What changed in this filing

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Item 1. Financial Statements

2024-05-20 compared with 2023-11-20 · 572 added, 640 removed, 124 unchanged (91% of the section changed)

Financial Statements

WESTERN URANIUM & VANADIUM CORP.

URANIUM & VANADIUM CORP.

AND SUBSIDIARIES

CONDENSED INTERIM CONSOLIDATED BALANCE SHEETS

(Stated in USD)

September 30,

INTERIM CONSOLIDATED BALANCE SHEETS

Current assets:

Cash and cash equivalents

Restricted cash, current portion

4 unchanged sentences

Restricted cash, net of current portion

Mineral properties and equipment, net

Property, plant & equipment and mineral properties, net

Kinetic separation intellectual property

3 unchanged sentences

Reclamation liability, current portion

Deferred revenue, current portion

Total current liabilities

3 unchanged sentences

Total liabilities

Commitments and Contingencies (Note 6)

Shareholders’ Equity

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

Common shares, no par value, unlimited authorized shares, 55,223,419 and 50,002,395 shares issued as of March 31, 2024 and December 31, 2023, respectively, and 55,223,113 and 50,002,089 shares outstanding as of March 31, 2024 and December 31, 2023, respectively

Treasury shares, 306 shares held in treasury as of March 31, 2024 and December 31, 2023

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.

WESTERN URANIUM & VANADIUM CORP.

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

URANIUM & VANADIUM CORP.

AND SUBSIDIARIES

CONDENSED INTERIM CONSOLIDATED STATEMENTS OF OPERATIONS

AND OTHER COMPREHENSIVE LOSS

(Stated in USD)

INTERIM CONSOLIDATED STATEMENTS OF OPERATIONS AND OTHER COMPREHENSIVE LOSS

For the Three Months Ended

September 30,

For the Nine Months Ended

September 30,

Cost of revenues

Mining expenditures

3 unchanged sentences

Total operating expenses

Operating (loss)/profit

Operating loss

( 2,526,967 )

( 1,140,327 )

Accretion and interest (income) expense, net

Net (loss)/income

Accretion and interest income, net

Other income, net

( 2,476,888 )

1 unchanged sentence

Other comprehensive (loss) income

Foreign exchange (loss)/gain

Comprehensive (loss)/income

$ ( 1,103,516 )

Foreign currency translation adjustment

Comprehensive loss

$ ( 2,619,247 )

$ ( 1,097,217 )

Net (loss)/income per share - basic

Net (loss)/income per share - diluted

Weighted average shares outstanding - basic

Weighted average shares outstanding - diluted

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

WESTERN URANIUM & VANADIUM CORP.

Net loss per share - basic and diluted

Weighted average shares outstanding - basic and diluted

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

URANIUM & VANADIUM CORP.

AND SUBSIDIARIES

CONDENSED INTERIM CONSOLIDATED STATEMENTS OF CHANGES IN

SHAREHOLDERS’ EQUITY

(Stated in USD)

INTERIM CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY

Common Shares

Treasury Shares

Accumulated Other

Comprehensive

Accumulated Other Comprehensive

Balance as of January 1, 2024

$ ( 18,817,857 )

$ ( 261,132 )

Foreign exchange gain

Foreign currency translation adjustment

Proceeds from the exercise of warrants

Stock-based compensation - stock options

Cashless exercise of stock options

( 2,476,888 )

3 unchanged sentences

$ ( 216,368 )

Foreign exchange gain

Stock based compensation - stock options

( 1,076,659 )

Balance as of June 30, 2023

$ ( 16,055,453 )

$ ( 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, 2023

$ ( 13,875,263 )

Private placement - January 20, 2022, net of offering costs

Proceeds from exercise of warrants

Stock based compensation - stock options

Foreign exchange gain

$ ( 261,132 )

( 1,173,603 )

Balance as of March 31, 2022

$ ( 14,335,099 )

Proceeds from exercise of warrants

Foreign currency translation adjustment

Stock-based compensation - stock options

Foreign exchange loss

Balance as of June 30, 2022

( 1,103,531 )

Proceeds from exercise of warrants

Foreign exchange loss

Balance as of September 30, 2022

$ ( 12,583,074 )

Balance as of March 31, 2023

( 14,978,794 )

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

WESTERN URANIUM & VANADIUM CORP.

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

URANIUM & VANADIUM CORP.

AND SUBSIDIARIES

CONDENSED INTERIM CONSOLIDATED STATEMENTS OF CASH FLOWS

(Stated in USD)

For the Nine Months Ended

September 30,

Cash Flows (Used In) Provided By Operating Activities:

Net (loss)/income

INTERIM CONSOLIDATED STATEMENTS OF CASH FLOWS

For the Three Months Ended

Cash Flows Used In Operating Activities:

$ ( 2,476,888 )

Reconciliation of net (loss)/income to cash (used in) provided by operating activities:

$ ( 1,103,531 )

Reconciliation of net loss to cash used in operating activities:

Accretion of reclamation liability

1 unchanged sentence

Change in marketable securities

Change in operating assets and liabilities:

Prepaid uranium concentrate inventory

Changes in operating assets and liabilities:

Prepaid expenses and other current assets

Accounts payable and accrued liabilities

Subscription payable

Reclamation liability

Deferred revenue

Contingent consideration

Net cash (used in) provided by operating activities

Net cash used in operating activities

( 1,757,471 )

Cash Flows Used In Investing Activities

Purchase of mineral properties and equipment

( 1,874,183 )

Purchase of property, plant & equipment and mineral properties

Net cash used in investing activities

( 1,874,183 )

Cash Flows Provided By Financing Activities

Proceeds from Private Placement - January 20, 2022

Proceeds from warrant exercises

1 unchanged sentence

Effect of foreign exchange rate on cash

Net (decrease) increase in cash and restricted cash

Net increase (decrease) in cash and cash equivalents and restricted cash

( 1,247,223 )

Cash and restricted cash - beginning

Cash and restricted cash - ending

Cash and cash equivalents and restricted cash - beginning

Cash and cash equivalents and restricted cash - ending

Cash and cash equivalents

Restricted cash, current portion

Restricted cash, noncurrent

Total cash and cash equivalents and restricted cash

Supplemental disclosure of cash flow information:

Cash paid during the period for:

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

WESTERN URANIUM & VANADIUM CORP.

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

URANIUM & VANADIUM CORP.

AND SUBSIDIARIES

NOTES TO THE CONDENSED INTERIM CONSOLIDATED

FINANCIAL STATEMENTS

NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

(Stated in USD)

NOTE 1 – BUSINESS

Nature of operations

Western Uranium & Vanadium Corp.

or the “Company”) was incorporated in December 2006 under the Ontario Business Corporations Act.

On November 20, 2014, the

Company completed a listing process on the Canadian Securities Exchange (“CSE”).

As part of that process, the Company acquired

100 % of the members’ interests of Pinon Ridge Mining LLC (“PRM”), a Delaware limited liability company.

The transaction

constituted a reverse takeover (“RTO”) of Western by PRM.

Subsequent to obtaining appropriate shareholder approvals, the Company

reconstituted its Board of Directors and senior management team.

Western is a Canadian domestic issuer and Canadian reporting issuer.

The Company’s registered office is located

at 330 Bay Street, Suite 1400, Toronto, Ontario, Canada, M5H 2S8, and its common shares are listed on the CSE under the symbol “WUC.”

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 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.

of operations

Uranium & Vanadium Corp.

(“Western” or the “Company”) was incorporated in December 2006 under the Ontario

Business Corporations Act.

On November 20, 2014, the Company completed a listing process on the Canadian Securities Exchange (“CSE”).

As part of that process, the Company acquired 100 % of the members’ interests of Pinon Ridge Mining LLC (“PRM”), a Delaware

limited liability company.

The transaction constituted a reverse takeover (“RTO”) of Western by PRM.

Subsequent to obtaining

appropriate shareholder approvals, the Company reconstituted its Board of Directors and senior management team.

Western is a Canadian

domestic issuer and Canadian reporting issuer.

Company’s registered office is located at 330 Bay Street, Suite 1400, Toronto, Ontario, Canada, M5H 2S8, and its common shares

are listed on the CSE under the symbol “WUC.” 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 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”).

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.

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

2 – Liquidity and going concern

With the exception of the quarter ended June 30,

2022, the Company has incurred losses from its operations.

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.

the exception of the quarter ended June 30, 2022, the Company has incurred losses from its operations.

During the three months ended

March 31, 2024, the Company generated a net loss of $ 2,476,888 .

The Company expects to generate operating losses for the foreseeable

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

As of September 30,

As of March 31, 2024,

the Company had an accumulated deficit of $ 21,294,745 and working capital of $ 11,177,529 .

Since inception, the Company has met its liquidity

requirements principally through the issuance of notes and the sale of its common shares.

The Company’s ability to continue its planned

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

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

kinetic separation (“Kinetic Separation”) technology, and to initiate the processing of ore to generate operating cash flows.

There are no assurances that the Company will

be able to raise capital on terms acceptable to the Company or at all, or that cash flows generated from its operations will be sufficient

to meet its current operating costs.

If the Company is unable to obtain sufficient amounts of additional capital, it may be required to

reduce the scope of its planned product development, which could harm its financial condition and operating results, or it may not be

able to continue to fund its ongoing operations.

These conditions raise substantial doubt about the Company’s ability to continue

as a going concern to sustain operations for at least one year from the issuance of these condensed interim consolidated financial statements.

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

of these uncertainties.

inception, the Company has met its liquidity requirements principally through the issuance of notes and the sale of its common shares.

During the three months ended March 31, 2024, the Company received $ 4,605,458 in proceeds from the exercise of its common share warrants.

On December 12, 2023, the Company closed a non-brokered private placement of 5,215,828 units at a price of $ 1.02 (CAD $ 1.39 ) per unit.

The aggregate gross proceeds raised in the private placement amounted to $ 5,324,988 (CAD $ 7,250,000 ) and net proceeds amounted to $ 4,836,867

(CAD $ 6,588,089 ).

During the year ended December 31, 2023, the Company received $ 1,004,044 in proceeds from the exercise of its common

share warrants.

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

obtaining additional financing.

Management’s plans include seeking to procure additional funds through debt and equity financing,

to secure regulatory approval to fully utilize its kinetic separation (“Kinetic Separation”) technology, and to initiate

the processing of ore to generate operating cash flows.

URANIUM & VANADIUM CORP.

AND SUBSIDIARIES

TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

(Stated in USD)

2 – Liquidity and going concern, continued

are no assurances that the Company will be able to raise capital on terms acceptable to the Company or at all, or that cash flows generated

from its operations will be sufficient to meet its current operating costs.

If the Company is unable to obtain sufficient amounts of

additional capital, it may be required to reduce the scope of its planned product development, which could harm its financial condition

and operating results, or it may not be able to continue to fund its ongoing operations.

These conditions raise substantial doubt about

the Company’s ability to continue as a going concern to sustain operations for at least one year from the issuance of these condensed

interim consolidated financial statements.

The accompanying condensed interim consolidated financial statements do not include any adjustments

that might result from the outcome of these uncertainties.

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 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

financial statements include the accounts of Western and its wholly-owned subsidiaries, Western Uranium Corp.

(Utah), PRM, Black Range,

Black Range Copper Inc., Ranger Resources Inc., Black Range Minerals Inc., Black Range Minerals Colorado LLC, Black Range Minerals Wyoming

LLC, Haggerty Resources LLC, Ranger Alaska LLC, Black Range Minerals Utah LLC, Black Range Minerals Ablation Holdings Inc., Black Range

Development Utah LLC and Maverick Strategic Minerals Corp.

All inter-company transactions and balances have been eliminated upon consolidation.

The Company has established the existence of mineralized

materials for certain uranium projects.

The Company has not established proven or probable reserves, as defined by the United States Securities

and Exchange Commission (the “SEC”), through the completion of a “final” or “bankable” feasibility

study for any of its uranium projects.

Exploration Stage and Mineral Properties

In accordance with U.S.

GAAP, expenditures relating

to the acquisition of mineral rights are initially capitalized as incurred while exploration and pre-extraction expenditures are expensed

as incurred until such time the Company exits the exploration stage by establishing proven or probable reserves.

Expenditures relating

to exploration activities, such as drill programs to search for additional mineralized materials, are expensed as incurred.

relating to pre-extraction activities, such as the construction of mine wellfields, ion exchange facilities, disposal wells, and mine

development, are expensed as incurred until such time proven or probable reserves are established for that uranium project, after which

subsequent expenditures relating to development activities for that particular project are capitalized as incurred.

Expenditures relating

to mining and ore production while the Company is in the exploration stage and while the ore is stockpiled underground are expensed as

Production stage issuers, as defined in subpart

1300 of Regulation S-K, having engaged in material extraction of established mineral reserves on at least one material property, typically

capitalize expenditures relating to ongoing development activities, with corresponding depletion calculated over proven and probable reserves

using the units-of-production method and allocated to future reporting periods to inventory and, as that inventory is sold, to cost of

The Company is an exploration stage issuer, which has resulted in the Company reporting larger losses than if it had been

in the production stage due to the expensing, instead of capitalizing, of expenditures relating to ongoing mine development and extraction

Additionally, there would be no corresponding amortization allocated to future reporting periods of the Company since those

costs would have been expensed previously, resulting in both lower inventory costs and cost of goods sold and results of operations with

higher gross profits and lower losses than if the Company had been in the production stage.

Any capitalized costs, such as expenditures

relating to the acquisition of mineral rights, are depleted over the estimated extraction life using the straight-line method.

the Company’s condensed interim consolidated financial statements may not be directly comparable to the financial statements of

companies in the production stage.

Western will not be eligible to become a production stage issuer, and will remain an exploration stage

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

of Presentation and Principles of Consolidation

accompanying condensed interim consolidated 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.

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,

2023, as filed with the SEC on April 16, 2024.

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

quarter ended March 31, 2024 notwithstanding its foreign private issuer status.

Operating results for the three months ended March 31,

2024 are not necessarily indicative of the results that may be expected for any subsequent quarters or for the year ending December 31,

accompanying condensed interim consolidated financial statements include the accounts of Western and its wholly-owned subsidiaries, Western

Uranium Corp.

(Utah), PRM, Black Range, Black Range Copper Inc., Ranger Resources Inc., Black Range Minerals Inc., Black Range Minerals

Colorado LLC, Black Range Minerals Wyoming LLC, Haggerty Resources LLC, Ranger Alaska LLC, Black Range Minerals Utah LLC, Black Range

Minerals Ablation Holdings Inc., Black Range Development Utah LLC and Maverick Strategic Minerals Corp.

All inter-company transactions

and balances have been eliminated upon consolidation.

Company reports operating and financial results in a single segment based on the consolidated information used by the chief operating

decision maker (“CODM”) in evaluating the financial performance of its business and allocating resources.

This single segment

reflects the Company’s core business:

produce critical minerals.

As the Company has one reportable segment, net loss, total assets and

working capital are equal to consolidated results.

Company has established the existence of mineralized materials for certain uranium projects.

The Company has not established proven or

probable reserves, as defined by the United States Securities and Exchange Commission (the “SEC”), through the completion

of a “final” or “bankable” feasibility study for any of its uranium projects.

Stage and Mineral Properties

accordance with U.S.

GAAP, expenditures relating to the acquisition of mineral rights are initially capitalized as incurred while exploration

and pre-extraction expenditures are expensed as incurred until such time the Company exits the exploration stage by establishing proven

or probable reserves.

Expenditures relating to exploration activities, such as drill programs to search for additional mineralized materials,

are expensed as incurred.

Expenditures relating to pre-extraction activities, such as the construction of mine wellfields, ion exchange

facilities, disposal wells, and mine development, are expensed as incurred until such time proven or probable reserves are established

for that uranium project, after which subsequent expenditures relating to development activities for that particular project are capitalized

Expenditures relating to mining and ore production while the Company is in the exploration stage and while the ore is stockpiled

underground are expensed as incurred.

URANIUM & VANADIUM CORP.

AND SUBSIDIARIES

TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

(Stated in USD)

3 – SUMMARY OF Significant Accounting Policies, CONTINUED

Use of Estimates

The preparation of these condensed interim consolidated

financial statements in conformity with U.S.

GAAP requires management to make estimates and assumptions that affect the reported amount

of assets and liabilities at the date of the financial statements and revenues and expenses during the periods reported.

nature, these estimates are subject to measurement uncertainty, and the effects on the condensed interim consolidated financial statements

of changes in such estimates in future periods could be significant.

Significant areas requiring management’s estimates and assumptions

include the determination of the fair value of transactions involving common shares, assessment of the useful life and evaluation for

impairment of Kinetic Separation intellectual property, valuation and impairment assessments of mineral properties and equipment, valuation

of deferred contingent consideration, valuation of the reclamation liability, valuation of stock-based compensation, and valuation of

available-for-sale securities.

Stage and Mineral Properties, continued

stage issuers, as defined in subpart 1300 of Regulation S-K, having engaged in material extraction of established mineral reserves on

at least one material property, typically capitalize expenditures relating to ongoing development activities, with corresponding depletion

calculated over proven and probable reserves using the units-of-production method and allocated to future reporting periods to inventory

and, as that inventory is sold, to cost of goods sold.

The Company is an exploration stage issuer, which has resulted in the Company

reporting larger losses than if it had been in the production stage due to the expensing, instead of capitalizing, of expenditures relating

to ongoing mine development and extraction activities.

Additionally, there would be no corresponding amortization allocated to future

reporting periods of the Company since those costs would have been expensed previously, resulting in both lower inventory costs and cost

of goods sold and results of operations with higher gross profits and lower losses than if the Company had been in the production stage.

capitalized costs, such as expenditures relating to the acquisition of mineral rights, are depleted over the estimated extraction life

using the straight-line method.

As a result, the Company’s condensed interim consolidated financial statements may not be directly

comparable to the financial statements of companies in the production stage.

Western will not be eligible to become a production stage

issuer, and will remain an exploration stage issuer, until such time as mineral reserves are established on at least one material property.

preparation of these condensed interim consolidated financial statements in conformity with U.S.

GAAP requires management to make estimates

and assumptions that affect the reported amount of assets and liabilities at the date of the financial statements and revenues and expenses

during the periods reported.

By their nature, these estimates are subject to measurement uncertainty, and the effects on the condensed

interim consolidated financial statements of changes in such estimates in future periods could be significant.

Significant areas requiring

management’s estimates and assumptions include the determination of the fair value of transactions involving common shares, assessment

of the useful life and evaluation for impairment of Kinetic Separation intellectual property, valuation and impairment assessments of

mineral properties and equipment, valuation of deferred contingent consideration, valuation of the reclamation liability and valuation

of stock-based compensation.

Other areas requiring estimates include allocations of expenditures, depletion, and amortization of mineral

1 unchanged sentence

Actual results could differ from those estimates.

Foreign Currency Translation

The reporting currency of the Company, including

its subsidiaries, is the United States dollar.

The financial statements of subsidiaries located outside of the U.S.

are measured in their

functional currency, which is the local currency.

The functional currency of the parent (Western Uranium & Vanadium Corp.

is the Canadian dollar.

The functional currencies of the subsidiaries is the United States dollar.

Monetary assets and liabilities of

these subsidiaries are translated at the exchange rates at the balance sheet date.

Transactions denominated in currencies other than the

functional currency are recorded based on the exchange rates at the time of the transaction.

Income and expense items are translated using

average monthly exchange rates.

Non-monetary assets are translated at their historical exchange rates.

Translation adjustments are included

in “Accumulated other comprehensive loss” in the condensed interim consolidated balance sheets.

Revenue Recognition

The Company, from time to time, purchases prepaid

uranium concentrate contracts for future delivery of uranium concentrate pursuant to supply agreements.

The Company recognizes revenue

upon the delivery of the uranium contract to the counterparty and charges to cost of revenues the purchase cost of the uranium concentrate

contract upon such delivery.

The Company leases certain of its mineral properties

for the exploration and production of oil and gas reserves.

The Company accounts for lease revenue in accordance with the FASB ASC 842,

Lease payments received in advance are deferred and recognized on a straight-line basis over the related lease term associated

with the prepayment.

Royalty payments are recognized as revenues based upon production.

Fair Values of Financial Instruments

The carrying amounts of cash, restricted cash,

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

nature of these instruments.

Marketable securities are adjusted to fair value at each balance sheet date based on quoted prices which

are considered level 1 inputs.

The Company’s operating and financing activities are conducted primarily in Canadian dollars, and

as a result, the Company is subject to exposure to market risks from changes in foreign currency rates.

The Company is exposed to credit

risk through its cash and restricted cash but mitigates this risk by keeping these deposits at major financial institutions.

The FASB ASC 820, Fair Value Measurements and

Disclosures , provides the framework for measuring fair value.

That framework provides a fair value hierarchy that prioritizes the

inputs to valuation techniques used to measure fair value.

The hierarchy gives the highest priority to unadjusted quoted prices in active

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

Currency Translation

reporting currency of the Company, including its subsidiaries, is the United States dollar.

The financial statements of subsidiaries

located outside of the U.S.

are measured in their functional currency, which is the local currency.

The functional currency of the parent

(Western Uranium & Vanadium Corp.

(Ontario)) is the Canadian dollar.

The functional currencies of the subsidiaries is the United

States dollar.

Monetary assets and liabilities of these subsidiaries are translated at the exchange rates at the balance sheet date.

Transactions denominated in currencies other than the functional currency are recorded based on the exchange rates at the time of the

Income and expense items are translated using average monthly exchange rates.

Non-monetary assets are translated at their

historical exchange rates.

Translation adjustments are included in “Accumulated other comprehensive loss” in the condensed

interim consolidated balance sheets.

Company identifies its operating segments in accordance with Accounting Standards Codification 280, Segment Reporting, or ASC 280.

segments are defined as components of an enterprise about which separate discrete financial information is available for evaluation by

the chief operating decision maker, or decision-making group, in deciding how to allocate resources and in assessing performance.

Company’s chief operating decision maker, its Chief Executive Officer, manages the Company’s operations on a consolidated

basis for the purposes of allocating resources.

Accordingly, the Company has determined it operates and manages its business in a single

reportable operating segment.

URANIUM & VANADIUM CORP.

AND SUBSIDIARIES

TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

Note 3 – SUMMARY OF Significant Accounting Policies, continued

Fair Values of Financial Instruments (continued)

Fair value is defined as an exit price, representing

the amount that would be received upon the sale of an asset or payment to transfer a liability in an orderly transaction between market

participants.

Fair value is a market-based measurement that is determined based on assumptions that market participants would use in pricing

an asset or liability.

A three-tier fair value hierarchy is used to prioritize the inputs in measuring fair value as follows:

Level 1 - Quoted prices in active markets for

identical assets or liabilities.

Level 2 - Quoted prices for similar assets or

liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active, or other inputs

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.

The fair value of the Company’s financial

instruments are as follows:

Liabilities in

Marketable securities as of September 30, 2023

Marketable securities as of December 31, 2022

NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

(Stated in USD)

3 – SUMMARY OF Significant Accounting Policies, CONTINUED

and Cash Equivalents

Company considers all highly-liquid instruments with an original maturity of three months or less at the time of issuance to be cash

There were no cash equivalents at March 31, 2024 and December 31, 2023.

Company classifies its marketable securities as available-for-sale securities, which are carried at their fair value based on the quoted

market prices of the securities with unrealized gains and losses reported as accumulated other comprehensive (loss) income, a separate

component of shareholders’ equity.

Realized gains and losses on available-for-sale securities are included in net earnings in the

period earned or incurred.

cash balances are restricted as they relate to deposits with banks that have been assigned to state reclamation authorities in the United

States to secure various reclamation guarantees with respect to mineral properties in Utah and Colorado.

As these funds are not available

for general corporate purposes and secure the long term reclamation liability (see Note 4), they have been separately disclosed and classified

as long-term for the majority of the Company’s mines.

As of March 31, 2024 and December 31, 2023, the Company has determined that

the Van 4 Mine is considered to be in reclamation.

The Company recognized the Van 4 Mine’s reclamation liability and its restricted

cash in full on the Company’s condensed interim consolidated balance sheets as current.

Plant & Equipment and Mineral Properties, Net

plant and equipment is stated at cost less accumulated depreciation.

Depreciation is calculated using the straight-line method.

Company leases certain of its mineral properties for the exploration and production of oil and gas reserves.

The Company accounts for

lease revenue in accordance with the FASB ASC 842, Leases .

Lease payments received in advance are deferred and recognized on a

straight-line basis over the related lease term associated with the prepayment.

Royalty payments are recognized as revenues based upon

Values of Financial Instruments

carrying amounts of cash and cash equivalents, restricted cash – current portion, accounts payable and accrued liabilities approximate

their fair value due to the short-term nature of these instruments.

Marketable securities are adjusted to fair value at each balance

sheet date based on quoted prices which are considered level 1 inputs.

The Company’s operating and financing activities are conducted

primarily in Canadian dollars, and as a result, the Company is subject to exposure to market risks from changes in foreign currency rates.

The carrying amount of restricted cash – net of current portion, approximates fair value as the accounts earn interest at market

The Company is exposed to credit risk through its cash and restricted cash but mitigates this risk by keeping these deposits at

major financial institutions.

FASB ASC 820, Fair Value Measurements and Disclosures , provides the framework for measuring fair value.

That framework provides

a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value.

The hierarchy gives the highest

priority to unadjusted quoted prices in active markets for identical assets or liabilities (level 1 measurements) and the lowest priority

to unobservable inputs (level 3 measurements).

URANIUM & VANADIUM CORP.

AND SUBSIDIARIES

TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

(Stated in USD)

3 – SUMMARY OF Significant Accounting Policies, continued

Stock-Based Compensation

The Company follows the FASB ASC 718, Compensation

- Stock Compensation , which addresses the accounting for stock-based payment transactions, requiring such transactions to be accounted

for using the fair value method.

Awards of shares for property or services are recorded at the fair value of the stock or the fair value

of the service, whichever is more readily measurable.

The Company uses the Black-Scholes option-pricing model to determine the grant date

fair value of stock-based awards under ASC 718.

The fair value is charged to earnings depending on the terms and conditions of the award,

and the nature of the relationship of the recipient of the award to the Company.

The Company records the grant date fair value in line

with the period over which it was earned.

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

Net (loss) income per Share

Basic net (loss) income per share is computed

by dividing net (loss) income by the weighted average number of common shares outstanding during the period.

Diluted earnings per share

is computed using the weighted average number of common shares and, if dilutive, potential common shares outstanding during the period.

Potential common shares consist of the incremental common shares issuable upon the exercise of stock options and warrants (using the treasury

stock method).

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 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

$ ( 1,060,042 )

$ ( 527,525 )

$ ( 3,240,232 )

Weighted average shares outstanding, basic

Dilutive effect of options and warrants

Weighted average shares outstanding, diluted

Net (loss) income per share, basic

Net (loss) income per share, diluted

Potentially dilutive securities outlined in the

table below have been excluded from the computation of diluted net (loss) income per share because the effect of their inclusion would

have been anti-dilutive.

For the Three Months Ended

September 30,

For the Nine Months Ended

September 30,

Warrants to purchase common shares

Options to purchase common shares

Total potentially dilutive securities

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.

URANIUM & VANADIUM CORP.

Values of Financial Instruments, continued

value is defined as an exit price, representing the amount that would be received upon the sale of an asset or payment to transfer a

liability in an orderly transaction between market participants.

Fair value is a market-based measurement that is determined based on

assumptions that market participants would use in pricing an asset or liability.

A three-tier fair value hierarchy is used to prioritize

the inputs in measuring fair value as follows:

1 - Quoted prices in active markets for identical assets or liabilities.

2 - Quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in

markets that are not active, or other inputs that are observable, either directly or indirectly.

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.

fair value of the Company’s financial instruments are as follows:

Prices in Active Markets for Identical Assets or Liabilities

Prices for Similar Assets or Liabilities in Active Markets

Unobservable Inputs

Marketable securities as of March

Marketable securities as of December 31, 2023

Company follows the FASB ASC 718, Compensation - Stock Compensation , which addresses the accounting for stock-based payment transactions,

requiring such transactions to be accounted for using the fair value method.

Awards of shares for property or services are recorded at

the fair value of the stock or the fair value of the service, whichever is more readily measurable.

The Company uses the Black-Scholes

option-pricing model to determine the grant date fair value of stock-based awards under ASC 718.

The fair value is charged to earnings

depending on the terms and conditions of the award, and the nature of the relationship of the recipient of the award to the Company.

The Company records the grant date fair value in line with the period over which it was earned.

For employees and consultants, this is

typically considered to be the vesting period of the award.

Loss per Share

net loss per share is computed by dividing net loss by the weighted average number of common shares outstanding during the period.

earnings per share is computed using the weighted average number of common shares and, if dilutive, potential common shares outstanding

during the period.

Potential common shares consist of the incremental common shares issuable upon the exercise of stock options and warrants

(using the treasury stock method).

The computation of net loss per share for each of the three months ended March 31, 2024 and 2023 is

the same for both basic and fully diluted.

dilutive securities outlined in the table below have been excluded from the computation of diluted net loss per share because the effect

of their inclusion would have been anti-dilutive.

the Three Months Ended

Warrants to purchase

common shares

Options to purchase common

Total potentially dilutive

WESTERN URANIUM &

VANADIUM CORP.

AND SUBSIDIARIES

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 September 30, 2023 include:

The San Rafael Uranium Project

located in Emery County, Utah;

NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

(Stated in USD)

3 – SUMMARY OF Significant Accounting Policies, continued

Accounting Standards

November 2023, the FASB issued Accounting Standard Update (“ASU”) 2023-07, “Segment Reporting (Topic 280):

to Reportable Segment Disclosures.” This ASU requires annual and interim disclosures about significant segment expenses that are

regularly provided to the CODM and included within each reported measure of segment profit or loss as well as the amount and composition

of other segment items.

The standard is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal

years beginning after December 15, 2024.

The Company is still evaluating the full extent of the potential impact of the adoption of ASU

2023-09, but believes it will not have a material impact on its condensed interim consolidated financial statements and disclosures.

December 2023, the FASB issued ASU 2023-09 – Improvements to Income Tax Disclosures, which enhances the transparency and decision

usefulness of income tax disclosures.

The standard is effective for public companies for annual periods beginning after December 15,

Early adoption is available.

The Company is still evaluating the full extent of the potential impact of the adoption of ASU 2023-09,

but believes it will not have a material impact on its condensed interim consolidated financial statements and disclosures.

4 – Property, plant & equipment and mineral properties, net AND Kinetic separation INTELLECTUAL PROPERTY

The Company’s mining properties acquired on

August 18, 2014 that the Company retains as of March 31, 2024 include:

The 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 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.

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 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.

As the Company has not formally established proven

or probable reserves on any of its properties, there is inherent uncertainty as to whether or not any mineralized material can be economically

extracted as originally planned and anticipated.

The Company’s mineral properties and equipment,

net and kinetic separation intellectual property are:

September 30,

Mineral properties and equipment, net

Company’s mining properties acquired on September 16, 2015 that the Company retains as of March 31, 2024 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.

All of the mining assets represent properties which have previously been mined, to

different degrees, for uranium.

the Company has not formally established proven or probable reserves on any of its properties, there is inherent uncertainty as to whether

or not any mineralized material can be economically extracted as originally planned and anticipated.

Company’s property, plant & equipment and mineral properties, net and kinetic separation intellectual property are:

Useful Lives As of

March 31, 2024 As of

December 31, 2023

Mineral properties N/A $ 11,688,841 $ 11,688,841

Mining equipment 5 years 2,580,166 2,345,055

Vehicles 5 years 746,462 549,703

Software 5 years 9,120 -

Construction in progress N/A 274,033 312,384

Land N/A 351,957 351,957

Total property, plant & equipment and mineral properties $ 15,650,579 $ 15,247,940

accumulated depreciation 434,240 321,651

Property, plant & equipment and mineral properties, net $ 15,216,339 $ 14,926,289

Kinetic separation intellectual property $ 9,488,051 $ 9,488,051

Mineral Properties and Equipment

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.

WESTERN 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

The Company entered into an oil and gas lease

that became effective with respect to minerals and mineral rights owned by the Company of approximately 160 surface acres of the Company’s

property in Colorado.

As consideration for entering into the lease, the lessee has agreed to pay the Company a royalty from the lessee’s

revenue attributed to oil and gas produced, saved, and sold attributable to the net mineral interest.

The Company has also received cash

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

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

above, elected to extend the oil and gas lease easement for three additional years, commencing on the date the lease would have previously

During 2021, the operator completed a first set of eight (8) wells which commenced oil and gas production by August 2021.

2022, the operator completed a second set of eight (8) wells which commenced oil and gas production by August 2022.

Monthly royalty payments

are ongoing on the sixteen (16) wells.

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

The Company’s mines are subject to certain

asset retirement obligations, which the Company has recorded as reclamation liabilities.

The reclamation liabilities of the United States

mines are subject to legal and regulatory requirements, and estimates of the costs of reclamation are reviewed periodically by the applicable

regulatory authorities.

The reclamation liability represents the Company’s best estimate of the present value of future reclamation

costs in connection with the mineral properties.

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

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

The Company expects to begin incurring the reclamation

liability after 2054 for all mines that are not in reclamation and accordingly, has discounted the gross liabilities over their remaining

lives using a discount rate of 5.4%.

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

NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

(Stated in USD)

4 – PROPERTY, PLANT & EQUIPMENT AND MINERAL PROPERTIES, NET AND KINETIC SEPARATION INTELLECTUAL PROPERTY,

plant & equipment and mineral properties, net

the three months ended March 31, 2024 and 2023, Western made purchases of $ 403,369 and $ 623,623 , which principally consisted of mining

equipment and vehicles, to increase mining capacity and land for the mineral processing facility.

During the three months ended March

31, 2024, depreciation expense was $ 113,319 , 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 March 31, 2023, depreciation expense was $ 43,618 ,

which was included in mining expenditures on the Company’s condensed interim consolidated statements of operations and other comprehensive

and Gas Lease and Easement

2017, the Company entered into an oil and gas lease that became effective with respect to minerals and mineral rights owned by the Company

of approximately 160 surface acres of the Company’s property in Colorado.

As consideration for entering into the lease, the lessee

has agreed to pay the Company a royalty from the lessee’s revenue attributed to oil and gas produced, saved, and sold attributable

to the net mineral interest.

The Company has also received cash payments from the lessee related to the easement that the Company is

recognizing incrementally over the eight year term of the easement.

June 23, 2020, the operator elected to extend the oil and gas lease easement for three additional years through July 2023.

This was done

to provide additional time in order to complete well construction and commence oil and gas production.

During 2021, the operator completed

a first set of eight (8) wells which commenced oil and gas production by August 2021.

During 2022, the operator completed a second set

of eight (8) wells which commenced oil and gas production by August 2022.

All sixteen (16) wells remain in production and monthly royalty

payments will be ongoing in perpetuity as long as oil and/or gas are produced from the pooled unit containing these sixteen (16) wells.

the three months ended March 31, 2024 and 2023 the Company recognized aggregate revenue of $ 54,273 and $ 165,975 , respectively, under

these oil and gas lease arrangements.

Company’s mines are subject to certain asset retirement obligations, which the Company has recorded as reclamation liabilities.

The reclamation liabilities of the United States mines are subject to legal and regulatory requirements, and estimates of the costs of

reclamation are reviewed periodically by the applicable regulatory authorities.

The reclamation liability represents the Company’s

best estimate of the present value of future reclamation costs in connection with the mineral properties.

The Company determined the

gross reclamation liabilities of the mineral properties to be $ 751,517 and $ 751,444 as of March 31, 2024 and December 31, 2023, respectively.

The portion of the reclamation liability related to the Van 4 Mine, which is in reclamation as of March 31, 2024, and its related restricted

cash are included in current liabilities and current assets, respectively, at a value of $ 75,057 .

During the three months ended March

31, 2024, the Company’s internal mining operations team has been performing the reclamation work, and the State of Colorado has

not yet reduced the reclamation liability amount.

The Company expects to begin incurring the reclamation liability after 2054 for all

mines that are not in reclamation and accordingly, has discounted the gross liabilities over their remaining lives using a discount rate

The net discounted aggregated values as of March 31, 2024 and December 31, 2023 were $ 244,557 and $ 241,562 , respectively.

gross reclamation liabilities as of March 31, 2024 and December 31, 2023 are secured by financial warranties in the amount of $ 751,517

and $ 751,444 , 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 Nine Months Ended

September 30,

Beginning balance at January 1

Adjustment to reclamation liability

Ending Balance at September 30

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

Sunday Mine Complex Permitting Status

On February 4, 2020, the Colorado DRMS sent a

Notice of Hearing to Declare Termination of Mining Operations related to the status of the mining permits issued by the state of Colorado

for the Sunday Mine Complex.

At issue was the application of an unchallenged Colorado Court of Appeals Opinion for a separate mine (Van

4) with very different facts that are retroactively modifying DRMS rules and regulations.

The Company maintains that it was timely in

meeting existing rules and regulations.

The hearing was scheduled to be held during several monthly MLRB Board meetings, but this matter

was delayed several times.

The permit hearing was held during the MLRB Board monthly meeting on July 22, 2020.

At issue was the status

of the five existing permits which comprise the Sunday Mine Complex.

Due to COVID-19 restrictions, the hearing took place utilizing a

virtual-only format.

The Company prevailed in a 3 to 1 decision which acknowledged that the work completed at the Sunday Mine Complex

under DRMS oversight was timely and sufficient for Western to maintain these permits.

In a subsequent July 30, 2020 letter, the DRMS notified

the Company that the status of the five permits (Sunday, West Sunday, St.

Jude, Carnation, and Topaz) had been changed to “Active”

status effective June 10, 2019, the original date on which the change of the status was approved.

On August 23, 2020, the Company initiated

a request for Temporary Cessation status for the Sunday Mine Complex as the mines had not been restarted within a 180-day window due to

the direct and indirect impacts of the COVID-19 pandemic.

Accordingly, 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.

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

On May 5, 2021, the Plaintiffs 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.

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

The Plaintiff submitted a reply brief on September 10, 2021.

On March 1, 2022, the Denver District Court reversed the MLRB’s

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

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.

NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

(Stated in USD)

4 – PROPERTY, PLANT & EQUIPMENT AND MINERAL PROPERTIES, NET AND KINETIC SEPARATION INTELLECTUAL PROPERTY,

Liabilities, continued

liability activity for the three months ended March 31, 2024 and 2023 consists of:

the Three Months Ended

Beginning balance

Ending Balance at March 31

Reclamation liability,

current portion

Reclamation liability, net

of current portion

Mine Permitting Status

November 2020 and December 2020, a coalition of environmental groups (the “Plaintiffs”) filed a complaint against the

Mined Land Reclamation Board (“MLRB”) seeking partial appeals of prior MLRB decisions, requesting the termination of the

Topaz Mine permit.

The Company joined with the MLRB in defense of those decisions.

On May 5, 2021, the Plaintiffs 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 sought a settlement with the Plaintiffs.

A settlement was not

reached, and the MLRB and the Company submitted answer briefs on August 20, 2021.

The Plaintiffs submitted a reply brief on

September 10, 2021.

On March 1, 2022, the Denver District Court reversed the MLRB’s orders regarding the Topaz Mine and

remanded the case back to the MLRB for further proceedings consistent with its order.

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

Reclamation commenced immediately at the Topaz Mine and is to be completed within five years by March 2028.

is currently working toward the completion of an updated Topaz Mine Plan of Operations which is a separate federal requirement of

the Bureau of Land Management (“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.

The review of Western’s most recent submission continues to be delayed due to staff turnover at the

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

Kinetic Separation Intellectual Property

The Kinetic Separation intellectual property was

acquired in Western’s acquisition of Black Range on September 16, 2015.

Previously Black Range acquired its Kinetic Separation assets

in the dissolution of a joint venture on March 17, 2015, through the acquisition of all the assets of the joint venture and received a

25-year license to utilize all of the patented and unpatented technology owned by the joint venture.

The technology license agreement

for patents and unpatented technology became effective as of March 17, 2015, for a period of 25 years, until March 16, 2040.

no remaining license fee obligations, and there are no future royalties due under the agreement.

The Company has the right to sub-license

the technology to third parties.

The Company may not sell or assign the Kinetic Separation license;

however, the license could be transferred

in the case of a sale of the Company.

The Company has developed improvements to Kinetic Separation during the term of the license agreement

and retains ownership of, and may obtain patent protection on, any such improvements developed by the Company.

The Kinetic Separation patent was filed on September

13, 2012 and granted on February 14, 2014 by the United States Patent Office.

The patent is effective for a period of 20 years until September

NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

(Stated in USD)

4 – PROPERTY, PLANT & EQUIPMENT AND MINERAL PROPERTIES, NET AND KINETIC SEPARATION INTELLECTUAL PROPERTY,

Separation Intellectual Property

Kinetic Separation intellectual property was acquired in Western’s acquisition of Black Range on September 16, 2015.

Black Range acquired its Kinetic Separation assets in the dissolution of a joint venture on March 17, 2015, through the acquisition of

all the assets of the joint venture and received a 25-year license to utilize all of the patented and unpatented technology owned by

the joint venture.

The technology license agreement for patents and unpatented technology became effective as of March 17, 2015, for

a period of 25 years, until March 16, 2040.

There are no remaining license fee obligations, and there are no future royalties due under

the agreement.

The Company has the right to sub-license the technology to third parties.

The Company may not sell or assign the Kinetic

Separation license;

however, the license could be transferred in the case of a sale of the Company.

The Company has developed improvements

to Kinetic Separation during the term of the license agreement and retains ownership of, and may obtain patent protection on, any such

improvements developed by the Company.

Kinetic Separation patent was filed on September 13, 2012 and granted on February 14, 2014 by the United States Patent Office.

is effective for a period of 20 years until September 13, 2032.

This patent is supported by two provisional patent applications.

The provisional patent applications expired after one year

but were incorporated in the U.S.

Patent by reference and claimed benefit prior to their expirations.

The status of the patent and two

provisional patent applications has not changed subsequent to the 2014 patent grant.

The Company has the continued right to use any patented

portion of the Kinetic Separation technology that enters the public domain subsequent to the patent expiration.

The Company anticipates Kinetic Separation will

improve the efficiency of the mining and processing of the sandstone-hosted ore from Western’s conventional mines through the separation

of waste from mineral bearing-ore, potentially reducing transportation, mill processing, and mill tailings costs.

Kinetic Separation is

not currently in use or being applied at any Company mines.

The Company views Kinetic Separation as a cost saving technology, which it

will seek to incorporate into ore production subsequent to commencing scaled production levels.

There are also alternative applications,

which the Company has explored.

NOTE 5 – Accounts Payable

and Accrued Liabilities

provisional patent applications expired after one year but were incorporated in the U.S.

Patent by reference and claimed benefit prior

to their expirations.

The status of the patent and two provisional patent applications has not changed subsequent to the 2014 patent

The Company has the continued right to use any patented portion of the Kinetic Separation technology that enters the public domain

subsequent to the patent expiration.

Company anticipates Kinetic Separation will improve the efficiency of the mining and processing of the sandstone-hosted ore from Western’s

conventional mines through the separation of waste from mineral bearing-ore, potentially reducing transportation, mill processing, and

mill tailings costs.

Kinetic Separation is not currently in use or being applied at any Company mines.

The Company views Kinetic Separation

as a cost saving technology, which it will seek to incorporate into ore production subsequent to commencing scaled production levels.

There are also alternative applications, which the Company has explored.

5 – Accounts Payable and Accrued Liabilities

payable and accrued liabilities consisted of:

September 30,

Trade accounts payable

Accrued liabilities

Total accounts payable and accrued liabilities

Trade accounts

accounts payable and accrued liabilities

URANIUM & VANADIUM CORP.

AND SUBSIDIARIES

TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

NOTE 6 – COMMITMENTS AND CONTINGENCIES

Supply Contract

In December 2015, the Company signed a uranium

concentrates supply agreement with a major United States utility company for delivery commencing in 2018 and continuing for a five-year

period through 2022.

On March 8, 2021, the Company entered into an agreement with a third party to complete the Year 4 (2021) uranium

concentrate delivery.

The Company paid $ 78,000 in April 2021 to the assignee for which the assignee made the delivery in May 2021.

April 2022, in satisfaction of the Year 5 delivery under its supply contract, the Company delivered 125,000 lbs of uranium concentrate

from its prepaid uranium concentrate inventory.

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.

In May 2022, the Company received the cash proceeds from this sale.

Strategic Acquisition of Physical Uranium

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

The holders of the Company’s common shares

are entitled to one vote per share.

Holders of common shares are entitled to ratably receive such dividends, if any, as may be declared

by the board of directors, out of legally available funds.

Upon the liquidation, dissolution, or winding down of the Company, holders

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

As of September

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

Warrant Exercises

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

The Company maintains an Incentive Stock Option

Plan (the “Plan”) that permits the granting of stock options as incentive compensation.

Shareholders of the Company approved

the Plan on June 30, 2008 and amendments to the Plan on June 20, 2013.

The board of directors approved additional changes to the Plan

on September 12, 2015.

On October 1, 2021, the Company further amended the Plan.

On May 24, 2023, the Board of Directors approved and

on June 29, 2023 the shareholders approved an amendment to the Plan.

The purpose of the Plan is to attract, retain,

and motivate directors, management, staff, and consultants by providing them with the opportunity, through stock options, to acquire a

proprietary interest in the Company and benefit from its growth.

The Plan provides that the aggregate number of

common shares for which stock options may be granted will not exceed 10 % of the issued and outstanding common shares at the time stock

options are granted.

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 .

NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

(Stated in USD)

6 – SHARE CAPITAL AND OTHER EQUITY INSTRUMENTS

holders of the Company’s common shares are entitled to one vote per share.

Holders of common shares are entitled to ratably receive

such dividends, if any, as may be declared by the board of directors, out of legally available funds.

Upon the liquidation, dissolution,

or winding down of the Company, holders of common shares are entitled to share ratably in all assets of the Company that are legally

available for distribution.

As of March 31, 2024 and December 31, 2023, an unlimited number of common shares were authorized for issuance.

the three months ended March 31, 2024, an aggregate of 5,198,540 warrants were exercised for total proceeds of $ 4,605,458 (CAD $ 6,238,248 ).

There were no warrant exercises during the three months ended March 31, 2023.

Stock Option Plan

Company maintains an Incentive Stock Option Plan (the “Plan”) that permits the granting of stock options as incentive compensation.

purpose of the Plan is to attract, retain, and motivate directors, management, staff, and consultants by providing them with the opportunity,

through stock options, to acquire a proprietary interest in the Company and benefit from its growth.

Plan provides that the aggregate number of common shares for which stock options may be granted will not exceed 10 % of the issued and

outstanding common shares at the time stock options are granted.

As of March 31, 2024, a total of 55,223,113 common shares were outstanding.

As of March 31, 2024, the maximum number of stock options eligible to be issued under the Plan would be 5,522,311 , and net of 4,548,334

options outstanding as of March 31, 2024, there remain 973,977 stock options available to be issued under the Plan.

May 24, 2023, the Company adopted and on June 29, 2023, the shareholders approved a shareholder rights plan, which is designed to ensure

the fair treatment of shareholders in connection with any take-over bid for the Company and to provide the Board of Directors and shareholders

with sufficient time to fully consider any unsolicited takeover bid (the “Shareholder Rights Plan”).

The Shareholder Rights

Plan also provides the Board of Directors with time to pursue, if appropriate, other alternatives to maximize shareholder value in the

event of a takeover bid.

to the terms of the Shareholder Rights Plan subject to a triggering event as defined in the Shareholder Rights Plan and as determined

by the Board of Directors, rights (the “Rights”) will be issued to holders of Common Shares at a rate of one Right for each

Share outstanding.

URANIUM & VANADIUM CORP.

AND SUBSIDIARIES

TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

NOTE 7 – SHARE CAPITAL AND OTHER EQUITY INSTRUMENTS,

Shareholder Rights Plan

On May 24, 2023, the Company adopted and on June

29, 2023, the shareholders approved a shareholder rights plan, which is designed to ensure the fair treatment of shareholders in connection

with any take-over bid for the Company and to provide the Board of Directors and shareholders with sufficient time to fully consider any

unsolicited takeover bid (the “Shareholder Rights Plan”).

The Shareholder Rights Plan also provides the Board of Directors

with time to pursue, if appropriate, other alternatives to maximize shareholder value in the event of a takeover bid.

Pursuant to the terms of the Shareholder Rights

Plan subject to a triggering event as defined in the Shareholder Rights Plan and as determined by the Board of Directors, rights (the

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

NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

(Stated in USD)

6 – SHARE CAPITAL AND OTHER EQUITY INSTRUMENTS, CONTINUED

During the three-months ended March 31, 2024,

the Company issued 22,484 shares of common stock pursuant to the cashless exercise of 41,666 stock options with an exercise

price of $ 0.79 (CAD $ 1.03 ).

Average Exercise Price

Average Contractual Life (Years)

Outstanding – January 1, 2024

Outstanding –September 30, 2023

Exercisable –September 30, 2023

The Company’s stock-based compensation expense

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

Outstanding – March

Exercisable – March

were no stock option granted during the three months ended March 31, 2024.

Company’s stock-based compensation expense related to stock options for the three months ended March 31, 2024 was $ 516,515 , of

which $ 143,946 and $ 372,569 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, 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

TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

NOTE 7 – SHARE CAPITAL AND OTHER EQUITY INSTRUMENTS,

related to stock options for the three months ended March 31, 2023 was $ 252,742 , of which $ 41,330 and $ 211,412 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.

As of March 31, 2024, there was approximately $ 485,853 of unrecognized share-based compensation

for unvested stock option grants, which is expected to be recognized over a weighted average period of 0.59 years.

Average Exercise Price

Average Contractual Life (Years)

Outstanding – January 1, 2024

( 5,198,540 )

Expired/Forfeited

Outstanding –September 30, 2023

Exercisable – September 30, 2023

Outstanding – March

Exercisable – March

WESTERN URANIUM &

VANADIUM CORP.

AND SUBSIDIARIES

NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

(Stated in USD)

7 – Mining Expenditures

For the Three Months Ended

September 30,

For the Nine Months Ended

September 30,

the Three Months Ended

Labor and related benefits

Total mining expenses

February 2024, PRM entered into a joint venture agreement with Rimrock Exploration and Development Inc.

(“Rimrock”) to explore,

develop and mine (the “Mining Operations”) certain uranium and vanadium permitted mines and mining claims located in Colorado

and owned by Rimrock (the “JV”).

Pursuant to the terms of the JV, Rimrock will contribute certain assets into the JV and

PRM will contribute $ 200,000 (the “Initial Contribution”) to be used to fund the Mining Operations.

Thereafter, each party

will own a 50 % interest in the assets of the JV.

During the initial phase of the JV, Rimrock will be the operator and the permits and

licenses for the operator will remain in the name of Rimrock.

The JV intends to sell the mined material to the Company under terms to

be determined.

During the term of the JV, PRM will pay the costs of the Mining Operations and will be entitled to recover 50 % of such

costs subsequent to the contribution of the full amount of the Initial Contribution.

The JV will fund the recovery payments to be made

to PRM from the proceeds of the sale of mined material.

On February 20, 2024, PRM funded $ 50,000 of the Initial Contribution, which was

expensed to mining expenditures within the condensed interim consolidated statements of operations and other comprehensive loss and reflected

within mining cost in the table above.

Subsequently on April 11, 2024, PRM funded an additional $ 53,931 to the JV.

8 – Related Party Transactions AND BALANCES

The Company has transacted with related parties

pursuant to service arrangements in the ordinary course of business, as follows:

Prior to the acquisition of Black Range, Mr.

Glasier, the Company’s CEO, who is also a director (“Seller”), transferred his interest in a former joint venture with

Ablation Technologies, LLC to Black Range.

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 $321,399 as of September 30, 2023) to Seller within 60 days of the first commercial

application of the kinetic separation technology.

Western assumed this contingent payment obligation in connection with the acquisition

of Black Range.

At the date of the acquisition of Black Range, this contingent obligation was determined to be probable.

Since the deferred

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 $ 321,299 and $ 340,252 as of September 30, 2023 and December 31, 2022, respectively.

The Company has multiple lease arrangements with

Silver Hawk Ltd., an entity which is owned by George Glasier and his wife Kathleen Glasier.

These leases, which are all on a month-to-month

basis, are for the Company’s rental of office, workshop, warehouse and employee housing facilities.

The Company incurred rent expense

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

Company has transacted with related parties pursuant to service arrangements in the ordinary course of business, as follows:

to the acquisition of Black Range, Mr.

George Glasier, the Company’s CEO, who is also a director of the Company (“Seller”),

transferred his interest in a former joint venture with Ablation Technologies, LLC to Black Range.

In connection with the transfer, Black

Range issued 25 million shares of Black Range common stock to Seller and committed to pay $ 325,800 (AUD $ 500,000 ) to Seller within 60

days of the first commercial application of the Kinetic Separation technology.

The Company assumed this contingent payment obligation

in connection with the acquisition of Black Range.

At the date of the acquisition of Black Range, this contingent obligation was determined

to be probable.

Since the deferred 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 $ 325,800 and $ 340,650 as of March 31, 2024 and December

31, 2023, respectively.

Company has multiple lease arrangements with Silver Hawk Ltd., an entity which is owned by George Glasier and his wife Kathleen Glasier.

These leases, which are all on a month-to-month basis, are for the rental of office, workshop, warehouse and employee housing facilities.

The Company incurred rent expense of $ 23,525 and $ 17,925 in connection with these arrangements for the three months ended March 31, 2024

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

payable and accrued liabilities.

Company is obligated to pay Mr.

Glasier for reimbursable expenses in the amount of $ 15,482 and $ 84,040 , included within accounts payable

and accrued liabilities, as of March 31, 2024 and December 31, 2023, respectively.

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