What changed in this filing

/stocks — the workspaceLOADING

Item 1. Financial Statements

2023-11-20 compared with 2023-08-18 · 209 added, 193 removed, 555 unchanged (42% of the section changed)

2 unchanged sentences

AND SUBSIDIARIES

CONDENSED INTERIM

CONSOLIDATED BALANCE SHEETS

CONDENSED INTERIM CONSOLIDATED BALANCE SHEETS

(Stated in USD)

September 30,

Current assets:

19 unchanged sentences

Shareholders’ Equity

Common shares, no par value, unlimited authorized shares, 43,602,871 shares issued as of June 30, 2023 and December 31, 2022, and 43,602,565 shares outstanding as of June 30, 2023 and December 31, 2022

Treasury shares, 306 shares held in treasury as of June 30, 2023 and December 31, 2022

Common shares, no par value, unlimited authorized shares, 44,258,871 and 43,602,871 shares issued as of September 30, 2023 and December 31, 2022, respectively, and 44,258,565 and 43,602,565 shares outstanding as of September 30, 2023 and December 31, 2022, respectively

Treasury shares, 306 shares held in treasury as of September 30, 2023 and December 31, 2022

Accumulated deficit

4 unchanged sentences

Total liabilities and shareholders’ equity

The accompanying notes

are an integral part of these unaudited condensed interim consolidated financial statements.

The accompanying notes are an integral part of these unaudited condensed interim consolidated financial statements.

WESTERN URANIUM & VANADIUM CORP.

AND SUBSIDIARIES

CONDENSED INTERIM

CONSOLIDATED STATEMENTS OF OPERATIONS AND OTHER COMPREHENSIVE LOSS

CONDENSED INTERIM CONSOLIDATED STATEMENTS OF OPERATIONS

AND OTHER COMPREHENSIVE LOSS

(Stated in USD)

For the Three Months Ended

For the Six Months Ended

September 30,

For the Nine Months Ended

September 30,

Cost of revenues

12 unchanged sentences

Other comprehensive (loss)/income

Foreign exchange gain/(loss)

Foreign exchange (loss)/gain

Comprehensive (loss)/income

1 unchanged sentence

$ ( 675,890 )

$ ( 3,225,516 )

Net (loss)/income per share - basic

2 unchanged sentences

Weighted average shares outstanding - diluted

The accompanying notes

are an integral part of these unaudited condensed interim consolidated financial statements.

The accompanying notes are an integral part of these unaudited condensed interim consolidated financial statements.

WESTERN URANIUM & VANADIUM CORP.

AND SUBSIDIARIES

CONDENSED INTERIM

CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY

CONDENSED INTERIM CONSOLIDATED STATEMENTS OF CHANGES IN

SHAREHOLDERS’ EQUITY

(Stated in USD)

1 unchanged sentence

Treasury Shares

Accumulated Other

Comprehensive

(Loss) Income

Balance as of January 1, 2023

15 unchanged sentences

$ ( 202,942 )

Foreign exchange loss

Proceeds from exercise of warrants

( 1,060,042 )

Balance as of September 30, 2023

$ ( 17,115,495 )

$ ( 246,416 )

Balance as of January 1, 2022

8 unchanged sentences

$ ( 14,335,099 )

Proceeds from the exercise of warrants

Proceeds from exercise of warrants

Stock based compensation - stock options

3 unchanged sentences

$ ( 100,649 )

The accompanying notes

are an integral part of these unaudited condensed interim consolidated financial statements.

Proceeds from exercise of warrants

Foreign exchange loss

Balance as of September 30, 2022

$ ( 12,583,074 )

$ ( 249,014 )

The accompanying notes are an integral part of these unaudited condensed interim consolidated financial statements.

WESTERN URANIUM & VANADIUM CORP.

AND SUBSIDIARIES

CONDENSED INTERIM

CONSOLIDATED STATEMENTS OF CASH FLOWS

CONDENSED INTERIM CONSOLIDATED STATEMENTS OF CASH FLOWS

(Stated in USD)

For the Six Months Ended

For the Nine Months Ended

September 30,

Cash Flows (Used In) Provided By Operating Activities:

10 unchanged sentences

Subscription payable

Reclamation liability

Deferred revenue

7 unchanged sentences

( 1,874,183 )

Cash Flows From Financing Activities

Cash Flows Provided By Financing Activities

Proceeds from Private Placement - January 20, 2022

Proceeds from warrant exercises

Issuances of common shares, net of offering costs

Net cash provided by financing activities

8 unchanged sentences

Cash paid during the period for:

The accompanying notes

are an integral part of these unaudited condensed interim consolidated financial statements.

The accompanying notes are an integral part of these unaudited condensed interim consolidated financial statements.

WESTERN URANIUM & VANADIUM CORP.

AND SUBSIDIARIES

CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

NOTES TO THE CONDENSED INTERIM CONSOLIDATED

FINANCIAL STATEMENTS

(Stated in USD)

11 unchanged sentences

reconstituted its Board of Directors and senior management team.

Effective September 16, 2015, Western completed its acquisition of Black

Range Minerals Limited (“Black Range”).

Western is a Canadian domestic issuer and Canadian reporting issuer.

The Company’s registered office is located

1 unchanged sentence

On April 22, 2016, the Company’s common shares began trading on the OTC Pink Open Market, and on May 23, 2016, the Company’s

common shares were approved for trading on the OTCQX Best Market.

The Company’s principal business activity is the acquisition and

development of uranium and vanadium resource properties in the states of Utah and Colorado in the United States of America (“United

On June 28, 2016, the Company’s registration

statement became effective and Western became a United States reporting issuer.

Thereafter, the Company was approved for Depository Trust

Company eligibility through the Depository Trust and Clearing Corporation, which facilitates electronic book-entry delivery, settlement,

and depository services for shares in the United States.

common shares were approved for trading on the OTCQX Best Market under the symbol “WSTRF”.

The Company’s principal business

activity is the acquisition and development of uranium and vanadium resource properties in the states of Utah and Colorado in the United

States of America (“United States”).

On September 16, 2015, Western completed its acquisition

of Black Range Minerals Limited (“Black Range”).

Under United States Securities and Exchange Commission (“Commission”)

rules, this transaction triggered the Company being deemed a United States domestic issuer and losing its foreign private issuer exemption.

On April 29, 2016, the Company filed a Form 10 registration statement with the Commission after converting its basis of accounting from

International Financial Reporting Standards (“IFRS”) to generally accepted accounting principles in the United States (“U.S.

On June 28, 2016, the Company’s registration statement became effective and Western became a United States reporting issuer.

On June 30, 2023, Western re-qualified as a foreign

private issuer as that term is defined in Rule 3b-4(c) promulgated under the Securities Exchange Act of 1934 (the “Exchange Act”).

As a result, the Company may now utilize certain accommodations made to foreign private issuers, including (1) an exemption from complying

with the Commission’s proxy rules, (2) an exemption from the Company’s insiders having to comply with the reporting and short-swing

trading liability provisions of Section 16 under the Exchange Act, (3) the ability to make periodic filings with the Commission

on the Form 20-F and Form 6-K foreign issuer forms, and (4) the ability to offer and sell unrestricted securities outside of the United

States pursuant to Rule 903 of Regulation S.

The Company plans to take advantage of these accommodations.

However, the Company currently

has decided to voluntarily continue to file periodic reports with the Commission using domestic issuer forms including filing annual reports

on Form 10-K, quarterly reports on Form 10-Q and current reports on Form 8-K.

2 – Liquidity and going concern

1 unchanged sentence

2022, the Company has incurred losses from its operations.

During the three and six months ended June 30, 2023, the Company generated

During the three and nine months ended September 30, 2023, the Company generated

a comprehensive loss of $ 1,103,516 and $ 3,225,516 , respectively.

1 unchanged sentence

future as it incurs expenses to bring its mineral processing facility online and further expand mining operations.

As of June 30, 2023,

As of September 30,

2023, the Company had an accumulated deficit of $ 17,115,495 and working capital of $ 5,529,498 .

15 unchanged sentences

of these uncertainties.

WESTERN URANIUM & VANADIUM CORP.

URANIUM & VANADIUM CORP.

AND SUBSIDIARIES

NOTES TO THE CONDENSED INTERIM CONSOLIDATED

FINANCIAL STATEMENTS

(Stated in USD)

NOTE 3 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

3 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Basis of Presentation and Principles of Consolidation

The accompanying condensed interim consolidated

financial statements have been prepared in accordance with generally accepted accounting principles in the United States (“U.S.

GAAP”) for interim financial information and with the instructions to Form 10-Q and Rule 10 of Regulation S–X.

they do not include all of the information and notes required by U.S.

GAAP for complete financial statements.

However, in the opinion

of management of the Company, all adjustments necessary for a fair presentation of the financial position and operating results have been

included in these condensed interim consolidated financial statements.

These condensed interim consolidated financial statements should

be read in conjunction with the consolidated financial statements and notes thereto included in the Company’s Annual Report on Form

10–K for the fiscal year ended December 31, 2022, as filed with the SEC on April 17, 2023.

Operating results for the three and six

months ended June 30, 2023 are not necessarily indicative of the results that may be expected for any subsequent quarters or for the year

ending December 31, 2023.

financial statements have been prepared in accordance with U.S.

GAAP for interim financial information and with the instructions to Form

10-Q and Rule 10 of Regulation S–X.

Accordingly, they do not include all of the information and notes required by U.S.

complete financial statements.

However, in the opinion of management of the Company, all adjustments necessary for a fair presentation

of the financial position and operating results have been included in these condensed interim consolidated financial statements.

condensed interim consolidated financial statements should be read in conjunction with the consolidated financial statements and notes

thereto included in the Company’s Annual Report on Form 10–K for the fiscal year ended December 31, 2022, as filed with the

SEC on April 17, 2023.

The Company has voluntarily elected to file this Quarterly Report on Form 10-Q for the quarter ended September

30, 2023 notwithstanding its foreign private issuer status.

Operating results for the three and nine months ended September 30, 2023 are

not necessarily indicative of the results that may be expected for any subsequent quarters or for the year ending December 31, 2023.

The accompanying condensed interim consolidated

37 unchanged sentences

issuer, until such time as mineral reserves are established on at least one material property.

WESTERN URANIUM & VANADIUM CORP.

URANIUM & VANADIUM CORP.

AND SUBSIDIARIES

NOTES TO THE CONDENSED INTERIM CONSOLIDATED

FINANCIAL STATEMENTS

(Stated in USD)

TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

– SUMMARY OF Significant Accounting Policies, CONTINUED

46 unchanged sentences

The carrying amounts of cash, restricted cash,

accounts payable, reclamation liability, contingent consideration and accrued liabilities approximate their fair value due to the short-term

accounts payable, contingent consideration and accrued liabilities approximate their fair value due to the short-term

nature of these instruments.

11 unchanged sentences

markets for identical assets or liabilities (level 1 measurements) and the lowest priority to unobservable inputs (level 3 measurements).

WESTERN URANIUM & VANADIUM CORP.

URANIUM & VANADIUM CORP.

AND SUBSIDIARIES

NOTES TO THE CONDENSED INTERIM CONSOLIDATED

FINANCIAL STATEMENTS

(Stated in USD)

3 – SUMMARY OF Significant Accounting Policies, continued

TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

Note 3 – SUMMARY OF Significant Accounting Policies, continued

Fair Values of Financial Instruments (continued)

10 unchanged sentences

that are observable, either directly or indirectly.

Level 3 - Significant

unobservable inputs that cannot be corroborated by market data and inputs that are derived principally from or corroborated by

observable market data or correlation by other means.

Level 3- Significant unobservable inputs that

cannot be corroborated by market data and inputs that are derived principally from or corroborated by observable market data or correlation

by other means.

The fair value of the Company’s financial

instruments are as follows:

Prices for Similar

Liabilities in

Marketable securities as of June 30, 2023

Marketable securities as of September 30, 2023

Marketable securities as of December 31, 2022

URANIUM & VANADIUM CORP.

AND SUBSIDIARIES

TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

3 – SUMMARY OF Significant Accounting Policies, continued

Stock-Based Compensation

11 unchanged sentences

For employees and consultants, this is typically considered to be the vesting period of the

WESTERN URANIUM & VANADIUM CORP.

AND SUBSIDIARIES

NOTES TO THE CONDENSED INTERIM CONSOLIDATED

FINANCIAL STATEMENTS

(Stated in USD)

3 – SUMMARY OF Significant Accounting Policies, continued

Net (loss) income per Share

6 unchanged sentences

The following is a reconciliation of the numerator and denominator

used to calculate basic earnings per share and diluted earnings per share for the three and six months ended June 30, 2023 and 2022.

Three Months Ended

Six Months Ended

used to calculate basic earnings per share and diluted earnings per share for the three and nine months ended September 30, 2023 and 2022.

For the Three Months Ended

September 30,

For the Nine Months Ended

September 30,

Net (loss) income

1 unchanged sentence

$ ( 527,525 )

$ ( 3,240,232 )

Weighted average shares outstanding, basic

7 unchanged sentences

For the Three Months Ended

For the Six Months Ended

September 30,

For the Nine Months Ended

September 30,

Warrants to purchase common shares

2 unchanged sentences

Recent Accounting Standards

Management does not believe that any recently

issued, but not yet effective accounting standards, when adopted, will have a material effect on the accompanying condensed interim consolidated

financial statements.

WESTERN URANIUM & VANADIUM CORP.

Management does not believe that any

recently issued, but not yet effective accounting standards, when adopted, will have a material effect on the accompanying condensed

interim consolidated financial statements.

URANIUM & VANADIUM CORP.

AND SUBSIDIARIES

NOTES TO THE CONDENSED INTERIM CONSOLIDATED

FINANCIAL STATEMENTS

(Stated in USD)

TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

4 – MINERAL ASSETS, equipment, Kinetic separation INTELLECTUAL PROPERTY, AND OTHER PROPERTY

The Company’s mining properties acquired on August 18, 2014 that the Company retains as of June 30, 2023 include:

San Rafael Uranium Project located in Emery County, Utah;

The Company’s

mining properties acquired on August 18, 2014 that the Company retains as of September 30, 2023 include:

The San Rafael Uranium Project

located in Emery County, Utah;

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

Van 4 Mine located in western Montrose County, Colorado;

The Van 4 Mine located in western

Montrose County, Colorado;

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

These mining properties include leased land in the states of Colorado and Utah.

None of these mining properties were operational at the

date of acquisition.

These mining properties include

leased land in the states of Colorado and Utah.

None of these mining properties were operational at the date of acquisition.

The Company’s mining properties acquired

on September 16, 2015 that the Company retains as of June 30, 2023 include Hansen, North Hansen and Hansen Picnic Tree located in Fremont

and Teller Counties, Colorado.

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

located in Carbon County Wyoming.

These mining assets include both owned and leased land in the states of Utah, Colorado, and Wyoming.

on September 16, 2015 that the Company retains as of September 30, 2023 include Hansen, North Hansen and Hansen Picnic Tree located in

Fremont and Teller Counties, Colorado.

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

project located in Carbon County Wyoming.

These mining assets include both owned and leased land in the states of Utah, Colorado, and

All of the mining assets represent properties which have previously been mined, to different degrees, for uranium.

4 unchanged sentences

net and kinetic separation intellectual property are:

September 30,

Mineral properties and equipment, net

1 unchanged sentence

Mineral Properties and Equipment

During the six months ended June 30, 2023 and

2022, Western made purchases of $ 1,718,751 and $ 635,876 , which principally consisted of mining equipment and vehicles, to increase mining

capacity and mineral processing facility property acquisitions.

During the three months ended June 30, 2023 and 2022, depreciation expense

was $ 53,719 and $ 0 , which was included in mining expenditures and in general and administrative on the Company’s condensed interim

consolidated statements of operations and other comprehensive loss, respectively.

During the six months ended June 30, 2023 and 2022,

depreciation expense was $ 97,337 and $ 5,908 , which was included in mining expenditures and in general and administrative on the Company’s

condensed interim consolidated statements of operations and other comprehensive loss, respectively.

During the nine months ended September 30, 2023

and 2022, Western made purchases of $ 1,874,183 and $ 895,400 , which principally consisted of mining equipment and vehicles, to increase

mining capacity and mineral processing facility property acquisitions.

During the three months ended September 30, 2023, depreciation

expense was $ 65,886 , which was included in mining expenditures on the Company’s condensed interim consolidated statements of operations

and other comprehensive loss.

During the three months ended September 30, 2022, depreciation expense was $ 13,560 , which was included in

general and administrative expenses on the Company’s condensed interim consolidated statements of operations and other comprehensive

During the nine months ended September 30, 2023,

depreciation expense was $ 163,223 , which was included in mining expenditures on the Company’s condensed interim consolidated statements

of operations and other comprehensive loss.

During the nine months ended September 30, 2022, depreciation expense was $ 19,468 , which was

included in general and administrative expenses on the Company’s condensed interim consolidated statements of operations and other

comprehensive loss.

URANIUM & VANADIUM CORP.

AND SUBSIDIARIES

TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

NOTE 4 – MINERAL ASSETS, equipment, Kinetic separation INTELLECTUAL PROPERTY, AND OTHER PROPERTY, CONTINUED

Oil and Gas Lease and Easement

6 unchanged sentences

payments from the lessee related to the easement that the Company is recognizing incrementally over the eight year term of the easement.

WESTERN URANIUM & VANADIUM CORP.

AND SUBSIDIARIES

NOTES TO THE CONDENSED INTERIM CONSOLIDATED

FINANCIAL STATEMENTS

(Stated in USD)

4 – MINERAL ASSETS equipment, Kinetic separation INTELLECTUAL PROPERTY, AND OTHER PROPERTY, CONTINUED

On June 23, 2020, the same entity, as discussed

4 unchanged sentences

are ongoing on the sixteen (16) wells.

During the three months ended June 30, 2023 and

2022, the Company recognized aggregate revenue of $ 102,789 and $ 123,037 , respectively, and for the six months ended June 30, 2023 and

2022, the Company recognized aggregate revenue of $ 268,764 and $ 279,263 , respectively, under these oil and gas lease arrangements.

During the three months ended September 30, 2023

and 2022, the Company recognized aggregate revenue of $ 89,144 and $ 108,547 , respectively, and for the nine months ended September 30,

2023 and 2022, the Company recognized aggregate revenue of $ 357,908 and $ 387,810 , respectively, under these oil and gas lease arrangements.

Reclamation Liabilities

7 unchanged sentences

The Company determined the gross reclamation liabilities of the mineral properties to

be $ 751,424 and $ 751,405 as of June 30, 2023 and December 31, 2022, respectively.

be $ 751,444 and $ 751,405 as of September 30, 2023 and December 31, 2022, respectively.

The Company expects to begin incurring the reclamation

1 unchanged sentence

lives using a discount rate of 5.4%.

The net discounted aggregated values as of June 30, 2023 and December 31, 2022 were $305,820 and

$300,276, respectively.

The gross reclamation liabilities as of June 30, 2023 and December 31, 2022 are secured by financial warranties

in the amount of $ 751,424 and $ 751,405 , respectively.

Reclamation liability activity for the six months ended June 30, 2023

The net discounted aggregated values as of September 30, 2023 and December 31, 2022 were $313,632

and $300,276, respectively.

The gross reclamation liabilities as of September 30, 2023 and December 31, 2022 are secured by financial

warranties in the amount of $ 751,444 and $ 751,405 , respectively.

Reclamation liability activity for the nine months ended September

30, 2023 and 2022 consists of:

For the Six Months Ended

For the Nine Months Ended

September 30,

Beginning balance at January 1

Ending Balance at June 30

WESTERN URANIUM & VANADIUM CORP.

Adjustment to reclamation liability

Ending Balance at September 30

URANIUM & VANADIUM CORP.

AND SUBSIDIARIES

NOTES TO THE CONDENSED INTERIM CONSOLIDATED

FINANCIAL STATEMENTS

(Stated in USD)

4 – MINERAL ASSETS equipment, Kinetic separation INTELLECTUAL PROPERTY, AND OTHER PROPERTY, CONTINUED

TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

NOTE 4 – MINERAL ASSETS, equipment, Kinetic separation INTELLECTUAL PROPERTY, AND OTHER PROPERTY, CONTINUED

Sunday Mine Complex Permitting Status

59 unchanged sentences

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

WESTERN URANIUM & VANADIUM CORP.

URANIUM & VANADIUM CORP.

AND SUBSIDIARIES

NOTES TO THE CONDENSED INTERIM CONSOLIDATED

FINANCIAL STATEMENTS

(Stated in USD)

4 – MINERAL ASSETS equipment, Kinetic separation INTELLECTUAL PROPERTY, AND OTHER PROPERTY, CONTINUED

TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

NOTE 4 – MINERAL ASSETS, equipment, Kinetic separation INTELLECTUAL PROPERTY, AND OTHER PROPERTY, CONTINUED

Kinetic Separation Intellectual Property

37 unchanged sentences

payable and accrued liabilities consisted of:

September 30,

Trade accounts payable

1 unchanged sentence

Total accounts payable and accrued liabilities

WESTERN URANIUM & VANADIUM CORP.

URANIUM & VANADIUM CORP.

AND SUBSIDIARIES

NOTES TO THE CONDENSED INTERIM CONSOLIDATED

FINANCIAL STATEMENTS

(Stated in USD)

TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

NOTE 6 – COMMITMENTS AND CONTINGENCIES

8 unchanged sentences

from its prepaid uranium concentrate inventory.

Accordingly, during the three and six months ended June 30, 2022, the Company recorded

Accordingly, during the nine months ended September 30, 2022, the Company recorded

revenue of $ 7,223,609 (at a price of approximately $ 57 per pound) and cost of revenue of $ 4,044,083 , related to the delivery of the uranium.

1 unchanged sentence

Strategic Acquisition of Physical Uranium

In May 2021, the Company executed a binding agreement

to purchase 125,000 pounds of natural uranium concentrate at approximately $ 32 per pound.

In December 2021, the Company paid $ 4,044,083 ,

in connection with its full prepayment of the purchase price for 125,000 pounds of natural uranium concentrate.

This uranium concentrate

was subsequently delivered under the terms of the aforementioned uranium concentrates supply agreement in April 2022.

NOTE 7 – SHARE CAPITAL AND OTHER EQUITY INSTRUMENTS

May 2021, the Company executed a binding agreement to purchase 125,000 pounds of natural uranium concentrate at approximately $ 32 per

In December 2021, the Company paid $ 4,044,083 , in connection with its full prepayment of the purchase price for 125,000 pounds

of natural uranium concentrate.

This uranium concentrate was subsequently delivered under the terms of the aforementioned uranium concentrates

supply agreement in April 2022.

NOTE 7 – SHARE CAPITAL AND OTHER EQUITY

Authorized Capital

5 unchanged sentences

of common shares are entitled to share ratably in all assets of the Company that are legally available for distribution.

As of June 30,

As of September

30, 2023 and December 31, 2022, an unlimited number of common shares were authorized for issuance.

Warrant Exercises

There were no warrant exercises during the three

and six months ended June 30, 2023.

During the three and six months ended June 30, 2022, an aggregate of 1,477,743 and 1,745,947 warrants

were exercised for total gross proceeds of $ 1,989,427 and $ 2,331,277 , respectively.

During the three and nine months ended September

30, 2023, an aggregate of 656,000 warrants were exercised for total gross proceeds of $ 551,629 .

During the three and nine months ended September

30, 2022, an aggregate of 274,404 and 2,020,351 warrants were exercised for total gross proceeds of $ 289,118 and $ 2,620,395 , respectively.

Incentive Stock Option Plan

14 unchanged sentences

options are granted.

As of June 30, 2023, a total of 43,602,565 common shares were outstanding, and at that date the maximum number of

stock options eligible for issue under the Plan was 4,360,256 .

WESTERN URANIUM & VANADIUM CORP.

As of September 30, 2023, a total of 44,258,565 common shares were outstanding, and at that date the maximum number

of stock options eligible for issue under the Plan was 4,425,856 .

URANIUM & VANADIUM CORP.

AND SUBSIDIARIES

NOTES TO THE CONDENSED INTERIM CONSOLIDATED

FINANCIAL STATEMENTS

(Stated in USD)

NOTE 7 – SHARE CAPITAL AND OTHER EQUITY INSTRUMENTS, CONTINUED

TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

NOTE 7 – SHARE CAPITAL AND OTHER EQUITY INSTRUMENTS,

Shareholder Rights Plan

8 unchanged sentences

“Rights”) will be issued to holders of Common Shares at a rate of one Right for each Share outstanding.

Stock Options

Exercise Price

Outstanding – January 1, 2023

Outstanding – June 30, 2023

Exercisable – June 30, 2023

Outstanding –September 30, 2023

Exercisable –September 30, 2023

The Company’s stock-based compensation expense

related to stock options for the three months ended June 30, 2023 was $ 98,158 , of which $ 16,087 and $ 82,071 was included in mining expenditures

and general and administrative expenses, respectively, on the Company’s condensed interim consolidated statements of operations

and other comprehensive loss.

The Company’s stock-based compensation expense related to stock options for the three months ended

June 30, 2022 was $ 251,074 , which was included in general and administrative expenses on the Company’s condensed interim consolidated

statements of operations and other comprehensive loss.

The Company’s stock-based compensation expense related to stock options for

the six months ended June 30, 2023 was $ 350,900 , of which $ 57,417 and $ 293,483 was included in mining expenditures and general and administrative

expenses, respectively, on the Company’s condensed interim consolidated statements of operations and other comprehensive loss.

Company’s stock-based compensation expense related to stock options for the six months ended June 30, 2022 was $ 753,219 , which was

included in general and administrative expenses on the Company’s condensed interim consolidated statements of operations and other

comprehensive loss.

As of June 30, 2023, there was no unamortized stock option expense.

WESTERN URANIUM & VANADIUM CORP.

related to stock options for the three months ended September 30, 2023 and 2022 was $ 0 .

The Company’s stock-based compensation expense

related to stock options for the nine months ended September 30, 2023 was $ 350,900 , of which $ 57,417 and $ 293,483 was included in mining

expenditures and general and administrative expenses, respectively, on the Company’s condensed interim consolidated statements of

operations and other comprehensive loss.

The Company’s stock-based compensation expense related to stock options for the nine months

ended September 30, 2022 was $ 753,219 , which was included in general and administrative expenses on the Company’s condensed interim

consolidated statements of operations and other comprehensive loss.

As of September 30, 2023, there was no unamortized stock option expense.

URANIUM & VANADIUM CORP.

AND SUBSIDIARIES

NOTES TO THE CONDENSED INTERIM CONSOLIDATED

FINANCIAL STATEMENTS

(Stated in USD)

NOTE 7 – SHARE CAPITAL AND OTHER EQUITY INSTRUMENTS, CONTINUED

Exercise Price

TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

NOTE 7 – SHARE CAPITAL AND OTHER EQUITY INSTRUMENTS,

Outstanding – January 1, 2023

Expired/Forfeited

Outstanding – June 30, 2023

Exercisable – June 30, 2023

Outstanding –September 30, 2023

Exercisable – September 30, 2023

8 – Mining Expenditures

For the Three Months Ended

For the Six Months Ended

September 30,

For the Nine Months Ended

September 30,

Labor and related benefits

7 unchanged sentences

In connection with the transfer, Black Range issued 25 million shares of Black Range common

stock to Seller and committed to pay AUD $500,000 (USD $333,211 as of June 30, 2023) to Seller within 60 days of the first commercial

stock to Seller and committed to pay AUD $500,000 (USD $321,399 as of September 30, 2023) to Seller within 60 days of the first commercial

application of the kinetic separation technology.

4 unchanged sentences

contingent consideration obligation is probable and the amount is estimable, the Company recorded the deferred contingent consideration

as an assumed liability in the amount of $ 333,211 and $ 340,252 as of June 30, 2023 and December 31, 2022, respectively.

as an assumed liability in the amount of $ 321,299 and $ 340,252 as of September 30, 2023 and December 31, 2022, respectively.

The Company has multiple lease arrangements with

3 unchanged sentences

The Company incurred rent expense

of $ 17,925 and $ 13,125 in connection with these arrangement for the three months ended June 30, 2023 and 2022, respectively.

incurred rent expense of $ 35,850 and $ 25,323 in connection with these arrangement for the six months ended June 30, 2023 and 2022, respectively.

In May 2023, the Company purchased mining equipment

from Silver Hawk Ltd.

for $ 22,000 .

of $ 17,925 and $ 13,550 in connection with these arrangement for the three months ended September 30, 2023 and 2022, respectively.

Company incurred rent expense of $ 53,775 and $ 38,873 in connection with these arrangement for the nine months ended September 30, 2023

and 2022, respectively.

During the nine months ended September 30, 2023,

the Company purchased equipment from Silver Hawk Ltd.

for an aggregate of $ 25,800 .

The Company also owed Mr.

Glasier reimbursable

expenses in the amount of $ 50,010 and $ 87,221 as of June 30, 2023 and December 31, 2022, respectively, which are recorded in accounts

expenses in the amount of $ 56,808 and $ 87,221 as of September 30, 2023 and December 31, 2022, respectively, which are recorded in accounts

payable and accrued liabilities.

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

What changed 10-Q

Item 1. Financial Statements