What changed in this filing

/stocks — the workspaceLOADING

Item 2. Management’s Discussion and Analysis

2025-11-14 compared with 2025-08-14 · 384 added, 268 removed, 540 unchanged (55% of the section changed)

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statements, but the absence of these words does not mean that a statement is not forward-looking.

The forward-looking statements contained

or incorporated by reference in this quarterly report are based on our current expectations and beliefs concerning future developments

and their potential effects on us and speak only as of the date of each such statement.

There can be no assurance that future developments

affecting us will be those that we have anticipated.

These forward-looking statements involve a number of risks, uncertainties (some of

which are beyond our control) or other assumptions that may cause actual results or performance to be materially different from those

expressed or implied by these forward-looking statements.

These risks and uncertainties include, but are not limited to, those factors

described in this Item 2 of Part I and Item 1A of Part II of this quarterly report.

Should one or more of these risks or uncertainties

materialize, or should any of our assumptions prove incorrect, actual results may vary in material respects from those projected in these

forward-looking statements.

We undertake no obligation to update or revise any forward-looking statements, whether as a result of new

information, future events or otherwise, except as may be required under applicable securities laws.

The forward-looking statements contained or incorporated

by reference in this quarterly report are based on our current expectations and beliefs concerning future developments and their potential

effects on us and speak only as of the date of each such statement.

There can be no assurance that future developments affecting us will

be those that we have anticipated.

These forward-looking statements involve a number of risks, uncertainties (some of which are beyond

our control) or other assumptions that may cause actual results or performance to be materially different from those expressed or implied

by these forward-looking statements.

These risks and uncertainties include, but are not limited to, those factors described in this Item

2 of Part I and Item 1A of Part II of this quarterly report.

Should one or more of these risks or uncertainties materialize, or should

any of our assumptions prove incorrect, actual results may vary in material respects from those projected in these forward-looking statements.

We undertake no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or

otherwise, except as may be required under applicable securities laws.

The following discussion should be read in conjunction

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and are currently valid.

In addition, each of the mines has good access to a paved highway, electric power to existing declines, office/storage/shop

and change buildings, and an extensive underground haulage development with several vent shafts complete with exhaust fans.

Mine Complex is the Company’s core resource property and in July 2021 was assigned “Active” status when mining operations

were restarted.

Notably, for the Topaz Mine, which at the present time is permitted and is scheduled for reclamation, the process

is underway for it to be re-permitted.

In addition, each of the mines has good access to a paved highway, electric power to existing declines,

office/storage/shop and change buildings, and an extensive underground haulage development with several vent shafts complete with exhaust

The Sunday Mine Complex is the Company’s core resource property and in July 2021 was assigned “Active” status

when mining operations were restarted.

On September 16, 2015, Western completed its acquisition

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Uranium Markets and Western Strategy

The uranium term price has remained highly stable

since August 2024 when it first reached $80/lb;

it finished July 2025 at $81/lb.

The uranium spot market has experienced more volatility,

peaking at $106/lb in January 2024, and declining into a 2025 trading range of $64/lb to $78/lb.

In 2024, Western responded to favorable

market conditions by aggressively ramping up operations and expanding production capacity primarily at its 100% owned Sunday Mine Complex.

While uranium spot prices weakened late in the year, we had anticipated a recovery in 2025, supported by the U.S.

ban on Russian uranium

(effective 2028) and the Trump administration’s strong backing of nuclear energy and domestic mining.

The Company’s interpretation

of market signals was that uranium markets would stabilize at replacement price levels.

However, given recent turbulence in global commodity

and financial markets, along with geopolitical uncertainties, we have shifted to a more conservative stance, increasingly focusing on

cost control and strategic discipline.

This conservative approach has been adopted to reduce

operational spending in the near-term.

Between July 2024 and August 2025, the uranium

term price was in the $80.00 to $81.50 range until its rise to $83/lb in September 2025 and $85/lb in October 2025.

The uranium spot market

has experienced more volatility, peaking at $106/lb in January 2024, and declining into a 2025 trading range of $64/lb to $78/lb through

In September 2025 and October 2025 spot prices rallied above $80/lb, before declining back into the 2025 trading range in

November 2025.

The recent rally was ignited in mid-September by President Trump and DOE Secretary Wright touting U.S.

nuclear power and

domestic fuel cycle, which rallied uranium equity markets.

In 2024, Western responded to favorable market conditions by aggressively

ramping up operations and expanding production capacity primarily at its 100% owned Sunday Mine Complex.

While uranium spot prices weakened

late in 2024, we had anticipated a recovery in 2025, supported by the U.S.

ban on Russian uranium (effective 2028) and the Trump administration’s

strong backing of nuclear energy and domestic mining.

The Company’s interpretation of market signals was that uranium markets would

stabilize at replacement price levels.

However, given recent turbulence in global commodity and financial markets, along with geopolitical

uncertainties, we have shifted to a more conservative stance, increasingly focusing on cost control and strategic discipline.

to observe capital market volatility fueled by political and trade uncertainties related to the ongoing tariff situation initiated by

the current US Administration and the U.S.

government shutdown.

This conservative approach has been adopted to

reduce operational spending in the near-term.

The intent is to focus on the initiatives that bring long-term value to the Company:

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and sustainable recovery in uranium markets.

Uranium Ridge Project

On October 8, 2025, Western, through its wholly

owned subsidiary, PRM, closed on the acquisition of a package of unpatented mineral lode claims (the “Claims”).

paid $250,000 for the acquisition, securing a 50% ownership interest in the area covered by historic drilling.

The Claims encompass a

drilled-out uranium-vanadium deposit situated on ~240 acres that is located on BLM land in Montrose County, Colorado.

As part of the acquisition

strategy, Western has also staked additional claims surrounding the property, adding 500 acres with significant exploration potential

to expand the historical resource.

The Company has named this resource property the Uranium Ridge Project (“Uranium Ridge”),

which is a combination of the acquired claims and the newly staked claims.

The 50% of mineral claims that are not owned by PRM continue

to be owned by Mr.

George Glasier, the Company’s CEO.

Glasier has indicated his willingness to make his personal interest available

to the Company on appropriate terms if the Company deems it to be desirable.

Uranium Ridge is located in close proximity to Western’s

proposed Mustang mineral processing plant site, which is being advanced as a key regional processing hub.

By securing nearby resources,

Western expects to reduce haulage costs, streamline logistics, and capture significant processing efficiencies, directly translating into

increased value for shareholders.

After the completion of the drill program at the Van 4, Uranium Ridge is targeted for a similar confirmation

and exploration drill program.

The objectives are to confirm the historic drilled-out resources and expand the resource to the peripheral

newly added 500 acres of claims acquired by staking.

Ore Purchase Agreement

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PRM shall make deliveries at its own cost and the purchase price per ton will be based upon the average grade of uranium

within each lot, and other qualifying conditions.

Within 30 days after each lot is closed, the Purchaser shall pay to PRM an 85% provisional

payment calculated based upon the sampled grade and an agreed upon pricing schedule.

Within 30 days after each lot is fed to processing,

the Purchaser shall pay to PRM a final settlement payment calculated based upon the assayed grade and the agreed upon pricing schedule,

net of a royalty, pursuant to a previously existing royalty agreement with the Purchaser.

During April and May 2025, the Company focused

on the operational preparations required to commence ore deliveries.

During this period, an additional ore pad was constructed, equipment

and vehicles were prepared and new equipment was purchased.

Additionally, in preparation for transport, significant quantities from the

underground stockpiles have been hauled to the Sunday Mine Complex ore pads.

In mid-June, Western began delivering mined material from

the Sunday Mine Complex to the White Mesa Mill.

During June and July, approximately 792 tons were delivered under the Ore Purchase Agreement.

The first ore lot is expected to close in August, with provisional payment anticipated within 30 days thereafter.

Most of the uranium-bearing

feedstock originated from historically stockpiled material, supplemented by new production from the Sunday Mine Complex.

All deliveries

were completed by redeployed Western employees utilizing the Company’s trucks and equipment.

of each lot, and other qualifying conditions.

Within 30 days after each lot is closed, Purchaser shall pay to PRM an 85% provisional payment

(“Provisional Payment”) calculated based upon the sampled grade and an agreed upon pricing schedule.

Within 30 days after

each lot is fed to processing, the Purchaser shall pay to PRM a final settlement payment calculated based upon the assayed grade and the

agreed upon pricing schedule, net of a royalty, pursuant to a previously existing royalty agreement with the Purchaser.

On June 12, 2025, the Company funded a $50,000

surety bond for San Miguel County, Colorado, which allowed the Company to commence deliveries in late June 2025.

During April and May,

the Company focused on the operational preparations required to begin hauling material.

Also during this period, an additional ore pad

was constructed, equipment and vehicles were prepared, and new equipment was purchased.

During the period from late June through September,

Western delivered approximately 1,600 tons of mined material from the Sunday Mine Complex to the White Mesa Mill.

Hauling capacity proved

a limiting factor as all deliveries were completed by Western employees, alternating driving duties, utilizing a single Company truck

to make ~20 ton deliveries.

Most of the uranium-bearing feedstock utilized to make deliveries under the Ore Purchase Agreement originated

from underground stockpiled materials from historical work projects, predominantly from the December 2021 through March 2022 project.

This was supplemented by a small amount of new production from the Sunday Mine Complex.

During the three and nine months ended September

30, 2025, we recognized revenue from the sale of ore, net of royalty, of $297,285.

As of September 30, 2025, included within other current

assets on the consolidated balance sheet were receivables in the amount of $297,285 due from Purchaser.

At the end of September, Western

made the decision to pause additional future deliveries in favor of focusing the mining staff on development projects, thus retaining

stockpiled materials for Western’s processing plant that is targeted to come online in 2029.

Mustang Mineral Processing Plant

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Minerals Processing Plant in Utah.

Western expects to benefit from the prior site owner’s completion of all phases of licensing

and permitting of their Pinon Ridge Mill project.

This mill is expected to have a cost of approximately $75 million.

This facility will

be designed to recover uranium and vanadium both from conventional materials mined from Company mines and materials produced by other

mining companies.

The processing plant will utilize the latest processing technology, including Western’s patented Kinetic Separation

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

After permitting and construction, and

subject to available financing, the processing of uranium and vanadium materials is targeted to commence in 2029.

During the fourth quarter

2024, site improvements were made as monitoring equipment and infrastructure were installed and the existing roads were graded.

data collection at Mustang began in January 2025, and the compilation of two quarterly reports have been completed.

The results for both

water and air quality are consistent with prior data collected by the former owners.

Third quarter data collection is underway, and two

additional quarters are planned.

Based on the current schedule, the fourth quarter of data collection will conclude in time to begin preparing

the radioactive materials license application in Q1 2026.

In preparing the new licensing and permitting application, Western expects to benefit from the prior

site owner’s completion of all phases of licensing and permitting of their Pinon Ridge Mill project.

This facility will be designed

to recover uranium and vanadium both from conventional materials mined from Company mines and materials produced by other mining companies.

After permitting and construction, and subject to available financing, the processing of uranium and vanadium materials is targeted to

commence in 2029.

The Colorado milling license that Western is currently seeking will 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 that was used previously for the Pinon Ridge Mill (which did not include the Company’s Kinetic Separation technology).

Site improvements commenced during the fourth quarter 2024, as monitoring equipment and infrastructure were installed and the existing

roads were graded.

Official baseline data collection at Mustang began on January 22, 2025, for the first quarter ended March 31, 2025.

Data has been continuously collected for the first three quarters of 2025, and the report is being compiled for the quarter-ended September

Results to date for both water and air quality are consistent with prior data collected by the former owners.

Data collection

and compilations will continue into 1Q 2026, allowing the team to also begin preparing the radioactive materials license application in

1Q 2026 with the goal of submitting the application during 3Q 2026.

Mustang’s completion is critical for in-house yellowcake production.

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a drift to the Leonard & Clark deposit and the drilling teams continued to define additional mining areas utilizing underground horizontal

During the third quarter of 2024, the operations team moved to an area of the Sunday Mine where the last operator ceased production.

Existing underground workings were rehabilitated and utilities were installed in a large stope area close to the former production face.

With the recent decline in uranium prices, there

has been a corresponding reduction in mining operations in 2025.

The development of the Sunday Mine Complex became a secondary focus during

the second quarter 2025 as the mining team alternated between mine development and hauling / delivery activities related to the Ore Purchase

In the first quarter of 2025, the extension of the GMG deposit secondary escape became the main underground project.

This was a staffing and capital intensive project because the mining team was working deep underground across four mines.

the third quarter of 2024, the operations team moved to an area of the Sunday Mine where the last operator ceased production.

underground workings were rehabilitated and utilities were installed in a large stope area close to the former production face.

With uranium pricing still at suppressed levels,

there has been a corresponding reduction in mining operations in 2025.

The development of the Sunday Mine Complex became a secondary focus

during the second and third quarters 2025 as the mining team alternated between mine development and hauling / delivery activities related

to the Ore Purchase Agreement.

In the first quarter of 2025, the extension of the GMG deposit secondary escape became the main underground

During 2025, Western extended work in three areas

of the GMG deposit and advanced the Leonard & Clark decline.

While additional rehabilitation could further expand capacity, current

development supports the potential for full production.

This was a staffing and capital intensive project because the mining team was

working deep underground across four mines.

The Company plans to continue, on a smaller scale, to rehabilitate additional Sunday Mine

Complex areas with defined uranium mineralization.

We plan to continue, on a smaller scale, to rehabilitate additional Sunday

Mine Complex areas which indicate defined uranium mineralization.

Notably, this additional rehabilitation would further expand capacity.

Current development supports the potential for full production.

Sunday Mine Complex Drilling Program

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and drilling core samples.

In addition to the 20,366 feet of drilling previously reported, an additional 1,655 feet of core drilling was

Half of these core holes targeted mineralized faces identified during underground development, while the other half confirmed

previously identified ore zones.

The program included 20,366 feet of drilling plus an additional 1,655 feet of core drilling.

Half of these

core holes targeted mineralized faces identified during underground development, while the other half confirmed previously identified

Geotechnical and geological logging also mapped major faults and weak ground conditions.

confirmed five mineralized pockets in the GMG drift and outlined the deposit’s overall shape and trend.

The horizontal drilling

program defined mineralized deposits but did not establish deposit thickness.

A second program phase would necessitate surface/vertical

drilling to capture thickness data to update geologic resource estimates.

Having successfully completed the initiatives at the Sunday

Mine Complex, we gradually reduced staffing through attrition, consultant cutbacks, selective layoffs, and redeployment.

These efficiency

measures have been taken to align the workforce with Company capitalization levels.

Additional Projects

The program confirmed five mineralized

pockets in the GMG drift and outlined the deposit’s overall shape and trend.

The horizontal drilling program defined mineralized

deposits but did not establish deposit thickness.

A second program phase would necessitate surface/vertical drilling to capture thickness

data to update geologic resource estimates.

Having successfully completed the initiatives at the Sunday Mine Complex, we gradually reduced

staffing through attrition, consultant cutbacks, selective layoffs, and redeployment.

These efficiency measures have been taken to align

the workforce with Company capitalization levels.

During mine development activities, we have attempted to drift around mineralization,

leaving the seam faces for quick access during the next period of full production.

Additional Projects To Expand Production

Looking forward, Management is considering opportunities

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Progress has been made on each of these initiatives.

Opportunities to acquire additional uranium properties

are being considered.

At the Topaz Mine, a new monitor well has been

drilled and is actively being flushed in preparation for the delivery of new monitoring equipment.

Once installed, we will commence the

water quality sampling program.

At the Sage Mine, we have now received both state and BLM approvals to commence limited work at this mine.

For the Van 4, the team is preparing a vertical drill rig to begin a drilling program with both development and exploration/ resource

expansion objectives.

The San Rafael Uranium Project, located in Emery

County, Utah, is being developed as the Company’s second production facility.

During the second quarter 2024, Western submitted a Notice

of Intent to the U.S.

Bureau of Land Management (“BLM”) that was approved for a mineral and groundwater exploration project.

During the third quarter of 2024, Utah’s Division of Oil, Gas & Mining gave its approval of the exploration permit application

and the Company posted a $61,403 financial guarantee of reclamation costs with the BLM.

Currently all permits have been received that

are needed for the drilling of monitor wells, and sinking of a mine shaft.

When site work commences, following the completion of repairs

to access roads, the phase 1 drilling program can begin.

Initially, groundwater monitoring wells will be installed at five drilling locations,

reaching depths of approximately 1,000 feet.

During the borehole completion process, mineralization will also be assessed and confirmed

against historical drill data.

During the second quarter 2024, Western submitted

a Notice of Intent to the U.S.

Bureau of Land Management (“BLM”) that was approved for a mineral and groundwater exploration

During the third quarter of 2024, Utah’s Division of Oil, Gas & Mining gave its approval of the exploration permit

application and the Company posted a $61,403 financial guarantee of reclamation costs with the BLM.

Currently all permits have been received

that are needed for the drilling of monitor wells, and sinking of a mine shaft.

When site work commences, following the completion of

repairs to access roads, the phase 1 drilling program can begin.

Initially, groundwater monitoring wells will be installed at five drilling

locations, reaching depths of approximately 1,000 feet.

During the borehole completion process, mineralization will also be assessed and

confirmed against historical drill data.

This project will provide the baseline data needed for permitting application submission.

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Western expanded its fleet of mining equipment

and vehicles in 2023/2024 by purchasing discounted used equipment and reconditioning with an in-house team of mechanics.

and vehicles in 2023/2024 by purchasing discounted used equipment and reconditioning it with an in-house team of mechanics.

This approach

has the advantage of putting equipment into reliable high-volume usage condition at a fraction of the cost, while mitigating supply chain

The Company has also sought cost savings in this area by limiting new purchases in 2025, and opting to rehabilitate the remainder

of the fleet over a longer duration.

The Company has sought cost savings in this area by limiting new purchases in 2025 and opting to rehabilitate the remainder of

the fleet over a longer duration.

Most purchases made in 2025 were required for hauling uranium-bearing material to the White Mesa Mill.

Maverick Minerals Processing Plant

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Mustang site, given its close proximity to the Sunday Mine Complex, lower hauling costs, and past licensing advances over the Maverick

Stockpiled Mined Materials Inventory

From December 2021 through March 2022, 3,140 tons

of uranium/vanadium material was mined from the Sunday Mine Complex.

The value of this stockpile is not reflected as an asset on the balance

sheet as the costs to produce the stockpiled inventory was expensed in accordance with Regulation SK-1300.

The in-house mining team stockpiled

limited quantities of additional mined material in 2024.

It is Western’s intent to sell a portion of this stockpiled material to

Energy Fuels under the Ore Purchase Agreement.

In the recent past, during mine development activities, we have attempted to drift around

mineralization, leaving the seam faces for quick access during the next period of full production.

Each historical work project has yielded

underground stockpiles as higher grade material was intersected, and this uranium/vanadium inventory is not included in the pounds of

uranium and vanadium quantified above.

Bullen Property (Weld County)

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as oil and/or gas are produced from the pooled unit containing these sixteen (16) wells.

During the three months ended June 30, 2025 and

2024, we recognized aggregate revenue of $30,509 and $39,781, respectively, and for the six months ended June 30, 2025 and 2024, we recognized

aggregate revenue of $71,730 and $94,054, respectively, under these oil and gas lease arrangements.

For the three and six months ended

June 30, 2025, oil and gas royalties declined due to lower volumes attributable to production decline curves.

During the three months ended September 30, 2025

and 2024, we recognized aggregate revenue of $31,107 and $52,981, respectively, and for the nine months ended September 30, 2025 and 2024,

we recognized aggregate revenue of $102,837 and $147,035, respectively, under these oil and gas lease arrangements.

For the three and

nine months ended September 30, 2025, oil and gas royalties declined due to lower volumes attributable to production decline curves.

Kinetic Separation Licensing

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beneficial to nuclear and/or uranium mining industries.

On November 7, 2025 the U.S.

Geological Survey published the final 2025 List of

Critical Minerals, and uranium was added to the list.

The Trump administration is expanding the list amid efforts to boost domestic mining

and cut reliance on imports for those minerals it deems essential for the U.S.

economy and national security.

As a result, uranium projects

qualify increasingly for federal incentives, national stockpiling, and priority research.

During August 2025, DOE’s Office of Nuclear

Energy established the Defense Production Act (DPA) Consortium that will seek participation by U.S.

companies through voluntary agreements.

It was announced that “Under the DPA Consortium, voluntary agreements will allow industry consultation to develop plans of action

to ensure that the nuclear fuel supply chain capacity for mining and milling, conversion, enrichment, deconversion, fabrication, recycling

and reprocessing is available to enable the continued reliable operation of the nation’s reactors.” Due to the U.S.

shutdown, the first meeting of the DPA Consortium was rescheduled from October 14, 2025 to October 23, 2025.

In mid-September, President

Trump and DOE Secretary Wright touted U.S.

nuclear power, the potential for new advancements, and the U.S.

domestic fuel cycle which rallied

uranium equity markets for a few weeks.

The capital markets have yet to reflect the very

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Nuclear Fuel and Uranium Market Conditions

The uranium term price has remained highly stable

since August 2024, when it first reached $80/lb.

Since then, it has not closed any month-end below this level, finishing July 2025 at

In contrast, the uranium spot market experienced more volatility.

After peaking at $106/lb in January 2024, spot prices declined

to $84/lb in July 2024 and ended the year at $73/lb.

In 2025, month-end spot prices have ranged from $64/lb to $78/lb, closing July at

The uranium term price was in the $80.00 to $81.50

range between July 2024 and August 2025, until its rise to $83/lb in September 2025 and $85/lb in October 2025.

The uranium spot market

has experienced more volatility, peaking at $106/lb in January 2024, and declining into a 2025 trading range of $64/lb to $78/lb through

In September 2025 and October 2025 spot prices rallied above $80/lb, before declining back into the 2025 trading range in

November 2025.

In 2023/2024, spot uranium prices reacted to supply/demand constraints and geopolitical risks.

Positive catalysts across multiple

levels of the nuclear fuel and uranium markets have set in motion uranium market and nuclear fuel opportunities for the next decade and

Positive catalysts across

multiple levels of the nuclear fuel and uranium markets have set in motion uranium market and nuclear fuel opportunities for the next

decade and beyond.

Underlying fundamentals are the strongest in decades.

This is attributable to multiple factors, including climate change, energy

security, supply chain and energy scarcity initiatives.

The supply/demand imbalance has flipped from a market with excess supply into

a market with excess future demand.

This is attributable to multiple factors, including climate change,

energy security, supply chain and energy scarcity initiatives.

The supply/demand imbalance has flipped from a market with excess supply

into a market with excess future demand.

With the reduced availability of secondary supplies, utilities have begun adding multi-year contracts

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sites in a move to force Iranian authorities to negotiate a nuclear treaty and end the hostilities.

Subsequently, both parties began to

abide by a ceasefire, which appears to be holding.

No further diplomatic negotiations have been announced.

June 2025 Private Placement

Subsequently, both Israel and Iran

began to abide by a ceasefire, which appears to be holding.

President Trump presented a 20-point Gaza ceasefire plan and pressured

both sides forcing Israel and Palestinians into indirect negotiations and a ceasefire resulted.

This resulted in a hostage-prisoner exchange

in October 2025 where the release of the remaining living Israeli hostages were exchanged for almost 2,000 Palestinian prisoners and detainees

held by Israel.

The hope is for a post-war governance plan that will result in a lasting ceasefire;

negotiations are ongoing.

Private Placements

On June 13, 2025, the Company closed a private

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in connection with the private placement.

Of the 5,911,786 common shares and warrants issued to investors, 117,647 were issued to Mr.

Glasier for his participation in the private placement.

On October 14, 2025, the Company closed a brokered

private placement of 6,555,556 units at a price of $0.64 (CAD $0.90) per unit.

The aggregate gross proceeds raised in the private placement

amounted to $4,202,281 (CAD $5,900,000).

Each unit is comprised of one common share of Western and one common share purchase warrant.

Each warrant is exercisable into one common share at a price of $0.85 (CAD $1.20) per share for a period of 54 months following the closing

date of the private placement.

A total of 6,555,556 common shares and warrants to purchase 6,555,556 common shares were issued to investors

and warrants to purchase 229,444 common shares were issued to broker dealers in connection with the private placement.

A 7% cash commission

and broker warrants equal to 3.5% of the number of units sold, each exercisable into one common share at the issue price for a period

of 54 months following the closing date, will be issued to the sole underwriter in connection with the offering.

Results of Operations

The following table presents the Company’s

financial results for the three and six months ended June 30, 2025 and 2024.

financial results for the three and nine months ended September 30, 2025 and 2024.

For the Three Months Ended

For the Six Months Ended

September 30,

For the Nine Months Ended

September 30,

Mining expenditures

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Interest income, net

Other income (loss), net

Other comprehensive (loss) income

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$ (7,534,441 )

Three Months Ended June 30, 2025 as Compared to the Three Months

Ended June 30, 2024

Three Months Ended September 30, 2025 as Compared to the Three

Months Ended September 30, 2024

Our condensed consolidated net loss for the three

months ended June 30, 2025 and 2024 was $1,968,534 and $2,625,522, respectively.

months ended September 30, 2025 and 2024 was $1,122,592 and $2,241,170, respectively.

The principal components of these quarter over quarter

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Our comprehensive loss for the three months ended

June 30, 2025 and 2024 was $1,985,641 and $2,688,042, respectively.

Our revenues for the three months ended June 30,

September 30, 2025 and 2024 was $1,131,332 and $ 2,227,152, respectively.

Our revenues for the three months ended September

30, 2025 and 2024 were $328,392 and $52,981, respectively.

The decrease in revenues of $9,272, or 23% was primarily related to significantly

lower oil and gas prices during the three months ended June 30, 2025 as compared to the three months ended June 30, 2024.

The increase in revenues of $275,411, or 520% was primarily related to $297,285

of revenue from the sale of uranium bearing material during the three months ended September 30, 2025 as compared to receiving only oil

and gas royalties during the three months ended September 30, 2024.

Mining Expenditures

Mining expenditures for the three months ended

June 30, 2025 were $1,144,866 as compared to $1,384,951 for the three months ended June 30, 2024.

September 30, 2025 were $830,960 as compared to $1,166,343 for the three months ended September 30, 2024.

The decrease in mining expenditures

of $240,085, or 17% was principally attributable to a decrease in mining, drilling and explosive supplies, reduced Rimrock joint venture

costs and lower non-cash stock-based compensation expense.

of $335,383, or 29% was principally attributable to decreases in mining supplies and services, reduced Rimrock joint venture costs, lower

non-cash stock-based compensation expense, and lower payroll expenses due to a reduction in headcount.

During the quarter, the operations

team notably shifted their focus toward making deliveries of previously stockpiled material.

Professional Fees

Professional fees for the three months ended June

30, 2025 were $243,297 as compared to $245,187 for the three months ended June 30, 2024.

Professional fees for the three months ended September

30, 2025 were $89,518 as compared to $127,049 for the three months ended September 30, 2024.

The decrease in professional fees of $37,531

or 30% was attributable to reduced public company costs.

General and Administrative

General and administrative expenses for the three

months ended June 30, 2025 were $545,394 as compared to $824,868 for the three months ended June 30, 2024.

The decrease in general and

administrative expense of $279,474, or 34% is primarily due to a decrease in non-cash stock-based compensation expense and a reduction

in the payroll expenses, which were slightly offset by higher insurance costs.

months ended September 30, 2025 were $519,291 as compared to $813,403 for the three months ended September 30, 2024.

The decrease in general

and administrative expense of $294,112, or 36% is primarily due to a decrease in compensation expenses due to a reduced headcount, and

a decrease in non-cash stock-based compensation expense.

Consulting Fees

Consulting fees for the three months ended June

30, 2025 were $75,636 as compared to $296,928 for the three months ended June 30, 2024.

The decrease in consulting fees of $221,292, or

75% was due to a spending shift in the mineral processing plant licensing efforts.

The prior period was comprised predominantly of higher

engineering costs and the current period was comprised of lower baseline data collection costs.

Consulting fees for the three months ended September

30, 2025 were $60,415 as compared to $247,850 for the three months ended September 30, 2024.

The decrease in consulting fees of $187,435,

or 76% was due to a spending shift in the mineral processing plant licensing efforts.

Consulting fees for the three months ended September

30, 2025 consisted principally of baseline data collection costs, whereas the cost in the prior period consisted principally of third-party

engineering and design costs.

Interest Income, Net

Interest income, net for the three months ended

June 30, 2025 was $10,150 as compared to $86,631 for the three months ended June 30, 2024.

The decrease in interest income, net of $76,481,

or 88% was principally attributable to lower cash balances during the three months ended June 30, 2025 as compared to the three months

ended June 30, 2024.

September 30, 2025 was $44,080 as compared to $62,492 for the three months ended September 30, 2024.

The decrease in interest income,

net of $18,412, or 29% was principally attributable to a decrease in interest earned due to lower cash balances during the three months

ended September 30, 2025 as compared to the three months ended September 30, 2024.

Other Income, Net

Other income, net for the three months ended September

30, 2025 was $5,120 as compared to a loss of $1,998 for the three months ended September 30, 2024.

The $7,118 increase in income for the

three months ended September 30, 2025 was attributable to the gain on the disposal of equipment, as compared to a loss on disposal of

equipment incurred for the three months ended September 30, 2024.

Foreign Currency Translation Adjustment

Foreign currency translation adjustment for the

three months ended June 30, 2025 was a loss of $17,107 as compared to a loss of $62,520 for the three months ended June 30, 2024.

lower foreign currency translation adjustment for the three months ended June 30, 2025 was principally attributable to narrower exchange

rate exposure and changes during the quarter, as compared to the June 30, 2024 quarter.

Six Months Ended June 30, 2025 as Compared to the Six Months

Ended June 30, 2024

Our condensed consolidated net loss for the six

months ended June 30, 2025 and 2024 was $4,606,149 and $5,102,410, respectively.

three months ended September 30, 2025 was a loss of $8,740 as compared to a gain of $14,018 for the three months ended September 30, 2024.

The shift to a loss for the three months ended September 30, 2025 was principally attributable to a strengthening of the USD versus CAD,

as compared to the prior period.

Nine Months Ended September 30, 2025 as Compared to the Nine

Months Ended September 30, 2024

Our condensed consolidated net loss for the nine

months ended September 30, 2025 and 2024 was $5,728,741 and $7,343,580, respectively.

The principal components of these period over period

changes are discussed below.

Our comprehensive loss for the six months ended

June 30, 2025 and 2024 was $4,638,591 and $5,307,289, respectively.

Our revenues for the six months ended June 30,

Our comprehensive loss for the nine months ended

September 30, 2025 and 2024 was $5,769,923 and $7,534,441, respectively.

Our revenues for the nine months ended September

30, 2025 and 2024 was $400,122 and $147,035, respectively.

The decrease in revenues of $22,324, or 24% was primarily related to significantly

lower oil prices during the six months ended June 30, 2025 as compared to the six months ended June 30, 2024.

The increase in revenues of $253,087, or 172% was primarily related to $297,285

of revenue from the sale of uranium bearing material during the nine months ended September 30, 2025 as compared to receiving only oil

and gas royalties during the nine months ended September 30, 2024.

Mining Expenditures

Mining expenditures for the six months ended June

30, 2025 were $2,836,015 as compared to $2,693,830 for the six months ended June 30, 2024.

The increase in mining expenditures of $142,185,

or 5% was principally attributable to higher payroll costs and higher depreciation costs for mining equipment placed into service, offset

by reduced Rimrock joint venture costs.

Mining expenditures for the nine months ended

September 30, 2025 were $3,666,975 as compared to $3,860,173 for the nine months ended September 30, 2024.

The decrease in mining expenditures

of $193,198, or 5% was principally attributable to a decrease in mining, drilling, and explosive supplies, reduced Rimrock joint venture

costs and lower non-cash stock-based compensation expense.

These decreases were principally offset by an increase in payroll and benefits

principally due to a reclassification from general and administrative expenses to mining expenses, an increase in depreciation expense

from additional equipment, facilities being placed in service during 2025, and an increase in reclamation costs due to the first quarter

2025 completion of the Van 4 reclamation.

Professional Fees

Professional fees for the six months ended June

30, 2025 were $414,917 as compared to $357,877 for the six months ended June 30, 2024.

The increase in professional fees of $57,040, or

16% was due to increased audit and accounting costs in connection with the increase in the scale of our business and mining operations.

Professional fees for the nine months ended September

30, 2025 were $504,435 as compared to $484,926 for the nine months ended September 30, 2024.

The increase in professional fees of $19,509

or 4% was principally attributable to increased audit and accounting costs in connection with the increase in the scale of the Company’s

business and mining operations.

This was offset partially by a reduction in legal fees.

General and Administrative

General and administrative expenses for the six

months ended June 30, 2025 were $1,277,472 as compared to $1,791,113 for the six months ended June 30, 2024.

The decrease in general and

administrative expense of $513,641, or 29%, is primarily due to a decrease in non-cash stock-based compensation expense and a reduction

in the administrative payroll expense.

General and administrative expenses for the nine

months ended September 30, 2025 were $1,796,763 as compared to $2,604,516 for the nine months ended September 30, 2024.

The decrease in

general and administrative expense of $807,753, or 31%, is primarily due to a reduction in payroll and benefits expenses due to both a

decrease in staff size and the reclassification of payroll expenses from general and administrative expenses to mining expenses, and to

a decrease in non-cash stock-based compensation expense.

Consulting Fees

Consulting fees for the six months ended June

30, 2025 were $190,784 as compared to $490,354 for the six months ended June 30, 2024.

The decrease in consulting fees of $299,570, or

61%, was due to a spending shift in the mineral processing plant licensing efforts.

The prior period was comprised predominantly of higher

engineering costs and the current period was comprised of lower baseline data collection costs.

Consulting fees for the nine months ended September

30, 2025 were $251,199 as compared to $738,204 for the nine months ended September 30, 2024.

The decrease in consulting fees of $487,005,

or 66%, was due to a spending shift in the mineral processing plant licensing efforts.

The current period was comprised of lower baseline

data collection costs at the Mustang site, whereas the prior period was comprised predominantly of higher engineering costs at the Maverick

Interest Income, Net

Interest income, net for the six months ended

June 30, 2025 was $41,309 as compared to $136,710 for the six months ended June 30, 2024.

The decrease in interest income, net of $95,401

or 70% was principally attributable to lower cash balances during the six months ended June 30, 2025 as compared to the six months ended

June 30, 2024.

Interest income, net for the nine months ended

September 30, 2025 was $85,389 as compared to $199,202 for the nine months ended September 30, 2024.

The decrease in interest income,

net of $113,813 or 57% was principally attributable to a decrease in interest earned due to lower cash balances during the nine months

ended September 30, 2025 as compared to the nine months ended September 30, 2024.

Other Income, Net

Other income, net for the nine months ended September

30, 2025 was $5,120 as compared to a loss of $1,998 for the nine months ended September 30, 2024.

The $7,118 increase for the nine months

ended September 30, 2025 was attributable to a gain on the disposal of equipment, as compared to a loss on disposal of equipment incurred

for the nine months ended September 30, 2024.

Foreign Currency Translation Adjustment

Foreign currency translation adjustment for the

six months ended June 30, 2025 was a loss of $32,442 as compared to a loss of $204,879 for the six months ended June 30, 2024.

foreign currency translation adjustment for the six months ended June 30, 2025 was principally attributable to narrower exchange rate

exposure and changes during the period, as compared to the June 30, 2024 period.

nine months ended September 30, 2025 was a loss of $41,182 as compared to a loss of $190,861 for the nine months ended September 30, 2024.

The lower foreign currency translation adjustment loss for the nine months ended September 30, 2025 was principally attributable to a

narrowing of the exchange rate exposure, as compared to the September 30, 2024 period.

Liquidity and Capital Resources

Our cash and cash equivalents and restricted cash

balances as of June 30, 2025 was $5,658,876.

balances as of September 30, 2025 was $4,429,439.

Our cash position is highly dependent on our ability to raise capital through the issuance

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Net cash used in operating activities for the

six months ended June 30, 2025 and 2024 was $3,564,250 and $3,786,275, respectively.

nine months ended September 30, 2025 and 2024 was $4,782,893 and $5,762,812, respectively.

The decrease of $979,919 in cash used in operating

activities was principally driven by a decreased net loss of $496,261 offset by a decrease of $323,561 in stock-based compensation.

activities was principally driven by a decrease in net loss of $1,614,839 offset by a decrease of $383,227 in stock-based compensation

and increased depreciation expense.

Net Cash Used In Investing Activities

Net cash used in investing activities for the

six months ended June 30, 2025 and 2024 was $376,458 and $1,030,011, respectively.

The decrease in cash used in investing activities of

$653,553 was principally due to reduced acquisitions of mining equipment and vehicles in the current period.

nine months ended September 30, 2025 and 2024 was $375,257 and $1,178,935, respectively.

The decrease in cash used in investing activities

of $803,678 was principally due to reduced purchases of mining equipment and vehicles in the current period.

We have shifted emphasis

from new acquisitions to refurbishing our previously acquired fleet.

from new acquisitions to refurbishing our previously acquired vehicles and equipment.

Net Cash Provided By Financing Activities

Net cash provided by financing activities for

the six months ended June 30, 2025 and 2024 was $3,331,687 and $4,605,458, respectively.

The cash provided by financing activities of

$3,331,687 during the six months ended June 30, 2024 was due in its entirety from private placement proceeds, net.

The cash provided by

financing activities of $4,605,458 during the six months ended June 30, 2024 was due in its entirety from warrant exercise proceeds.

the nine months ended September 30, 2025 and 2024 was $3,331,687 and $4,605,458, respectively.

The cash provided by financing activities

of $3,331,687 during the nine months ended September 30, 2025 was due in its entirety to the proceeds from a private placement.

provided by financing activities of $4,605,458 during the nine months ended September 30, 2024 was due in its entirety to warrant exercise

Asset Retirement Obligations

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We determined the gross ARO of the mineral properties

to be $1,163,157 and $1,163,978, as of June 30, 2025 and December 31, 2024, respectively.

to be $1,187,553 and $1,163,978, as of September 30, 2025 and December 31, 2024, respectively.

The portion of the asset retirement obligation

related to the Van 4 Mine, which is in reclamation as of June 30, 2025, and its related restricted cash are included in current liabilities

related to the Van 4 Mine, which is in reclamation as of September 30, 2025, and its related restricted cash are included in current liabilities

and current assets, respectively, at a value of $75,057.

During the six months ended June 30, 2025, our internal mining operations team

has been performing the Van 4 Mine reclamation work, and the State of Colorado has not yet reduced the associated asset retirement obligation

During the nine months ended September 30, 2025, our internal mining operations

team has been performing the Van 4 Mine reclamation work, and the State of Colorado has not yet reduced the associated asset retirement

obligation amount.

The asset retirement obligations represent the

Company’s estimate of the present value of future reclamation costs, discounted using a credit adjusted risk-free interest rates

The net discounted aggregated values as of June 30, 2025 and December 31, 2024 were $419,816 and $410,098, respectively.

gross AROs as of June 30, 2025 and December 31, 2024 are secured by financial warranties in the amount of $1,163,157 and $812,993, respectively.

The net discounted aggregated values as of September 30, 2025 and December 31, 2024 were $410,569 and $410,098, respectively.

The gross AROs as of September 30, 2025 and December 31, 2024 are secured by financial warranties in the amount of $1,187,553 and $812,993,

respectively.

Oil and Gas Lease and Easement

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Under the oil and gas lease and easement arrangements,

during the three months ended June 30, 2024 and 2023, we recognized aggregate revenue of $30,509 and $39,781, respectively, and for the

six months ended June 30, 2025 and 2024, we recognized aggregate revenue of $71,730 and $94,054, respectively, under these oil and gas

lease arrangements

during the three months ended September 30, 2025 and 2024, we recognized aggregate revenue of $31,107 and $52,981, respectively, and for

the nine months ended September 30, 2025 and 2024, we recognized aggregate revenue of $102,837 and $147,035, respectively, under these

oil and gas lease arrangements

Related Party Transactions

11 unchanged sentences

consideration obligation is probable and the amount is estimable, we recorded the deferred contingent consideration as an assumed liability

in the amount of $328,525 and $309,138 as of June 30, 2025 and December 31, 2024, respectively.

We have 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.

In connection with these arrangements, we incurred rent expense of $27,271

and $26,325 for the three months ended June 30, 2025 and 2024, respectively, and $53,596 and $49,850 for the six months ended June 30,

2025 and 2024, respectively.

in the amount of $330,988 and $309,138 as of September 30, 2025 and December 31, 2024, respectively.

We have 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.

In connection with these arrangements, we incurred

rent expense of $26,325 and $26,325 for the three months ended September 30, 2025 and 2024, respectively, and $79,921 and $76,175 for

the nine months ended September 30, 2025 and 2024, respectively.

We are obligated to pay Mr.

Glasier for reimbursable

expenses in the amount of $24,277 and $83,554, included within accounts payable and accrued liabilities, as of June 30, 2025 and December

31, 2024, respectively.

During the six months ended June 30, 2024, we

purchased approximately $9,000 of mining related equipment from Silver Hawk Ltd.

expenses in the amount of $45,038 and $83,554, included within accounts payable and accrued liabilities, as of September 30, 2025 and

December 31, 2024, respectively.

During the nine months ended September 30, 2024,

we purchased approximately $9,000 of mining related equipment from Silver Hawk Ltd.

In connection with the Company’s June 13,

2025 private placement, of the 5,911,786 common shares and warrants issued to investors, 117,647 were issued to Mr.

Glasier for his participation

in the private placement.

Going Concern

With the exception of the quarter ended June 30,

2022, we had incurred losses from our operations and as of June 30, 2025, had an accumulated deficit of $33,536,043 and working capital

2022, we had incurred losses from our operations and as of September 30, 2025, had an accumulated deficit of $34,658,635 and working capital

of $3,136,193.

1 unchanged sentence

principally through the issuance of notes, the sale of our common shares and from limited revenue sources.

On June 13, 2025, we closed

a brokered private placement of 5,911,786 units at a price of $0.63 (CAD $0.85) per unit.

The aggregate gross proceeds raised in the private

placement amounted to $3,693,424 (CAD $5,025,018) and proceeds net of issuance costs were $3,331,687 (CAD $4,532,939).

During November

2024, we closed a private placement of 4,142,906 units at a price of $0.94 (CAD $1.32) per unit.

On October 14, 2025, the Company

closed a brokered private placement of 6,555,556 units at a price of $0.64 (CAD $0.90) per unit.

The aggregate gross proceeds raised in

the private placement amounted to $3,897,166 (CAD $5,468,636) and proceeds net of issuance costs were $3,546,870 (CAD $4,975,966).

year ended December 31, 2024, we received $4,605,458 (CAD $6,238,248) in proceeds from the exercise of common share warrants to purchase

5,198,540 common shares.

the private placement amounted to $4,202,281 (CAD $5,900,000).

On June 13, 2025, we closed a brokered private placement of 5,911,786 units

at a price of $0.63 (CAD $0.85) per unit.

The aggregate gross proceeds raised in the private placement amounted to $3,693,424 (CAD $5,025,018)

and proceeds net of issuance costs were $3,331,687 (CAD $4,532,939).

Of the 5,911,786 common shares and warrants issued to investors,

117,647 were issued to Mr.

Glasier for his participation in the private placement.

During November 2024, we closed a private placement

of 4,142,906 units at a price of $0.94 (CAD $1.32) per unit.

The aggregate gross proceeds raised in the private placement amounted to

$3,897,166 (CAD $5,468,636) and proceeds net of issuance costs were $3,546,870 (CAD $4,975,966).

During year ended December 31, 2024,

we received $4,605,458 (CAD $6,238,248) in proceeds from the exercise of common share warrants to purchase 5,198,540 common shares.

Our ability to continue our operations and to

15 unchanged sentences

Off Balance Sheet Arrangements

As of June 30, 2025, there were no off-balance

As of September 30, 2025, there were no off-balance

sheet transactions.

13 unchanged sentences

include allocations of expenditures, depletion and amortization of mineral rights and properties.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures

About Market Risk

Not applicable.

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 2. Management’s Discussion and Analysis