests will not be challenged.

No assurance can be given that we will be able to secure the grant or the renewal of existing mineral rights and tenures on terms satisfactory

to us, or that governments in the jurisdictions in which we operate will not revoke or significantly alter such rights or tenures or that

such rights or tenures will not be challenged or impugned by third parties, including local governments, aboriginal peoples or other claimants.

Our mineral properties may be subject to prior unregistered agreements, transfers or claims, and title may be affected by, among other

things, undetected defects.

A successful challenge to the precise area and location of our claims could result in us being unable to operate

on our properties as permitted or being unable to enforce our rights with respect to our properties.

Due to the nature of our business, we may be subject to legal

proceedings which may divert management’s time and attention from our business and result in substantial damage awards.

Due to the nature of our business, we may be subject to numerous regulatory

investigations, securities claims, civil claims, lawsuits and other proceedings in the ordinary course of our business.

The outcome of

these lawsuits is uncertain and subject to inherent uncertainties, and the actual costs to be incurred will depend upon many unknown factors.

We may be forced to expend significant resources in the defense of these suits, and we may not prevail.

against these and other lawsuits in the future may not only require us to incur significant legal fees and expenses but may become time-consuming

for us and detract from our ability to fully focus our internal resources on our business activities.

The results of any legal proceeding

cannot be predicted with certainty due to the uncertainty inherent in litigation, the difficulty of predicting decisions of regulators,

judges, and juries and the possibility that decisions may be reversed on appeal.

There can be no assurances that these matters will not

have a material adverse effect on our business, financial position, or operating results.

Competition from better-capitalized companies

affects prices and our ability to acquire both properties and personnel.

There is global competition for uranium properties,

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

In the production and marketing of uranium, there are a number

of producing entities, some of which are government controlled and all of which are significantly larger and better capitalized than we

Many of these organizations also have substantially greater financial, technical, manufacturing, and distribution resources than

Our future uranium production may also compete

with uranium recovered from the de-enrichment of highly enriched uranium obtained from the dismantling of United States and Russian nuclear

weapons and imports to the United States of uranium from the former Soviet Union and from the sale/barter of uranium inventory held by

the United States Department of Energy.

Import competition from state-owned uranium enterprises and the non-market business practices

of Russia, Kazakhstan, Uzbekistan, and China, unless addressed, will continue to impact U.S.

civilian nuclear reactor supply decisions

in sourcing nuclear fuel.

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

to become licensed to operate ISR and/or underground mining facilities.

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

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

Because we have limited capital, inherent

mining risks pose a significant threat to us compared with our larger competitors.

Because we have limited capital, we may be unable

to withstand significant losses that can result from inherent risks associated with mining, including environmental hazards, industrial

accidents, flooding, earthquake, interruptions due to weather conditions, and other acts of nature which larger competitors could withstand.

Such risks could result in damage to or destruction of our infrastructure, production facilities, and adjacent properties as well as personal

injury, environmental damage, and processing and production delays, causing monetary losses and possible legal liability.

could also be harmed if we lose the services of our key personnel.

Our business and mineral exploration programs

depend upon our ability to retain and employ the services of geologists, engineers, and other experts as subcontractors and/or as employees.

In operating our business and in order to continue our programs, we compete for the services of professionals with other mineral exploration

companies and businesses.

In addition, several entities have expressed an interest in hiring certain of our employees.

Our ability to

maintain and expand our business and continue our exploration programs may be impaired if we are unable to continue to engage or employ

those parties currently providing services and expertise to us or identify and engage or employ other qualified personnel to do so in

The number of available qualified mining subcontractors is limited, and there is no assurance that we will be able to engage

or retain the subcontractors needed to carry out our current or future business plans.

To retain key employees, we may also face increased

compensation costs, including potential new stock incentive grants, and there can be no assurance that the incentive measures we implement

will be successful in helping us retain our key personnel.

We may experience difficulty retaining and

attracting qualified management, which could have a material adverse effect on our business and financial condition.

We are dependent on a small number of key management

personnel, including our Chief Executive Officer and Chief Financial Officer.

The loss of any officer could have a material adverse effect

We have no life insurance on any individual, and we may not be able to hire a suitable replacement for any officer on favorable

terms, should that become necessary.

If we fail to maintain proper and effective

internal controls, our ability to produce accurate and timely consolidated financial statements could be impaired, which could harm our

operating results, our ability to operate our business and investors’ views of us.

Ensuring that we have adequate internal financial

and accounting controls and procedures in place so that we can produce accurate consolidated financial statements on a timely basis is

a costly and time-consuming effort that will need to be evaluated frequently.

Section 404 of the U.S.

Sarbanes-Oxley Act requires public

companies to conduct an annual review and evaluation of their internal controls.

Our failure to maintain the effectiveness of our internal

controls in accordance with the requirements of the Sarbanes-Oxley Act could have a material adverse effect on our business.

lose investor confidence in the accuracy and completeness of our financial reports, which could have an adverse effect on the price of

our common shares.

Foreign currency fluctuations could affect

our profitability and the value of our assets and shareholders’ equity.

Our operations are subject to foreign currency

fluctuations.

Our operating expenses and revenues are primarily incurred in U.S.

Dollars, while some of our cash balances and expenses

are measured in Canadian Dollars.

The fluctuation of the Canadian Dollar in relation to the U.S.

Dollar will consequently have an impact

upon our profitability and may also affect the value of our assets and shareholders’ equity.

If we are unable to pay debts and other

obligations when due, including reclamation obligations, our ability to remain in business could be jeopardized.

We may from time to time enter into arrangements

to borrow money in order to fund our operations and expansion plans, and such arrangements may include covenants that restrict our business

Events may occur in the future, including events beyond our control that would cause us to fail to satisfy our obligations

under existing notes payable or other debt instruments.

In such circumstances, or if we were to default on our obligations under debentures

or other debt instruments, the amounts drawn under our debt agreements may become due and payable before the agreed maturity date, and

we may not have the financial resources to repay such amounts when due.

Further, although most, but not all, of our reclamation

obligations are bonded, and cash and other assets have been reserved to secure a portion but not all of this bonded amount, to the extent

the bonded amounts are not fully collateralized, we will be required to come up with additional cash to perform our reclamation obligations

when they occur.

In addition, the bonding companies have the right to require increases in collateral at any time upon 30-days’

notice to us, failure of which would constitute a default under the bonds.

In such circumstances, we may not have the financial resources

to perform such reclamation obligations or to increase such collateral when due.

Our failure to meet these obligations could jeopardize

our ability to continue in business.

The Company may be subject to certain tax

consequences in its business, which may increase the cost of doing business.

The Company may not be able to structure any future

proposed acquisitions to result in tax-free treatment for the companies or their shareholders, which could deter third parties from entering

into certain business combinations with the Company or result in being taxed on consideration received in a transaction.

The COVID-19 coronavirus could adversely

impact our business, including our mine development plans.

In December 2019, a novel strain of coronavirus,

COVID-19, was reported to have surfaced in Wuhan, China.

Since then, the COVID-19 coronavirus has spread worldwide, including in the United

As the COVID-19 coronavirus and new variants continue to spread in the United States, we may experience disruptions that

could severely impact our business, including:

interruption of key mining activities due to limitations on travel, gathering, or business operations imposed or recommended by federal or state governments, employers, and others.

limitations in employee resources, due to sickness of employees or their families or the desire of employees to avoid contact with large groups of people.

delays in financial reporting and filings due to the impact of mitigation efforts on staff and service providers.

changes in local regulations as part of a response to the COVID-19 coronavirus outbreak which may require us to change the ways in which our mining activities are conducted, resulting in unexpected costs.

delays in necessary interactions with regulators and other important agencies and contractors due to limitations in employee resources or new procedures due to limitations imposed by COVID-19.

reduction in the global demand for uranium and vanadium due to reduced production levels in the primary applications of uranium and vanadium.

Restrictions for COVID-19 could cause a decline in energy consumption, or indirectly reduced oil prices could lessen the demand for nuclear power.

COVID-19 has globally resulted in uranium mine closures that have taken substantial uranium supply offline and increased the spot price of uranium to date during this crisis, there is no guarantee that this relationship will continue as the COVID-19 crisis is ongoing and the dynamic of the mine closure/spot price relationship may change.

The global outbreak of the COVID-19 coronavirus

continues to evolve.

The extent to which the COVID-19 coronavirus may impact our business will depend on future developments, which are

highly uncertain and cannot be predicted with confidence, such as the continuing geographic spread of the disease and its variants, the

duration of the outbreak, travel restrictions and social distancing in the United States and other countries, business closures, business

disruptions, and the effectiveness of actions taken in the United States and other countries to contain and treat the disease.

Risks Related to Our Common Shares

If we are unable to raise additional capital,

our business may fail and shareholders may lose their entire investment.

We had $4,445,103 and $565,250 in cash at September

30, 2021 and December 31, 2020, respectively.

There can be no assurance that we will be able to obtain additional capital after we exhaust

our current cash.

To the extent that we raise additional capital through the sale of equity or convertible debt securities, the issuance

of such securities will likely result in substantial dilution to existing shareholders.

If we borrow money, we will have to pay interest

and may also have to agree to restrictions that limit our operating flexibility.

If additional capital is not available in sufficient

amounts or on a timely basis, we will experience liquidity problems, and we could face the need to significantly curtail current operations,

change our planned business strategies, and pursue other remedial measures.

Any curtailment of business operations would have a material

negative effect on operating results, the value of our outstanding shares is likely to fall, and our business may fail, causing our shareholders

Defending against these and other

lawsuits in the future may not only require us to incur significant legal fees and expenses, but may become time-consuming for us and

detract from our ability to fully focus our internal resources on our business activities.

The results of any legal proceeding cannot

be predicted with certainty due to the uncertainty inherent in litigation, the difficulty of predicting decisions of regulators, judges

and juries and the possibility that decisions may be reversed on appeal.

There can be no assurances that these matters will not have a

material adverse effect on our business, financial position or operating results.

Competition from better-capitalized companies affects prices

and our ability to acquire both properties and personnel.

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

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

In the production and marketing of uranium and vanadium,

there are a number of producing entities, some of which are government controlled and all of which are significantly larger and better

capitalized than we are.

Many of these organizations also have substantially greater financial, technical, manufacturing and distribution

resources than we have.

Our uranium production also competes with uranium recovered from the

de-enrichment of highly enriched uranium obtained from the dismantling of United States and Russian nuclear weapons and imports to the

United States of uranium from the former Soviet Union and from the sale of uranium inventory held by the DoE.

In addition, there are numerous

entities in the market that compete with us for properties and mills and are attempting to become licensed to operate ISR and/or underground

mining facilities.

If we are unable to successfully compete for properties, mills, capital, customers or employees or with alternative

uranium sources, it could have a materially adverse effect on our results of operations.

Because we have limited capital, inherent mining risks pose a

significant threat to us compared with our larger competitors.

Because we have limited capital, we may be unable to withstand significant

losses that can result from inherent risks associated with mining, including environmental hazards, industrial accidents, flooding, earthquake,

interruptions due to weather conditions and other acts of nature which larger competitors could withstand.

Such risks could result in

damage to or destruction of our infrastructure and production facilities, as well as to adjacent properties, personal injury, environmental

damage and processing and production delays, causing monetary losses and possible legal liability.

Our business could be harmed if we

lose the services of our key personnel.

Our business and mineral exploration programs depend upon our ability

to employ the services of geologists, engineers and other experts.

In operating our business and in order to continue our programs, we

compete for the services of professionals with other mineral exploration companies and businesses.

Our ability to maintain and expand

our business and continue our exploration programs may be impaired if we are unable to continue to employ or engage those parties currently

providing services and expertise to us or identify and engage other qualified personnel to do so in their place.

To retain key personnel,

we may face increased compensation costs, including potential new stock incentive grants and there can be no assurance that the incentive

measures we implement will be successful in helping us retain our key personnel.

If we fail to maintain proper and effective internal controls,

our ability to produce accurate and timely condensed consolidated financial statements could be impaired, which could harm our operating

results, our ability to operate our business and investors’ views of us.

Ensuring that we have adequate internal financial and accounting controls

and procedures in place so that we can produce accurate condensed consolidated financial statements on a timely basis is a costly and

time-consuming effort that will need to be evaluated frequently.

Section 404 of the Sarbanes-Oxley Act requires public companies to conduct

an annual review and evaluation of their internal controls, which the Company does each year.

Our failure to maintain the effectiveness

of our internal controls in accordance with the requirements of the Sarbanes-Oxley Act could have a material adverse effect on our business.

We could lose investor confidence in the accuracy and completeness of our financial reports, which could have an adverse effect on the

price of our common shares.

The Company may be subject to certain tax consequences in its

business, which may increase the cost of doing business.

The Company may not be able to structure its acquisitions to result

in tax-free treatment for the companies or their stockholders, which could deter third parties from entering into certain business combinations

with the Company or result in being taxed on consideration received in a transaction.

Our business, financial condition and results of operations may

be negatively affected by economic and other consequences from Russia’s military action against Ukraine and the international sanctions

imposed in response to that action.

In late February 2022, Russia launched a large-scale military attack

The invasion significantly amplified already existing geopolitical tensions among Russia, Ukraine, Europe, NATO

and the West, including the United States.

In response to the military action by Russia, various countries, including the United States,

the United Kingdom and European Union issued broad-ranging economic sanctions against Russia.

Such sanctions included, among other things,

a prohibition on doing business with certain Russian companies, large financial institutions, officials and oligarchs;

a commitment by

certain countries and the European Union to remove selected Russian banks from the Society for Worldwide Interbank Financial Telecommunications,

or SWIFT, the electronic banking network that connects banks globally;

a ban of oil imports from Russia to the United States;

and restrictive

measures to prevent the Russian Central Bank from undermining the impact of the sanctions.

Additional sanctions have been and may be imposed

in the future.

Such sanctions (and any future sanctions) and other actions against Russia may adversely impact, among other things, the

Russian economy and various sectors of the economy, including but not limited to, financial, energy, metals and mining, engineering and

defense and defense-related materials sectors;

result in a decline in the value and liquidity of Russian securities;

result in boycotts,

tariffs, and purchasing and financing restrictions on Russia’s government, companies and certain individuals;

weaken the value of

downgrade the country’s credit rating;

freeze Russian securities and/or funds invested in prohibited assets and impair

the ability to trade in Russian securities and/or other assets;

and have other adverse consequences on the Russian government, economy,

companies and region.

Further, several large corporations and U.S.

states have announced plans to divest interests or otherwise curtail

business dealings with certain Russian businesses.

The ramifications of the hostilities and sanctions may not be limited

to Russia, Ukraine and Russian and Ukrainian companies and may spill over to and negatively impact other regional and global

economic markets (including Europe and the United States), companies in other countries (particularly those that have done business with

Russia and Ukraine) and on various sectors, industries and markets for securities and commodities globally, such as oil and natural

Accordingly, the actions discussed above and the potential for a wider conflict could increase financial market volatility and cause

severe negative effects on regional and global economic markets, industries, and companies.

In addition, Russia may take retaliatory actions

and other countermeasures, including cyberattacks and espionage against other countries and companies around the world, which may negatively

impact such countries and companies.

The extent and duration of the military action or future escalation

of such hostilities, the extent and impact of existing and future sanctions, market disruptions and volatility, and the result of any

diplomatic negotiations cannot be predicted.

While we expect any direct impacts to our business to be limited, the

indirect impacts on the economy and on the mining industry and other industries in general could negatively affect our business and may

make it more difficult for us to raise equity or debt financing.

In addition, the impact of other current macro-economic factors on

our business, which may be exacerbated by the war in Ukraine – including inflation, supply chain constraints and geopolitical events

– is uncertain.

The COVID-19 coronavirus could adversely impact our business,

including our mine development plans.

In December 2019, a novel strain of coronavirus, COVID-19, was reported

to have surfaced in Wuhan, China.

Since then, the COVID-19 co ronavirus

has spread to multiple countries, including the United States.

As the COVID-19 coronavirus continues to spread in the United States,

we may experience disruptions that could severely impact our business, including:

● interruption

of key mining activities due to limitations on travel, gathering, or business operations

imposed or recommended by federal or state governments, employers and others.

● limitations

in employee resources, including because of sickness of employees or their families or the

desire of employees to avoid contact with large groups of people.

in financial reporting and filings due to the impact of mitigation efforts on staff and service

in local regulations as part of a response to the COVID-19 coronavirus outbreak which may

require us to change the ways in which mining is conducted, which may result in unexpected

in necessary interactions with regulators and other important agencies and contractors due

to limitations in employee resources or new procedures due to limitations imposed by COVID-19.

in the global demand for uranium and/or vanadium due to reduced primary applications of uranium

(nuclear power generation) and vanadium (steelmaking).

restrictions could cause a decline in energy consumption or indirectly reduced oil prices

could lessen the demand for nuclear power.

previously caused uranium mine closures that have taken substantial uranium supply offline

and increased the spot price of uranium to date during this crisis, there is no guarantee

that this relationship will continue as the COVID-19 crisis is ongoing and the dynamic of

the mine closure/spot price relationship may change.

The global outbreak of the COVID-19 coronavirus continues to evolve.

The extent to which the COVID-19 coronavirus and its subvariants may impact our business will depend on future developments, which are

highly uncertain and cannot be predicted with confidence, such as the ultimate geographic spread of the disease, the duration of the outbreak,

travel restrictions and social distancing in the United States and other countries, business closures or business disruptions and the

effectiveness of actions taken in the United States and other countries to contain and treat the disease.

Risks Related to Our Stock

If we are unable to raise additional capital, our business may

fail and shareholders may lose their entire investment.

We had $2,798,217 and $880,821 in cash at March 31, 2022 and December

31, 2021, respectively.

There can be no assurance that we will be able to obtain additional capital after we exhaust our current cash.

To the extent that we raise additional capital through the sale of equity or convertible debt securities, the issuance of such securities

would likely result in substantial dilution to existing shareholders.

If we borrow money, we will have to pay interest and may also have

to agree to restrictions that limit our operating flexibility.

If additional capital is not available in sufficient amounts or on

a timely basis, we will experience liquidity problems, and we could face the need to significantly curtail current operations, change

our planned business strategies and pursue other remedial measures.

Any curtailment of business operations would have a material negative

effect on operating results, the value of our outstanding stock is likely to fall, and our business may fail, causing our shareholders

to lose their entire investment.

Shareholders could be diluted when we use

common shares, convertible debt, or warrants to raise capital or when we issue employee options.

We will need to seek additional capital to carry

our business plan.

This financing could involve one or more types of securities including common shares, convertible debt, or warrants

to acquire common shares.

Subject to applicable securities rules, these securities could be issued at or below the then prevailing market

price for our common shares and could have the effect of diluting shareholders’ percentage ownership and voting power and could

also dilute the price per share.

We may also in the future grant options to purchase common shares as non-cash incentives to some or all

of our directors, officers, key employees, and/or consultants.

Such options could be issued at or above the then prevailing market price

for our common shares and could have the effect of diluting shareholders’ percentage ownership and voting power and could also adversely

affect the market price of our common shares.

Our common shares may be traded infrequently

and in low volumes, which may negatively affect the ability to sell shares.

Our common shares may trade infrequently and in

low volumes on both the CSE and OTCQX, meaning that the number of persons interested in purchasing our common shares at or near bid prices

at any given time may be relatively small or non-existent.

This situation may be attributable to a number of factors, including the fact

that we are a small company that is relatively unknown to stock analysts, stock brokers, institutional investors, and others in the investment

community who can generate or influence sales volume, and that even if we came to the attention of such institutionally oriented persons,

they tend to be risk-averse in this environment and would be reluctant to follow an early stage company such as ours or purchase or recommend

the purchase of our shares until such time as we became more advanced and viable.

Consequently, there may be periods of several days or

more when trading activity in our shares is minimal or non-existent, as compared to a seasoned issuer which has a large and steady volume

Shareholders could be diluted if we were to use common shares

to raise capital.

We may need to seek additional capital to carry our business plan.

This financing could involve one or more types of securities including common shares, convertible debt or warrants to acquire common shares.

These securities could be issued at or below the then prevailing market price for our common shares.

Any issuance of additional common

shares could be dilutive to existing shareholders and could adversely affect the market price of our common shares.

The Company’s common shares may at times be traded in low

volumes, which may negatively affect your ability to sell shares.

The Company’s common shares may trade at times in low volumes

on both the CSE and OTCQX, meaning that the number of persons interested in purchasing our common shares at or near bid prices at any

given time may be relatively small.

This situation may be attributable to a number of factors, including the fact that we are a small

company that is relatively unknown to stock analysts, stock brokers, institutional investors and others in the investment community who

can generate or influence sales volume, and that even if we came to the attention of such institutionally oriented persons, they tend

to be risk-averse in this environment and would be reluctant to follow an early stage company such as ours or purchase or recommend the

purchase of our shares until such time as we became more advanced and viable.

As a consequence, there may be periods of several days or

more when trading activity in the Company’s shares is minimal, as compared to a seasoned issuer which has a large and steady volume

of trading activity that will generally support continuous sales without an adverse effect on share price.

We cannot give you any

assurance that a broader or more active public trading market for our common shares will develop or be sustained.

Due to these conditions,

we can give you no assurance that you will be able to sell your shares at or near bid prices or at all if you need money or otherwise

desire to liquidate your shares.

Further, institutional and other investors may have investment guidelines that restrict or prohibit

investing in securities traded in the over-the-counter market.

These factors may have an adverse impact on the trading and price

of our securities and could result in the loss by investors of all or part of their investment.

The market price of our common shares may

be volatile and might not reflect the long-term value of our company.

The future trading price of our common shares

may be volatile and may fluctuate substantially.

The price of the common shares may be higher or lower than the price you pay for your

shares, depending on many factors, some of which are beyond our control and may not be directly related to our operating performance.

The Company cannot give

you any assurance that a broader or more active public trading market for our common shares will develop or be sustained.

to these conditions, we can give you no assurance that you will be able to sell your shares at or near bid prices or at all if you need

money or otherwise desire to liquidate your shares.

Further, certain institutional and other investors may have investment

guidelines that restrict or prohibit investing in securities traded in the over-the-counter market.

These factors may have

an adverse impact on the trading and price of our securities and could result in the loss by investors of all or part of their investment.

The Company’s common share price may be volatile.

The future trading price of the Company’s common shares may be

volatile and may fluctuate substantially.

The price of the common shares may be higher or lower than the price you pay for your shares,

depending on many factors, some of which are beyond the Company’s control and may not be directly related to its operating performance.

These factors include the following:

and volume fluctuations in the overall stock market from time to time;

● significant

volatility in the market price and trading volume of securities of mineral exploration and

mining companies;

changes in the uranium spot price and changes in industry forecasts of uranium prices and

other mineral prices;

exchange rate fluctuations;

in government regulations or regulatory policies with respect to mineral exploration and

mining companies or in the status of our regulatory approvals;

or anticipated changes in earnings or fluctuations in operating results;

● announcements

by us or by our competitors of acquisitions or of new products, commercial relationships

or capital commitments;

to our operations or those of other contractors critical to our operations;

emergence of new competitors;

● commencement

of, or our involvement in, litigation;

issuances of our common shares or the incurrence of additional debt;

of new or different accounting standards;

economic conditions and trends and slow or negative growth of related markets;

of a major funding source;

of key personnel.

to the continued potential volatility of its stock price, the Company may be the target of securities litigation in the future.

litigation could result in substantial costs and divert management’s attention and resources from the business.

factors unrelated to our performance that may influence the price of our common shares include the following:

extent of analytical coverage available to investors concerning our business may be limited

if investment banks with research capabilities do not follow our company;

reduction in trading volume and general market interest in our common shares may diminish

an investor’s ability to trade significant numbers of our common shares;

size of our public float and other limiting factors may preclude some institutions from investing

in our common shares;

substantial decline in the price of our common shares that persists for a significant period

of time could cause our common shares to be delisted from an exchange or market, further

reducing market liquidity.

As a result of any of these factors, the market

price of our common shares at any given time may not accurately reflect the long-term value of our company.

The sale of shares by our directors and

senior officers may adversely affect the market price for our shares.

Sales of significant amounts of common shares

held by our senior officers and directors, or the prospect of these sales, could adversely affect the market price of our common shares.

Management’s stock ownership may discourage a potential acquirer from making a tender offer or otherwise attempting to obtain control

of us, which in turn could reduce our stock price or prevent our shareholders from realizing a premium over our stock price.

We have not paid or declared any dividends

on our common shares.

In the past seven years, we have not paid or declared

any dividends on our common shares.

Likewise, we do not anticipate paying, in the foreseeable future, dividends or distributions on our

common shares.

Any future dividends on common shares will be declared at the discretion of our board of directors and will depend, among

other things, on our earnings, our financial requirements for future operations and growth, and other facts as we may then deem appropriate.

Our Chief Executive Officer is one of our

largest shareholders, and as a result he can exert control over our company and have actual or potential interests that may diverge from

George Glasier, our CEO, beneficially owns, in

the aggregate, about 12.5% of our common shares.

price and volume fluctuations in the overall stock market from time to time;

significant volatility in the market price and trading volume of securities of mineral exploration and mining companies;

changes in government regulations or regulatory policies with respect to mineral exploration and mining companies or in the status of our regulatory approvals;

actual or anticipated changes in earnings or fluctuations in operating results;

announcements by us or by our competitors of acquisitions or of new products, commercial relationships or capital commitments;

disruption to our operations or those of other contractors critical to our operations;

the emergence of new competitors;

commencement of, or our involvement in, litigation;

dilutive issuances of our common shares or the incurrence of additional debt;

adoption of new or different accounting standards;

general economic conditions and trends and slow or negative growth of related markets;

loss of a major funding source;

departures of key personnel.

Due to the continued potential volatility of its stock price, the Company

may be the target of securities litigation in the future.

Securities litigation could result in substantial costs and divert management’s

attention and resources from the business.

The sale of shares by our directors and officers may adversely

affect the market price for our shares.

Sales of significant amounts of common shares held by our officers

and directors, or the prospect of these sales, could adversely affect the market price of our common shares.

Management’s stock

ownership may discourage a potential acquirer from making a tender offer or otherwise attempting to obtain control of us, which in turn

could reduce our stock price or prevent our shareholders from realizing a premium over our stock price.

We have never paid or declared any dividends on our common shares.

Likewise, we do not anticipate paying dividends or distributions on our common shares.

Any future dividends on common shares will be declared,

if at all, at the discretion of our board of directors and will depend, among other things, on our earnings, our financial requirements

for future operations and growth, and other facts as we may then deem appropriate.

Our Chief Executive Officer is our largest shareholder, and as

a result he may be able to exert control over us and may have actual or potential interests that may diverge from yours.

George Glasier, our CEO, beneficially owns, in the aggregate, about

12.1% of our common shares.

As a result, Mr.

Glasier might be able to influence many matters requiring shareholder

approval, including the election of directors and approval of mergers and other significant corporate transactions.

This concentration

of ownership may have the effect of delaying, preventing, or deterring a change in control, and could deprive our shareholders of an opportunity

to receive a premium for their common shares as part of a sale of our company and may affect the market price of our stock.

Glasier might be able to influence many matters requiring shareholder approval, including

the election of directors and approval of mergers and other significant corporate transactions.

This concentration of ownership may have

the effect of delaying, preventing or deterring a change in control, and could deprive our shareholders of an opportunity to receive a

premium for their common shares as part of a sale of our company and may affect the market price of our stock.

Furthermore, Mr.

Glasier may have interests that

diverge from those of other holders of our common shares.

Glasier may have interests that diverge from those

of other holders of our common shares.

As a result, Mr.

Glasier may vote the shares he owns or controls or otherwise

cause us to take actions that may conflict with your best interests as a shareholder, which could adversely affect our results of operations

and the trading price of our common shares.

Glasier may vote the shares he owns or controls or otherwise cause us to take

actions that may conflict with your best interests as a shareholder, which could adversely affect our results of operations and the trading

price of our common shares.

Through this control, Mr.

Glasier can control our management, affairs, and all matters requiring

Glasier can exert influence over our management, affairs and all matters requiring

shareholder approval, including the approval of significant corporate transactions, a sale of our company, decisions about our capital

structure and the composition of our board of directors.

We are subject to the continued listing

criteria of the CSE, and our failure to satisfy these criteria may result in delisting of our common shares from the CSE.

Our common shares are currently listed for trading

In order to maintain the listing on the CSE or any other securities exchange we may trade on, we must maintain certain financial

and share distribution targets, including maintaining a minimum number of public shareholders.

In addition to objective standards, these

exchanges may delist the securities of any issuer if, in the exchange’s opinion, the issuer’s financial condition and/or operating

results appear unsatisfactory;

if it appears that the extent of public distribution or the aggregate market value of the security has

become so reduced as to make continued listing inadvisable;

if the issuer sells or disposes of its principal operating assets or ceases

to be an operating company;

if the issuer fails to comply with the listing requirements;

or if any other event occurs or any condition

exists which, in the exchange’s opinion, makes continued listing on the exchange inadvisable.

If the CSE or any other exchange were to delist

the common shares, investors may face material adverse consequences, including, but not limited to, a lack of trading market for the common

shares, reduced liquidity, decreased analyst coverage, and/or an inability for us to obtain additional financing to fund our operations.

We are an “emerging growth company,”

and we cannot be certain if the reduced reporting requirements applicable to emerging growth companies will make our common shares less

attractive to investors.

We are an “emerging growth company,”

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

For as long as we continue to be an “emerging

growth company,” we may take advantage of exemptions from various reporting requirements that are applicable to other public companies

that are not “emerging growth companies,” including not being required to comply with the auditor attestation requirements

of Section 404 of the Sarbanes-Oxley Act, reduced disclosure obligations regarding executive compensation in our periodic reports and

proxy statements, and exemptions from the requirements of holding a non-binding advisory vote on executive compensation and stockholder

approval of any golden parachute payments not previously approved.

We could be an “emerging growth company” for up to five

years, although circumstances could cause us to lose that status earlier, including if the market value of our common shares held by non-affiliates

exceeds $700 million as of any June 30th before that time, in which case we would no longer be an “emerging growth company”

as of the following December 31.

We cannot predict if investors will find our common shares less attractive because we may rely on

these exemptions.

If some investors find our common shares less attractive, there may be a less active trading market for our common shares

and our share price may be more volatile.

Under the JOBS Act, “emerging growth companies” can also delay adopting new or revised

accounting standards until such time as those standards apply to private companies.

We have elected to avail ourselves of this exemption

from new or revised accounting standards and, therefore, will not be subject to the same new or revised accounting standards as other

public companies that are not “emerging growth companies”.

Risks Related to Our Regulatory Environment

The SEC’s adoption of the “Modernization of Property

Disclosures for Mining Registrants,” as codified in S-K 1300, has created new disclosure requirements for mineral reserves and mineral

resources that create some ambiguity for issuers required to comply with both the requirements of S-K 1300 and NI 43-101 and may result

in increased compliance costs.

SEC Industry Guide 7 has been rescinded and replaced by S-K 1300, which

requires that we disclose specific information related to our material mining operations, including with particularity any mineral resources

and mineral reserves.

Although we have established the existence of mineralized materials on our uranium properties, we have not established

any measured 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.

Nevertheless,

if in the future we were to seek to identify any measured mineral resources or to establish any proven or probable reserves, we would

be required to provide disclosure in that regard under both S-K 1300 and NI 43-101.

While S-K 1300 is substantively similar to NI 43-101

(with the primary difference being NI 43-101’s required format, a matter on which S-K 1300 is silent), S-K 1300 is potentially subject

to unknown interpretations, which could require the Company to incur substantial costs associated with compliance.

We cannot predict the

nature of any future enforcement, interpretation, or application of S-K 1300.

Any further revisions to, or interpretations of, S-K 1300

or NI 43-101 could result our company incurring unforeseen costs associated with compliance with both of those disclosure regimes.

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-Q

Item 1A. Risk Factors