What changed in this filing

/stocks — the workspaceLOADING

Item 2. Properties

2023-04-17 compared with 2022-04-15 · 771 added, 797 removed, 227 unchanged (87% of the section changed)

Company headquarters is maintained through a

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

An operations facility is rented at 31617 Hwy

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

The diagram below illustrates the location of

the Company’s properties:

Company headquarters is maintained through a lease at 330 Bay Street,

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

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

USA which houses the Kinetic Separation units and a shop office.

In 2022, the rental of a new mining operations office was added at 31525

Hwy 90 Road, Nucla, Colorado, USA.

The diagram below illustrates the location of the Company’s properties:

Sunday Mine Complex

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Bullen Property (Weld County)

Western Uranium & Vanadium Corp is engaged

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

On September 16, 2015, in connection with the

Black Range Transaction, the Company acquired additional mineral properties.

The mining assets acquired through Black Range included

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

Western Uranium & Vanadium Corp is engaged in the business of exploring,

developing, mining and production from its uranium and vanadium resource properties.

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

the Company acquired additional mineral properties.

The mining assets acquired through Black Range included assets in the states of Colorado,

Wyoming, and Alaska.

None of these mining assets are operational at this time.

As these properties

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

material can be economically extracted as originally planned and anticipated.

The Company’s mining properties acquired

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

Rafael Uranium Project located in Emery County, Utah

Sunday Mine Complex located in western San Miguel County, Colorado

Van 4 Mine located in western Montrose County, Colorado

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

Project located in San Juan County, Utah.

The Company’s mining properties acquired

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

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

Keota Uranium project acreage located in Weld County, Colorado

Haggerty located in Carbon County, Wyoming

The Company has a 100% interest in all of these

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

Although we have established the existence of

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

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

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

The near term plan for the Company’s resources

is to initially mine at the Sunday Complex.

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

As these properties have not formally established proven

or probable reserves, there may be greater inherent uncertainty as to whether or not any mineralized material can be economically extracted

as originally planned and anticipated.

The Company’s mining properties acquired on August 18, 2014 that

the Company retains as of December 31, 2022, include:

● San Rafael Uranium Project located in Emery County, Utah

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

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

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

● Dunn Project located in San Juan County, Utah.

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

that the Company retains as of December 31, 2022, include:

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

● The Keota Uranium project acreage located in Weld County, Colorado

● Ferris Haggerty located in Carbon County, Wyoming

The Company has a 100% interest in all of these properties except for

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

Although we have established the existence of mineralized materials

on our uranium properties, we have not established any measured, indicated or inferred mineral resources or any proven or probable reserves

through the completion of a feasibility study for any of our uranium properties and we have no current plans to seek to do so, as it would

not serve a business purpose at the present time.

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

mine at the Sunday Complex.

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

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

From the 1980’s to

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

The last previous mining

interval was from 2006 to 2009.

From the 1980’s to the present,

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

The last previous mining interval

was from 2006 to 2009.

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

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

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

Past operators

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

Near term exploration

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

Mining Properties

Set forth below are details regarding our mining

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

Set forth below are details regarding our mining properties operated

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

Sunday Mines Complex

The Sunday Mine Complex

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

The property is situated 25 miles north of Dove Creek,

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

The Sunday Mine Complex is

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

The property is situated 25 miles north of Dove Creek, Colorado,

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

Energy Fuels Resources (USA) Inc.

acquired the property in June 2012 from Denison Mines Corp.

The complex consists of five individual mines with mine workings located

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

vents and surface facilities.

(“EFR”) acquired

the property in June 2012 from Denison Mines Corp.

The complex consists of five individual mines with mine workings located along a two

mile stretch of the southern side of Big Gypsum Valley, with underground workings extending generally south, with associated vents and

surface facilities.

The mines are, from east to west:

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

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

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

exploration, development, and mining.

The property consists

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

Bureau of Land Management (“BLM”) Tres Rios

Field Office, covering approximately 3,800 acres.

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

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

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

September 1st each year.

The mines were

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

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

development, and mining.

The property consists of 221 unpatented

claims on public land managed by the U.S.

Bureau of Land Management (“BLM”) Tres Rios Field Office, covering approximately 3,800 acres.

The area covers parts of sections 10, 13, 14, 15, 23, 24, and 26 T44N R18W, and sections 18,

19, 20, and 30 T44N R17W.

Total annual BLM claim maintenance fees are approximately $34,255 due September 1st each

The property has access to grid power and has a natural underground source of water due to an aquifer.

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

The roads are all-weather, electric

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

During 2019, a mine re-opening

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

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

Each of the five associated mining permits

are in Temporary Cessation status.

As a mine that has produced

in the recent past, the Sunday Mine Complex has a robust infrastructure.

The roads are all-weather, electric power is grid-tied, surface

facility structures that meet Colorado State standards exist, and water is present.

During 2019, a mine re-opening project was implemented

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

Active mining was

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

Each of the five associated mining permits are in Temporary Cessation

GMG, Sunshine, and Patsun claims

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Accessibility

The property is best

accessed from Colorado.

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

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

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

The Sunday Mine Complex

consists of six different mines.

The property is best accessed from Colorado.

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

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

The State Highway

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

The Sunday Mine Complex consists of six different

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

Jude, Carnation, and the GMG.

The mines have had a number

of owners and operators.

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

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

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

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

(early 1990’s), International Uranium Corp.

The mines have had a number of owners and operators.

Maps and documents made available to the author show that the following companies have been involved in the all or parts of the property

prior to WUC acquisition of the SMC in April 2014:

Matterhorn Mining (1950’s-1960’s, Climax Uranium 1960’s, Union Carbide

Corporation (UCC) 1970’s-1980’s, Atlas Minerals (1980’s), Energy Fuels Nuclear (early 1990’s), International Uranium

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

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

The documents are incomplete as

so this list may be as well.

Since UCC days, the ownership has been clear.

In 1983 Union Carbide transferred

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

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

technically the ownership was UMETCO at the time.

Records made available

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

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

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

Additionally, historic maps of the

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

The records & anecdotal

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

mining operations.

In 1983 Union Carbide transferred its mineral interests to

UMETCO, a wholly-owned subsidiary.

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

was UMETCO at the time.

Records made available by the Company and

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

Two Defense Minerals

Exploration Administration (DMEA) reports, one on the Sunday area and the other on the Topaz area, indicated some drilling and minor surface

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

Additionally, historic maps of the area show the Sunday mines

in operation in the 1950’s (Denison Mines, 2008).

The records & anecdotal evidence indicate

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

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

Since then, the property has been idle, with the

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

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

During all three

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

Exploration and development

drilling on the property was contemporaneous with the mining.

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

drilled on the property.

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

that are not in the database.

Since then, the property has been idle, with the exception of brief

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

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

During all three periods, the ore was

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

Exploration and development drilling on the

property was contemporaneous with the mining.

The available database records show that at least 1,419 holes have been drilled on the property.

This is an incomplete list, as an examination of the available maps and cross-sections show a number of holes that are not in the database.

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

Anecdotal evidence and some

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

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

The 2-D digitized mine

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

Generational mine maps indicate that more

mine workings exist than are shown in the digital database.

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

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

Anecdotal evidence and some maps also give evidence that underground

long holes (test holes drilled from the mine workings anywhere from 50 ft (15 m) to 300 ft (91 m) long) were used extensively throughout

the mined areas.

The 2-D digitized mine workings, done by Denison

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

Generational mine maps indicate that more mine workings exist than

are shown in the digital database.

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

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

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

Based on the records

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

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

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

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

July 16, 2015.

The Sunday Mine Report is an historic estimate

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

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

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

There is no more recent data available on the

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

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

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

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

and a feasibility study compliant with S-K 1300.

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

Based on the records and on field inspection,

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

Geol., LLC was commissioned

by the Company to prepare a technical report compliant with NI 43-101 on the Sunday Mine Complex Uranium (SMC) Project (the “Sunday

Mine Report”).

The Sunday Mine Report was finalized on July 7, 2015 and filed on sedar.com on July 16, 2015.

The Sunday Mine Report is an historic estimate of measured and indicated

resources (not reserves) under NI 43-101.

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

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

There is no more recent data available on the Sunday Mine Complex project

resource than that of the Sunday Mine Report.

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

qualified person (as defined under 43-101 and S-K 1300) to, among other things, take account of any exploration or other work on the Sunday

Mine Complex since the date of the historical estimate and produce a technical report compliant with NI 43-101 and a feasibility study

compliant with S-K 1300.

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

Project Geology

Geologically, the main hosts for uranium-vanadium

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

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

of the Morrison Formation.

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

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

Geologically, the main hosts for uranium-vanadium mineralization in

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

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

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

Beds generally

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

Restoration and Reclamation

Each of the mines

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

The mines and their permitted acres and

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

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

Each of the mines are permitted separately

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

The mines and their permitted acres and financial warranties are,

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

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

Permitting Status

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being renewed with APCD.

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

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

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

This will require a discharge

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

Special Use Permits are also in

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

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

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

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

At issue is the application of an unchallenged

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

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

A permit hearing was scheduled for

October 21, 2020 to determine temporary cessation status.

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

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

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

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

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

This will require a discharge permit with the WQCD and

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

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

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

for ore haulage to the mill.

On February 4, 2020, the Colorado DRMS sent a

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

At issue is the application of an

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

and regulations.

The Company maintains

that it was timely in meeting existing rules and regulations.

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

cessation status.

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

West Sunday, St.

Jude, Carnation, and Topaz).

On October 9, 2020, the MLRB issued a

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

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

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

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

Sunday Mine Complex mine permits into Temporary Cessation.

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

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

termination of the Topaz Mine permit.

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

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

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

On May 5, 2021, the Plaintiff in

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

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

22, 2020 permit hearing.

On November 10, 2020, the MLRB issued a board order which finalized the findings of the October 21, 2020 permit

On November 6, 2020, the MLRB signed an order placing the five Sunday Mine Complex mine permits into Temporary Cessation.

November 12, 2020, a coalition of environmental groups (the “Plaintiffs”) filed a complaint against the MLRB seeking a partial

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

On December 15, 2020, the same coalition of environmental

groups amended their complaint against the MLRB seeking a partial appeal of the October 21, 2020 decision requesting termination of the

Topaz Mine permit.

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

On May 5, 2021,

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

21, 2020 MLRB permit hearing decisions on the Topaz Mine permit.

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

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

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

until August 20, 2021.

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

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

The judicial review process was delayed as extensions were put in

place until August 20, 2021.

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

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

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

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

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

Major permits currently in place at the

Sunday Complex include:

Sunday 112d Mine Permit

M-1977-285 (DRMS)

Jude 110d Mine Permit

M-1978-039-HR (DRMS)

West Sunday 112d

Mine Permit M-1981-021 (DRMS)

Carnation 110d Mine Permit

M-1977-416 (DRMS)

Topaz 112d Mine Permit

M-1980-055-HR (DRMS)

West Sunday Plan

of Operations COC 52049 (BLM)

Jude and Carnation

Plan of Operations COC-53227 (BLM)

Resolution #1997-18

Mine Permit (San Miguel County)

Resolution 2007-34 Topaz

and Sunday Expansion (San Miguel County)

Resolution 2008-41 Increased

Ore Haulage (San Miguel County)

Road & Bridge Special

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

The San Rafael Uranium Project land position

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

mining claims.

The San Rafael Project is located in the historic

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

The Company and

the MLRB had until April 19, 2022 to appeal the Denver District Court’s ruling.

Neither the Company nor the MLRB appealed the Denver

District Court ruling.

Subsequently on March 20, 2023, the MLRB issued a board order for the Company to commence final reclamation, which

upon completion will terminate mining operations at the Topaz Mine.

Reclamation is to commence immediately at the Topaz Mine and is to

be completed within five years by March 2028.

The Company is currently working toward the completion of an updated Topaz Mine Plan of

Operations which is a separate federal requirement of the BLM for the conduct of mining activities on the federal land at the Topaz Mine

and needed to re-permit the Topaz Mine with Colorado’s DRMS.

Major permits currently in place at the Sunday Complex include:

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

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

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

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

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

West Sunday Plan of Operations COC 52049 (BLM)

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

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

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

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

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

The San Rafael Uranium Project land position is comprised of a contiguous

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

The San Rafael Project is located in the historic Tidwell District

about 10 miles west of Green River, Utah.

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

Energy Fuels became operator of the San Rafael

Project when it acquired Magnum Minerals in June 2009.

Energy Fuels became operator of the San Rafael Project when it acquired

Magnum Minerals in June 2009.

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

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

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

greatly increasing resources.

In January 2011, EFR acquired

the 10 Hollie claims from Titan Uranium.

These claims covered the eastern portion of the Deep Gold deposit, greatly increasing resources.

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

The San Rafael Uranium Project is currently being

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

Exploration and mining plans have not been prepared for

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

Power and water sources have not yet been formally

Magnum’s acquisition of the claims and

some of the data Magnum purchased encumbers the claims.

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

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

no royalty on the Hollie claims.

The unpatented claims are located on approximately

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

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

Emery County, Utah.

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

The San Rafael Uranium Project is currently being held as a property

that is exploratory in nature with no identified reserves.

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

has not yet undertaken any development work at the property.

Power and water sources have not yet been formally assessed.

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

purchased encumbers the claims.

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

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

There is no royalty on the Hollie claims.

The unpatented claims are located on approximately 2,900 acres of land

administered by the U.S.

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

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

Accessibility

The property is located on the eastern side of

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

The little desert community of Green

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

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

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

Concerning additional local access features,

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

by the regional railroad line.

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

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

Access for drilling and other

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

and becoming impassable.

The Deep Gold deposit was originally discovered

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

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

The area containing

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

Some of the larger historic producing mines

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

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

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

Morrison Formation.

In addition to Conoco, Pioneer Uravan, and Atlas

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

drilling and mining in the area.

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

not considered compliant with NI 43-101 standards.

Depth to mineralization at the Deep Gold deposit

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

Magnum purchased and otherwise acquired most of

the available historic exploration data produced by the previous operators.

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

discover and define additional uranium resources.

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

cost of $US 15/foot.

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

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

The little desert community of Green River, Utah is located

about ten miles to the east.

In a general sense the San Rafael Uranium Project property position lies within a wedge shaped area, roughly

bound along its northeast edge by US Highway 6-50 and along its southeast edge by Interstate 70.

Concerning additional local access features, U.S.

Highway 6-50 crosses

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

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

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

Access for drilling and other exploration activity

is excellent, except during occasional heavy rainy periods which can create heavy flash flooding and roads mudding-up and becoming impassable.

The Deep Gold deposit was originally discovered by Continental Oil

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

Exploration drilling was conducted

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

The area containing the deposits was

considered to contain highly prospective paleo trunk stream channel trends.

Some of the larger historic producing mines in the area were

Atlas Minerals’ Snow, Probe, and Lucky Mines.

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

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

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

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

Some of these companies performed historic resource estimates on the Deep Gold deposits, but they are not considered compliant

with NI 43-101 standards.

Depth to mineralization at the Deep Gold deposit in Section 23 averages

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

Magnum purchased and otherwise acquired most of the available historic

exploration data produced by the previous operators.

A 100 hole, 100,000 foot drilling program is warranted to discover and define additional

uranium resources.

Total cost for this work would be $US 1.3 million to $US 1.5 million, based on an all-inclusive cost of $US 15/foot.

The Tidwell Mineral Belt and the San Rafael Uranium

1 unchanged sentence

million pounds of vanadium produced.

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

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

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

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

starting in March 1973 and ending in January, 1982 consisted of 650,292 pounds of U3O8 contained in 173,330 tons of material at an average

grade of 0.188% U3O8 (Wilbanks, 1982).

Jay Gatten, P.

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

(including the:

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

The San Rafael

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

The San Rafael Report is an historic estimate

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

However, the Company is not treating

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

annual reports.

There is no more recent data available on the

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

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

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

and a feasibility study compliant with S-K 1300.

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

Geol., LLC was commissioned

by the Company to prepare an independent technical report compliant with NI 43-101 on the San Rafael Uranium Project (including the:

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

The San Rafael Report was finalized on

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

The San Rafael Report is an historic estimate of indicated and inferred

uranium resources (not measured resources or reserves) under NI 43-101.

However, the Company is not treating the historical estimate as

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

There is no more recent data available on the San Rafael Uranium Project

property than that of the San Rafael Report.

In order to disclose a resource estimate as current, the Company would need to engage a qualified

person (as defined under 43-101 and S-K 1300) to produce a technical report compliant with NI 43-101 and a feasibility study compliant

with S-K 1300.

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

Project Geology

3 unchanged sentences

Restoration and Reclamation

All exploration permits have been terminated

and all bonds released.

All exploration permits have been terminated and all bonds released.

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

A large area has been surveyed for cultural

and paleontological resources which would expedite future exploration permits.

A large area has been surveyed for cultural and paleontological resources

which would expedite future exploration permits.

No mine permitting activities have yet occurred.

Permitting Status

All exploration permits have been terminated

and all bonds released.

All exploration permits have been terminated and

all bonds released.

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

A large area has been surveyed for cultural

and paleontological resources which would expedite future exploration permits.

A large area has been surveyed for cultural and paleontological

resources which would expedite future exploration permits.

No mine permitting activities have yet occurred.

2 unchanged sentences

Mineral Belt.

The 94 unpatented claims are located

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

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

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

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

The property has access to grid power,

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

The 94 unpatented claims are located on approximately 1,942

acres land administered by the U.S.

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

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

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

The property has access to grid power, however,

no source of industrial water has yet been identified.

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

4 unchanged sentences

Accessibility

The Sage Plain Project property can be accessed

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

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

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

Larger population

centers with more supplies and services are available farther away at Moab, Utah (61 road miles to the north) and Cortez, Colorado (54

road miles to the southeast).

Highway 491 connects Monticello, Utah to

Dove Creek and Cortez, Colorado.

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

and east on paved, all-weather county roads.

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

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

Larger population centers with

more supplies and services are available farther away at Moab, Utah (61 road miles to the north) and Cortez, Colorado (54 road miles to

the southeast).

Highway 491 connects Monticello, Utah to Dove Creek and Cortez,

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

At one mile west of the Colorado/Utah state

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

portal site drive way.

At one mile west of the Colorado/Utah state line (16 miles east

of Monticello or 10 miles west of Dove Creek), San Juan County Road 370 goes north for 10 miles to the Calliham Mine portal site drive

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

An alternate route is to turn north on Colorado

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

Road H1 for 1.2 miles

before intersecting San Juan County Road 370.

An alternate route is to turn north on Colorado Highway 141(2

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

Road H1 for 1.2 miles before intersecting

San Juan County Road 370.

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

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

Colorado (a total of 62 miles away).

The property includes the historic producing

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

70 million lbs.

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

Salt Wash Member of the Morrison Formation.

WUC is in possession of historic mine and drill

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

A considerable, but unknown amount of drilling occurred historically

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

Historic production from several small mines

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

The Sage Mine was developed, operated, and permitted

by Atlas Minerals in the 1970s.

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

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

however, the mine has been idle

since that time.

Road H1 from Egnar would

also be used if one was traveling to the project on Highway 141 from farther north in Colorado, such as Naturita, Colorado (a total of

62 miles away).

The property includes the historic producing Sage

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

and 70 million lbs.

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

the Morrison Formation.

WUC is in possession of historic mine and drill maps.

About 200 historic

holes were drilled on the claims at the Sage Mine.

A considerable, but unknown amount of drilling occurred historically on the eastern

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

Historic production from several small mines occurred on

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

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

in the 1970s.

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

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

however, the mine has been idle since that

In the fall of 2011, Colorado Plateau Partners

5 unchanged sentences

the mine to the western mineralized body intercepted 2.0 feet of 0.407% eU3O8.

Another hole intercepted mineralization

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

Prior to the Company’s acquisition of the

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

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

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

Peters, Certified Professional Geologist,

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

The Sage Mine Energy Fuels Report resource is

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

The Company is not treating the historical estimate as current

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

Energy Fuels submitted an Exploration NOI to

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

Permitting for mine expansion was started

in 2012, but was discontinued due to other priorities.

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

treatment plant (exploration permit E/037/0188;

Another hole intercepted mineralization greater than 1.0

foot of 0.16% eU3O8.

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

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

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

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

Peters, Certified Professional Geologist, Peters Geosciences

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

The Sage Mine Energy Fuels Report resource is an historic estimate

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

The Company is not treating the historical estimate as current mineral resources,

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

Energy Fuels submitted an Exploration NOI to the BLM in March 2013

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

Permitting for mine expansion was started in 2012, but was discontinued

due to other priorities.

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

permit E/037/0188;

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

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

Other than offsetting some of the historic drill

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

No core is available at the present

time from the earlier exploration or production work.

There is no more recent data available on the

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

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

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

and a feasibility study compliant with S-K 1300.

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

Eight baseline groundwater sampling

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

Other than offsetting some of the historic drill holes and use of gamma

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

No core is available at the present time from the earlier

exploration or production work.

There is no more recent data available on the Sage Mine project resource

than that of the Sage Mine Energy Fuels Report.

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

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

compliant with S-K 1300.

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

Project Geology

The Sage Plain and nearby Slick Rock and Dry

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

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

Most mineralization is in trends

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

The Sage Plain District appears to be a large

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

portion of the Uravan Mineral Belt.

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

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

The Morrison sediments accumulated as oxidized

detritus in the fluvial environment.

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

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

When the uranium-rich waters

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

Vanadium may have been leached from the detrital iron-titanium

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

The thickness, the gray color, and pyrite and

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

exploration guides.

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

therefore, portions

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

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

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

red oxidized sandstone and overbank mudstones).

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

hard to predict.

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

outlying areas remain exploration targets.

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

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

The location and shape of mineralized deposits

are largely controlled by the permeability of the host sandstone.

Most mineralization is in trends where Top Rim sandstones are thick,

usually 40 feet or greater.

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

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

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

to be controlled by meandering within this main channel.

The Morrison sediments accumulated as oxidized detritus in the fluvial

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

Basin material remained oxidized, thereby transporting uranium in solution.

When the uranium-rich waters encountered the zones of trapped

reduced waters, the uranium precipitated.

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

deposited along with or prior to the uranium.

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

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

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

therefore, portions of the property with only widely

spaced drill holes hold potential.

However, without the historic drill data, it cannot be determined where sedimentary facies are located

(e.g., channel sandstones thin and pinch-out, or sandstone grades and interfingers into pink and red oxidized sandstone and overbank mudstones).

Furthermore, locations of interface zones of the oxidized and reduced environments are hard to predict.

Until more historic data are obtained

and/or more drilling occurs on the property away from the historic mines, these outlying areas remain exploration targets.

Restoration and Reclamation

2 unchanged sentences

Permitting Status

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

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

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

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

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

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

reclamation it is not permitted for mining.

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

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

An amendment to

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

Existing permits include:

2 unchanged sentences

Basis of Disclosure

The scientific and technical information provided

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

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

The 11 unpatented claims are located on approximately

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

Holding costs of the 11 claims

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

The Dunn Project is currently being held as a

property that is exploratory in nature with no identified reserves.

The scientific and technical information provided in this Form 10-K

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

reported in the Sage Mine Energy Fuels Report.

The 11 unpatented claims are located on approximately 220 acres of

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

Holding costs of the 11 claims will be $1,705

due to BLM before September 1 each year.

The Dunn Project is currently being held as a property that is exploratory

in nature with no identified reserves.

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

Western Uranium & Vanadium Corp.

Western Uranium & Vanadium

has not yet undertaken any development work at the property.

Power and water sources have not yet

been formally assessed.

Power and water sources have not yet been formally assessed.

Accessibility

The property lies in Bear Trap Canyon, a tributary

at the head of East Canyon.

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

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

Access to the Dunn project

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

West Summit Road is a two-lane

paved road that is well maintained year round.

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

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

The nearest town to the Dunn

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

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

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

both airports have daily commercial

flights to-and-from Denver International Airport.

The first discovery of uranium-vanadium mineralization

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

Mine 4 miles to the east.

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

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

Between 1975 and 1983 Atlas completed 243 drill

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

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

of a 3,825 foot decline.

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

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

In July 2013, Energy Fuels Resources acquired

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

Access to the Dunn project is from West Summit Road

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

West Summit Road is a two-lane paved road that is

well maintained year round.

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

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

The nearest town to the Dunn project is Monticello,

Utah which is approximately 65 miles away.

The closest commercial airport facilities are located in Cortez, Colorado, approximately 65

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

both airports have daily commercial flights to-and-from

Denver International Airport.

The first discovery of uranium-vanadium mineralization within close

proximity to the Dunn project was by Homestake Mining Company in the late 1960s at what would eventually become the Wilson Mine 4 miles

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

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

Between 1975 and 1983 Atlas completed 243 drill holes at the Dunn

project with an average total depth of 724 feet.

By 1981, Atlas had delineated a resource that could justify the construction of a 3,825

foot decline.

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

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

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

from American Strategic Minerals Corporation and Kyle Kimmerle.

Project Geology

The Dunn project occurs on structurally unaffected

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

to the northeast.

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

unit contacts.

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

the northeast.

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

Uranium-vanadium mineralization at the Dunn is

9 unchanged sentences

Basis of Disclosure

The scientific and technical information provided

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

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

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

The scientific and technical information provided in this Form 10-K

on the Dunn Project American Strategic Mineral Corporation is based on information provided in a NI 43-101 technical report prepared by

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

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

Gonzales, PhD, PG, Durango, Colorado March 23, 2012.

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

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

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

The Van#4 is located in the Uravan Mineral Belt

on Monogram Mesa in Montrose County, Colorado.

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

However, none of the data, other exploration information or other results reported in

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

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

Montrose County, Colorado.

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

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

north, east, and south with exploration potential.

The 80 unpatented claims are located

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

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

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

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

to BLM before September 1 each year.

The property consists of 80 unpatented

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

exploration potential.

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

land administered by the U.S.

Bureau of Land Management in sections 27, 28, 29, 33, and 34, T48N, R17W, NMPM, and some in section 3, T47N,

R17W, Montrose County, Colorado.

The Holding costs of the 80 claims will be $12,400 due to BLM before September 1 each

There are no royalties encumbering these claims.

The property includes the Van #4 shaft and associated

surface facilities, which need renovation.

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

not owned by WUC.

It has been on standby for many years.

The property includes the Van #4 shaft and associated surface facilities,

which need renovation.

The mine is connected to the Ura decline on claims in Bull Canyon to the southwest, not owned by WUC.

has been on standby for many years.

Denison completed reclamation of two of the ventilation holes in 2008 and 2010.

The property has access to grid power;

The property has access

to grid power;

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

The Van 4 mine is currently

being held as a property that is exploratory in nature.

The Van 4 mine is currently being held as a property that

is exploratory in nature.

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

Uranium & Vanadium Corp.

has not yet undertaken any development work at the property.

Western Uranium & Vanadium Corp.

not yet undertaken any development work at the property.

Power and water sources have not yet been assessed.

A prior owner of the Van 4 Mine had been granted

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

set to expire June 23, 2017.

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

to expire June 23, 2017.

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

3 unchanged sentences

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

The MLRB board members voted to grant

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

The MLRB board members voted to grant a

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

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

15 unchanged sentences

On January 22, 2020,

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

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

The Company commenced reclamation of the

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

The reclamation

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

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

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

The Company commenced reclamation of the Van

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

The reclamation cost

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

Our mining operations team has made significant progress

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

on the reclamation as all surface structures have been disassembled and the head-frame has been disassembled and moved offsite.

Accessibility

1 unchanged sentence

Roads year-round.

The Van#4 was initially permitted in the late

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

The Van#4 was initially permitted in the late 1970s and early 1980s

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

Energy Fuels Nuclear, Inc.

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

IUC re-permitted

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

in the area that were not acquired by IUC.

(EFN) acquired the mine in

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

IUC re-permitted the mine with DRMS

(then known as the Division of Minerals and Geology) in 1999 because the previous permit had included other mines in the area that were

not acquired by IUC.

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

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

The permit has been transferred over the years from

IUC to Denison Mines (USA) Corp.

Amendment AM-1, which

incorporated the approved EPP, was issued on May 30, 2012.

The permit has been transferred over the years from IUC to Denison Mines (USA)

to Energy Fuels Resources (USA) Inc.

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

U 3 O 8 ratio.

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

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

Denison drilled most recently (summer 2008) 21

wide-spaced exploration holes in sections 27 and 34.

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

well as up-to-date mine maps.

Denison drilled most recently (summer 2008) 21 wide-spaced exploration holes in sections 27 and 34.

All have been reclaimed and the permit terminated.

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Permitting Status

Permit compliance is currently limited to an

annual stormwater inspection;

stormwater improvement work was completed in 2010 and 2012.

The air permit with APCD

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

The mine does

not have EPA approval for radon emissions;

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

will likely be less than 100,000 tons.

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

Existing major permits

at the mine include:

BLM Plan of Operations

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

DRMS 110d (Small Mine,

DMO) Mine Permit M-97-032

Permit compliance is currently limited to an annual stormwater inspection;

stormwater improvement

work was completed in 2010 and 2012.

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

development or operation plans for the mine.

The mine does not have EPA approval for radon emissions;

however, this approval may not be

needed to restart mining, as the life-of-mine production will likely be less than 100,000 tons.

The DRMS mining permit was put into Temporary

Cessation in February, 2014.

Existing major permits at the mine include:

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

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

Hansen/Taylor Ranch

Within the Project area, Black Range has mining

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

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

Within the Project area, Black Range has mining agreements, owns fee

minerals, holds options to purchase fee mineral rights, holds federal unpatented mining claims and mineral leases with the State of Colorado,

and has in place surface access agreements, including:

- 1 x private Mineral Lease

- 1 x State Mineral Lease (UR3324)

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

Picnic Tree Deposits

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

- 108 Federal unpatented mining claims

The Hansen/Taylor Ranch Project is currently

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

Neither exploration plans nor a mining plan exist

for the project.

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

Power and water sources have not yet been formally assessed.

Notably a portion of the Hansen/Taylor deposit

was in dispute during 2017.

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

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

company (“STB”).

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

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

If the Company were to

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

immediately upon exercise;

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

and (c) issue

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

The Option and Exploration Agreement

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

The Option and Exploration Agreement provided

an extension for an “event of force majeure”.

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

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

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

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

STB has contested the Company’s

finding that an event of force majeure has occurred.

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

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

Prior to the commencement of arbitration, a settlement

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

As consideration, the Company

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

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

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

refusal to match any bona fide written offer.

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

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

Further the Company

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

these consolidated financials related to this matter.

Prior to July 28, 2019, the Company decided not

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

and thus the option has expired unexercised.

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

that is exploratory in nature with no identified reserves.

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

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

Power and water sources have

not yet been formally assessed.

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

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

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

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

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

If the Company were to exercise its option under the

Option and Exploration Agreement, it would require the Company to (a) make a cash payment of $2,500,000 immediately upon exercise;

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

and (c) issue common shares to STB amounting

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

The Option and Exploration Agreement was scheduled to expire

by its terms on July 28, 2017 if not exercised.

The Option and Exploration Agreement provided an extension for an “event

of force majeure”.

Under this clause, the Company would receive an extension of the period during which it could exercise its option

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

On May 10, 2017, the Company

provided to STB a notice that it was exercising the force majeure clause due to the delay by government regulators in licensing the Company’s

Kinetic Separation and permitting mining at the Hansen property.

STB has contested the Company’s finding that an event of force

majeure has occurred.

Ongoing negotiations continued until September 21, 2017 when the Company and STB agreed to settle the matter through

the pre-established arbitration mechanism.

Prior to the commencement of arbitration, a settlement was agreed to on February 28, 2018 through

the execution of an Amendment of Option and Exploration Agreement.

As consideration, the Company paid STB a $20,000 extension payment

and granted STB the right to seek a bona fide written offer over the remaining term, and agreed to the removal of the force majeure clause

from the agreement.

The Company received an extension until July 28, 2019 and a right of first refusal to match any bona fide written

Hence the Company already owned 49% of the resource property and retained an option to purchase the 51% of the resource property

that the Company did not already own for the duration of the agreement.

Further the Company believes the execution of this agreement was

without financial implications, and as such, the Company has not made any adjustment to these consolidated financials related to this

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

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

expired unexercised.

Accessibility

The Project is located in Fremont County, in

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

Canon City is the closest population center, and had

a population of 16,400 in 2010.

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

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

Figure 1 shows the locations of these population

centers with respect to the Project.

For ground travel, Canon City is best accessed

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

For air travel,

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

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

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

City, which is open to private flights.

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

approximately 30 miles northwest of the city of Canon City.

Canon City is the closest population center, and had a population of 16,400

The largest metropolitan area in close proximity to the Project is Colorado Springs which is located approximately 46 miles northeast

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

Figure 1 shows the locations of these population centers with respect to

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

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

For air travel, alternatives include

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

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

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

to private flights.

The property has access to grid power;

however, no source of industrial water has been identified

Uranium mineralization was discovered in the

Tallahassee Creek District in 1954 by two groups of prospectors.

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

operated in the district.

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

the Smaller Mine, producing from the Echo Park Formation.

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

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

uranium deposits in the district.

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

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

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

Black Range Mineral’s Taylor Ranch Project,

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

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

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

Uranium mineralization was discovered in the Tallahassee Creek District

in 1954 by two groups of prospectors.

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

and most producing mines and production were in the Tallahassee Creek Conglomerate, with one mine, the Smaller Mine, producing from the

Echo Park Formation.

Exploration efforts were minimal until Rampart Exploration Company (Rampart), under contract to Cyprus, explored

the Taylor Ranch area beginning in 1974 and discovered the Hansen Uranium Deposit along with other uranium deposits in the district.

took the Hansen and Picnic Tree deposits through a positive final feasibility analysis in 1980 for an open-pit mining and conventional

uranium milling operation, and secured all necessary operating permits in 1981.

The collapse of the uranium market led to Cyprus abandoning

the project which lay dormant until Black Range Minerals began activities in late 2006.

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

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

Ownership of the private minerals

and surface has mainly been by local ranchers.

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

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

In 1993, Cyprus sold their Tallahassee Creek

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

The Taylors were not able to make the

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

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

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

This part of Cyprus’ prior holdings was

subdivided, mainly into 35-acre parcels.

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

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

Prior to the Hansen/Taylor Project being acquired

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

Black Range Reported a JORC compliant

indicated uranium resources.

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

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

1) High Park Kriging Resources – Taylor Ranch Uranium

Project, April 25, 2008;

Cyprus gained control of

mineral and surface rights during the period 1975-1978.

In 1993, Cyprus sold their Tallahassee Creek holdings to Noah (Buddy)

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

The Taylors were not able to make the final payment to Cyprus and

sold the southern portion of their holdings which included the Hansen and Picnic Tree deposits to New Mexico and Arizona Land (now NZ

Minerals) in 1996 who, in 1998, sold the property to South T-Bar Ranch, a subsidiary of Colorado developer Land Properties, while reserving

a 49% interest in the minerals.

This part of Cyprus’ prior holdings was subdivided, mainly into

35-acre parcels.

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

mineral rights to most of the original Cyprus holdings.

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

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

Black Range Reported a JORC compliant indicated uranium

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

(collectively, the “Tetra Tech Reports”):

1) High Park Kriging Resources – Taylor Ranch Uranium Project, April 25, 2008;

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

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

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

August 12, 2010.

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

The results reported

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

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

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

The historic Black Range Minerals resource reported

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

There is no more recent

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

In order to disclose a resource estimate as

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

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

The Company currently does not intend to commission such a technical

report or feasibility study.

3) Technical Memorandum – Boyer,

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

and 4) Technical Memorandum –

Boyer, Hansen and Picnic Tree Area Kriging Resources – Taylor Ranch Uranium Project (Updated 2010), August 12, 2010.

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

The results reported in the Tetra Tech Reports

are historical estimates under NI 43-101.

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

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

The historic Black Range Minerals resource reported in the Tetra Tech

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

There is no more recent data available on

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

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

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

and a feasibility study compliant with S-K 1300.

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

Project Geology

The deposits that make up the Project are tabular

sandstone deposits associated with redox interfaces.

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

within an extinct braided stream, fluvial system or palaeochannel.

Mineralisation occurred post sediment deposition when oxygenated uraniferous

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

of uranium oxides.

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

with the host sediments.

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

basement consists of Pre-Cambrian plutonics and metamorphic rocks.

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

of the uranium.

The deposits that make up the Project are tabular sandstone deposits

associated with redox interfaces.

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

braided stream, fluvial system or palaeochannel.

Mineralisation occurred post sediment deposition when oxygenated uraniferous groundwater

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

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

host sediments.

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

consists of Pre-Cambrian plutonics and metamorphic rocks.

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

Restoration and Reclamation

During the fourth quarter of 2021, the Company

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

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

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

completed reclamation on the property.

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

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

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

after receiving payment from the state of Colorado.

During the fourth quarter of 2021, the Company received notice from

the State of Colorado that its surety release request on the Hansen Picnic Tree property had been approved, and as such, this property

is no longer subject to reclamation treatment.

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

on the property.

The Company recorded a discontinuation of the Hansen Picnic Tree property’s present value of $44,793 during the

fourth quarter of 2021.

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

from the state of Colorado.

Permitting Status

The project currently has an exploration permit

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

and Zoning Department.

The project currently has an exploration permit through the Colorado

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

Basis of Disclosure

The scientific and technical information provided

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

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

The scientific and technical information provided in this Form 10-K

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

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

Bullen Property (Weld County)

The Bullen Property is a private land parcel

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

The property location is Township 9 North,

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

The Bullen Property is a private land parcel located

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

The property location is Township 9 North, Range

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

Accessibility

9 unchanged sentences

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

In 2017, the Company signed a three year oil

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

The consideration was

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

Additional right-of-way easement agreements were signed

which allowed for the development of a pipeline.

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

and other mineral resources.

In early 2020 Bison Oil & Gas traded this

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

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

In 2017, the Company signed a three year oil and

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

The consideration was in the

form of upfront bonus payments and backend production royalty payments.

Additional right-of-way easement agreements were signed which

allowed for the development of a pipeline.

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

other mineral resources.

In early 2020 Bison Oil & Gas (“Bison”)

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

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

In late 2020 Mallard began development of the

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

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

These DJ-Basin wells

target the Niobrara formation.

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

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

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

have been received subsequently.

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

Due to the success of the first

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

These DJ-Basin wells target the Niobrara formation.

During 2021, the operator completed all well development stages and eight

(8) wells commenced oil and gas production by August 2021.

The first royalty payment was made in January 2022.

During 2022, the operator

completed all well development stages on a second set of eight (8) wells which commenced oil and gas production by August 2022.

monthly royalty payment including production from the new wells was made in January 2023.

Monthly royalty payments are ongoing.

In January 2023, Mallard was acquired by Bison.

Project Geology

10 unchanged sentences

have been permitted in the Unit.

In 2021, the first set of 8 permitted wells were put into production.

In 2022, the second set of 8 permitted

wells were put into production.

Thus all permitted wells in the pooled unit have been put into production and are paying monthly royalties.

Ferris Haggerty

1 unchanged sentence

Accessibility

The reclamation project is accessible 4 to 6

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

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

due to snow and closed access.

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

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

Follow 4 wheel drive route 412

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

Turn southwest onto a steep 4 wheel drive rout

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

The Ferris-Haggerty Mine Site was one

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

The site was first exploited

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

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

The partners sold an interest to Willis

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

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

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

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

By 1904 the mine had

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

However, even with copper prices peaking in 1907,

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

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

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

Business disputes and a fall in copper prices

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

Once across the divide,

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

Follow 4 wheel drive route 412 (Continental Divide Trail)

for approximately 5 miles to the Haggerty creek watershed.

Turn southwest onto a steep 4 wheel drive rout and travel for approximately

1.5 miles until you are at the property.

The Ferris-Haggerty Mine Site was one of the richest components

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

The site was first exploited by Ed Haggerty, a prospector

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

Haggerty was backed

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

The partners sold an interest to Willis George Emerson, who

raised investment funding for improvements to the mine.

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

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

The mine’s assets

were eventually acquired by the North American Copper Company for $1 million.

By 1904 the mine had produced $1.4 million in copper ore,

and was sold to the Penn-Wyoming Copper Company.

However, even with copper prices peaking in 1907, the company had difficulty making a

profit from the remove mine site.

The company was over-capitalized and under-insured, and was suffered devastating fires at the mine site

in March 1906 and May 1907 which halted production.

Business disputes and a fall in copper prices prevented re-opening of the mine even

after it was rebuilt.

Machinery was salvaged after a foreclosure in 1913.

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

A total of $2 million in copper ore was extracted

from the mine during its life.

Project Geology

The Deposit is a tabular injection of magmatic

metal differentiation product at the margins of an ultramafic intrusive of early Archean age (2.2 billion years ago).

This intrusive

was injected into pre-existing high siliceous sandstones and shales of massive thickness (+2,000 ft).

Mineralization at the Ferris-Haggarty

mine consists of disseminated pyrite and chalcopyrite grains that occur along bedding planes of the host quartzite.

However, the massive

ore body mined at the Ferris-Haggarty was described by Spencer (1904) to lie along quartzite-Schist contacts and to cross cut foliation.

Based on the historic description, the ore may have been remobilized from the host quartzite during regional metamorphism and emplaced

along the quartzite-schist contact by way of permeable fractures.

The impermeable hanging wall schist may have formed a natural barrier

to the ore solutions and produced an unusually rich ore body.

The Deposit is a tabular injection of magmatic metal differentiation

product at the margins of an ultramafic intrusive of early Archean age (2.2 billion years ago).

This intrusive was injected into pre-existing

high siliceous sandstones and shales of massive thickness (+2,000 ft).

Mineralization at the Ferris-Haggarty mine consists of disseminated

pyrite and chalcopyrite grains that occur along bedding planes of the host quartzite.

However, the massive ore body mined at the Ferris-Haggarty

was described by Spencer (1904) to lie along quartzite-Schist contacts and to cross cut foliation.

Based on the historic description,

the ore may have been remobilized from the host quartzite during regional metamorphism and emplaced along the quartzite-schist contact

by way of permeable fractures.

The impermeable hanging wall schist may have formed a natural barrier to the ore solutions and produced

an unusually rich ore body.

Restoration and Reclamation

Grass must grow on the drill pad disturbance

areas from drilling which took place in 2007.

These drill pads are located at 10,000 feet above sea level on the north face of a mountain

on the Continental Divide.

During the first quarter of 2021, the Company received notice that

its Ferris Haggerty property was no longer considered to be subject to reclamation treatment.

On April 29, 2021, the Company moved the

Ferris Haggerty $10,000 restricted cash deposit into its cash after receiving payment from the state of Wyoming.

Grass must grow on the drill pad disturbance areas

from drilling which took place in 2007.

These drill pads are located at 10,000 feet above sea level on the north face of a mountain on

the Continental Divide.

During the first quarter of 2021, the Company

received notice that its Ferris Haggerty property was no longer considered to be subject to reclamation treatment.

On April 29, 2021,

the Company moved the Ferris Haggerty $10,000 restricted cash deposit into its cash after receiving payment from the state of Wyoming.

INFRASTRUCTURE

1 unchanged sentence

plant and equipment is as follows:

Company holds a license to use Kinetic Separation, a proven technology that we anticipate will improve the efficiency of the sandstone

hosted uranium mining process, although there are some uncertainties about whether the anticipated benefits will be realized.

1, “Business – The Kinetic Separation Process.” Kinetic Separation is a low cost, purely physical method of uranium

and vanadium ore extraction.

Kinetic Separation has been initially tested in order to understand the hydro and mechanical separation

The Company used a prototype Kinetic Separation test system to test several different samples of uranium ore from the Sunday

Mine Complex and the Hansen/Taylor Ranch properties.

In all cases, uranium ore that was entered into the Kinetic Separation pilot test

system appeared to concentrate most of the uranium into the post kinetically separated material consisting of a fraction of the original

mass, leaving most of the post kinetically separated materials which did not contain any uranium.

The results of these tests have not

yet been validated by a qualified person.

The Company holds a license to use Kinetic Separation, a proven technology

that we anticipate will improve the efficiency of the sandstone hosted uranium mining process, although there are some uncertainties about

whether the anticipated benefits will be realized.

See Item 1, “Business – Corporate History” and “Business –

Our Strategy – Uranium/Vanadium Production”.

The Kinetic Separation Process.” Kinetic Separation is a low cost, purely

physical method of uranium and vanadium ore extraction.

Kinetic Separation has been initially tested in order to understand the hydro

and mechanical separation processes.

The Company used a prototype Kinetic Separation test system to test several different samples of

uranium ore from the Sunday Mine Complex and the Hansen/Taylor Ranch properties.

In all cases, uranium ore that was entered into the Kinetic

Separation pilot test system appeared to concentrate most of the uranium into the post kinetically separated material consisting of a

fraction of the original mass, leaving most of the post kinetically separated materials which did not contain any uranium.

of these tests have not yet been validated by a qualified person.

During 2016, the Company submitted documentation to the Colorado Department

23 unchanged sentences

Pinon Ridge Properties

On August 18, 2014, the Company purchased mining

assets from Energy Fuels Holding Corp.

On August 18, 2014, the Company purchased mining assets from Energy

Fuels Holding Corp.

in an arm’s length transaction.

The mining assets include both owned and leased land in

the states of Utah and Colorado.

All of the mining assets represent properties which have previously been mined to different degrees

As some of the properties have not formally established proven or probable reserves, there may be greater inherent uncertainty

as to whether or not any mineralized material can be economically extracted as originally planned and anticipated.

The mining assets include both owned and leased land in the states of Utah and Colorado.

All of the mining assets represent properties which have previously been mined to different degrees for uranium.

As some of the properties

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

material can be economically extracted as originally planned and anticipated.

The Company’s mining properties acquired

5 unchanged sentences

Black Range Properties

On September 16, 2015, in connection with the

Black Range Transaction, the Company acquired additional mineral properties.

The mining assets acquired through Black Range include leased

land in the states of Colorado, Wyoming and Alaska.

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

the Company acquired additional mineral properties.

The mining assets acquired through Black Range include leased land in the states of

Colorado, Wyoming and Alaska.

None of these mining assets were operational at the date of acquisition.

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

any mineralized material can be economically extracted as originally planned and anticipated.

The Company’s mining properties acquired

on September 16, 2015 which the Company still retains as of December 31, 2020, include Hansen, North Hansen, High Park, Hansen Picnic

Tree, Taylor Ranch, located in Fremont County, Colorado.

As these properties have not formally

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

economically extracted as originally planned and anticipated.

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

which the Company still retains as of December 31, 2020, include Hansen, North Hansen, High Park, Hansen Picnic Tree, Taylor Ranch, located

in Fremont County, Colorado.

The Company also acquired Keota located in Weld County, Wyoming.

In connection with the Black Range Transaction,

Western assumed a mortgage secured by land, building and improvements at 1450 North 7 Mile Road, Casper, Wyoming, with interest payable

at 8.00% and payable in monthly payments of $11,085 with the final balance of $1,044,015 due as a balloon payment on January 16, 2016.

The Company did not pay the mortgage on its due date.

On May 26, 2016, the Company executed agreements with the mortgage holder whereby

in an equal exchange the mortgage was exchanged for the land, building and improvements on which it was secured, pursuant to which no

further financial consideration is required.

During the second quarter of 2016, the

Company initiated actions to cancel its coal mining leases in Alaska.

In connection therewith, the Company notified the state of

Alaska of its intent to forfeit the posted bond in satisfaction of the reclamation liabilities at the site.

In response to the

Company’s notification, the Company received notification that the state of Alaska was initiating forfeiture of the

Company’s performance bond for reclamation.

However, the notice indicated an additional surety bond of $150,000 in excess of

the $210,500 cash bond, which had been posted by the Company upon purchase of the property.

The Company and its advisors do not

believe that it is obligated for this additional amount of claimed reclamation obligation.

The Company is working with its legal

counsel and the State of Alaska to resolve this matter.

The Company has not recorded an additional $150,000 obligation as the

Company does not expect, based on the advice of legal counsel, to be obligated to an amount greater than that presently reflected in

the reclamation liability.

During the year ended December 31, 2016, the Company adjusted the fair value of its reclamation

obligation and for the Alaska mine, accreted $183,510 to bring its reclamation liability to face value.

The portion of the

reclamation liability related to the Alaska mine, and its related restricted cash are included in current liabilities, and current

In connection with the Black Range Transaction, Western assumed a mortgage

secured by land, building and improvements at 1450 North 7 Mile Road, Casper, Wyoming, with interest payable at 8.00% and payable in monthly

payments of $11,085 with the final balance of $1,044,015 due as a balloon payment on January 16, 2016.

The Company did not pay the mortgage

on its due date.

On May 26, 2016, the Company executed agreements with the mortgage holder whereby in an equal exchange the mortgage was

exchanged for the land, building and improvements on which it was secured, pursuant to which no further financial consideration is required.

During the second quarter of 2016, the Company initiated actions to

cancel its coal mining leases in Alaska.

In connection therewith, the Company notified the state of Alaska of its intent to forfeit the

posted bond in satisfaction of the reclamation liabilities at the site.

In response to the Company’s notification, the Company received

notification that the state of Alaska was initiating forfeiture of the Company’s performance bond for reclamation.

notice indicated an additional surety bond of $150,000 in excess of the $210,500 cash bond, which had been posted by the Company upon

purchase of the property.

The Company and its advisors do not believe that it is obligated for this additional amount of claimed reclamation

The Company is working with its legal counsel and the State of Alaska to resolve this matter.

The Company has not recorded

an additional $150,000 obligation as the Company does not expect, based on the advice of legal counsel, to be obligated to an amount greater

than that presently reflected in the reclamation liability.

During the year ended December 31, 2016, the Company adjusted the fair value

of its reclamation obligation and for the Alaska mine, accreted $183,510 to bring its reclamation liability to face value.

of the reclamation liability related to the Alaska mine, and its related restricted cash are included in current liabilities, and current

assets, respectively, at a value of $215,976 and $215,976.

On January 20, 2017, the State of Alaska notified the Company that its

reclamation bond had been forfeited to be used to satisfy the reclamation obligation.

However, no amount had yet been determined in

respect to the final cost of the reclamation obligation.

As the properties are not in production, they

are not covered by various types of insurance including property and casualty, liability and umbrella coverage.

We have not experienced

any material uninsured or under insured losses related to our properties in the past and believe our approach sufficient given the inactivity.

On January 20, 2017, the State of Alaska notified the Company that its reclamation

bond had been forfeited to be used to satisfy the reclamation obligation.

However, no amount had yet been determined in respect to the

final cost of the reclamation obligation.

As the properties are not in production, they are not covered by various

types of insurance including property and casualty, liability and umbrella coverage.

We have not experienced any material uninsured or

under insured losses related to our properties in the past and believe our approach sufficient given the inactivity.

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

What changed 10-K

Item 2. Properties