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Item 1A. Risk Factors

2023-04-17 compared with 2022-04-15 · 488 added, 482 removed, 175 unchanged (85% of the section changed)

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

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.

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 December 31, 2021, the Company had an accumulated deficit of

$13,161,496 and working capital of $4,492,169.

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

monetize the uranium and vanadium processed at our mill on a profitable basis, and can then leverage those proceeds 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.

We expect to generate operating losses for the next several years as

we incur expenses to scale up mining at our Sunday Mine Complex.

During the year ended December 31, 2022, we generated a net loss of $713,767.

This loss was offset by the margin of approximately $3.2 million earned on the delivery of 125,000 pounds of natural uranium concentrate.

As of December 31, 2022, we had an accumulated deficit of $13,875,263 and working capital of $9,568,963.

The Company’s ability to continue its planned

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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.

Kinetic Separation technology, to scale up its mining operations at Sunday Mine Complex, to construct its own ore processing mill that

is expected to be licensed to utilize Kinetic Separation, and to initiate the processing of ore to generate operating cash flows.

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

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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 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 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.

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

As such, substantial doubt exists as to whether our cash resources and working capital will be sufficient to fund 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 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 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 and permit, build and operate our mill 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, operate our mill profitably 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 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 annual report,

we acquired our first mineral properties in November of 2014.

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

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

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 annual 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.

In addition, in July 2023, we announced our plans

to permit and develop a mill for the processing of uranium and vanadium.

As more fully described under “Liquidity and Capital Resources”

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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.

At December 31, 2021 and 2020, we had working capital

of $4,492,169 and $162,375, 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 consolidated financial statements for the two years ended December

31, 2021were prepared assuming that the Company would continue as a going concern.

These consolidated financial statements do not include

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

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 December 31, 2022 and 2021, we had working capital of $9,568,963

and $4,492,169, respectively.

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

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

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 consolidated financial statements for the years ended December 31, 2022 and 2021 were prepared

assuming that the Company would continue as a going concern.

The 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

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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.

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

values of our assets, 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

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

(ii) difficulty in marketing and/or selling

uranium concentrates;

(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;

(iv) significantly higher than expected

extraction costs;

(v) significantly lower than expected uranium extraction;

(vi) significant delays, reductions

or stoppages of uranium extraction activities;

(vi) significant delays, reductions or stoppages of uranium

extraction activities;

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

Our mining activities may change as a result of any one or more of these risks and uncertainties and there is no assurance that any ore

body that we extract mineralized materials from will result in achieving and maintaining profitability and developing positive cash flow.

Our mining activities

may change as a result of any one or more of these risks and uncertainties and there is no assurance that any ore body that we extract

mineralized materials from will result in achieving and maintaining profitability and developing positive cash flow.

Our operations are capital intensive, and

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 projects.

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.

Furthermore, exploration programs conducted on our uranium/vanadium projects

may not result in the establishment of ore bodies that contain commercially recoverable uranium/vanadium.

we will require significant additional financing to continue production at the Sunday Mine Complex, to permit and construct the ore processing

mill, to continue exploration and begin pre-extraction activities on our other existing uranium/vanadium projects, and to 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, to permit and construct the ore processing mill, 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 projects.

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.

Furthermore, exploration programs conducted on our uranium/vanadium projects may not result

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

Uranium/vanadium exploration and pre-extraction programs and mining

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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.

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

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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 properties.

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.

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

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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.

In addition, although the Company has conducted initial

tests of its Kinetic Separation technology with what appear to be positive results, those results have not been validated by a qualified

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.

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 inability 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 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.

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 to complete the transaction and established the purchase price or exchange ratio;

a material ore body may prove

to be below expectations;

we may have difficulty integrating and assimilating the operations and personnel of any acquired companies,

realizing anticipated synergies and maximizing the financial and strategic position of the combined enterprise, and maintaining uniform

standards, policies and controls across the organization;

the integration of the acquired business or assets may disrupt our ongoing

business and our relationships with employees, customers, suppliers and contractors;

and the acquired business or assets may have unknown

liabilities which may be significant.

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.

Because the number of mills permitted for

processing of uranium and vanadium is very limited, we have determined that we will seek a permit and then construct our own uranium and

vanadium ore processing mill.

The capital required and risks involved in such an endeavor could negatively affect our ability to do business.

The construction of a facility for the processing of uranium ore is

both a capital-intensive and regulatory intensive endeavor.

Obtaining a license to construct and operate a processing plant to mill uranium

and vanadium is subject to a number of risks, including local, state and national regulations, and political and environmental influences.

Furthermore, we must raise sufficient capital to fund the permitting efforts and construction of the mill.

We are subject to the risks

that adequate capital in general may not be available at the levels needed and risks that adequate capital may not be available for investments

in the front-end of the nuclear fuel cycle.

If we are not able to address these risks and build a processing plant/mill then, we would

need to arrange with a third party for conventional milling services.

It may be difficult for the Company to gain access to a third party’s

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.

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 plans to apply for its

own milling license for a processing facility.

If this is not practical or feasible the Company would need to arrange to utilize a third

party’s mill.

There are substantial costs and risks associated with both of these alternatives.

The Company is open to continuing

to seek an alternative path forward that would allow the use of Kinetic Separation either inside a uranium mine or on the surface outside

of the underground workings to further reduce transportation costs.

However, there is no assurance that such an alternative approach will

be approved for Western or other companies with comparable processes pursuing regulatory remedies.

In addition, although the Company has conducted initial tests of its

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

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

to complete the transaction and established the purchase price or exchange ratio;

a material ore body may prove to be below expectations;

we may have difficulty integrating and assimilating the operations and personnel of any acquired companies, realizing anticipated synergies

and maximizing the financial and strategic position of the combined enterprise, and maintaining uniform standards, policies and controls

across the organization;

the integration of the acquired business or assets may disrupt our ongoing business and our relationships with

employees, customers, suppliers and contractors;

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

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,

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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.

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

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.

However, we cannot provide any assurance that such insurance will continue to be available

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

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.

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 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 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

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.

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

is available and not prohibitively expensive relative to the perceived risk, we will maintain insurance against such risk, subject to

exclusions and limitations.

However, we cannot provide any assurance that such insurance will continue to be available at reasonable premiums

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

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

licenses, permits or consents required for our operations.

Our exploration, mining and planned uranium and vanadium ore processing

activities at the proposed company owned mill 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.

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.

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.

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.

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

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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, 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

16 unchanged sentences

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 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 Sarbanes-Oxley Act requires public companies

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

The Company is in the process of reviewing its internal control

over financial reporting in the interest of complying with Section 404 of the Sarbanes-Oxley Act.

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 on Ukraine.

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

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

result in boycotts, tariffs, and purchasing and financing restrictions on Russia’s government, companies and certain

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 Sarbanes-Oxley Act requires public companies to conduct an annual

review and evaluation of their internal controls.

The Company is in the process of reviewing its internal control over financial reporting

in the interest of complying with Section 404 of the Sarbanes-Oxley Act.

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 and its companies, institutions, officials

and oligarchs.

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 the ruble;

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.

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 gas.

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.

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 coronavirus 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:

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 significant trade

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

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, such as recession, 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 and/or impair global equity prices, including Western’s.

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 coronavirus has spread to multiple countries, including the United States.

the COVID-19 coronavirus continues to spread in the United States, we may experience disruptions that could severely impact our business,

● 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

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.

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.

● 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 mining is conducted, which may result 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/or vanadium due to reduced

primary applications of uranium (nuclear power generation) and vanadium (steelmaking).

● COVID-19 restrictions could cause a decline in energy consumption or indirectly

reduced oil prices could lessen the demand for nuclear power.

● COVID-19 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

1 unchanged sentence

fail and shareholders may lose their entire investment.

We had $880,821 and $565,250 in cash at

December 31, 2021 and 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 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.

We had $9,682,133 in cash at December 31, 2022.

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

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to lose their entire investment.

Shareholders could be diluted if we were to

use common shares to raise capital.

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.

5 unchanged sentences

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.

Company cannot give you any assurance that a broader or more active public trading market for our common shares will develop or be sustained.

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.

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

4 unchanged sentences

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

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.

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:

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;

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

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;

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

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.

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.

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

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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.

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

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

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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.

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

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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

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.

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 between the format required for an S-K 1300 technical report summary and the format required for an

NI 43-101 technical report), 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

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.

UNRESOLVED STAFF COMMENTS

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

What changed 10-K

Item 1A. Risk Factors