What changed in this filing

/stocks — the workspaceLOADING

Item 2. Properties

2025-04-15 compared with 2024-04-16 · 241 added, 350 removed, 699 unchanged (46% of the section changed)

Company headquarters is maintained through a lease

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

Company headquarters is maintained at 5 Church

Street, Toronto, Ontario, Canada M5E 1M2.

An operations facility is rented at 31617 Hwy

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Bullen Property (Weld County)

Maverick Minerals Processing Plant (located within four miles

of “2” location on Map)

Maverick Minerals Mill Site (Emery County)

Mustang Mineral Mill Site (Montrose County)

Western Uranium & Vanadium Corp is engaged

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can be economically extracted as originally planned and anticipated.

The Company’s mining properties acquired

on August 18, 2014 that the Company retains as of December 31, 2022, include:

Uranium Project located in Emery County, Utah

Mine Complex located in western San Miguel County, Colorado

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

the Company retains as of December 31, 2024, include:

San Rafael Uranium Project located in Emery County, Utah

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

The Van 4 Mine located in western Montrose County, Colorado

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Dunn Project located in San Juan County, Utah.

The Company’s mining properties acquired

on September 16, 2015 that the Company retains as of December 31, 2022, include:

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

Uranium project acreage located in Weld County, Colorado

Haggerty located in Carbon County, Wyoming

The Company has

a 100% interest in all of these properties except for the Hansen/Taylor Ranch, of which the company owns 49%.

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

that the Company retains as of December 31, 2024, include:

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

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

● Ferris Haggerty located in Carbon County, Wyoming

The Company has a 100% interest in the Hansen/Taylor

Ranch Project properties that it has elected to retain.

Although we have established the existence of

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

Mines Complex

Sunday Mines Complex

The Sunday Mine Complex

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

During 2019, a mine re-opening

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

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

Each of the five associated mining permits

are in Temporary Cessation status.

GMG, Sunshine, and Patsun claims

(totaling twenty claims in the northeast portion of the property) carry a 12.5% royalty on all ore produced.

During 2019, Western restarted

these mines and after pausing for COVID-19, these mines have reengaged in active mining operations.

Claims for the Sunday

Mine Complex carry a 1.0% royalty on all ore produced, also, in addition, the GMG, Sunshine, and Patsun claims (totaling twenty

claims in the northeast portion of the property) carry a 12.5% royalty on all ore produced.

Accessibility

The property is best

accessed from Colorado.

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

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

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

The property is

best accessed from Colorado.

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

the 141/145 Highway junction, then about 22.4 mi (36 km) south on Hwy 141, then about 6.2 mi (10 km) northwest on County Road 20R

(Gypsum Valley Road).

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

the worst weather.

The Sunday Mine Complex

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

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

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

1960’s, Union Carbide Corporation (UCC) 1970’s-1980’s, Atlas Minerals (1980’s), Energy Fuels Nuclear (early 1990’s),

International Uranium Corp.

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

The documents

are incomplete as so this list may be as well.

or parts of the property prior to WUC acquisition of the Sunday Mine Complex Uranium (“SMC”) in April 2014:

Matterhorn Mining

(1950’s-1960’s, Climax Uranium 1960’s, Union Carbide Corporation (UCC) 1970’s-1980’s, Atlas Minerals (1980’s),

Energy Fuels Nuclear (early 1990’s), International Uranium Corp.

(1990’s-2000’s), Denison Mines (USA) (2000’s),

and Energy Fuels (2010’s).

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

Since UCC days, the ownership has been clear.

In 1983 Union Carbide transferred its mineral

interests to UMETCO, a wholly-owned subsidiary.

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

ownership was UMETCO at the time.

In 1983 Union Carbide transferred its mineral interests to UMETCO, a wholly-owned subsidiary.

For the sake of consistency, the name Union

Carbide will be used even if technically the ownership was UMETCO at the time.

Records made available

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Project Geology

Geologically, the main hosts for uranium-vanadium

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

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

of the Morrison Formation.

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

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

Geologically,

the main hosts for uranium-vanadium mineralization in the Sunday Mine Complex are fluvial sandstone beds assigned to the upper part of

the Salt Wash Member of the Jurassic Morrison Formation, with minor production coming from conglomeratic sandstones assigned to the lower

portion of the Brushy Basin Member of the Morrison Formation.

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

production coming from the Salt Wash Member.

Beds generally strike NW-SE and dip SW, with some exceptions within fault bounded blocks

adjacent to Big Gypsum Valley.

Restoration and Reclamation

Each of the mines

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

The mines and their permitted acres and

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

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

are permitted separately with the DRMS.

The mines and their permitted acres and financial warranties are, from east to west, the Sunday (60

acres, $330,242), Carnation (9.8 acres, $40,245), Saint Jude (9.8 acres, $69,828), West Sunday (12.1 acres, $85,036), and Topaz

(30 acres, $110,792).

Permitting Status

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Plan is in effect.

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

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

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

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trucks may be used for ore haulage to the mill.

On February 4, 2020, the Colorado DRMS sent a

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

At issue is the application of an

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

and regulations.

The Company maintains that it was timely in meeting

existing rules and regulations.

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

In a unanimous

vote, the MLRB approved temporary cessation status for each of the five Sunday Mine Complex permits (Sunday, West Sunday, St.

Jude, Carnation,

On October 9, 2020, the MLRB issued a board order which finalized the findings of the July 22, 2020 permit hearing.

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.

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

On May 5, 2021, the Plaintiff in the Topaz

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

decisions on the Topaz Mine permit.

The MLRB and the Company were to respond with an answer brief within 35 days on or before June 9,

2021, but instead sought a settlement.

The judicial review process was delayed as extensions were put in place until August 20, 2021.

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

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.

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

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

The Company has been working toward the completion of an updated Topaz

Mine Plan of Operations (“Topaz Mine Plan”), which is a separate federal requirement of the U.S.

Bureau of Land Management

(“BLM”) for the conduct of mining activities on the federal land at the Topaz Mine.

This is a prerequisite to re-permit the

Topaz Mine with Colorado’s DRMS.

In connection with the Topaz Mine Plan, an environmental assessment was prepared by an outside

consultant and submitted to the BLM on June 24, 2024.

The BLM issued a letter to the Company on August 2, 2024 advising that the application

for the Topaz Mine Plan had run past the allowed evaluation period and was cancelled.

Pursuant to the Fiscal Responsibility Act of 2023,

the Company has a one year time limit for BLM reviews.

Under the transitional rules, the Topaz project was not eligible for an extension

due to its duration.

However, the project can be resubmitted and be picked up where it was left off.

The re-scoping process will need

to be repeated to start the one year time clock.

Consultants are conducting new work toward gathering additional inputs for the BLM resubmission,

but have not yet restarted the BLM clock by making an amended submission.

Major permits currently in place at the Sunday Complex include:

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Holding cost $24,090 due to BLM for claim maintenance fees prior to September 1 each year.

During 2024, the Company conducted work to make

the San Rafael Uranium Project its second mining production center.

Western has acquired an exploration permit which will allow the installation

of monitor wells as a next step.

Accessibility

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Restoration and Reclamation

All exploration permits have been terminated and

all bonds released.

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

A large area has been surveyed for cultural and paleontological

resources which would expedite future exploration permits.

No mine permitting activities have yet occurred.

A financial warranty is posted with the State

of Utah Division of Oil, Gas and Mining for the amount of $61,403 (2 acres).

Permitting Status

All exploration permits have been terminated and

all bonds released.

related bonding released.

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

A large area has been surveyed for cultural and paleontological

resources which would expedite future exploration permits.

A large area has been surveyed for cultural

and paleontological resources which would expedite future exploration permits.

No mine permitting activities have yet occurred.

Although the mine is permitted (E/015/0293) and

bonded ($61,403) for exploration, it is not permitted for mining.

Existing permits include:

Exploration permit.

On July 1, 2014 PRM concluded a deal with EFR

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south end of the Uravan Mineral Belt.

The 94 unpatented claims are

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

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

SLPM, San Juan County, Utah and sections 25 and 26, T43N, R20W, NMPM, and sections 19, 29, 30, 31, and 32, T43N, R19W, NMPM San

Miguel County, Colorado.

Holding cost is $14,370 due to BLM for claim maintenance fees prior to September

The property has access to grid power, however, no source of industrial water has yet been identified.

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

Exploration and mining

plans have not been prepared for the project.

Western Uranium & Vanadium Corp.

has not yet undertaken any development work at

the property.

The 94 unpatented claims are located

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

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

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

cost is $15,510 due to BLM for claim maintenance fees prior to September 1 each year.

The property has access to grid power,

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

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

in nature with no identified reserves.

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

Western Uranium & Vanadium

is currently evaluating conducting rehabilitation at the mine and is pursuing the next steps required.

Western Uranium & Vanadium

Corp has not yet undertaken any development work at the property.

Accessibility

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(a total of 62 miles away).

The property includes the historic producing Sage

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

and 70 million lbs.

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

Salt Wash Member of the Morrison Formation.

The property includes the historic producing Sage Mine and boarders

the famous Deremo Mine and the Calliham Mine (combined historic production of over 8 million lbs of U3O8 and 70 million lbs of

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

WUC is in possession of historic mine and drill

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Restoration and Reclamation

A financial warrant is posted with the Colorado

A financial warranty is posted with the Colorado

Mined Land Reclamation Board for the amount of $40,124.

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Power and water sources have not yet been assessed.

A prior owner of the Van 4 Mine had been granted

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

to expire June 23, 2017.

A prior owner of the Company’s Van 4 Mine

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

which was set to expire June 23, 2017.

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

PRM subsequently

participated in a public process which culminated in a hearing on July 26, 2017.

Prior to the hearing, three non-profit organizations

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

The MLRB board members voted to grant a

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

PRM subsequently participated in a public process which culminated in a hearing on July 26, 2017.

Prior to the hearing, three non-profit

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

The MLRB board members voted

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

Thereafter, the three objecting parties filed a lawsuit on September

The MLRB was named as the defendant and PRM was named as a party to the case due to the Colorado law requirement that any lawsuit filed

after a hearing must include all of the parties in the proceeding.

The plaintiff organizations are seeking for the court to set aside

the board order granting a second five-year Temporary Cessation period to PRM for the Van 4 Mine.

The MLRB was named as the defendant and PRM was named as a party to the case due to the Colorado law requirement that any lawsuit

filed after a hearing must include all of the parties in the proceeding.

The plaintiff organizations are seeking for the court to set

aside the board order granting a second five-year Temporary Cessation period to PRM for the Van 4 Mine.

The Colorado state Attorney General

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The Plaintiffs appealed this ruling to the Colorado Court of Appeals

and on July 25, 2019 the ruling was reversed, ruling that the additional five-year temporary cessation period should not have been granted.

The MLRB and the Colorado Attorney General advised

Western that it will not make an additional appeal of the ruling.

Further, the time period for an appeal has passed.

The Judge has subsequently

issued an instruction for the MLRB to issue an order revoking the permit and putting the Van 4 Mine into reclamation.

On January 22, 2020,

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

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

The Company commenced reclamation of the Van

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

The reclamation cost

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

Our mining operations team has made significant progress

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

and on July 25, 2019 the ruling was reversed, whereby the additional five-year temporary cessation period should not have been granted.

Thereafter, the MLRB and the Colorado Attorney General advised Western that it will not make an additional appeal of the ruling.

the time period for an appeal has passed.

The Judge has subsequently issued an instruction for the MLRB to issue an order revoking the

permit and putting the Van 4 Mine into reclamation.

On January 22, 2020, the MLRB held a hearing and afterward on March 2, 2020, the MLRB

issued an order vacating the Van 4 Temporary Cessation, terminating mining operations and ordering commencement of final reclamation.

The Company has five years to complete the reclamation of the Van 4 Mine.

The reclamation commenced in the spring of 2020 and is fully

covered by the reclamation bonds posted upon acquisition of the property.

Western’s Operations team has completed the last of the

reclamation work prior to the reclamation deadline.

The Company expects that CDRMS will complete another inspection by Q2 of 2025, after

which the Company expects the reclamation bond to be released.

Accessibility

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

Hansen/Taylor

Hansen/Taylor Ranch

Within the Project area, Black Range has mining

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- 1 x State Mineral Lease (UR3324)

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

Picnic Tree Deposits

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

- 108 Federal unpatented mining claims

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water sources have not yet been formally assessed.

Notably a portion of the Hansen/Taylor deposit

was in dispute during 2017.

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

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

company (“STB”).

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

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

If the Company were to

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

immediately upon exercise;

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

and (c) issue

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

The Option and Exploration Agreement

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

The Option and Exploration Agreement provided

an extension for an “event of force majeure”.

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

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

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

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

STB has contested the Company’s

finding that an event of force majeure has occurred.

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

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

Prior to the commencement of arbitration, a settlement

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

As consideration, the Company

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

the removal of the force majeure clause from the agreement.

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

refusal to match any bona fide written offer.

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

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

Further the Company believes

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

financials related to this matter.

Prior to July 28, 2019, the Company decided not

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

thus the option has expired unexercised.

The Company owned 49% of the resource property

and had an option to purchase the remaining 51% of the resource property that the Company did not already own.

In 2019 Western did not

exercise the option and the option expired unexercised.

Currently, Western still retains 49% of the resource land package.

Accessibility

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

In 1993, Cyprus sold their Tallahassee Creek holdings

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

The Taylors were not able to make the final payment

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

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

while reserving a 49% interest in the minerals.

In 1993, Cyprus sold their Tallahassee Creek

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

The Taylors were not able to make the

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

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

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

This part of Cyprus’ prior holdings was

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Project Geology

The deposits that make up the Project are

tabular sandstone deposits associated with redox interfaces.

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

conglomerates within an extinct braided stream, fluvial system or palaeochannel.

Mineralisation occurred post sediment deposition

when oxygenated uraniferous groundwater moving through the host rocks came into contact with redox interfaces, the resultant

chemical change caused the precipitation of uranium oxides.

The most common cause of redox interfaces is the presence of

carbonaceous material that was deposited simultaneously with the host sediments.

In parts of the Project the palaeochannel has been

covered by Tertiary volcanic rocks and throughout the Project basement consists of Pre-Cambrian plutonics and metamorphic rocks.

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

The deposits that make up the Project are tabular sandstone deposits

associated with redox interfaces.

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

braided stream, fluvial system or palaeochannel.

Mineralization occurred post sediment deposition when oxygenated uraniferous groundwater

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

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

host sediments.

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

consists of Pre-Cambrian plutonics and metamorphic rocks.

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

Restoration and Reclamation

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

Property (Weld County)

Bullen Property (Weld County)

The Bullen Property is a private land parcel located

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roads year-round.

The Bullen Property is an oil and gas property

located in Weld County Colorado.

The Company acquired this non-core property in 2015 in the Black Range Minerals Limited acquisition.

The Bullen Property is an oil and gas

property located in Weld County Colorado.

The Company acquired this non-core property in 2015 in the Black Range Minerals Limited

Black Range purchased the property in 2008 for its Keota Uranium Project.

This project ran from 2008 to 2013, and at its peak there were

five strategic interests which comprised approximately 3,300 acres in the Keota Uranium District.

After the project ceased, the Bullen

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

This project ran from 2008 to 2013, and at

its peak there were five strategic interests which comprised approximately 3,300 acres in the Keota Uranium District.

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

In 2017, the Company signed a three year oil and

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

Minerals Processing Plant

The Maverick Minerals Processing Plant, the “Mill”,

is to be constructed on private land consisting of three parcels located in Emery County Utah.

The Mill is expected to be designed and

constructed to recover uranium, vanadium and cobalt from materials mined both from properties owned by Western and from other producers.

The Mill, when constructed, will utilize the latest processing technology, including Western’s patented Kinetic Separation process.

These technology advancements will result in lower capital and processing costs.

Mine development and production have already commenced

at Western’s Sunday Mine Complex, in which the uranium bearing materials are expected to provide feed material to the Mill.

Mill is also designed to recover cobalt, a metal essential in battery technology and electric vehicles.

Maverick Minerals Mill Site (Emery County, Utah)

The Maverick Minerals Mill Site land package was assembled through

the purchase of three parcels on which to permit and construct mineral processing facilities.

Engineering and design work, as well as

site testing, was performed during 2024.

In October 2024, Western acquired a second site (please see discussion of Mustang site below),

which was larger, located closer to the Company’s Sunday Mine Complex and was a more advanced site for the permitting and construction

of the Company’s initial mineral processing mill.

The Maverick Minerals Mill Site is in close proximity to Western’s San Rafael

Accessibility

The Mill site is accessible by Utah public roads

The Mill site is owned by Western.

The Maverick Minerals Mill Site is accessible

by Utah public roads year round.

The Maverick Minerals Mill Site is owned by Western.

Permitting Status

Western is pursuing permitting for the Mill.

The land for the Mill was acquired during 2023.

During 2023 site preparation commenced.

Western has collected certain environmental testing

data to be utilized in connection with a future permit application.

Baseline data collection was paused prior to commencing monitor well

installation.

Western is currently evaluating next steps and timing for this site.

The Maverick Minerals Mill Site acquisition was

completed in 2023.

Planned Operations and Maintenance

The Mill is not yet constructed.

Subsequent to the acquisition of the Mustang Mineral

Mill Site, Western is evaluating the next steps for this site.

Environmental Matters

Environmental matters are being incorporated into

the planning and permitting process for the Mill.

The Maverick Minerals Mill Site consists principally of an undeveloped

parcel of land.

There are no known environmental matters to report.

Total Cost of Project

Western is expecting the Mill to be constructed at a cost of approximately

Preliminary engineering design and cost estimate work is underway.

Western is currently evaluating the expected use

for this site and the related costs that will be incurred.

The Company’s Planned Work

The Company’s planned work is principally

in connection with obtaining permitting for the Mill facility, including Kinetic Separation.

Ferris Haggerty

No leases or land use remain.

There are no near term plans for operations at

Mustang Mineral Mill Site (Montrose County, Colorado)

The Mustang Mineral Mill Site is an 880 acre parcel of land located

in Montrose County, Colorado, situated approximately 50 road miles from Western’s Sunday Mine Complex.

This is the second site acquired

by Western for the permitting, development and construction of a mineral processing facility.

The Mustang Mineral Mill site was purchased

in October 2024, where a uranium processing mill was previously licensed, but never constructed.

Western expects to benefit from the prior

site owner’s completion of all phases of licensing and permitting of its mill project.

Western’s mill is expected to have

a cost of approximately $75 million and is planned to start up in 2029.

When purchased, the Mustang Mineral Mill Site included certain

infrastructure already in place, including nine monitoring wells and three production wells, meteorological data towers, electric power

access and initial power infrastructure, paved roads and gravel roads.

The 880 acre site provides abundant space for tailings disposal

to support 40 years of continuous mill operations.

Accessibility

The reclamation project is accessible 4 to 6 months

out of the year due to snow and closed access.

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

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

Follow 4 wheel drive route 412 (Continental

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

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

approximately 1.5 miles until you are at the property.

The Ferris-Haggerty Mine Site was one

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

The site was first exploited

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

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

The partners sold an interest to Willis

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

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

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

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

By 1904 the mine had produced $1.4

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

However, even with copper prices peaking in 1907, the company

had difficulty making a profit from the remove mine site.

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

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

Business disputes and a fall in copper prices prevented re-opening

of the mine even after it was rebuilt.

Machinery was salvaged after a foreclosure in 1913.

A total of $2 million in copper

ore was extracted from the mine during its life.

Project Geology

The Deposit is a tabular injection of

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

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

Mineralization at

the Ferris-Haggarty mine consists of disseminated pyrite and chalcopyrite grains that occur along bedding planes of the host

However, the massive ore body mined at the Ferris-Haggarty was described by Spencer (1904) to lie along quartzite-Schist

contacts and to cross cut foliation.

Based on the historic description, the ore may have been remobilized from the host quartzite

during regional metamorphism and emplaced along the quartzite-schist contact by way of permeable fractures.

The impermeable hanging

wall schist may have formed a natural barrier to the ore solutions and produced an unusually rich ore body.

Restoration and Reclamation

Grass must grow on the drill pad disturbance areas

from drilling which took place in 2007.

These drill pads are located at 10,000 feet above sea level on the north face of a mountain on

the Continental Divide.

During the first quarter of 2021, the Company

received notice that its Ferris Haggerty property was no longer considered to be subject to reclamation treatment.

On April 29, 2021,

the Company moved the Ferris Haggerty $10,000 restricted cash deposit into its cash after receiving payment from the state of Wyoming.

The site is accessible by public roads year around.

The site is owned by Western.

Permitting Status

Western has started permitting for the Mustang Mineral Mill Plant and

the site was previously permitted for a uranium mill that was never constructed.

The site was acquired during 2024.

The mill is under development by the Western team.

However, under a prior owner it was fully licensed and thus provides leverage from past expenditures unique to this specific site supporting

the permitting process.

The Colorado Department of Public Health and Environment (CDPHE) has issued a license for this facility twice,

underscoring the site’s compliance with stringent regulatory requirements.

Environmental Matters

The land was previously used for grazing

A Cultural Study was conducted previously and it was determined that the facility will not affect properties of religious or cultural

significance to any Indian tribe.

There are no residual environmental issues.

Total Cost of Project

Western is expecting the mill to be constructed at a cost of approximately

Preliminary engineering designs from the Maverick Mill are applicable as well as engineering and licensing application work

completed on this same site for the Pinon Ridge Mill.

The Company’s Planned Work

The Company’s plans are to develop and license

a uranium and vanadium processing facility to process production from its resources in Colorado in addition to those in Utah.

INFRASTRUCTURE

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of these tests have not yet been validated by a qualified person.

During 2016, the Company submitted documentation

to the Colorado Department of Public Health and Environment (“CDPHE”) for a determination ruling regarding the type of license

which may be required for the application of Kinetic Separation at the Sunday Mine Complex within the state of Colorado.

During May and

June of 2016, CDPHE held four public meetings in several cities in Colorado as part of the process.

On July 22, 2016 CDPHE closed the

comment period.

In connection with this matter, the CDPHE consulted with the NRC.

In response, the CDPHE received an advisory opinion

dated October 16, 2016, which did not contain support for the NRC’s opinion and with which the Company’s regulatory counsel

does not agree.

NRC’s advisory opinion recommended that Kinetic Separation should be regulated as a milling operation but did recognize

that there may be exemptions to certain milling regulatory requirements because of the benign nature of the non-uranium bearing sands

produced after Kinetic Separation is completed on uranium-bearing ores.

On December 1, 2016, the CDPHE issued a determination that the

proposed Kinetic Separation operations at the Sunday Mine must be regulated by the CDPHE through a milling license.

Beginning in 2017

the Company’s regulatory counsel has prepared significant documentation in preparation for a prospective submission.

13, 2019, the Company’s regulatory counsel submitted a whitepaper to the NRC entitled “Recommendations on the Proper Legal

and Policy Interpretation for Using Kinetic Separation Processes at Uranium Mine Sites.” On July 24, 2020, the NRC staff responded

with a letter in support of the original conclusion.

Western’s regulatory counsel has proposed alternatives.

However, management

has decided not to proceed at this time, given its present opportunity set.

On December 1, 2016 a determination was made by

the CDPHE considering the NRC Advisory Opinion, the Colorado public meeting process, and the CDPHE regulatory and evaluation framework.

This determination stated that the proposed Kinetic Separation operations at the Sunday Mine by Black Range Minerals must be regulated

by the CDPHE through a milling license.

Previously, the Company was unable to deploy Kinetic Separation as it was without a regulatory

framework, but as a result of this determination the Company is now able to deploy Kinetic Separation under a milling license.

milling license that Western is currently seeking will likely incorporate Kinetic Separation via an amendment to the initial license –

as Western’s current plan is to submit a licensing application that is substantially identical to the application used previously

for the Pinon Ridge Mill (which did not include the Company’s Kinetic Separation technology).

The Company holds mineral properties as outlined

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in an arm’s length transaction.

The mining assets include both owned and leased land in the states

of Utah and Colorado.

The mining assets include both owned and leased land in the

states of Utah and Colorado.

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

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

The Company’s mining properties

acquired on August 18, 2014 which the Company still retains as of December 31, 2023, include the San Rafael Uranium Project located

in Emery County, Utah;

Western has a 1% royalty obligation

on the market value of the recovered uranium and vanadium owed to the previous property owner.

The Company’s mining properties acquired

on August 18, 2014 which the Company still retains as of December 31, 2023, include the San Rafael Uranium Project located in Emery County,

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 project located in San Juan County, Utah;

and the Dunn project located in San Juan and San

Miguel counties, Colorado.

and the Dunn project located in San Juan and San Miguel counties, Colorado.

Black Range Properties

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The Company also acquired Keota located in Weld County, Wyoming.

In connection with the Black Range Transaction,

Western assumed a mortgage secured by land, building and improvements at 1450 North 7 Mile Road, Casper, Wyoming, with interest payable

at 8.00% and payable in monthly payments of $11,085 with the final balance of $1,044,015 due as a balloon payment on January 16, 2016.

The Company did not pay the mortgage on its due date.

On May 26, 2016, the Company executed agreements with the mortgage holder whereby

in an equal exchange the mortgage was exchanged for the land, building and improvements on which it was secured, pursuant to which no

further financial consideration is required.

During the second quarter of 2016, the Company

initiated actions to cancel its coal mining leases in Alaska.

In connection therewith, the Company notified the state of Alaska of its

intent to forfeit the posted bond in satisfaction of the reclamation liabilities at the site.

In response to the Company’s notification,

the Company received notification that the state of Alaska was initiating forfeiture of the Company’s performance bond for reclamation.

However, the notice indicated an additional surety bond of $150,000 in excess of the $210,500 cash bond, which had been posted by the

Company upon purchase of the property.

The Company and its advisors do not believe that it is obligated for this additional amount of

claimed reclamation obligation.

The Company is working with its legal counsel and the State of Alaska to resolve this matter.

has not recorded an additional $150,000 obligation as the Company does not expect, based on the advice of legal counsel, to be obligated

to an amount greater than that presently reflected in the reclamation liability.

During the year ended December 31, 2016, the Company

adjusted the fair value of its reclamation obligation and for the Alaska mine, accreted $183,510 to bring its reclamation liability to

The portion of the reclamation liability related to the Alaska mine, and its related restricted cash are included in current

liabilities, and current assets, respectively, at a value of $215,976 and $215,976.

On January 20, 2017, the State of Alaska notified

the Company that its reclamation bond had been forfeited to be used to satisfy the reclamation obligation.

However, no amount had yet

been determined in respect to the final cost of the reclamation obligation.

As the properties are not in production, they

3 unchanged sentences

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

What changed 10-K

Item 2. Properties