What changed in this filing

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Item 1A. Risk Factors

2022-11-17 compared with 2022-08-22 · 63 added, 68 removed, 522 unchanged (20% of the section changed)

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reserves, all in spite of potentially significant fluctuations in the market prices of uranium and vanadium.

to the quarter ending June 30, 2022, we had incurred losses from our operations.

During the three months ended June 30, 2022, we generated

a net income of $2,279,550, principally upon our sale of a prepaid uranium concentrate inventory contract that we purchased in December

We expect to generate operating losses for the foreseeable future as we incur expenses to bring our mining operations online.

of June 30, 2022, we had an accumulated deficit of $12,055,549and working capital of $10,870,844.

exception of the quarter ending June 30, 2022, we had incurred losses from our operations.

During the three months ended September 30,

2022, we generated a net loss of $527,525.

We expect to generate operating losses for the foreseeable future as we incur expenses to bring

our mining operations online.

As of September 30, 2022, we had an accumulated deficit of $12,583,074 and working capital of $10,181,380.

Company’s ability to continue its planned operations and to pay its obligations when they become due is contingent upon the Company

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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 $12.1 million and $13.2million at June 30, 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 term.

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.

June 30, 2022 and December 31, 2021, we had working capital of $10,870,844 and $4,492,169, respectively.

accumulated deficit balance of $12.6 million and $13.2 million at September 30, 2022 and December 31, 2021, respectively.

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 term.

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.

September 30, 2022 and December 31, 2021, we had working capital of $10,181,380 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 six months ended June 30, 2022 were prepared assuming that

the Company would continue as a going concern.

The condensed consolidated financial statements do not include any adjustments that

might result from the outcome of this uncertainty.

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.

condensed consolidated financial statements for the nine months ended September 30, 2022 were prepared assuming that the Company would

continue as a going concern.

The condensed consolidated financial statements do not include any adjustments that might result from the

outcome of this uncertainty.

reliance on equity and debt financings is expected to continue for the foreseeable future.

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received in a timely manner.

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.

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.

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.

the best of our knowledge, our operations are in compliance, in all material respects, with all applicable laws, regulations and standards.

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reports, which could have an adverse effect on the price of our common shares.

Company may be subject to certain tax consequences in its business, which may increase the cost of doing business.

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.

business, financial condition and results of operations may be negatively affected by economic and other consequences from Russia’s

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we are unable to raise additional capital, our business may fail and shareholders may lose their entire investment.

had $11,244,681and $880,821in cash at June 30, 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.

had $10,468,789 and $880,821 in cash at September 30, 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.

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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.

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.

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, certain institutional

and other investors may have investment guidelines that restrict or prohibit investing in securities traded in the over-the-counter market.

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.

Company’s common share price may be volatile.

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These factors include the following:

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.

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;

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.

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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.

Glasier may have interests that diverge from those of other holders of our common shares.

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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